iNews Briefs
Cayman Airways update on emergency landing
Cayman Airways Express flight KX4722 experienced a false engine fire indication while enroute from Little Cayman to Grand Cayman on Saturday, March 28, 2015.
Although there was no visible evidence of a fire, the crew followed standard operating procedures which included discharging the engine fire suppression system to the applicable engine and shutting the engine down. The Captain also requested that emergency crews be on standby at the airport for landing which is a standard procedure for this type of situation.
The aircraft landed at the airport at approximately 12:13pm without incident, and was cleared by the Cayman Islands Fire Service before being released to the gate. The Cayman Airways maintenance team then confirmed that the indication was false, identified the cause of the false indication, and repaired the aircraft.
The aircraft was returned to service within an hour, and there were only minimal delays for Cayman Airways Express flights for the remainder of the day.
Cayman Airways President and CEO, Fabian Whorms, reiterated the airline’s steadfast commitment to the safety of its passengers, crew and aircraft, and thanked the public for its ongoing understanding and support.
Driver following GPS drives off demolished bridge, wife killed [Chicago]
BY TRIBUNEMEDIAWIRE From FOX 8 Cleveland
EAST CHICAGO, Ind. — Authorities say a driver, who was apparently following GPS navigation, drove off the ramp of a demolished bridge in Indiana, killing his wife.
The Times of Munster reported 51-year-old Zohra Hussain died after the 2014 Nissan Sentra plunged 37-feet to the pavement below. The driver, 64-year-old Iftikhar Hussain, survived the crash.
“The Cline Avenue bridge is marked with numerous barricades including orange barrels and cones, large wood signs stating ROAD CLOSED with orange striped markings,” Lake County Sheriff’s Department spokeswoman Patricia Van told the paper.
The couple, who lived in Chicago, was apparently on their way to visit family.
Construction on the new bridge is expected to begin in a few months.
For more: http://fox8.com/2015/03/30/driver-following-gps-drives-off-demolished-bridge-wife-killed/
World Cup Qualifiers: Belize clip Cayman to advance with 1-1 draw
From Digicel Sportsmax
On the strength of Elroy Kuylen’s expertly taken first-half free kick, visiting Belize advanced to the second round of CONCACAF qualifying for the 2018 FIFA World Cup thanks to a 1-1 draw with the Cayman Islands at the Truman Bodden Sports Complex on Sunday.
The Belizeans captured the series on the away-goals rule after a scoreless draw between the sides in the series opener on March 25.
Striker Mark Ebanks shook off a groin strain and gave the host a 1-0 lead in the fifth minute. Unmarked at the back post, the 24-year-old powered home a cross from the right side for his third career qualifying goal.
Belize slowly gained its composure on the wet pitch and leveled in the 20th minute.
After Cayman was whistled for committing a foul near its own box, Kuylen stepped up to take the subsequent free kick, curling it over a five-man wall and dipping it to the right of goalkeeper Ramon Sealy.
Late in the encounter, Ebanks thought he netted the game-winner, only for the strike to be disallowed due to an infringement.
Belize will face the Dominican Republic in a two-legged, second-round series in June.
China stocks reach new peak
By Alexis Barley From Wall Street Observer MARCH 31 2015
China stocks hit fresh seven-year highs on Tuesday morning, helped by rises in property and banking stocks after Beijing eased lending policies to bolster the struggling real estate market.
The CSI300 index surged 1.9 percent early but ended the morning up 0.5 percent. The Shanghai Composite Index also gave up some early gains, and was 0.1 percent ahead at midday.
Hong Kong’s benchmark Hang Seng index rose 0.5 percent on China’s latest easing move, touching six-month-highs, with Hong Kong-listed Chinese companies climbing on signs of fresh money inflows from the mainland.
Stocks in the mainland are at levels “where some investors are piling in while some others are taking profit, which is why you see huge turnover,” Shen Yun, Shanghai-based analyst at Wanlian Securities said.
“We’re cautiously optimistic. The market may go up further, but you need to brace yourself for possible corrections,” he said.
The CSI300 Real Estate Index, advanced 0.7 percent, after surging 7.3 percent on Monday, its biggest daily rise this year after rumours spread that housing policies would be relaxed.
Indeed, after Monday’s market close, the People’s Bank of China (PBOC) said it would cut the down payment ratio for second homes to 40 percent from 60 percent.
