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Scott Mendelson: You Say Slump, I Say ‘Smaller Movies With Legs’

by on April 21, 2011

Huffington Post…

If Fast Five and/or Thor fail to open to $50 million or more, then I’ll start to worry. If Pirates of the Caribbean: On Stranger Tides doesn’t open anywhere near $100 million and doesn’t clear $250 million, I’ll start to be concerned. If Harry Potter and the Deathly Hollows, Part II grosses under $260 million, I’ll maybe start panicking. But until any of those things occur, let’s stop whining about the week-to-week comparisons at the box office. We’re not in a “slump.” Yes, weekend-to-weekend figures have been consistently down behind last year’s respective weekends for much of 2011. But when you look at the numbers on a movie-by-movie basis, you actually notice something wonderful. A flood of mid-budget, adult-skewed movies have opened at or above expectations, and many of them have had the kind of legs you just don’t see anymore. That’s the Hollywood we claim we want, so why are we complaining? The key thing to remember here is that studios don’t care about the total weekend box office figures. They care only about how well their films did in relation to expectations and cost. And quite frankly, this has been a very cheap first 1/3 of a year. Alice in Wonderland may have grossed $332 million domestic, but it also cost $200 million. There are only two films this year that have cost even $100 million, the $120 million-budgeted The Green Hornet (which was supposed to open late last year) and the $130 million-budgeted Rango . One could argue that Rango will struggle financially due to its cost and marketing expenses (it’s cleared $234 million so far worldwide), but it’s also the best film of the year, so there’s that… The Green Hornet was such a surprise success ($228 million worldwide thus far) that we’ll probably get a sequel if Sony can keep the budget at under $90 million. But Battle: Los Angeles didn’t cost $150 million, it cost just $75 million. And Sucker Punch didn’t cost $175 million, it cost $85 million. Sure, both of those films may have underperformed somewhat. Sucker Punch ($78 million worldwide) was an arty experiment that no one understood , while Battle: Los Angeles ($192 million worldwide) promised Independence Day but delivered Black Hawk Down . But even the ‘under performance of Battle: Los Angeles will mean tripling its budget, because Sony was able to deliver top-notch special effects for bargain basement prices. And even Sucker Punch will equal its budget worldwide, meaning that the film has a shot at “the black” once the DVD and Blu-ray are released. Heck, even the relative underperformance of Red Riding Hood will still yield profits, since the gothic horror film cost just $40 million and has grossed $60 million worldwide thus far. Same thing with the would-be franchise starter I Am Number Four . Sure, there probably won’t be a sequel, but since the film cost Disney and Dreamworks just $60 million, it’s a rock-solid hit at $128 million worldwide. Your Highness will lose money, but Universal was smart enough to cap expenses at $50 million, so the bleeding will be minimal. One can argue that there was no animated sensation like How to Train Your Dragon ($494 million worldwide), but How to Train Your Dragon , which cost $165 million, was pretty much the only major animated film in the marketplace during the first half of 2010. This year, just between February and April, we’ll have SIX animated films: Gnomeo and Juliet (a stunning $175 million worldwide on a $30 million budget), Rango , Mars Needs Moms (the one unqualified mom of the season, with just $36 million worldwide on a $150 million budget), Hop ($111 million thus far on a $63 million budget), Rio ($170 million worldwide thus far on a $90 million budget), and Hoodwinked Too (opening in two weeks at a cost of just $25 million). That’s a total cost of $488 million for six animated films (average cost: $81 million), with a total so-far gross of $726 million worldwide thus far (with Hop , Rio , and Hoodwinked having lots of cash to still pull in). Pointing being, the various animated films that have opened to near $40 million have had to fend off copious competition and pretty much all of them are on track to be profitable despite that, because (in most cases) the studios were able to contain costs to a reasonable level. And that’s just the high-profile cartoons and youth-driven would-be blockbusters. The real story this year has been the surge in adult-driven genre pictures and their uncommonly reasonable budgets and uncommonly strong legs. After years where a major adult-targeted, star-driven thriller or genre picture was cause for celebration, this year has thus far been filled with just that. Imagine, films targeted at grownups with old-fashioned movie stars, relatively intelligent and literate screenplays, narratives that were wholly original or based on actual novels, and almost all of them budgeted at a price that allowed them to be profitable without reaching blockbuster status. Source Code (cost: $37 million/worldwide gross: $56 million thus far), The Lincoln Lawyer (cost: $40 million/worldwide gross: $55 million thus far), No Strings Attached ($25m/$144m), Limitless ($27m/$111m), Unknown ($30m/$114m), The Adjustment Bureau ($50m/$111m), Hall Pass ($35m/$63m), and Hanna ($30m/$23m in under three weeks with international still to come). Not all of these films were great, but all of them were moderately-budgeted, most of them received positive reviews, some of them were even R-rated, most of them had moderate opening weekends and solid legs, and all of them will make solid profits in relation to their reasonable costs. Sure none of them reached the heights of Alice in Wonderland or Clash of the Titans , but they never were expected to. And wasn’t it wonderful to have a season where old-fashioned potboilers took precedence over inflated special-effects epics and/or franchise entries? Isn’t it kinda wonderful that the unneeded cash-grab that is Scream 4 will likely get out-grossed (domestically at least) by a $1.5 million haunted house drama starring adult actors (Patrick Wilson and Rose Byrne), Insidious , that has dropped less than 30% two weekends in a row due to audience excitement and word of mouth (after three weekends, it’s already at $36 million off of a $13 million opening)? I don’t care if the cumulative weekend takes of these films have often failed to match the respective weekends from last year. Even if we agree that fewer people are going to the movies this year, we must acknowledge that the current crop of movies are much cheaper than years previous, and that they are attracting a consistent crop of older moviegoers, just the sort that have allegedly fled the marketplace. Summer will start next weekend, so the kids will get their big-budget fantasies soon enough and the pundits can all start whining again about how the movies are DOOMED, and everything is a sequel or remake or comic book-adaptation. But we know better, don’t we? If the summer of 2011, with a nonstop deluge of massive films that will arguably have to deliver massive opening weekends, doesn’t deliver expected blockbuster results, then we can start worrying. But the winter/spring of 2011 was not a failure at the box office. It was a successful return of smaller films aimed at adults, films that didn’t make most of their money in the first three days, movies that actually stayed in theaters long enough to allow casual moviegoers to check them out a month or so down the line, movies that existed as a movie first and a corporately-tied product second. Looks to me like 2011 has been a pretty terrific year thus far. One can only hope that summer 2011 is anywhere near as artistically and commercially satisfying…

