By Andre Damon:
More US homes were repossessed by banks in August—more than 95,000—than in any other month in history, according to realtytrac.com, a real estate marketplace. The company expects 1.2 million bank repossessions this year, a level 12 times higher than in 2005, when there were only 100,000.
Every month, the company releases a summary of all foreclosure actions, which includes bank repossessions. Realtytrac said that the number of foreclosures increased 4 percent last month, but was down by 5 percent compared with a year earlier.
The University of Michigan index of consumer sentiment unexpectedly dropped to its lowest level since 2009, according to results published Friday. The preliminary September reading of the index fell to 66.6, down from 68.9 in August.
And they have reason to feel that way, given the most recent economic developments. The news came as more companies announced layoffs, and economic figures continued to darken.
Meanwhile, the Philadelphia Federal Reserve’s index of Mid-Atlantic manufacturing showed that factory activity again contracted, disappointing analysts, who had expected it to plateau.
“Regional manufacturing activity has stalled over the past two months,” observed the bank. “The broadest indicators of growth—general activity, new orders, and shipments—have all remained slightly negative for at least the last two months.”
Fedex, the second-largest package shipping company in the United States, announced Thursday that it would cut 1,700 jobs, in line with a gloomy projection for US business.
“We expect a phase of somewhat slower economic growth going forward,” said CEO Fred Smith in the company’s second-quarter conference call on Friday. “Slower growth is consistent with historical business cycles,” he said.
The number of people putting in new claims for unemployment benefits remained basically unchanged last week, at 450,000, the same level as nine months ago, and nearly double the pre-recession level.
In short, all indicators point to a protracted economic slump, with little, if any, improvement in housing prices. The bad housing market will further hurt families burdened by falling wages and high unemployment. According to figures released by the US Census Bureau on Friday, one in seven Americans is now living below the poverty level, and the total number living in poverty, nearly 44 million, is the highest since the 1960s.
The Bureau of Labor Statistics said Friday that real average hourly earnings for production and non-supervisory workers fell again in August. A 0.3 percent increase in prices wiped out a 0.2 percent increase in average hourly wages, leaving these workers with a 0.1 percent fall in average hourly earnings.
Housing prices are down 28 percent since 2006, leaving nearly one quarter of mortgaged houses “underwater,” or valued at less than what their owners owe on them. In some states, the majority of homes are in this condition.
In Nevada, for instance, 68 percent of homes were under water, with the total value of mortgages being more than double the total value of houses.
Meanwhile Corelogic, a California-based real estate tracker, said that housing prices in some cities, such as Detroit and Las Vegas, will not return most homeowners to positive equity for another 10 years. And in a separate interview with Bloomberg radio, Fannie Mae chief economist Sam Khater said that there are 7 million US homes that are either vacant or in some stage of foreclosure.
Economists expect prices to drop—some by up to 10 percent, before the US housing market begins a lasting rebound. There had been a temporary resurgence in home values earlier in the year, but this ran out of steam as the Obama administration withdrew a tax credit to encourage first-time homebuyers in May.
Fannie Mae, the home mortgage company, said in a report issued Thursday that the expiration of the tax credit “suggests weakening home prices” in the coming period, and that the company projects a 7 percent decline in home sales in 2010, putting even more homeowners underwater.
The latest figures underscore the critical absence of any government programs to create jobs or alleviate the plight of families in foreclosure.
The “Home Affordable Modification Program,” which the Obama administration promised would help up to 8 million people adjust their mortgages, has to date offered permanent mortgage modification to only 422,000 homeowners. This figure is miniscule compared to the 10 million home foreclosures that are expected through 2012. But even this small assistance has taken the form of an adjustment to borrowers’ monthly payments, and not the total amount that they have to pay.
Instead of helping workers and homeowners, the administration has recently announced a program that would further extend tax credits for businesses, including write-offs for research and capital investments.
18 September 2010
wsws
An International Caribbean Online Log about the news and opinions in the Americas and World. This Caribbean Blog of global reach and appeal is maintained by Bahamian Blogger - Dennis Dames with all readers and subscribers in mind.
Saturday, September 18, 2010
Friday, September 17, 2010
Making the WTO democratic
By Sir Ronald Sanders:
The World Trade Organization (WTO) held its fifth public forum in Geneva over three days beginning September 15. It has become a kind of international bazaar in which every conceivable idea on trade and development is discussed formally and informally by representatives of virtually every government in the world and more Non-Governmental Organizations (NGOs) than can be easily counted.
That’s not to say that good ideas don’t emerge from this overcrowded market place. They do. But many perish shortly after they are unveiled, usually because representatives of a powerful government or group of governments regard them as a threat to their interest, and quickly kill them off.
I was in Geneva for a Writers’ Conference on a book on negotiations in the WTO for which I am contributing a chapter. All the writers are from what used to be called the “third world,” a description seldom used these days, not because we have miraculously graduated into some better world, but because other descriptions suit the agenda of those who dictate the form of discourse on the global economy. Far better, in their view, to describe poor countries as “emerging” or “developing” whether or not they are really emerging or developing.
The purpose of the book, which has been commissioned by a progressive organization called CUTS International, is to tell the story of the many aspects of WTO negotiations from the point of view of negotiators from developing countries.
