January 13 of this year marked the 10th anniversary of Haiti’s 2010 earthquake, a devastating episode that levelled much of the Caribbean nation, leaving 300,000 dead and displacing a further 1.6 million (more than 10 percent of the total population).
2019 was the year of two consequential free-trade agreements involving Latin American and Caribbean countries: USMCA and EU-Mercosur. How much of a positive impact these South-North agreements will have on especially countries in Latin America and the Caribbean, which have been languishing after the commodity boom, is yet to be seen. But they are likely to be more effectual than the South-South agreements that are in place in the region.
The Great Recession forced big international banks to re-evaluate risks and “de-risk” some overseas operations, guided by an augmented focus on AML and CFT compliance. Unfortunately for Caribbean banks, de-risking for the North American majors translated into trimming ties with them. Changing the perception that they are “risky” has not been easy for Caribbean bankers, but through resolute, concerted effort, the risk profile of the Caribbean banking industry is improving.
The International Banker 2020 North and South America Awards Winners. The best banking institutions in retail, commercial, private and investment banking are highlighted along with two outstanding CEOs from their regions.
New Oil and Gas Discoveries Set to Fundamentally Transform the Economies of Guyana, Suriname and the Wider Caribbean Region
On January 20, reports emerged that the Caribbean nation of Guyana had officially exported its first-ever shipment of crude oil. The one million barrels of sweet crude that were sent to the United States had been produced at the Stabroek Block’s Liza oil field, which thanks to operator ExxonMobil had made history in December by producing the first crude oil in Guyana’s history.
The world’s citizens have always been beset by risks of different types, but the frequency and intensity of risks from a variety of sources are increasing, especially for emerging economies in Latin America and the Caribbean. Insurance is the preferred recourse for those suffering from unfortunate events beyond their control, but even insurance has its limitations. What are the most effective risk-management tools available today?
The West Indies nation of Barbados offers everything for which an investor could ask: a warm and sunny climate, magnificent Caribbean beaches, opportunities to score substantial profit in rental properties and real estate prices moving in a decidedly upward direction. A quick look at a few of the luxury properties currently available on the Barbados market reveals that this island nation may just be the most attractive path around to enduring prosperity.
It’s not news that many economies of the developing world face barriers to financial inclusion, making it difficult for citizens to both borrow and save; but the good news is that help has arrived in the linking of mobile payments with remittances. From sub-Saharan Africa to Latin America and the Caribbean, mobile money is bringing the previously underbanked into the fold.
Monetary Policy Dilemma in Latin America and the Caribbean: To Raise or Not to Raise Policy Interest Rates
As economic conditions return to “normal” in the industrial world, policy interest rates will inevitably rise from zero to “normal”—but not necessarily in Latin America and the Caribbean. Central banks in LAC will need to tailor their monetary-policy decisions to tackle the three-pronged challenge of currency depreciation, higher inflation and deceleration in economic activity, as capital flies away from emerging markets.
Royal Bank of Canada, Canada’s largest financial institution by most measures, is in the process of closing many, if not all, of its wealth-management offices in the Caribbean Community and in other parts of Latin America.