SATIAGO, Chile: Latin America and the Caribbean received the record figure of almost US$106 billion in foreign direct investment (FDI) in 2007, due to regional economic growth and sustained global demand for natural resources. This is the highest volume of FDI in the region since 1999, when investment totaled US$89 billion. read more...

---

HOUSTON, USA (Reuters): The Petrobras board of directors will hear a final report Friday on the possible purchase of Valero's Aruba refinery, and may make a decision at that time, officials said Tuesday. "We are not committed to making a decision," said Jose Sergio Gabrielli, president and CEO of the Brazilian state oil company. read more...

---

BRIDGETOWN, Barbados: Michael Mansoor, Chairman of the Board of FirstCaribbean International Bank, has announced that CEO, Charles Pink, is leaving the bank later this year after a successful six-year term in order to move on to new challenges in his career.  Pink will be succeeded by John D. Orr. read more...

---

NEW YORK, USA (Reuters): Aeropostale Inc said on Monday it will open three stores in Puerto Rico this year, the second international expansion for the US teen clothing chain. The stores will be at Plaza Carolina in Carolina, Plaza Las Americas in San Juan and, later this year, at The Prime Outlet Puerto Rico in Barcelonesa. read more...

---

NEW YORK, USA (Bloomberg): Basis Capital Funds Management Ltd's failed Cayman Islands hedge fund had its request for US protection dismissed, ending its petition for Chapter 15 bankruptcy. Basis Capital had sought the protection to guard against US lawsuits as it liquidated its funds in the Cayman Islands. read more...

---

PROVIDENCIALES, Turks & Caicos Islands: A diverse group of experts called for a balance between environmental and economic interests during the 10th Annual Caribbean Conference on Sustainable Tourism. They pointed to “the inexorable link” between the seemingly divergent causes of profit and ecological protection. read more...

---

BRIDGETOWN, Barbados: FirstCaribbean International Bank has provided the senior debt component of a US$70 million package of funding to an affiliate of Westmont Hospitality Group for the acquisition, renovation and expansion of the Fairmont Royal Pavilion Hotel in Barbados. read more...

---

OLDWICK, USA: Three years removed from unprecedented hurricane losses, the Bermudian insurance market is bouncing back with a fury. The market posted positive financial results in 2006 and 2007, while evolving into one of the world’s prominent markets, according to new A.M. Best Co. research. read more...

---

WASHINGTON, USA (AFP): Two major US bulk retailers are rationing the sale of large bags of rice to consumers amid a growing global food crisis marked by skyrocketing prices and heavy pressure on demand. The measure appears aimed at preventing over-stocking among customers. read more...

---

NEW YORK, USA (Bloomberg): Puerto Rico offered $725 million of debt on Thursday, leading US tax-exempt debt sales, as municipal bonds declined the most in six weeks amid increased issuance. Puerto Rico started selling fixed-rate bonds as part of the commonwealth's plan to refinance or convert auction debt. read more...

---

PORT-OF-SPAIN, Trinidad (Reuters): Caribbean countries must turn to other export and tourism markets to cushion the potential impact of a recession in the United States, an official from the Economic Commission for Latin America and the Caribbean said on Tuesday. read more...

---

BRIDGETOWN, Barbados: FirstCaribbean International Bank continues to be picked out by external commentators as “First”. The Bank won the award for “Best Bank in Barbados” for 2008 from Global Finance Magazine. This marks the fifth consecutive year that Barbados has scooped the award. read more...

---

ACCRA (Reuters): Proposed trade deals between Europe and dozens of its former colonies would expose poor nations to cheap industrial imports and slash their customs revenues, British-based charity Oxfam said on Monday. Oxfam called on the Africa, Caribbean and Pacific (ACP) group to renegotiate them. read more...

---

SAN JUAN, Puerto Rico (Reuters): Popular Inc, the parent of Banco Popular and Puerto Rico's largest bank, said its first-quarter profit fell 13 percent as provision for bad loans rose almost 75 percent due to rise in defaults. Net income for the San Juan-based company fell to $103.3 million, or 36 cents per share. read more...

---

KINGSTON, Jamaica (OPM): Prime Minister Bruce Golding said the government is pursuing a deliberate strategy to promote and support the development of the small, medium and micro (SMME) enterprise sector in order to build Jamaica's ability to absorb the benefits of the investment flows into the economy. read more...

