There is an endeavour being researched by United Nations University World Institute for Development Economics Research (unu-wider), tracking Chinese projects around the world.
Their database currently has 7618 active projects by the Chinese on their books, AND guess what -- there are 4573 inactive/suspicious projects on their books. There were 92 pages of stalled projects, some were stalled for over 11 years. I just picked a few from the first page:
-39918 China CITIC supplies equipment for the construction of the Sergeli underground line in Uzbekistan(linked to #39919) (Inactive) Uzbekistan $332,563,158.94
-38870 China China Minmetals Corp. and Jiangxi Copper Co. reach a US$ 446mn USD agreement to acquire Northern Peru Copper Corp. (Inactive) Peru $532,222,849.28
-37806 China China will provide $1 billion loan to Ecuador on energy generation, oil, and communication (Inactive) Ecuador $9,296,762,985.30
-37662 China Ecuador and Export-Import Bank of China Finished Negotiation for A Loan Worth of $570,000,000 (Inactive) Ecuador $472,501,734.49
- 32175 China Installation Project of Phnom Penh Transmission Loop Line Systems (Inactive) Cambodia $80,000,000.00
-1530 China $1 B Planned Investment : (Inactive) Nigeria $1,611,077,725.66
-1705 China $100m MoU for Telecom (Inactive) Nigeria $150,686,502.05
- 30574 China $13.2 billion loan facility (Inactive) Ghana $10,942,145,430.33
So what does Prime Minister Crisco Butt think his chances are?
The good news is that the money is supposed to be here by tomorrow. I can hardly wait. Have some rotten eggs ready for the face of Little Jimmy Smith and Crisco Butt, and if by chankoro miracle the money arrives, I will gladly smear them on my face (and eat them).
>History will not be kind, the truth always see's the light, sooner or later.
And that will also be true of Lynden Oscar Swindling, and his real legacy will be corrected by history and he will be known for the criminal that he was. The same will be true for the entire PLP and their band of shemale kleptocrats.
They correctly cottoned on to the fact that most of the wealth managers in the Bahamas are chasing Latin American money because all of the "legit" customers have left the jurisdiction and are now compliant with their home countries and taxation laws.
Mr. Paton may huff and puff and call the Economist everything except a child of God, but of course he is wrong. If he can't see the slide -- no make that tsunami of departing funds, then he is blind as a bat. At one point we had a trillion dollars under active management, and now it is at 20% of that -- $200 billion and falling like a rock.
I personally have seen two billionaires leave the Bahamas -- sell their huge houses on PI at the Ocean Club Estates and depart for better places to live. One moved to Europe and the other moved to Colorado of all places (He is not an American, but his current wife is). The one that moved to Europe said that as a permanent resident due to having his money here, he and particularly his wife felt trapped. He found life quite sterile behind the walls of Ocean Club Estates and the Bahamas as a whole, was quite parochial.
We can dig in and not play ball, and watch the second pillar of the economy degenerate into something akin to a Baha Mar, or we can be proactive and capitalise on what we have left. Personally it doesn't make a difference, because in a very short time, it will be a fraction again of what it is now. Like our tourism product, our financial services products are stuck in the past, and nobody will want our offerings except the undesirables and the lowest level of non-compliant customers, bordering on the shady and criminal.
Sadly, if we had pivoted into merchant banking or commercial banking prior to 2008, we could have done quite well, solely for the fact that we are not American banks and would have had no exposure to toxic assets like the synthetic CDOs that brought down the sub-prime housing market.
Bottom line -- the Economist is right. (and I am willing to bet that if questioned, Mr. Paton couldn't even tell you what a synthetic CDO is without Googling it, and even then the explanation wouldn't be that accurate).
How can you begin a process for depositing money, when you don't have the money??? How stupid is James Smith? How much salary is he collecting from this committee? How much salary is he collecting from chairing Resolve, the special purpose vehicle? How much money is he collecting as a consultant to the Ministry of Finance?
