SAN JUAN, Puerto Rico (AP) -- Scotiabank filed a lawsuit against Puerto Rico's government Wednesday seeking repayment of a multimillion-dollar loan despite a debt moratorium imposed amid an economic crisis.
The Canada-based bank's Puerto Rico operation argued in the filing that the moratorium is unlawful. It said it loaned the island's Metropolitan Bus Authority nearly $38 million in 2012 and accused the state agency of not making any payments since November 2015.
The lawsuit marks the first time that the U.S. territory's government is sued over a loan and not over bond payments since the governor declared a $70 billion public debt unpayable last year.
(Trinidad Guardian) Chairman of the Economic Development Advisory Board Dr Terrence Farrell says the business community is doing little to advance the welfare of the country and has even been creating some of the problems that exist today.
“There is inertia on the part of the business leaders. The private sector in T&T has been doing the same thing, buying and selling and putting a mark up for the last 200 years. There is no innovation, they are not conducting R&D. They are looking for the best deals they can get from Japan and China to import to mark up. That is inertia and poor work ethic on their part,” he said yesterday at the launch of the 2016-2017 Global Competitiveness Index Rankings at the Arthur Lok Jack Graduate School of Business, Mt Hope.
Farrell, who took part in a panel discussion at the launch, said while T&T’s macro economic problems are a result of external forces, there are other issues that can be rectified.
(BVI News) As controversy continues to rage locally over the government’s investment of $7 million into the privately owned BVI Airways, the airline today released a photograph of the first jet aircraft it has acquired so far.
It added that the acquisition marks a major milestone in preparing the airline for non-stop flights in roughly 2.5 hours between the British Virgin Islands (BVI) and Miami, United States.
Two more planes will be acquired for the direct route on which BVI Airways will be the only operator.
Premier Dr D Orlando Smith last week told the House of Assembly that the fist plane was already acquired. He further stated that an application has been submitted to Air Safety Support International for approval, and one will later be submitted to the Federal Aviation Administration (FAA) in the United States.
GUANICA, Puerto Rico (AP) -- Puerto Ricans are buying rice produced on the island for the first time in nearly 30 years. They are also eating locally grown mushrooms, kale and even arugula, along with more traditional crops such as plantains and pineapples.
The U.S. territory is seeing something of an agricultural renaissance as new farms spring up across the island, supplying an increasing number of farmers' markets and restaurants to meet consumer demand for fresher produce.
Farming has become one of the few areas of growth on an island struggling to emerge from a 10-year-old recession and a still-unfolding debt crisis. The most recent statistics from the governor's office show farm income grew 25 percent to more than $900 million in 2012-2014. The amount of acreage under cultivation rose 50 percent over the past four years, generating at least 7,000 jobs.
(Antigua Observer) Prime Minister Gaston Browne has stopped shy of conceding defeat in the 12- year-old Internet gaming dispute with the United States, chiding Washington for its disrespect of St John’s. Browne used the occasion of the Reception in Celebration of the 67th Anniversary of the Founding of the People’s Republic of China, to yet again lament the unwillingness of the US government to settle the longstanding dispute over cross-border gaming.
But this time the Antigua & Barbuda leader went a step further and disclosed, “They are not interested, and nothing that we can say will make a difference.”
He told those who attended the reception late Monday night that the United States can pay the US $21 million a year “but they are not interested.”
“They do not respect our sovereignty,” Browne told the Chinese reception, contrasting the difference in treatment between the PRC and the USA.