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Scott Mendelson: You Say Slump, I Say ‘Smaller Movies With Legs’

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Dominique Strauss-Kahn: Latin America’s Twin Challenges — Increasing Rate of Growth and Managing Volatility

by on March 28, 2011

Huffington Post…

Earlier this month, I had the opportunity to discuss Latin America’s regional outlook with government leaders, parliamentarians, and university students in Brazil, Panama, and Uruguay. The key conclusion that I took away from these meetings is that Latin America faces two principal economic challenges: to increase the sustainable rate of economic growth and to reduce the volatility of growth. In my meeting in Calgary on March 26 with Finance Ministers of the region, I focused on the second challenge so that favorable conditions today do not come at the expense of a bust tomorrow. It’s a nice coincidence that this meeting of Finance Ministers of the Americas and the Caribbean was held here in Calgary. Canada is a good example of “managing the good times,” but as in many countries across the globe, some challenges remain. Managing the good times Turning to Latin America, here are three ways in which the region can reduce its vulnerability to wide economic fluctuations. First, sound economic policies. One of the reasons the region weathered the global financial crisis relatively well is that it had made significant gains in improving economic fundamentals in the years leading up the crisis. This included reducing inflation and public debt, improving the composition of debt, strengthening fiscal institutions, introducing greater exchange rate flexibility and credible monetary regimes, and building up foreign reserves. This progress should continue. Second, financial stability. As the region becomes increasingly integrated in the global economy, it will also become more exposed to the volatility of capital flows. At the same time, financial deepening, though welcome, can bring its own challenges, for example, the risk of credit bubbles. This calls for continued efforts to strengthen the financial system. In particular, regulators and supervisors should be empowered to take early preventive action–including using macroprudential tools. Third, a more diversified economy. There is no simple recipe for achieving the diversification needed to reduce vulnerability to specific external shocks. But countries should continue efforts to foster new sources of growth. More public funding for infrastructure and human capital development can help. Improvements in the business climate–which in some countries includes security–and overall governance are also essential to attract private investment. What does all this mean now? Growth in most Latin American economies is now back at potential, or above–and in many of them there are worrisome signs of overheating. Clearly, the earlier economic stimulus needs to be reversed. Furthermore, a range of policies could be used to prevent overheating and dampen the credit cycle, including upward exchange rate flexibility, a more appropriate mix of monetary and fiscal policies, and adequate financial regulations–including a macroprudential approach. In some cases, capital controls might also be useful. But they should not substitute for fundamental policy adjustments. Finally, I also talked about sharing the benefits of growth more broadly. While the region has enjoyed tremendous social gains, poverty and income inequality remain high in Latin America compared with other regions. To have more equitable growth, efforts should center on strengthening the provision and quality of education, health, and public infrastructure. This includes better targeting of government spending and strengthening social safety nets. From Diálogo a Fondo , the IMF’s blog for Latin America.

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Dominique Strauss-Kahn: Latin America’s Twin Challenges — Increasing Rate of Growth and Managing Volatility

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Beijing Breaks Ground In Bahamas With $3.4 Billion Mega Resort

February 21, 2011

NASSAU, Bahamas — Chinese and Bahamian dignitaries celebrated Monday as workers broke ground on what is being billed as the largest project of its kind in the Caribbean – a megaresort that will be financed and largely built by Beijing. Baha Mar, a $3.4 billion complex on Nassau’s Cable Beach, will employ some 8,000 workers and is projected to generate a 10 percent boost to the Bahamas gross domestic product, according to development company Baha Mar Ltd. The development plan calls for four hotels with a total of about 2,250 rooms, as well as a golf course, retail space, a convention center and what the developer says will be the largest casino in the Caribbean. It is scheduled to open in December 2014 and is aimed largely at North American consumers, who make up the vast majority of tourist visitors to the Bahamas, said Don Robinson, president of Baha Mar Ltd. In overall size, it will be comparable to the Atlantis resort on nearby Paradise Island. But that project was built in stages over a number of years, not all at once like Baha Mar. Robinson said the resort’s ambitious scope is part of its marketing plan, an effort to capture the public’s imagination and attract tourists who have abandoned the Bahamas for other destinations. “The vision was a large destination resort that would drive visitation,” he said in an interview with The Associated Press before the ceremony. “Anything smaller became less of an ability to increase the market. It needed to be large enough on the world stage that it could significantly drive demand.” Caribbean tourism took a steep dive with the global economic downturn, but there have been signs of life: Hotel room revenue in the region rose about 3 percent and occupancy edged up 1 percent last year, compared with 2009, according to travel industry watcher STR of Nashville, Tennessee. The crisis forced some developers to scale back plans made in rosier times, but Baha Mar appears to be wagering that it can create a destination resort and keep people spending money at stores and shops within the walls of the complex, said Jan Freitag, vice president for global development at STR. “The question is: Is that a good enough driver in this economic environment?” Freitag said. For the resort’s concrete and steel main structure, Baha Mar hired China State Construction Engineering Co. Ltd., which brought in the Export-Import Bank of China to finance the project when a previous partner dropped out. This is the first tourism project outside China for either of the state-owned enterprises, Robinson said. As part of its agreement with the Bahamian government, Baha Mar will import about 7,000 Chinese construction workers in stages. The project is also expected to create about 4,000 construction jobs for local workers, the developer said. “The great geographical distance between our two countries has not impeded our friendship,” Chinese Ambassador Hu Dingxian said at the groundbreaking ceremony. “This project is evidence.

