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O’Brien could be down to 10% ownership as Digicel debt deal struck in Bermuda    

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By Dana Malcolm 

Staff Writer 

 

 

July 17, 2023 – Digicel says it will be business as usual for the next few months as it finalizes its new ownership. Irishman, Denis O’Brien, founder and longtime owner of Tele-communications giant will see his majority stake in the company slashed to between 10 and 20 percent in an effort to pay off the company’s mounting debt.

The decision comes after years of well documented debt troubles for the Jamaica based company. Owing up to $7 billion to creditors in the last few years and with the near collapse of its largest market, Haiti, in the last few months, O’Brien announced the possibility of selling off his shares early in 2023.

The Irish Times reported on June 27th that the deal has now been officially inked.

Quoting Oliver Coughlan, Digicel chief executive, they describe the deal as consensual on both parts, not a hostile takeover by any means, and a positive step forward. 

“It will continue to be business as usual during the implementation phase,” Coughlan is quoted as saying.  As for what that means for the 25 markets Digicel currently serves after the implementation phase, is not clear.

The deal is being carried out in Bermuda where Digicel filed for Chapter 15 US Bankruptcy and almost $1.18 billion of bonds will be converted to an initial 62 per cent stake in the company, for the bondholders that could eventually increase to around 90 percent.

Digicel is still a fairly young company, one founded in 2001, but enjoying incredible success early on, the company expanded rapidly over its lifetime helping to not only exponentially increase cell phone penetration and coverage in the Caribbean region but to pump millions into charitable projects.

The collapse of the Haitian market was a major blow to the company but in a candid conversation with Jacqueline Charles of the Miami Herald in March 2023, O’Brien maintained a positive outlook and was more concerned about the residents, evidenced by his frequent visits.

In fact, he was a part of the delegation headed by Andrew Holness, Jamaican Prime Minister which visited the country in March.

He told Charles, “we’re struggling but by God we’re not suffering like the population– I’m really committed to finding a way where this country can be properly compensated by the people who created the environment, which has led to where the country is today.”

O’Brien will still have a seat on the board of directors after the takeover.

Caribbean News

ACTION BEING TAKEN TO REMOVE SHIFT SYSTEM FROM SCHOOLS

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MONTEGO BAY, September 14 (JIS): Minister of Education and Youth, Hon. Fayval Williams, says Jamaica will take  one step closer to removing every single remaining school from the shift system during this school year.

The Minister, who was speaking to students, teachers, administrators and other stakeholders on opening day at the Ocho Rios Primary School in St. Ann, on September 2, said that while the shift system served a necessary purpose in the past,  the time has come to bring all schools back to their traditional all-day operation.

“This year, Ocho Rios Primary School will be joined by Naggo Head Primary, Bridgeport High, and Papine High in the transition from the shift system. Achieving these four schools will mean that by the end of this year, we will have only 27 schools left to de-shift. We are coming from 38 when I sat in the chair at the Ministry of Education and Youth in September 2020,” Mrs. Williams pointed out.

“All I can say is, we need to listen to our stakeholders all the time, not just assume that we know what’s good for them. Look at the pain that our students suffered under the shift system. This we wouldn’t know until we listen to them articulate it. I am, indeed, happy that I am part of this process of transforming the education system in Jamaica,” she added.

The Minister said that the transition to a single shift system should be seen as “more than just a change in the schedule,” but also as a promise fulfilled by the Government… “a promise to create a better, more balanced learning environment for our children for years”.

She said that while very few people would argue that the shift system has been a necessary part of the educational landscape, it also brought its own set of challenges, such as limiting the time students could spend learning, exploring and growing.

“Today, we are breaking free from those limits by moving to a single all-day shift system. We are giving our students more time, more opportunities and a school day that supports both their academic success and their overall health,” the Minister added.

“Today is a day of celebration. We are gathered here to mark an important milestone for Ocho Rios Primary School, which has been on the shift system since 1998, and I couldn’t be more thrilled to share it with all of you as we stand at the beginning of a new school year,” the Minister said.

In the meantime, Mrs. Williams said the Government is also focused on improving the infrastructure of  schools, making sure every student learns in a safe, modern and inspiring environment.

She reminded that the school system took a big hit from Hurricane Beryl on July 3, when more than 300 schools suffered different degrees of damage, noting that “we looked at that number and of the over 300, some 107 of them were so damaged that if we did not fix them, school would not begin today”.

