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El Sol Dominicano
"Noticias Diarias de la Republica Dominicana en Ingles Desde 2004 "
Friday, June 29th, 2012
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Banks fraud and the Caribbean
Story Text & Photos © 2012 by Dominican Today Jun 29 2012 14:29PM
Dominican Today - Recent developments in Europe and North America, involving Barclays Bank and others in the manipulation of Libor rates, are truly shocking. They bring into question not just the role of the banks concerned, but suggest that a once measured and conservative profession that people trusted, has in major financial centres become so self-seeking and lacking in morality that bankers at the highest levels are prepared to condone or order actions amounting to fraud on a global scale. As this is being written the story is still unfolding. In outline it is about falsifying the benchmark interest rate against which almost all global financial transactions take place. Libor –short for the daily London interbank offered rate - is the rate that establishes the costs to banks to borrow from each other and the figure against which almost all other rates are set for financial products and instruments ranging from swaps to complex derivatives, mortgages, personal savings and loans. Around 20 major banks, in the US, Europe and Japan have received requests from their regulators to provide information on the setting of the Libor rate over a number of years, including at critical moments during the 2007-9 global banking crisis. The allegation is that these banks artificially lowered their Libor submissions  to enhance their financial health. Of these so far only Barclays has admitted that its traders and bankers did so and a fine of US$300m has been levied on it by UK and the US regulators. But in an indication of quite how serious the consequent breakdown of trust is, the former British Chancellor of the Exchequer, Alistair Darling, has said that the Libor rate was one of the key indicators he used during the 2008 global banking crisis to assess the strength of banks, but that he now realised this was seriously flawed. “If you can’t trust banks on something as basic as this, what confidence can you have in them,” he told the London Financial Times. Whether what is being revealed will result in legal actions against banks and individual bankers remains to be seen. However, the US Department of Justice is pursuing criminal and civil investigations and there is talk of class actions against the banks involved. These are of course not just matters of concern to those who live in Europe or North America. In a global economy, banks operate across borders, Governments and institutions rely on them, and their role is as essential to the Caribbean’s financial systems as it is to the countries in which they are located. For many who have lived or worked in the Anglophone Caribbean, the coupling of Barclays name with this scandal may seem unreal. Most remember Barclays Bank in the Caribbean, its network of offices and branches and the bank’s head office in London, as the repository of traditional values. The bank of course gradually exited from the Caribbean. In 2001 after a 150 year presence, Barclays and CIBC announced that they were in discussions. This led to the combination of their retail, corporate and offshore operations in the region to create FirstCaribbean International Bank. Then in 2006 CIBC acquired Barclays’ stake, becoming the majority shareholder in FirstCaribbean Although Barclays Caribbean ethos may now seem a little quaint, in many ways it has, together with the strong corporate culture of the Canadian banks in the region, resulted in the welcome if sometimes frustrating conservatism of Caribbean banking and its ability to remain more or less untouched by the crisis in the global banking system. Notwithstanding, the regional financial system has been severely tested. Caricom Finance Ministers are still trying to work out how to respond on a regional basis to the multi-billion dollar failure in January 2009 of the Trinidad-based financial conglomerate, CLICO and its subsidiaries; and just three weeks ago a US judge sentenced Allen Stanford to 110 years in jail for his part in a US$7bn international fraud run out of Stanford International Bank Ltd in Antigua. What has protected mainstream Caribbean banking is its limited integration with international financial markets. As a consequence it largely avoided exposure to the collapse of Lehman Brothers and others US financial institutions, did not buy mortgage backed securities, is not involved in high risk financial instruments like derivatives, has relatively low levels of overseas borrowings, has not confused wholesale and retail banking operations, and continues to have a clear commercial and social purpose. Despite this there should be no room for complacency. There remain worrying gaps in the ways in which financial institutions in the region are supervised and regulated.   Economic and commercial linkages, common vulnerabilities, smallness and the danger of instability in the global financial system all suggest that there is pressing a need for a single set of rules supervised by a regional regulatory institution. In an important speech in March that deserves much wider attention, Ewart Williams, the Governor of Trinidad’s Central Bank suggested a series of remedies. He argued for strengthened financial sector legislation that covers the banking system, insurance and the credit unions and a need to substantially upgrade and consolidate financial sector supervision. He also recommended all countries having national insurance schemes to cover deposits in banks to protect the less well off and for there to be national and regional crisis management plans. He made the point that financial sector legislation in the region is grossly deficient when compared to what obtains in advanced or emerging market countries and that there was a danger of regulatory arbitrage if legislation was not harmonised across the region. Caricom Heads of government need to take more seriously the importance of what Governor Williams and other Central Bankers are saying, not least because of continuing global economic uncertainty. Unfortunately the absence of effective regional governance through Caricom may set aside or delay implementing many of these important, stabilising and common sense approaches. What is now happening in North America and Europe suggests that avarice, the corrosive sense that big banks are above the law and will always be bailed out, and the continuing crisis in the Eurozone, could return to threaten the global economy . If unchecked there is a danger of social instability not least because these forces cast governments and social policies aside and leave ordinary people feeling helpless and marginalised.  If there is another crisis, this time the Caribbean, now economically less robust, may not be immune. David Jessop is the Director of the Caribbean Council and can be contacted at david. jessop@caribbean-council. org Previous columns can be found at www. caribbean-council. org Read original at Dominican Today.