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Hospitality Industry Veteran Joins Villa Del Mar Turks & Caicos to Oversee Expansion, Enhance Guest Services

October 15, 2010

Alan Lawley Brings 20+ Years of Operations Experience to Boutique Luxury Resort in the Caribbean

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Silver Peak Systems Appoints Francisco Pinto as Vice President of Latin America and the Caribbean

July 12, 2010

SANTA CLARA, CA–(Marketwire – July 12, 2010) – Silver Peak Systems, Inc. , the leader in data center class Wide Area Network (WAN) optimization, today announced that Francisco Pinto has joined the company as vice president of Latin America and the Caribbean. In this role, Mr. Pinto will be responsible for growing Silver Peak’s presence in those regions through partner development and new customer acquisition.

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Video: Shaw Says Jamaica Debt Restructuring Is Going Well: Video

June 25, 2010

June 25 (Bloomberg) — Jamaican Finance Minister Audley Shaw speaks about his country’s sovereign debt restructuring. Jamaica is seeking $1 billion in loans and grants to rid the country of drug gangs that have taken over poor neighborhoods on the Caribbean island and hurt economic growth, Audley said. Audley talks with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

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(CBBV) JSC Globotek Appoints Two New Directors

February 23, 2010

NEW YORK, NY–(Marketwire – February 23, 2010) – Caribbean Villa Catering Corp./JSC Globotek ( OTCBB : CBBV ) announced the appointment of two new directors.

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Haiti’s $890 Million Debt Should Be Cancelled `Immediately,’ Oxfam Says

January 24, 2010

By Sarah Jones Jan. 25 (Bloomberg) — Oxfam International called for the “immediate cancellation” of Haiti’s outstanding $890 million foreign debt when ministers convene at a United Nations emergency summit of 20 nations in Montreal today. The relief agency said that a recovery of the earthquake- ravaged nation may be undermined by the debt burden and a pre- existing food crisis that has left Haiti dependent on imports for 40 percent of its sustenance. “Expecting Haiti to repay billions of dollars as the country struggles to overcome one of the worst natural disasters in recent memory would be both cruel and unnecessary,” said Oxfam Executive Director Jeremy Hobbs in an e-mailed statement. “Immediate cancellation of foreign debt must be accompanied by urgent action to support farmers and prevent a man-made food crisis exacerbating the hardship.” U.S. Secretary of State Hillary Clinton will be among the delegates attending the “Friends of Haiti” meeting in Canada to help coordinate aid and long-term reconstruction for the nation, which was struck by a 7.0-magnitude earthquake on Jan. 12. Other nations that may attend the summit include Spain, Mexico, Costa Rica, France and Japan. Oxfam also called on donors to follow through with the International Monetary Fund’s pledge to turn a $100 million emergency loan to Haiti into a grant. The Inter-American Development Bank, which supports economic development in the Caribbean, said it’s considering a plan to alleviate Haiti’s $441 million in debt to the bank. This follows last week’s move by the World Bank to waive payments on $38 million of an interest-free loan for the next five years. The lender also said it’s working to cancel other unpaid debt owed by the Caribbean nation. In June, international donors including the World Bank and the IMF granted Haiti, the poorest country in the Western Hemisphere, $1.2 billion in debt relief. To contact the reporters responsible for this story: Sarah Jones in London at Sjones35@bloomberg.net

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AIG in Talks to Sell Alico Unit to MetLife for Up to $15 Billion, WSJ Says

