Markets

Plans for $1 Billion in Chinese Funding for Caribbean

 Eximbank China’s Export-Import Bank has plans to launch a $1 billion fund to invest in Latin America and the Caribbean, following several years of significant spending in the region. In 2009, China invested $7 billion in the region through private …

BHP Billiton Starts Drilling in Caribbean

 BHP Billiton has begun drilling gas at its Agostura Project off the coast of Trinidad and Tobago. According to CEO Michael Yeager, the platform has a design capacity of 280 million cubic feet of gas per day. BHP has a …

Inter-American Development Bank Begins Barbados Visit

 By the Caribbean Journal staff Eleven counsellors of the Inter-American Development Bank are in Barbados looking at local projects funded by the bank. Representatives of the bank, which last week warned that the region was in danger of significant effects …

LATEST NEWS

 ECLAC headquarters in Santiago, Chile By the Caribbean Journal staff A report released yesterday showed Latin America with a larger increase in foreign direct investment than any other region last year, but the Caribbean did not fare as well, according …

 A geothermal well in Nevis Caribbean geothermal developer West Indies Power Holdings has announced plans for an 8.5-megawatt project in Nevis. The project will be funded with a $55 million loan from the Export-Import Bank of the United States. Nevis’ …

 Ghana’s Energy Minister Dr. Joe Oteng-Adjei and Trinidad’s Minister of Energy Carolyn Seepersad-Bachan By the Caribbean Journal staff Following an agreement that would see Trinidad supply energy for power plants in Ghana, Trinidad and Tobago’s Minister of Energy and Energy …

 Swiss Bundeshaus The Swiss government has moved a court for authorization to seize millions that once belonged to former Haitian dictator Jean-Claude “Baby Doc” Duvalier, 25 years after the funds were first frozen. If the government is successful, the government …

 By the Caribbean Journal staff Caribbean nations need to protect their urban poor as rising international food prices trigger an acceleration of inflation, according to a report from the Inter-American Development Bank. According to the report, “How will the Food …

 The Bahamian government signed a $48.5 million contract with two local companies for what is dubbed as the Queen Elizabeth Sports Centre Redevelopment Project. The deal is part of the country’s broader strategy to capitalize on so-called “sports tourism” something …

 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 …

 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 …

 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 …

 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 …

 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 …

 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 …

 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 …

 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 …

 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 …