Gawd, I wish there was a freedom of information act !!!!!!
Just two more days until the money arrives, according to Prime Minister Crisco Butt. Should be interesting.
The Family Islands are so under-served by the banks, that the webshop operators have informally taken over banking with transactions like the one that you describe.
There was a real odious two-bit American hotel reporter/freelancer for a minor publication (Trump supporter at that) who was posting here. He said a lot of crap, but one of the things that he said was that we would never see the opening of Baha Mar. I am convinced that is the case now.
Not only does Baha Mar need finishing, but being vacant for so long, it needs a remediation of the existing work -- not to mention cleaning out all of the rooms with rice poop in them. That alone may be the health hazard that condemns the place. And then we have the dock ....
I can hardly wait. Three more days until EXIM deposits the money to pay the contractors. PM Crisco Butt said so, and I believe every word that he says. He said a couple of weeks, in mid-September, the Bahamian contractors will be paid. We all know that every word that emanates from his buccal alimentary canal orifice is God's truth -- Right????
Umm the Bahamian's people's money is Bahamian dollars. If the government does in fact match money, then it has to match American dollars which is derived from either tourism spending or FDI inflows.
banker says...
There is an endeavour being researched by United Nations University World Institute for Development Economics Research (unu-wider), tracking Chinese projects around the world.
Their database currently has 7618 active projects by the Chinese on their books, AND guess what -- there are 4573 inactive/suspicious projects on their books. There were 92 pages of stalled projects, some were stalled for over 11 years. I just picked a few from the first page:
-39918 China CITIC supplies equipment for the construction of the Sergeli underground line in Uzbekistan(linked to #39919) (Inactive) Uzbekistan $332,563,158.94
-38870 China China Minmetals Corp. and Jiangxi Copper Co. reach a US$ 446mn USD agreement to acquire Northern Peru Copper Corp. (Inactive) Peru $532,222,849.28
-37806 China China will provide $1 billion loan to Ecuador on energy generation, oil, and communication (Inactive) Ecuador $9,296,762,985.30
-37662 China Ecuador and Export-Import Bank of China Finished Negotiation for A Loan Worth of $570,000,000 (Inactive) Ecuador $472,501,734.49
- 32175 China Installation Project of Phnom Penh Transmission Loop Line Systems (Inactive) Cambodia $80,000,000.00
-1530 China $1 B Planned Investment : (Inactive) Nigeria $1,611,077,725.66
-1705 China $100m MoU for Telecom (Inactive) Nigeria $150,686,502.05
- 30574 China $13.2 billion loan facility (Inactive) Ghana $10,942,145,430.33
So what does Prime Minister Crisco Butt think his chances are?
The good news is that the money is supposed to be here by tomorrow. I can hardly wait. Have some rotten eggs ready for the face of Little Jimmy Smith and Crisco Butt, and if by chankoro miracle the money arrives, I will gladly smear them on my face (and eat them).
On Govt’s claims committee involvement ‘limited’
Posted 14 September 2016, 10:37 a.m. Suggest removal
banker says...
>History will not be kind, the truth always see's the light, sooner or later.
And that will also be true of Lynden Oscar Swindling, and his real legacy will be corrected by history and he will be known for the criminal that he was. The same will be true for the entire PLP and their band of shemale kleptocrats.
On BOB: $70m wiped off value in week
Posted 13 September 2016, 8:17 p.m. Suggest removal
banker says...
Here is the article:
>The Bahamas cocks a snook at the war on tax-dodgers
http://www.economist.com/news/finance-a…
They correctly cottoned on to the fact that most of the wealth managers in the Bahamas are chasing Latin American money because all of the "legit" customers have left the jurisdiction and are now compliant with their home countries and taxation laws.
Mr. Paton may huff and puff and call the Economist everything except a child of God, but of course he is wrong. If he can't see the slide -- no make that tsunami of departing funds, then he is blind as a bat. At one point we had a trillion dollars under active management, and now it is at 20% of that -- $200 billion and falling like a rock.
