News Americas, New York, NY, Fri. Oct. 18, 2024: The Caribbean British territory of Anguilla has taken another significant step in its digital evolution, signing a new agreement with the U.S.-based company Identity Digital on Oct. 15, 2024, to manage its highly coveted “.ai” Internet domain. This deal comes amid a global surge in demand for AI-related domains, as artificial intelligence continues to shape industries worldwide.

Anguilla, which has been responsible for the “.ai” domain since the 1990s, is seeing unprecedented revenue growth as companies flock to secure AI-themed web addresses. Despite the change in management, domain registration fees will remain stable, but Anguilla continues to benefit from payments when new “.ai” domains are registered or when expired ones are resold. Some of these domains have fetched tens of thousands of dollars on the market.

The artificial intelligence boom, sparked in part by the rise of popular technologies like ChatGPT, has brought a windfall to Anguilla. The island’s earnings from domain registrations soared to $32 million last year, quadrupling its previous revenue and now accounting for about 20% of the island’s government income. This marks a significant shift from the pre-AI era, when domain revenues made up only 5% of government funds.

Premier Ellis Webster expressed optimism about the financial boost but remained cautious about relying solely on domain-related income. “We can’t predict how long this will last,” Webster told the Associated Press, emphasizing the importance of diversifying the island’s economy to avoid potential future financial shortfalls. He noted that funds from domain sales have already been allocated to vital infrastructure projects, including the expansion of the airport, free healthcare for seniors, and the construction of a vocational training center at the local high school.

Identity Digital, which also manages Australia’s “.au” domain, will take over management of Anguilla’s domain services by early next year. This partnership is expected to enhance the security, resilience, and performance of the “.ai” domain, ensuring continued growth and minimizing risks from cybercriminals.

The global AI rush has dramatically increased the number of “.ai” domains, with more than 533,000 currently registered – a tenfold rise since 2018. This has positioned Anguilla at the center of the AI domain boom, even though the island itself has no significant AI industry. Still, Premier Webster is hopeful that Anguilla may one day develop into a hub for AI innovation.

Anguilla’s unique role in the AI-driven digital economy represents a significant opportunity for the island to diversify its economy, which traditionally relies on tourism. The income from domain sales not only supports infrastructure but also provides a financial buffer for hurricane recovery efforts and other emergency projects. As the International Monetary Fund noted earlier this year, these revenues help to make Anguilla more resilient to external shocks.

As the AI domain market continues to grow, Anguilla’s partnership with Identity Digital is expected to protect the integrity of its digital presence, reducing the risks of fraud and ensuring that the domain remains a valuable asset for both the island and the global AI community.

News Americas, New York, NY, October 16, 2024: The United States has imposed sanctions on three Surinamese companies- Strong Roots Provider, Glazing Future Management, and Engen Management – due to their alleged trade links with the Iranian oil sector.

The sanctions, announced by Washington, come after the U.S. imposed measures on companies involved in Iran’s oil industry following the country’s attack on Israel on October 1, when approximately 180 missiles were fired at the Jewish state. Sanctions were also applied to companies in India, Malaysia, and Hong Kong for reportedly facilitating the sale and transport of Iranian oil.

These sanctions fall under the Stop Harboring Iranian Petroleum Act, part of the Emergency Supplemental Appropriations for Fiscal Year 2024. The law targets foreign individuals and companies involved in the trade of oil and petroleum products from Iran and was delegated to the U.S. Departments of the Treasury and State for enforcement.

Washington stated that the three Surinamese companies function as commercial managers, arranging the transport of Iranian oil.

Suriname’s Foreign Affairs Minister, Albert Ramdin, said the government is gathering information on the matter. He added that while Suriname supports a peaceful resolution to the Middle East conflict, it does not take a position on the U.S. sanctions imposed on Iran. Ramdin noted, “This is a matter for the United States of America,” and that the affected companies would need to seek legal recourse in the U.S. if the sanctions impact their operations.

