Business

  • Photo of Jamaica grants licence for third telecoms provider: CARICOM BUSINESS

    Jamaica grants licence for third telecoms provider: CARICOM BUSINESS

    The Cabinet of the Government of Jamaica has given its approval for a third telecommunications service provider, Rock Mobile, to be granted a licence to operate locally. According to Technology Minister Daryl Vaz, the RFP for the new provider is in keeping with the Government’s policy objectives to increase broadband access to unserved and underserved areas; promote competition, innovation and…

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  • Photo of Haiti and Jamaica account for 86.2% of CARICOM remittances

    Haiti and Jamaica account for 86.2% of CARICOM remittances

    Remittances flows to Latin America and the Caribbean grew an estimated 6.5% to $103 billion in 2020, supported by a recovering economy and moderately improving labour market in the USA. CARICOM Member States however only accounted for 6.8% with total remittances equalling $7.074 B. According to the Migration and Development Brief published by the World Bank, Haiti (US$3.1 B) and…

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  • Photo of Barbados and IMF reach staff level agreement: CARICOM BUSINESS

    Barbados and IMF reach staff level agreement: CARICOM BUSINESS

    The IMF and Barbados have reached a staff-level agreement on the completion of the fifth review under the EFF arrangement, which was conducted virtually between May 3-7, 2021. According to the IMF, the economy remains severely depressed by the ongoing global pandemic with tourism operating at a fraction of normal levels. Economic growth for 2021 is premised on a modest…

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  • Photo of Dr. Gene Leon takes office as CDB President

    Dr. Gene Leon takes office as CDB President

    Dr Hyginus ‘Gene’ Leon today took office as President of the Caribbean Development Bank (CDB), becoming the sixth chief executive of the regional multilateral institution. The seasoned economist will lead a team of more than 200 employees headquartered in Bridgetown, Barbados. He comes to the assignment with 35 years of experience in economics, financial policy development and executive management, more than…

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  • Photo of The Bahamas turns to the private sector to drive investment: CARICOM BUSINESS

    The Bahamas turns to the private sector to drive investment: CARICOM BUSINESS

    The Bahamas will shortly select a private group to establish a new statutory body, Invest Bahamas – an independent statutory body that would facilitate the investment process from conception to implementation. The Finance Ministry is reviewing at least 7 bids received in response to a recently closed Request for Proposals (RFP). According to the RFP, Invest Bahamas would be, “a…

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  • Photo of Acceleration of the Regional Private Sector’s Relief Response to the crisis in St Vincent and the Grenadines

    Acceleration of the Regional Private Sector’s Relief Response to the crisis in St Vincent and the Grenadines

    In recognition of the need to streamline the Regional Private Sector’s extraordinary individual and collective response to the devastation in St. Vincent and the Grenadines and enhance the inter-agency coordination in times of disaster, the CARICOM Private Sector Organization (CPSO), the Caribbean Manufacturers’ Association (CMA) and the Caribbean Chambers of Commerce (CARICHAM) convened a meeting on April 16th 2021 with…

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  • Photo of “No new taxes” in St Lucia’s 2021/22 $1.6B fiscal budget: CARICOM BUSINESS

    “No new taxes” in St Lucia’s 2021/22 $1.6B fiscal budget: CARICOM BUSINESS

    Saint Lucian Prime Minister Allen Chastanet has presented a EC$1.12 B revenue estimate for fiscal year 2021/22. The fiscal package, which contains “no new taxes,” represents a 21.3% increase over the revised estimate for the last fiscal year. However this is lower than pre-pandemic years of 2018-19 and 2019-20 in which revenue was recorded at EC$1.20 billion and EC$1.19 billion…

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  • Photo of Barbados to relax quarantine requirements effective May 8: CARICOM BUSINESS

    Barbados to relax quarantine requirements effective May 8: CARICOM BUSINESS

    Effective May 8, vaccinated persons entering Barbados will only be made to quarantine pending the results of one locally administered COVID-19 PCR test. This could result in a quarantine period as little as 24 hours. According to Prime Minister Mia Mottley, a vaccinated person is defined as someone who in a two-dose regime had received both doses plus 14 days,…

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  • Photo of Guyana set to grow by 20.9% in 2021: CARICOM BUSINESS

    Guyana set to grow by 20.9% in 2021: CARICOM BUSINESS

    Guyana’s economy will remain resilient against the effects of COVID-19, maintaining its growth trajectory as the petroleum sector ‘picks up steam’, the World Bank has said. Guyana grew at an extraordinary rate of 43.5% in 2020, having completed a year of oil production. The positive spill-over effects have been dampened by a deep contraction in the non-oil economy, triggered by…

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  • Photo of Bahamas seeking to increase cruise passenger expenditure: CARICOM BUSINESS

    Bahamas seeking to increase cruise passenger expenditure: CARICOM BUSINESS

    The Bahamas is targeting a $400m increase in annual passenger spending after data revealed more than 40% spent less than $50 in Nassau pre-COVID, thereby seeking to increase expenditure to $100 per head. According to the Ministry of Tourism in The Bahamas, data for 2019, the last full year prior to the COVID-19 pandemic, revealed that 43% of cruise passengers…

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