(V.I. Consortium) ST. THOMAS — Attorney General Claude Walker and the Department of Justice have secured another potentially resounding victory for Virgin Islanders whose vehicles were equipped with the faulty Takata airbags, as Superior Court Judge Michael Dunston on Sunday issued a preliminary injunction against the company, ordering that Takata pays $9 million in damages to the USVI, $3 million of which will go directly to affected Virgin Islanders.
The preliminary injunction, if it holds, could represent another big win for Mr. Walker, who has become a bright spot in the Mapp administration with successive major announcements — all of which are tied to seeking justice for Virgin Islanders.
And the order comes just as Tataka was set to announce that it had filed for bankruptcy, unable to overcome what has turned out to be the farthest-reaching auto safety crisis in history. The unusual Sunday ruling was the court’s way of assuring that Takata would pay its penalties before going under bankruptcy protection; whether or not the court’s action came too little too late will soon be known. A hearing on the matter is set for this morning at 9:00 a.m. at the Superior Court in St. Thomas, and it remains to be seen what will come out of the hearing with the preliminary injunction already in place.
(Reuters) Wal-Mart Stores Inc is not actively considering making an offer for Whole Foods Market Inc, a source familiar with the matter told Reuters on Friday.
Whole Foods, which accepted a $13.7 billion offer from Amazon.com Inc last week, has not received any rival bids as of Friday, a second source said. Both sources spoke on condition of anonymity because the matter is confidential.
Wal-Mart spokesman Greg Hitt declined to comment on whether the company is considering a bid for Whole Foods. Whole Foods and Amazon did not immediately respond to requests for comment.
Whole Foods shares have been trading above Amazon's deal price of $42 per share since the deal was announced last Friday, as stock market investors speculate about the possibility of a higher offer.
Whole Foods shares reached a high of $43.84 earlier on Friday, but dropped after Reuters reported that no rival bids have so far emerged. Its shares were last trading after hours at $42.85.
(BVI News) A study funded by the government has found that banks operating in the British Virgin Islands (BVI) are together owed hundreds of millions of dollars, and the persons owing are mainly customers in the territory.
“BVI banks’ assets include $919 million of outstanding loans to customers, of which 97 per cent were for domestic customers,” said the report produced by British company Capital Economics.
It noted that there are six deposit-taking licences currently issued by the regulatory authority, and banking services in the territory are largely limited to deposit taking and direct lending.
The report further said the BVI banking system has $2.4 billion in assets as of September 2015.
(Caribbean 360 News) BELMOPAN, Belize, Saturday June 24, 2017 – Belize Prime Minister Dean Barrow has turned his back on International Monetary Fund (IMF) recommendations to fix his country’s nagging economic woes, insisting that his Government will stick to its own programme.
A team from the Washington-based financial body recently wrapped up Article IV consultations with the Barrow administration, warning that public debt remains too high and further fiscal consolidation is needed.
It proposed a series of corrective measures, including a hike in the General Sales Tax (GST) from 12.5 to 15 percent and the removal of tax exemptions, among other measures.
However, Barrow flatly rejected the advice, insisting it was not in the best interest of his country.
“With respect to the recommendations as to raising the GST and as to doing away with exemptions and the recommendations having to do with pensions and public officers, we absolutely reject those as we have made clear repeatedly,” he told Channel 5 Belize.
(Reuters) Canadian Imperial Bank of Commerce (CM.TO) has completed the $5 billion acquisition of Chicago-based PrivateBancorp PVTB.O, which will help it diversify from its domestic market, it said on Friday.
CIBC, Canada's fifth-biggest lender, has the biggest exposure to the country's housing markets. Concerns are mounting about falling home prices in Toronto and Vancouver, and the bank has long coveted a major U.S. acquisition.
CIBC Chief Executive Officer Victor Dodig said he had talked about a deal with PrivateBank CEO Larry Richman for almost three years.
"PrivateBank has always been part of our medium- to long-term strategy," Dodig said in an interview.
The combined U.S. business will be renamed CIBC beginning in the fourth quarter, and Richman will run it as group head for the U.S. region.
Dodig said the bank would focus on integrating the two businesses for the next two years but left an option open to make acquisitions in wealth management.