  

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Inician jornada de vacunación contra 4 enfermedades
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:48AM
Listin Diario - “Vacunación, ¡tu mejor jugada!”, así se denomina la XI Semana de Vacunación de Las Américas (SVA) en la que este año el Ministerio de Salud Pública proyecta inmunizar a más de un millón 300 mil niños para prevenir el polio, difteria, tétanos y tosferina. Al encabezar el acto de inicio de la jornada en la Hogar Escuela Santo Domingo Savio, el ministro de Salud Pública, Freddy Hidalgo Núñez, informó que se aplicarán unas 181,369 dosis de DPT a escolares menores de siete años. Asimismo, el funcionario dijo que se aplicarán otras 513,669 dosis de difteria y tétanos (DT) a escolares de siete años o más. El titular de Salud sostuvo que esta acción tiene el propósito de fortalecer la barrera inmunológica para la prevención y control de esas enfermedades. De igual manera, indicó que se administrará una dosis de Albendazol de 400 miligramos para desparasatizar a 1. 5 millones de niñas y niños hasta los 14 años de edad. Las tres últimas acciones contempladas en la jornada se harán en coordinación . . . Read original at Listin Diario.

  

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Encuesta revela 7% de la población es discapacitada
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:47AM
Listin Diario - En el país existen 708,597 personas con alguna discapacidad, equivalente al 7% de la población, según las cifras preliminares arrojadas en la Encuesta Nacional de Hogares de Propósitos Múltiples (ENHOGAR 2013). En un acto celebrado ayer en el hotel Crowne Plaza, la Oficina Nacional de Estadísticas (ONE) reveló que 66% de estas personas especiales no trabaja, 42% no tiene seguro médico y 60. 9% reside en casas techadas de zinc. Asimismo, 51. 7% es hombre y 48. 3 mujer, mientras que 74% de ellos vive en zona urbana y 26% en zona rural. El director de la ONE, Pablo Tactuk, dijo que “son temas que estaban en una nebulosa, no se habían cuantificado suficientemente, ni caracterizado esta problemática”. Señaló que la principal discapacidad que enfrenta esta población es la visual, seguida de dificultades para caminar, escuchar, así como problemas intelectuales, para hablar, y otros. El funcionario especificó que el mayor grupo de personas con esta condición se encuentra en un rango de edad entre. . . Read original at Listin Diario.

  

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Pepín Corripio elogia nueva cédula de JCE
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:46AM
Listin Diario - Read original at Listin Diario.

  

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Presidente inaugura la XVII Feria del Libro Santo Domingo 2014
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:45AM
Listin Diario - Con la participación de 19 países invitados, 181 editoras y bajo el lema “Leer es Nacer”, el Ministerio de Cultura dejó inaugurada anoche la XVII Feria Internacional del Libro Santo Domingo 2014, en una ceremonia que fue encabezada por el presidente Danilo Medina y la vicepresidenta Margarita Cedeño de Fernández. En la ceremonia fueron galardonados con el Premio Internacional Pedro Henríquez Ureña los escritores Ernesto Cardenal, de Nicaragua, y Eduardo Galeano, de Uruguay, quienes recibieron estatuillas y premio en metálico. Galeano presentó excusas porque enfrenta problemas de salud. La fiesta de la lectura dominicana que tiene como país invitado a Panamá y es dedicada al poeta dominicano Domingo Moreno Jiménez, culminará el día 5 de mayo. Contará con la participación de Argentina, Bolivia, Colombia, China, Cuba, Chile, España, Estados Unidos, Guatemala, México, Panamá, Nicaragua, Perú, Puerto Rico, Uruguay, Venezuela, Saint Martin, Israel y Corea. El ministro de Cultura informó que p. . . Read original at Listin Diario.