When it is published, it should make fascinating reading. It will break new ground in presenting the personal knowledge and experiences of the writers who were either in the trenches of the negotiations or were marginalized from the “inner sanctum” in which only the rich and powerful nations enjoy belonger’s rights, and into which they invite only those they wish to suborn in order to stich-up deals.
Of the many features of the WTO which point to the need for reform, this insider trading - in what has come to be called ‘the green room’ - is among the worst. No democratically managed organization should continue a process which so blatantly excludes from decision-making the weak, poor, small, and vulnerable nations which – as it happens – make up the majority of world’s countries.
That it has continued so long is entirely the fault of the majority of governments who allow it to happen without tangible and meaningful protest, such as packing their bags and going home leaving the ‘green room’ insiders to deal only with themselves, and returning only when there is a table at which representatives of all parties sit as equals.
But, that would call for two things – courage and solidarity, two very scarce commodities among “third world” governments these days. National interests have changed, some argue, and in pursuing these interests following a “third world” strategy is not productive.
It is worth, noting, however, that a “developed countries” strategy has never altered. The world’s industrialized nations continue to cling to their councils and to exploit their advantages. For instance, the creation of the G20 (the industrialized nations and the larger and wealthier developed countries) has not overshadowed - let alone eliminated - the G7 (the industrialized nations alone) who continue to devise and coordinate their own global positions.
Against this background, I was surprised to hear Pascal Lamy, the Director-General of the WTO, say at the opening of this year’s Public Forum, almost boastfully, that while the G20 has signalled the requirement for institutional reform of some international organizations, “the WTO was not amongst them”.
Lamy went on to say: “That governance battle has already been fought in the trade sphere, and the outcome is a fairly democratic institution where the voice of the small cannot be ignored.”
I have no doubt that Lamy believes what he says, but his belief – however sincere and fervent – does not make his statement right. The governance of the WTO is still an open sore. Despite Lamy’s personal efforts, the organisation still reflects the preponderance of power by the industrialised nations and the marginalization of poor, small, and vulnerable countries.
“No board, no quotas. One member, one vote, is the background rule against which the WTO forges its consensus”, Lamy declared. Oh, were that to be entirely true, what a far better world would mankind inhabit than the one we endure today.
Sure, there is technically no board and no quotas, but every representative of a small or poor nation knows that decision making is still the preserve of a few nations whose economic power allows them to arrogate to themselves the right to dictate agendas and outcomes. The WTO is very far from the consensus decision-making body that it should be. It is still not yet even the “fairly democratic institution” that Lamy believes it to be.
Those who defend the ‘green room’ process do so on the basis that it is impossible to negotiate agreements with over 150 countries at the same table. There is truth in that. But it is equally true that representatives of like-minded groups of these countries can gather on sectorial issues that are important to them such as agriculture or services. This way their voices will be heard during the debate and account taken over their views.
Against this background, it is good for developing countries - and small and vulnerable countries in particular - that the Bahamas is now negotiating the terms of its accession to full membership of the WTO. No country can now afford to stay out of an organisation whose rules govern world trade, and every country should want a say in the rules of the game it has to play.
The Bahamas will strengthen the voice of small and vulnerable countries, who if they act with courage and in solidarity with themselves and other like-minded developing nations, can negotiate meaningful recognition and fair and flexible treatment for their people – in other words, try to make the WTO truly democratic.
September 17, 2010
caribbeannewsnow
The World Trade Organization (WTO) held its fifth public forum in Geneva over three days beginning September 15. It has become a kind of international bazaar in which every conceivable idea on trade and development is discussed formally and informally by representatives of virtually every government in the world and more Non-Governmental Organizations (NGOs) than can be easily counted.
A great deal of talk takes place without too much follow-up action.
But, maybe that’s the point. People who talk to each other aren’t warring, so long may the talk continue.
That’s not to say that good ideas don’t emerge from this overcrowded market place. They do. But many perish shortly after they are unveiled, usually because representatives of a powerful government or group of governments regard them as a threat to their interest, and quickly kill them off.
I was in Geneva for a Writers’ Conference on a book on negotiations in the WTO for which I am contributing a chapter. All the writers are from what used to be called the “third world,” a description seldom used these days, not because we have miraculously graduated into some better world, but because other descriptions suit the agenda of those who dictate the form of discourse on the global economy. Far better, in their view, to describe poor countries as “emerging” or “developing” whether or not they are really emerging or developing.
The purpose of the book, which has been commissioned by a progressive organization called CUTS International, is to tell the story of the many aspects of WTO negotiations from the point of view of negotiators from developing countries.
When it is published, it should make fascinating reading. It will break new ground in presenting the personal knowledge and experiences of the writers who were either in the trenches of the negotiations or were marginalized from the “inner sanctum” in which only the rich and powerful nations enjoy belonger’s rights, and into which they invite only those they wish to suborn in order to stich-up deals.
Of the many features of the WTO which point to the need for reform, this insider trading - in what has come to be called ‘the green room’ - is among the worst. No democratically managed organization should continue a process which so blatantly excludes from decision-making the weak, poor, small, and vulnerable nations which – as it happens – make up the majority of world’s countries.
That it has continued so long is entirely the fault of the majority of governments who allow it to happen without tangible and meaningful protest, such as packing their bags and going home leaving the ‘green room’ insiders to deal only with themselves, and returning only when there is a table at which representatives of all parties sit as equals.
