Business
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30% of tourism workers set to resume work amidst fallout: CARICOM BUSINESS
Jamaica’s Tourism Minister Edmund Bartlett says since its borders reopened in June, they have welcomed 300,000 visitors yielding some US$150 million. According to Bartlett, if the current arrival trend is sustained over the winter season, then about 30% of the 170,000 workers directly employed in the tourism industry should return to work. In the meantime, tourist arrivals in Dominica have…
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Jamaica moves towards an Independent Fiscal Commission: CARICOM BUSINESS
The Government of Jamaica has initiated action to institutionalise fiscal transparency and strengthen its fiscal responsibility framework by way of an Independent Fiscal Commission. This was effected through tabling a Bill to that effect in the House of Representatives. According to Finance Minister Dr Nigel Clarke, “the fiscal commission will be the guardian and interpreter of Jamaica’s fiscal rules, monitoring…
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The CARICOM Private Sector Organization and the Caribbean Community Sign MOU 3rd December 2020 – CPSO
The CARICOM Private Sector Organization (CPSO) and the Caribbean Community (CARICOM), on Thursday 3 December 2020, signed a Memorandum of Understanding, which establishes the legal framework for cooperation and collaboration between the Private Sector and the Community, as mandated by the Conference of Heads of Government of the Caribbean Community. Mr. Gervase Warner, CPSO Chairman, and President and CEO of…
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CARICOM Private Sector Organisation and Caribbean Community sign MOU to support Regional Growth and Development
The CARICOM Private Sector Organisation on Thursday signed a Memorandum of Understanding with the Caribbean Community to cooperate on the full implementation of the CARICOM Single Market and Economy (CSME), regarded as the most viable platform for supporting the Region’s growth and development. CARICOM Secretary-General Ambassador Irwin LaRocque signed on behalf of the Community and Chairman Mr Gervase Warner signed…
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LIAT is back! – CARICOM BUSINESS
Commencing November 30, sub-regional carrier LIAT will be resuming its commercial services by providing services to a limited number of destinations and routes. According to a November 25 press release, “The airline will operate flights 5 days per week to 7 destinations across the LIAT network. The seven destinations are: Antigua, Barbados, Dominica, Grenada, St Lucia, St Kitts, and St…
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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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