Progress at Summit of the Americas despite exclusions
Photo by Elena Mozhvilo 24th June 2022 Despite the tension leading about country snubs up to the Ninth Summit of the Americas hosted by the US in Los Angeles, progress has arguably been made on securing the region’s future. “There’s a lot that I think we can and should do. This is a partnership. My intention is to […]
Ministers explore development challenges facing independent MSMEs
Photo by Max Letek 20 June 2022 A week-long series of meetings held between Government and those running independent medium, small and micro enterprises (MSMEs) have indicated both the significance of their future role, and the complexity of their development in a planned economy. Jornada Econômica Produtiva Cuba 2022, organised by the National Association of Economists […]
Trinidad pushing increased gas output even as energy transition intensifies
Photo by Karsten Würth 10th June 2022 Trinidad and Tobago is predicting constrained natural gas production for the next five years before improvement in 2028. Speaking at the Trinidad and Tobago Energy Conference and Trade show 2022 hosted by Energy Chamber of Trinidad and Tobago, Prime Minister Keith Rowley discussed the outlook for the oil and […]
The Americas summit needs to reflect hemispheric reality
Photo by Jen Theodore 16th May 2022 David Jessop writes that differences over who is invited to the Summit of the Americas indicate that the time has come for Washington to find new ways to embrace change in the hemisphere, and for new institutions to emerge. After a prolonged period in which Washington’s economic role and political […]
López Obrador criticises US, says Mexico will deepen ties with Cuba
Photo by Filip Gielda 16 May 2022 During an official visit to Cuba, Mexico’s President, Andrés Manuel López Obrador, has indicated that Mexico intends continuing to deepen its ties with Cuba. The three-day visit saw him deliver a major speech recognising the historic importance of the Cuban revolution, the need for more equitable relations in the […]
BVI rocked by Premier’s arrest, calls for direct British rule
Photo by Aleks Marinkovic 13th May 2022 The British Virgin Islands (BVI) is reeling from the fallout of Premier Andrew Fahie’s arrest and calls for British direct rule. Fahie was arrested at a Miami airport along with the Managing Director of the territory’s Ports Authority, Oleanvine Maynard, and her son Kadeem Maynard on charges of money […]
Marrero says tourism expected to complete full recovery in 2022
Photo by Jeremy Bezanger 9th May 2022 Cuba’s Prime Minister, Manuel Marrero, has said that he expects tourism to complete its full recovery in 2023. Speaking during Cuba’s annual tourism fair, FITCuba 2022, which returned this year after a two-year break after the pandemic, Marrero said that Cuba was now benefiting from the sector’s global recovery. […]
Panama Canal experiences growth amid Ukraine crisis, China lockdowns, & inflation
Photo by Rikin Katyal 6 May 2022 This week, the Panama Canal Authority (ACP), which governs the waterway, announced the continuation of its record growth. The Canal witnessed its “highest-ever shipping flows in fiscal year 2021.” During the first half of this new fiscal year, ACP reported that “new tonnage rose 0.8%, container ship tonnage rose […]
Central Bank to licence cryptocurrency operations
Photo by Art Rachen 3rd May 2022 Cuba’s Central Bank (BCC) has published a decree law that establishes the procedures that those providing virtual assets (cryptocurrencies) must comply with to operate legally in the country. The regulation follows another gazetted last year which established a general framework (Background Cuba Briefing 6 September 2021). The new law makes […]
President Ali of Guyana keynotes four Caribbean Council events during first official visit to UK
HE Dr Mohamed Irfaan Ali, President of Guyana, and a high-level delegation were in London this week (26 to 28 April) for a three-day visit. On his first day, Tuesday, the President led a Tourism Roundtable coordinated by The Caribbean Council and Wilderness Explorers and sponsored by the Guyana Tourism Authority. During this Roundtable, the […]
Meet the Minister – Suriname
On Thursday 7th April, HE Albert R. Ramdin, Minister of Foreign Affairs, International Business and International Cooperation of Suriname told our members “we welcome the private sector through The Caribbean Council to partner with us.” The Minister shared his country’s Vision 2060 via which Suriname is using revenues from extractives to transform into a KnowledgeEconomy. He also shared opportunities in the energy, mining, agriculture, transport, and tourism sectors. With 93% forest cover, Suriname is the world’s most forested country. As […]
Meet the Ambassador – Barbados
On Thursday 31st March, HE Milton Inniss, the HighCommissioner of Barbados to the UK, meet with our members to tell them that “Barbados is open for business!” The conversation was wide-ranging and covered #opportunities across many sectors, including technology, renewables, infrastructure, logistics, and tourism. Barbados’ leading role as an advocate for ClimateJustice and its transition to a republic were also discussed. Many thanks to Mott MacDonald for hosting this informative roundtable!
