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A U G U S T 2 0 1 0
Issue 43
| An online magazine about investing, living, working and relocating to the Caribbean. |
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| SPECIAL FEATURES |
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| MONEY AND PROPERTY PAGES |
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| CARIBBEAN RETIREMENT PAGES |
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S U S T A I N A B L E L I V I N G |
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IN A PIONEERING AGREEMENT, ECUADOR PLEDGES NO OIL DRILLING IN AMAZON PRESERVE
Ecuador pledged in a pioneering agreement with the United Nations on Tuesday to refrain from oil drilling in a pristine Amazon preserve in return for some $3.6 billion in payments from rich nations. The accord, signed by Foreign Minister Ricardo Patino and Rebeca Grynspan, associate administrator of the U.N. Development Program, sets up a trust fund to be administered by the world body.
The three oilfields under the Yasuni preserve would remain untapped for a decade under the pact. They are estimated to hold 846 million barrels of crude, or 20 percent of Ecuador's reserves. The $3.6 billion represents about half the expected earnings from the sale of the oil that would have been removed from Yasuni, a 982,000-hectare (3,800-square-mile) expanse declared a World Biosphere Reserve by UNESCO in 1989.
Officials say keeping the oil in the ground will prevent 410 million metric tons of carbon dioxide from entering the atmosphere and contributing to global warming. In addition to being home to unique species of birds, amphibians and monkeys, the Yasuni hosts tribes of the Huarani people, a hunter-gatherer indigenous group threatened by the encroachment of loggers and other settlers. Grynspan, a former Costa Rican vice president, called the program "so innovative we would like to bring it to other latitudes." She mentioned Guatemala, Vietnam and Nigeria as potential candidates.
Countries that have expressed interest in contributing to the Yasuni fund include Germany, Spain, Belgium, the Netherlands, Norway, Italy and the United States. Ecuador's heritage minister, Maria Fernanda Espinosa, said Germany had made an initial pledge of $50 million to the trust fund. However, the German Embassy would not immediately confirm that information. Ecuadoran officials said they would soon send delegations to potential donor nations, including countries in the Middle East, to secure fund commitments.

PER BP – THE CEMENT PLUG THAT HAS STOPPED THE GULF OIL LEAK HAS HARDENED
BP says the cement sealing the busted oil well in the Gulf of Mexico has hardened as crews prepare for the final phase of drilling a relief well. The oil giant said Sunday that pressure tests on the cement plug poured down the throat of the blown-out well show the seal is solidly in place. That means BP engineers can begin drilling the final 100 feet of a relief well meant to permanently seal the blowout.
Crews will carefully drill about 30 feet at a time, and BP says it will likely be next weekend before the two wells meet. BP didn't make it clear Sunday if workers had begun drilling. Engineers will use the relief well for a "bottom kill," pumping more mud and cement into the busted well in what is expected to completely seal the well for good.
UN TALKS FLOUNDER AS CLIMATE IMPACTS MOUNT
UN climate talks tasked with curbing the threat of global warming are backsliding, delegates from both rich and developing nations said on Friday at the close of a week-long session in Bonn.
Even as evidence mounts that deadly impacts are upon us, negotiators said, chances for a compromise deal under the 194-nation UN Framework Convention on Climate Change (UNFCC) are slipping away amid furious finger pointing.
"These negotiations have if anything gone backwards," said the EU's climate action commissioner Connie Hedegaard. "This imbalance is not helpful and could seriously endanger the prospects of securing the successful outcome the world needs from the Cancun climate conference next December" in Mexico.

"At this pace the world will simply collectively miss the train," she warned. Record global temperatures, forest fires in Russia, lethal floods in Pakistan "are all consistent with the kind of changes we could expect from climate change, and they will get worse if we don't act quickly," said US negotiator Jonathan Pershing.
"Unfortunately, what we have seen over and over this week is that some countries are walking back from the progress made in Copenhagen," he told journalists, referring to the 11th-hour accord hammered out at the climate summit in December.
The Copenhagen Accord enshrined the goal of capping the increase of global temperatures at 2.0 degree Celsius (3.6 degree Fahrenheit), but did not muster the commitments needed to attain it.
It also pledged long-term financing to the tune of 100 billion dollars a year to help poor countries green their economies and cope with climate change impacts, but without specifying where the money would come from.
Dessima Williams of Grenada, speaking for the 43-nation Association of Small Island States, said she was "greatly concerned" by the slow pace of the talks. "The situation on the ground for all our countries is worsening," she said at a press conference.
But even in areas where agreement had been reached, such as technology transfer and forest management, "there seems to be some backsliding. This is very lamentable and very unhealthy," she said. The likely failure of the US Congress to pass climate legislation this year has also cast a pall over the negotiations, many delegates said.
"I've heard a lot of people say it is not encouraging for the process," Wittoeck said. Major emerging nations such as China and India have resisted legally binding requirements to cut emissions, saying that rich countries historically responsible for global warming must take the lead.
Efforts to hammer out a draft negotiating text ahead of the next major climate summit at the end of the year in Cancun also suffered a blow, with many countries throwing in last-minute additions.
Only one more negotiating session -- from October 4-9 in Tianjin -- remains before Cancun, which is expected, at best, to finalise some of the building blocks for a future, legally-binding deal. The first six months of 2010 registered the warmest combined global land and ocean surface temperatures since 1880, when reliable temperature readings began, according the US government scientists.
Arctic ice cover -- another critical yardstick of global warming -- had also retreated more than ever before by July 1, putting it on track to shrink beyond its smallest area to date. Without steep cuts in greenhouse gas emissions, the global thermometer could rise by 6.0 degrees Celsius (10.8 degrees Fahrenheit) compared to pre-industrial levels, making large swathes of the planet unlivable, the UN's Intergovernmental Panel on Climate Change (IPCC) has warned.
Voluntary national pledges made in Copenhagen would likely cap that increase at 3.5 C to 4.0 C (6.3 F to 7.2 F), still fall far short of the 2.0 C (3.6 C) limit that most scientists agree is the threshold for dangerous warming.