Separately, the Ministry of Finance reduced the minimum holding period of a property to be exempt from sales tax from five years to two years.
Analysts said a glut of unsold homes was likely to continue to weigh on home prices for much of the year.
China banking stocks also rose sharply, as investors bet a healthier real estate market would improve lenders’ profitability and reduce the risk of higher levels of bad loans.
In Hong Kong, the Hong Kong China Enterprises Index, which tracks Chinese companies listed in Hong Kong, extended Monday’s gains to hit its highest level in nearly four years.
Traders cited signs of fresh money inflows from China after Chinese regulators last weekend said they would allow mainland mutual funds to invest in Hong Kong shares via the Shanghai-Hong Kong Stock Connect scheme.
On Monday, nearly a quarter of the daily quota was taken up on the Hong Kong-bound leg, the highest since the scheme was launched. In contrast, only 5 percent of the quota was used last Friday.
The Cayman Islands Court provides guidance on the approach to trust mistake cases
From offshore Banker
The Cayman Islands Grand Court has for the first time applied the principles declared by the Supreme Court of England & Wales in Pitt v Holt and Futter v Futter.
The Chief Justice held that in the specific circumstances arising in respect of trustees exercising their power of appointment in error which amounted to an “excessive exercise” of such power, the appointments from Cayman trusts to Jersey trusts were considered to be void, or in the alternative the power was exercised as the result of “mistakes” and therefore the appointments were voidable and liable to be set aside.
This is a decision which will be of particular interest to lawyers and other advisors considering the possibility of applications for relief on the grounds of mistake succeeding.
Caribbean Nations seek to benefit from Cuba’s ICT growth
By Narayan Ammachchi From Nearshore Americas
As Cuba’s ICT infrastructure looks set for sudden growth, the Caribbean Community (CARICOM) is seeking to become involved in its developmental programs and thereby extend that growth to other countries in the region.
With that goal in mind, CARICOM is sending a delegation to Cuba under the leadership of Professor Harold Ramkissoon, chairman of the CARICOM Science, Technology and Innovation Committee.
“Caribbean countries want to strengthen technology links with Cuba,” stated Grenada Prime Minister Keith Mitchell, whose country currently holds the responsibility of bolstering science and technology sector in the CARICOM region.
With the United States presently improving its relationship with Cuba, several American technology firms, particularly Internet giants like Google, have begun exploring business opportunities in the Communist state. Mitchell hopes that Cuba can “open the door for Caribbean growth.”
Last month, CARICOM announced that it was looking for ways to create what it called “a single ICT platform” for the Caribbean, which involves integrating the region’s technology resources and infrastructure.
Its five-year program for the ICT platform, which involves building ICT research & development centers, has already been approved by the member states.
According to Mitchell, inadequate spending on R&D has long been a major obstacle hampering Caribbean’s growth in technology and broadband infrastructure. He argues that the Caribbean must embrace technology to deal with its growing problem of unemployment.
With a strong technology infrastructure, Mitchell said, the Caribbean can follow in the footsteps of Brazil, China, India and Malaysia.
CARICOM comprises Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago.
For more: http://www.nearshoreamericas.com/caribbean-nations-seek-gain-slice-cubas-growth/
Cayman Football: Elimination from World Cup Qualifiers unfortunate says Rivers
From Digicel Sportsmax
Captain of the Cayman Islands football team Abijah Rivers believes the team’s elimination from the 2018 World Cup Qualifiers, after drawing 1-1 against Belize at home, was unfortunate.
Belize advanced to Round 2 of the competition as a result of the away goals rule, as the first leg in Belmopan, Belize, ended 0-0.
The 27-year-old defender said it hurt to be knocked out and not lose, and he felt his team were the better on the night.
“It’s really unfortunate that we played two games and didn’t lose any and we’re not advancing,” Rivers said.
Rivers believes it was unlucky to concede a goal from a set piece after restricting Belize from open play, which was a tactic the team worked hard on.
“It hurts to lose on a set piece,” Rivers said. “They couldn’t score on no other play. It just really hurts because I think the team gave a great effort, all 11 starting players.”
The Elite SC player, however, believes his teammates can hold their heads high as they represented the country proudly over the two legs.
In wake of the result The Cayman Islands Football Association promised to help the senior team to be more active and get more friendly internationals.
Prior to a game against the Jamaica Under-23 team, the Cayman Islands last game at the senior team level came in 2011.