Meet the Ambassador – UK Ambassador to Cuba
At the end of January, before heading to Havana to assume his new post as the UK Ambassador to Cuba, George Hollingbery stopped by London to meet with members of our CubaInitiative. The members in attendance were top Britishfirms representing the logistics, finance, banking, printing, and cigar industries. Many thanks to RH Lord David Triesman and the Salamanca Group for hosting this lively roundtable!
Caribbean leaders host US politicians, bankers for talks on financial inclusion
Photo by Jeffrey Blum 29 April 2022 Caribbean leaders have once again appealed directly to the US congress and banks on the issues of blacklisting, de-risking and corresponding banking in the region. The appeals come as Barbados hosted several US and Caribbean politicians along with regional and international representatives of financial institutions for the Caribbean Financial […]
Latin America 2022 | Politics and prosperity post-pandemic
23 – 24 May 2022 | Mexico City and Online The Caribbean Council is delighted to support Chatham House on the annual Latin America conference in Mexico City, Mexico, in collaboration with COMEXI. This conference will survey the last year’s election and political conditions and their implications for the region’s political, economic and policy future. […]
US says committed to ‘constructive discussions’ with Cuba
Photo by Aditya Vyas 25 April 2022 Cuban and US officials have met in Washington to discuss the implementation of the US-Cuba Migration Accords. The State Department described the meeting as a demonstration of its commitment to constructive discussions with Cuba. The exchanges, the first since 2018, came against a background of surging migration, with around […]
Biden Administration releases positive update on Central America investment plan
Photo by Joshua Sukoff 22 April 2022 On Tuesday, April 19, the White House released a fact sheet and progress report to update the public on its Root Causes Strategy that was launched in July 2021 to “align US Government efforts to address the economic, governance, and security drivers of irregular migration from Central America,” namely […]
Ministers say more efficient banking system
required
Photo by Eduardo Soares 18th April 2022 Ministers have said that a more efficient and responsive banking system better able to meet the country’s needs is required, and that government is developing programmes that should ensure that in future Cubans are better educated about financial issues. Cuban state media reported that at the annual evaluation meeting for Cuba’s Central […]
ExxonMobil secures Yellowtail approvals
14th April 2022 Photo by Maria Lupan US oil giant ExxonMobil has secured government and regulatory approval to develop Yellowtail field offshore Guyana. The announcement means that the Yellowtail Project becomes Exxon’s fourth and largest oil and gas field, adding to the Liza One, Two and Payara fields. Exxon, which operated through affiliate Esso Exploration and […]
Rodrigo Chaves elected President of Costa Rica by slim margin in run-off
Photo by Element5 Digital 8th April 2022 Last Sunday, 3 April, Costa Ricans took to the polls to elect their new President. The candidates, who came out on top in the first round of voting in February, were José María Figueres, the former President of Costa Rica (1994-1998) and Director of the World Economic Forum (2000-2004) […]
President Díaz-Canel suggests dialogue with US may be possible
Photo by Jose Fontano 11th April 2022 President Díaz-Canel has suggested that Cuba should not be afraid of entering into a dialogue with the US, citing comments made in 2009 by the country’s former President, Fidel Castro. In a Tweet with no clear context or explanation other than the coincidence of a date thirteen years ago when Fidel […]
British trade mission to Guyana
7th February 2022 Today was the first day of our Trade Mission to Georgetown, Guyana with the Department for International Trade and the Georgetown Chamber of Commerce & Industry Thanks to our mission delegates for joining us : ACCA, Concrete Canvas Ltd, Dar UK, Grove Group, Nectar Group Limited, One True Maverick Vodka, Shakespeare Pharma […]
Meet the Ambassador – HE George Hollingbery, UK ambassador to Cuba
13th January 2022 The Cuba Initiative was pleased to invite its Major investor group and Premier members to an exclusive meeting with HE George Hollingbery, the new UK Ambassador to Cuba. The event will took place on 13th January 2022 was kindly hosted by Bird & Bird at their offices in London The meeting was an opportunity for our members to brief […]
Meet the Ambassador – HE Mr Milton Innis High Commissioner of Barbados
31st March 2022 On Thursday 31st March we were delighted to invite our members to our third “Meet the Ambassador” Series with HE Mr Milton Innis, High Commissioner of Barbados The event was being kindly hosted by Mott MacDonald at their offices in london During the meeting the HC made a short presentation about Barbados to update us on the current […]
Royalty, republic, and reparations
