Archive for the ‘Banking/Financial Services’ Category

RBC completes sale of its Jamaican banking operations

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TORONTO, June 27, 2014 /PRNewswire/ – Royal Bank of Canada (RY on TSX and NYSE) today announced that it has completed the previously announced sale of RBC Royal Bank (Jamaica) Limited and RBTT Securities Jamaica Limited (collectively “RBC Jamaica”) to Sagicor Group Jamaica Limited.

As previously disclosed, RBC will record a further loss on sale of its operations of approximately C$37 million before and after tax, which includes an unrealized loss on foreign currency translation (C$45 million as at April 30, 2014). The net loss is subject to change and will be reflected in the results for the third quarter ending July 31, 2014. RBC will release its third quarter 2014 results and host an earnings conference call on August 22, 2014.

About RBC

Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 42 other countries. For more information, please visit rbc.com.

Forward-Looking Statements
Certain statements contained in this press release may be deemed to be forward-looking statements within the meaning of certain securities laws, including the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. These forward-looking statements include, but are not limited to, statements with respect to the loss relating to the sale of RBC Jamaica expected to be reflected in our third quarter 2014 financial results. Forward-looking statements are typically identified by words such as “believe”, “expect”, “foresee”, “forecast”, “anticipate”, “intend”, “estimate”, “goal”, “plan” and “project” and similar expressions of future or conditional verbs such as “will”, “may”, “should”, “could” or “would”.

By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our forward-looking statements, including statements about the loss relating to the sale of RBC Jamaica expected to be reflected in our third quarter 2014 financial results, will not be achieved. We caution readers not to place undue reliance on these statements as a number of risk factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors – many of which are beyond our control and the effects of which can be difficult to predict – include: credit, market, liquidity and funding, insurance, regulatory compliance, operational, strategic, reputation and competitive risks and other risks discussed in the Risk management and Overview of other risks sections of our 2013 Annual Report; the impact of regulatory reform; the business and economic conditions in Canada, the United States and certain other countries in which we operate; the effects of changes in government fiscal, monetary and other policies; and judicial or regulatory judgments and legal proceedings.

We caution that the foregoing list of risk factors is not exhaustive and other factors could also adversely affect our results. When relying on our forward-looking statements to make decisions with respect to us, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about these and other factors can be found in the Risk management and Overview of other risks sections of our 2013 Annual Report and the Risk management section of our Q2 2014 Report to Shareholders.  Material economic assumptions underlying the forward looking statements contained in this press release are set out in our 2013 Annual Report under the heading Overview and outlook and for each business segment under the heading Outlook and priorities as updated under the heading Economic, market and regulatory review and outlook in our Q2 2014 Report to Shareholders. Except as required by law, we do not undertake to update any forward-looking statement contained in this press release.

For more information, please contact:

Investor Relations Contacts:
Robert Poole, Investor Relations, robert.poole@rbc.com, +1-416-955-7809

Media RelationsContacts:
Wojtek Dabrowski, Corporate Communications, wojtek.dabrowski@rbc.com, +1-416-974-3718

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FinScan Opens New Cayman Islands Data Center

PITTSBURGH, April 16, 2014 /PRNewswire/ – FinScan, a leading global provider of sanctions/Politically Exposed Persons (PEP) screening solutions, document verification, and sanctions lists today announced the opening of a data center in the Cayman Islands.  The new location was added to meet FinScan’s rapidly growing international client base and complements other data centers in the United States, Canada, and Germany.

Growing client interest in software as a service (SaaS), or “hosted,” options has driven FinScan’s global expansion. The Cayman location was added to serve clients in Latin America and offshore locations such as in the Caribbean who prefer their choice of jurisdiction and location to meet data privacy concerns and operational processing windows.

“FinScan has data centers positioned in key areas of the world to improve service to our international client base,” said Bob Colonna, FinScan’s CEO. “We anticipate that the Cayman facility will provide a resource not only for our clients in the Americas, but those in EMEA and APAC as well.”

FinScan established a second Cayman facility as an extra measure of security to help ensure that customers do not experience breaks in service should there be a catastrophic failure.  To date, FinScan has not had a server go out of service at any of its facilities.  Clients and third parties regularly review FinScan’s security measures and perform penetration tests.  All locations have passed these stringent requirements.

“Our primary focus is on providing our customers with the most efficient, secure service possible,” said Michael Ott, FinScan’s senior vice president.  “Our fast implementation and record of 100% data center uptime make FinScan a safe choice for organizations requiring reliable, fast turnaround.”

