...BACKGROUND BRIEF: JAMAICAN LOTTERY SCAM This label is ready to print onto Avery Label #8931 NOVEMBER 2012 CARIBBEAN POLICY RESEARCH INSTITUTE BLOCK H, ALISTER MCINTYRE BUILDING UNIVERSITY OF THE WEST INDIES, MONA KINGSTON 7, JAMAICA TEL: (876) 970-3447 (876) 970-2910 FAX: (876) 970-4544 EMAIL: INFO@CAPRICARIBBEAN.ORG Copyright © 2012 CaPRI All rights reserved. This work was carried out with the aid of a grant from the International Development Research Centre, Ottawa, Canada. This page was left blank intentionally. BACKGROUND BRIEF The Lottery Scam “Advance fee fraud on the internet is a current epidemic that rakes in hundreds of millions of dollars per year. The advent of the internet and proliferation of its use in the 1990s makes it an attractive medium for communicating the fraud, enabling a worldwide reach.”1 Advance Fee Fraud gets its name from the fact that an investor is asked to pay a fee 2 up front or in advance of receiving any proceeds, money etc. These types of scams are not unique to Jamaica and in fact have existed in other parts of the world for some time, as evident from the signature by member and non-member States of the Council of Europe of the Convention on Cybercrime in Budapest, on 23 November 2001, long before this became a major issue for Jamaica. In 1999, the Jamaican Government initiated the liberalization of the telecommunications industry with full liberalization taking effect in March 2003. Since then there has been a...
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...Trinidad and Tobago and the Caribbean, is the worst financial shock experienced by the region to date. Today, more than two years later, its devastating effects are still being felt as the government continues to struggle with the bailout to stabilize the financial system, mitigate contagion risk, and resolve the CLICO crisis. Even one year after the bailout, there was still no resolution of the crisis. In view of the intractable nature of the CLICO collapse, the People’s Partnership government that came to power on May 24, 2010 established a commission of enquiry to investigate the causes of CLICO’s collapse, the scope of the MOU, the cost of the bailout, and the failure to provide a bailout to the Hindu Credit Union (HCU) that collapsed in 2008. There are many questions that are still unanswered. What were the root causes of CLICO’s collapse? What corporate governance structures and practices precipitated the collapse? Did the bailout create moral hazard? Who or what was to blame for the collapse? What action has the government taken to date? What lessons have been learnt and, more importantly, how can this situation be prevented from being repeated in the future? This concept paper examines these questions, analyzes the evidence to find answers, and in the conclusion, suggests ways to improve corporate governance and the empowerment of regulators to provide competent regulatory oversight and enforcement. Key words: financial collapse, bailout, corporate governance, moral hazard...
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...Trinidad and Tobago and the Caribbean, is the worst financial shock experienced by the region to date. Today, more than two years later, its devastating effects are still being felt as the government continues to struggle with the bailout to stabilize the financial system, mitigate contagion risk, and resolve the CLICO crisis. Even one year after the bailout, there was still no resolution of the crisis. In view of the intractable nature of the CLICO collapse, the People’s Partnership government that came to power on May 24, 2010 established a commission of enquiry to investigate the causes of CLICO’s collapse, the scope of the MOU, the cost of the bailout, and the failure to provide a bailout to the Hindu Credit Union (HCU) that collapsed in 2008. There are many questions that are still unanswered. What were the root causes of CLICO’s collapse? What corporate governance structures and practices precipitated the collapse? Did the bailout create moral hazard? Who or what was to blame for the collapse? What action has the government taken to date? What lessons have been learnt and, more importantly, how can this situation be prevented from being repeated in the future? This concept paper examines these questions, analyzes the evidence to find answers, and in the conclusion, suggests ways to improve corporate governance and the empowerment of regulators to provide competent regulatory oversight and enforcement. Key words: financial collapse, bailout, corporate governance, moral hazard...
