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    OECS Business Focus Weekly Issue No.7



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    Welcome to OECS Business Focus Weekly Issue No.7

    Regional Business News for informed decision-making.


    Caribbean Financial Action Task Force Gives Antigua-Barbuda One of the Best Regional Reports

    The Caribbean Financial Action Task Force (CFATF) has given Antigua and Barbuda one of the best reports of regional countries so far in its fourth round evaluations.

    The 2018 Mutual Evaluation Report, published by the CFATF, gives an overall positive assessment of the country’s efforts to combat money laundering and terrorist financing. Examiners looked at both technical compliance with the FATF 40 recommendations and the effectiveness of the implementation of the AML/CFT system.




    IMF Projects More Economic Growth For Grenada In 2018 and 2019

    The Grenadian economy is projected to grow by 3.5% this year as well as next year, the International Monetary Fund (IMF) said last week Wednesday.


    Caribbean Must Reduce Its Multi-Million-Dollar Food Import Bill – Says OECS Director General

    The Director General of the Organization of Eastern Caribbean States (OECS), Dr. Didacus Jules, has signed an agreement with IICA to boost food production and safety in the countries of the region.

    Increasing food production in the Caribbean in order to reduce the region’s multi-million-dollar import bill, as well as decreasing poverty and improving nutrition for the local population, are some of the goals established by Dr. Didacus Jules as Director General of the Organization of Eastern Caribbean States (OECS).



    FirstCaribbean Named Most Innovative Bank in the Region

    Less than two months after releasing enhancements to its Mobile App and Online Banking, CIBC FirstCaribbean has been named the Most Innovative Bank in the region at the prestigious World Finance Banking Awards presented by UK-based World Finance Magazine.

    The bank is the only Caribbean-based bank to have been recognised at this year’s event.


    Antiguan PM Calls on Digicel and Flow to Pay Taxes

    Prime Minister Gaston Browne has put telecommunication providers Digicel and Flow on notice that his government will not honour agreements signed under the former United Progressive Party administration.

    Speaking in parliament last week Monday, Browne, who is also minister responsible for finance, did not reveal the exact nature of the agreements but said under them, the two telecoms providers were void of the payment of  taxes.


    Dominica to Ban Styrofoam, Plastic Dinnerware in 2019

    In his Budget presentation on Wednesday, Skerrit said that the adverse effects of climate change can no longer be ignored. 

    "We have long had a tradition for respecting and preserving the environment. It is the citizens of our country who litter...keeping our country clean and beautiful must start with each and every one of us." 

    "Effective January 1st, 2019, a number of items considered inimical to the environment will be banned.  This will include plastic straws, plastic plates, plastic forks, plastic knives, Styrofoam cups, Styrofoam containers."



    UWI Ranked Among Top Latin American Universities

    We all do it. Most of us throw away perfectly good food, almost every day of our lives. A banana gets slightly bruised in the fridge, we simply chuck it. Yesterday’s leftovers? Many times they go straight to the rubbish bin.



    ‘Restaurant Week’ in St. Kitts Promotes Plantains, Locally-grown Products

    Once a year the St. Kitts and Nevis Ministry of Tourism, in collaboration with the Ministry of Agriculture, partners with local restaurants as they offer meal specials and deals for a week often in the tourism off-peak season.

    The event is seen as a way of promoting and marketing locally-grown produce and integrating it into the restaurants’ menu.


    Britain’s Foreign Affairs Committee to Review the Future of the UK Overseas Territories

    Britain’s Foreign Affairs Committee is to launch a new inquiry into how the Foreign and Commonwealth Office (FCO) manages its responsibility to ensure the security and stability of the UK’s 14 Overseas Territories.

    The UK’s fourteen Overseas Territories are: Anguilla; Bermuda; British Antarctic Territory; British Indian Ocean Territory; British Virgin Islands; Cayman Islands; Falkland Islands; Gibraltar; Montserrat; Pitcairn Islands; St. Helena, Ascension and Tristan da Cunha; South Georgia and South Sandwich Islands, the Sovereign Base Areas of Akrotiri and Dhekelia on Cyprus; and Turks and Caicos Islands.




    Cable and Wireless reaffirms commitment to the Caribbean region

    The CEO of the recently-established Liberty Latin America, Balan Nair, and CEO of its subsidiary company, Cable & Wireless Communications (C&W), Inge Smidts, underscored their continued commitment to drive the region’s technological advancement so that the Caribbean can firmly take its place at the forefront of today’s digital revolution.



    Caribbean Airlines Half Year Results Indicate a Path to Profitability

    Trinidad and Tobago’s state-owned airline on last week Monday reported that ongoing strength in passenger revenues, cost management and network efficiency saw it continue robust performance for 2018 to date, with an increase in revenue over the period.

    Reporting on its unaudited half-year results for 2018, Caribbean Airlines said revenues and earnings significantly improved over the same period in 2017, despite the impact of fuel costs increasing by 32 per cent.

    Revenue has increased year on year by US$31.3 million or 19 per cent, while Earnings Before Interest and Taxation (EBIT – Operating Profit/Loss) improved over the same period in 2017 by US$17.8 million, or 77 per cent.



    CARICOM Partners Tackle Energy Financing, Investment Challenges

    Sustainable financing for the region’s energy sector came under the microscope in Suriname, where Caribbean Community (CARICOM) partners recently held a Stakeholder Validation workshop.

    The CARICOM Secretariat, and Community Institution, the CARICOM Development Fund (CDF), in collaboration with the German Agency for International Cooperation (GIZ), hosted the workshop from July 25-26 in Paramaribo. The workshop reviewed the main design elements of a newly-proposed Credit Risk Abatement Facility (CRAF) for the energy sector.



    FAO Warns Climate Change Will Significantly Impact Caribbean Fisheries

    A new research report from the Food and Agriculture Organization of the United Nations (FAO) cautions that climate change is expected to significantly reduce fisheries globally by 2050, including in the Caribbean.



    Reducing Food Loss and Waste is Essential -- FAO Director General Says

    We all do it. Most of us throw away perfectly good food, almost every day of our lives. A banana gets slightly bruised in the fridge, we simply chuck it. Yesterday’s leftovers? Many times they go straight to the rubbish bin.




    31 UWI Students Off to China to Further Study Software Engineering

    Software Engineering students from The University of the West Indies (The UWI) with a focus on mobile application technologies for both Android and iOS, are expected to leave for China this September to continue their studies.



    Find more OECS Business information in
    the OECS Business Focus Issue #9.
    Contact Your Local Chambers of Commerce a Free Printed Copy.


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