The FinScan SaaS solution processes clients’ data to their specifications in either batch or interactive web services and returns the updated files/records to them. Compared to the traditional model of licensing and operating software solutions in-house, hosted processing significantly reduces clients’ initial investments as well as ongoing demands on their internal personnel and hardware resources.  FinScan, on a hosted basis, screens over one billion records monthly – and this number is growing at seventy percent per annum.

“We’re very pleased to provide our clients the added service and security of our Cayman data centers,” said Ott. “Having a secure data center in this centralized region provides organizations around the globe the valuable option of hosted processing to meet their PEP and sanctions screening needs.”

CONTACT: Karin O’Sullivan, 1-412-937-7678, kosullivan@innovativesystems.com

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What Can Russia Learn From The Caribbean?

PHOTO: Invest Caribbean Now’s Sheila Newton-Moses, centre, at the Global Russia Business Meeting in Valencia, Spain on April 7, 2014. (ICN Photo) Invest Caribbean Now’s Sheila Newton-Moses, centre, at the Global Russia Business Meeting in Valencia, Spain on April 7, 2014. (ICN Photo)

CaribPR Wire, NEW YORK, NY, Mon. April 14, 2014: Russia can learn a lot from the Caribbean on branding itself as an inbound tourism destination after Sochi.

That’s according to new Invest Caribbean Now President, Sheila Newton-Moses, who along with Invest Caribbean Now Founder and Chairman, Felicia J. Persaud, were the lone Caribbean representatives at the invitation only Global Russia Business Meeting held from April 6-7, 2014 in Valencia, Spain.

Newton-Moses was among a six-member panel entitled “Unlocking The Tourist Potential” at the event and told delegates gathered from around the world that Russia has to work on creating a brand that is beyond the current political image its known for around the world.

“In the Caribbean we have mastered the art of tourism and it is a billion dollar industry,” said Newton-Moses. “Russia needs to learn from the Caribbean and look at marketing its culture and history globally to transcend and repair its current image.”

The Global Russia Business Meeting brings together a host of eminent business leaders to discuss Russian firms’ role in the global economy annually and is organized by Dr. Frank Richter of Horasis: The Global Vision Community. Similar exclusive investment summits around the world on China, India and the Middle East are also held annually.

Invest Caribbean Now’s historic appearance at the five-year-old global investment event comes ahead of the presence of Russian investors on the summit’s ‘Global Trends and the Caribbean’ panel that is set for June 4th, 2014 from 11:30 a.m. at the prestigious Harvard Club in New York City.

Russian investments in the Caribbean have been growing in recent years while tourists from Russia are also increasing to the region especially to Cuba and the Dominican Republic.
This year’s fourth Invest Caribbean Now summit will also feature numerous global professional investors, entrepreneurs, and business leaders including a delegation from China; the Industrial Commerce Bank of China, American CryoStem Corporation, Lugano Group, Damoola, Merrill Lynch, Nomura, Aegis Capital, Island Global Yachting, Blocadi Capital, K&L Gates, True Value Building & Hardware Ltd & Emerald Vista and representatives from Sir Richard Branson’s the Carbon War Room.

Also attending will be Caribbean government ministers and dignitaries from across the region; chairman of the billion-dollar, privately-owned Jamaican-based empire that today includes 24 Caribbean properties, Appliance Traders Ltd. and The Observer media company, Gordon ‘Butch’ Stewart; Sergio Millian, President of the Russian American Chamber of Commerce; Colin Childress, CEO/Founder, Global MedChoices, Turks & Caicos; Paul Angelchik, M.D., Founder and CEO, American World Clinic – Barbados; Anthony A. L. Adjasse of the Allied African Nations Chamber Of Commerce; Jamaica’s Ambassador to the UN, Courtney Rattray and several CARICOM consuls general to New York; Hollywood actor Malik Yoba, Hollywood fashion designer, Woody Wilson; Qahir Dhanani, private sector development specialist of the World Bank Group; Leigh Moran, manager, International Diaspora Engagement Alliance” or “IdEA,” a partnership of the US State Department and USAID; Brian Lilly, founder of One Caribbean Television and CEO of Lilly Broadcasting; Caribbean scholar Dr. Isaac Newton; Anthony Phills, founder of the Caribbean Commerce Magazine/Media and Blinglet Inc. and Irwine Clare of the Jamaica Diaspora, North East among others.