 

CONTACT: GARWIN DAVIS

JIS REGIONAL OFFICE

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Bahamas News

PM Davis: Interpol Americas Regional Conference reflects the ‘critical need for a unified and strategic response to the growing complexities of transnational crime’

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NASSAU, The Bahamas – During his Official Remarks at the 26th Interpol Americas Regional Conference, on September 11, 2024, Prime Minister and Minister of Finance the Hon. Philip Davis said that it was a “distinct honour” to welcome participants and said that their assembly at the event in The Bahamas reflected the “critical need for a unified and strategic response to the growing complexities of transnational crime.”

“From organized criminal networks to cyber threats, human trafficking, and the illegal arms and drug trades, these challenges transcend borders, requiring solutions that are grounded in international cooperation,” Prime Minister Davis said, at the event held at Atlantis Resort, Paradise Island.

He added:  “Interpol is a cornerstone in fostering these high-level partnerships, enabling law enforcement agencies to work seamlessly across jurisdictions. Through collaboration, intelligence sharing, and joint operations, we fortify our collective security framework. The strength of our partnerships lies not only in our shared commitment but also in the integration of our resources, expertise, and resolve to protect our citizens and secure our region.  It is this collective effort that will ensure we remain resilient in the face of evolving threats.”

Prime Minister Davis noted that, in the “rapidly changing world,” criminal networks were becoming more sophisticated and adaptable, making it essential that the approach to combating those threats evolved in tandem.

“No single nation can face these challenges alone,” he said.  “The need for a shared, coordinated response has never been more critical.”

“Our collective success depends on our ability to work together, pooling our resources, intelligence, and best practices,” he added.  “This shared approach strengthens our capacity to anticipate, prevent, and respond to criminal activities that threaten the safety and stability of our nations.

“By aligning our strategies and deepening our cooperation, we not only enhance our national security efforts but also contribute to the overall security of the region.”

Prime Minister Davis stated that The Bahamas recognized the importance of that collaboration.

“We have invested in advanced technology, reinforced our legal framework, and enhanced our law enforcement capabilities,” he said.

“However, these efforts are only as strong as the partnerships we build with our international counterparts. Our shared commitment to safeguarding our societies is what makes this conference, and our continued cooperation, so essential.

He added:  “While we often focus on the technical aspects of crime prevention — intelligence sharing, law enforcement strategies, and legal frameworks — it is essential that we never lose sight of the human cost. Behind every statistic lies the reality of individuals and families whose lives are disrupted or destroyed by the impact of crime. Whether it is human trafficking, drug smuggling, or violent crime, the human toll is profound, particularly in vulnerable communities.”

Prime Minister Davis noted that In the Caribbean and Latin America, they had seen firsthand how organized crime infiltrated societies, exploiting economic vulnerabilities and eroding social cohesion.

“The illicit activities we face not only undermine our economies but also compromise the very fabric of our communities,” he said.  “This makes it all the more important that we address not just the symptoms of crime but the root causes that allow these networks to thrive.”

“By strengthening our cooperation through Interpol, we not only enhance our ability to dismantle criminal networks but also to protect the most vulnerable among us,” he added. “Our shared commitment must extend beyond law enforcement; it must also focus on reducing the socioeconomic conditions that make our citizens susceptible to criminal exploitation. Addressing this human impact is key to ensuring lasting security and stability across our region.”

Prime Minister Davis noted that, as they all reflected on the discussions and collaborations during the conference, it was clear that the strength of their relationship had never been more important.

“The challenges we face are dynamic, but so too are the opportunities for deepening our ties and enhancing our collective security,” he said.  “This conference represents not just an exchange of ideas, but a reaffirmation of our shared commitment to a safer and more secure future for our nations.”

He added:  “Moving forward, it is vital that we continue to build on the progress made here. Our collaboration through Interpol must remain proactive, adaptive, and resilient. By reinforcing our partnerships and constantly evolving our strategies, we will be better equipped to anticipate and respond to emerging threats.”

Prime Minister Davis expressed his “sincere gratitude” to Interpol for its leadership and for facilitating those critical conversations.

“I also extend my heartfelt thanks to each delegate here for your ongoing dedication to the safety and security of our region,” he said.  “The outcomes of this conference will resonate far beyond these walls, shaping the future of our cooperative efforts in combating transnational crime.”

