Caribbean Business And Finance Report

invest-caribbean

News Americas, NEW YORK,
NY, Fri. Dec. 6, 2019:
Here are some of the top business and
finance news making headlines across the Caribbean this week.

Regional

Wondering about the
Caribbean nations with the best health care? 7th
Heaven Properties Dec. magazine
recently listed the top
7 with some of the best clinics and hospitals in the Caribbean. Here goes:

1: Bahamas

2: Barbados

3: Cayman Islands

4: Turks & Caicos
Islands

5: Martinique

6: St Barts

7: St. Martin

Hotels

The Caribbean hotel
sector is set to be boosted in the new decade ahead.The Grand Cayman Central Planning Authority
(CPA) has approved the Mandarin Oriental Grand Cayman Resort. The new luxury resort will be the first
five-star hotel built away from Grand Cayman’s Seven Mile Beach, according to
the company.

Meanwhile,
Margaritaville and Karisma Hotels & Resorts have broken ground on
Margaritaville Island Reserve by Karisma Cap Cana, which will open in 2021.
Margaritaville Island Reserve by Karisma Cap Cana, an inclusive resort, marks
the introduction of Margaritaville to the Dominican Republic and expands upon
Karisma’s presence in the region. A $150-million development, the new property
is expected to create 1,100 jobs in the Dominican Republic.

Banking

Two Caribbean banks have
been named the most outstanding in their respective jurisdictions by
internationally renowned financial magazine The Banker. In its Bank Of The Year
awards announced on November 29th, the 1st National Bank St. Lucia Limited and
Jamaica’s NCB Financial Group were honored.

The winner for Saint
Lucia, 1st National Bank was hailed by The Banker for “stellar financial
performance and its continuous efforts to grow its customer base.”

Meanwhile, Jamaica’s NCB
as hailed for its expansionist vision, having obtained a controlling stake in
Trinidad and Tobago’s Guardian Holdings, an insurance, pension and asset
management firm with a 21-country network in the English and Dutch Caribbean.

IDB

And a new report from the
Inter American Development Bank, (IDB), titled ‘ Getting to Net-Zero Emissions:
Lessons from Latin America and the Caribbean,’ says that Caribbean and Latin
American countries are producing compelling evidence on how to work with
stakeholders from government, civil society, academia and the private sector to
design long-term strategies that integrate economic, social and decarbonization
goals.

The report’s authors say
these long-term strategies can also guide the design of more ambitious
Nationally Determined Contributions (NDCs) to the Paris Agreement, help
governments to anticipate costs and ensure a just transition to net-zero
emissions, while identifying the immediate policy reforms and investment
priorities necessary to unlock the transformation.

Guyana

Frontera Energy
Corporation has announced it is investing an additional $75 million in major
exploration opportunities offshore Guyana and onshore in Ecuador and Colombia which
is targeted to deliver production and reserves growth, for the company over the
medium-term.

The drilling of two
exploration wells offshore Guyana, one well on each of the Demerara and
Corentyne blocks, is expected during the third and fourth quarters. The company,
along with its joint venture partner, CGX Energy Inc., expects to select
drilling locations for each block during the first half of the year.
Additionally, during the first half of 2020 the company will be providing a
resource report for the two blocks offshore Guyana.

BVI

As part of an on-going
initiative to grow the Financial Technology sector, the British Virgin Islands
is hosting its BVI Digital Economy symposium on December 3rd. The event will
connect over 100 stakeholders across private and public sectors such as Price
Waterhouse Coopers in the archipelago’s transition to a digital leader. As part
of the event, BVI partner LIFElabs.io will present details of the planned
digital currency rollout.

Bermuda

The Bermuda Monetary Authority
has confirmed that it will not object to BMA-supervised entities conducting
cannabis business with a licensed cannabis cultivator, processor or seller so
long as the conduct of the cannabis business is legal at all levels within the
country in which it is operated. The BMA’s position, issued in a notice, was
made clear in response to it receiving an increase in enquiries in respect of
licensing to re/insure cannabis related risk and the legalisation of cannabis
in Canada, which occurred in October 2018.

What this means for Bermuda is that companies can incorporate here and, subject to the appropriate application and approvals, be supervised by the BMA, and be allowed to re/insure cannabis-related risk in foreign jurisdictions.

hard-to-beat-inspiration-collection

Puerto Rico

In its inaugural Report
Card for Puerto Rico’s Infrastructure, The American Society of Civil Engineers
(ASCE), which issues an Infrastructure Report Card every four years, announced
a near failing grade of a ‘D-‘ for the island’s infrastructure. The Report Card
graded eight categories of infrastructure: bridges (D+), dams (D+), drinking
water (D), energy (F), ports (D), roads (D-), solid waste (D-), and wastewater
(D+).

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