Multiple Award Emmy winning TV Anchor, Ernie Anstos, will emcee the Summit while One Caribbean Television weatherman, Joey Stevens, and his famous side-kick, Bob, will wrap up the event by hosting the ICN Awards Reception, set for 4:30 to 6:30 p.m.

Limited early bird tickets and table of 10 are available through April 30th by booking here or at investcaribbeannow.com/earlybird.

Partnership sponsorship and advertising opportunities for this event are available by contacting sheila@investcaribbeannow.com or chris@caribpr.com or by logging on to ICN’s summit page atInvestcaribbeannow.com.

An exclusive Diamond Dinner has been added to this year’s summit for only 20 people who will include Malik Yoba, Gordon ‘Butch’ Stewart and Woody Wilson among other top Chinese, Caribbean and Russian delegates. Only ten tickets remain available and can be obtained by contacting Joe Bernstein at joe@investcaribbeannow.com.

ICN PARTNERS

Presenters for ICN 2014 include: Hard Beat Communications, The Caribbean Tourism Organization, One Caribbean Television, The Woody Wilson Collection of Beverly Hills, The PR Newswire, the Caribbean Commerce Magazine, Blinglets, The Caribbean Council for Economic Development, the Chinese Business Development Center, Woody Wilson Fine Clothing, CaribPR Wire, News Americas Now, the Jamaica Observer, CaribSeek, WINN-FM and GCaribbean Magazine.

Follow The Summit |Twitter | Facebook

SOURCE: Invest Caribbean Now

MEDIA CONTACT:

Kathy Bronson

Communications Coordinator

Invest Caribbean Now

kbronson@investcaribbeannow.com

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Multiple Emmy Award-Winning News Anchor For Invest Caribbean Now 2014

Emmy award-winning TV anchor, Ernie Anastos.

Emmy award-winning TV anchor Ernie Anastos.

CaribPR Wire, NEW YORK, NY, Mon. April 7, 2014: New York Hall of Fame Broadcaster and winner of more than 30 Emmy awards and nominations, Ernie Anastos, is set to emcee the biggest investment summit on the Caribbean outside the region, Invest Caribbean Now (ICN) 2014.

Anastos, the distinguished and popular anchor for the FOX flagship station WNYW-TV in New York, will serve as host of the fourth summit that is being presented under the patronage of Hollywood Actor Malik Yoba and set for June 4th, 2014 from 11:30 a.m. at the prestigious Harvard Club in New York City.

This year’s summit will feature numerous global professional investors, entrepreneurs, and business leaders including a delegation from China; the Industrial Commerce Bank of China, American CryoStem Corporation, Lugano Group, Damoola, Merrill Lynch, Nomura, Aegis Capital, Island Global Yachting, Blocadi Capital, K&L Gates, True Value Building & Hardware Ltd & Emerald Vista and representatives from Sir Richard Branson’s the Carbon War Room will also be in attendance.

Also attending will be Caribbean government ministers and dignitaries from across the region; chairman of the billion-dollar, privately-owned Jamaican-based empire that today includes 24 Caribbean properties, Appliance Traders Ltd. and The Observer media company, Gordon ‘Butch’ Stewart; Sergio Millian, President of the Russian American Chamber of Commerce; Colin Childress, CEO/Founder, Global MedChoices, Turks & Caicos; Paul Angelchik, M.D., Founder and CEO, American World Clinic – Barbados; Anthony A. L. Adjasse of the Allied African Nations Chamber Of Commerce; Jamaica’s Ambassador to the UN, Courtney Rattray and several CARICOM consuls general to New York; Hollywood fashion designer, Woody Wilson; Qahir Dhanani, private sector development specialist of the World Bank Group; Leigh Moran, manager, International Diaspora Engagement Alliance” or “IdEA,” a partnership of the US State Department and USAID; Brian Lilly, founder of One Caribbean Television and CEO of Lilly Broadcasting; Caribbean scholar Dr. Isaac Newton; Anthony Phills, founder of the Caribbean Commerce Magazine/Media and Blinglet Inc. and Irwine Clare of the Jamaica Diaspora, North East among others.

Anastos is the first and only New York TV anchor to receive the coveted “Lifetime Emmy Award,” the highest honor given for his outstanding and personal accomplishments in the television industry.

“We are extremely thrilled to welcome Ernie Anastos to Invest Caribbean Now 2014,” said ICN founder and Hard Beat Communications CMO Felicia Persaud. “Ernie is a New York television icon and his immediate acceptance of our invitation to serve as this year’s emcee adds to the global dimension of this year’s summit.”

