Category: Caribbean News

St Lucia Eyes Income Tax Cuts, After VAT Implementation

St Lucia Eyes Income Tax Cuts, After VAT Implementation

| 16/05/2012 | 0 Comments
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The government of Saint Lucia has outlined new tax measures in its latest Budget to shift the tax burden from direct to indirect taxes.

The Budget contains four key fiscal measures, namely:

The introduction of a value-added tax (VAT);
A lowering of the tax burden under both the corporate and personal income tax regime;
An increase in fees for Alien’s Landholding Licenses; and
A reform of the Property Tax regime.
According to the government, it is proposed that the impact of the value-added tax – to be introduced from September 2012 – will be offset by a reduction in the corporate income tax rate, and by reduced taxes on earnings. The government suggested that the value-added tax will be largely revenue neutral, as it will offset the removal of a number of existing levies. However, some gains will be achieved by reduced tax collection costs, and a broadening of the tax base.

The value-added tax will replace consumption tax, hotel accommodation tax, the motor vehicle rental fee, the mobile cellular telephone tax and the environmental protection levy. A standard VAT rate of 15% will apply, with a 0% rate charged on certain goods and services. The hotel sector and related services will benefit from a reduced rate of 8% until April 30, 2013, when the rate will be reassessed. A VAT registration threshold of XCD180,000 (USD67,000) will apply.

Zero-rated goods will include:

Goods to be exported;
Goods for sale at duty-free shops;
Fresh eggs and uncooked pasta;
Fuel;
Water; and,
Electricity.
Exemptions will apply to:

Domestic residential rental;
Educational, financial, insurance, medical, religious, postal, and local transportation services;
Certain agricultural inputs; and
Certain food items
While a standard VAT rate of 15% will be charged on medical supplies, the government has secured approval from the Caribbean Community to remove the import duty on medical supplies.

On changes to the income tax regime, the tax-free allowance on personal incomes will be hiked from XCD17,000 to XCD18,000, effective from January 1, 2013, to reduce the VAT’s impact on lower earners. After an impact assessment has been undertaken on the impact of a VAT on tax receipts, a reduction in the corporate tax rate will be considered, the government added, likely for 2013.

On land taxes, the government has proposed to increase annual fees for Aliens Landholding Licenses, required by non-residents purchasing local property or land, from XCD1,500 to XCD4,050.

Meanwhile property taxes will be markedly reduced. Properties of less than XCD100,000 in value will be exempt from property taxes, while owners of properties valued over XCD100,000 will be able to reduce the value of their property by XCD100,000 when assessing tax liability, to ensure fairness. To compensate for the reduced burden, a number of tax exemptions are to be revoked.

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Source: Tax News

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Haiti’s new PM: Mining laws being drafted

Haiti’s new PM: Mining laws being drafted

| 16/05/2012 | 0 Comments
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PORT-AU-PRINCE, Haiti (AP) – Haiti’s new prime minister says his government is drafting legislation on a newly emerging mining industry to ensure the impoverished Caribbean nation reaps its fair share.

Laurent Lamothe says the legislation will be sent to Parliament soon. He says it will lay out rules apportioning royalties for the government and setting protections for the people and environment that could be affected by mines.

Laurent Lamothe

The plans for the legislation come after The Associated Press reported last week that two mining companies have begun drilling in Haiti’s northeastern mountains. They estimate that precious metals there are potentially worth $20 billion.

Mining laws in Haiti haven’t been revised since 1976.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Jamaica Celebrates Golden Anniversary With Islandwide Events Through 2012

Jamaica Celebrates Golden Anniversary With Islandwide Events Through 2012

| 16/05/2012 | 0 Comments
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A wide array of events have been planned islandwide as Jamaica ramps up activities in observance of the island’s 50th Anniversary of Independence celebrations. With non-stop flights available from most major cities across the U.S., Jamaica is easily accessible and provides a tremendous value for travelers.