1st April 2022 Photo by Annie Spratt David Jessop writes that Prince William’s sincere remarks made during his recent visit to the region highlighted the fact that many in the Caribbean want a different relationship with Britain, and redress for past wrongs. Nothing better illustrates the divide that exists between today’s Caribbean and its past than […]
Cuba aiming for four per cent GDP growth in 2022
4th April 2022 Photo by micheile .com The Cuban government has said that despite the many difficulties it faces, it believes it will be able to achieve its target of a 4% increase in GDP this year. Noting this, the Minister of Economy and Planning, Deputy Prime Minister Alejandro Gil, observed that in the first three […]
Western countries moving against Caribbean CBI Schemes
1st April 2022 Photo by ConvertKit While St Kitts and Nevis haggle over the sharing of current citizenship by investment (CBI) revenue, Western countries are seemingly moving against the region’s programmes. Last week, as St Kitts Prime Minister Timothy Harris and Nevis Premier Mark Brantley exchanged words over what percentage of CBI revenue should be allocated to […]
European and Canadian tourism ‘vital’ after loss of Russian market
Photo by Philip Myrtorp 28th March 2022 Cuba’s Prime Minister, Manuel Marrero, has said that in the absence of Russian visitors, it will be vital to strengthen the presence of tourists in Cuba from traditional source countries such as Canada, the UK, France, and Germany. He also noted that it will be necessary “to bet on […]
Central America could cave $20bn & cut emissions 70% via “faster energy transition”
Photo by Nicholas Doherty 25th March 2022 According to a study released this week by the International Renewable Energy Agency, Central American countries could cut systemic costs by $20bn between 2018 and 2050 “by pursuing a more ambitious energy transition.” The study estimates Central America’s collective “renewable energy potential” to be 180GW, which is ten times […]
All unprofitable state companies to undergo special audit
Photo by Remy Gieling 21st March 2022 Cuba’s leadership has launched a process that will analyse on a company-by-company basis why state enterprises projecting losses for this year have done so, and see measures introduced to reverse the situation. Announcing this to a meeting involving company representatives, President Díaz Canel said that it would be necessary […]
Caribbean leaders lament economic impact of Russia-Ukraine conflict
Photo by Ihor OINUA 18th March 2022 With the conflict now into its third week, Caribbean leaders are bracing for the economic impact following Russia’s invasion of Ukraine last month. Even as most condemned Russia’s role in the conflict, regional leaders are faced with the challenge of mitigating the fallout of surging fuel and commodity prices […]
Concern expressed about economic impact of conflict in Ukraine
Photo by Tina Hartung 14th March 2022 Cuban Deputy Prime Minister, Alejandro Gil, the Head of Economy and Planning, has said that he expects the conflict between Russia and Ukraine to have an unfavourable economic impact, warning of increases in the price of food and essential products the country imports. Speaking following a high-level working meeting […]
SICA & CARICOM release declaration to “strengthen” relations following summit
Photo by Meritt Thomas 11th March 2022 On 3 March, the leaders of CARICOM and SICA convened in Belize for the first summit between the two regional blocs in eleven years. “Clearly much has happened in the world since 2011. The global and regional landscape has changed significantly. Our partnership, therefore, must be strategic,” John Briceno, […]
US officials say Russia sanctions will hit Cuba ‘in a matter of days’
Photo by Jessica Knowlden 7th March 2022 Cuba is likely to experience a significant economic setback because of the wide-ranging sanctions imposed by the US, EU, and others on Russia, following the invasion of Ukraine. US officials have said that they expect the effect to be felt within a matter of days. Speaking to Voice of […]
Jamaican students stranded in Ukraine now home
4th March 2022 Photo by L.Filipe C.Sousa Twenty Jamaican students finally arrived home in Jamaica yesterday after a tortuous journey out of Kyiv. Jamaica was the only country in the Caribbean with a sizeable number of known nationals in Ukraine at the time of the invasion since many students pursue medical studies there. In the […]
Cuba Issues carefully worded statements on events in Ukraine
Photo by Yehor Milohrodskyi 28th February 2022 Cuba has issued a declaration calling for the peaceful resolution of the conflict in Ukraine and a diplomatic solution “which guarantees the security and sovereignty of all”. In a 26 February statement, the Ministry of Foreign Affairs (Minrex) said that Cuba as ”a country that defends International Law […]
Central American leaders respond to Russia invasion of Ukraine with differing views
Photo by Karollyne Hubert 25th February 2022 Although the situation unfolding now in Ukraine may appear far removed from Central America, rising prices of commodities ranging from fuel to food, volatile foreign exchange rates, and looming travel restrictions affecting tourism are already being felt across the region. Accordingly, the leaders of Central America have been […]
Sherritt confirms it will expand its mining joint venture in Cuba
