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Territory added to EU ‘grey list’

admin — Mon, 20 Jun 2022 17:50:01 +0000

Territory added to EU ‘grey list’

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admin Mon, 06/20/2022 - 17:50

Thursday, March 17, 2022

Original Publisher

Business - The BVI Beacon

Original Article

Territory added to EU ‘grey list’

The Virgin Islands has been added to the European Union’s “grey list” along with nine other jurisdictions in the Caribbean and elsewhere, the EU Council announced after its meeting on Feb. 24.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total list up to 25 jurisdictions.

Although the inclusion does not mean that any penalties or sanctions will be levied against the territory, according to the EU, the move represents a significant setback after the territory rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

In a Feb. 24 press release, the EU Council said that the list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteria for the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The organisation called implementation of the list a “dynamic process,” and noted that the next revision is scheduled for October of this year.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist, which remained unchanged after last month’s announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States Virgin Islands, and Vanuatu.

VI response

At a press conference late last month, Premier Andrew Fahie urged onlookers not to view the move as a censure of the territory.

He said the grey-listing meant the VI has “substantially met all international tax standards set out by the EU, but that ongoing improvements are being made to implementing tax good governance.”

As a result, he said, it has been grey-listed while it implements policies and procedures in the territory’s Country-by-Country Reporting framework.

“No defensive measures flow from being on such list and the BVI is still a cooperative jurisdiction,” he said. “Once the BVI meets these commitments, it will be removed from the annex.”

He added that the territory “takes its international obligations seriously” and had already been finalising the necessary steps to ensure successful implementation of the recommendations.

This week, BVI Finance CEO Elise Donovan directed queries to the Premier’s Office. Director of Communications Dr. Arliene Penn said, “BVI’s addition to EU’s Annex II is a positive rating for us because it acknowledges that BVI is a cooperative jurisdiction that has implemented measures (in the case of the Country-by-Country Reporting) in accordance with the high international standards prescribed. The BVI remains highly committed to the transparency and international cooperation agenda.”

The EU has hinted for some time that it would seek to modify its requirements for the list, the latest iteration of which was announced last October.

In February 2021, the European parliament passed a resolution calling for a measure that would automatically blacklist British territories like the VI, the Cayman Islands and the Channel Islands that have a zero percent corporate tax rate — and that now have a weakened voice in the EU in the wake of the United Kingdom’s split from the organisation.

The resolution did not mention the VI at the time, but it came before the revelation that nearly two-thirds of companies named in the far-reaching Pandora Papers investigation last year were based in the VI.

Panama, which is already on the EU blacklist, was host to the second highest number.

World response

Meanwhile, the EU Observer reported late last month that tax-reform campaigners are already applauding the news.

Chiara Putaturo, a campaigner with the non-profit Oxfam, praised the move, but complained that the Cayman Islands was not included.

“If the [new] grey-listing … is confirmed, we will see some real tax havens finally at risk to be blacklisted [in the future],” she said. “However, there are still other tax havens that are left off the hook, … such as the Cayman Islands, because the criteria remain weak.”

History

As in other OTs, leaders in the VI have long criticised the EU’s blacklists as arbitrary and misleading, maintaining that the territory’s financial services industry is tightly regulated in keeping with international standards.

Nevertheless, the VI was grey-listed along with other jurisdictions in 2017. In March 2018, the EU concluded that the VI, the Bahamas and Cayman needed further technical guidance from the EU and had until the end of 2019 to adapt local legislation, which resulted in the Economic Substance Act being rushed through the House of Assembly in late 2018.

Thanks to this move, the VI was white-listed, alongside 16 other jurisdictions, in February 2020.

The post Territory added to EU ‘grey list’ first appeared on The BVI Beacon.

The post Territory added to EU ‘grey list’ appeared first on The BVI Beacon.

Caribbean

Business

Sue over blacklist, says economist

admin — Mon, 20 Jun 2022 17:40:01 +0000

Sue over blacklist, says economist

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admin Mon, 06/20/2022 - 17:40

Thursday, April 28, 2022

Original Publisher

Business - The BVI Beacon

Original Article

Sue over blacklist, says economist

Caribbean countries that live in fear of being blacklisted by the European Union should band together and take legal action, according to Barbados-based economist and Caribbean policy expert Marla Dukharan.

“I felt like there should be some legal recourse that should be pursued collectively,” Ms. Dukharan said on Feb. 23 on the regional livestreamed show “Territories Talk,” hosted by Shaina Smith-Archer, chairwoman of the BVI Chamber of Commerce and Hotel Association.