“This is a significant year for us as a destination and we’re encouraging visitors including Jamaicans living overseas to come celebrate this milestone and experience a host of on-island events throughout the year,” said John Lynch, Director of Tourism. “Now is a great time to book a Jamaican vacation and benefit from the special offers from a range of hotels and attractions.”

Below is a sampling of celebratory events for visitors to take part in throughout the year.

FASHION

StyleWeek Jamaica/FashionBlock, May 23 – 30: Fashionistas from around the world will make a statement in the entertainment capital as organizers Saint International stage its 6th annual Style Week Jamaica. Style Week Jamaica/Fashion-Block, has become a major event on the Jamaican entertainment and fashion calendar. The three-day extravaganza includes multiple after parties, VIP cocktail receptions, fashion seminars and glamorous runway shows.

Caribbean Fashion Week, June 7 – 11: The region’s premier fashion and style event, will again be held at the National Indoor Sports Centre in the nation’s capital, highlighting the “best of the best” in fashion. Celebrating its 11th staging, the fashion collections will take centre stage at the week-long showcase, and will be enhanced with live entertainment packages, nightly parties as well as a major business forum.

MUSIC

Live Music Nation, Yearlong: Those eager to check out Kingston’s music scene can experience Live Music Nation, by attending one of the city’s weekly live music events, free to the public.

Each week music-lovers can enjoy 90-minute sets of Jamaican beats while enjoying the island’s signature cuisine and beverages. Visit the Live Music Nation website for venues as they change weekly.

Ocho Rios Jazz Festival, June 9-16: June is Jazz Month and again the event will offer exciting days of great music, superb entertainment and healthy family and community participation. This pure jazz festival includes international performers from Europe, the United States and the Caribbean along with renowned Jamaican jazz artistes.

Reggae Sumfest, July 15-22: This much anticipated annual Reggae event showcases the best talents in roots, rock and reggae music. In keeping with the motto, ‘Promoting Music, the Universal Force’, each year, top Jamaican acts perform along with international artistes to a diverse audience. As the festival says goodbye to its teenage years, and turn 20, the promoters of the premier event are pulling out all stops to ensure that this year’s staging surpasses everyone’s expectations. Previous headliners included: Chris Brown, Usher, R&B queen Mary J. Blige, Neyo, Jasmin Sullivan, Kerry Hilson, , LL Cool J, Rihanna, 50-Cent & G-Unit, Missy Elliott, Morgan’s Heritage, Lil Wayne, Elephant Man, Beenie Man, Bounty Killa & others.

ART

Kingston on the Edge Urban Art Festival, June 16-24: For art collectors, Kingston On The Edge (KOTE) provides a platform for contemporary artists to showcase work that pushes the boundaries of cutting-edge avant garde art. This festival welcomes all artists, including those working in more traditional styles. KOTE will host multiple events to include visual art shows, movie showings, plays, concerts, an art auction, open houses, and digital/multi-media shows.

CUISINE

Wine & Food Festival, September 24: Boasting over 30 booths, this signature fundraising event, is held under the patronage of the Rt. Hon. Edward Zacca and his wife. Funds raised from this event are used for the Heart Foundation’s ongoing fight against heart disease in Jamaica. In addition to wine and food, companies are invited to showcase their heart healthy products to patrons.

Caribbean Broilers (CB) Pan Chicken Festival, November 18: Lovers of pan chicken, a unique Jamaican style grill, are in for a tasty treat during the flavorful festival in the cultural and entertainment capital, Kingston. Sponsored by Caribbean Broilers, the festival provides a platform for city cooks and chefs to showcase their mouth-watering dishes. This year’s contest will include a series of entertaining, family-oriented, regional competitions at the Ranny Williams Entertainment Centre in Kingston on Saturday, May 27, at Dump Up Beach in Montego Bay on Saturday, June 30 and on Saturday, September 29 at Leiba’s Esso in Clarendon. The event culminates with an exciting grand finale on Sunday, November 18 and will be staged on the scenic waterfront of historic Downtown Kingston for the very first time.