“Before we conclude, I warmly invite you to experience why ‘It’s Better in The Bahamas’,” Prime Minister Davis added.  “Take some time to enjoy our beautiful sun, sand, and sea, and discover the richness of Bahamian hospitality and culture.”

PHOTO CAPTION

Photos show official remarks being delivered at the 26th Interpol Americas Regional Conference, Atlantis Resort, September 11, 2024 by Prime Minister and Minister of Finance Philip Davis, Minister of National Security Wayne Munroe, INTERPOL President Ahmed Naser Al-Raisi, and Commissioner of Police Clayton Fernander.     (BIS Photos/Eric Rose)

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Caribbean News

Lack of global incentives to blame for high deforestation rates – Guyana VP Jagdeo

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Vice President, Dr Bharrat Jagdeo during the panel discussion on Tuesday

Guyana Public Information

 

 

Guyana, September 14, 2024 – Vice President, Dr Bharrat Jagdeo has emphasised that the alarming rate of global deforestation is largely driven by the lack of robust international incentives.

He was at the time speaking during a panel discussion at the high-level discussion on Guyana’s Low Carbon Development Strategy, at the Arthur Chung Conference Centre, Liliendaal, on Tuesday.

The United National Food and Agriculture Organisation estimates that 10 million hectares of forest are cut down each year.

The panel discussion also saw the input of International Environmental Advisor, Former Minister of Climate and the Environment and Former Minister of International Affairs of Norway, Erik Solheim

VP Jagdeo said that the global objective of achieving net zero emissions cannot be achieved without widespread recognition of the importance the forest plays in this goal and support for forest preservation.

“Deforestation and land degradation creates about 16% of greenhouse gases.  So, I think it’s a lack of recognition globally,” he noted.

Dr Jagdeo relayed that some 15 years ago, Guyana embarked on an endeavour to prove a sustainable and practical model for climate resilience, placing emphasis on forest preservation.

“There was the recognition that forest might play an important role, but there was no support system for it.  In the UNFCC, 15 years later, that has not evolved. Forests are still not part of the offset mechanism,” he lamented.

In crafting this model, he explained that Guyana worked to address several concerns expressed by the international community.

“One, the global community was saying forest may be important, but can forest carbon really be permanent?  Could it be measurable? Can the money earned from the sale of forest carbon be spent without corruption?  Would indigenous people’s rights be respected?  Could you have a national buy-in in such a model?  And there was a grave doubt that all of these things could be achieved in any model,”

A McKinsey & Company study suggested that Guyana could generate an annual annuity of $600 million over 25 years by deforesting 90% of its land and preserving the remaining 10% as high-conservation areas.

“We said, this is what we will need to out-compete alternate use of the forest,” the VP said.

In 2022, the government inked a deal with Hess Corporation worth at least $750 million for high-quality carbon credits, surpassing the potential revenue from deforesting 90% of Guyana’s forests.

He pointed out, “McKinsey and Company did a study at that time.  They showed that the lowest cost abatement solution was forests and investing in forests. So, the world knew that forests played an important role, yet it was unprepared to provide the support for forested countries that they were providing for other abatement solutions.”

He explained that Guyana has already proven the feasibility of this model through its Low Carbon Development Strategy, emphasising that now the international community must decide on implementation, and market-based mechanisms to promote preservation.

Despite having proven that the model is sustainable and measurable, Dr Jagdeo said that the international community continues to present the same concerns, hindering efforts to garner support for the initiative.

“The model has been proven.  We can use these resources to support Indigenous communities without encroaching on their land rights. We can get everyone involved.  We can use the funds accountably,” he said.

Under carbon credits initiative, the government has guaranteed that 15 per cent of total revenues generated are directed towards Amerindian development.

Since the allocation of $4.7 billion in 2023, the 242 villages across Guyana have implemented hundreds of transformative projects catering to sectors such as tourism, agriculture, infrastructure, industrial arts and crafts, and income-generating ventures, all aimed at advancing sustainable Amerindian livelihoods.

A further $2.7 billion will be disbursed to more than 242 villages in 2024, signifying the government’s unwavering commitment to the first people.

“The $750 million, about $110 million will go to the Amerindian communities, $640 million will go to adaptation in Guyana. Every cent will be audited.  Every cent will be audited and properly spent and dedicated to climate objectives. So, I believe it’s time for the global community to step up and address this issue and provide the resources at scale,” the vice president asserted.

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