Markets

Barbados Chamber of Commerce Signs Agreement with Prince Edward Island
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 …

International Monetary Fund: Caribbean Real GDP to Grow 4.2 percent in 2011
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 …

Jamaican Government Temporarily Cuts Fuel Taxes, Staves Off Protest
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 …
LATEST NEWS
REDjet to Start Flights Next Month
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 …
Bahamas Completes BTC Sale
The government of 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 …
Jamaica to Tap Chinese Coffee Market
The Jamaican Government is moving to broaden the market of Jamaica’s high-end Blue Mountain Coffee, as the first 16,500 kilogram shipment of Jamaican green bean coffee was sent off on its way to Hangzhou, China. Last year, the Hangzhou Coffee …
Garfield Barnwell: Region Needs to Improve Green Development
Solar panels in Andros, Bahamas By the Caribbean Journal Staff Greater levels of investment are vital if the Caribbean is serious about sustainable development, CARICOM Director of Sustainable Development Garfield Barnwell said last week in Suriname at the opening of …
Former Barbados PM Owen Arthur: Caribbean Integration Essential
Removing trade barriers is “essential” for the advancement of the Bahamian economy, former prime minister of Barbados, Owen Arthur, has said. “The Bahamas can play an integral role in the development of the Caribbean region and the economies of its …
Bahamas Looking to Capitalize on “Billion-Dollar” Shipwreck Industry
The Bahamian government is looking to cash in on what, according to experts in Florida, could be a billion-dollar industry with an amendment to the country’s Abandoned Wreck Act. “We are being told it could be a billion-dollar industry if …
David Smith to Plead Guilty to $220M Fraud in Orlando Federal Court
David Smith, who led the failed investment scheme OLINT, will plead guilty to 23 charges in Orlando federal court. Smith, who began OLINT in Jamaican until moving it to Turks and Caicos (where he pleaded guilty to fraud and conspiracy …
Cayman, IRS Meet on U.S. Foreign Tax Compliance Statute
Cayman Premier McKeeva Bush Cayman Islands Premier McKeeva Bush led a Cayman delegation to meet with the United States Internal Revenue Service’s Deputy Commissioner, Michael Danilack, along with other senior officials to discuss implementation of the Foreign Account Tax Compliance …
Trinidad, Ghana Partner on Natural Gas
Trinidad and Tobago’s state-run National Gas Company has been tapped by the Ghana National Petroleum Corporation to supply energy for power plants in Ghana. “NGC is breaking new ground as it is the first state company to be extending its …
Hampden Estate Inks Deal with Red Stripe on overproof “Rum Fire”
Hampden Estate, which produces rum largely for the European market, has released a new overproof rum, “Rum Fire,” strictly for the domestic market in Jamaica. “Hampden has never come out with a local brand, and to get to this market …
Barbados Finance Minister: Mideast Unrest Could Hurt Regional Economies
Minister of Finance Chris Sinckler If the unrest in the Middle East and North Africa continues, it could harm Caribbean economies, Barbados’ Minister of Finance, Chris Sinckler, has warned. “Our main assumption was that the main impact will be felt …
Little Bay Country Club Breaks Ground
Little Bay, Negril, Jamaica Selective Homes Limited has broken ground on a $12 million beachfront development in Negril, the Little Bay Country Club. The mixed-use project, which is targeted both at banking and tourism executives, along with second-home buyers, is …
Barbados Moves toward Green Economy
The Government of Barbados is moving to green its economy with the help of the United Nations Environment Programme. “My government continues to be committed to that vision and the emphasis at this point is to consolidate and elevate its …
Jamaicans Still Buying into Financial Schemes
Jamaica’s FSC Senior Management Team Jamaica has been home to the high-profile OLINT issue, what some have dubbed the Caribbean’s version of the Bernard Madoff controversy. But according to the Jamaican Financial Services Commission, there are 64 unregulated investment schemes …
IMF Back in Antigua on Performance Review
The International Monetary Fund has sent a team to Antigua for a third review of the nation’s performance on a stand-by arrangement with the IMF. According to the Ministry of Finance, the IMF team began the review Monday and will …
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