SPORTS

Makka Pro Surf Contest, July 13-15: This highly anticipated surfing event brings together amateur and professional surfers from across the world to compete in a non-traditional and rustic setting. This Caribbean Challenge Cup series event is one of several events. Through the partnership with Jamaica Surfing Association, Caribbean Surf Network and Western Atlantic Pro Surf Series, Makka Pro has risen to new levels and has been attracting more competitors from a wider field.

Reggae Marathon, December 1: Now in its 12th year, the Reggae Marathon Grand Prix Series – Reggae Marathon, Half Marathon & 10K has earned the reputation for being a well-organized international event, focused on runner enjoyment. Presented by Jamdammers, the event is now a staple on the local and international road race calendar. Participants combine an island vacation and a great sporting event for a truly unique experience.

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Operation Caribbean Resilience nets more than 220 arrests, seizure of 142 illegal arms

Operation Caribbean Resilience nets more than 220 arrests, seizure of 142 illegal arms

| 16/05/2012 | 0 Comments
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SAN JUAN, Puerto Rico — As part of U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations’ (HSI) ongoing commitment to interrupt and dismantle criminal organizations and to identify and arrest individuals involved in criminal activity, the agency announced Monday the results of a four-month enforcement operation dubbed “Caribbean Resilience,” which led to the arrest of more than 220 criminals and the seizure of more than 142 illegal arms.

Operation Caribbean Resilience is a joint initiative led by HSI that includes the Puerto Rico Police Department (PRPD) and the San Juan Police Department (SJPD) in response to the unprecedented number of violent crimes committed in Puerto Rico last year. The operation, which began in January, has netted hundreds of arrests and seizures of illegals arms as well as narcotics. U.S. Customs and Border Protection (CBP) recently joined the initiative.

“The results of this operation show the commitment of HSI, and that of our partners in PRPD and SJPD, to rid our communities of individuals involved in criminal activity,” said Angel Melendez, acting special agent in charge of HSI San Juan. “Because of the hard work and efforts of HSI special agents and PRPD and SJPD officers, we have 221 fewer criminals and 142 fewer illegal arms in the streets, thus making our neighborhoods safer. This is only the beginning of a series of surges to return our communities to law abiding citizens from unscrupulous criminals who have no respect for human life and dignity.”

Operation Caribbean Resilience began in the municipality of Loiza, Puerto Rico, a town considered by law enforcement as an area of high intensity criminal activity where last year, from January to May, a total of 12 homicides were reported by PRPD. This year, during the same period, and under Operation Caribbean Resilience, only six homicides have been reported. This represents a decrease of 50 percent in homicides in the area. This tendency also applied for other types of crimes, such as robbery and assault, which experienced a decrease by 78 and 52 percent, respectively, compared to the same period last year.

In the entire region of Carolina, Puerto Rico, which covers the Luis Muñoz Marin International Airport, Carolina North, South, and West, the tourist zone, and Loiza, the initiative netted more than 73 criminal arrests, which resulted in 34 indictments and six criminal complaints, and the seizure of 48 illegal weapons, 1,747 rounds of ammunition, and more than $30,000 in cash in addition to significant amounts of cocaine, heroin, marijuana and crack cocaine.

In the area of Caguas, Puerto Rico, which encompasses the municipalities of Aguas Buenas, Caguas, Cidra, Gurabo, Juncos and San Lorenzo, Operation Caribbean Resilience netted 87 criminal arrests, of which 53 will be prosecuted at the federal level. Thus far, the initiative has resulted in the seizure of 78 illegal arms, 2,751 rounds of ammunition, $52,000 in cash and a significant amount of narcotics.

