Your Guide To Caribbean Financial Markets
Trinidad & Tobago’s First Citizens Bank has been named LatinFinance’s Banks of the Year For 2020 LatinFinance says, First Citizens Bank has been able to grow loans and deposits, despite the worldwide upheaval that has been particularly harsh in the … Continue reading
They’re 617 acres combined and were transferred from the Commissioner of Lands on September 21, 1970 to the Urban Development Corporation. Can you guess what they are? Can you? THE GOAT ISLANDS! (Apparently there are two islands with the first being 465 acres, one rood and six perches while the 2nd island is 152 acres, two roods and 77 perches). A rood is A measure of land equal to 1/4 acre, or 40 square rods (0.10 hectare) and a perch is a linear measure equal to 5.50 yards or 16.5 feet (5.03 meters); a rod.
Sure you have heard that the government of Jamaica is having talks with the Chinese government to construct a trans-shipment port on the islands, as a part of the Jamaican government’s initiative to launch its Logistics Hub project.
But, the geography of the Goat Islands do not meet the criteria put forth by China Harbour Construction & Engineering Company for the successful construction of the port. As Daraine Luton, Senior Staff Reporter for the Gleaner reports;
“The available acreage at Goat Islands, which China Harbour Construction and Engineering Company wants for the construction of a trans-shipment port and industrial park, is less than the desired amount of the lands the Chinese are seeking for the project.”
The archipelago, located off the coast of Old Harbour, St Catherine, which is the property of the Urban Development Corporation, has 617 acres, which is far less than the 3,000 acres which Robert Pickersgill, the minister of land, environment and climate change, said is needed for the development.
If the Goat Islands are not a befitting home for the trans-shipment port, why are they still being considered as a possible site? If you know, please enlighten us in the comments section below.
The most popular topic in Jamaica for the last few days has been the government’s creation of a logistics hub and the sudden increased interest by a set of investors in a ‘protected’ area of the country, targeted for investment. However questions abound as to the intention of the investors and the benefit for the country. Continue Reading
With the recent DBJ Venture capital conference, there has been renewed interest in the venture capital market in Jamaica, and a lot of effort is behind the establishment of same. In her weekly Sunday Gleaner column, Yaneek Page considers the Good, Bad And Ugly Sides of Venture Capital, a must read for those who want to quickly get up to speed with what’s at stake. Continue Reading
While Minister of Industry, Investment and Commerce Anthony Hylton is urging the public to exercise patience in making a judgement on the proposed development of Goat Islands as a trans-shipment and logistics port, it doesn’t go unnoticed that at the heart of all this argument the key issue is clear, the economy yes, but also J-O-B-S! Continue Reading
Not to be left out of the mix, Barry Wade, PhD, chairman of Environmental Solutions Ltd, a Jamaican Environmental company gave his take on the construction of the logistics hub (which has really come to the fore even more with the recent revelation that the Chinese are interested in a very well positioned, but protected piece of environmental property).
He brings us through a 10 step crash course on how to build a logistics hub, asking very important questions along the way.
The Goat Islands have become a topic of many discussions within the past few weeks. The location rose to fame when news surfaced that it was being considered to be one of the locations for the development of transshipment ports in Jamaica, as apart of the government’s plan to create a logistics hub to facilitate the efficiency and promotion of international trade and provide new and innovative economic opportunities for the country. Continue Reading
Airline employment has dropped from last summer because of job cuts at American Airlines and regional carriers that use smaller planes.
The US Department of Transportation yesterday (Tuesday, Aug 27, 2013) said that airlines employed the equivalent of 381,441 workers in June, down 2.4 per cent from the same month last year. It’s the 10th straight month of decline compared with a year earlier.
With a reduction in the jobs numbers for 10 straight months, that is not a good sign.