Brazil has a new Ambassador to the Eastern Caribbean
From Caribbean Journal
Brazil has a new ambassador to the Organization of Eastern Caribbean States.
Ambassador Sergio Couri presented his credentials to OECS Director General Didacus Jules on Sunday.
Couri said his country planned to explore new methods to strengthen cooperation with the region, including the establishment of a joint cooperation agreement with the six independent member states of the OECS.
The primary objective of that agreement would be “the enhancement of the productive capacity and output of the countries of the OECS region,” according to an OECS statement.
Brazil first signed a technical cooperation agreement with the OECS in 2006, which included help in the fight against HIV/AIDS in the region.
“Brazil has been a most reliable and generous partner and has provided assistance beyond the scope of its commitments under the Agreement,” Jules said.
For more: http://www.caribjournal.com/2015/03/30/brazil-has-a-new-ambassador-to-the-eastern-caribbean/#
Training firm opens Caribbean franchise in Cayman Islands
From Wetherby News
A Wetherby-based training provider has taken a turn for the tropical, with the launch of a franchise in the Cayman Islands.
Pitman Training’s new Cayman Island centre is its first franchise to be launched in the Caribbean, and is intended to help deliver the work-ready skills that businesses are now demanding in the Caribbean.
Press activity surrounding the new centre’s launch – including radio interviews and an interview on Cayman Islands’ TV breakfast show – led to three people signing up to a course, and the purchase of a diploma, within days of opening – a record number for a new centre.
Sue Buckeridge, director of Pitman Training in the Cayman Islands, said: “Pitman Training has a very strong brand history, which has also evolved to fit the skills that businesses today are demanding.
“Businesses the world over are now demanding different skills from those they needed 10 years ago, and it’s great to see that Pitman Training are continuing to evolve with businesses, and ensure the training they offer is still relevant, to meet these demands.”
IMAGE: Andrew Walters, Pitman Training franchise development manager, with the directors of the Pitman Training Cayman Island franchise, Rhonda Ebanks, Celicea Myles and Sue Buckeridge. (S)
For more: http://www.wetherbynews.co.uk/news/business/training-firm-opens-caribbean-franchise-1-7175962
Caribbean Export explores technical management unit to support Regional trade
From Caricom Today
The Caribbean Export Development Agency (Caribbean Export) has explored the establishment of a technical management unit (TMU) to assist exporters from the Caribbean Forum of African Caribbean and Pacific States (CARIFORUM) states that are interested in entering the French Caribbean market.
Following the successful hosting in the Cayman Islands, of a business forum for private sector firms, Caribbean Export has also explored ways to assist French Caribbean exporters with market information on the CARIFORUM region.
According to the St Kitts and Nevis Observer newspaper, while a number of business support organizations (BSOs) in the region have already started the process of assisting firms to export to the French Caribbean, Caribbean Export is also aware that they face challenges in doing so.
The TMU is pegged to help address issues such as the provision of market research and intelligence in doing business in the FCORs; assist with meeting language and cultural requirements; identify key contacts and the coordination of trade fairs and market visits to facilitate buyer/seller contacts.
Additionally, whilst the issues of facilitating trade is required, other barriers to trade, such as costly air and sea transportation and the taxes such as Octroi de Mer that have direct implications on the ability of CARIFORM firms to trade in the French Caribbean, must also be addressed in order to further advance in true intra-regional trade for the benefit of the entire Caribbean.
CBI and Caribbean Broadcasting Union sign Rio 2016 Olympics deal
By Emily Goddard From Inside the Games
The Caribbean Broadcasting Union has struck a deal with CANOC Broadcasting Incorporated for Rio 2016 ©CBUCANOC Broadcasting Incorporated (CBI) and the Caribbean Broadcasting Union (CBU) have signed a memorandum of understanding that is set to bring unprecedented coverage of the Rio 2016 Olympics to the Caribbean.
The agreement, signed by CBI chief executive Larry Romany and CBU President Shida Bolai, will see next year’s Summer Games in the Brazilian city being aired in 20 nations and territories in the English and Dutch Caribbean.
Coverage will be provided on radio, free-to-air television, cable television and through online media, with the participating CBU members selecting specific content for distribution in their respective markets.
Part of the deal includes the provision of a dedicated ESPN-produced television channel for Caribbean audiences, and the airing of all Rio 2016 semi-finals and finals featuring athletes from the region, which is likely to include sprint star Usain Bolt of Jamaica as he looks to defend his 100 and 200 metres Olympic titles in Brazil.