The EU blacklist often comes under fire in the VI for being a moving target.

Ms. Dukharan said it is also unfair. EU member states such as the Netherlands and Ireland are “well known for their extensive money laundering and tax evading activities,” but have never been included on any EU blacklist, she said.

To her, this suggests Eurocentrism or even racism, and perhaps an effort to undermine countries that are “eating part of their pie,” she said of the EU.

Grey-listed

In February, the territory was added to the EU’s “grey list,” along with nine other jurisdictions in the Caribbean and elsewhere.

Besides the VI, the EU added the Bahamas, Belize, Bermuda, Israel, Montserrat, Russia, Tunisia, the Turks and Caicos Islands, and Vietnam, bringing the total on the list up to 25 jurisdictions.

Although the February inclusion does not mean that any penalties or sanctions will be levied against the territory, the move represents a significant setback after the VI rushed through economic substance legislation at the end of 2019 in order to meet EU requirements on tax reform.

The standards for inclusion on the EU lists have frequently changed, and Ms. Dukharan pointed out that the European Parliament itself has noted problems with the selection process.

In 2021, the legislative body proposed that the tax regimes of EU member states be scrutinised along with the rest of the world and subject to blacklisting if they don’t measure up.

“That tells you that you have a legal leg to stand on, because they, the policymakers, have acknowledged that we are not applying our own standards to our own member states, and that’s not fair,” she said. “Why is it that our countries have not come together, found a law firm that will represent us collectively, and taken them to court over this action?”

Fighting back

She added that even a statement from the Caribbean Community condemning the actions of the EU is simply “not strong enough.”

“I think if all of the countries came together from the Pacific and the Caribbean and agitated and protested, I think that there is a chance,” she said. “For example, if you appeal to the United Nations, you appeal to the World Trade Organisation, somebody is going to hear you. But when each individual little tiny micro state appeals individually, it is just white noise.”

She also recommended that countries that object to the blacklist expel EU ambassadors.

“The second thing I think we need to do is take diplomatic action,” she said.

With changing criteria, she noted, even countries that have satisfied the Financial Action Task Force and Organisation for Economic Cooperation and Development standards still run the risk of being blacklisted.

“But we don’t have the courage to do these things because we are small and we are insecure maybe,” she said.

Current list

In a Feb. 24 press release, the EU Council said that the grey list reflects “ongoing EU cooperation with its international partners and the commitments of these countries to reform their legislation to adhere to agreed tax good governance standards.”

The countries on the grey list are working toward meeting the EU’s tax standards, the release stated.

According to the EU, criteriafor the list cover tax transparency, fair taxation and preventing tax base erosion and profit shifting. The next revision is scheduled for October.

Anguilla, Botswana, Costa Rica, Dominica, Hong Kong, Jamaica, Jordan, Malaysia, North Macedonia, Qatar, the Seychelles, Thailand, Turkey and Uruguay were previously added and remain on the grey list.

The blacklist for “non-cooperative” tax jurisdictions, which remained unchanged after the February announcement, currently includes American Samoa, Fiji, Guam, Palau, Panama, Samoa, Trinidad and Tobago, the United States VI, and Vanuatu.

The post Sue over blacklist, says economist first appeared on The BVI Beacon.

The post Sue over blacklist, says economist appeared first on The BVI Beacon.

Caribbean

Business

Jampro seeks partnerships for medical tourism expansion

admin — Fri, 01 Oct 2021 07:00:01 +0000

Jampro seeks partnerships for medical tourism expansion

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admin Fri, 10/01/2021 - 07:00

Wednesday, September 29, 2021

Original Publisher

Jamaica Observer

Original Article

Jampro seeks partnerships for medical tourism expansion

JAMPRO, the Jamaican Government's investment agency, is seeking international collaborations in order to improve medical infrastructure and services in the island with the aim of climbing in the rankings for medical tourism.

Medical tourism is the industry which seeks to encourage people who reside in other countries to come to the island both for excellent medical care in a range of specialties, as well as sun, sea, sand and the warmth of the people of the island.

A PWC report forecast that the medical tourism market would value US$125 billion by 2021 while the wellness market could reach US$808 billion. Internationally, Thailand and India are renowned medical tourism destinations, with millions travelling annually for affordable medical care.

Three known participants in the Jamaican medical tourism industry are the Heart Institute of the Caribbean (HIC), Prosurgicare Services Limited and the Carnegie Hand Institute.

Heart Institute of the Caribbean is described as the first and only premier cardiovascular hospital in Jamaica and the Caribbean at large, which also offers telemetry service with various branches across Jamaica.

