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Ingraham Modifies Foreign Investment Restrictions, Residency Requirements

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Melissa, an “Extremely Powerful Major Hurricane,” Expected Toward Western Jamaica

 storm path

The slow-moving but “extremely powerful major hurricane” Hurricane Melissa was projected to move toward Western Jamaica by Tuesday, according to the National Hurricane Center.  The projected path of the storm would take it across southeastern Cuba on Tuesday night, and then across the southeastern or central Bahamas on Wednesday.  The storm began a northeasterly path […]

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Investors Consider $3 Million Shipwreck Museum in Grand Bahama

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 […]

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Cayman Passes Changes to Companies Law

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 the […]

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 Greater Charlottetown Area, which is in the Canadian province of Prince Edward Island. “What we […]

Cayman Passes Changes to Companies Law

 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 […]

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 and Trinidad. The company was founded in 2006 by Ian Burns, who was amazed at […]

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 protests by the opposition People’s National Party if the government did not cap the taxon […]

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 deal of controversy in the months leading up to the signing, in what Ingraham called […]

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 and Western Foods Association signed a memorandum of understanding with Jamaica’s Ministry of Agriculture and […]

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 member states if they understand and maximize their full potential in the ways they can […]

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 a regional workshop on Multilateral Environment Agreements. Barnwell said the region needed to integrate environmental […]

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 properly policed and managed,” said Minister of Youth, Sports and Culture Charles Maynard. “A lot […]