Newsflash


By JACQUELINE CHARLES

McClatchy Newspapers

 

While Barack Obama, the likely Democratic presidential nominee, appears to be the rage across the Caribbean, some analysts express concerns about how his policies would affect the region.

And, although John McCain, the presumptive Republican nominee, generates less attention in the Democratic-leaning Caribbean, some observers say his support of free trade and his policy experience could be better for the islands.

Still other analysts see the Caribbean as a low priority for each and express little optimism that either will produce radical change.

 Neither McCain nor Obama has "expressed serious positions on the Caribbean, with the exception of Cuba, where there is a difference between the two candidates," said Rupert Lewis, a political science expert at the University of the West Indies (Mona) in Jamaica.

In a speech in Miami, McCain singled out several Spanish-speaking nations - but not any in the Caribbean. And Obama has shown little interest in the region - aside from an Easter vacation in St. Thomas.

Peter Hakim, president of the Washington think tank Inter-American Dialogue, said he believes the lack of focus by either candidate on the region is a hint of what's to come regardless of who wins in November.

"Americans right now are very insecure about their future. They are unhappy with the effects of globalization. There is not a great deal of interest in having the United States really engage in overseas these days," Hakim said.

Others say it will be hard to ignore the Caribbean or Latin America, especially when so many nationals are registered U.S. voters.

Brian Meeks, director of the Center for Caribbean Thought at the UWI, said that while many in the Caribbean are "fascinated with the fact that there is a black candidate with a credible chance of becoming president," leaders are not looking closely at either Obama's or McCain's policies.

"I don't think they are approaching it in a hard-nosed, realist way," Meeks said, "which is to say 'What is in it for the Caribbean? What is in it for Latin America and to what extent Obama, or for that matter McCain, will be addressing our concerns?' "

Caribbean leaders have increasingly complained of neglect following the Sept. 11, 2001, attacks as U.S. foreign policy shifted to other parts of the world.

The region as a bloc opposed the U.S.-led invasion of Iraq.

In 2004, the Caribbean Community demanded an international investigation in the Feb. 29 ouster of Haiti's democratically elected president, Jean-Bertrand Aristide.

Relations in the past year have warmed under President Bush, but they point out that he - unlike his predecessor, Bill Clinton - has yet to set foot in Haiti or the English-speaking Caribbean.

Clearly, Obama's race has captured the imagination of many in the Caribbean.

"The idea of having a black man or a man of mixed race running for the president of the United States is very historic and important," Barbados Prime Minister David Thompson told The Miami Herald.

"Barbadians feel good about that."

And George Lamming, a Barbados-born novelist and intellectual, adds: "The planet has been ruled by white power for 500 years, and you have the overwhelming majority of the world's population as nonwhite people. It's not only black people down here."

But symbolism isn't good enough, critics of U.S. policy say, when leaders consider the challenges facing a region wrestling with crime and economic troubles.

"The United States has defaulted in the last decade in having any meaningful aid relations with the Caribbean, and that is where Venezuela has stepped in and has provided that," Meeks said. "How does Obama view that? What are the prospects for that kind of mutually beneficial relations?"

Both McCain and Obama speak of a shift in policy.

"John McCain's vision for Latin America and the Caribbean basin is based on a belief ... we need to develop an approach founded on peace and security, shared prosperity, democracy and freedom and mutual respect," Kori Schake, McCain's senior policy adviser, said in an e-mail.

McCain supports expanding trade with the Caribbean basin, while Obama is much more restrictive on trade preferences.

"It seems to me that from an economic and foreign policy point of view, Obama may be more destructive to Trinidad and Tobago interests specifically, and Caribbean interests more generally, than a Category 5 hurricane," said Anthony Wilson, editor in chief of the Trinidad Guardian newspaper.

Obama's position on trade "has the potential to cast thousands of workers into unemployment throughout the region," Wilson said in an e-mail to The Miami Herald.

"From the perspective of foreign relations, John McCain would be much better for Caribbean economies than Obama."

While Obama's support for wiping out poor countries' debt is welcomed, his push to tighten regulations of offshore banking jurisdictions have riled others.

He currently is sponsoring the Stop Tax Haven Abuse Act, legislation that targets tax havens.

The bill lists Antigua and 14 other Caribbean jurisdictions among those countries singled out for increased scrutiny.

"I put that down to his lack of information," said St. Vincent and the Grenadines Prime Minister Ralph Gonsalves, a critic of the legislation but an admirer of Obama.

"Once he is properly informed - he would see that these islands, which are among the closest friends of the American people - he would not do anything knowingly for them to suffer."

Dan Restrepo, Obama's senior adviser on Latin America, said "the senator is a strong advocate for his bill in cracking down on U.S. tax evaders."

"We understand that this has implications in the region," said Restrepo, who served on the Democratic staff of the House International Relations Committee.

While McCain and Obama have spoken of a need to address transnational crime in the region, neither has given any indication that the U.S. policy of deporting criminals will change.



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Home arrow Blog arrow Ford reports loss as sales slide
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Friday, 24 April 2009

Ford vehicles at a Michigan plant
Carmakers across the world have been struggling to cope

Carmaker Ford has announced a net loss of $1.4bn (£0.96bn) for the first three months of this year as sales were hit hard during the severe recession.

This compares with the profit of $70m that the company made in the same period last year.

Despite the loss, the results were much better than analysts had expected.

Carmakers across the world have been struggling to cope with a massive slump in demand for cars as consumers hold back on making expensive purchases.

Ford shares soared by 20% in pre-market trading, reflecting how well the company has performed in the eyes of investors.

Cost cutting

Indeed the first quarter results represent a significant improvement over its performance in the final quarter of last year.

We do not expect to seek a bridge loan from the US government
Ford

During those three months, Ford lost $5.9bn. Over the whole of 2008, the carmaker lost a record $14.6bn.

"Our results in the first quarter reflected the extremely difficult business environment and weak demand for autos around the world," said Ford boss Alan Mulally.

The carmaker has been slashing costs in an attempt to offset the slump in sales, and cut its debt obligations by $10.1bn during the quarter.

"Ford made strong progress on our transformation plan by gaining share with new products, reducing outstanding debt, lowering our structural costs and reaching new agreements with the United Auto Workers [union]," Mr Mulally added.

Ford Europe's market share rose to 9.4%, its highest level in nearly ten years, with the Ford Fiesta becoming the continent's best selling car in March, the carmaker said.

The overall quarterly loss for the European arm of the company was $550m, compared with a profit of $737m a year ago. Revenue was $6bn, down from $10.2bn.

Overall revenue fell to $24.8bn from $39.2bn in the same period last year.

Government loans

Two of biggest rivals, General Motors and Chrysler, have taken billions of dollars in US government aid and still face bankruptcy.

As yet, Ford has not taken any money from the government.

The latest results show that the company has $21.3bn in cash and reiterate that, "based on current planning assumptions, it does not expect to seek a bridge loan from the US government".

The carmaker also asserted that it would "remain on track to meet or beat its financial targets."

These include at least breaking even in 2011, excluding special items.



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