JAMAICA Money Market Group’s (JMMB’s) operations in the Dominican Republic saw its operating profit increase more than tenfold. Gains on securities trading was the main reason behind an increase in earnings from $33.6 million during the three months to June 30, 2012, to $390 million in the corresponding quarter this year (June 2013). Continue Reading
The Planning Institute of Jamaica (PIOJ) is reporting that mining, quarrying and construction were the main sectors recording growth during the April to June 2013 quarter. Continue Reading
Talk about big business! Fish Pot restaurant, a wholly owned subsidiary of Rainforest Seafoods, has rented property in the heart of Half-Way Tree formerly known as Skateland for its second seafood-oriented quick-service eatery. Continue Reading
Yes it’s true. Foreign investors are checking out the possibility of importing coconut water from Guyana into the United States as part of what could be a new energy drink. Continue Reading
While it is being described as a small deal, I’m sure Caribbean Cement Company (CCC) is happy that they have finally landed a deal to supply Venezuela with 200,000 tonnes of clinker over the next 12 months. Continue Reading
St. Kitts and Nevis’ agricultural industry stand to be boosted by the interest of Taiwan’s President Ma Ying-jeou.
The Agro-Tourism Demonstration Farm at Sir Gilles (which was a joint initiative between St. Kitts and Nevis as well as the Republic of China, [Taiwan]) has been praised by Taiwanese President His Excellency Ma Ying-jeou. He regards the venture as a manifestation of the symbiotic relationship between the two countries. Continue Reading
On August 24, 2013, the Jamaica Tallawahs walked away as the inaugural champions of the Limacol Caribbean Premier League T20 Cricket Tournament.
The competition which was heavily promoted and set to be packed with excitement and memorable experiences ahead of its July 30 kick-off date caught the attention of many, more notably that of Hollywood-actor Gerald Butler and founder of Virgin Group, Sir Richard Branson. Continue Reading
The Urban Development Corporation (UDC) is relying on the private sector to give life to the planned makeover of the Kingston waterfront as commercial and recreational space.
However, it is moving ahead with similar plans for a boardwalk in Ocho Rios with funding from two state agencies, the Tourism Enhancement Fund (TEF) and Port Authority of Jamaica (PAJ). Continue Reading
With 500,000 active customers and more than 70 partners at more than 250 locations, Magna, which is jointly owned by Prism Services Inc of Barbados and Neal & Massy Holdings of Trinidad comes close to monopolising the market.
Its regional markets also include Antigua, Grenada and St Vincent.
In Jamaica, Magna also has co-branded cards with Scotiabank, JIIC and Guardian Life, deepening its penetration in the market.
Sure Loyalty, the new kid on the block, has been challenging Magna with its own purple card since July 2012. It has grown to 20,000 customers and 11 partners, but has got some way to go before posing any great threat to Magna.
[Source: Gleaner]
On Wednesday, Wisynco Foods Limited, the franchise holder for Domino’s in Jamaica, opened its 12th pizza store and first for downtown Kingston.
The store, which employs 15, is being used as testing ground for a new concept referred to as ‘Pizza Theatre’, which allows customers a cinematic view of the food preparation process. Continue Reading
Trade and Industry minister for the twin islands of Trinidad & Tobago, Minister Vasant Bharath, recently reported that the significant presence of crime in the country’s society has not deterred foreigners from investing in the nation’s development.
“I believe there are many countries in the world with high crime rates and that doesn’t preclude them from getting and attracting business. I’m not saying it doesn’t matter because clearly it does and is brought up by foreign direct investors, but we have many other pluses. We haven’t encountered any investors who say they aren’t coming because of crime, so it’s not the militating factor. But the issue is how we can deal with it,’’
The country’s capital, Port of Spain, is currently being evaluated by Chinese engineers to determine the feasibility of an upgrade that will facilitate greater trading opportunities.
Crime and violence is no doubt a menace to any country’s development and growth. How long do you think it will take for crime to start scaring foreigners away from investing in a diversified economy such as Trinidad & Tobago?
Trinidad and Tobago Minister of Trade and Industry, Vasant Bharath, has expressed that he is not convinced that potential foreign direct investors are fleeing from the islands because of the high crime rate.
He supported his stance explaining that many countries around the world also have high crime rates but this has not affected those territories from benefiting from investments.
Nevertheless, he acknowledged that the issue of crime is not something to be ‘swept under the carpet’ as it is indeed a problem. However, he distinctly swept away claims that crime could prevent the foreign direct investments. And rightfully so.
Fact is, Trinidad has some unique natural resources that automatically attract potential investors. Either they choose to not invest, or put protective measures in place where needed. Or is it that simple?
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