HIC is a full diagnostic centre and medical clinic which aims to provide fast, effective, and affordable treatment for all cardiac and cardiac-related illnesses that need urgent treatment by certified specialists. It has an 11-bed intensive care unit. HIC has practice partners across the Caribbean.

Prosurgicare Services Ltd, which is located in Kingston, is a plastic and aesthetic surgery practice headed by Dr Jan Hoctritt. Dr Hochtritt is a German board-certified double specialist with over 20 years of experience. As a general and plastic surgeon, he specialises in aesthetic surgery, breast reconstruction including modern microsurgical techniques, as well as hand and wrist surgery. His skills have assisted a broad range of patients - from cancer survivors and deformed persons to aesthetic patients seeking to augment their beauty.

The Carnegie Hand Institute located in Kingston is headed by Dr Cecil Aird and provides specialised services in the diagnosis, surgical treatment and rehabilitation of the hand and wrist.

Jampro notes that there are also investors in the area of medical training for the industry.

In international medical tourism rankings Jamaica is highly rated for the beauty of the island, but scores low overall on medical infrastructure.

The Medical Tourism Index 2020-2021, which provides a comprehensive analysis of the medical travel industry, ranks American perceptions of 46 international health-care destinations, providing insight into how consumers view 41 criteria across three primary dimensions including destination attractiveness, safety, and quality of care.

For the destination criterion, Jamaica ranks 33rd out of the 46 destinations. For the medical tourism industry it ranks 25. For quality of facilities and services it ranks 44 out of 46 destinations.

Carol Straw, manager of tourism & services at Jampro, informed the Jamaica Observer that policy is being developed around which industry expansion can occur.

She stated, "Jamaica, with its established infrastructure for tourism and its highly qualified medical personnel, is well-placed to take advantage of the opportunities afforded by medical tourism. To enable the destination to improve its rankings internationally, there are several actions that are happening or will be taking place," including liaising with international experts.

Straw said that, with regards to developing the ecosystem for medical tourism to thrive, "we will continue our efforts to identify more local and international players in the medical tourism field who can help the country to grow its own infrastructure. A medical tourism policy has also been drafted for discussion by the Government; this will contribute to creating the necessary framework for medical tourism to grow in Jamaica".

At the same time, she outlined that the island will see accreditation from new bodies. She said, "While the facilities that are in Jamaica are good, it is important to secure international accreditation to gain the confidence of the medical tourist. The popular accreditation is offered by the Joint Commission International, however, there are other accreditation options available."

Onc such option is Temos International, a European accreditation body that provides a more cost-effective option than the Joint Commission International (JCI) accreditation.

Straw said, "This agency has facilitated several sessions (webinars and face to face sessions) with the Jamaican medical community to formally introduce accreditation via this body. Through our work with Temos, we have focused on continuous quality improvement (CQI) in providing high-quality, safe, and competent care for patients, with the best available standards and the best-expected outcomes.

The Jampro executive expressed a concern about financing for industry development. She told the Business Observer, "A large part of developing the industry is in the financing. This will enable our doctors to take advantage of the accreditation processes and the opportunities that present themselves in the sector, and develop support personnel such as specialised nurses who help with the delivery of health care. Jampro is actively seeking donors who are willing to establish partnerships with local investors."

At the same time, Straw stated that it is also critical to facilitate investment in health-care workers. Specialist doctors need the support of nurses, laboratory workers and other specialist staff in the build out of their operations.

Caribbean

Business

#BTColumn – Too much faith in these trial vaccines

admin — Mon, 26 Jul 2021 11:40:01 +0000

#BTColumn – Too much faith in these trial vaccines

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admin Mon, 07/26/2021 - 11:40

Sunday, July 18, 2021

Original Publisher

Barbados Today

Original Article

#BTColumn – Too much faith in these trial vaccines

Disclaimer: The views and opinions expressed by this author are their own and do not represent the official position of the Barbados TODAY Inc.

by Hyacinth Greenidge

I have always been a fan of Barbados TODAY and the thought-provoking articles this paper produces. This has been the case whether I agree with the topic or not.

I find the contributions carried in your paper to be fair and firm. Some editorials have been biting but one you published earlier this week was disappointing to say the least.

Your editorial on Tuesday headlined: Vaccines Only Way Out Of Being Stuck Inside, adds to the growing campaign of half-truths and false information.

The scientists, the doctors and the manufactures of all these COVID-19 vaccines have repeatedly said that the vaccinated person can still get the virus and spread the virus.