Photo by Shane McLendon 21st February 2022 The Canadian nickel and cobalt miner, Sherritt International, has said that despite the impact of the global pandemic, continuing US sanctions, and rising input costs, it has been able to meet it 2021 production and cost targets and will as planned proceed with the expansion of its operations […]
Minister speaks frankly about economic challenges facing Cuba
Photo by Markus Spiske 14th February 2022 In a frank address about the economic challenges facing the Cuban government, the Minister of Economy and Planning, Deputy Prime Minister Alejandro Gil, has asked Cubans for their trust. Speaking to viewers and listeners to the flagship radio and television programme Mesa Redonda, Gil spoke in detail about […]
Millicom investing $3bn to expand mobile & broadband offerings in Central America
Photo by Manuel 11th February 2022 Millicom, a publicly traded multinational telecommunications conglomerate, has announced that it will invest $3bn across Central America over the next three years. It is already the “leading mobile company” in the region, having made $5bn worth of acquisitions over the last three years. As reported in our 19 November issue, […]
Barbados re-elects Mia Mottley in historic landslide victory
Photo by Arnaud Jaegers 4th February 2022 Mia Mottley has been re-elected for a second term as Prime Minister after leading the Barbados Labour Party (BLP) to a historic landslide victory in the 19 January election. “The people of this nation have spoken with one voice, decisively, unanimously and clearly,” said Mottley in her election […]
President identifies priority for government in 2022
Photo by expansion.mx 7th February 2022 Speaking at the first meeting of the Council of Ministers to be held this year, President Díaz-Canel has said that Government’s priority tasks in 2022 will be improving the supply of food and goods, containing inflation, designing a comprehensive policy towards the non-state sector, and continuing to deepen remote […]
Xiomara Castro inaugurated as first female President of Honduras
Photo by eldiario.es 28th January 2022 Yesterday, Xiomara Castro was sworn in as the first female President of Honduras at a “packed” inauguration ceremony at the National Stadium in the capital of Tegucigalpa. Exactly two months prior, Castro — the leader of the left-wing Libre Party and wife of former President Manuel Zelaya (2006-2009) — […]
Minister says economic decentralisation essential for recovery
Photo by Williams Cruz Perdomo The Minister of Finance and Prices, Meisi Bolaños, has said that to reduce Cuba’s projected 2022 fiscal deficit of CUP 75.8bn (US$3.17bn) the country needs to boost income by increasing productive activity in the municipalities and the participation of all economic actors. Bolaños told viewers of the television programme Mesa […]
Jamaican Government US$186.69mn budget revision
The Government of Jamaica has tabled a sizable supplemental budget for the second time in the fiscal year which ends in March 2022. On 11 January, Finance Minister Nigel Clarke introduced an additional spending bill totalling $25.8bn (US$186.69mn) which takes total expenditure for the fiscal year to $893.05bn (US$5.76bn), up from the $867.3bn (US$5.59bn) previously […]
Cuba hoping to receive 6mn visitors by 2030
Photo by Florian Wehde 24th January 2022 Cuba’s Minister of Tourism, Juan Carlos García, has said that Cuba hopes to receive annually over 6mn visitors by 2030. Speaking to Spanish businesspeople on 19 January prior to Fitur 2022, Madrid’s international tourism fair, García said that by 2030 the country expects to have a hotel capacity […]
Sugar sector struggling to address much needed change
Photo by Victoria Priessnitz 17th January 2022 Cuba’s Vice President Salvador Valdés Mesa has expressed concern about the progress of the present sugar harvest. Speaking in Sancti Spiritus on12 January as the milling of cane got underway across the country, he observed on Twitter ‘It has not started well’, noting the need to rigorously evaluate […]
Paramount+ wins 3-year deal to broadcast Premier League games in Central America
Photo by Nathan Rogers 14th January 2022 Today, it was announced that Paramount+, the streaming platform of the US mass media conglomerate, Viacom CBS, had won the rights to broadcast Premier League games and all related coverage in several Latin American countries for three years, beginning this season. The deal encompasses Mexico, Costa Rica, El Salvador, […]
Ministers outline economic plan and priority objectives for 2022
Photo by Francesco Gallarotti 10th January 2022 The Minister of Economy and Planning, Alejandro Gil, has told members of the country’s National Assembly that Cuba’s GDP is expected to grow by 2% in 2022. Addressing the assembly’s Economic Commission before Christmas, Gil said that after the 13% fall in GDP experienced over the last two years, […]
Potentially exploitable new gold deposit identified in Camagüey
Photo by Rene Böhmer 13th December 2021 Cuba is to begin a technical and economic feasibility study of a gold deposit estimated at about eight tons in ten veins in Loma Jacinto in Camagüey province. According to experts at Cuba’s Ministry of Energy and Mines, the concentration, the second largest in the country, could yield hundreds of […]