---

NASSAU, Bahamas: FirstCaribbean International Bank, via its Capital Markets Unit, has successfully completed a US$100 million, 30-year bond issue for The Bahamas. The bond, which was oversubscribed, was placed with international and regional investors. read more...

---

RIO DE JANEIRO, Brazil (Reuters): Brazil's state-run oil company, Petrobras, will resume talks this month to buy a refinery in Aruba owned by independent US refiner Valero Energy Corp, a Petrobras director said on Tuesday. Valero purchased the refinery from El Paso Corp for $465 million in 2004. read more...

---

MANDEVILLE, Jamaica (JIS): Minister of State in the Ministry of Industry, Investment and Commerce, Michael Stern has said the Jamaican government recognises the micro and small enterprise sector as a focal area for job creation and economic growth. He argued that over the past decade the sector has helped to reduce poverty. read more...

---

WASHINGTON, USA (Reuters): Development ministers from around the globe on Sunday called for urgent action to stem soaring food prices, warning that social unrest will spread unless the cost of basic staples is contained. In just two months, rice prices have closed in on historic highs, rising by around 75 percent globally. read more...

---

WASHINGTON, USA (Bloomberg): Cayman Islands-based Herbalife Ltd, the seller of nutritional and weight-loss supplements, fell the most in five months in New York trading after a research group said the company may be engaged in fraud. Shares fell $2.66, or 5.5 percent, to $45.94 as of 4:15 p.m. on Friday. read more...

---

WASHINGTON, USA (Reuters): A doubling of food prices in the last three years could potentially put 100 million people in low income countries deeper into poverty and raise the global poverty rate as much as 3 to 5 percentage points, a senior World Bank official said on Thursday. read more...

---

WASHINGTON, USA (Reuters): The US economic downturn is likely to slow economic growth in other Western Hemisphere countries while high-priced commodities and domestic demand is seen exacerbating inflation pressures, the IMF said on Friday. US economic growth is expected to be an anemic 0.5 percent in 2008. read more...

---

HAVANA, Cuba (Reuters): Canadian tourists fleeing a harsh winter and buoyed by their strong dollar are flocking to Cuban beaches in record numbers and helping Cuba's tourist trade end a two-year slump. Cuban hotel managers said a surge in Canadian "snowbirds" led to unprecedented tourism during the winter months. read more...

---

WASHINGTON, USA (Bloomberg): Bermuda-based Tyco International Ltd, the world's biggest maker of security and fire systems, will close a plant in Puerto Rico and fire 600 employees in order to move the operations to a lower-cost area. The Aguadilla plant will shut in phases over the next 12 months. read more...

---

CAPE TOWN, South Africa (Reuters): The Caribbean region expects to sign a new trade agreement with the European Union by the end of June, Trinidad and Tobago's trade and industry minister said on Tuesday.  Caricom is expected to become the first region to adopt economic parternship agreements. read more...

---

NEW YORK, USA (Reuters): The liquidators of two Bear Stearns Cos mortgage hedge funds that collapsed last year, filed suit on Monday against the company and its auditor, Deloitte & Touche [DLTE.UL], seeking to recover over $1 billion in losses. The suit is also seeking punitive damages. read more...

---

GENEVA, Switzerland (Reuters): The European Union is still breaking international trade rules with its import regime for bananas, the World Trade Organisation (WTO) said on Monday. The ruling by a WTO panel shows that EU regulations are blocking access to the world's biggest banana market for fruit from Ecuador. read more...

---

NEW YORK, USA (Bloomberg): Basis Capital Funds Management Ltd's bankrupt Cayman Islands hedge fund has withdrawn a request for US court protection from creditors as it liquidates in the Caribbean nation. The Basis Yield Alpha Fund said that it wants to withdraw a request for protection under the US Bankruptcy Code. read more...

---

CHARLESTOWN, Nevis: Premier of Nevis, Joseph Parry signed a memorandum of understanding with 21st Century Telecom last week. The high speed, fibre optic, Caribbean telecommunications network is ready to set up a state of the corporate headquarters on Nevis, among a host of other features. read more...

---

ORLANDO, USA: The Third Annual Florida Caribbean American Business Expo to be held in Orlando, Florida next month will focus attention on many of the concerns faced by the Caribbean American Business Community including new laws and procedures that pertain to the import of certain food items from the Caribbean. read more...

---