The only claim to fame the vaccines have, so far, are that they reduce chances of hospitalisation and death but to this day that is a claim that still has not been proven.

What is a fact, though, is that all these variants Delta, Gamma, Alpha and Beta have all come about after these vaccines came on the market. What is a fact is that we are yet to see if they have any potency against a swiftly mutating, deadly virus.

Reports come in daily where vaccinated people are continuously infected with COVID-19. All around the world there are cases of vaccinated people dying either from the virus itself or complications from the said vaccines. Hence why the production of the Johnson and Johnson vaccine has been halted.

We have had cases where cruises that have recorded 100 per cent vaccinated staff and passengers have had COVID-19 outbreaks.

Two weeks ago, Bloomberg reported that six fully vaccinated people died in Seychelles, a country in East Africa. Five of the six had taken Covishield, a version of the AstraZeneca.

In Boston, 80 fully vaccinated people died.

Only this week 600 medical workers in Thailand were infected with the coronavirus even though there were vaccinated. Now experts are recommending they take a third dose of the Sinovac vaccine they had received.

Whether world leaders or governments want to hear it, the reality is that these vaccines are trial vaccines. They have not been fully tested and they have not been proven.

It is a shame that Barbados TODAY allowed itself to be used as a conduit spewing that nonsense.

In late June when The Minister of Health Jeffrey Bostic told the country about the cluster at a business where at time 12 people had tested positive and 40 were in quarantine he was swift to report that none of the people who tested positive were vaccinated. He has made no such statement since. Neither he nor the Chief Medical Officer Dr. Kenneth George has said how many of the cases since then were vaccinated people. If you are going to report on the unvaccinated, do likewise when the vaccinated are infected. There always seems to be this agenda to expose or point fingers at the unvaccinated.

This practice of reporting information to the public only when it suits the narrative must stop.

Those three variants didn’t magically appear in Barbados. They came here by some who came through one of our ports of entry. Those variants came from someone who met with our travel requirements.

Our requirements include a vaccination certificate for the vaccinated. The vaccinated have less hassle than the unvaccinated. The unvaccinated have to quarantine for days so it is highly unlikely it came from any of them.

But sadly, if the carriers are vaccinated people we will never be told. If the majority of people in this most recent cluster, that involves businesses and a church, are vaccinated we will never know.

The pharmaceutical companies and world leaders are so eager to get back to business as usual they continue to feed the populace with only half of the information.

They act like our future and livelihood depend on the vaccines. They have pushed that message over and over. As they push that message, the other message of sanitising, social distancing and mask-wearing has been shifted to the background.

By so doing they have the vaccinated believing that they have some special covering that the unvaccinated do not. The vaccinated somehow believe that the deadly disease is no longer a threat to them.

That is why your headline and editorial are both reckless.

The key to getting back outside is following the proven medical protocols to the bitter end.

Infectious Disease Specialist Dr Corey Forde has repeatedly said the best way to fight the virus is through the three main protocols. That is the message that should be spread and repeated even though these trial vaccines are on the market.

The key to getting back outside is for world leaders and governments to give their natives all the information and not just some.

The key to getting back outside is for the Fourth Estate to have the interest of the public at heart by presenting unvarnished facts and not to be caught up in the rat race.

The key to getting back outside is accepting that outside will never be the same as long as there is no cure for COVID-19.

The key to getting back outside is embracing change and to quit going back to the “norm” when some freedom is given.

There are many “keys” to getting back outside. But, one thing I am certain of, is that those trial vaccines are not the key.

This column was offered as a Letter to the Editor.

Caribbean

News

Marcus at Baha Mar Fish + Chop House debuts

admin — Sat, 24 Jul 2021 14:30:01 +0000

Marcus at Baha Mar Fish + Chop House debuts

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admin Sat, 07/24/2021 - 14:30

Friday, July 16, 2021

Original Publisher

The Nassau Guardian

Original Article

Marcus at Baha Mar Fish + Chop House debuts

Groundbreaking culinary legacy and passion for food flavors, and fun with a menu that features locally and sustainably caught seafood, fresh produce and premium dry-aged cuts and innovative craft cocktails – served in a vibrant setting inspired by Bahamian culture – is Marcus at Baha Mar Fish + Chop House.

Set against the backdrop of spectacular Bahamian sunsets, Marcus at Baha Mar Fish + Chop House features an innovative menu, including signature dishes exploding with flavor from six-time James Beard Award-winning Chef Marcus Samuelsson at the helm.