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For four days you pay $450.00 (individuals) or $650.00 (couples) this payment includes accommodation, meals and transportation - a great way to discover Rancho Santana and Nicaragua!
You can buy a lot in the Estates for just $32,800 and there is even financing at 2.9%. Or you can look at the large homes in Los Perros for $150,000 and up.
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LARGE INVESTMENTS IN AGRI SECTOR ARE A STEP CLOSER TO GUYANA BECOMING THE REGIONS MAIN FOOD SUPPLIER
The government’s determination to make Guyana the main food supplier in the region through its Grow More campaign is being rewarded as investment in this sector continues to increase at a rapid pace.
Over the past two years, the number of investment projects in this sector has more than doubled. Head of the Guyana Office for Investment (Go-Invest) Geoff Da Silva in an interview with the Government Information Agency (GINA) said that in 2008 the agency worked with 67 projects in agriculture, a figure which increased to 152 in 2009.
This year Go-Invest projects a total of 230 projects for execution in the sector. This projection, according to Da Silva, is guided by the fact that that agency has already aided 67 projects during the first quarter of 2010.
Da Silva explained that this figure excludes those projects that are not directly linked to Go-Invest as the agency “maintains tight integrity in terms of its figures and reports.” The Go-Invest Head alluded to the Grow More campaign as being the propelling factor behind the expansion within the sector.
Government along with Go-Invest has been working to advance agriculture which Da Silva said was mainly a small-farmer type sector, to enable the development and support of more medium sized to larger projects.
Da Silva said that about 85 to 90 percent of the projects in agriculture are small hence there is need for larger projects in order to give the sector a more balanced profile. Currently Go-Invest is working with several investors who have interest in large projects for soybean, livestock, cattle and rice in Pirara, Region 9.
The investment in soybean and livestock comes from among some of the largest companies in the Caribbean and would see 10,000 acres of land under cultivation in the Rupununi.
Go-Invest is also working with a European company that is based in Brazil on a special rice seed project slated for the same area while another well established Guyanese company in alliance with some Brazilian investors is starting a project in that area to grow rice for export to Brazil. These three projects amount to approximately 70,000 acres of land.

SOUTH KOREA INTERESTED IN AGRI INVESTMENT WITH GUYANA
A delegation of visiting South Koreans met Minister of Agriculture, Robert Persaud of Guyana and discussed several areas of potential investment and cooperation between the two nations.
The Koreans said they were examining the prospects of establishing several projects and were seeking the Ministry’s input on any likely areas of priority. Persaud listed some of Guyana’s ongoing ventures including aquaculture, tropical hardwood processing, livestock, fruits and vegetables.
He said the internal consumption as it relates to rice and sugar is limited, prompting Guyana’s dependence on export markets. However, he mentioned that Guyana has been looking for partners in the area of deep-sea fishing which is largely an unexplored zone. With South Korea being an industrialized country, the Koreans said they are interested in diversifying their agricultural product since food security has become an issue.
More than 90 percent of the sector is attributed to soybean and South Korea can hardly be described as self-sufficient. They expressed interest in forestry products, soybean plantations and were also asked to ponder on the operation of a sugar refinery.
Persaud said two possibilities that exist in Guyana are diversifying and creating value-added products from the sugar-cane and rice as there is widespread wastage of material that can be used as byproducts.
“There is the possibility of developing ethanol production because we’re already using the sugarcane to produce biogas fuel to supply the grid. Opportunities exist for value-added within the rice industry too because we do not make cereals and so on.”
He disclosed that a feasibility study has already been done on establishing a refinery but it is just the question of investment. Guyana has earmarked several thousand acres of land and is currently conducting tests on different soil types to ascertain the best conditions under which various strains of soybean and corn will flourish.
Three experts from Brazil are working along with the ministry in finding the suitable areas for cultivation, Persaud said.

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A DEVELOPER'S DREAM!
2,200 ACRES, BELIZE
Land for sale includes river, lagoon and beautiful, sand Caribbean beaches
$7 million USD
2,200 acres
3,000 feet of Sea Frontage
7,000 Feet of Lagoon Frontage
5,000 + feet of River Frontage
Master Plan = Complete
Environmental Impact Assessment = Complete
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