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“Standing Your Ground” Is the law based on race or circumstance??? PART I

“Standing Your Ground” Is the law based on race or circumstance??? PART I

| 11/05/2012 | 1 Comment
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May 11, 2012

By Crawford Madison

Unless you have been under a rock or smoking them, one has heard about the hotly contested Florida law that allows individuals with a concealed weapon permit to “stand their ground”. The controversial law by statute is defined as follows: “Stand-your-ground law states that a person may use force in self-defense when there is reasonable belief of a threat, without an obligation to retreat first. “Stand your ground” governs U.S. federal case law in which right of self-defense is asserted against a charge of criminal homicide. The Supreme Court of the United States ruled in Beard v. U.S. (158 U.S. 550 (1895)), that a man who was “on his premises” when he came under attack and “…did not provoke the assault, and had at the time reasonable grounds to believe, and in good faith believed, that the deceased intended to take his life, or do him great bodily harm…was not obliged to retreat, nor to consider whether he could safely retreat, but was entitled to stand his ground.” Examine the facts and ask yourself why the law did not protect Marissa Alexander? Does a battered wife provoke an attack, or just a battered black women???.

In some cases, a person may use deadly force in public areas without a duty to retreat. Under these legal concepts, a person is justified in using deadly force in certain situations and the “stand your ground” law would be a defense or immunity to criminal charges and civil suit. The difference between immunity and a defense is that an immunity bars suit, charges, detention and arrest. A defense, such as an affirmative defense, permits a plaintiff or the state to seek civil damages or a criminal conviction but may offer mitigating circumstances that justifies the accused’s conduct.”

Marissa Alexander, 31

Marissa Alexander unsuccessfully applied the statute statue based on a Florida’s law to plead her case before Florida State Attorney Angela B Corey. The controversial “stand your ground” law failed to convince the jurors in her criminal case that the law applied specifically in her situation. Marissa, a 31 year old mother of three, and also allegedly a battered wife. A jury in March convicted her of aggravated assault after just 12 minutes of deliberation.

Marissa Alexander was sentenced to 20 years in prison, for firing a “warning shot” at her husband Rico Gray on August 1, 2010. Mrs. Alexander’s failed to invoke the “Stand Your Ground law” in her defense has presented an opportunity for the general public to decipher and pre-ponder if the statute is race specific, or unequivocally designed to protect any individual regardless of race, creed, or color. Allegedly Marissa’s husband beat her while she was pregnant. After yet another beating, Alexander fired a warning shot into the ceiling. Although that shot saved her life. Prosecutor Angela Corey did not take into account that Marissa Alexander: Had a court injunction against her crazed husband,in addition had Given Birth 9 Days Earlier, and was trained to use a weapon and possessed concealed weapons permit. Is the angry black woman an urban legend, or a overt tactic used to desecrate the image and character of women of color?

Will this case become a benchmark for the upcoming case of George Zimmwerman?

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One Caribbean Television Returns As Partner Of Invest Caribbean Now 2012

One Caribbean Television Returns As Partner Of Invest Caribbean Now 2012

| 11/05/2012 | 0 Comments
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Carib PR Wire, NEW YORK, NY, Fri. May 11, 2012: Reiterating its commitment to the Caribbean region, One Caribbean Television returns this June as a partner of the 2012 Invest Caribbean Now Power Forum.

OCTV, which jumped on board to help present the inaugural forum last June, has again signed on to the second annual Caribbean Tourism Organization and Hard Beat Communications investment forum, slated for June 6, 2012 at the New York Marriott Marquis in New York City.

“We are pleased to be joined by OCTV for a second year in a row,” said Felicia Persaud, CEO of Hard Beat Communications and convener of Invest Caribbean Now. “What OCTV has done is reiterated its investment commitment to this region and that is certainly a breath of fresh air in an investment arena here few respect this region as a fertile investment destination.”

“OCTV is proud to partner with Hard Beat Communications at Invest Caribbean Now Power Forum because it brings together so many like minded” people who see the Caribbean as a future place to do business, not just in recreation and tourism, but the many areas of untapped resources and talent the region has to offer,” said OTV officials. “We look forward to meeting people at the forum that we can not only do business with, but form long term partnerships and friendships!”