The 400-seat dining facility which debuted on July 12, is a celebration of Samuelsson’s passion for exploring flavors – from finding the freshest Bahamian ingredients and local seafood to sharing his latest take on comfort food classics.

A fan of conch, Samuelsson’s menu features the delectable seafood fried in a fritter, or served raw as a bright salad with native sour orange and local herbs. Guests can also enjoy Samuelsson’s cornbread for the table, served with hot buttered Bahamian rum – a personal favorite of the chef.

While developing the restaurant’s concept, Samuelsson dedicated time to learning about Bahamian culture and meeting with local purveyors and artisans to explore native ingredients. Through his Bahamian immersion and deriving inspiration from his Ethiopian and Swedish heritage, along with influences from another restaurant in his empire Red Rooster – and its hit dish, the whole fried chicken, Samuelsson has crafted an exquisite menu reflective of the Caribbean. Signature dishes to be introduced at Baha Mar include Blue Crab, Uni and Lobster Spaghetti Piccadilly with Garlic, Calabrian Chili and Thai Basil; Fried Yard Bird with Sour Orange Hot Honey and Baked Beans; Shrimp and Grits with Bacon, Creole Worcestershire XO, and Zucchini.

“Marcus [at Baha Mar Fish + Chop House] is a restaurant for many people – for Bahamian people, and for people coming on vacation. The feel of being special is the same for everybody. Warmth is the same for everybody, and delicious is delicious.”

The experience to be had is what matters to the chef – that people feel the vibrancy, have fun, indulge in delicious, and that patrons feel the warmth and welcome.

“You come here for a work event, a birthday celebration, by yourself, staying at the hotel and are in the bar, you get a vibe of the island. We’re here to present local hospitality,” said Samuelsson.

“The incredible career and talent of Chef Marcus Samuelsson is an inspiration to the entire Baha Mar family and we are delighted to introduce Marcus at Baha Mar Fish + Chop House to our guests and local community of The Bahamas,” said Graeme Davis, Baha Mar president. “Chef Marcus’ elevated culinary take on Bahamian cuisine will introduce a distinctive dining experience with delicious, inventive food in an incredible setting.”

The restaurant features an open grill kitchen, seafood display station, lavish cocktail lounge, wine bar and private dining rooms, and joins Baha Mar’s celebrated collection of over 40 restaurants and lounges, including Samuelsson’s oceanside food truck, Streetbird on the Beach, a more casual compilation of Samuelsson classics with island-inspired elements.

“Baha Mar has built an incredible culinary program of world-class restaurants, which I am proud to join,” said Samuelsson, the acclaimed chef behind restaurants worldwide including Red Rooster Harlem and Ginny’s Supper Club in New York City, Red Rooster in Miami’s Overtown, and Norda in Sweden.

“I remember when Baha Mar opened – I spoke at the opening and that’s when we started to work. Streetbird was just a ‘great handshake’ to get to know each other, but at the same time we were always working on this,” he said of Marcus at Baha Mar Fish + Chop House.

And we were talking about how we could create experiences for the guests, locals, people staying at other hotels, but also the Baha Mar experience. And then for me as a culinarian … as a chef, how can I create jobs for the next generation of Bahamian chefs.”

Marcus at Baha Mar Fish + Chop House was built during the height of the pandemic. Samuelsson said it was inspirational to see it come together as it is the beauty of hospitality.

“I come from a simple beginning back in Africa, so when you come from that environment you also think about luck, privileges, and work ethic, and how many people worked to make it possible for me. So, when I get up in the morning, I think about how many people I represent and make it possible for. You create it by talking about it, and then manifesting it,” he said.

Chef de Cuisine Garrette Bowe is a prime example of one of the young, talented Bahamians at Samuelsson’s restaurant.

“Besides being here and providing a great experience for the guests, we have a big mission of creating jobs for people that want to be in the hospitality industry, and to see someone like Chef Garrette do it shows me that we are on the right track.”

He described his chef de cuisine as an “amazing” talent.

“With the right guidance, I have all the faith. She’s already successful. She has all the tools, hard work ethic, good communicator – that balance, and at the same time she’s ambitious, so when someone has all those things, they deserve everything. When I got into the profession, I had mentors – somebody that saw something in me that I couldn’t see myself. Without mentors, where would I be?”

Bowe, who returned to work in March and found she was moving to Marcus at Baha Mar Fish + Chip House, said she was excited.

“I’m working with one of the best, so it’s exciting. You can’t ask for more.”

The opportunity allows her to work with different ingredients and flavor profiles, but that at the same time are still approachable.