Political unrest continues in Guadeloupe and Martinique
Photo: Via france24.com 10th December 2022 Protests are into their third week in the French overseas territories of Guadeloupe and Martinique. Demonstrators had initially taken to the streets to protest impending mandatory vaccination rules for health workers and other COVID-19 restrictions, but the unrest has evolved into action against a broader set of socioeconomic issues. […]
Biotech and pharma ‘underpin’ China-Cuba economic relations
Photo by Maximalfocus 6th December 2021 Cuba and China have confirmed that cooperation in the field of biotechnology and pharmaceuticals now plays a central role in the development of economic relations between the two countries. State media reports of the eleventh meeting of the Cuba-China Biotechnology Working Group quoted Cuban Deputy Prime Minister, Jorge Luis Perdomo, […]
Drowning in promises
Photo by USGS It is hard to avoid the conclusion that the support promised by global leaders in relation to climate change will be delivered at a pace fast enough to help the Caribbean, if at all. David Jessop suggests that the region may need to consider other options. In a powerful speech at last month’s COP26 climate […]
Castro elected first female President of Honduras, ending 12 years of Nacional rule
3rd December 2021 Xiomara Castro, the leader of the left-wing Libre Party and wife of former President Manuel Zelaya (2006-2009), is set to become the first female President of Honduras following a general election on 28 November that external observers described as “largely peaceful” despite the violence that preceded it (as reported in our previous […]
Tourism minister prioritises health and safety as Cuba reopens
Photo by Yifan Wu 29th November 2021 Cuba’s Minister of Tourism, Juan Carlos García, has said that the country is committed to developing responsible tourism, in which the health and safety of all visitors and Cubans is prioritised. Speaking to locally based tour operators about the reopening of the country’s airports, ports, and hotels for tourism, […]
Caribbean reopens to Cruiseliners
Photo by Alonso Reyes 26th November 2021 As the global economic recovery accelerates, Caribbean nations are positioning themselves to benefit from the return of cruise tourism to their shores. In recent weeks, several countries have welcomed the return of cruise ships to their ports after the industry all but collapsed under the weight of the COVID-19 […]
North America leaders meet at White House, Central America migration tops agenda
Photo by Edoardo Cuoghi Yesterday, US President Joe Biden hosted Canadian President Justin Trudeau and Mexican President Andrés Manuel López Obrador at the White House in the first in-person summit between the three powers since 2016. In addition to supply chain integration, COVID-19 vaccine distribution, and climate change, the North American leaders discussed how to mitigate […]
Christmas Drinks, Thursday 2 December
Network and re-connect at the Caribbean Council’s first face to face occasion in nearly 2 years The Christmas Drinks Reception was a lovely festive much needed catch-up for all members. Guests included Caribbean High Commissions, Central American Ambassadors, senior contacts at FCDO and DIT and organisations working and investing in the region. It was an […]
COP26 – Caribbean leaders call out inaction by large nations on Climate Change
Photo by Markus Spiske / https://www.ecolife.zone/ Caribbean Heads of Government and regional technocrats have made forceful representations at the UN Climate Change Conference (COP26) being held in Scotland. Barbados Prime Minister Mia Mottley, who was among a limited cadre of world leaders to address the opening plenary in Glasgow, delivered a stinging rebuke of inaction by […]
New biotech industrial complex to manufacture vaccines for export
Cuba has announced that it will open soon its first high-technology plant in an area of the Mariel Special Development Zone (ZEDM) that is to house a new biotechnological industrial complex. The plant, a joint venture involving the Centre for Genetic Engineering and Biotechnology (CIGB) and BioCubaFarma, will produce vaccines for export including the country’s […]
Caribbean security: the bigger picture
Addressing Caribbean security requires an understanding that without sustainable resources and Caribbean led socioeconomic reform the region’s tenuous stability could quickly deteriorate. David Jessop writes that the Caribbean ought to better articulate why in different ways it requires the support of multiple international partners. In mid-November, a little noticed virtual meeting took place. It considered in the […]
Meet the Ambassador – Antigua and Barbuda
On Thursday, 28th October , HE Karen-Mae Hill, the High Commissioner of Antigua and Barbuda, told our members about her country’s robust pandemic response that has led to a rebound of #tourism, how a recently upgraded #airport and nearly completed #seaport expansion are transforming the country into a key logistics hub, and the ongoing diversification of the economy. Thanks again to Charles Russell Speechlys for hosting!