One Caribbean Television (OCTV) started off as a Caribbean Weather Channel, serving the Caribbean, Latin, Central and South America with current conditions and severe weather, tropical storm and hurricane coverage. That platform has been rapidly expanding to News, Business Reports, Sports Reports, Entertainment and Local Events as well as reports from correspondents on the islands and reports from New York City, Washington, D.C. and Puerto Rico. Our goal is to provide as much Caribbean content as possible and to continue to provide our viewers the quality programming that they deserve.

OCTV is expanding its cable penetration in the Caribbean, Latin, Central and South America and is projecting its launch in the US and Canadian markets!

The Invest Caribbean Now Power Forum is done in collaboration with the Caribbean Tourism Organization to educate the private sector on Wall Street of the hot Caribbean market as well and boost interest in investment opportunities in the Caribbean and its Diaspora.

This year’s panelists are Chairman of Blue Equity, Jonathan Blue; President and co-founder of Solamon Energy Corp, Jay Yeo, Hon. Chairman of the Caribbean Tourism Organization & Minister of Tourism & International Transport Government of St. Kitts & Nevis, Ricky Skerritt and Lisa Lake, the chief development director of the Branson Centre of Entrepreneurship – Caribbean. The 2012 Leadership Award recipient is Sir Richard Branson, founder of Virgin Group.

Invest Caribbean Now returns for a second year as Chinese investment in the Caribbean continues to boom in this free trade region that is politically stable and boosts attractive tax incentives, a highly literate work force and an established tourism market, and which the International Monetary Fund and World Bank forecast will see a 3.5 percent growth into 2013, higher than those of Eastern Europe and Central Asia, and similar to those of East Asia.

Invest Caribbean Now 2012 sponsors include La Chambre Consulaire Interprofessionnelle de Saint-Martin, (CCISM) and One Caribbean Television while supporting sponsors are the PR Newswire, WSEE TV, CaribPR Wire, News Americas Now, Damoola Inc., The Museum of American Finance and The Affiliated Lawyers of the Americas.

Additional information on the event can be found at InvestCaribbeanNow.com, the event’s pages on Facebook at http://www.facebook.com/people/Invest-Caribbean/100002110419705 and on Twitter at http://twitter.com/InvestingCarib.

Invest Caribbean Now 2012 sponsors also include La Chambre Consulaire Interprofessionnelle de Saint-Martin, (CCISM), the PR Newswire, CaribPR Wire, News Americas Now, Damoola Inc and The Affiliated Lawyers of the Americas (”ALTA“) and the Museum of American Finance

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US wants Joran van der Sloot for murder

US wants Joran van der Sloot for murder

| 10/05/2012 | 0 Comments
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International Legal Defense Counsel senior partner Michael Griffith has told internet newspaper The Huffington Post that the United States government wants to prosecute Dutchman Joran van der Sloot for the murder of Natalee Holloway.
International Legal Defense Counsel is an organisation which counsels and represents people who are serving a prison sentence in a foreign country. Joran van der Sloot is currently serving a 28-year term of imprisonment in Peru for the 2010 murder of Stephany Flores. Under Peruvian law, he could be paroled after serving one-third of his sentence.
The US has requested his extradition in connection with an attempt to extort money from Natalee Holloway’s mother. Van der Sloot, who is suspected of being involved in Natalee’s disappearance from the Caribbean island of Aruba on 30 May 2005, offered to tell her mother where Natalee’s body could be found if she paid him 250,000 US dollars.

Joran van der Sloot Photo Credit: CNN

He received an initial payment of 25,000 dollars, the remainder to be paid upon confirmation of Natalee’s remains. Van der Sloot later wrote an email stating that the information he provided was false, but kept the money. He used it to pay for a trip to a poker tournament in Peru where he was arrested for the murder of Stephany Flores. The extortion trial is scheduled to be held in 2015. If convicted, the Dutchman could face a five- to 10-year sentence.
However, Mr Griffith told the Huffington Post that the extortion extradition is just a ruse to get hold of Van der Sloot and charge him with the murder of Natalee Holloway. He also said he doubted Van der Sloot would be returned to Peru after a US conviction as demanded by the US-Peruvian extradition treaty.

