Tag Archives: Banking

De-Risking: The ‘Perfect Hurricane’ Threatening Caribbean IFCs

by caribbeantradelaw My latest publication is an article entitled “De-Risking: The ‘Perfect Hurricane’ Threatening Caribbean IFCs” in the forthcoming IFC Review 2017. It discusses the implications of the de-risking phenomenon for Caribbean international financial centres (IFCs) and some of the steps they have been taking to fight it. An excerpt from the article is as […]

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Dr. Mascoll Exposes the Central Bank

BU read Dr. Clyde Mascoll’s weekly column with great interest. The fact that it has not garnered any serious critique on the talk shows and on social media says a lot about our level of discernment.  An advantage over the traditional media is that we (social media) tell it like it is. Last week the […]

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Towards Financial Imperialism – Barbados and the Systemic Fragility of the Global Banking System

Submitted by Pachamama The current precarious condition of Deutsche Bank is but another sign to the Central Bank of Barbados (CBoB) that more trouble is coming down the pike. Deutsche’s share price has declined by over 50% in recent months. Cash on hand has declined to around 12%. Lehmann held about 7% when it failed. […]

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Caribbean Region Most Affected by Loss in Correspondent Banking Relationships…

by caribbeantradelaw The withdrawal by international banks of correspondent banking relationships with Caribbean-based banks and money transfer businesses has once again been making headlines in the Caribbean. This week Antigua & Barbuda’s Prime Minister raised the issue at the Fourth Summit of the Community of Latin American and Caribbean States (CELAC), terming it a “clear […]

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CIBC FirstCaribbean Communication Sets Off Public Backlash

The the national discussion of late has been about Canadian banks and C&W huffing FLOW. Soon it will be about the Solid Waste Tax as the year end deadline approaches. From one issue to the next, just like a rollercoaster. BU is not surprised at the turn of of events. It is an open secret […]

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The Imperialism of the US Dollar and the Global Wars of the Banking Titans

Submitted by Pachamama After World War Two virtually all national economies were in ruins, except the United States, of course. These circumstances gave rise to the United States dollar as the medium of exchange between countries. In this process countries were forced to exchange their national currencies for US dollars to settle amounts owned to […]

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Is the Caribbean Canadian Dominated Financial System Headed for COLLAPSE ?

Submitted by M.R.Thompson CIBC announced in mid-May that it would take a $420 million goodwill impairment charge related to its Caribbean operation.  CANADIAN PRESS FILE PHOTO It is generally recognized that the majority of the Caribbean Financial System is dominated by Large Canadian Banks. As the financial economy of the Caribbean slips every deeper into […]

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Some RBC Employees Feeling the Squeeze

The media across the Caribbean has been highlighting the matter of whether Royal Bank/RBTT employees are being marginalized. According to our source employees are disappointed about the deafening silence of the local media – see Trinidad Express article.  Our source opines that in local banking circles RBC has become a laughing stock, the merger has […]

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Prime Minister Urges Financial Institutions to Lend Money to the Hospitality Sector

Submitted by Due Diligence Thanks David for the link to the PM’s testimonial for Ocean Two at  http://bajan.files.wordpress.com/2013/08/untitled1.mp3. Not being familiar with the Ocean Two property, I checked it out at TripAdvisor which confirms the PMs glowing report. It is great to read. It is a bit confusing why the PM would single out one […]

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The Road to Sustainable Growth

Submitted by Due Diligence We hear from the Minister o Finance (and others) that the road to recovery and sustainable growth is constructed on such things as: Increased Competitiveness Increased Productivity Increased Efficiency Accountability Sounds great; but the key is  in the execution. The same principles, of course, apply to both the public and private […]

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Scotiabank Bond a No Go

Submitted by Napolean Bonaparte So what is the next move now? Starcom 5.30 pm afternoon news, (but not CBC TV) informed the listening public of the latest twist regarding a $190 million loan facility arrangement supposedly effected to the benefit of UWI …. to be repaid by the government of Barbados. Scotiabank spokesperson informed  a […]

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RBC Employees in the Bahamas Fear Job Losses,,,Next?

BU has been asked to highlight the fact that RBC has started to retrench workers in Bahamas. Ever since RBC acquired the assets of RBTT in 2007 interested observers have been waiting for the hammer to drop on staff as a result. When two business entities come together there is always an inevitable result. The […]

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Canadian Government Continues to Hunt for Tax-Avoiders

Submitted by Not Taken Yet another interesting (scary for Barbados) article – Cameco’s $800-million tax battle. I have been sending these recent articles  as a public service so the Minister of Finance (MOF) and Governor of the Central Bank have a heads up on the attack on Canadian tax evaders/avoiders that is undoubtedly about to […]

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Notes From a Native Son: Are We Seeing the Beginning of a Chasm Between the Ministry of Finance and the Central Bank?

Introduction: We must all offer our congratulations to finance minister Chris Sinckler for having the bravery to change his mind about the management of the economy. One can only imagine the amount of pressure that was on him, mainly from the DLP’s private economic advisers and the central bank governor, to continue down the policy […]

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Notes From a Native Son: Before Voting, think with your heads and not your hearts

Introduction: When the voters of Barbados enter the polling booths on Thursday, it will be an enormous challenge for them to abandon old political tribal loyalties and objectively put the nation, future generations and their own futures before irrationally supporting a party or candidate they have always supported, while suspending reason. The harsh truth is […]

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Notes From a Native Son: Captain the Ship is Sinking – Is Worrell the Best Man to be in Charge of the Central Bank at a Time like this?

Introduction: In the preface to its recent Alternative Worlds report, the US National Intelligence Council observed: “The world of 2030 will be radically transformed from our world today. By 2030, no country – whether the US, China, or any other large country – will be a hegemonic power. “The empowerment of individuals and diffusion of […]

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Notes From a Native Son: This is the Year When Our Long-term Future Will be Decided

Introduction: As we enter the dawn of a new year, all attention will be focused on the coming general election and, for some of us, the paucity of ideas battling for votes from a badly informed electorate. As things stand, it is largely a competition between tweedledee and tweedledum, although the recent injection of a […]

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Barbados National Bank Officially Dead

Republic Bank (RBL) recently rebranded Barbados National Bank (BNB) with the Republic Bank blue. It pained many Barbadians to witness WE bank sold to “others” and it pained further when the BNB brand was dismantled and replaced with RBL’s. If it WAS any consolation, central government and the NIS owned a minority shareholding which gave […]

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