Authorities in Suriname confirmed that the companies are registered locally, but have not been approached by the firms regarding the sanctions. Ramdin said the government is investigating the operations of these companies, which media reports indicate are involved in maritime transport using ships that do not operate in Suriname but conduct business internationally.

“We want to know exactly what kind of goods are being shipped, where they are coming from, and where they are going,” Ramdin stated, adding that Suriname is working with U.S. authorities to obtain more information.

U.S. Secretary of the Treasury Janet Yellen said Washington “will not hesitate to take further measures to hold Iran accountable,” while National Security Advisor Jake Sullivan emphasized that the new sanctions aim to deprive Iran of financial resources that support its missile programs and terrorist groups.

News Americas, New York, NY, Oct. 11, 2024: Guyanese households are set to receive a significant economic boost through several new initiatives announced by Guyana’s President Irfaan Ali, including a cash grant of nearly USD 1,000 and free university tuition starting in 2025.

Guyana President Irfaan Ali making the announcement. (DPI image)

Speaking at a special session of the National Assembly held at the Arthur Chung Conference Centre in Liliendaal on Thursday, October 10, Ali outlined the government’s plan to support every Guyanese household with a one-time cash grant of GY$200,000 (approximately USD 1,000). This includes tenants and “legitimate households” but excludes foreign nationals.

Ali also announced the return of free university tuition at the University of Guyana beginning in January 2025. This move is aimed at making higher education more accessible to all Guyanese citizens, helping to build a more educated workforce to meet the country’s growing economic demands.

In addition, Ali revealed that by the end of 2025, no public sector worker will earn less than GY$100,000 (USD 480) per month, ensuring wage improvements for thousands of workers. Families with children will also benefit from a GY$10,000 universal health care voucher for every citizen and a USD 50 per child income tax allowance, providing much-needed support to parents.

As part of efforts to enhance the country’s social security framework, Ali announced a GY$10 billion one-time injection into the National Insurance Scheme (NIS) to assist those facing challenges in receiving their entitled benefits.

On the energy front, the president vowed to cut electricity costs by 50% before the end of 2025, addressing a long-standing issue in a country where power outages are frequent.

Highlighting the nation’s digital transformation, Ali noted that Guyana has already emerged as a regional leader in rolling out 5G technology and laying fiber optic cables nationwide. The government also plans to establish a ‘Guyana Digital School’ to integrate artificial intelligence (AI) into the country’s economy, part of a broader push for digital modernization.

These sweeping measures are designed to ensure that every Guyanese citizen benefits from the country’s rapid economic growth, driven largely by the burgeoning oil and gas sector.

News Americas, New York, NY, October 9, 2024: The World Bank has urged Caribbean nations to capitalize on key opportunities and implement structural reforms to drive sustainable economic growth. In its latest report, “Taxing Wealth for Equity and Growth,” released on Oct. 9th, the World Bank emphasized that the region must focus on fiscal reforms, increase investments, and harness the potential of nearshoring to break out of its low-growth cycle.

William Maloney, the World Bank’s Chief Economist for Latin America and the Caribbean, stressed that the Caribbean must improve its fiscal space, reduce tax burdens on productive sectors, and attract investments by enhancing government efficacy. He also emphasized the importance of wealth taxes as a tool to create fiscal space and promote equity.

“The region has made strides in managing inflation and stabilizing its macroeconomic environment, but more is needed to boost growth. This is a critical moment to attract investments, foster innovation, and create more and better jobs,” said Carlos Felipe Jaramillo, World Bank Vice President for Latin America and the Caribbean.

Economic Growth for Selected Caribbean Nations – 2024-2026

Country2024 Growth (%)2025 Growth (%)2026 Growth (%)Barbados3.9%2.8%2.3%Belize4.3%1.2%0.5%Dominica4.6%4.2%3.2%Grenada3.2%4.7%4.4%Guyana43%12.3%15.7% (2028)Haiti-4.2%0.5%1.5%Jamaica0.8%2.2%1.6%St. Lucia3.4%2.6%2.3%St. Vincent and Grenadines5%3.5%2.9%Suriname2.9%3%3.1%Trinidad and Tobago2.2%2.3%0.9%

Key Recommendations from the World Bank Report

Wealth Taxes and Fiscal Space: The World Bank suggests that Caribbean nations should reconsider how tax systems can generate revenue while stimulating growth. Wealth taxes could be used to address income inequality and create fiscal space for investments.

