IRS steps up offshore money hunt as 7,500 disclose

More than 7,500 US taxpayers voluntarily disclosed secret offshore accounts to the Internal Revenue Service as the agency expands its crackdown on overseas tax evasion, IRS Commissioner Doug Shulman said.

IMF says Caribbean economy recovering

The global crisis had a substantial impact on the Latin American and the Caribbean (LAC) region, but the worst is over for most countries, and many economies have begun to recover, according to the International Monetary Fund (IMF) in its latest new Regional Economic Outlook - Western Hemisphere report.

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Caribbean Ferries looks at expanding

President of Caribbean Ferries, Nestor Gonzalez met with St Kitts and Nevis Prime Minister and Current Chairman of the Authority of the OECS, Denzil Douglas during his recent visit to the Municipality of Caguas.

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ALBA bloc to stop using dollars in trade

The leftist Latin American ALBA trade bloc is scheduled on Friday to approve measures that would replace US dollars with a new virtual currency for regional commerce, an official said here.Bolivian Deputy Minister of Foreign Trade Pablo Guzman told reporters that members of the Bolivarian Alternative for the Americas (ALBA) "will replace the dollar in commercial exchanges" between members with the Unified Regional Compensation System, or sucre.

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The Moorings upgrades online

 
The Moorings has announced the launch of its new, interactive website, which integrates the Moorings Bareboat Sailing, Power and Crewed Yacht product lines, enabling customers to better select and personalize their charter options. Whether you desire a sail-it-yourself bareboat yacht, all-inclusive crewed yacht with a captain and chef or power yacht vacation, you can achieve this with The Moorings.

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Receiver sues Stanford employees for $11 million

The receiver overseeing the assets of accused swindler Allen Stanford has sued two former Stanford Capital Management employees, seeking the return of $11 million in investor funds, court documents showed.

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Small business focus

Premier and Minister of Finance Ralph T. O’Neal, has assured small business operators that Government is committed to revitalising the sector. As part of this effort, he disclosed that Government is currently in negotiation with the Caribbean Development Bank (CDB) to secure a line of credit for small businesses in the Territory.

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Ogier named “IFC Legal Team of the Year” by STEP

OGIER has been named “IFC Legal Team of the Year” at the Society of Trust & Estate Practitioners (STEP) Private Client Awards held in London ... Full story

The Economics of Obama’s Health Care Reform

  The debate over health care reform in the United States (US) is concerned about four main issues. These are: (a) whether there is a fundamental right to health care, (b) who should have access to health care and under what circumstances, (c) on the quality of care achieved for the high sums spent, and (d) on the sustainability of expenditures that have been rising faster than the level of general inflation and the growth in the economy.

      Overall, the proposals of the Obama Administration for Healthcare are admirable in light of the history facing the US health care system. However, from an economic perspective, the timing for this kind of overhaul may not be suitable because of the serious budget deficits in which the US currently faces.  Instead the US government should undertake a phased reform process, which would allow for some of the objectives to be achieved in the short run and the majority to be achieved in the long run.  The actual direction to be undertaken by the US government on this issue in the coming weeks will certainly be an interesting one.

(To view other commentaries on politics, economy and society, please visit www.dlambrose.org)

Trade policy drafted

A trade policy is being finalized that will lay the platform for how the Government of the Virgin Islands conduct trade and business relations in the future. The policy has already been prepared with input from various agencies including the Department of Trade and Consumer Affairs.

Permanent Secretary within the Office of the Premier, Rosalie Adams said last week that the policy is being reviewed by Premier and Minister for Finance, Ralph T. O’Neal. Adams added that following the Premier’s review, the draft document would then be taken to Cabinet for approval before the public can have their say.

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