I personally have seen two billionaires leave the Bahamas -- sell their huge houses on PI at the Ocean Club Estates and depart for better places to live. One moved to Europe and the other moved to Colorado of all places (He is not an American, but his current wife is). The one that moved to Europe said that as a permanent resident due to having his money here, he and particularly his wife felt trapped. He found life quite sterile behind the walls of Ocean Club Estates and the Bahamas as a whole, was quite parochial.
We can dig in and not play ball, and watch the second pillar of the economy degenerate into something akin to a Baha Mar, or we can be proactive and capitalise on what we have left. Personally it doesn't make a difference, because in a very short time, it will be a fraction again of what it is now. Like our tourism product, our financial services products are stuck in the past, and nobody will want our offerings except the undesirables and the lowest level of non-compliant customers, bordering on the shady and criminal.
Sadly, if we had pivoted into merchant banking or commercial banking prior to 2008, we could have done quite well, solely for the fact that we are not American banks and would have had no exposure to toxic assets like the synthetic CDOs that brought down the sub-prime housing market.
Bottom line -- the Economist is right. (and I am willing to bet that if questioned, Mr. Paton couldn't even tell you what a synthetic CDO is without Googling it, and even then the explanation wouldn't be that accurate).
On Bahamas urged: ‘Resist’ new global tax pressure
Posted 13 September 2016, 8:06 p.m. Suggest removal
banker says...
This comment was removed by the site staff for violation of the usage agreement.
On Horse racing book is a winner with the Governor General
Posted 13 September 2016, 1 p.m.
banker says...
How can you begin a process for depositing money, when you don't have the money??? How stupid is James Smith? How much salary is he collecting from this committee? How much salary is he collecting from chairing Resolve, the special purpose vehicle? How much money is he collecting as a consultant to the Ministry of Finance?
Gawd, I wish there was a freedom of information act !!!!!!
Just two more days until the money arrives, according to Prime Minister Crisco Butt. Should be interesting.
On Govt’s claims committee involvement ‘limited’
Posted 13 September 2016, 12:58 p.m. Suggest removal
banker says...
The Family Islands are so under-served by the banks, that the webshop operators have informally taken over banking with transactions like the one that you describe.
On Central Bank wants reductions in cash based transactions
Posted 12 September 2016, 8:59 p.m. Suggest removal
banker says...
There was a real odious two-bit American hotel reporter/freelancer for a minor publication (Trump supporter at that) who was posting here. He said a lot of crap, but one of the things that he said was that we would never see the opening of Baha Mar. I am convinced that is the case now.
Not only does Baha Mar need finishing, but being vacant for so long, it needs a remediation of the existing work -- not to mention cleaning out all of the rooms with rice poop in them. That alone may be the health hazard that condemns the place. And then we have the dock ....
On Baha Mar claims process: No one guaranteed to be paid
Posted 12 September 2016, 11:22 a.m. Suggest removal
banker says...
I can hardly wait. Three more days until EXIM deposits the money to pay the contractors. PM Crisco Butt said so, and I believe every word that he says. He said a couple of weeks, in mid-September, the Bahamian contractors will be paid. We all know that every word that emanates from his buccal alimentary canal orifice is God's truth -- Right????
On Baha Mar claims process: No one guaranteed to be paid
Posted 12 September 2016, 8:47 a.m. Suggest removal
banker says...
Umm the Bahamian's people's money is Bahamian dollars. If the government does in fact match money, then it has to match American dollars which is derived from either tourism spending or FDI inflows.
On Baha Mar claims process: No one guaranteed to be paid
Posted 11 September 2016, 9:53 p.m. Suggest removal
banker says...
Yep, that's why ScotiaBank moved it customer service call center to Jamaica, killing Bahamian jobs.
On Scotiabank affirms its Bahamas commitment
Posted 11 September 2016, 10:39 a.m. Suggest removal