Meet the Minister – Jamaica Member round-table meeting
28th October 2021 On Thursday 28th October we had the pleasure and honour to host our first Meet the Minister – Investor Round-table with Jamaican Finance Minister, Nigel Clarke MP and Minister for Industry, Audley Shaw, CD, MP. Our Major Investor Group members heard about the robust V-shaped economic recovery which Jamaica is now making – with growth […]
Central American countries join COP26 pledge to end deforestation, among others
Photo by gryffyn m From 31 October to 12 November, world leaders and their delegations, among other key stakeholders, are gathering in Glasgow, Scotland, for the 2021 United Nations Climate Change Conference (more commonly known as COP26). One of the first achievements of the Conference is a commitment, announced on 2 November, “to work collectively to […]
Government confirms need to address escalating retail price inflation
Photo by Felix Tchverkin Marino Murillo, the Head of the Permanent Commission for Implementation and Development, has confirmed that retail price inflation in Cuba’s domestic economy is now one of the principal problems facing the country and that government must address it. Speaking to members of Cuba’s National Assembly on 27 October, he said that the […]
Ransom demanded for kidnapped missionaries in Haiti
Photo by Markus Spiske Authorities are racing against time to secure the release of 17 missionaries who have been kidnapped by a gang in Haiti. According to reports, members of the Ohio-based Christian Aid Ministries were on a trip to visit an orphanage in Ganthier, a commune east of the capital Port-au-Prince, when they were taken. […]
Sherritt confirms plans to increase nickel production
Photo by Philipp Arlt The new President and CEO of Toronto-based Sherritt International Corp, Leon Binedell, has confirmed that the Canadian mining entity intends to maintain its presence in Cuba, and has said that it will increase nickel production at its plant in Moa. Speaking to the Cuban media during a first visit to the company’s […]
Costa Rica awarded £1mn via Duke and Duchess of Cambridge’s Earthshot Prize
Photo by Louis Maniquet Costa Rica is one of the first five winners of the Earthshot Prize, which awards £1mn to nominees “developing solutions” pertaining to nature conservation, waste management, ocean revival, air quality, and/or climate change. Funded by the Royal Foundation of the Duke and Duchess of Cambridge, the Earthshot Prize, whose name pays homage […]
Economy minister says 2.2% growth this year will usher in gradual recovery
Photo by Jeremy Bezanger Cuba’s economy is expected to grow by 2.2% this year, initiating what Deputy Prime Minister Alejandro Gil, the Minister of Economy and Planning, has said will be a gradual economic recovery. Speaking to the media, Gil noted that despite an 11% fall in GDP in 2020, the country was likely to see […]
Jamaican Central Bank facing backlash over interest rate hike
Photo by Pedro da Silva The Bank of Jamaica (BOJ) is facing widespread criticism over its decision to increase the key policy rate in a bid to curb inflation. After inflation broke through the upper limit of the 4% to 6% target in August to reach 6.1%, the BOJ had signalled its intention to increase interest […]
Tourism’s reactivation vital to recovery of other economic sectors: Marrero
Cuba’s Prime Minister, Manuel Marrero, has said that reactivating tourism will be the key to Cuba’s economic recovery, due to its ability to stimulate growth in many other sectors of the economy. Speaking at a meeting with Cuban tourism professionals in Varadero on 2 October, he said that there could be no going back after […]
Global Facebook outrage lays bare Central America’s dependence on the platforms
Photo by Brett Jordan For over seven hours on Monday, beginning at around 15:30 GMT, Facebook and its subsidiaries (namely, Messenger, WhatsApp, and Instagram) became completely inaccessible worldwide. The outage—which Facebook confirmed to be the result of an accidental internal server error, rather than a hack as some observers had initially suspected—wiped 5% off Facebook’s stock price and $6 billion from its founder, Mark Zuckerberg’s, personal wealth. In Central America (and Latin America more broadly), this episode […]
First Cuban non-state private companies approved
Photo by loli mass Cuba has approved as legal entities the first privately owned micro, small and medium-sized enterprises (MSMEs). The decision will initially see 32 private and three state entities begin operations in food production, manufacturing, recycling, and establish IT related businesses in the Science and Technology Park of Havana. The decision marks the start […]
New Bahamas government facing debt crisis
