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Economy Of The United States Virgin Islands
The economy of the United States Virgin Islands is primarily dependent upon tourism, trade, and other services, accounting for nearly 60% of the Virgin Island's GDP and about half of total civilian employment. Close to two million tourists per year visit the islands. The government is the single largest employer. The agriculture sector is small, with most food being imported. The manufacturing sector consists of rum distilling, electronics, pharmaceuticals, and watch assembly. Rum production is significant. Shipments during a six-month period of fiscal year 2016 totaled 8,136.6 million proof gallons. In mid February 2017, the USVI was facing a financial crisis due to a very high debt level of $2 billion and a structural budget deficit of $110 million. The government introduced a "sin tax" bill that would introduce or increase taxes on rum, beer, tobacco products and sugary drinks, as well as internet purchases and timeshare unit owners. Governor Kenneth Mapp issued an order that re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth Mapp
Kenneth Ezra Mapp (born November 2, 1955) is an American politician who served as the eighth elected Governor of the United States Virgin Islands, from 2015 to 2019. He is registered Republican,Mapp says He'll run for Governor . 2002 but ran as an independent. A former three-term Virgin Islands Senator, Mapp served as the from 1995 until 1999. Mapp was an independent candidate for Governor of the U.S. Virgin Islands in 2006 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also reports on related subjects such as technology, communications, science, politics, and law. It is based in Jersey City, New Jersey. Competitors in the national business magazine category include '' Fortune'' and '' Bloomberg Businessweek''. ''Forbes'' has an international edition in Asia as well as editions produced under license in 27 countries and regions worldwide. The magazine is well known for its lists and rankings, including of the richest Americans (the Forbes 400), of the America's Wealthiest Celebrities, of the world's top companies (the Forbes Global 2000), Forbes list of the World's Most Powerful People, and The World's Billionaires. The motto of ''Forbes'' magazine is "Change the World". Its chair and editor-in-chief is Stev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Territory
In the United States, a territory is any extent of region under the sovereign jurisdiction of the federal government of the United States, including all waters (around islands or continental tracts). The United States asserts sovereign rights for exploring, exploiting, conserving, and managing its territory. This extent of territory is all the area belonging to, and under the dominion of, the United States federal government (which includes tracts lying at a distance from the country) for administrative and other purposes. The United States total territory includes a subset of political divisions. Territory of the United States The United States' territory includes any geography under the control of the United States federal government. Various regions, districts, and divisions are under the supervision of the United States federal government. The United States' territory includes clearly defined geographical area and refers to an area of land, air, or sea under jurisdiction of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries. The Coinage Act of 1792 introduced the U.S. dollar at par with the Spanish silver dollar, divided it into 100 cents, and authorized the minting of coins denominated in dollars and cents. U.S. banknotes are issued in the form of Federal Reserve Notes, popularly called greenbacks due to their predominantly green color. The monetary policy of the United States is conducted by the Federal Reserve System, which acts as the nation's central bank. The U.S. dollar was originally defined under a bimetallic standard of (0.7735 troy ounces) fine silver or, from 1837, fine gold, or $20.67 per troy ounce. The Gold Standard Act of 1900 linked the dollar solely to gold. From 1934, it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Danish West Indies
The Danish West Indies ( da, Dansk Vestindien) or Danish Antilles or Danish Virgin Islands were a Danish colony in the Caribbean, consisting of the islands of Saint Thomas with ; Saint John ( da, St. Jan) with ; and Saint Croix with . The islands have belonged to the United States since they were purchased in 1917. Water Island was part of the Danish West Indies until 1905, when the Danish state sold it to the East Asiatic Company, a private shipping company. The Danish West India-Guinea Company annexed uninhabited St. Thomas in 1672; annexed St. John in 1718; and bought St. Croix from France (King Louis XIV) on June 28, 1733. When the Danish West India-Guinea Company went bankrupt in 1754, King Frederik V of Denmark–Norway assumed direct control of the three islands. Britain occupied the Danish West Indies in 1801–02 and 1807–15 during the Napoleonic Wars. Danish colonizers in the West Indies aimed to exploit the profitable triangular trade, involving the export ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Crop