There is also the opportunity for CBU members to send staff to report live and direct from Rio, thanks to partnership between ESPN and CBI, who were formed by the National Olympic Committees (NOCs) and Commonwealth Games Associations across the region to buy and sell broadcast rights for major sporting events
The full list of participating countries comprises Anguilla, Antigua and Barbuda, the Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Suriname, Trinidad and Tobago and the Turks and Caicos.
IMAGE: Usain Bolt (centre) of Jamaica will be aiming to defend his 100 and 200 metres Olympic titles at Rio 2016 ©Getty Images
Johnny Depp’s ‘Pirates of the Caribbean 5’ halted in Australia
By Patrick Frater Asia Bureau Chief From Variety
Production of “Pirates of the Caribbean 5” in Australia has been halted due to the hand injury sustained by Johnny Depp earlier this month.
The film’s star departed Australia for the U.S. on March 10 following an injury that happened in Queensland, though not while shooting.
Filming had continued on scenes not involving Depp, but on Thursday, some 200 crew were told that they would not be working for the next two weeks, according to multiple Australian media reports.
Production is scheduled to pick up on April 15.
Financing for development in Latin America and the Caribbean
Authors: Daniel Titelman, Esteban Pérez Caldentey
Source: UN ECLAC
A strategic analysis from a middle-income country perspective
Year: 2015
From the document:
This document was prepared for the Latin American and Caribbean Regional Consultation on Financing for Development, held at the headquarters of the Economic Commission for Latin America and the Caribbean (ECLAC) in Santiago, on 12 and 13 March 2015, in preparation for the Third International Confere ence on Financing for Development (Addis Ababa, July 2015)…
The post-2015 development agenda will bring a profound transformation in sustainable development and will require a vast mobilization of resources, along with a change in their funding, organization and allocation This profound transformation reflects the commitment to a universal approach to sustainable development, taking into account all the different country income groups, considering sustainability concerns in all activities and addressing the drivers of climate change, as well as ensuring respect for human rights in all actions in accordance with international standards.
It also reflects a broad list of development concerns including the need to eradicate poverty by 2030, the guarantee of equitable access to education and health care for all, the transformation of economies to achieve a more socially inclusive form of productive development, putting equality at the heart of development, and the promotion of safe, peaceful societies and strong institutions…
Although the post-2015 development goals have still to be defined precisely, it is clear that the sums needed to achieve economic, social and environmental development objectives and preserve the global commons far exceed the capacity of traditional development flows. Public flows will be insufficient for this task and will have to be complemented with private flows, which in fact constitute the bulk of external financing for middle-income countries, including those of Latin America and the Caribbean.
Latin American and Caribbean countries must address the challenge of channelling private inflows towards production needs and development in an effective manner. This involves blending private and public resources, in order to achieve the leverage required to maximize the impact for development financing.
Download PDF at: http://repositorio.cepal.org/bitstream/handle/11362/37769/S1500126_en.pdf?sequence=1
New kind of Caribbean travel conference
By Alexander Britell From Caribbean Journal
The Caribbean’s newest travel idea isn’t new.
But the thinking behind it is a kind of revolution for the region’s travel industry.
Pow Wow. Florida Huddle. FITUR. There are major international shows and conferences for travel agents. But until now, there hasn’t really been one for the Caribbean.
That’s what Puerto Rico is trying to change with the new International Tourism Expo Puerto Rico (ETI) conference.
The conference, which begins May 13 in San Juan, is aiming to become a first-of-its-kind show in the region.
“We want to make this conference the premiere and largest trade event in the Caribbean,” says MariJo Laborde, chief marketing officer for the Puerto Rico Tourism Company. “There are places like London that has World Travel Market and Germany has ITB and Spain has FITUR and there’s Pow Wow in the US — but there’s really nothing that encompasses the Caribbean.”
While the show will be hosted in Puerto Rico, it will be a Caribbean show — that means exhibitors from around St Kitts to Colombia to beyond, with a focus on Puerto Rico and all of its municipalities and destinations.
“It’s a very wide and interesting group of exhibitors that will make for a really fun show,” Laborde says. “And I mean fun in every sense of the word.”
Ans so far, the response has been good, Laborde says, with more than 100 exhibitors already signed up.
