Communist Party told unity, authority, self-sufficiency now essential
14 July 2025 Cuba’s President has said that Cuba is now “a country at war.” It is, he told a Central Committee plenary of Cuba’s Communist Party held on 4-5 July, at risk from a “Machiavellian combination” of actions by the US Administration. Washington “not only aims to destroy the scarce resources” that Cuba has, […]
Several agreements signed as India’s Modi visits Trinidad
11 July 2025 Indian Prime Minister Narendra Modi’s visit, the first by an Indian Prime Minister in Trinidad and Tobago’s history, has culminated in the signing of 15 bilateral agreements spanning health, education, trade, digital services, agriculture, justice and culture. Modi, who landed amid elaborate security arrangements, was welcomed by Prime Minister Kamla Persad-Bissessar who […]
New US Cuba security policy set to widen secondary sanctions risk
07 July 2025 President Trump has signed a National Security Memorandum, tightening and extending significantly US sanctions on Cuba. The order is expected to expose non-US companies to greater secondary US sanctions risk if they transact or do business with any of the many Cuban enterprises and their subsidiaries that are linked to Cuban military […]
US Senate Approves 1% Remittance Tax
3 July 2025 The One Big Beautiful Bill Act passed 51-50 in the US Senate with a 1% tax on remittances and substantial changes made to where it will apply. Originally starting at 5%, it was first reduced to 3.5% then 1% with countries like Honduras estimating the cost at US$500mn a year. The tax […]
Bahamas raises US$1.07bn on international markets
27 June 2025 The Government of the Bahamas has marked its first return to international capital markets since 2022 with the successful issuance of an 11-year, US$1.067bn bond, proceeds of which will fund the repurchase of US$767mn in outstanding Eurobonds. Announcing the transaction on 18 June, the Office of the Prime Minister highlighted strong investor […]
ETECSA modifies internet rates – issue remains socially, politically sensitive
23 June 2025 In a new response to citizen and student concern about recent increases in the cost of mobile internet access, the state telecoms company ETECSA has announced limited modifications to its plans. A previous announcement led to student unrest and more generally, widespread national criticism on social media. The issue remains politically and […]
Protests continue in Panama, Bocas del Toro Cut off
Panama’s two-month long strike continues with teachers voting to maintain industrial action and residents claiming police overreacted in altercations across the country. The province of Azuero has issued a state of emergency for lack of drinking water whereas Bocas del Toro sees at least 20 roads closed despite police operations to reopen them. President Jose […]
ExxonMobil Guyana profits reach US$4.73bn, assets up
13 June 2025 ExxonMobil Guyana Limited (EMGL) has reported substantial profits of US$4.73bn for 2024, marking a significant 62% increase from US$2.92bn the previous year. The jump is primarily driven by increased oil production from the Payara project, which commenced operations in November 2023. John Colling, EMGL’s Vice President and Business Services Manager, attributed this […]
Government responds to student protests after sharp internet price hike
09 June 2025 Cuba’s President has accused outside forces of trying to create unrest and instability following a badly mishandled announcement on 30 May of an immediate sharp increase in mobile internet rates by the state telecoms provider ETECSA To the concern of government, which surprisingly had not foreseen the likely response, ETECSA’s statement was […]
State of Emergency in Bocas del Toro as Panama Strike Continues
The Panama government has passed a State of Emergency in embattled province Bocas del Toro with road closures and protests continuing. This follows the sacking of thousands of banana workers at Chiquita after the company claimed losses amounting to more than US$75mn over the month-long industrial action. The company has now suspended all operations in […]
Coalition agreed in Suriname after election deadlock
30 May 2025 Suriname’s political landscape has been thrust into high-stakes coalition negotiations following Sunday’s general election, which delivered a near-deadlock between the ruling Progressive Reform Party (VHP) and the opposition National Democratic Party (NDP). With neither party securing a parliamentary majority, the battle to form a governing coalition has begun, as the country stands […]
Collapse in sugar production signals new economic crisis for Cuba
26 May 2025 As Cuba’s 2024-25 sugar campaign draws to a close, provincial reporting, as well as industry sources cited by Reuters, suggest that the island is headed this year for an unplanned for production shortfall of as much as 100,000 metric tons. The outcome is likely to have a negative impact on the Cuban […]
New government assumes office in Trinidad and Tobago
15 May 2025 Kamla Persad-Bissessar has returned as Prime Minister of Trinidad and Tobago, vowing to lead a compassionate, inclusive, and decisive administration. Her United National Congress (UNC) secured a majority by winning 26 out of 41 seats, effectively ending the People’s National Movement’s (PNM) decade-long governance. “You will be my priority. You must always […]
Díaz-Canel’s Russia visit indicates economic ties likely to deepen
12 May 2025 High level exchanges held during a five-day visit by President Díaz-Canel to Moscow and St Petersburg suggest that economic relations between Russia and Cuba are set to deepen. The visit, in response to an invitation from President Putin to attend Russia’s celebrations of its World War II victory over fascism, saw Cuba’s […]
