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CARIBBEAN NEWS SUMMARY for the week ending August 23rd, 2013

23 Aug

NICARAGUA TO EXPLORE FOR OIL IN CARIBBEAN—08/17/13
Nicaragua is ready to start exploring for oil in the Caribbean Sea region it was given permission to investigate in 2012 by the International Court of Justice. According to Emilio Rappaccioli, the nation’s Energy and Mines Minister, the exploration region is home to one of the biggest barrier reefs in the Americas. The exploration will be conducted by Noble Energy, which is based in the United States. Environmentalists are strongly opposed to oil drilling in this area.

ECONOMIES OF CARIBBEAN COUNTRIES DAMAGED BY STORMS—08/19/13
According to a study by the International Monetary Fund, the Caribbean could become “a region of serial defaulters” in regard to any global debt promises because of the serious impact that natural disasters like storms have on the area. In the past 60 years, the Caribbean has suffered 187 natural disasters and is among the most vulnerable regions in the world to such devastation.

GUYANA GETS APOLOGY FROM CARIBBEAN AIRLINES—08/20/13
Caribbean Airlines has apologized to Guyana and promises to improve its service in the nation after its government threatened to take back its national carrier status. Caribbean Airlines is the main carrier flying between Guyana and New York, but Guyana has complained that prices are too high and service is bad. Phillip Marshall, chairman of Caribbean Airlines, said the carrier will try to improve its partnership with Guyana and will also review its pricing.

U.S. SUSPEND AID TO POLICE IN ST. LUCIA—08/21/13
According to the Prime Minister of St. Lucia, Kenny Anthony, the United States will withdraw all aid it provides to the nation’s police force, citing concerns about charges involving illegal killings by the police. The U.S. is focusing on the fact that 12 people were shot and killed by police in St. Lucia in 2010 and 2011. The killings occurred under another government administration, during a security program known as “Operation Restore Confidence.” The U.S. had already stopped officers from St. Lucia from participating in training programs it finances.

U.S., CAYMAN ISLANDS AGREE ON REPORTING OF ASSETS BY AMEIRCANS—08/22/13
The United States and the Cayman Islands have made an agreement in which the Caymans will provide the U.S. with information about financial accounts held by American citizens. The new agreement will bring the Caymans into compliance with a new law in the U.S. that seeks to stop tax evasion. The agreements refer to the Foreign Account Tax Compliance Act, which governs monies held by U.S. citizens around the world.

PUERTO RICO MARINA TO GET $450 MILLION IN RENOVATIONS—08/23/13
The largest marina in the Caribbean is set to receive an overhaul totaling $450 million. The infrastructure and facilities at Puerto del Rey marina in Puerto Rico will be improved with funds from Putnam Bridge Funding LLC. The facility will be expanded to allow boats longer than 200 feet to dock there. The renovation is expected to create as many as 400 temporary jobs and 500 permanent jobs.

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