But, that would call for two things – courage and solidarity, two very scarce commodities among “third world” governments these days. National interests have changed, some argue, and in pursuing these interests following a “third world” strategy is not productive.
It is worth, noting, however, that a “developed countries” strategy has never altered. The world’s industrialized nations continue to cling to their councils and to exploit their advantages. For instance, the creation of the G20 (the industrialized nations and the larger and wealthier developed countries) has not overshadowed - let alone eliminated - the G7 (the industrialized nations alone) who continue to devise and coordinate their own global positions.
Against this background, I was surprised to hear Pascal Lamy, the Director-General of the WTO, say at the opening of this year’s Public Forum, almost boastfully, that while the G20 has signalled the requirement for institutional reform of some international organizations, “the WTO was not amongst them”.
Lamy went on to say: “That governance battle has already been fought in the trade sphere, and the outcome is a fairly democratic institution where the voice of the small cannot be ignored.”
I have no doubt that Lamy believes what he says, but his belief – however sincere and fervent – does not make his statement right. The governance of the WTO is still an open sore. Despite Lamy’s personal efforts, the organisation still reflects the preponderance of power by the industrialised nations and the marginalization of poor, small, and vulnerable countries.
“No board, no quotas. One member, one vote, is the background rule against which the WTO forges its consensus”, Lamy declared. Oh, were that to be entirely true, what a far better world would mankind inhabit than the one we endure today.
Sure, there is technically no board and no quotas, but every representative of a small or poor nation knows that decision making is still the preserve of a few nations whose economic power allows them to arrogate to themselves the right to dictate agendas and outcomes. The WTO is very far from the consensus decision-making body that it should be. It is still not yet even the “fairly democratic institution” that Lamy believes it to be.
Those who defend the ‘green room’ process do so on the basis that it is impossible to negotiate agreements with over 150 countries at the same table. There is truth in that. But it is equally true that representatives of like-minded groups of these countries can gather on sectorial issues that are important to them such as agriculture or services. This way their voices will be heard during the debate and account taken over their views.
Against this background, it is good for developing countries - and small and vulnerable countries in particular - that the Bahamas is now negotiating the terms of its accession to full membership of the WTO. No country can now afford to stay out of an organisation whose rules govern world trade, and every country should want a say in the rules of the game it has to play.
The Bahamas will strengthen the voice of small and vulnerable countries, who if they act with courage and in solidarity with themselves and other like-minded developing nations, can negotiate meaningful recognition and fair and flexible treatment for their people – in other words, try to make the WTO truly democratic.
September 17, 2010
caribbeannewsnow
Thursday, September 16, 2010
Independence of the judiciary in the Caribbean
by Oscar Ramjeet:
There is separation of powers in the English-speaking Caribbean and throughout the Commonwealth, but sometimes the question arises whether or not there is independence of the judiciary. Although there might be complaints in some quarters, it seems to me that the judiciary is independent in the Caribbean Community.
In fact, I met several heads of the judiciary and senior jurists in the region in Barbados recently and heard no significant complaint.
The decision last month by Guyanese-born Justice Gertel Thom in St Vincent and the Grenadines to make an order for the continuation of an injunction to block the Boundaries Commission from increasing the number of constituencies from 15 to 17 until the determination of the substantive action brought by the opposition New Democratic Party (NDP) has prompted me to look at the operations of judges in the Eastern Caribbean Supreme Court (ECSC).
Justice Thom's decision was a rather bold one, since it is not favourable to the United Labour Party administration in the multi island state, and I must say that it is commendable for Prime Minister Ralph Gonsalves to make a public statement accepting the court's decision (whether or not he meant it is another matter). However, the fact that he issued a favourable comment augers well for the relationship between the executive and the judiciary in that country.
This is contrary to Antigua and Barbuda, where a minister of government made adverse comments against the trial judge who ruled against Prime Minister Baldwin Spencer and two other ministers of government in a election petition case, which now has the administration in limbo. The Antiguan minister said that if the judge had given such decision in Jamaica she could not have walked out of court -- a very unfortunate statement, which was criticised by the opposition Antigua Labour Party (ALP).
Guyanese-born Justice Louise Blenman made a very bold decision in Antigua when she found that there were breaches in the process of the last general elections in the constituencies that elected Spencer, John Maginley, Minister of Tourism, and Jacqui Quinn Leandro, Minister of Education, and vacated the three seats. But another judge the same day stayed the order and appeals were filed and later heard by the Appellate Court, but the decision has not yet been given by Chief Justice Hugh Rawlins and the two other appellate judges.
Over in Dominica, Vincentian-born judge Errol Thomas on August 25 made a ruling that Prime Minister Roosevelt Skerritt and one of his ministers, Peter Saint Jean, should face trial over a claim that they were not eligible to contest the last general elections because they have dual citizenship.
The same judge had made another controversial decision last October in St Kitts when he ruled in the boundaries case in which he found that the Denzil Douglas government violated the Constitution.
It is interesting to note that Justice Thomas was transferred on September 1 from Antigua and Barbuda to St Kitts.
Another Vincentian-born judge, Brian Cottle, made a ruling in St Lucia in August last year in which he ruled that a Cabinet conclusion on the Tuxedo Villas affair that allowed the Health Minister concessions for his Bonne Terre home as part of his Tuxedo Villas mini hotel was unreasonable and had to be quashed.