January 19, 2010

By Andrew Frye and Hugh Son Jan. 19 (Bloomberg) — American International Group Inc. is in advanced talks to sell a non-U.S. life insurer to MetLife Inc. in its biggest divestiture since taking a U.S. bailout, the Wall Street Journal said. The sale of American Life Insurance Co. may be for $14 billion to $15 billion, the newspaper reported today. Mark Herr , a spokesman for AIG, declined to comment. Christopher Breslin of New York-based MetLife, the biggest U.S. life insurer, said his company “does not need to enter into any mergers and acquisitions” to meet its goals and that any deal it makes must be “financially attractive.” The sum would exceed the total of more than 20 other asset sales announced by New York-based AIG since its rescue in September 2008. AIG in December transferred Alico and American International Assurance Co., the company’s two largest non-U.S. life insurers, to vehicles controlled by the Federal Reserve to reduce the company’s debt on a credit line by $25 billion. “Met’s capital is strong and it has the ability to raise capital as well,” said Steven Schwartz , an analyst with Raymond James & Associates Inc. “Met has some decent international operations now, but the acquisition of Alico, that’s a whole other league.” Alico operates in more than 50 countries, including parts of Europe, Latin America, the Caribbean, the Middle East and Japan. A sale agreement may be announced in a few weeks unless negotiations fall apart over remaining deal terms, the newspaper reported. AIG has said that about $9 billion from a sale or initial public offering of Alico would go toward repaying Fed assistance. The firm said it would book a $5.7 billion fourth- quarter charge tied to a reduction in the Fed credit line. ‘I Like Our Chances’ MetLife Chief Financial Officer William Wheeler has said the insurer is better positioned to acquire businesses outside the U.S. after the recession hobbled competitors’ ability to bid on such assets. “I like our chances — we’ve come through this crisis pretty well,” Wheeler said in September at the Barclays Plc Global Financial Services Conference in New York. “Our ability to pursue meaningful international mergers and acquisitions opportunities is there, and I’m not sure there are many others who are in that situation.” MetLife made a preliminary offer of about $11.2 billion for the division, people familiar with the bid said in February. Life insurers have gained in value along with the recovery of portfolio holdings including corporate debt and mortgage-linked bonds. AIG has struck deals to sell more than $12 billion of assets including a U.S. auto insurer and equipment guarantor and a Japanese office tower to help repay a $182.3 billion bailout. The rescue includes a five-year credit line of $60 billion. Stock Surge AIG climbed 36 cents to $28.42 at 1:59 p.m. in New York Stock Exchange composite trading. MetLife gained $1, or 2.6 percent, to $38.85. MetLife has surged about 37 percent in the past 12 months while AIG is little changed. AIG Chief Executive Officer Robert Benmosche previously led MetLife. Benmosche won’t participate in any negotiations with MetLife, AIG said in guidelines in August designed to prevent potential conflicts of interest. A committee of AIG’s board will name an executive officer or senior manager as the chief transaction officer to handle such talks, the company said. To contact the reporters on this story: Andrew Frye in New York at afrye@bloomberg.net ; Hugh Son in New York at hson1@bloomberg.net .

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Ban Asks UN to Add Troops in Haiti to Bolster Security, Speed Aid Delivery

January 18, 2010

By Andres R. Martinez and William Varner Jan. 18 (Bloomberg) — United Nations Secretary-General Ban Ki-moon asked the Security Council to send more troops and police to Haiti as forces on the ground struggle to keep order and speed up delivery of food, water and medicine. “I saw vast destruction and vast need,” Ban, who yesterday visited the capital, Port-au-Prince, told reporters at the UN today. “Haiti requires a massive response from the international community. The heartbreaking scenes I saw compel us to act swiftly. The people need to see that today is better than yesterday, and that the future will be better than the past.” The UN, whose offices in Haiti were destroyed in the 7- magnitude tremor Jan. 12, has more than 9,000 troops and law enforcement personnel in the Caribbean nation, which they have helped police since 2004. At least 46 UN staffers are confirmed dead, UN spokesman Martin Nesirky said. The Security Council will meet today to discuss the request. Aid workers are battling street violence and shortages of food and medical supplies. The quake, which may have killed more than 100,000 people, damaged roads, ports and toppled the control tower at the country’s only international airport. More U.S. Troops The U.S. expects to have 7,000 troops in and offshore of Haiti by today, providing medical care, security and operating the airport. The number of flights the airport can handle almost doubled from 60 to 100 today, after the U.S. took control of the facility, which has only one runway, said the White House in a statement. The U.S. is now giving priority to planes carrying relief supplies, said John Holmes, UN emergency relief coordinator. “We need a safe and secure environment to be successful,” U.S. Southern Command Lieutenant General Ken Keen, who is overseeing relief efforts, said on NBC’s “ Meet the Press ” yesterday. “There is increasing incidents of security and we are going to have to deal with it as we go forward.” Keen said on ABC’s “ This Week ” an estimate that between 150,000 and 200,000 people may have been killed is “a starting point.” The quake affected 3 million people and left 300,000 homeless in Port-au-Prince, according to the UN. Forces on Ships There are 1,000 U.S. troops currently on the ground in Haiti, Keen said. A further 3,000 troops are working from ships docked off Haiti’s coast and two additional companies of the 82nd Airborne Division are arriving in addition to Marines aboard the USS Bataan and a Marine landing battalion, the American Forces Press Service said. A total of 7,500 U.S. personnel are scheduled to arrive by today, the U.S. Southern Command said in a statement. Former President Bill Clinton visits Haiti today in a bid to accelerate international relief efforts for survivors of the earthquake that devastated the Western Hemisphere’s poorest nation. The inability to get supplies to survivors in Port-au- Prince is “frustrating,” Clinton, the UN special envoy for Haiti, said yesterday. The UN’s Ban, who arrived yesterday to assess the destruction in the city of about 2 million people, acknowledged that people are losing patience as they wait for assistance. Airport Control U.S. troops have taken control of the capital’s airport and are helping provide security for relief efforts. “Coordination will improve as we are better organized,” Ban told a news conference in the capital. “Deliveries are now being made in a more effective and efficient” manner. As many as 27 international teams, involving more than 1,500 people, are taking part in search-and-rescue operations, he said. Damage to ports and roads is slowing efforts to bring in supplies, according to U.S. officials. Deliveries should improve as search-and-rescue efforts come to a close, Clinton said on “This Week” yesterday. The World Food Program said it supplied 60,000 people with ready-to-eat food rations Jan. 16 and planned to reach a similar number of people yesterday. The WFP said it aims to feed about 2 million people when its emergency program is operating, according to the agency’s Web site . In Brussels, the European Union offered Haiti 422 million euros ($607 million) for emergency aid, steps to shore up the government and longer-term reconstruction. The EU may also send as many as 150 policemen and called for an international summit to help Haiti recover. “We need to pull it together, do it at the right time, and make sure it is about supporting Haiti for the medium and the long term,” EU foreign policy chief Catherine Ashton told reporters after EU development ministers met in Brussels today. Clintons Meet Preval Clinton plans to meet with Haiti’s President Rene Preval today, according to a statement from his foundation. His wife, U.S. Secretary of State Hillary Clinton , met Preval on Jan. 16. Delivering water is the highest priority, the U.S. Southern Command said. Two purification units are operating in Haiti and another four are scheduled to arrive today aboard the USS Bataan. The U.S. military is working with the government to coordinate the landings of as many flights as possible at Port- au-Prince airport, U.S. Air Force Colonel Buck Elton said yesterday. Dominican Link The American Red Cross set up a link between Haiti and neighboring Dominican Republic and is flying supplies into Santo Domingo and transporting them to Port-au-Prince, a journey that takes about 10 to 12 hours, said Nadia Pontif, a Red Cross spokeswoman, in a telephone interview. Haiti and the Dominican Republic share the Caribbean island of Hispaniola. A lack of water and electricity is preventing Haiti’s main hospitals from functioning, and a temporary site for earthquake victims set up in tents on the UN’s logistics base is overcrowded and no longer accepting patients, the Pan-American Health Organization said. In Paris, French Foreign Minister Bernard Kouchner said today that an international Haiti reconstruction conference will be held on Jan. 25 in Montreal. To contact the reporters on this story: Bill Varner at the United Nations at wvarner@bloomberg.net ; To contact the reporter on this story: Andres R. Martinez in Mexico City at amartinez28@bloomberg.net ;