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...A FRAMEWORK FOR PRUDENTIAL REGULATION AND SUPERVISION OF THE FINANCIAL SECTOR BY DR. OWEN JEFFERSON Recent developments in the financial sector has catapulted the issue of the safety and soundness of the financial system into the forefront of discussions in Jamaica. While not necessarily providing any consolation for us, it is important to note that this issue has also been plaguing many other countries and has become a matter of international concern. The number of countries experiencing significant banking problems has increased substantially in recent years - hitting industrial and developing countries alike - and the high costs and macroeconomic disruptions caused by banking crises have become a matter of increasing concern to the international financial community. Not since the Great Depression of the 1930's have so many banks failed as in the 1980's and the 1990's. A recent survey by the International Monetary Fund reported banking problems in 131 of its 181 member countries over this period, ranging from outright systemic crises to isolated causes of failing banks. We all remember the collapse of the Bank of Credit and Commerce International (BCCI) in 1990. There was the much publicised savings and loan debacle in the United States which cost some $150 billion. In Latin America, banks in four countries - Venezuela, Brazil, Mexico and Argentina - have recently had to struggle with crises of varying degrees of severity....
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...to trade. It has also increased the migration of persons between countries, outsourced and displaced jobs while at the same time creating new ones among other things. The need for a more highly skilled and technical workforce is a direct result of this globalization process and developing countries such as Trinidad and Tobago have turned to TVET to overcome the challenges they now face. However, these challenges created by globalization are transferred to the design and application of effective TVET facilities, thereby making it even more difficult to conquer these globalization issues. Technical and Vocational Education and Training (TVET) has many soubriquets depending on the area of the world in which you reside. In various parts of the world it is also known as vocational education, workforce education, technical education, apprenticeship training or Career and Technical Education (CTE), as it is more commonly referred to presently. TVET “comprises all more or less organized or structured activities, whether or not they lead to recognized qualification, which aim to provide people with knowledge, skills and competencies that are necessary and sufficient in order to perform a job or set of jobs” (Özsoy, 2007).In today’s rapidly changing technological environment, new disciplines are constantly being created and refined, and the emphasis that was once placed on the academic forms of study is slowly but surely being eroded. In this innovative age, the primeval chain of thought...
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...industries including financial, insurance, remittance, hardware retailing, food processing and food distribution. These subsidiaries are spread throughout the Caribbean and the United Kingdom. In 1995 Grace Kennedy formulated its 2020 vision with the objective to transform itself from a Jamaican trading company to a global consumer group with roots in Jamaica. 2006 saw this vision being broadened as the company undertook a strategic reorganization under the theme “designing Grace Kennedy for the 21st century,” aimed at expanding operations within the Caribbean and internationally improving efficiency, innovation and profitability. Through its subsidiary Grace Foods, Grace Kennedy has established itself as the Caribbean’s largest supplier of Caribbean and other ethnic foods to over 38 countries globally; with retail presence throughout the Caribbean, the United States and the United Kingdom. GK Foods’ culture of innovation over the years has allowed it to respond positively to market adjustments with adjustments of its own in regards to its product offerings and cost saving operations. Grace Foods operates through eleven subsidiary companies and independent distributors selling products including beverages, canned meats and fish, chips, coconut products, dairy products, instant porridge, jams and jellies, ready mixes, rice combos, sauces and condiments, spices and seasoning, soups, teas, and veggie meals. Their mission is “To satisfy the unmet needs of Caribbean people...
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...Caribbean Festivals at Home and Abroad Concept of Carnival/Festival Carnival brings about a "second world condition" so that when carnival comes around, another world is created and people go into that world. Notion of carnival as one of “the decentralising forces that militate against official power and ideology. Carnival as the interruption of dominant discourses “to surrender the critical and cultural tools to the dominant class and in this sense, carnival can be seen above all else as a site of urgency.” Mikhail Bakhtin in Rabelais and His World- Uses the term in reference to carnivals of the Middle Ages and Renaissance. Bakhtin one of the key theorists on carnivals. Bakhtin-Carnivals allowed people mostly from the under class to rebel momentarily against social conventions and the class and financial hierarchies that structured society. Bakhtin- Carnival in medieval times offered a “second world and a second life.” Play, mockery, inversion, laughter and profanity all elements in Bakhtin's canival. Bakhtin-Carnival underlined is not a spectacle seen by the people; they live in it and everyone participate because its very idea embraces all the people...It has a universal spirit; it is a special condition of the entire world, of the world's revival and renewal in which all take part.” Bakhtin's views on Carnival have led to many theorists using Bakhtin's views to discuss carnival. Robert Stam- Carnivals can be politically ambiguous affairs that can be egalitarian and emancipatory...