An appeal against Cottle's ruling was dismissed by the Court of Appeal last June.
Although judges of the Eastern Caribbean Supreme Court are appointed by the Judicial and Legal Services Commission (JLSC) and do not fall under the regional governments, the administration is nevertheless responsible for accommodation, security, clerical staff, etc., and perhaps at liberty to make "life difficult for them" in their day to day activities.
It is said that judges who are close to the administration can get better facilities than others, but there is no serious complaint in this regard.
September 15, 2010
caribbeannewsnow
There is separation of powers in the English-speaking Caribbean and throughout the Commonwealth, but sometimes the question arises whether or not there is independence of the judiciary. Although there might be complaints in some quarters, it seems to me that the judiciary is independent in the Caribbean Community.
In fact, I met several heads of the judiciary and senior jurists in the region in Barbados recently and heard no significant complaint.The decision last month by Guyanese-born Justice Gertel Thom in St Vincent and the Grenadines to make an order for the continuation of an injunction to block the Boundaries Commission from increasing the number of constituencies from 15 to 17 until the determination of the substantive action brought by the opposition New Democratic Party (NDP) has prompted me to look at the operations of judges in the Eastern Caribbean Supreme Court (ECSC).
Justice Thom's decision was a rather bold one, since it is not favourable to the United Labour Party administration in the multi island state, and I must say that it is commendable for Prime Minister Ralph Gonsalves to make a public statement accepting the court's decision (whether or not he meant it is another matter). However, the fact that he issued a favourable comment augers well for the relationship between the executive and the judiciary in that country.
This is contrary to Antigua and Barbuda, where a minister of government made adverse comments against the trial judge who ruled against Prime Minister Baldwin Spencer and two other ministers of government in a election petition case, which now has the administration in limbo. The Antiguan minister said that if the judge had given such decision in Jamaica she could not have walked out of court -- a very unfortunate statement, which was criticised by the opposition Antigua Labour Party (ALP).
Guyanese-born Justice Louise Blenman made a very bold decision in Antigua when she found that there were breaches in the process of the last general elections in the constituencies that elected Spencer, John Maginley, Minister of Tourism, and Jacqui Quinn Leandro, Minister of Education, and vacated the three seats. But another judge the same day stayed the order and appeals were filed and later heard by the Appellate Court, but the decision has not yet been given by Chief Justice Hugh Rawlins and the two other appellate judges.
Over in Dominica, Vincentian-born judge Errol Thomas on August 25 made a ruling that Prime Minister Roosevelt Skerritt and one of his ministers, Peter Saint Jean, should face trial over a claim that they were not eligible to contest the last general elections because they have dual citizenship.
The same judge had made another controversial decision last October in St Kitts when he ruled in the boundaries case in which he found that the Denzil Douglas government violated the Constitution.
It is interesting to note that Justice Thomas was transferred on September 1 from Antigua and Barbuda to St Kitts.
Another Vincentian-born judge, Brian Cottle, made a ruling in St Lucia in August last year in which he ruled that a Cabinet conclusion on the Tuxedo Villas affair that allowed the Health Minister concessions for his Bonne Terre home as part of his Tuxedo Villas mini hotel was unreasonable and had to be quashed.
An appeal against Cottle's ruling was dismissed by the Court of Appeal last June.
Although judges of the Eastern Caribbean Supreme Court are appointed by the Judicial and Legal Services Commission (JLSC) and do not fall under the regional governments, the administration is nevertheless responsible for accommodation, security, clerical staff, etc., and perhaps at liberty to make "life difficult for them" in their day to day activities.
It is said that judges who are close to the administration can get better facilities than others, but there is no serious complaint in this regard.
September 15, 2010
caribbeannewsnow
Wednesday, September 15, 2010
Bahamas: Sharks need protection in Bahamian waters
tribune242 editorial
MELISSA Maura, an ardent protector of all God's helpless creatures -- from birds to sharks - horrified that sharks in our waters will soon be targeted for shark fin soup, has launched an e-mail petition to ban their killing. She is also against the harvesting of the sea cucumber and sea urchin "as this will really damage our heritage and ecosystem."
So if anyone wants to have a say in preventing the introduction of this much talked of enterprise to the Bahamas, they can sign her petition.
International organisations and local conservation groups are already rallying their forces to save the sharks from this cruel slaughter.
Sharks, over fished internationally to satisfy this billion dollar industry, have been relatively safe in Bahamian waters. However, the Bahamas has no legislation to ensure their continued protection.
The Bahamas National Trust (BNT), in partnership with the Pew Environment Group, is now pushing for such legislation.
"The BNT wants to further secure the future of all shark populations in the Bahamas by establishing legislation that fully protects these important species and will make Bahamian waters a shark sanctuary," said shark campaign manager Shelley Cant.
It is estimated that between 38 to 100 million sharks are killed annually for their fins. It is a particularly cruel enterprise.
Giam Choo Hoo, the longest serving member of the Convention on International Trade in Endangered Species of Wild Fauna and Flora Animals denies that sharks are killed only for their fins. He maintains that the fins are taken from them after they are dead. However, there are researchers who dispute this statement. Their examination of data shows that between 26-73 million sharks are killed every year just for their fins. It is claimed that this figure is three times higher than the official Food and Agriculture Organisation estimates.
According to researchers "finning" -- or cutting off fins from living sharks -- is the usual practice in the industry.