One Caribbean Television weatherman, Joey Stevens, and his famous side-kick, Bob, will wrap up the event by hosting the ICN Awards Reception, set for 4:30 to 6:30 p.m.

Limited early bird tickets and table of 10 are available by booking here or atinvestcaribbeannow.com/earlybird.

Panel program sponsorship and advertising opportunities for this event are available by contacting sheila@investcaribbeannow.com or chris@caribpr.com or by logging on to ICN’s summit page atInvestcaribbeannow.com.

An exclusive Diamond Dinner has been added to this year’s summit for only 20 people who will include Malik Yoba, Gordon ‘Butch’ Stewart and Woody Wilson among other top Chinese, Caribbean and Russian delegates. Tickets are available on an invitation only basis by contacting Joe Bernstein at joe@investcaribbeannow.com.

ICN PARTNERS

Presenters for ICN 2014 include: Hard Beat Communications, The Caribbean Tourism Organization, One Caribbean Television, The Woody Wilson Collection of Beverly Hills, The PR Newswire, the Caribbean Commerce Magazine, Blinglets, The Caribbean Council for Economic Development, the Chinese Business Development Center, Woody Wilson Fine Clothing, CaribPR Wire, News Americas Now, the Jamaica Observer, CaribSeek and WINN-FM.

Follow The Summit |Twitter | Facebook

SOURCE: Invest Caribbean Now

MEDIA CONTACT:

Kathy Bronson

Communications Coordinator

Invest Caribbean Now

kbronson@investcaribbeannow.com

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Is The Caribbean Diaspora A Real Source For Investment?

Thousands of nationals from the Diaspora gather annually at the Penn Relays in Philadelphia.

Thousands of nationals from the Diaspora gather annually at the Penn Relays in Philadelphia.

CaribPR Wire, NEW YORK, NY, Mon. Mar. 31, 2014: Nationals from the Caribbean region and those of Caribbean heritage living outside the region number millions even though there is no accurate count of the total number. There’s no better demonstration of their presence than the huge flow of funds that are remitted each year from prosperous nations to poorer ones, particularly the Caribbean and Latin America.

For this reason, a World Bank Specialist insists that this group represents a great market that regional governments can target for investment dollars.

Qahir Dhanani, private sector development specialist of the World Bank Group, says “The Caribbean Diaspora represents a welcome market for making investments and contributing to growth and development.”

“Given the intimate knowledge they have about the opportunities back home, Diasporas are best place to take advantage of these opportunities and make an impact,” added Dhanani, who will be part of a featured interview on ‘ The Caribbean Diaspora: A Real Source For Investment?’ at Invest Caribbean Now 2014.

Dhanani recently co-authored the study: ‘The Caribbean Diaspora: A source for venture investment?,’ with Mina J. Lee. In it they conclude that there is investment interest towards both specific Caribbean countries and sectors by the members of the Caribbean Diaspora who “can indeed play an important role in the Caribbean region’s development story.” But they both warn it will require leadership to lower barriers to engagement, facilitation of structured opportunities and an increase in information transparency.

Dhanani will be joined in the session by Leigh Moran, manager, International Diaspora Engagement Alliance” or “IdEA,” a partnership of the US State Department and USAID, where the interviewer will be Irwine Clare, advisory board member of the Jamaica Diaspora USA, NE & CEO of the Caribbean Immigrant Services. Moran’s company, the Calvert Foundation, has recently taken over management of the ‘IdEA’ and launched a Diaspora bond that allows for nationals in the Diaspora to make tangible yet minimal socio-economic investments in their homelands.

Diaspora bonds are essentially a form of government debt that targets members of the national community abroad, based on the presumption that their emotional ties to a country make investing in such products worthwhile. Sales can be restricted solely to members of a particular nationality or opened to all buyers, with nationals receiving a preferential rate.

WHO’S WHO FOR ICN

Invest Caribbean Now, the brainchild of Hard Beat Communications CEO Felicia Persaud, is committed to advancing wealth in the Caribbean. ICN matches investors with projects in the Caribbean while bringing investors to the region and introducing them to sustainable investment opportunities there.

