News Americas, New York, NY, Mon. Oct. 28, 2024: The latest International Trade Outlook for Latin America and the Caribbean report from the Economic Commission for Latin America and the Caribbean, (ECLAC), sheds light on the Caribbean’s economic dynamics, spotlighting both growth opportunities and ongoing vulnerabilities across the region.

Key Findings for the Caribbean

Export Growth: Caribbean exports are set to increase by 24%, with Guyana (74%) and Suriname (12%) leading the expansion. However, Trinidad and Tobago, Belize, and Cuba are expected to see export declines, driven by factors like reduced sugar production, falling nickel prices, and energy sector setbacks.

Service Sector Potential: Services, particularly tourism, continue to be a dominant export for the Caribbean, but modern digital services hold significant growth potential. Currently, modern services represent just 10% of the Caribbean’s service exports – the lowest share in the region.

Food and Trade Dependency: The Caribbean remains heavily dependent on food imports, which account for over 20% of total exports in many countries. Rising food costs have heightened food insecurity, with half of the Caribbean population unable to afford a healthy diet as of 2022. Cereal imports meet nearly all the consumption needs in Caribbean island states, except the Dominican Republic. The cost of accessing a healthy diet is especially high in the Caribbean, where it amounts to US$ 5.16 PPP per person per day – 30 percent above the world average. As a result, in 2022, half of the Caribbean population have been unable to access a healthy diet, compared to 26% in South America and Central America and Mexico. The United States.

High Trade Costs: Intra-regional trade is burdened by high costs, particularly in air transportation, where limited competition and high airport fees drive up prices, impeding trade and travel across the region.

The average most-favoured-nation tariff applied to agricultural products in the region was 13.6% in 2023, almost 6 percentage points higher than the rate for non-agricultural products (7.8%). In the majority of the Caribbean countries, average agricultural tariffs are close to 20%, and in some cases higher.

Need for Regional Integration: To reduce trade costs and improve food security, ECLAC advocates for stronger regional integration. Proposed initiatives include a regional food distribution center in Barbados and Guyana, streamlined trade logistics, and regulatory harmonization.

Recommendations for Growth in Modern Services
The ECLAC report highlighted the importance of leveraging the high global demand for modern services to boost economic growth. “To harness high global demand for modern services, the countries of Latin America and the Caribbean should strengthen their productive policies and support programmes in partnership with the private sector,” ECLAC advises. “One effective strategy is to improve the measurement of services trade, in line with international recommendations, and implement policy frameworks that minimize restrictions on trade and FDI. In addition, trade agreements should be modernized, and subregional integration should be explored as a means to facilitate trade in services and avoid double-taxation.”

Furthermore, improving digital literacy is crucial. ECLAC emphasizes the need for “continuous learning programmes to train and equip workers to navigate the rapid technological changes underway” and calls for targeted policies to support services exports, including training programs, trade missions, and branding campaigns. “FDI attraction is essential to bring in new technologies and improve productivity, generating clusters and value chains to drive growth in the services sector, including exports and linkages,” ECLAC concluded.

These insights underscore the Caribbean’s strategic advantage in service sector development and regional trade integration, essential for sustainable growth and resilience.

News Americas, MIAMI, FL, Oct. 22, 2024: Datapro Inc. (Datapro), a leader in financial services technology, is proud to announce a comprehensive brand refresh, marking a new chapter in the company’s evolution. This refresh is accompanied by the launch of a redesigned website, aimed at better serving customers and partners with an enhanced, user-friendly experience.

As Datapro continues to expand and adapt in a rapidly changing industry, the refreshed brand symbolizes the company’s commitment to innovation, agility, and forward-thinking solutions.

“While our company is embracing a more modern and dynamic identity, we remain grounded in the experience and expertise that have been the foundation of our success for more than 45 years,” said Ignacio Blanco, CEO of Datapro. “Our track record of hundreds of successful implementations is a testament to our enduring capability to deliver value to our clients.”

The refreshed brand includes a new logo, color palette, and design elements that are more reflective of Datapro’s innovative spirit and agile approach. The new isotype design was inspired from data and the cell replication process, embodying modularity, agility and flexibility.

“These changes are not just cosmetic; they represent our ongoing transformation into a company that is better equipped to meet the challenges of the future, while still honoring the heritage and reliability our clients have come to trust,” said Blanco.

In tandem with Datapro’s brand refresh, the company has also launched a new website at www.datapromiami.com . The redesigned site offers an improved user experience, with intuitive navigation, mobile optimization, and enhanced content that better reflects the company’s expanded capabilities and breadth of services. The new design enables visitors to more easily access resources, case studies, and insights, to help them make informed decisions in today’s fast-paced business environment.

“Today’s announcement is more than just a visual update—it’s a statement of our commitment to driving innovation and excellence in everything we do,” said Blanco. “Our refreshed brand and new website are designed to better reflect who we are today: a modern, agile, and innovative company with a strong legacy of successful implementations. We’re excited to continue our journey with a renewed focus on providing exceptional value to our clients.”

Datapro invites clients, partners, and the community to explore the new website and experience the refreshed brand that underscores its dedication to pushing the boundaries of what’s possible.

About Datapro

Datapro is a leader in core banking and digital banking technology, with more than 100 customers in over 20 countries. Our vision is to be recognized as the architects of the banking evolution towards a digital world. We have been helping financial institutions across Latin America, the Caribbean, the US and the EU for the past 45 years to modernize their infrastructure and to deliver innovative digital solutions to their customers. In 2021, Datapro was acquired by Vencora, which is part of Constellation Software Inc. (CSU – TSE). www.datapromiami.com

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.