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Haiti Gets More U.S. Troops as Violence Hampers Distribution of Quake Aid

January 18, 2010

By Justin Blum and Chris Dolmetsch Jan. 18 (Bloomberg) — More U.S. troops are arriving in Haiti today as the American commander on the ground said that security must be improved to ensure that aid reaches survivors of last week’s earthquake. “We need a safe and secure environment to be successful,” U.S. Southern Command Lieutenant General Ken Keen, who is overseeing relief efforts, said on NBC’s “ Meet the Press .” “There is increasing incidents of security and we are going to have to deal with it as we go forward.” Aid workers are battling a shortage of food, medical supplies and street violence after the 7.0-magnitude earthquake struck on Jan. 12, killing more than 100,000 people. Keen said on ABC’s “ This Week ” an estimate that between 150,000 and 200,000 people may have been killed is “a start point.” The quake affected 3 million people and left 300,000 homeless in Port-au-Prince, according to the UN. Keen said there are 1,000 U.S. troops currently on the ground in Haiti. A further 3,000 other troops are working from ships docked of Haiti’s coast and two additional companies of the 82nd Airborne Division are arriving in addition to Marines aboard the USS Bataan and a Marine landing battalion, the American Forces Press Service said. A total of 7,500 U.S. personnel are scheduled to arrive by today, the U.S. Southern Command said in a statement. Clinton Visits Former President Bill Clinton visits Haiti today in a bid to accelerate international relief efforts for survivors of the earthquake that devastated the Western Hemisphere’s poorest nation. The inability to get supplies to survivors in Port-au- Prince is “frustrating,” Clinton, the United Nations special envoy for Haiti, said yesterday. UN Secretary-General Ban Ki- moon , who arrived yesterday to assess the destruction in the city of about 2 million people, acknowledged that people are losing patience as they wait for assistance. U.S. troops have taken control of the capital’s airport and are helping provide security for relief efforts. “Coordination will improve as we are better organized,” Ban told a news conference in the capital. “Deliveries are now being made in a more effective and efficient” manner. As many as 27 international teams, involving more than 1,500 people, are taking part in search and rescue operations, he said. Damage to ports and roads is slowing efforts to bring in supplies, according to U.S. officials. Deliveries should improve as search-and-rescue efforts come to a close, Clinton said on ABC’s “This Week” program yesterday. Food Supplies The World Food Program said it supplied 60,000 people with ready-to-eat food rations Jan. 16 and planned to reach a similar number of people yesterday. The WFP said it aims to feed about 2 million people when its emergency program is operating, according to the agency’s Web site . Japan may send as many as 80 Self-Defense Forces medical personnel in addition to the 25-member medical team already dispatched to the Caribbean nation, Chief Cabinet Secretary Hirofumi Hirano told reporters today in Tokyo. The authorities have buried 70,000 bodies in mass graves, Agence France-Presse cited Carol Joseph, a government minister, as saying yesterday. A state of emergency will be in force until the end of this month, he said. As many as 100,000 people may have died in the quake and its aftermath, Jon Andrus, deputy director of the Pan American Health Organization , said yesterday. “We really do not know the number,” he said in a statement. Looters Draw Fire Violence in Haiti is impeding efforts to support the government and assist survivors, Keen said. Haitian police opened fire on looters yesterday, killing at least one, as hundreds of rioters grabbed produce in a Port-au-Prince market, AFP reported. Haiti’s police force was “devastated” by the earthquake and their presence is “limited,” Keen said. Speaking on NBC, Keen said he wasn’t sure how many U.S. troops would have to be deployed. “I don’t know how many it’s going to take.” Clinton plans to meet with Haiti’s President Rene Preval today, according to a statement from his foundation. His wife, U.S. Secretary of State Hillary Clinton , met with Preval at Port-au-Prince airport Jan. 16. “There also was an extraordinary amount of time devoted to try and dig through those buildings, to try to find living and dead,” Bill Clinton, who is leading a private fundraising effort with former President George W. Bush , told ABC. “As that effort begins to wrap up, you will see the distribution of food, medicine, water and basic care get better.” Water Essential Delivering water is the highest priority, the command said. Two purification units are operating in Haiti and another four are scheduled to arrive today aboard the USS Bataan. The U.S. military is working with the government to coordinate the landings of as many flights as possible into Port-au-Prince airport, U.S. Air Force Colonel Buck Elton said yesterday. The airport, which normally has three flights a day, handled more than 600 take-offs and landings after the earthquake, he said. The American Red Cross set up a link between Haiti and neighboring Dominican Republic and is flying supplies into Santo Domingo and transporting them to Port-au-Prince, a journey that takes about 10 to 12 hours, said Nadia Pontif, a Red Cross spokeswoman, in a telephone interview. Haiti and the Dominican Republic share the Caribbean island of Hispaniola. A lack of water and electricity is preventing Haiti’s main hospitals from functioning, and a temporary site for earthquake victims set up in tents on the UN’s logistics base is overcrowded and no longer accepting patients, the Pan-American Health Organization said. In Paris, French Foreign Minister Bernard Kouchner said today that an international Haiti reconstruction conference will be held on January 25 in Montreal. To contact the reporters on this story: Justin Blum in Washington at jblum4@bloomberg.net ; Chris Dolmetsch in New York at cdolmetsch@bloomberg.net .