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...Agricultural Development Corporation Category Activity Description Agro-Industry/Agriculture Performance Testing- Performance Testing is the principal method used to Beef cattle identify high ranking individuals within a breed through the identification of such individuals within a herd. This systematic method will enable an increase in the rate of genetic improvement in the traits being measured. Newly weaned (average 8-10 months) bull calves are placed in a 140-day trial and given equal opportunity to perform through a uniform feeding and management regime. Record of economically important traits, adjusted 210 day weight, average daily gain adjusted 400 day weight and weight per day of age on all animals are systematically maintained. These records when statistically analyzed are used as the objective measures (indices) in selecting replacements and eliminating poor producers. 48 Caribbean Agricultural Research and Development Institute Category Activity Description Agro-Industry/Agriculture Animal Production and Sam Motta's Goats and Sheep Demonstration and Marketing Systems Training Centre Animal Production and Hounslow Goats and Sheep Demonstration and Training Marketing Systems Centre Animal Production and Small Ruminant Production and Marketing Systems Marketing Systems Development Crop Production and Marketing Systems Livestock Feeds and Feeding systems Enhanced Hot Pepper Production Feeding Systems development for ruminants Education/Research PROCICARIBE...
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...information to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone 978-750-8400; fax 978-750-4470; Internet www.copyright.com. All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher,The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax 202-522-2422; e-mail pubrights@worldbank.org. Additional copies of Doing Business 2011: Making a Difference for Entrepreneurs, Doing Business 2010: Reforming through Difficult Times, Doing Business 2009, Doing Business 2008, Doing Business 2007: How to Reform, Doing Business in 2006: Creating Jobs, Doing Business in 2005: Removing Obstacles to Growth and Doing Business in 2004:Understanding Regulations may be purchased at www.doingbusiness.org. ISBN: 978-0-8213-7960-8 E-ISBN:...
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...Tenth Anniversary Edition Tenth Anniversary Edition TELECOMMUNICATIONS REGULATION HANDBOOK TELECOMMUNICATIONS REGULATION HANDBOOK The Telecommunications Regulation Handbook is essential reading for anyone involved or concerned by the regulation of information and communications markets. In 2010 the Handbook was fully revised and updated to mark its tenth anniversary, in response to the considerable change in technologies and markets over the past 10 years, including the mobile revolution and web 2.0. The Handbook reflects modern developments in the information and communications technology sector and analyzes the regulatory challenges ahead. Designed to be pragmatic, the Handbook provides a clear analysis of the issues and identifies the best regulatory implementation strategies based on global experience. February 2011 – SKU 32489 Edited by Colin Blackman and Lara Srivastava Tenth Anniversary Edition TELECOMMUNICATIONS REGULATION HANDBOOK Edited by Colin Blackman and Lara Srivastava Telecommunications Regulation Handbook Tenth Anniversary Edition Edited by Colin Blackman and Lara Srivastava ©2011 The International Bank for Reconstruction and Development / The World Bank, InfoDev, and The International Telecommunication Union All rights reserved 1 2 3 4 14 13 12 11 This volume is a product of the staff of the International Bank for Reconstruction and Development / The World Bank, InfoDev, and The International Telecommunication...
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...accelerated economic growth, development and stability within several economies (Yitzhaki, 2006). They make-up the largest proportion of businesses all over the world and play tremendous roles in employment generation, provision of goods and services, creating a better standard of living, as well as immensely contributing to the gross domestic products (GDPs) of many countries (OECD, 2000).Over the last few decades, the contributions of the SMEs sector, the development of the largest economies in the world have beamed the searchlight on the uniqueness of the SMEs; and this have succeeded in overruling previously held views that SMEs were only ―miniature versions‖ of larger companies (Al-Shaikh 1998; Gaskill et al. 1993). And although Small and Medium Enterprises have been at the center of the policy debate for quite some time in both developed and developing countries, little analytical work has been undertaken in this area.The dearth information that exists among researchers on Small and Medium Enterprises however provides a sense of how important this sector is for sustainable development in emerging economies (Medina, 2001). For instance, recent studies conducted by United Nations Industrial Development Organization (UNIDO) concur that SMEs are: laborintensive, providing more opportunities for low-skilled workers, correlated with lower income distribution inequality, necessary for agriculture-dependent nations transitioning to an industrial1 and service-oriented economy, excellent...