Photo by Georgy Trofimov A looming debt crisis and another sovereign credit rating downgrade are just two of the many challenges facing the newly elected Philip Davis Administration. Prime Minister Davis led the Progressive Liberal Party (PLP) to a resounding victory in the 16 September election, securing 32 seats to the Free National Movement’s (FNM) seven. […]
UN regional commission announces $45bn investment in Central America
On 17 September, in Mexico City, the day before the VI Summit of the Community of Latin American and Caribbean States (CELAC) took place in the same locale, the Economic Commission for Latin America and the Caribbean (ECLAC), which is one of the five regional commissions of the United Nations, announced its Comprehensive Development Plan for Central […]
France agrees US$53mn investment in Cuban vaccine production
Photo by Ed Us France will provide Cuba’s Finlay Vaccine Institute (IFV) with €45mn (US$53mn) to expand production capacity for its vaccines against pneumonia and meningitis that are mainly destined for Sub Saharan and other parts of Africa. The announcement and recent COVID vaccine production-sharing and supply agreements with other countries suggests that Cuba will in […]
Mexico provides Cuba with a political lifeline
Photo by Jorge Aguilar Mexico’s President, Andrés Manuel López Obrador, has reiterated his belief that the US government should lift its embargo on Cuba, and not take advantage of what he described as the misfortunes of other people. Speaking in the presence of Miguel Díaz-Canel, Cuba’s President, and his guest of honour at the official event […]
COVID measures hitting bottom line for Jamaican business
Photo by Shyam Many Jamaican businesses are reeling as the financial impact of the Government’s COVID-19 mitigation measures take their toll. According to businesses, the so-called “no-movement” days recently announced by Prime Minister Andrew Holness, where curfews span the entire day have significantly limited economic activity. No business can survive on three and a half days […]
Cuba to gradually reopen its borders to tourism in November
Photo by Jeremy Bezanger Cuba’s Ministry of Tourism has said that, as of 15 November, the country will gradually reopen its borders to international tourism. It is doing so, the Ministry said, on the basis that, by then, more than 90% of Cubans will have been vaccinated, and a high percentage of travellers from its principal […]
El Salvador’s Bitcoin debut serves as cautionary tale
Photo by André François McKenzie Ever since 9 June, when the legislature of El Salvador passed a law that would allow, facilitate, and encourage the use of Bitcoin in “all transactions” beginning on 7 September (with the US dollar remaining the country’s official tender), observers worldwide had awaited this day to see how the controversial cryptocurrency’s […]
Central Bank regulation may indicate wider future use of cryptocurrency
Photo by drmakete lab Cuba’s Central Bank (BCC) has gazetted a resolution establishing rules for the use of cryptocurrencies in the country. The legislation makes clear that the BCC, ‘for reasons of socioeconomic interest’, may agree to ‘the use of certain virtual assets in commercial transactions and grant a license to virtual asset service providers for […]
The Caribbean’s ‘big fish small fish’ problem
Photo by Pawel Czerwinski David Jessop believes that the recommendations of the CARICOM Commission on the Economy represent the region’s last best hope of achieving the re-engineering required if the Caribbean is ever to compete globally as a bloc. Some years ago, the then Prime Minister of Barbados, the late Owen Arthur, told me that unless […]
Donors slow to help Haiti after devastation by earthquakes in South West
Photo by Sunyu Kim Aid remains limited two weeks after Haiti was hit by a magnitude 7.2 earthquake which severely damaged several cities, killing 2,200 and injuring thousands more. The United Nations Office for the Coordination of Humanitarian Affairs (UNOCHA) estimates that about 800,000 people have been affected and an estimated 650,000 people – 40% of […]
Cuba’s health care system struggles under weight of new COVID infections
Photo by Artur Tumasjan Cuba’s health care system is continuing to struggle under the weight of the pandemic and the difficulties the country is having in purchasing equipment, spares, and medical supplies. During August, the situation became acute with government reporting shortages of critical care beds in some provinces, and a collapse in the supply of […]
Opposition win landslide victory in St Lucia General election
Photo by Arnaud Jaegers The opposition St Lucia Labour Party (SLP) has won a landslide victory in the country’s 26 July General Election. The new Prime Minister is Phillip Pierre. The SLP secured 13 of the 17 parliamentary constituencies, while the incumbent United Workers Party (UWP) led by Former Prime Minister Allen Chastanet retained only two […]
Why is the Caribbean letting others shape its future?