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U.S. State Department Seeks Access to American Citizen Detained by Cuba

December 12, 2009

By Tina Davis Seeley Dec. 12 (Bloomberg) — An American citizen was detained by the Cuban government last week and the U.S. government is seeking access to the person “as soon as possible,” State Department spokeswoman Megan Mattson said. “The U.S. Interests Section in Havana has requested consular access to meet with the American citizen,” Mattson said in an e-mail today. She declined to name the individual, who was detained Dec. 5, because the citizen hasn’t waived privacy protections. The citizen isn’t a U.S. government employee, according to Mattson. The New York Times reported today the person is a U.S. government contract worker who was distributing cell phones, laptops and communications equipment in Cuba on behalf of the Obama administration. President Barack Obama ’s administration is working to resume more direct contact with Cuba as part of a U.S. effort to establish dialogue with foes from Iran to North Korea to Burma. Obama in April loosened restrictions on travel for Cuban- Americans visiting family members in the Caribbean nation and lifted caps on how much money they may send relatives on the island. Obama also said he would allow U.S. telecommunications companies such as AT&T Inc. to get licenses to do business in Cuba. Still, on Sept. 11, he signed a one-year extension of the Trading With the Enemy Act, which restricts trade with Cuba. The detainee was employed by Development Alternatives Inc., which had at least $391,000 in government contracts last year, the Times reported, citing unidentified officials. Based in Bethesda, Maryland, the company focuses “on market-based approaches to economic development,” according to its Web site. Company officials didn’t respond to requests for comment from the Times or Bloomberg News. On its Web site , the company says its clients include the U.S. Agency for International Development, the Japan Bank for International Development, the World Bank and companies such as Abbott Laboratories and Chevron Corp. To contact the reporter on this story: Tina Davis Seeley in Washington at tseeley@bloomberg.net .

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SuperClubs Promotes Bob Ford and Kristi Miller to Senior Directors

November 17, 2009

HOLLYWOOD, FL–(Marketwire – November 17, 2009) – On the heels of SuperClubs’ rebranding of its Breezes Resorts, the Caribbean-based all inclusive resort chain announced the promotions of Bob Ford to senior director of U.S. wholesale and Kristi Miller to senior director of U.S. field sales. The appointments were first made public October 24 during SuperClubs’ annual SuperAwards event in Jamaica, which celebrates the continued successes of its travel agent and supplier partners.

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Dennis Whittle: Pioneers of Contagion?

September 21, 2009

Recently I did a post called Could Prosperity be Contagious ? Judging from a recent event I went to in Jamaica, the answer is yes. An initiative called Pioneers for Prosperity was holding its finals competition for the Caribbean. Its goal is to celebrate some of the most dynamic entrepreneurs in the developing world and to help them become role models for their peers and the next generation. I found the enthusiasm, skill, and grit of these finalists to be highly contagious, and I came back to Washington all charged up about my own work. The Pioneers for Prosperity group has made excellent videos of each finalist that will be showed on TV in their home countries. This type of initiative is very important to change mindsets about what is possible, which is key to making progress in any country. You can read more here . [GlobalGiving]

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Dubai Sovereign Wealth Fund Is Said to Quit Investments, Weighs Fund Sale