Nearshoring Opportunities: Despite having competitive wages, the region has not fully capitalized on nearshoring opportunities due to high capital costs, weak education systems, and inadequate infrastructure.

Foreign Direct Investment: LAC has seen a decline in foreign direct investment levels, and the World Bank report notes that addressing infrastructure and social instability issues could help attract more investment.

With U.S. interest rates expected to decrease, the World Bank sees an opportunity for Caribbean economies to seize momentum and accelerate their development. However, this will require a concerted effort in governance and public investment reforms across the region.

News Americas, New York, NY, October 8, 2024: Remember the infamous Robert Allen Stanford scheme that put Antigua & Barbuda in the global spotlight for all the wrong reasons? As Stanford serves a 110-year sentence in Florida’s Coleman II federal prison, victims of his company, Stanford Financial, are finally on the verge of recouping some of their losses.

Flashback – Convicted financier R. Allen Stanford, left, exits the Bob Casey Federal Courthouse in Houston, Texas, U.S., on Tuesday, March 6, 2012. Stanford was convicted of fraud in what prosecutors said was a $7 billion scheme involving bogus certificates of deposit sold by his Antigua-based bank. Photographer: Aaron M. Sprecher/Bloomberg via Getty Images

Stanford, a Texas financier, was convicted for orchestrating a $7 billion Ponzi scheme through Stanford International Bank Ltd., his offshore bank on the Caribbean island of Antigua. Now, 14 years later, progress is being made for the victims.

Ralph S. Janvey, the securities lawyer appointed as receiver in the case, is distributing significant payments following a settlement reached last year. So far, Janvey has returned approximately $609 million to former Stanford customers, with an additional $157 million ready for disbursement, adding to the $1.2 billion already set aside. While this is far short of the $4.9 billion in total claims owed to over 20,000 customers worldwide, it is more than many victims ever expected to recover.

Hedge funds and other investors in distressed assets have bought about $700 million in claims, according to Baker Botts, the law firm assisting Janvey. Victims like Annalisa Mendez, who lost $400,000, noted that many desperate people sold their claims to these funds for a fraction of their value. Others, like Jean Anne Mayhall, who held on to her $500,000 claim, expressed frustration at the long wait. Many victims, including Mayhall’s mother, sold their claims after years of delays, while some died before receiving any compensation.

Although there is no public list of hedge funds that bought the claims, firms such as Contrarian Capital, Whitebox Advisors, and Farallon Capital Management are believed to be among the largest purchasers. Hedge funds typically bought these claims at 14 to 17 cents on the dollar, with prices jumping to around 35 cents after the bank settlement announcement in early 2023.

Despite frustrations over the lengthy process, the market for claims remains active. Victims of other financial scandals, including the collapse of the cryptocurrency exchange FTX and Bernie Madoff’s infamous Ponzi scheme, have similarly sold their claims. Recovery rates vary; in Madoff’s case, nearly 90% of investor losses were recovered thanks to aggressive federal prosecution and settlements with big banks.

In the Stanford case, Janvey and his legal team faced criticism from victims over the time it took and the high fees paid to lawyers, which have totaled $463 million over 15 years, with another $38 million expected soon. Victim advocate Angela Shaw Alexander described the fees as excessive, given the slow pace of restitution.

Janvey defended the process, noting that the Stanford fraud was vast and complex, requiring years of costly litigation. While federal authorities initially expected to recover at least $2 billion from Stanford’s bank in Antigua, only $63 million in cash and some assets like real estate and private equity investments were ultimately seized.

For Robert Allen Stanford, now 74 and prisoner number 35017-183, the earliest possible release date is March 13, 2103.