caricom business

  • Photo of Grenada regains majority shareholding in electricity provider: CARICOM BUSINESS

    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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  • Photo of SVG’s 2020 revenues higher than 2019 — Finance Minister: CARICOM BUSINESS

    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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  • Photo of Internet access to be declared a public good in Jamaica: CARICOM BUSINESS

    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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  • Photo of 30% of tourism workers set to resume work amidst fallout: CARICOM BUSINESS

    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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  • Photo of Jamaica moves towards an Independent Fiscal Commission:  CARICOM BUSINESS

    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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  • Photo of St Lucia to introduce Tourism Levy December 15:  CARICOM BUSINESS

    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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  • Photo of New company registrations soar in Jamaica:   CARICOM BUSINESS

    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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  • Photo of T&T to revisit the energy fiscal regime:   CARICOM BUSINESS

    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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  • Photo of Jamaica lowers primary surplus target:  CARICOM BUSINESS

    Jamaica lowers primary surplus target: CARICOM BUSINESS

    Jamaica is further revising down Jamaica’s primary surplus target to 3.1% among other measures, to cover almost $17 billion in additional expenditure for the current fiscal year. According to Finance Minister Nigel Clarke preliminary numbers for the 6 months ending September 30, show that overall revenues were $8 billion or 3% than budgeted but 18.8% lower than the corresponding 6…

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  • Photo of Suriname unifies exchange rate:  CARICOM BUSINESS

    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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