Key Takeaway:Another Caribbean country launching an extended stay programme. We previously highlighted two others. Barbados was the first we saw.
The Islands of The Bahamas announced its new Bahamas Extended Access Travel Stay (BEATS) program, a one-year residency permit designed to allow professionals and students to pack their laptop and their swimwear…
The BEATS permit is valid up to 12 months from the date of issue. The total cost for individual professionals to apply for and obtain a BEATS permit is $1,025, while college students wishing to apply will be required to pay $525, inclusive of the application and permit fee.
Jamaica Stock Exchange / Jamaica – Tue Oct 27, 2020
Key Takeaway:Major senior management appointment, with experience in the US. Sean Newman has been appointed as Executive Vice President (EVP) & Chief Investment Officer (CIO) for Sagicor Group Jamaica Limited come Nov 1
Key Takeaway:Profits up due to the very good management of expenses by management, resulting in a 32% reduction of Selling & Promotion expenses – saving $161m vs the prior year. They also announced LASCO Biz, through which LASF will give access to an eCommerce platform, allowing merchants to accept card payments electronically
Key Takeaway:A little bit more details on the #EFRESH acquisition … from a Bahamian perspective
Research by Tribune Business revealed it appears to be the former Continental Foods. They also state an amount of $482,616 in the annual report that could be related to the deal.
Everything Fresh’s arrival threatens to shake up a highly competitive Bahamian food distribution and import market, especially in the meats, dairy and seafood segments where it operates, the report states
Key Takeaway:Caribbean total net merchandise sales grew 6.8% with comparable net merchandise sales growth of 6% (13 clubs at quarter end). The Dominican Republic, Barbados and Jamaica markets led the way in the segment with 22.1%, 8.9% and 6.6% growth respectively. The DR net merchandise sales growth was primarily attributable to the opening of a fifth club in June 2019 and strong comparable sales growth.
Barbados and Jamaica had the same number of clubs as last year. It should be noted that in Trinidad, those sales are very strong. Management also expressed a challenge converting TTs to U.S. dollars, and said they are exploring alternatives to mitigate the impact of a potential devaluation.
Jamaicaobserver.com / Dominican Republic – Fri Oct 30, 2020
Key Takeaway:Looking forward to this. If it works as announced, it should do a lot for transparency. To be launched on Nov 4. This is an online tool that will make publicly accessible current information on Government of Jamaica’s public investment projects such as the construction of roads, bridges and schools, support to agricultural initiatives, government reform and climate resilience projects
Key Takeaway:Revenues down over 60% over the comparative period due to a reduction in the frequency of trips from the imposition of curfew hours because of the ongoing COVID-19 pandemic. Management cited it as being the worst quarter in its history.
Key Takeaway:Countries all over feeling the impact of Covid, especially tourism focused ones.
Tax receipts—which represented 89.5 percent of aggregate revenue–declined by $229.3 million (46.0 percent) to $269.5 million, largely due to a slump in revenue from VAT, import duties and departure taxes
Key Takeaway:Drilling company in Guyana has seen their contract extended. Since the discovery of oil offshore, and a reasonable political stability, Guyana is the fastest growing economy in the world with a projected 26.21% growth this year and expectations of 12% in 2021; 49% in 2022 and 28% in 2023.
Key Takeaway:Govt says the prolonged nature of the COVID-19 pandemic — especially since the economy was heavily reliant on the resumption of global travel and the absence of a vaccine — has threatened the country’s recovery. Note the fall here compared to Bahamas
TTT Live Online / Trinidad and Tobago – Wed Oct 28, 2020
Key Takeaway:Trinidad and Tobago has become the first country in the region to host a ‘SheTrades’ hub, following the signing of a Memorandum of Understanding between the International Trade Centre and ExporTT. SheTrades is an initiative of the International Trade Centre which aims to connect young women entrepreneurs to international markets via a unique online platform.
Key Takeaway:Scotiabank yesterday announced that it has decided to consolidate its banking operations on Abaco, Andros, Long Island, and Exuma into branches on New Providence, revealing that branch traffic had dropped as much as 50 percent in some locations.
Jamaica-gleaner.com / Caribbean – Wed Oct 28, 2020
Key Takeaway:Note: Caribbean Cement’s revenue performance serves as a gauge for construction activity because it is the only cement producer in Jamaica, and commands the overwhelming majority of the market. Its cement supplies most commercial and residential developments.
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