A cash crop or profit crop is an agricultural crop which is grown to sell for profit. It is typically purchased by parties separate from a farm. The term is used to differentiate marketed crops from staple crop (or "subsistence crop") in subsistence agriculture, which are those fed to the producer's own livestock or grown as food for the producer's family. In earlier times, cash crops were usually only a small (but vital) part of a farm's total yield, while today, especially in developed countries and among smallholders almost all crops are mainly grown for revenue. In the least developed countries, cash crops are usually crops which attract demand in more developed nations, and hence have some export value. Prices for major cash crops are set in international trade markets with global scope, with some local variation (termed as "basis") based on freight costs and local supply and demand balance. A consequence of this is that a nation, region, or individual producer relying ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abolitionism
Abolitionism, or the abolitionist movement, is the movement to end slavery. In Western Europe and the Americas, abolitionism was a historic movement that sought to end the Atlantic slave trade and liberate the enslaved people. The British abolitionist movement started in the late 18th century when English and American Quakers began to question the morality of slavery. James Oglethorpe was among the first to articulate the Enlightenment case against slavery, banning it in the Province of Georgia on humanitarian grounds, and arguing against it in Parliament, and eventually encouraging his friends Granville Sharp and Hannah More to vigorously pursue the cause. Soon after Oglethorpe's death in 1785, Sharp and More united with William Wilberforce and others in forming the Clapham Sect. The Somersett case in 1772, in which a fugitive slave was freed with the judgement that slavery did not exist under English common law, helped launch the British movement to abolish slaver ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cover-over Subsidies
Cover-over subsidies are annual payments from the U.S. government to the U.S. Virgin Islands and Puerto Rico out of federal excise taxes. For example, when a bottle of rum is produced in either the Virgin Islands or Puerto Rico, and then sold in the United States, the federal excise tax on that bottle is returned to its place of production. Cover-over subsidies for U.S. island territories began in 1917. In 2008, the taxes generated about $371 million for Puerto Rico and $100 million for the Virgin Islands. In April 2009, Puerto Rico's congressional representative, Pedro Pierluisi, introduced a bill prohibiting territories from using more than 10 percent of their cover-over receipts for industry specific subsidies. This was as a result of increased competition to source distillery production between Puerto Rico and the U.S. Virgin Islands.Timothy P. Carney, Subsidies on trial in Caribbean rum rumble, Washington Examiner (Nov. 18, 2009), available at http://www.washingtonexaminer. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bauxite
Bauxite is a sedimentary rock with a relatively high aluminium content. It is the world's main source of aluminium and gallium. Bauxite consists mostly of the aluminium minerals gibbsite (Al(OH)3), boehmite (γ-AlO(OH)) and diaspore (α-AlO(OH)), mixed with the two iron oxides goethite (FeO(OH)) and haematite (Fe2O3), the aluminium clay mineral kaolinite (Al2Si2O5(OH)4) and small amounts of anatase (TiO2) and ilmenite (FeTiO3 or FeO.TiO2). Bauxite appears dull in luster and is reddish-brown, white, or tan. In 1821, the French geologist Pierre Berthier discovered bauxite near the village of Les Baux in Provence, southern France. Formation Numerous classification schemes have been proposed for bauxite but, , there was no consensus. Vadász (1951) distinguished lateritic bauxites (silicate bauxites) from karst bauxite ores (carbonate bauxites): * The carbonate bauxites occur predominantly in Europe, Guyana, Suriname, and Jamaica above carbonate rocks (limesto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hovensa
Limetree Bay Refinery (known also as Hovensa) is an oil refinery located on the island of Saint Croix in the United States Virgin Islands. The refinery was a joint venture between Hess Corporation and PDVSA. For most of its operating life as HOVENSA, it supplied heating oil and gasoline to the U.S. Gulf Coast and the eastern seaboard with the crude mainly sourced from Venezuela. Previously it had sourced its crude feedstock from a number of other countries including Libya Libya (; ar, ليبيا, Lībiyā), officially the State of Libya ( ar, دولة ليبيا, Dawlat Lībiyā), is a country in the Maghreb region in North Africa. It is bordered by the Mediterranean Sea to the north, Egypt to the east, Suda .... At a capacity of about , in 2010 the refinery was among the 10 largest in the world. Hess Oil Virgin Islands Corporation started refinery construction in January 1966 having purchased the property from Annie de Chabert and, in October of the same year, th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Recovery And Reinvestment Act Of 2009
The American Recovery and Reinvestment Act of 2009 (ARRA) (), nicknamed the Recovery Act, was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession, the primary objective of this federal statute was to save existing jobs and create new ones as soon as possible. Other objectives were to provide temporary relief programs for those most affected by the recession and invest in infrastructure, education, health, and renewable energy. The approximate cost of the economic stimulus package was estimated to be $787 billion at the time of passage, later revised to $831 billion between 2009 and 2019. The ARRA's rationale was based on the Keynesian economic theory that, during recessions, the government should offset the decrease in private spending with an increase in public spending in order to save jobs and stop further economic deterioration. The politics around the stimulus w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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