Markets
Bahamas Petroleum Company to Begin Offshore Drilling in 2012
April 21, 2011 | 7:57 am | 0 Comment
The Bahamas Petroleum Company is planning on beginning drilling in 2012, according to BPC CEO Dr. Paul Crevello. "We are working towards a drilling well next year sometime," Crevello said yesterday. "We know the government is working towards getting regulations in place, both drilling regulations and spill-response contingencies, so I think we're both working towards a more...
Ingraham Modifies Foreign Investment Restrictions, Residency Requirements
April 20, 2011 | 9:29 am | 0 Comment
Restrictions preventing foreign investment in restaurants and entertainment facilities have been lifted by Bahamian Prime Minister Hubert Ingraham, who also announced a new minimum dollar requirement for foreign direct investment. The prime minister attributed the changes to a series of developments over the past several years. The changes also include the provision that more...
Trinidad House Approves Financial Intelligence Bill in Unanimous Vote
April 19, 2011 | 9:00 am | 0 Comment
Parliament, Port-of-Spain Trinidad's government approved amendments to its Financial Intelligence Bill yesterday in a unanimous vote in the House of Representatives. The vote followed what had been a heated debate. Trinidad had faced being blacklisted because of non-implementation of the act, which deals with implementation of money-laundering policy. [Trinidad more...
Investors Consider $3 Million Shipwreck Museum in Grand Bahama
April 18, 2011 | 9:30 am | 0 Comment
Looking to take advantage of the vast number of shipwrecks in Bahamian waters, a $3 million joint venture could mean a priceless-artifact museum in Grand Bahama. "The clock is ticking at the moment," said Thomas Dean, the attorney representing the venture, which is comprised of foreign and Bahamian partners. "While they remain interested, I think their efforts would have more...
Cayman Passes Changes to Companies Law
April 14, 2011 | 10:51 am | 0 Comment
Caymanian legislators passed three laws yesterday aimed at bringing financial services in the Cayman Islands in line with international standards. The three laws were the Companies (Amendemnt) Bill 2011 and two companion bills -- the Securities (Amendment) Bill and the Property (Miscellaneous Provisions) (Amendment) Bill. "This is the first round of critical changes to more...
Barbados Chamber of Commerce Signs Agreement with Prince Edward Island
April 13, 2011 | 11:48 am | 0 Comment
Andy Armstrong, president of the Barbados Chamber of Commerce Following the Bahamas' lead in looking to Canada for investment opportunity, the Barbados Chamber of Commerce and Industry signed a Memorandum of Understanding yesterday with the Chamber of Commerce of the Greater Charlottetown Area, which is in the Canadian province of Prince Edward Island. "What we are more...
International Monetary Fund: Caribbean Real GDP to Grow 4.2 percent in 2011
April 13, 2011 | 7:55 am | 0 Comment
By the Caribbean Journal Staff The Caribbean region's real GDP is projected to grow at 4.2 percent this year, following a 3.4 percent increase in 2010, according to the International Monetary Fund's World Economic Outlook. The organization predicted a 7.2 percent in consumer prices for this year, along with a 4 percent drop in the region's current account balance. Last more...
Jamaican Government Temporarily Cuts Fuel Taxes, Staves Off Protest
April 12, 2011 | 7:13 am | 0 Comment
Minister of Finance and Public Service Audley Shaw The Jamaican Government temporarily reduced the ad valorem tax on petrol from 15 percent to 10 percent yesterday, with the cut set to take effect Thursday. The move came after threats of protests by the opposition People's National Party if the government did not cap the taxon fuel. After the government announced the more...
REDjet to Start Flights Next Month
April 11, 2011 | 11:49 am | 0 Comment
New Caribbean airline REDjet is set to take off next month, with tickets going on sale Wednesday, the company announced in a statement. According to Redjet, the first flights will begin May 8, featuring frequent trips to Barbados, Guyana, Jamaica and Trinidad. The company was founded in 2006 by Ian Burns, who was amazed at the cost of flights within the region. It is more...
Bahamas Completes BTC Sale
April 6, 2011 | 12:45 pm | 0 Comment
By the Caribbean Journal Staff The Bahamas has completed a 51 percent sale of the Bahamas Telecommunications Company to British firm Cable and Wireless Communications, Prime Minister Hubert Ingraham announced today in a statement. The deal was the subject of a great deal of controversy in the months leading up to the signing, in what Ingraham called a "very long and at more...
