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Archive for December, 2006


FirstCaribbean International Bank Limited announced that CIBC has purchased 599,401,230 shares of FirstCaribbean under the previously announced plans to acquire Barclays Bank’s 43.7 per cent ownership in the regional financial institution.Under its agreement with CIBC, Barclays will have the option to tender all or a portion of its remaining 66, 600,137 FirstCaribbean shares under that offer. Both CIBC and First C’bbean are committed to maintaining a strong minority ownership that they expect to grow in the future.

“We are pleased to have concluded this part of the transaction successfully. We look forward to participating in the future growth of FirstCaribbean in this dynamic region” said Gerry McCaughey. – CIBC’s President and CEO

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US President George Bush has signed into law trade benefits for Haiti, nations of sub-Sahara Africa, and the Andean group.

The bill had faced opposition from business and congressmen who were concerned by what they claim was the re-exportation of largely Chinese textiles sewn in Africa and Haiti in particular.

In a letter to party leaders eight senators from the solidly Republican South wrote that their states already had lost one hundred textile jobs under trade agreements.

But President Bush believes that free trade is good for developing countries and regions like the Caribbean.

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The , Sir John Compton, has named hotelier Allan Chastenet as the new minister of tourism and civil aviation.

As a result, Chastenet will also assume the chairmanship of the In naming his choice, Sir John said:

“It is therefore important that we have at our disposal, persons who have the vision, the knowledge and the experience to guide us in this important area of the economy”.

PM Sir John Compton when on to say that Mr Chastenet has “demonstrated the vision to see the road ahead and to prepare us for the challenges which we will inevitably meet in this fiercely competitive world”.

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