After the shark has been caught and his fins cut off, because there is little value in his meat, he is thrown back into the ocean, still alive. There he either dies from suffocation or is eaten because he is unable to move normally. There are reports that because of the huge profits, organised crime has infiltrated the industry. There are also medical concerns, because of the high level of toxic mercury that scientists claim has been found in the fins.
According to Wikipedia Hong Kong Disneyland has joined those banning shark fin soup from its menus.
It is reported that the delicacy was banned from Disneyland's wedding banquets menu after international pressure from environment groups threatened to boycott its parks world wide despite the high demand for the delicacy in China. The University of Hong Kong has also banned shark fin on campus.
But man, greedy for the financial returns, and those hungry for the delicacy that tickles their pallets, will continue to argue that the ocean has a never ending supply of sharks. This group will certainly keep up the fight for the continuation of finning. However, the Bahamas government has now to step up to the plate and protect our waters from this menace.
September 14, 2010
tribune242 editorial
MELISSA Maura, an ardent protector of all God's helpless creatures -- from birds to sharks - horrified that sharks in our waters will soon be targeted for shark fin soup, has launched an e-mail petition to ban their killing. She is also against the harvesting of the sea cucumber and sea urchin "as this will really damage our heritage and ecosystem."
So if anyone wants to have a say in preventing the introduction of this much talked of enterprise to the Bahamas, they can sign her petition.
International organisations and local conservation groups are already rallying their forces to save the sharks from this cruel slaughter.
Sharks, over fished internationally to satisfy this billion dollar industry, have been relatively safe in Bahamian waters. However, the Bahamas has no legislation to ensure their continued protection.
The Bahamas National Trust (BNT), in partnership with the Pew Environment Group, is now pushing for such legislation.
"The BNT wants to further secure the future of all shark populations in the Bahamas by establishing legislation that fully protects these important species and will make Bahamian waters a shark sanctuary," said shark campaign manager Shelley Cant.
It is estimated that between 38 to 100 million sharks are killed annually for their fins. It is a particularly cruel enterprise.
Giam Choo Hoo, the longest serving member of the Convention on International Trade in Endangered Species of Wild Fauna and Flora Animals denies that sharks are killed only for their fins. He maintains that the fins are taken from them after they are dead. However, there are researchers who dispute this statement. Their examination of data shows that between 26-73 million sharks are killed every year just for their fins. It is claimed that this figure is three times higher than the official Food and Agriculture Organisation estimates.
According to researchers "finning" -- or cutting off fins from living sharks -- is the usual practice in the industry.
After the shark has been caught and his fins cut off, because there is little value in his meat, he is thrown back into the ocean, still alive. There he either dies from suffocation or is eaten because he is unable to move normally. There are reports that because of the huge profits, organised crime has infiltrated the industry. There are also medical concerns, because of the high level of toxic mercury that scientists claim has been found in the fins.
According to Wikipedia Hong Kong Disneyland has joined those banning shark fin soup from its menus.
It is reported that the delicacy was banned from Disneyland's wedding banquets menu after international pressure from environment groups threatened to boycott its parks world wide despite the high demand for the delicacy in China. The University of Hong Kong has also banned shark fin on campus.
But man, greedy for the financial returns, and those hungry for the delicacy that tickles their pallets, will continue to argue that the ocean has a never ending supply of sharks. This group will certainly keep up the fight for the continuation of finning. However, the Bahamas government has now to step up to the plate and protect our waters from this menace.
September 14, 2010
tribune242 editorial
Tuesday, September 14, 2010
Remittances to the Caribbean on the rise again — World Bank
WASHINGTON, USA (CMC) — After what was considered to be a "rough 2009", the World Bank says remittances are on the rise again in the Caribbean.
A briefing paper by the Washington-based financial institution said remittances "began to bottom out during the last quarter of 2009" and, as a result, "money transfers now appear to be on the rise" in Jamaica, Haiti and other places.
The briefing paper said remittances to Latin America and the Caribbean didn't fall as sharply as private capital flows to the region, as investors pulled out of emerging markets.
The bank said remittances to Latin American and Caribbean nations sank 12 per cent as the US and global economies "hit the skids" last year.
Overall, World Bank researchers said remittances to the region are expected to increase this year by an estimated 5.7 per cent and would also grow in 2011.
The World Bank said remittances to Haiti are expected to increase this year as relatives abroad seek to assist those at home.
It said the post-earthquake decision by the United States to grant temporary protected status to 200,000 Haitians living in the country illegally could also increase remittances by as much as US $360 million this year.
The bank said the Haitian Diaspora sent an estimated US $1.32 billion in remittances to their homeland last year. In 2008, remittances accounted for a fifth of the Haitian economy.
September 14, 2010
jamaicaobserver
A briefing paper by the Washington-based financial institution said remittances "began to bottom out during the last quarter of 2009" and, as a result, "money transfers now appear to be on the rise" in Jamaica, Haiti and other places.
The briefing paper said remittances to Latin America and the Caribbean didn't fall as sharply as private capital flows to the region, as investors pulled out of emerging markets.
The bank said remittances to Latin American and Caribbean nations sank 12 per cent as the US and global economies "hit the skids" last year.
Overall, World Bank researchers said remittances to the region are expected to increase this year by an estimated 5.7 per cent and would also grow in 2011.