This year’s summit will feature Caribbean scholar Dr. Isaac Newton, top delegates including a delegation of Chinese investors from China; representatives from the Carbon War Room; Caribbean government dignitaries from across the region, including Premier of Nevis, Vance Amory; Barbados’ Minister of Agriculture Dr. David Estwick; Minister of Tourism and International Transport of St. Kitts/Nevis, Ricky Skerritt; tourism ministers from across the Caribbean, New York City elected officials; chairman of over two dozen companies throughout the Caribbean, North America, Russia, China, Africa and Great Britain, including Sandals Resorts Chairman, Gordon ‘Butch’ Stewart; Sergio Millian, President of the Russian American Chamber of Commerce; Colin Childress, CEO/Founder, Global MedChoices, Turks & Caicos; Paul Angelchik, M.D., Founder and CEO, American World Clinic – Barbados; Anthony A. L. Adjasse of the Allied African Nations  Chamber Of Commerce; Jamaica’s Ambassador to the UN, Courtney Rattray; Hollywood fashion designer, Woody Wilson and  numerous global professional investors, entrepreneurs, and business leaders.

Special partnership, advertising and co-branding opportunities for this prestigious event are available by contacting sheila@investcaribbeannow.com or logging on to ICN’s summit page at Investcaribbeannow.com.

Limited early bird tickets and table of 10 availability to the summit are available by booking here or at investcaribbeannow.com/earlybird

An exclusive Diamond Dinner has been added to this year’s summit for only 20 people who will include Malik Yoba, Gordon ‘Butch’ Stewart and Woody Wilson among other top Chinese, Caribbean and Russian delegates. Tickets are available on an invitation only basis by contacting Joe Bernstein at joe@investcaribbeannow.com.

ICN PARTNERS

Partners for ICN 2014 include: Hard Beat Communications, The Caribbean Tourism Organization, One Caribbean Television, The Woody Wilson Collection of Beverly Hills, The PR Newswire, the Caribbean Commerce Magazine, Blinglets, The Caribbean Council for Economic Development, the Chinese Business Development Center, Woody Wilson Fine Clothing, CaribPR Wire and News Americas Now.

Follow The Summit |Twitter | Facebook

SOURCE: Invest Caribbean Now

MEDIA CONTACT:

Kathy Bronson

Communications Coordinator

Invest Caribbean Now

kbronson@investcaribbeannow.com

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Nova Scotia Business Inc. – LED Roadway Lighting Has Bright Future



AMHERST, Nova Scotia, Sept. 10 /PRNewswire/ — A home-grown Nova Scotia company continues to shine brightly with its LED-based street lighting fixtures.

The province, through NSBI, is supporting LED Roadway Lighting’s continued growth with a $6 million CAD equity investment.

“”LED Roadway Lighting has grown a solid business in Nova Scotia and now has an opportunity to become a world-leading provider of innovative, energy-efficient LED lighting,”" said Percy Paris, Minister of Economic and Rural Development. “”We are proud to partner with exciting businesses like LED Roadway Lighting.”"

With a research office in Halifax and a manufacturing plant in Amherst, the company has created a series of street light fixtures that are more energy efficient than current technologies. LED Roadway Lighting fixtures produce the same amount of light, but consume up to 80 percent less energy than common high-pressure sodium and metal halide street lights.

“”We’re excited to be moving forward and growing our business here in Nova Scotia and sharing our product with the world,”" said Chuck Cartmill, founder of LED Roadway Lighting Ltd. “”The technology we have developed is the most efficient in the world and the additional applications are limitless.”"

The company’s light-emitting diode lights have grown in popularity for many reasons, including low power consumption, a long lifespan, and the fact that they promote environmental sustainability. The lights contain no lead or mercury, and emit no light toward the sky. LED Roadway Lighting is conducting pilot projects throughout North America and the Middle East, and is expanding to Europe and the Caribbean as well.

LED Roadway Lighting will continue to build on its state-of-the-art research into electronics and optics design. The company is also researching wireless and solar applications.

“”While it’s hard to deny the uncertainty in today’s economic climate, Nova Scotia businesses are still taking chances, investing in themselves, competing, and winning in the global economy,”" said Stephen Lund, president and CEO of NSBI. “”LED Roadway Lighting is a great example of how local businesses are taking smart risks that can reap big rewards.”"

Nova Scotia Business Inc. is Nova Scotia’s private-sector-led business development agency. NSBI is the investment-attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.

NSBI Venture Capital is a mid- to late-stage investor focusing on Nova Scotia businesses in five key sectors: information and communications technology, defence and aerospace, energy, advanced manufacturing, and life sciences.



SOURCE Nova Scotia Business Inc.; LED Roadway Lighting

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