September 11, 2009

By Jonathan Keehner and Serena Saitto Sept. 11 (Bloomberg) — Istithmar World, the Dubai sovereign wealth fund, is halting investments as part of a restructuring effort after spending more than $25 billion this decade on stakes ranging from a yacht marina to luxury retailer Barneys New York, according to people familiar with the plan. The process may result in a sale of the fund or its assets, they said. Istithmar, run by David Jackson , said this week that co-chief investment officers John Amato and Felix Herlihy would leave the firm. Jackson’s job is under review, the people said. A restructuring by Istithmar and its parent Dubai World may mark the most public reversal of fortune for a state-controlled investment firm since global credit markets seized up in 2007. Sovereign wealth funds, fueled in part by oil revenue, have become sources of capital around the world for companies, including Citigroup Inc. and Morgan Stanley . “They need to decide whether to keep Istithmar as a sovereign wealth fund or to clip its wings, roll it up and have it cease to exist independently,” said Victoria Barbary, a senior analyst at Monitor Group in London. “With Dubai World’s broader problems, it would not be surprising if Istithmar was rolled up.” Istithmar and Dubai World have struggled this year on investments including Barneys, which may be facing a restructuring or bankruptcy, according to people familiar with the retailer, and CityCenter, an $11 billion project in Las Vegas. Abu Dhabi, the wealthiest member of the United Arab Emirates, provided a $10 billion bailout this year for Dubai as the emirate struggled to meet payments on $80 billion of debt used to finance real-estate projects. Debt Load Winding down Istithmar may help Dubai reduce its debt load, the people said. “There are no plans to merge IW,” Abdelaziz Al Mazam, head of marketing and public relations at Istithmar World, said in an e-mail. “IW is one of Dubai World’s key subsidiaries, actively managing a portfolio of investments worldwide, and will continue to be a key subsidiary into the future.” Jackson, Istithmar World’s chief executive officer, continues to lead the investment house with Dubai World’s full support, Dubai World’s press officer Sanaa Maadad said in an e- mailed statement. Istithmar spent more than $25 billion on investments this decade, according to the Monitor-FEEM SWF transaction database. Among its investments are Yacht Haven Grande, a marina complex in the Caribbean, the W Hotel Union Square in New York and GLG Partners Inc., a hedge fund that has lost more than 61 percent of its value since the deal was announced in June 2007. “Istithmar is in serious trouble,” said Rochdi Younsi , head of Middle East research at New York-based Eurasia Group. “At Istithmar, there’s a feeling that jobs aren’t secure and it wouldn’t be a surprise if the firm just disappeared.” To contact the reporters on this story: Jonathan Keehner in New York at jkeehner@bloomberg.net ; Serena Saitto in New York at ssaitto@bloomberg.net ;

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Istithmar Said to Halt Investment as Dubai Weighs Sale of Sovereign Fund

September 10, 2009

By Jonathan Keehner and Serena Saitto Sept. 11 (Bloomberg) — Istithmar World, the Dubai sovereign wealth fund, is halting investments as part of a restructuring effort after spending more than $25 billion this decade on stakes ranging from a yacht marina to luxury retailer Barneys New York, according to people familiar with the plan. The reorganization may result in a sale of the fund or its assets, they said. Istithmar, run by David Jackson , said this week that co-chief investment officers John Amato and Felix Herlihy are leaving the firm. Jackson’s job is under review as well, the people said. Istithmar and its parent, Dubai World, have struggled this year on investments, including Barneys, which may be facing a restructuring or bankruptcy according to people familiar with the retailer, and CityCenter, an $11 billion project in Las Vegas. Abu Dhabi, the wealthiest member of the United Arab Emirates, provided a $10 billion bailout this year for Dubai as the emirate struggled to meet payments on $80 billion of debt used to finance real-estate projects. “They need to decide whether to keep Istithmar as a sovereign wealth fund or to clip its wings, roll it up and have it cease to exist independently,” said Victoria Barbary, a senior analyst at Monitor Group in London. “With Dubai World’s broader problems, it would not be surprising if Istithmar was rolled up.” Winding down Istithmar may help Dubai reduce its debt load, the people said. “There are no plans to merge IW,” Abdelaziz Al Mazam, head of marketing and public relations at Istithmar World, said in an e-mail. “IW is one of Dubai World’s key subsidiaries, actively managing a portfolio of investments worldwide, and will continue to be a key subsidiary into the future.” Among Istithmar’s investments this decade was Yacht Haven Grande, a marina complex in the Caribbean, the W Hotel Union Square in New York and GLG Partners Inc., a hedge fund that has lost more than 61 percent of its value since the deal was announced in June 2007. “Istithmar is in serious trouble,” said Rochdi Younsi, head of Middle East research at New York-based Eurasia Group. “At Istithmar there’s a feeling that jobs aren’t secure and it wouldn’t be a surprise if the firm just disappeared.” To contact the reporters on this story: Jonathan Keehner in New York at jkeehner@bloomberg.net ; Serena Saitto in New York at ssaitto@bloomberg.net ;

