Newsletters
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Jamaica’s securities market grows by 100%: CARICOM BUSINESS
Finance Minister Dr Nigel Clarke, says Jamaica’s private securities market grew by approximately 100% between 2017 and 2020, with the value of bond issuance transactions doubling from some $200 million to $400 million. This metric was noted within the context that the banking sector recorded loan growth ranging between 16 and 35% over the period. He was speaking during the…
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Grenada regains majority shareholding in electricity provider: CARICOM BUSINESS
Grenada’s light and power company monopoly, Grenlec, will continue to operate as a private company, although the government has repurchased the majority shares owned by WRB Enterprises. Through a US$63-million settlement, which is US$12 million less than an arbitration award, the government regained control of the 50% shareholding sold to WRB Enterprises in 1994. In addition, the government has also…
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SVG’s 2020 revenues higher than 2019 — Finance Minister: CARICOM BUSINESS
In a break with tradition, the government of St Vincent and The Grenadines, in the absence of a budget for 2021, received approval from Parliament to borrow EC$125 million for capital expenditure for next year. Public Sector Investment Loan No. 2 Act 2020, presented by Minister of Finance, Camillo Gonsalves, authorises the government to raise funds to assist the government…
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Belize to launch NBB Pay e-wallet in early 2021: CARICOM BUSINESS
The National Bank of Belize (NBB) has solicited the expertise of Barbados-based financial technology firm Bitt to create and launch a digital wallet that will complement the bank’s mobile banking services. “NBB is licensing a digital currency infrastructure from Bitt to support retail and business users’ access to simple secure and efficient payment solutions as they recover from the global…
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Internet access to be declared a public good in Jamaica: CARICOM BUSINESS
The Government of Jamaica is to roll out a broadband expansion programme, dubbed the National Broadband Initiative, which will seek to provide Internet connection to every household by 2025. According to Minister of Science, Energy and Technology, Daryl Vaz, the Government will make access to the Internet a public good. The objectives of the initiative are to: achieve universal access;…
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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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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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