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.

News Americas, New York, NY, October 1, 2024: Amazon has announced plans to build its first delivery center in the Caribbean.

Located in the municipality of Dorado, Puerto Rico, this new facility is set to enhance the distribution and delivery of products throughout the region, including the island of Puerto Rico. The 100,000-square-foot facility will create more than 100 full- and part-time jobs and provide over 200 opportunities for drivers through Amazon’s Delivery Service Partners (DSP) program. The facility’s construction is expected to be completed by mid-2025.

“Puerto Rico is an ideal place for business, and our new delivery center will allow us to serve customers faster and more efficiently,” said Ashleigh de la Torre, Amazon’s Vice President of Public Policy.

Puerto Rico Governor Pedro Pierluisi expressed pride in the project, stating, “Each new economic initiative, like this one, reaffirms the resilience and potential of the Puerto Rican people and showcases the best of what our island offers to the world.”

Manolo Cidre, Secretary of the Department of Economic Development and Commerce, added, “Amazon’s decision to enter Puerto Rico demonstrates the growing confidence in our market. This investment will create valuable job opportunities and foster collaboration with local service providers. It also underscores Puerto Rico’s appeal to both local and foreign investors.”

PORTMORE, Jamaica, Sept. 26, 2024: ibex (NASDAQ: IBEX), a leading global provider of business process outsourcing (BPO) and customer engagement technology solutions, recently hosted its Back-To-School with ibex event at the company’s Portmore location.

Back-To-School with ibex helps school-aged children of ibex employees prepare for the new school year. Employees from departments across the company in all four Jamaica sites were eligible, including parents with little ones starting school for the first time and those with top performers at the primary and secondary levels. In addition, the Special Country Manager’s Award went to the two top CXC performers along with a new laptop for each.

“Education is the foundation of success, and we are delighted to help support our employees’ children as they begin their next school year,” said ibex SVP of Operations and Jamaica Country Manager Tamara Ricketts-Brown. “ibex brings together the best talent, training, culture and technology in Jamaica to deliver amazing customer experiences for many of the world’s leading brands. By combining our AI-enabled technology, award-winning rewards and recognition programs, and exciting career development opportunities, we offer an engaging and rewarding employee experience that helps our agents grow and succeed.”

In Jamaica, ibex has been recognized for its outstanding culture, employee experience, development opportunities and service, including Best Place to Work for Women in Central America and the Caribbean by Great Place to Work, Nearshore Company of the Year by Nearshore Americas, and Central America and Caribbean Company of the Year by Frost & Sullivan.

ibex is hiring 1,300 new agents in Jamaica over the next two months for multiple client programs supporting top brands in exciting industries, such as retail, technology, health and beauty, and transportation logistics.

Join the winning team at ibex to realize your dream – apply here: https://www.ibex.co/join-us/jamaica/.

About ibex

ibex delivers innovative business process outsourcing (BPO), smart digital marketing, online acquisition technology, and end-to-end customer engagement solutions to help companies acquire, engage and retain valuable customers. Today, ibex operates a global CX delivery center model consisting of approximately 30 operations facilities around the world, while deploying next generation technology to drive superior customer experiences for many of the world’s leading companies across retail, e-commerce, healthcare, fintech, utilities and logistics.

ibex leverages its diverse global team of over 30,000 employees together with industry-leading technology, including the AI-powered ibex Wave iX solutions suite, to manage nearly 175 million critical customer interactions, adding over $2.2B in lifetime customer revenue each year and driving a truly differentiated customer experience. To learn more, visit our website at ibex.co and connect with us on LinkedIn.

News Americas, New York, NY, Tues. Sept. 24, 2024: The Jamaica Financial Services Commission, (FSC), has announced that Stocks and Securities Limited, (SSL), will soon begin distributing an estimated US$30 million to clients who have been waiting for over a year to recover their investments.

Olympic champion Usain Bolt was among those who lost money.

In a statement, the FSC confirmed that SSL is making significant progress in its plans to compensate its clients, based on the latest information from the trustees overseeing the company’s affairs.

Proceeds from SSL’s Client Portfolio

The payout will be primarily sourced from the sale of SSL’s international securities client portfolio, valued at over US$30 million. SSL has been embroiled in a fraud scandal since January 2023, leading to multiple lawsuits and court cases that have challenged the control of the firm.

The Ongoing Fraud Investigation

The scandal, which rocked Jamaica’s financial sector, has involved a multi-billion-dollar fraud investigation, affecting several clients, including Olympic champion Usain Bolt, who reportedly lost more than US$12 million. In response, the Jamaican government enlisted the help of the U.S. Federal Bureau of Investigation (FBI) to assist local authorities in the investigation.

Changes in SSL Management

After temporarily taking over SSL’s management, the FSC lost control in May 2024 when Justice David Batts ruled in favor of Caydion Campbell, who had been appointed trustee of SSL by the company’s former board of directors. The case is set to return to court this week.

FSC’s Oversight and Compliance Measures

The FSC has maintained its regulatory oversight of SSL and issued directives on July 31, 2024, requiring SSL to provide regular updates on its operations, including the status of payouts to clients. These measures aim to enforce transparency and accountability during the company’s winding-up process.

“The FSC continues to ensure that SSL complies with the legal and regulatory framework under the Securities Act,” said FSC Executive Director, Lieutenant Colonel Keron Burrell. He emphasized that the Commission is focused on safeguarding SSL’s clients and maintaining the integrity of the financial system.

Ongoing Supervision and Law Enforcement Collaboration

The FSC reiterated its commitment to protecting SSL investors and ensuring that the firm meets its obligations in a timely and transparent manner. In collaboration with law enforcement agencies, the FSC is working to complete a thorough investigation into the alleged fraud and any improprieties at SSL.

“The Commission assures all stakeholders that it remains dedicated to maintaining transparency throughout this process and will provide updates as necessary,” Burrell added.