Author Archives: David Wormley
Ivory Coast: Leading the region’s growth
Le Plateau, Central Business District of Abidjan in Ivory Coast The Ivory Coast’s GDP growth rate overtook that of Niger in 2013, putting its growth above that of any other OHADA country. This group of African nations has a shared foreign investment process and set of business laws. Ivorian...
Financial reforms in Barbados seek to raise country’s business standing
Life guard station in Miami beach, Barbados Like many of its neighbours in the Caribbean, Barbados relies on the financial and offshore sector for a large portion of its income, with that industry contributing US$1billion to the local economy at present. Despite this, it lacks the cachet and reputation...
EU to lift some sanctions on Belarus, effective March 1st
Minskaya Voblasts, Belarus The European Council, which comprises the 28 EU countries’ foreign ministers, has elected to lift a number of sanctions in place against Belarus. The sanctions are primarily visa bans and asset freezes on individuals, including the Belarussian president. Three defense companies will also be relieved from...
Iceland in the news – politics, banking and tourism
Skogafoss waterfall in Iceland Being a stable and remote country in the north Atlantic with a population just over 320,000, Iceland doesn’t always draw much attention. The last big news to come out of the Nordic nation was the collapse of its banks at the start of the financial...
Humanitarian aid dwarfs foreign direct investment in Afghanistan
Afghanistan is one of the poorest countries in the world, with per capita income of only US$634 in 2014, according to World Bank figures. Years of Taliban rule, coupled with an insurgency and US occupation, have served to destabilize the country and prevent meaningful progress. Foreign investment is a...
Latvia refocuses exports away from Russia in wake of sanctions
As a former part of the Russian Empire, and later the Soviet Union, Latvia has had a close economic relationship with Russia since it regained independence in 1991. The countries still share a border and many Latvians speak Russian, simplifying commerce between the nations and making Russia Latvia’s second-largest...
How do Albania’s economic reforms stack up?
Walk in the Valbona Valley National Park, Albania The Albanian government bought eight pages of advertising space in the Economist this month, using that exposure to run an advertorial praising its own reform programmes. This has sparked increased discussion of the government’s initiatives, which the advertorial boasted of as...
UAE, Oman and other GCC members to introduce VAT
GCC countries are planning to implement VAT. The Middle East is well known for providing a high quality of life with a low tax burden, with many amenities and developments financed by oil revenue. However, following a precipitous drop in the price of oil and consistent low prices since,...
Togo, OHADA, and doing business in West Africa
Map of Africa with OHADA member states in green. Law and language are often tied up in colonial history across Africa. The French and British had particularly broad influences on the continent, and these languages continue to be in wide use in business in many African nations. Togo, along...
Anguilla: a tourist and offshore centre in the Caribbean.
A British Overseas Territory like the Cayman Islands and BVIs, Anguilla did not benefit from the UK’s increased development funding to Caribbean Commonwealth countries. Although Anguilla does have a small financial and fiduciary industry, this activity is not on the scale found in other nearby jurisdictions such as Belize,...