Caribbean

News

Deposit insurance programme delayed

admin — Tue, 20 Jul 2021 01:00:01 +0000

Deposit insurance programme delayed

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admin Tue, 07/20/2021 - 01:00

Wednesday, May 5, 2021

Original Publisher

Business – The BVI Beacon

Original Article

Deposit insurance programme delayed

A regime designed to protect bank customers’ deposits has a new target date of 2022, as a consultant hired last year continues her work on subsidiary legislation to the Virgin Islands Deposit Insurance Act 2016 amid the challenges of the Covid-19 pandemic, Premier Andrew Fahie said last Thursday in the House of Assembly in response to a question from opposition member Mitch Turnbull (R-D2).

In 2016, the HOA passed the Deposit Insurance Act, which provides for the establishment of the VI Deposit Insurance Corporation and a Deposit Insurance Fund to protect small depositors from losing their savings in the event of a bank failure, via a regime similar to ones that exist in many other countries.

Since the passage of the act, the Ministry of Finance has begun working on subsidiary legislation to support it.

In February 2020, Mr. Fahie announced that government had signed a contract for an undisclosed amount with United States-based consultant Vilma Rosa Leon-York to aid in creating a legal and resolution framework for the VIDI Corporation.

Ms. Leon-York has been a consultant to the US Department of the Treasury for 10 years and has helped devise similar deposit insurance schemes in countries including El Salvador, Thailand and Tunisia, according to her LinkedIn account.

Target dates

At an HOA sitting at the time he announced the consultancy, Mr. Fahie said that he planned to have the corporation implemented by Jan. 1, 2021, explaining that the work was expected to take “approximately 928 hours, or 24 weeks, to complete over a one-year period.”

Last Thursday, he said the government is now at the “advanced stage of this work,” with a target completion date of mid-second quarter of this year.

He added that government is poised to establish the VIDI Corporation “with a target date of early 2022.”

Ms. Leon-York has already drafted subsidiary legislation covering five legal areas within the act, as well as amendments needed to name the VIDIC as the deposit insurance and resolution authority in other laws including the Financial Services Commission Act, the Banks and Trust Companies Act, and the Insolvency Act, the premier said.

Beneficiaries

In announcing the consultancy in 2020, the premier said the insurance regime would increase consumer confidence and stability, especially benefitting consumers “not in a position to assess the risks of the institution in which they may put their hard-earned savings.”

He added that the system would also prevent bank runs that might destabilise the territory’s monetary system, and allow a stable legal regime helping government to deal with “problem financial institutions.”

The new regime, he explained, would meet international requirements and address the recommendations made in the Michael Foot Report of 2009, which concerned international financial centres, and the International Monetary Fund’s assessment of global financial centres in 2010.

In addition to employing Ms. Leon-York, Mr. Fahie said last year that the government will assemble a board to oversee the VIDI Corporation’s functions, though he did not specify when or how board members would be selected.

In 2016, government also negotiated with banks the amount of premiums they would pay as part of the scheme. Though member institutions are to provide the majority of funds, taxpayers are required by the act to contribute an initial $4 million. In his statement last Thursday, the premier did not specify whether the $4 million had been spent yet.

The post Deposit insurance programme delayed appeared first on The BVI Beacon.

Caribbean

Business

Global food prices rise for eighth straight month — FAO

admin — Thu, 04 Feb 2021 14:50:01 +0000

Global food prices rise for eighth straight month — FAO admin Thu, 02/04/2021 - 14:50

Thursday, February 4, 2021

Original Publisher

Business – Premium Times Nigeria

Original Article

Global food prices rise for eighth straight month — FAO

Global food prices continued rising for the eighth conservative month in January, led by cereals, vegetable oils and sugar, the Food and Agriculture Organisation of the United Nations has said.

This is according to the Food Price Index report released on Thursday. The index tracks international prices of most commonly traded food commodities.

The FAO Food Price Index averaged 113.3 points in January, making a 4.3 per cent increase from December 2020 and reaching its highest level since July 2014.

In the report, the FAO Cereal Price Index showed a sharp 7.1 per cent monthly increase, led by maize prices, which surged 11.2 per cent and are now 42.3 per cent above their January 2020 level.

The FAO said this reflects the increasingly tight global supply amid substantial purchases by China and lower than expected production and stock estimated in the United States of America, as well as a temporary suspension of maize export registrations in Argentina.

“Wheat prices rose 6.8 per cent driven by strong global demand and expectations of reduced sales by the Russian Federation when its wheat export duty doubles in March 2021.

“Robust demand from Asian and African buyers underpinned strong rice prices,” it said.