But there’s a larger point about this show. This is about thinking big — thinking about the Caribbean competing globally and staying on the cutting edge of the global travel market.
And it’s not just a show for travel agents, Laborde says. There is also going to be a Saturday component that’s open to the public.
The ultimate goal, though, is beyond the travel trade — it’s to position the Caribbean and its ever-important tourism sector in a new way.
And that kind of thinking — seeing the region as a major player on the world stage, and acting like one — is significant.
This year’s show lasts through May 16.
For more: http://www.caribjournal.com/2015/03/30/a-new-kind-of-caribbean-travel-conference/#
Commonwealth project to boost the development prospects of Caribbean small states
The Commonwealth has launched a project aimed at boosting the prospects of Caribbean small states in key areas such as security, innovation and energy and private sector development.
The initiative is dubbed ‘Building the Resilience of Small States: A Strategic Vision for the Caribbean 2050’. It was created in response to the persisting challenges facing small states, which include high debt burdens, rising levels of unemployment and susceptibility to natural disasters – concerns compounded by a rapidly evolving and complex socio-economic and political environment, and the ongoing and increasing threats posed by climate change.
This initial exercise is focused on Caribbean Commonwealth small states, but will be extended to other Commonwealth small states regions.
A group of experts has been employed to conduct in-depth research on the current state and pace of development in the Caribbean region and The Bahamas, Barbados, Grenada, Guyana, Jamaica, Saint Lucia and Trinidad and Tobago have been chosen to create a database of case studies for the first phase of the project.
The findings will include a set of recommendations and proposals to shape and decide policy on a range of development initiatives in Caribbean small states.
Commonwealth Deputy Secretary-General Deodat Maharaj raised concerns that current efforts to address the challenges facing small states have made limited progress.
He said: “Commonwealth Caribbean countries have been experiencing persistent low levels of growth for over a decade. They also face wider economic, social and environmental challenges that threaten their ability to achieve sustained development.”
“The findings from this project will provide the Commonwealth Caribbean with a crucial vision-based set of aspirations for development, whilst outlining a set of concrete measures to fulfil them.”
He added: “This project will also set the stage for a package of targeted solutions to challenges facing small states in other Commonwealth regions.”
The results of the first phase of the ‘Building the Resilience of Small States: A Strategic Vision for the Caribbean 2050’ project will be shared with the Caribbean Community at the high-level Forum on the Future of the Caribbean in May 2015.
Venezuela cuts oil subsidies to Caribbean Nations
By Jackie Northam From NPR
Low oil prices are forcing Venezuela to cut a generous subsidy program to Cuba and a dozen other Caribbean nations.
Venezuela is Latin America’s largest oil producer, and its economy depends heavily on oil exports. It’s been been hit hard by the tumbling oil prices.
“Venezuela is in desperate straits. The oil sector has been deteriorating, and now with the slumping oil prices, they needed cash desperately,” says Michael Shifter, the president of the Inter-American Dialogue, a Washington, D.C.-based group that studies the region.
Shifter says it’s no surprise that Venezuela is trimming back a program that provides oil at subsidized, deferred payment rates to many of its Caribbean neighbors that are dependent on energy imports. Petrocaribe — an alliance of Venezuela and Caribbean nations — was created a decade ago by the late Venezuelan president Hugo Chavez. It provided subsidized oil to countries such as Belize, Haiti and Jamaica.
The subsidies helped Caribbean nations balance their budgets and finance schools, social programs and small businesses and farms.
“This was part of his broader strategy to extend his influence to consolidate support and also to curtail influence of the United States in the region,” Shifter says. But he says when prices dropped, Venezuela “couldn’t sustain this, it was impossible.”
The Miami Herald, citing a report by Barclays investment bank, says shipments of subsidized oil to Petrocaribe members are down by about half for most countries from what they were in 2012.
Caribbean nations have been bracing for the steep cutbacks in shipments of cheap crude oil, according to The Wall Street Journal. The newspaper quotes the governor of Jamaica’s central bank saying his government is adjusting by being more cautious about what to expect from Petrocaribe.
Even Cuba — the nation most closely-aligned ideologically with Venezuela — is seeing cuts to its subsidies. The Barclays report says Cuba paid for its oil by sending doctors and teachers to Venezuela.
But IHS Jane’s Intelligence Review says ties between the two countries remain very strong.