The World Bank said remittances to Haiti are expected to increase this year as relatives abroad seek to assist those at home.
It said the post-earthquake decision by the United States to grant temporary protected status to 200,000 Haitians living in the country illegally could also increase remittances by as much as US $360 million this year.
The bank said the Haitian Diaspora sent an estimated US $1.32 billion in remittances to their homeland last year. In 2008, remittances accounted for a fifth of the Haitian economy.
September 14, 2010
jamaicaobserver
Monday, September 13, 2010
Waiting for Superman: Can the US and the Caribbean save its educational system?
By Rebecca Theodore:
At a time when a cheerless wind chills the mist and gathering swallows twitter in the approaching dusk, the International Film Festival ushers in an appropriate opening to the beginning of a solemn first day of film and harvest in Toronto.
In high-heeled shoes that pinched, I sat tense and earnest, overwhelmed in the shadows of standing ovations at the Winter Garden Theatre, eyes soaked in tears, infinitesimal in the company of automatic enthusiasts, and birthing reformist. Looking back, I saw myself walking down memory lane in the corridors of Bense Primary school in my beloved island home of Dominica. I saw a multitude of US and Caribbean kids full of dreams, hopes and aspiration…. I had seen the opening of the film ‘Waiting For Superman.’
Davis Guggenheim’s look at what’s wrong with the educational system was not only a wake up call to the problems children face from kindergarten to high school in the US and what is needed to fix it but also a plea to education ministers in the Caribbean letting them know that education is crucial to development and a basic requirement for achieving genuine equal opportunity in a competitive world.
In reminding us that education "statistics" have names: Anthony, Francisco, Bianca, Daisy, and Emily, whose stories make up the engrossing foundation of Waiting For Superman, Guggenheim follows a handful of promising kids through a system that inhibits, rather than encourages, academic growth, as he undertakes an exhaustive review of public education, surveying "drop-out factories" and "academic sinkholes," methodically dissecting the system and its seemingly intractable problems.
Guggenheim pulls no punches as he makes the point over and over again that bad teachers must be eliminated from schools and replaced with good ones. His archenemy is the teachers’ unions which oppose evaluation of teachers, and the firing of poor teachers.
It is evident that Guggenheim’s film depicts the time has come for a review of the education system not only in the US but also in the Caribbean to better cater to the needs of children, who are faced with increasing challenges because there is a disconnect between children and teaching.
In this regard, Waiting for Superman provides a rethink of the education system from early childhood all the way up to tertiary level. Ironically enough, the same day the movie premiered, the first round of educational grants to states for Obama's Race to the Top program were announced and the government of Trinidad and Tobago allocated the largest slice of the 2010/2011 national budget -- $8 billion to the training sector.
These are worthy footprints for the remainder of other Caribbean islands to follow for the film has made it apparent that US and Caribbean kids are entering an unfriendly labor market without appropriate qualifications, thus increasing their prospects of long term unemployment, poverty and crime.
Even though it is perceived by many that the education system in the Caribbean evolved from a colonial historical legacy which was predicated on privilege; education should no longer serve as a primary device for social selection and class stratification because the attainment of independence and the growth of nationalism, has limited the effects of a socio-political priority and Caribbean education is no longer modeled on the British school system. Therefore, changes to the education system will equip Caribbean schools to meet the challenges of the 21st Century.
It is clear that Guggenheim has done what artists are supposed to do in trying to understand this problem. In propelling people to be outraged in his outstanding cinematography, he has disturbed the social order in demanding that schools in America and also the Caribbean are great for every kid. Educational opportunities should not be determined by playing a bingo card to get a good education. There is a chance to be won in having a future in the world by breaking the code on how kids are educated.
September 13, 2010
caribbeannewsnow
At a time when a cheerless wind chills the mist and gathering swallows twitter in the approaching dusk, the International Film Festival ushers in an appropriate opening to the beginning of a solemn first day of film and harvest in Toronto.
In high-heeled shoes that pinched, I sat tense and earnest, overwhelmed in the shadows of standing ovations at the Winter Garden Theatre, eyes soaked in tears, infinitesimal in the company of automatic enthusiasts, and birthing reformist. Looking back, I saw myself walking down memory lane in the corridors of Bense Primary school in my beloved island home of Dominica. I saw a multitude of US and Caribbean kids full of dreams, hopes and aspiration…. I had seen the opening of the film ‘Waiting For Superman.’ Davis Guggenheim’s look at what’s wrong with the educational system was not only a wake up call to the problems children face from kindergarten to high school in the US and what is needed to fix it but also a plea to education ministers in the Caribbean letting them know that education is crucial to development and a basic requirement for achieving genuine equal opportunity in a competitive world.
In reminding us that education "statistics" have names: Anthony, Francisco, Bianca, Daisy, and Emily, whose stories make up the engrossing foundation of Waiting For Superman, Guggenheim follows a handful of promising kids through a system that inhibits, rather than encourages, academic growth, as he undertakes an exhaustive review of public education, surveying "drop-out factories" and "academic sinkholes," methodically dissecting the system and its seemingly intractable problems.
Guggenheim pulls no punches as he makes the point over and over again that bad teachers must be eliminated from schools and replaced with good ones. His archenemy is the teachers’ unions which oppose evaluation of teachers, and the firing of poor teachers.
