BRUSSELS—The European Union and the United States announced yesterday that they have agreed to pursue talks aimed at achieving an overarching trans-Atlantic free trade deal. The 27-country EU said such an agreement, first announced in Tuesday’s State of the Union address by President Barack Obama, would be the biggest bilateral trade deal ever negotiated. Any agreement could boost the EU’s economic output by 0.5 per cent—a highly desirable outcome when the EU and the US are struggling with slow growth, high unemployment and high levels of debt.
SAN JUAN—The number of people traveling to the Caribbean is bouncing back to pre-recession levels, with visitors from Canada and the US giving a boost to a region struggling to recover from a global economic crisis, a top tourism official said. About 25 million tourists visited the Caribbean last year, a more than five per cent increase from 2011. It’s a growth rate that outpaced the rest of the world, which saw arrivals increase by 4 percent, said Beverly Nicholson-Doty, chairwoman of the Barbados-based Caribbean Tourism Organisation.
CARACAS, Venezuela — Venezuela’s currency devaluation took effect on Wednesday amid questions about how the government can get a grip on 22-per cent inflation and satisfy growing demand for dollars to pay for imported goods. Some economists predict that the devaluation won’t solve problems such as a dearth of dollars for imports and shortages of some staple foods. The country’s fifth devaluation in a decade established a new government-set rate of 6.30 bolivars to the dollar, replacing the previous rate of 4.30 bolivars.
PORT OF SPAIN, Trinidad and Tobago, Guardian -T&T is not in danger of a devaluation of its currency as just happened in Venezuela because the two foreign exchange regimes are different, a University of Trinidad and Tobago (UTT) economist and International Relations lecturer, who asked not to be named, told the T&T Guardian yesterday. The lecturer explained that Venezuela has a fixed exchange rate and Venezuelan Central Bank officials made the decision to increase revenues to fund the country’s popular social programmes.
PORT OF SPAIN, Trinidad and Tobago, Guardian - Beating Australia at any form of cricket is always a major triumph and West Indies’ women conquered that particular challenge wonderfully well in the International Cricket Council’s Women’s World Cup semifinal to earn a berth in Sunday’s final.
KINGSTON, Jamaica, Observer- IT'S heavy — this $16 billion in new taxes being imposed on us by the Government. There is no doubt either that it will hurt most Jamaicans. After all, many of us, particularly PAYE workers, are already overtaxed. The fact, though, is that the Government has little choice, having participated in unrestrained borrowing and irresponsible fiscal policy of successive Administrations that have taken us to this sorry point in our history, with a debt of more than 140 per cent of gross domestic product.
KINGSTON, Jamaica, Observer - MINISTER of Agriculture and Fisheries Roger Clarke this week announced a $45-million crop production programme as part of the Government's drought-mitigation initiative for the sector. The programme, he said, will provide for the establishment of 645 hectares of select crops in 13 parishes to counter any shortfall in cash crops resulting from the severe dry conditions affecting the island.
KINGSTON, Jamaica, Gleaner - Visitor arrivals by air and sea hit a record 3.3 million in 2012, up 7.4 per cent year-on-year, according to newly released tourism data. Arrivals in 2011 amounted to 3.07 million. Tourist visits also hit the three million mark in 2006. The bulk of last year's increase came from cruise passenger growth, up 17 per cent, mainly due to the newest port in Trelawny, the Falmouth Cruise Pier, built over a year ago. Total visitors by sea amounted to 1.34 million.
KINGSTON, Jamaica, Observer - THE Opposition Jamaica Labour Party (JLP) has chided the International Monetary Fund (IMF) for supporting what it described as the Government's 'scandalous raid' on the National Housing Trust (NHT) for $11 billion annually to fund the country's debt, as one of several new revenue measures announced in Parliament earlier this week. In the meantime, the Opposition said its legal team would be examining the legality of the decision to pull money from the NHT as well as that of some of the other recently announced tax measures.
KINGSTON, Jamaica, Gleaner - STAKEHOLDERS IN western Jamaica say Government must now provide the nation with a comprehensive growth package to complement the measures announced by Prime Minister Portia Simpson and her finance minister, Dr Peter Phillips, earlier this week.