The report said the FAO Vegetable Oil Price Index increased by 5.8 per cent in the month to its highest level since May 2012.

“Drivers included lower than the expected palm oil production in Indonesia and Malaysia due to excessive rainfall and ongoing shortages in the migrant labour force and prolonged strikes in Argentina reducing export availability for soy oil,” the report said.

It said the FAO Sugar Price Index was 8.1 per cent higher than in December as robust global import demand spurred concerns about lower availabilities due to worsening crop prospects in the European Union, the Russian Federation and Thailand as well as drier than normal weather conditions in South America.

“Rising crude oil prices and a stronger Brazilian Real also provided support to international sugar prices, ” it added.

According to the report, the FAO Dairy Price Index increased by 1.6 per cent underpinned by China’s high purchases ahead of the country’s upcoming New Year holiday festivities amid seasonally lower exportable supplies in New Zealand.

“Price quotations for skim milk powder (SMP) too rose, pressured by high import demand for spot supplies and lagging production activities in Western Europe.

“By contrast, cheese prices fell slightly from the highs registered in December 2020 due to limited internal sales in Europe coupled with a stock build-up in the United States of America,” it said.

READ ALSO: Global food prices rise in October for fifth consecutive month – FAO

The report said the FAO Meat Price Index was up 1.0 per cent from December led by the brisk global import of poultry meat especially from Brazil amid avian influenza outbreaks that have constrained output and exports from several European countries.

“Despite high purchases by China in the run-up to the country’s New Year celebrations bovine and pig meat price quotations increased only slightly as global supplies remained adequate to meet demand.

“Ovine meat prices firmed for a fourth consecutive month driven by tight supplies from Oceania and strong demand from China,” the report said.

Forecast

Meanwhile, it said the global cereal utilisation in 2020/21 is now forecast at 2761 million tonnes up 52 million tonnes from the previous season.

“Leading the increase is robust use of coarse grains for feed in China.

“Worldwide utilisation of wheat and rice are forecast to rise by 0.7 per cent and 1.8 per cent respectively during the year ahead,” it said.

Africa

Business

Ministry Explains Reasons for Price Rise in Essential Food Commodities

admin — Tue, 02 Feb 2021 03:30:01 +0000

Ministry Explains Reasons for Price Rise in Essential Food Commodities admin Tue, 02/02/2021 - 03:30

Thursday, January 28, 2021

Original Publisher

Business – Foroyaa Newspaper

Original Article

Ministry Explains Reasons for Price Rise in Essential Food Commodities

…Covid-19 pandemic is an external factor

By Ndey Sowe

The Ministry of Trade, Industry, Regional Integration and Employment (MOTIE) has issued a statement explaining the causes for the recent increment of prices of some essential food commodities, which are both external and local factors.

Exogenous/External Factors:

The ministry said the external cause for the increase in prices particularly for rice and edible oil is a global phenomenon as result of the COVID 19 Pandemic.

The trade ministry’s dispatch stated that these products are mainly from South Africa such as China, Malaysia, Pakistan and Thailand some of whom have improved export restriction, thus reducing the supply and the resultant price increase.

“In addition, during this period, there was price increases in global container market index leading to the problem of limited empty containers in these regions. As of the third week of January 2021, the cost of empty containers has increased substantially from an average of USD 2000 per 40ft container in October 2020 to more than USD 9,000 per 40 ft container from Asia to Europe according to Financial Times (see: https://on.ft.com/3isU0xq). As a result, the shipping lines operating in The Gambia have increased the freight cost to Banjul since November 2020 from USD5000 to USD 11000 per 40ft container,” the dispatch indicated.

The ministry further stated that through its regular monitoring of the stock and price level of essential food commodities, it has observed that the prices of some of the essential commodities have generally increased from the week of 7th December 2020 to the week of 18th January 2021 on average by 4.45% for rice, 0.4% for sugar, 16% for edible oil, 4.2% for potatoes, 3.2% for Onions, 18.2% for chicken leg and 4% for whole chicken. These prices are for the wholesale market.

“The international commodity prices have been surging from April 2020. This is partly due to the effect of COVID-19 on regional and global supply chains. The price of oil which is a determinant factor on commodity prices continued to rise from the slump in mid-2020. The Price of a barrel of Brent Crude was USD39.8 as at November 19th 2020 and it was USD56.7 as at January 19 2021 representing an increase of 42.46% (Source: Economist Magazine),” the dispatch said.

It said during the period, India which is major exporter of onions and potatoes imposed an export restriction on these products due to the second wave of COVID-19 pandemic.

