Business
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St Lucia to introduce Tourism Levy December 15: CARICOM BUSINESS
The Government of St Lucia will introduce a tourism levy effective December 15, 2020 to aid in the financing of the industry marketing and development. In a two-tier system, guests will be charged either US$3 or US$6 per person per night depending on a room rate below or above US$120. A rate of 50% of the tourism levy will apply…
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New company registrations soar in Jamaica: CARICOM BUSINESS
Jamaica has recorded 3,586 new company registrations for the period January 1 to November 11, 2020. That’s according to data produced by the Companies Office of Jamaica and released on social media by Finance Minister Dr Nigel Clarke who noted that “in the middle of the pandemic and record economic contraction, Jamaicans are forming new companies at a rate not…
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S&P lauds Barbados’ post-COVID economic performance: CARICOM BUSINESS
International ratings agency Standard & Poor’s (S&P) has maintained its long and short-term credit ratings of B-/B with a stable outlook for the Barbados economy. “The stable outlook reflects our view that the COVID-19 pandemic will have a significant impact on Barbados’ economy and that the recovery will be more subdued than anticipated,” S&P said. The ratings agency pointed out…
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NCB & Republic Bank named among World’s Safest Banks: CARICOM BUSINESS
National Commercial Bank (NCB) Jamaica Limited and Republic Bank of Trinidad and Tobago are the only 2 banking institutions in the Region to be named in Global Finance’s list of the World’s Safest Banks in 112 countries. According to Global Finance, which is headquartered in New York with a circulation of 50,000 and readers in 191 countries, “The Safest Banks…
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T&T to revisit the energy fiscal regime: CARICOM BUSINESS
Prime Minister Dr Keith Rowley has announced that the T&T government will revisit the energy sector tax regime to ensure the country remains competitive. This in the wake of a recent study by the IDB said T&T’s fiscal regime for the energy sector is one of the most uncompetitive in the region. The Central Bank’s Energy Commodity Prices Index (ECPI),…
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Caribbean Basin Trade Partnership Act gets US Senate nod: CARICOM BUSINESS
On September 30, 2020, the United States Senate voted unanimously to renew the Caribbean Basin Trade Partnership Act (CBTPA) until September 30, 2030. H.R. 991 had passed the House on September 23rd. The legislation will come into force upon signing by the US President. The CBTPA is a preferential trade agreement that provides for duty and quota-free access for products…
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Suriname unifies exchange rate: CARICOM BUSINESS
The Surinamese economy is officially running at a rate of SRD 14,018 for the purchase of the US dollar from September 22, while it is being sold for SRD 14,290 by the official exchange offices and foreign exchange banks. Maurice Roemer, Governor of the Central Bank of Suriname (CBvS), in making the announcement indicated that the official declaration (unification with…
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Bahamas set to launch e-currency in October: CARICOM BUSINESS
The Bahamas is set to become the world’s first country to launch a sovereign digital currency next month. After piloting the so-called Sand Dollar on the islands of Exuma and Abaco last December, the central bank will roll out the e-currency nationwide in October. Officials say it will make digital payments easier in the tourism-dependent economy. Sand Dollar accounts are…
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Jamaica: Remittances rebound in June: CARICOM BUSINESS
Money transfers to Jamaica are projected to have grown 14.1% for the June quarter, reflecting a recovery from the initial onslaught of the COVID-19 pandemic, based on Bank of Jamaica, BOJ, preliminary estimates. For the month of June alone, remittances were up 42%, the central bank governor said last week. The data validates the signs of resurgence in the remittances…
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Barbados lauded by IMF on economic reform: CARICOM BUSINESS
Barbados has been lauded for its implementation of its economic reform program, while expanding critical investments in social protection. That the result of an IMF staff visit via videoconferencing between August 25-28, 2020, to discuss implementation of Barbados’ Economic Recovery and Transformation (BERT) plan. The Fund noted that all indicative targets for end-June under the EFF were met, with reserves…
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