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Allen Stanford Hospitalized

August 27, 2009

HOUSTON — Texas financier R. Allen Stanford, jailed on charges of bilking investors out of $7 billion, has been hospitalized with an irregular heartbeat and high pulse, the judge in his case said Thursday. Stanford was set to appear in a Houston federal courtroom for a hearing on whether he can get a new attorney. His current lawyer, Dick DeGuerin, has asked for permission to quit the case because he doesn’t have assurances he will be paid. In the same courtroom, Stanford’s former finance chief, James. M. Davis, pleaded guilty Thursday to three counts: conspiracy to commit mail, wire and securities fraud; mail fraud and conspiracy to obstruct a Securities and Exchange Commission investigation. Davis’ attorney David Finn has previously said that Davis, 60, cooperated with prosecutors and the guilty plea is part of a deal with the Justice Department in exchange for a possible reduced sentence. He will be sentenced on Nov. 20 and faces up to 20 years in prison. Stanford, Davis and other executives of the now defunct Houston-based Stanford Financial Group are accused of orchestrating a massive Ponzi scheme by advising clients to invest more than $7 billion in certificates of deposit from the Stanford International Bank in the Caribbean island of Antigua and then misusing the money. Before the hearing, DeGuerin said Stanford was taken from the privately run prison where he is being held outside Houston about 5:30 a.m. Thursday to the Conroe Regional Medical Center. U.S. District Judge David Hittner said Stanford had an irregular heartbeat and an “extremely” high pulse. A spokeswoman for Conroe Regional Medical Center declined to release any information Thursday to The Associated Press. Hittner postponed a hearing scheduled for Thursday in which he would hear arguments about Stanford’s legal representation. Stanford was considered one of the richest men in the U.S. with an estimated net worth of more than $2 billion. But he claims he is now penniless. Last month, Stanford’s spokesman said the jailed financier had hired Washington, D.C.-based attorney Robert Luskin, who also represents former White House political adviser Karl Rove. But Luskin also wants assurances he’ll get paid, and Hittner won’t release DeGuerin until an attorney takes the case unconditionally. ___ Associated Press Writer Jeff Carlton in Dallas contributed to this report.

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Hurricane Bill May Strengthen Into Major Storm as It Moves Toward Bermuda

August 18, 2009

By Brian K. Sullivan and Alex Morales Aug. 18 (Bloomberg) — Hurricane Bill may intensify into a major storm by tomorrow as it turns away from the Caribbean and heads toward Bermuda, the U.S. National Hurricane Center said. Bill, the first hurricane of the Atlantic season, packed maximum sustained winds of 105 miles (169 kilometers) per hour, up from 100 mph earlier today, the center said in an advisory at about 11 a.m. Miami time. Bill will probably gain major- hurricane status, with winds of at least 111 mph, in the next day and hold that intensity as it passes west of Bermuda this weekend, the U.S. center forecasts. The hurricane was centered about 705 miles east of the Caribbean’s Leeward Islands and heading west-northwest at 16 mph, with a turn to the northwest forecast tomorrow, the hurricane center said. “It’s going to make a fairly dramatic hook to the north, bypassing the East Coast of the U.S. and staying out over the western Atlantic,” said Jim Rouiller , a senior energy meteorologist at Planalytics Inc. in Wayne, Pennsylvania. “The U.S. East Coast appears to have dodged a bullet.” The storm may cause high surf in Bermuda on Aug. 22 and pass close to Cape Cod on the U.S. East Coast, and probably won’t hit land until it gets to Nova Scotia or Newfoundland in Canada, said Matthew Rinde , a meteorologist at AccuWeather.com. Rain and Wind “At this point it looks like Bill’s going to split the difference between Bermuda and the U.S.,” Rinde said today in a phone interview from State College, Pennsylvania. The storm may bring rain and 60 mph wind gusts to Canada, he said. Coastal New England may experience “significant erosion and possible damage to shoreline structures,” Jeff Masters , a meteorologist with Weather Underground in Ann Arbor, Michigan, wrote in his blog. The 2009 hurricane season, which runs from June 1 to Nov. 30, got off to a quiet start before three named storms formed in a period of 48 hours Aug. 15 and 16. Tropical storms Ana and Claudette have since dissipated. Systems are named when they reach tropical-storm strength, with sustained winds of 39 mph, and become hurricanes when sustained winds are 74 mph. The hurricane center gives the remnants of Ana, now over Cuba, less than a 30 percent chance of reforming after degenerating yesterday. Masters, in his blog, also said Ana isn’t likely to reform. Rouiller at Planalytics said the system still bears watching because the waters in some parts of the Gulf of Mexico are warm enough to revive it. “I don’t want people in the Gulf to let their guard down on this yet,” Rouiller said by phone. The Gulf is home to about 26 percent of U.S. oil production. Florida, also susceptible to storms, is the second- largest orange producer in the world behind Brazil. To contact the reporters on this story: Brian K. Sullivan in Boston at bsullivan10@bloomberg.net ; Alex Morales in London at amorales2@bloomberg.net

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SEC Acted Properly In Stanford Investigation: Watchdog

July 29, 2009

WASHINGTON — The Securities and Exchange Commission had been actively investigating the banking business of billionaire R. Allen Stanford for more than three years before Bernard Madoff’s Ponzi scheme came to light last December and has fulfilled its duty to pursue alleged wrongdoing by the financier, the agency’s inspector general has found. The SEC’s decision to halt its investigation of Stanford in April 2008 came in response to a request by the Justice Department, and the agency didn’t breach its obligation, according to a report by the office of Inspector General David Kotz. The office looked into the matter after receiving complaints that the SEC should have acted more quickly and aggressively to detect and shut down Stanford’s alleged $7 billion Ponzi scheme – portrayed by authorities as a major swindle in its own right yet eclipsed by Madoff’s sprawling fraud estimated to have cost thousands of investors, foundations and banks worldwide at least $13 billion

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Property prices still rising in St. Kitts & Nevis

April 20, 2009

Real estate prices in St. Kitts and Nevis have increased steadily since the early-2000s, though the islands are still much less expensive than most Caribbean islands.

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