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...Institute for Sustainable Development, International Centre for Trade and Sustainable Development, The Regional and International Networking Group This publication is available online at http://www.trade-environment.org http://www.iisd.org http://www.ictsd.org http://www.ring-alliance.org Cover photos from iStockphoto. Readers are encouraged to quote and reproduce this material for educational, not-for-profit purposes, provided the source is acknowledged. Printed on 100% post-consumer recycled paper. Trade and Environment: A Resource Book The International Institute for Sustainable Development (IISD, http://www.iisd.org) contributes to sustainable development by advancing policy recommendations on international trade and investment, economic policy, climate change, measurement and assessment, and natural resources management. Through the Internet, we report on international negotiations and share knowledge gained through collaborative projects with global partners, resulting in more rigorous research, capacity building in developing countries and better dialogue between North and South. IISD’s vision is better living for all—sustainably; its mission is to champion innovation, enabling societies to live sustainably. IISD is registered as a charitable organization in Canada and has...
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...obstacles....................................................................................................................... 1 2. Model of Thai Small and Medium Sized Enterprises' Organizational Capabilities: Review and Verification 15 3. SMALL BUSINESSES AND INTERNATIONAL ENTREPRENEURSHIP IN THE ECONOMIC HARD TIME: A GLOBAL STRATEGIC PERSPECTIVE............................................................................................ 33 Bibliography...................................................................................................................................................... 48 24 September 2014 ii ProQuest Document 1 of 3 Open innovation for SMEs in developing countries - An intermediated communication network model for collaboration beyond obstacles Author: Vrgovic, Petar; Vidicki, Predrag; Glassman, Brian; Walton, Abram ProQuest document link Abstract: Although there is increasing interest in exploring open innovation in developing countries, the conceptual and potential applications of using open innovation in the small to medium enterprise sector are rarely explored. Since SMEs often have a dominant impact on national economies, their innovative potential should not be neglected. While SMEs in developed countries have learned how to innovate, SMEs in developing countries face a range of obstacles that hinder them from innovating as much as they could. This paper suggests that...
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...Mortimer House, 37-41 Mortimer Street, London W1T 3JH, UK Economy and Society Publication details, including instructions for authors and subscription information: http://www.tandfonline.com/loi/reso20 Trotsky, Gerschenkron and the political economy of late capitalist development Ben Selwyn Available online: 25 Jul 2011 To cite this article: Ben Selwyn (2011): Trotsky, Gerschenkron and the political economy of late capitalist development, Economy and Society, 40:3, 421-450 To link to this article: http://dx.doi.org/10.1080/03085147.2011.574425 PLEASE SCROLL DOWN FOR ARTICLE Full terms and conditions of use: http://www.tandfonline.com/page/termsand-conditions This article may be used for research, teaching and private study purposes. Any substantial or systematic reproduction, re-distribution, re-selling, loan, sub-licensing, systematic supply or distribution in any form to anyone is expressly forbidden. The publisher does not give any warranty express or implied or make any representation that the contents will be complete or accurate or up to date. The accuracy of any instructions, formulae and drug doses should be independently verified with primary sources. The publisher shall not be liable for any loss, actions, claims, proceedings, demand or costs or damages whatsoever or howsoever caused arising directly or indirectly in connection with or arising out of the use of this material. Economy and Society Volume 40 Number 3 August 2011: 421Á 450 ...
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...Single Convention on Narcotic Drugs From Wikipedia, the free encyclopedia | [hide]This article has multiple issues. Please help improve it or discuss these issues on the talk page. | This article lends undue weight to certain ideas, incidents, or controversies. (December 2013) | This article is outdated. (December 2013) | This article needs additional citations for verification. (October 2014) | | | Single Convention on Narcotic Drugs | Governments of opium-producing Parties are required to "purchase and take physical possession of such crops as soon as possible" after harvest to prevent diversion into the illicit market. | Signed | 30 March 1961 | Location | New York City | Effective | 8 August 1975 [1] | Condition | 40 ratifications | Parties | 185[1] | Depositary | Secretary-General of the United Nations | Languages | Chinese, English, French, Russian and Spanish | Single Convention on Narcotic Drugs at Wikisource | The Single Convention on Narcotic Drugs of 1961 is an international treaty to prohibit production and supply of specific (nominally narcotic) drugs and of drugs with similar effects except under licence for specific purposes, such as medical treatment and research. As noted below, its major effects included updating the Paris Convention of 13 July 1931 to include the vast number of synthetic opioids invented in the intervening thirty years and a mechanism for more easily including new ones. From 1931 to 1961, most of the families of synthetic...
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