Caribbean Business And Finance Report

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News Americas,
BRIDGETOWN, Barbados, Fri. Nov. 22, 2019:
Here are some of
the top business and finance news making headlines across the Caribbean this
week.

Regional

Ever wondered about the
cheapest place in the Caribbean you can live on if you are not a millionaire?
Well Internationalliving.com is out with its list. According to the Nov. 19th
article the cheapest to live in the Caribbean is Ambergris Caye, Belize. IL
says for between $2,700 and $2,900 per month, a couple can enjoy a comfortable
retirement in Ambergris Caye. The budget includes the cost of a house or
apartment rental. If you own your own home on the island outright, then expats
report it’s possible for a couple to live quite comfortably on less than $2,000
a month.

The fourth cheapest
option found was Las Terrenas in the Dominican Republic where a one-bedroom, one-bathroom
loft apartment can be had for as little as $99,500.  A couple can also live here for around $2,000
a month.

Jamaica

The Planning Institute of
Jamaica (PIOJ) in its latest review of economic performance has said that the
Jamaican economy grew by an estimated 0.3 per cent in the July to September
quarter relative to the corresponding quarter of 2019.

Speaking this week at the
PIOJ’s quarterly press briefing on the performance of the macroeconomy for the
quarter, Director General Dr Wayne Henry, according to the Jamaica Observer,
said that growth was driven mainly by increases in the finance and insurance
services, hotels and restaurants and the manufacturing industries.

Puerto Rico

Boehringer Ingelheim, a
leading global provider of animal health products for pets and livestock, and
Puerto Rico Economic Development Secretary Manuel Laboy announced Wednesday a
nearly $50 million expansion of the company’s manufacturing site in
Barceloneta, Puerto Rico.

The investment will
create up to 105 full-time jobs in three to five years, bringing full-time
employment at the site as high as 322.

Based in Duluth, Ga.,
Boehringer Ingelheim’s Animal Health business in the United States has invested
more than $220 million to expand sites in Georgia, Missouri and Puerto Rico in
the last few years. The Barceloneta plant has been in operation for 48 years.

Bermuda

Arthur J. Gallagher &
Co. says it has completed its acquisition of Horseshoe Insurance Services
Holdings in Bermuda.

Horseshoe Insurance
Services Holdings is an independent financial services company “dedicated to
both the insurance-linked securities and alternative fund markets.” Information
on the company’s website indicated that Horseshoe has $30 billion in assets
under administration. Apart from its main location in Bermuda, Horseshoe also
has offices in the Cayman Islands, Gibraltar, the US, the UK, and Ireland.

Barbados

Prime Minister Mia
Mottley has slammed The Barbados Light & Power Company (BL&P), a
subsidiary of Canada’s Emera Inc., after an engine failure early on Monday and
again on Tuesday knocked out power to much of the island.

The PM called the outage
“unacceptable and embarrassing” and expressed dismay at how the country could
have lost “all of its generating capacity” at once.

The loss of electricity
as the island enters its peak tourist season under the winter sun meant that
schools were closed and Barbadians across extended areas had to cope with low
water pressure, discolored water, or dry taps.

Cayman Islands

Cayman Enterprise City
(CEC) has once again been recognized with Global Free Zones of the Year Awards
by the Financial Times’ fDi Magazine. Awarded annually, the distinctions
recognize and honor the top free zones in the world.

 fDi Magazine is the world’s leader in
comprehensive services related to foreign direct investment. With over 85 free
zones from around the world considered in this year’s awards, CEC was awarded
six Bespoke Awards in a variety of categories that are critical to improving
and growing Cayman’s thriving special economic zones:

•            Bespoke Award for Expansions

•            Bespoke Award for Facilities
Upgrades

•            Bespoke Award for Red Tape
Reduction

•            Bespoke Award for Skills
Development

•            Bespoke Award for Diversity
Initiatives

•            Bespoke Award for Development of
Technology

Since its establishment
in 2011, CEC has grown to include 250 special economic zone companies. With a
focus on three zones – Cayman Tech City, Cayman Commodities & Derivatives City,
and Cayman Maritime & Aviation City – CEC has achieved significant annual
growth since its launch in 2012.

Anguilla

America’s leading
regional airline, and American Airlines have expanded their commercial
relationship by introducing a codeshare partnership, providing customers of
both airlines’ seamless connections between the carriers’ networks and enabling
passengers to fly segments operated by both airlines under a single ticket.
Under the agreement, American’s airline designator code (AA) is available on
Silver Airways (3M) designator code for more than 180 Caribbean flights per
week, including to and from San Juan, Anguilla, Dominica, Tortola, St. Thomas
and St. Croix. Silver’s wholly owned subsidiary, Seaborne Airlines, previously
had a codeshare relationship with American on its Caribbean network. Those
flights are now operated for Silver Airways.

Cuba

Cuban state-owned sugar
producer Azcuba and Island Brands, a subsidiary of The Island Rum Company, have
signed Cuba’s first fully integrated rum production joint venture in more than
20 years. The joint venture, called Ron Vigia, was signed on November 7th. It
is Azcuba’s first rum joint venture and Cuba’s first fully integrated rum
production venture since Havana Club International was established in the
1990s.

Azcuba is Cuba’s main
producer and supplier of sugar and alcohol. The joint venture will be split
50-50 and will be valid for 30 years.

Ron Vigia’s production
will focus on the Ciego de Ávila province. The joint venture will own “very
significant maturing stocks” of local rum, enabling The Island Rum Company to
distribute its brands globally.

The Island Rum Company
will distribute Ron Vigia’s spirits portfolio, which will include: Black Tears
by Vigia, the “first” dry spiced spirit made with Cuban rum, which is already
available in 20 markets; La Progressiva 13 by Vigia, a dry spiced sipping rum
that launched in October; and La Progressiva 500 by Vigia, a limited edition
expression created to celebrate Havana’s 500th anniversary this month.

Bahamas

Carnival Corporation
& plc on Nov. 19th signed a Memorandum Of Understanding (MOU)
with The Bahamas to fund and support flood damage repairs and basic restoration
efforts at Rand Memorial Hospital, the primary hospital in Freeport, Grand Bahama
Island, which sustained significant damage in September from Hurricane Dorian.

The MOU agreement
formalizes a collaborative partnership between The Bahamas and Carnival
Corporation designed to provide hurricane relief funds for the joint mission of
rapidly restoring Rand Memorial Hospital, with a collective goal of returning
the facility to a safe and healthy environment for patients and medical
professionals by the end of March 2020.

The Rand Memorial
Hospital project comprises two critical restoration initiatives: remediation
and basic repairs for the facility and replacing damaged medical equipment.

Additionally, the
hospital’s existing kitchen suffered damage, so the restoration project is
expected to include the completion of a new kitchen that was partially
constructed prior to the storm, which will be able to provide meals for
patients and staff once the hospital officially reopens.

The post Caribbean Business And Finance Report appeared first on Caribbean and Latin America Daily News.

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