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The ongoing investigation by US authorities regarding the affairs of Allen Stanford and the Stanford Group could have serious consequences for the Caribbean with Antigua possibly the worst hit by the potential downfall of this once great empire. While Allen Stanford and the Stanford group have played a major part in the Caribbean, South America and various other parts of the world it is only since the emergence of fraud allegations that his name has been pushed to the forefront. In a sign of the times, it is only recently instant long term loans that his Wikipedia page has been updated to show any relevant facts on the man himself! Born in Texas, Sir Robert Allen Stanford now holds dual citizenship between the US and Antigua and Barbuda where his business interests have had a major impact upon the area. He was knighted by the Antigua government and is alleged to have been a regular visitor to various government and cabinet meetings on the island. Initially Stanford made his first fortune in Texan real estate prior to that bursting of that particular bubble in the 1980s.
He then used the money made from real estate to expand into insurance, set up a formal real estate company and eventually moved into global wealth management.
However, there are suggestions surfacing in the press that the US authorities have been monitoring the operations of Stanford Group for up to 15 years. However, installment loans st louis mo it must be noted that no formal charges have yet been laid and while Allen Stanford has been questioned by the FBI and the US authorities he is yet to be charged with any criminal activity. While the ongoing investigation relates to only a small fraction of the overall Stanford Group, panic has spread across the Caribbean and South America in particular where the Stanford Group has a number of banking operations. Many of these smaller economies have literally been bankrolled by Allen Stanford, with Antigua and Barbados two which bring to mind, and the potential for further damage to the reputation and stature of the group is likely to have a serious impact on economies in the region. The last few days has seen investors queuing outside Stanford banks around the world demanding their deposits back as they fear the whole group could collapse in due course.
At this moment in time there are no plans to close down any other Stanford Group operations although investigations are ongoing. The headlines in the press have assisted in creating a climate of fear and panic which has instant long term loans instant long term loans prompted a number of governments in the region to issue specific advice to clarify the situation. Many property markets in the Caribbean have performed very well over the last few years although some have suffered more recently due to the ongoing economic downturn.
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Stanford group is not just a dormant bystander in many of these Caribbean countries as the group operates a number of businesses in the region which have improved employment prospects for thousands of workers. Even prior to the US announcement of the alleged fraud investigations there had been a number of job cuts because of certain cutbacks by Stanford Group operations and the situation could deteriorate very quickly unless the investigation is brought to a prompt conclusion in favour of Allen Stanford. It seems inevitable that rumours and concern about the economies in the Caribbean, and South America, will impact upon investor confidence and potentially impact upon the tourist industry where the trust factor could be affected. There are also serious concerns that the offshore banking industry, which is prevalent in many Caribbean countries, could be under serious threat from US authorities and other international regulators. Amid unsubstantiated rumours of various businesses having very close relationships with various governments in the region we could see credit lines seriously impacted in the short to medium term as the overseas banking regulations come under ever closer scrutiny. Obviously, a reduction in credit lines in the region will impact upon property investors and further exacerbate the problem which is already in existence because of the worldwide economic downturn. The potential collapse of some of the more tourist dependent economies in the region is not out of the question and even the Prime Minister of Antigua has suggested it is not a potential problem, it is a real problem. The future of the Caribbean property market is very much under threat in the short to medium term not only because of the ongoing Stanford Group investigation but the potential impact this could have on banking operations in the region. The Caribbean has been something of an offshore banking haven for some time although this particular benefit could be removed in the short to medium payday loans brampton term if the various ongoing investigations find further issues which need addressing. The dependence of economies such as Antigua and Barbados on business people such as Allen Stanford further highlights the lack of backbone existing in many of these islands economies.
If one person can have such a potential impact, as highlighted by the Prime Minister of Antigua, this could change the whole outlook for the region in the longer term.
What would happen if other prominent business people in the area decide to withdraw their low income payday loans services and their instant long term loans support?
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The real estate industry in the Caribbean has welcomed the start of new airline services from London to several islands as a much needed boost to the region s property sector. Like many parts of the world the Caribbean has seen dwindling property sales particularly since US real estate investors have fallen away and many perceive the region as being too pricey. The new British Airways services begin on 25th of October which will see a twice weekly service from London Gatwick to Punta Cana in the Dominican Republic, an increase in the number of flights to St. Lucia from three a week to five and Barbados will see double figures for weekly flights. Paolo De Reniz, area commercial manager, said it is positive news for Caribbean property markets with more flights applying for loan meaning increased access for holiday renters over the winter getaway period.
The Caribbean tends to be a popular destination with our leisure customers seeking a relaxing winter break.
From October, we will fly 45 times a week to the Caribbean and be servicing 13 destinations in the region, more than any other UK airline, he pointed out. Real estate agency Experience International, who sells property in the Dominican Republic as well as other Caribbean destinations, said it will be a breath of fresh air amidst the more gloomy property news. The Caribbean has always been a desirable location for property hunters seeking their investment in the sun. Over the last few years interest has spread from the likes of the Bahamas to other islands which are more affordable for buyers, without compromising on the quality of property available and the relaxed lifestyle, said Steve Worboys, MD of Experience International. He said it was a myth that property in the Caribbean is very expensive. As the EU continues to cast its net further and wider than ever before there are concerns that bully boy tactics could wreck some of the early stage property markets around the world. Guyana is the latest country to come under pressure from the EU with regards to trading conditions with EU partners and is in line to lose a considerable amount of trade unless an alternative deal can be brokered. The Guyana situation is just one of many which are ongoing after the EU instigated a round of Economic Partnership Agreements with 78 African, Caribbean and Pacific countries. The EPA was the brain child of Peter Mandelson prior installment loans in texas to his decision instant long term loans to leave the EU and rejoin the UK government and covers trade between EU and non-EU countries.
While many agreements have been in place since as far back as 1975 with regard to the treatment of export taxes, etc it seems that we are entering a whole new era. Many of the smaller Caribbean countries such as Guyana have blossomed with the help of EU trade but this could drop substantially over the coming months. While the EPA relates directly to importing and exporting of goods it has been expanded to take in a number of new areas which Guyana has taken offence to. It appears that the EPA currently on the table involves the opening up of service markets and the no credit loans online relaxation of rules governing overseas investment. Previously known as British Guiana, Guyana is a small country on the north east coast of South America with a population of less than 1 million. Over the years it has been the subject of years of infighting, an economy which has been dominated by drug quick cash loans online bad credit trafficking and tensions with a number of neighbours. However, there have been signs that the economy was picking up and relations with a number of larger countries in the region were starting to soften. The government has begun a worldwide campaign to promote the area as a tourist attraction and we have seen a number of major tour operators move into the area. This has led to substantial infrastructure improvements and the building of a number of hotels and resorts to attract more and more overseas visitors.
This has led to something of a feel good factor in the country which has transferred over to the property markets with a growing number of tourists expected to visit the area in the coming years. The government has suggested that they would be willing to sign a trade only EPA agreement but there is speculation that the EU has left an all or nothing deal on the table in the knowledge that Guyana will need to come around at some stage. There are hopes that tourism will one day replace exports as the main income stream for Guyana and while they are on track for this, it will not happen over night. While much of the Guyana economy depends upon agriculture and exports to the EU and other areas of the world, the government has been trying to reduce this dependence of late. The last few years has seen a substantial pick up in interest from UK property investors with the Commonwealth link still strong between the two nations.
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