  

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Rectores y la DNCD buscan prevenir drogas en recintos
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:44AM
Listin Diario - Read original at Listin Diario.

  

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Danilo designa a Pelegrín ministro Energía y Minas
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:43AM
Listin Diario - Read original at Listin Diario.

  

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La Convención del PRD y las cartas de Maríñez y Guido
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:41AM
Listin Diario - Read original at Listin Diario.

  

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¡Los 50 de Alicia y Jacinto. . . !
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:40AM
Listin Diario - Son afortunados los matrimonios que llegan a los 50 años y pueden celebrar la boda de oro. . . Los hijos, nietos y bisnietos suelen burlarse tratando de identificar a la víctima en tan larga convivencia, pero en realidad ese acontecimiento familiar es una bendición de Dios que muy pocos tienen la suerte de celebrar. Porque el promedio de vida de los matrimonios dominicanos es de once años, el 40 por ciento de las parejas fracasa antes del primer quinquenio y al resto casi siempre los separa la muerte antes de esa celebración. Por eso reproduzco con agrado la nota que escribió mi amiga Clemen García Damirón a sus padres, doña Alicia Damirón y don Jacinto García, personas muy queridas oriundas de Barahona y que hoy cumplen justamente 50 años de casados dejando una estela de vida ejemplar primero como hijos, luego como padres y ahora como abuelos. . . Bodas de oro. . . “Mis padres, Alicia y Jacinto, cumplen hoy nada más y nada menos que 50 años de casados. Léase bien: casados, juntos y bajo un m. . . Read original at Listin Diario.

  

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Policías en motos sin cascos
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:39AM
Listin Diario - A propósito de la muerte del novelista colombiano García Márquez, se ha estado hablando mucho de su obra cumbre, ‘Cien Años de Soledad’, la que le mereció el Premio Nobel de literatura en 1982. A él le escuché decir que su novela preferida era ‘El Coronel no tiene quien le escriba’; yo, en cambio, tengo como mi predilecta a ‘El Amor en los Tiempos del Cólera’, la que he leído dos veces. Muchos lectores en Latinoamérica y el mundo andan por estos días metidos en este debate que sin dudas deja en mejor posición su libro más leído y conocido, de ahí que, el mundo imaginario que creó para desarrollar su fantástica historia, Macondo, ande de comentario en comentario como nunca antes. Escuché al presidente colombiano, Juan Manuel Santos, decir durante un homenaje póstumo al escritor en México, que Macondo podía ser cualquier ciudad de América Latina. No lo dijo así, pero mencionó algunas como dejando entrever que puede ser cualquiera de las nuestras. Habló, sin embargo, de lugares ubicado. . . Read original at Listin Diario.

  

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Gestión diplomática de los mandatarios
Story Text & Photos © 2014 by Listin Diario Apr 25 2014 05:38AM
Listin Diario - En el escenario internacional, en la dinámica de la denominada diplomacia directa, “las visitas al exterior” de carácter oficial que realizan los jefes de Estado (y de gobierno), en los marcos y motivos más diversos, se han convertido en un factor esencial de las relaciones internacionales contemporáneas. En ese contexto debe recordarse que en el régimen presidencial las calidades de jefes de Estado y de gobierno son ejercidas por la misma persona, a quien por tal razón le corresponde asumir las responsabilidades de ambas funciones y consecuentemente cuenta con mayor poder (R. Borja). Cabe puntualizar que el ejercicio de la diplomacia, a través de los mandatarios, se considera una efectiva modalidad de diplomacia “ad hoc”, que el derecho diplomático contemporáneo denomina diplomacia directa, diplomacia “personal” del jefe de Estado o también “en la cumbre”. Tales encuentros de mandatarios suelen responder hoy a la necesidad de que los “responsables nacionales supremos”, puedan entende. . . Read original at Listin Diario.

  

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(Posted 05:38 Friday by DRSol NewsHound. Viewed 986 times.)
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