caribbean business

  • Photo of New US$500 million Regional conglomerate on the horizon: CARICOM BUSINESS

    New US$500 million Regional conglomerate on the horizon: CARICOM BUSINESS

    Seprod Limited is moving to acquire a 100 year-old Trinidad & Tobago company, A.S. Bryden & Sons Holdings, “to  create the leading integrated manufacturing and distribution group in the Caribbean,” the companies said In a joint announcement. Their combined revenues is estimated at US$500 million. Together, Jamaica-based Seprod and A.S. Bryden, with a team of close to 3,000 employees, will…

    Read More »
  • Photo of Jamaica begins its transition from SWIFT system: CARICOM BUSINESS

    Jamaica begins its transition from SWIFT system: CARICOM BUSINESS

    The Bank of Jamaica has given financial institutions 4 years to adapt as it co-ordinates Jamaica’s migration from the Swift Message Type (MT) standard to the ISO 20022 – ‘Universal Financial Industry Message Scheme’ format by end 2025. This in a bid to enhance end-to-end efficiency for payments. Adoption of the ISO 20022 standard should improve payment processing efficiency and…

    Read More »
  • Photo of Jamaica grows by 6.7% in 4th quarter of 2021:  CARICOM BUSINESS

    Jamaica grows by 6.7% in 4th quarter of 2021: CARICOM BUSINESS

    The Jamaican economy grew by 6.7% during the 4th quarter of 2021 when compared to the fourth quarter of 2020. This was due to increases in both the Services Industries and the Goods Producing Industries of 9.0% and 0.5% respectively. Within the Goods Producing Industries, there were higher output levels for Agriculture, Forestry & Fishing of 13.8% and the Construction…

    Read More »
  • Photo of Antigua/Barbuda’s aggressive fiscal consolidation fosters 4.8% growth: CARICOM BUSINESS

    Antigua/Barbuda’s aggressive fiscal consolidation fosters 4.8% growth: CARICOM BUSINESS

    The economy of Antigua and Barbuda recorded growth of at 4.8% for 2021, following a sharp contraction of 20.2% in 2020. That’s the word of the IMF at the conclusion of the recent Article IV Consultations. A sustained recovery in tourism and construction activity is expected to underpin real output growth of 7% in 2022. Fiscal consolidation resumed in 2021…

    Read More »
  • Photo of Bahamas largely compliant with AML/CFT requirements: CARICOM BUSINESS

    Bahamas largely compliant with AML/CFT requirements: CARICOM BUSINESS

    The Bahamas is now compliant with 38 out of 40 Financial Action Task Force (FATF) recommendations to strengthen its AML/CFT framework, with the Caribbean arm of the regulatory body, noting that this jurisdiction is now “compliant” with 18 recommendations and “largely compliant” on 20 of them. The recently released 4th Enhanced Follow Up Report and Technical Compliance Re-Rating, noted the…

    Read More »
  • Photo of IMF predicts growth of 5.7% for T&T in 2022:  CARICOM BUSINESS

    IMF predicts growth of 5.7% for T&T in 2022: CARICOM BUSINESS

    Anticipating recovery in oil and gas production, the IMF is projecting growth for Trinidad and Tobago of 5.7% and headline inflation of 2.4% in 2022. These projections reflect the findings of the recently concluded Article IV consultations, which projected a decline in real GDP of 1% for 2021, however the inflation rate of 2.2% as at July 2021 remains a…

    Read More »
  • Photo of Bermuda reaps US$23 million from digital nomads: CARICOM BUSINESS

    Bermuda reaps US$23 million from digital nomads: CARICOM BUSINESS

    In its first 12 months, the work from home in Bermuda (WFB) certificate has had an estimated value-added of $23.3 million to the economy. According to Labour Minister, Jason Hayward, 638 people took up the scheme and 206 families still lived on the island as a result. The initiative was launched on August 1, 2020 & allowed people from overseas…

    Read More »
  • Photo of Jamaica earns US$1.7 billion as tourism rebounds: CARICOM BUSINESS

    Jamaica earns US$1.7 billion as tourism rebounds: CARICOM BUSINESS

    Jamaica’s tourism continues to rebound strongly amid the coronavirus pandemic as is reflected in the US$1.7 billion in earnings since the reopening of the country’s borders in June 2020. Since that time, Jamaica has received 1,285,368 visitors — including 8,381 cruise passengers. According to Tourism Minister Edmund Bartlett, the forecast for 2021 is for a total of 1,578,743 visitors and…

    Read More »
  • Photo of T&T removes taxes and import duties on electric vehicles: CARICOM BUSINESS

    T&T removes taxes and import duties on electric vehicles: CARICOM BUSINESS

    Effective January 1, 2022, Trinidad and Tobago will be removing all custom duties, motor vehicle tax and value-added tax on the importation of battery-powered electric vehicles with an age limit on imported used battery-powered electric vehicles of two years. This policy will be subject to review after 2 years have elapsed. In August, the government said plans were underway to…

    Read More »
  • Photo of Jamaica raises policy interest rate to moderate inflation: CARICOM BUSINESS

    Jamaica raises policy interest rate to moderate inflation: CARICOM BUSINESS

    The Bank of Jamaica (BOJ) has raised its policy interest rate by 100 basis points to 1.50% as inflation breached the upper limit of the bank’s target range in August. However the action will “moderate” the economy’s growth potential. The policy interest rate has stood at a historic low of 0.5% since August 2019. Currently inflation is tracking at 6.1%.…

    Read More »
Back to top button
Close