Photo by Callum Wale In this, the second of six monthly commentaries taking the long view of change in the Caribbean, David Jessop suggests that if CARICOM is unable to deliver a modern single market and economy and drive transformational reform, others from outside the region will exploit this and try to define its future. A few days […]
US broadcasts 30,000 radio ads per month to dissuade Central American migrants
Photo by Barbara Zandoval On 15 July, a spokesperson for the US Department of State told CNN that it is disseminating “more than 30,000 radio ads a month” throughout the Northern Triangle. The ad buys cost the US government nearly $600,000 per month, and the content is broadcast in Spanish and five indigenous languages. According to this spokesperson, […]
Biden outlines future US policy options on Cuba
Photo by Jose Matute President Biden and senior US officials have outlined some of the options they are considering to increase pressure on the Cuban government to induce change. In a statement issued on 25 July, in which he announced new sanctions intended to “hold accountable for their actions” Cuba’s Minister of the Armed Forces, General […]
Ariel Henry sworn in as new Haitian Prime Minister
Photo by Patrice S Dorsainville Ariel Henry has been sworn in as Haiti’s new prime minister following the resignation of Claude Joseph, as interim Prime Minister. Joseph, who had assumed the leadership of the country after the assassination of the country’s President, Jovenel Moïse, had lost the support of the International Community. (Caribbean Insight 10 July […]
Uneasy calm returns after unprecedented wave of street protests across Cuba
An uneasy calm has largely been restored to the streets of Cuba’s cities following an unprecedented nationwide wave of public protests on 11/12 July. Responding to the protests in Havana and other cities involving many thousands, significant numbers of whom were young, Government brought the police, and large numbers of uniformed and plain-clothed security personnel […]
Panama Canal transits on the rise as global trade rebounds
Image: Panama Canal Authority The reopening of economies worldwide, often coinciding with increased vaccination rates, has had a knock-on effect on global trade and the vessels that transport it. On 15 July, the Panama Canal Authority released its ship transit estimates for the 2021 fiscal year (ending 30 September): 13,000, compared to 12,245 during the […]
Popular unrest in Havana and multiple cities – Government reacts
Photo by Jeremy Zero As Cuba Briefing closed for press, some of the largest demonstrations and confrontations seen in Cuba in recent years were taking place in several Cuban cities, including Havana. Largely spontaneous and widely reported on social media within Cuba, the unrest was a response to growing concerns about food shortages, severe power outages, […]
Jovenel Moïse, sitting President of Haiti assassinated
Photo by BBC News President Jovenel Moïse was assassinated at his private residence in Port-au-Prince, after it was stormed by armed men in the early hours of 7 July. The President was reportedly shot 12 times, and succumbed to his injuries at the residence, which was heavily vandalised. First Lady Martine Moïse was also injured […]
The Caribbean Council & Georgetown Chamber of Commerce & Industry Business Networking Mixer
The IMF forecasts Guyanese GDP growth to be 16.5% in 2021. The country’s GDP is expected to nearly double by 2025, reaching US$11bn.As the oil and gas sector continues to rapidly develop, opportunities to trade with and invest in Guyana are multiplying across the economy, including in agriculture and agribusiness, services, real estate and construction, tourism and […]
Safely Reopening UK – Caribbean Travel: A Region Prepared
Friday, 21st May 2021 Various jurisdictions in the Caribbean now boast some of the highest per capita vaccination rates in the world and has been extremely effective in limited the spread of COVID across the pandemic. This success combined with the adoption of best-in-class health and safety protocols means that the Caribbean is now prepared and excited […]
As pandemic cases surge, Tropical Storm Elsa threatens
Photo by Johannes Plenio Cuba is facing the double threat of having to address surging pandemic levels, while preparing for the passage of damaging winds and rains, as Tropical Storm Elsa crosses central parts of the country. At press time, the Cuban government had announced that, given the proximity of the tropical storm, each of its […]
Reimagining the Caribbean
Photo by frank mckenna In this the first of a monthly series of columns, David Jessop identifies some of the issues the issues and themes that may determine the future trajectory of the Caribbean. Today a younger generation of Caribbean women and men have begun to challenge many of the assumptions that exist in and beyond the region. […]
UK mining firm strikes gold at new site in Nicaragua
Photo by Peter Olexa On 28 June, Condor Gold announced that it had discovered a gold intercept at its Cacao site in Nicaragua. The firms said this find indicates that the site “has the potential to host a significant gold deposit.” Cacao is located four kilometres away from the principal mine of Condor’s concession in the country, known as “La […]
Three dose Abdala vaccine potentially world class
Photo by Mika Baumeister Cuba’s Centre for Genetic Engineering and Biotechnology (CIGB) has said that after a third dose, the country’s Abdala candidate vaccine is 92.28% effective against COVID-19 and its variants. If formally confirmed, this places it at a level similar to vaccines developed by Pfizer or Moderna, and higher than those of AstraZeneca or […]
Difficult choices for the Caribbean
Photo by Nasik Lababan Decisions taken at the G7 summit in relation to China will become an issue the Caribbean will have to respond to. David Jessop believes that the coming chill in relations between the West and China will make finding solutions to the problems the region faces more challenging. Can the Caribbean avoid being caught up […]