It is evident that Guggenheim’s film depicts the time has come for a review of the education system not only in the US but also in the Caribbean to better cater to the needs of children, who are faced with increasing challenges because there is a disconnect between children and teaching.
In this regard, Waiting for Superman provides a rethink of the education system from early childhood all the way up to tertiary level. Ironically enough, the same day the movie premiered, the first round of educational grants to states for Obama's Race to the Top program were announced and the government of Trinidad and Tobago allocated the largest slice of the 2010/2011 national budget -- $8 billion to the training sector.
These are worthy footprints for the remainder of other Caribbean islands to follow for the film has made it apparent that US and Caribbean kids are entering an unfriendly labor market without appropriate qualifications, thus increasing their prospects of long term unemployment, poverty and crime.
Even though it is perceived by many that the education system in the Caribbean evolved from a colonial historical legacy which was predicated on privilege; education should no longer serve as a primary device for social selection and class stratification because the attainment of independence and the growth of nationalism, has limited the effects of a socio-political priority and Caribbean education is no longer modeled on the British school system. Therefore, changes to the education system will equip Caribbean schools to meet the challenges of the 21st Century.
It is clear that Guggenheim has done what artists are supposed to do in trying to understand this problem. In propelling people to be outraged in his outstanding cinematography, he has disturbed the social order in demanding that schools in America and also the Caribbean are great for every kid. Educational opportunities should not be determined by playing a bingo card to get a good education. There is a chance to be won in having a future in the world by breaking the code on how kids are educated.
September 13, 2010
caribbeannewsnow
Sunday, September 12, 2010
Saga of Taiwan politics/business in Caricom
ANALYSIS
RICKEY SINGH
WHETHER at the level of its government or private business interests, Taiwan seems to be creating problems for some of the member states of the Caribbean Community (Caricom) as it continues its long, arduous battle for international recognition to secure membership of the United Nations as a sovereign state.
In our Caribbean region, Taiwan -- which the Chinese officially view as a 'renegade province' of the People's Republic of China — has been investing in what came to be known as "dollar diplomacy" to influence support among political parties.
Since the dawning of political independence 48 years ago in the English-speaking Caribbean, first in Jamaica, Taiwan's effort to win friends and influence votes on its behalf has proven to be a dismal failure.
The present count of converts is a mere four of the 14 independent countries of Caricom -- Belize, St Kitts and Nevis, St Vincent and the Grenadines and St Lucia -- as more and more community partners walked away from diplomatic ties.
That's despite the financial generosity displayed by the Government in Taipei towards parties across the political divide in this region -- at times dealing with both ruling and opposition parties in the same country. St Vincent and the Grenadines has long been such an example.
While it suffered losses in once-firm relations with countries like The Bahamas, Dominica and Grenada, it is in St Lucia that Taiwan was to secure a very surprising return with a change in government in Castries at the December 2006 general election after the defeat of the then two-term St Lucia Labour Party (SLP) by the United Workers Party (UWP).
$$ diplomacy
And it is in that Windward Island state that Taiwanese-style 'dollar diplomacy' was to manifest itself in a most aggressive and contemptuous manner in political financing which reportedly contributed significantly to the return of the UWP to power and subsequent severing of relations with China.
The daughter of the late founder-leader of the UWP and once long-serving prime minister, Sir John Compton, was to show courage and honesty in post-election financial accountability.
Shortly after the UWP's return to power, Taiwan succeeded in replacing China in diplomatic ties, against the advice of the then seriously ill Sir John.
Following the death of her father, and amid open political controversies over Taipei's diplomatic replacement of Beijing, Jannine Compton was to disclose in Parliament how she had spent some EC $1 million, made available from Taiwanese funding, for projects in her Micoud North constituency.
As of this September, and with some 15 months more before a constitutionally due new general election -- though expected earlier -- none of the other 10 Government MPs of Prime Minister Stephen King's administration has yet accounted for expenditures in their respective constituencies as allocated directly by Taiwan through its embassy in Castries.
At this period in regional and international politics, when there are growing demands for accountability of election campaign financing -- an issue currently seriously engaging politicians and parties in Jamaica, for instance -- the Tawain/UWP $$ connection appears headed for a decisive phase in the electoral politics of that Caricom member state.
The Opposition SLP of former Prime Minister Dr Kenny Anthony, which -- like the ruling UWP -- is currently actively preparing for new general elections, has already made clear its anxiety for the expulsion of the Taiwanese ambassador to Castries for what it claims is his "arrogant and contemptuous" involvement in St Lucia's domestic affairs.
Embarrassing deal
Meanwhile, in Grenada, there is a different kind of problem for the Government of Prime Minister Tilman Thomas involving a deal with a Taiwanese group of investors that seems to have gone terribly wrong.
It has resulted from a Memorandum of Understanding (MOU) that Prime Minister Thomas signed in May this year with a Taiwanese company known as Sewang One World (SOW) for development financing of well over US$2 billion on various projects.
However, there came the sensational disclosure last month that primary figures of SOW had been arrested by the Taiwanese authorities for bank fraud and linked to the establishment of dummy companies in Taiwan, South Korea and the USA.
By September 3, the Grenada Government was ready to publicly confess its error in signing the MOU with the Taiwanese company without first undertaking an appropriate due diligence exercise.