“It would be too much trouble and Peru would be getting rid of a huge public relations problem,” Griffith said. “This case has cast a spotlight on their country and their prisons and, of course, they don’t like that. They don’t want their dirty clothes hung out in front of the press and that’s what’s been happening.”

Source: Expatico

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More Caribbean women cheating on their partners

More Caribbean women cheating on their partners

| 10/05/2012 | 1 Comment
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KINGSTON, Jamaica, Wednesday May 09, 2012 – A tri-nation study conducted in Jamaica, Haiti and the Dominican Republic indicates that more women are cheating on their partners, a feature of changing gender roles in the Caribbean.

The report, commissioned last year by Panos Caribbean, also confirmed “very strong links” between infidelity and transmission of HIV.

“In highlighting infidelity, focus must be on the role of both men and women in perpetuating the spread of HIV. While in the past it was usually the men who played the field, now many Caribbean women are doing the same,” the study said.

Married women in the Caribbean are particularly vulnerable to HIV because of trust and social conventions surrounding marriage, the amalgamated study continued.

“Many are unaware of their husbands’ infidelity, or in cases where they suspect that their husbands are cheating, they are in denial or not in a position to negotiate condom use,” Panos said.

“In a culture where men are socialised to believe their manly prowess ought to be measured by the number of women they have, it is almost the accepted norm for men in Jamaica to have multiple sexual partners, even within committed marital and common-law relationships … But infidelity has and continues to fuel the spread of HIV both in heterosexual and same-sex relationships, and has even surfaced within the church,” the report noted.

Research in Haiti showed that many married women, as well single women with steady boyfriends, took lovers on the side. “For some it is an occasional fling, while others form medium-to-long-term sexual relationships ‘outside’, that run parallel to their recognised union,” Panos said.

The NGO, CECOSIDA, which conducted the Haiti leg of the study to determine how infidelity contributed to HIV transmission rates there, found evidence of a direct correlation between both.

According to the Haiti report: “Infidelity is a strange phenomenon which, although common, is still taboo: if you practice it, you don’t talk about it – at least this is the case in Haiti. What is particularly alarming is that most men don’t use condoms, and they have no idea about their partner’s sexual history. So, in this way, STIs such as HIV are very easily transmitted.”

With regard to the Dominican Republic, the study found that marital infidelity was a serious social problem, but there it was still mostly a problem with men.

“While some men will take a mistress on a long-term basis, others have multiple sexual partners, often changing them in quick succession. While this behaviour is not completely sanctioned in Dominican society, it is widespread and is tolerated,” the study said, citing a 2006 UNIFEM report.

“Surveys commissioned by the Dominican Health Ministry in the 1990s found that approximately 50 percent of men have had extramarital affairs. However, a lead researcher has indicated that these surveys may have understated the reality. Against this background, infidelity has been identified as one of the main reasons for the spread of AIDS in the Dominican Republic, a country which has one of Latin America’s highest percentages of people living with HIV,” Panos said.

The study noted that apart from sub-Saharan Africa, the Caribbean was the only region where the proportion of women and girls living with HIV (at 53 percent) was higher than that of males.

“In fact, despite the gains made in HIV prevention in the Caribbean, women who are married or in stable relationships constitute one of the sub-populations within which HIV infections continue to grow. This phenomenon poses a challenge for health-care systems across the region,” the organisation said

Source: Caribbean 360

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Cricket: Praises Pour In for West Indies Women

Cricket: Praises Pour In for West Indies Women

| 10/05/2012 | 0 Comments
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St John’s, Antigua – May 10, 2012 – The members of the victorious West Indies Women’s team have been lauded for their rapid growth and development, continued improvement, and recent success on the field of play.