“This causes a demand pressure on other major exporters of onions and potatoes such as Holland where The Gambia imports most of her consignments. Hence resulting to a rise in prices of these products in the domestic market,” it stated.

Local/Domestic Factors:

The ministry said in the domestic front, some of the trade support institutions have come up with new tariff/charges effective 1st January 2021. These new measures affect the overall cost structure of the importers of essential food commodities.

“The Gambia Revenue Authority has re-introduced the 20% reduction on the indicative value for all imports including the imports of essential commodities. There was 20% reduction on the indicative value of all imports as a government response to the COVID-19 pandemic in 2020. The re-introduction of 20% on the indicative value will increase the general CIF duty payable to GRA on essential food commodities by 20%,” the dispatch added.

Moreover, it said, some of the shipping agents and shipping line are charging congestion fees USD 300 at the ports to the importers of essential food commodities. This is due to limited container space at the ports leading to congestions. Other cost associated with the shipping agents includes Line Ports Handling Charges USD 50/40ft and Terminal Handling Charges USD105/20ft and USD150/50ft.

“Given that the Gambia continues to maintain a free market trading regime, The Ministry has strengthened its engagement with the relevant stakeholders in the distributive trade ecosystem to take immediate to medium term measures to contain the price hike. The Ministry convened a consultative meeting with the major importers of essential commodities on Wednesday 20th January 2020. The Ministry also convened a meeting with the relevant stakeholders including Gambia Revenue Authority, Gambia Ports Authority, Gambia Maritime Administration and Shipping Agencies on Friday 22nd January 2020. The objective of these meetings is to understand the recent dynamics in the market with a view of addressing some of the endogenous cost element leading to the recent increase in the price of commodities,” the ministry stated.

In a bid to address the congestion problem at the port, the ministry’s dispatch said GPA has recently finalized the process of renting a space at the bond road to relocate some of the port’s activities. This will eliminate the port congestion fee charged by the shipping agents.

“The relevant stakeholders’ consultations are on-going and we will review the outcome of these consultations with a view to ensure stability of the prices of the essential commodities. MOTIE will continue to monitor the market and its engagements with the major stakeholder to review the new tariff and fees that is affecting the importation of essential food commodities,” the dispatch stated.

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Thailand serves up cannabis cuisine

admin — Sun, 17 Jan 2021 17:30:01 +0000

Thailand serves up cannabis cuisine admin Sun, 01/17/2021 - 17:30

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NationNews Barbados — nationnews.com

Original Article

Thailand serves up cannabis cuisine

PRACHIN BURI, Thailand – Giggling bread and joyfully dancing salad aren’t the usual dishes on a menu in Thailand, but one eatery is hoping its cannabis-infused cuisine can lure foreign tourists and take the taboo out of the recently legalised leaf.

The restaurant at the Chao Phya Abhaibhubejhr Hospital in Prachin Buri started serving its own happy meals this month, after Thailand de-listed cannabis as a narcotic, allowing state-authorised firms to cultivate the plant.

“Cannabis leaves, when put in the food or even a small amount … it will help the patient to recover faster from the illness,” said Pakakrong Kwankao, the project leader at the hospital.

“The cannabis leaf can improve appetite and make people sleep well, and also be in a mood, in a good mood.”

The hospital is known as a pioneer in Thailand for studying marijuana and its ability to relieve pain and fatigue.

Thailand in 2017 became the first Southeast Asian country to legalise cannabis for medical use and has since opened numerous medical marijuana clinics.

The restaurant’s offerings include a happy pork soup, deep-fried bread topped with pork and a marijuana leaf, and a salad of crispy cannabis leaves served with ground pork and chopped vegetables.

“I’ve never taken cannabis before, it feels weird but it’s delicious,” said diner Ketsirin Boonsiri, adding it was “quite strange”.

Nattanon Naranan said the taste of the cannabis leaves was similar to everyday vegetables, but the after-effects were quite different.

“It makes my throat dry and I crave sweets,” she said.

Thai deputy education minister Kanokwan Vilawan said the next step was to offer famous Thai dishes to reach an international audience.

“We plan to add more (cannabis) to Thai dishes that are already well known, such as green curry soup, to boost the popularity of these dishes even more,” Kanokwan said. (Reuters)

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Falana seeks release of drug offenders pardoned in Thailand, languishing in Nigerian prison

admin — Mon, 31 Aug 2020 21:00:02 +0000

Falana seeks release of drug offenders pardoned in Thailand, languishing in Nigerian prison admin Mon, 08/31/2020 - 21:00

Monday, August 31, 2020

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