Finance Minister Nazim Burke has stated that it was wrong to enter into the MOU without careful scrutiny of SOW. He has also disclosed to the media in St George's that it was "regrettable" that Prime Minister Thomas and his office were "exposed to the (Taiwanese) company without required due diligence". According to Burke, the entire business deal with SOW has now been abandoned.
News of the charges against the SOW representatives were first learnt of in Grenada from an August 24 report in the China Times of Taiwan.
Interestingly, this same Taiwanese company had first established business contact in 2004 with the then Government of former Prime Minister Keith Mitchell during the diplomatic romance between Taipei and St George's.
Later came the ditching of Grenada's diplomatic relations with Taiwan by the Mitchell Government in favour of China, which has been maintained by the current administration of Prime Minister Thomas.
What next, I wonder, in the saga of Taiwanese politics and business deals in the Caribbean?
September 12, 2010
jamaicaobserver
RICKEY SINGH
WHETHER at the level of its government or private business interests, Taiwan seems to be creating problems for some of the member states of the Caribbean Community (Caricom) as it continues its long, arduous battle for international recognition to secure membership of the United Nations as a sovereign state.
In our Caribbean region, Taiwan -- which the Chinese officially view as a 'renegade province' of the People's Republic of China — has been investing in what came to be known as "dollar diplomacy" to influence support among political parties.
Since the dawning of political independence 48 years ago in the English-speaking Caribbean, first in Jamaica, Taiwan's effort to win friends and influence votes on its behalf has proven to be a dismal failure.
The present count of converts is a mere four of the 14 independent countries of Caricom -- Belize, St Kitts and Nevis, St Vincent and the Grenadines and St Lucia -- as more and more community partners walked away from diplomatic ties.
That's despite the financial generosity displayed by the Government in Taipei towards parties across the political divide in this region -- at times dealing with both ruling and opposition parties in the same country. St Vincent and the Grenadines has long been such an example.
While it suffered losses in once-firm relations with countries like The Bahamas, Dominica and Grenada, it is in St Lucia that Taiwan was to secure a very surprising return with a change in government in Castries at the December 2006 general election after the defeat of the then two-term St Lucia Labour Party (SLP) by the United Workers Party (UWP).
$$ diplomacy
And it is in that Windward Island state that Taiwanese-style 'dollar diplomacy' was to manifest itself in a most aggressive and contemptuous manner in political financing which reportedly contributed significantly to the return of the UWP to power and subsequent severing of relations with China.
The daughter of the late founder-leader of the UWP and once long-serving prime minister, Sir John Compton, was to show courage and honesty in post-election financial accountability.
Shortly after the UWP's return to power, Taiwan succeeded in replacing China in diplomatic ties, against the advice of the then seriously ill Sir John.
Following the death of her father, and amid open political controversies over Taipei's diplomatic replacement of Beijing, Jannine Compton was to disclose in Parliament how she had spent some EC $1 million, made available from Taiwanese funding, for projects in her Micoud North constituency.
As of this September, and with some 15 months more before a constitutionally due new general election -- though expected earlier -- none of the other 10 Government MPs of Prime Minister Stephen King's administration has yet accounted for expenditures in their respective constituencies as allocated directly by Taiwan through its embassy in Castries.
At this period in regional and international politics, when there are growing demands for accountability of election campaign financing -- an issue currently seriously engaging politicians and parties in Jamaica, for instance -- the Tawain/UWP $$ connection appears headed for a decisive phase in the electoral politics of that Caricom member state.
The Opposition SLP of former Prime Minister Dr Kenny Anthony, which -- like the ruling UWP -- is currently actively preparing for new general elections, has already made clear its anxiety for the expulsion of the Taiwanese ambassador to Castries for what it claims is his "arrogant and contemptuous" involvement in St Lucia's domestic affairs.
Embarrassing deal
Meanwhile, in Grenada, there is a different kind of problem for the Government of Prime Minister Tilman Thomas involving a deal with a Taiwanese group of investors that seems to have gone terribly wrong.
It has resulted from a Memorandum of Understanding (MOU) that Prime Minister Thomas signed in May this year with a Taiwanese company known as Sewang One World (SOW) for development financing of well over US$2 billion on various projects.
However, there came the sensational disclosure last month that primary figures of SOW had been arrested by the Taiwanese authorities for bank fraud and linked to the establishment of dummy companies in Taiwan, South Korea and the USA.
By September 3, the Grenada Government was ready to publicly confess its error in signing the MOU with the Taiwanese company without first undertaking an appropriate due diligence exercise.
Finance Minister Nazim Burke has stated that it was wrong to enter into the MOU without careful scrutiny of SOW. He has also disclosed to the media in St George's that it was "regrettable" that Prime Minister Thomas and his office were "exposed to the (Taiwanese) company without required due diligence". According to Burke, the entire business deal with SOW has now been abandoned.
News of the charges against the SOW representatives were first learnt of in Grenada from an August 24 report in the China Times of Taiwan.
Interestingly, this same Taiwanese company had first established business contact in 2004 with the then Government of former Prime Minister Keith Mitchell during the diplomatic romance between Taipei and St George's.
Later came the ditching of Grenada's diplomatic relations with Taiwan by the Mitchell Government in favour of China, which has been maintained by the current administration of Prime Minister Thomas.
What next, I wonder, in the saga of Taiwanese politics and business deals in the Caribbean?
September 12, 2010
jamaicaobserver
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