Over the last two weeks, the West Indies Women demonstrated their strength with comprehensive victories over Sri Lanka Women to take the three-match One-Day International Series and five-match T20 International Series. The Windies won the One-Dayers 2-1 and took the T20 Series 3-1 with the final match ending in a no-result due to rain, earlier today.

In a message of congratulations to the team, President of the West Indies Cricket Board (WICB) Dr Julian Hunte said it was heartening to see the way the players have developed as individuals and as a team since the women’s game was restructured and reorganised less than five years ago.

“The West Indies Women continue to demonstrate significant improvement and what we are seeing here is a reward on the investment made in the players. The WICB sees the development of players at all levels as integral to the present and future success of the game in the Caribbean,” Dr Hunte said.

“We are delighted with the performances of the West Indies Women’s team over the past few years as they continue to grow and mature. We have seen players blossom to reach the top of the world rankings. As a team, the West Indies have made significant strides up the ladder, and we expect that rise to continue.”

Dr Hunte added: “The team has really come a long way in a short space of time. Again, against Sri Lanka, they demonstrated their individual brilliance as well as team unity to overcome the challenges and bring joy to their supporters around the region. We believe we have a team that can become Number 1 in the world. We urge the girls to let this be their goal.”

Under the guidance of Head Coach Sherwin Campbell and the astute leadership Merissa Aguilleira; the West Indies have developed a team good enough to win their last four series.

They beat Pakistan at home last September; played unbeaten to win the International Cricket Council’s World Cup 2013 qualification tournament in Bangladesh last November; outplayed the higher ranked Indians at home earlier this year and have now stamped their authority against the Sri Lankans.

The West Indies boast the world’s best player in allrounder Stafanie Taylor. The 20-year-old Jamaica won the prestigious ICC Women’s Cricketer-of-the-Year award in 2011 and is the ranked Number 1 among batters and allrounders in the world.

Dr Hunte added: “Just a few short years ago we did not have a structured West Indies Women’s team. We at the WICB were aware that we had a number of talented young women in the Caribbean who deserved the opportunity to showcase their skills at the highest level and we made sure we put the systems in place to develop the game for the present and the future.”

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Jamaica drowning in debt ranks highest in the world even against struggling Eurozone (CEPR Report Included)

Jamaica drowning in debt ranks highest in the world even against struggling Eurozone (CEPR Report Included)

| 10/05/2012 | 0 Comments
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By Crawford Madison

Jamaica’s interest payments ranks the highest in the world even though two years ago the Caribbean island restructured it’s debt over two years ago. A new report on Jamaica’s economy by the Center for Economic and Policy Research says the heavily-indebted Caribbean country’s total interest payments were about $1.4 billion in 2011, or about 10 percent of GDP. That’s about two-and-a-half times what was spent on capital programs. According to a think tank based in Washington, DC. On Wednesday, economist and center co-director Mark Weisbrot said that it was the highest percentage anywhere in the world, even in crisis-staggered countries in the 17-nation Eurozone.

Every year roughly half of the operating budget of Jamaica has been allocated toward paying down interest debt, which has put an tremendous strain on the country’s infrastructure. Jamaica’s economy experienced a growth spurt of 1.5% last year after three consecutive years of negative growth. However, “The burden of excessively high interest payments will continue to displace public investments, which are needed to restore normal growth and bring down the persistently high levels of poverty and unemployment,” Currently, Jamaica’s debt is about 130 percent of GDP and remains below 2008 levels according to a Washington based think tank.

Jamaican analysts say that much of the island’s public debt was derived from bad bank loans that the government absorbed to resolve a mid-1990s crisis when dozens of banks failed amid a spree of lending.
Jamaica is currently trying to forge a new agreement with the IMF. The island’s last agreement with the IMF stalled last year under the previous Jamaica Labor Party-led government. See an update on Jamaica’s economy by the Center for Economic and Policy Research below:

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