Luxembourg must diversify to build resilient financial sector, says OECD
From Out -Law
Luxembourg has been warned that it has to diversify its economy and reduce the reliance of its financial sector on providing financial functions for multinational companies if it is to survive any campaign on international tax avoidance.30 Mar 2015
International economic co-operation body the Organisation for Economic Cooperation and Development (OECD) said in an economic survey of Luxembourg that the country has weathered the global economic crisis well, but that it has work to do to establish a strong, resilient financial sector in the face of international tax reforms.
“There is a risk that in the near future Luxembourg could face lower revenues from multinational enterprises as a consequence of the ongoing evolution of international tax regulations that necessarily trigger changes of tax rulings,” the report said
“Luxembourg is one of the most prosperous countries in the OECD, with enviable levels of income and well-being largely driven by the performance of the financial sector,” said OECD secretary-general Angel Gurría.
“But securing high living standards for future generations will require more economic diversification, backed by structural reform. Strengthening the education system, boosting innovation, and raising female labour force participation should be important elements of Luxembourg’s long-term strategy,” he said.
Financial services and insurance are an important source of Luxembourg’s income, and the “value added share” of this sector is worth about 27%, compared to 8.25% in the UK or 10.5% in Switzerland. Luxembourg is now the world’s second largest investment fund centre after the US, the OECD said.
Product diversification into investment funds, wealth management and insurance is underway, the OECD said. However, changing financial market regulation in Europe, increased international transparency requirements for banking, and heightened international competition pose challenges, it said.
The financial sector may “have reached a size where its contribution to GDP growth might fade, and high dependence on one sector poses medium-term risks,” it said.
In December 2014, Luxembourg agreed to “fully comply” with European Commission requests for information on its tax rulings practice.
China upstages Russia in fight for Central Asia
By Toh Han Shih South China Morning Post
Moscow’s trouble crisis has seen Beijing become more than just a regional commercial partner
China is upstaging Russia as the most influential player in Central Asia, but the mainland’s huge trade and investment in the resource-rich region faces challenges in terms of suspicion, lower oil prices and its anti-graft crackdown back home.
“Concerning this landlocked region, China seems destined to play the same major role in the 21st century that Russia played in the 19th and 20th centuries,” said Sebastien Peyrouse, professor of international affairs at George Washington University in the US, at a recent hearing of the US-China Economic and Security Review Commission in Washington DC. USCC is a US government agency that advises US Congress on Sino-US relations.
Russia’s rouble crisis had spotlighted China’s crucial role as a regional economic stabiliser in Central Asia, said Alexander Cooley, professor of political science at Columbia University.
China surpassed Russia as Central Asia’s biggest trading partner in 2009, according to the International Monetary Fund. China’s trade with Central Asia soared from US$700 million in 1998 to US$25 billion in 2008, which nearly doubled to US$49 billion in 2013, Peyrouse said.
In September 2013, President Xi Jinping spoke of establishing a “Silk Road Economic Belt” that would open a strategic thoroughfare connecting Central Asia with the rest of the continent.
“China’s contribution of US$40 billion to a Silk Road Fund to assist in the infrastructural development for the Silk Road Economic Belt has been seen by Central Asian states as a token of the seriousness of Beijing’s commitment,” said Michael Clarke, senior research fellow at Griffith University, Australia.
“China’s role in the region is shifting from commercial partner to a comprehensive provider of economic mediation and governance, development financing and even emergency lending,” said Cooley.
The Export-Import Bank of China is the largest single creditor to aid-dependent Tajikistan, according to the World Bank.
“China has succeeded, within the space of a few years, in imposing itself as one of Central Asia’s main energy partners. Today, China controls about a third of Kazakh oil production,” Peyrouse said.
“The biggest regional problem that China faces in Central Asia is Sinophobia,” said Raffaello Pantucci, director of international security studies at the Royal United Services Institute for Defence and Security Studies, Britain.
In Kazakhstan, a land deal for Chinese companies to cultivate crops was announced by President Nazarbayev in 2009, but public protests led him to withdraw the deal, Pantucci said.
Lower oil prices were likely to make Chinese oil companies more selective in acquiring overseas assets, said Downs.
“The anti-graft investigations, which have taken down more than two dozen managers at CNPC, have slowed decision making within the company and its domestic peers. This reluctance to make major decisions has contributed to the slowdown in the international mergers and acquisitions of China’s national oil companies.”