US exempts Caribbean from USTR tax on Chinese vessels
02 May 2025 Caribbean nations are breathing easier after securing a major diplomatic and economic victory with the US’ decision to exempt the region from steep tariffs on Chinese-built ships. The decision, which protects critical supply chains and stabilises shipping costs was announced on 17 April 2025 by the Office of the United States Trade […]
ETECSA says unable to obtain forex to upgrade Cuba’s telecoms network
22 April 2025 TCuba’s state run telecommunications company, ETECSA SA, has publicly acknowledged that it is unable to obtain the foreign exchange it needs to maintain the required level of investment in technology to continue upgrading its aging network. Speaking to Cubavisión Internacional, the official worldwide arm of the domestic Cubavisión network, Kevin Castro, the […]
US cancels gas licences for Trinidad-Venezuela projects
18 April 2025 The US has revoked key licences that enabled Trinidad and Tobago to pursue joint natural gas projects with Venezuela, in a move that has sent shockwaves through the nation’s energy sector and raised questions about its economic future. Prime Minister Stuart Young confirmed the revocation of the Office of Foreign Assets Control […]
Minister assures Cubans that recovery of electrical system is advancing
07 April 2025 Cuba’s Minister of Energy and Mines, Vicente de la O Levy, has insisted that the recovery of Cuba’s National Electricity System (SEN) is “on schedule” and that a positive outcome of everything planned “will soon be seen.” His comments come as extensive daily power outages continue because of fuel shortages, breakdowns, and […]
Caribbean hit with US tariffs days after positive Rubio visit
04 April 2025 Only days after US Secretary of State Marco Rubio’s tour of the Caribbean, President Donald Trump has created another powder keg when he announced sweeping global tariffs on countries including those in the region. Trump’s 1 April executive order imposed a blanket 10% tariff on most Caribbean countries, while in the case […]
Think Tank Highlights Columbus Speed Cargo in Central America
Central American cargo moves at 16 km/h, equivalent to Christopher Columbus’s caravans, according to Think Huge president Juan José Daboub. The business think tank suggested that containers from Panama-Mexico need to move around 90 km/h which would require fundamental changes to road building and customs. Daboub highlighted that part of the US$7bn that has been […]
Panama Port Sale Delayed after China Pressure, Criminal Complaint
Chinese antitrust regulators will review the deal between CK Hutchison and BlackRock over the US$19bn deal for two Panama ports. BlackRock has admitted that this could mean a delay of at least nine months on the sale of 43 ports in 23 countries. Further complicating the transaction is Panama’s Comptroller General Anel Flores filing a […]
Panama Strike Threatening to Boil Over
Panama’s national strike that began 24th April, continues with more groups looking to join in the near future. Protesters are complaining about President José Raúl Mulino’s deals with the US, reform of the pension system and educational independence after police entered the University of Panama grounds. Beginning with construction and teacher unions, this has spread […]
Guatemala Begins Process to Join CAF
Guatemala has begun the process to join the Development Bank of Latin America and the Caribbean (CAF). The Finance Ministry revealed the news, describing the move as a ‘historic milestone for regional integration’. CAF Executive President Sergio Díaz-Granados stated that the agreement would expand their continental reach, promote economic recovery of the region and boost […]
US federal jury finds against Expedia in landmark US$30mn Title III decision
28 April 2025 In a landmark decision, a US Federal judge sitting with a jury in Miami has ordered the Expedia Group to pay US$29.8mn to a Cuban-American businessman living in Miami. The ruling follows a finding in his favour under Title III of the Helms-Burton Act. The decision may be appealed to the US […]
Caribbean states seek clarity on US travel restrictions
21 March 2025 Several Caribbean countries are breathing a bit easier after the US disputed reports that it is considering implementing new travel restrictions that could affect six Caribbean nations—St Lucia, Antigua and Barbuda, Dominica, St Kitts and Nevis, Haiti and Cuba. According to the The New York Times, countries have been categorised into three […]
CARICOM ministers defend Cuban medical support, criticise US visa withdrawal
17 March 2025 The US Secretary of State, Marco Rubio, is expected to visit the Caribbean before the end of March to meet with CARICOM governments to discuss among other matters the decision by the Trump Administration to revoke the visas of Caribbean facilitating Cuba’s medical missions to the region and elsewhere. (Background Cuba Briefing […]
BlackRock Seals US$22.8bn Panama Ports Sale from Hutchison
14 March 2025 CK Hutchison Holdings Ltd have agreed a deal in principle to sell 90% of Panama Port Company to BlackRock-TiL for US$22.8b. This will give BlackRock Inc through Global Infrastructure Partners and Terminal Investment Ltd control over the concession to operate ports in Cristobal and Balboa in Panama. The consortium already has interest […]
Bukele and Trump Find Common Ground
25 April 2025 El Salvador President Nayib Bukele met with his US counterpart Donald Trump in the White House to discuss migration and security. Much of the focus has been on the case of Kilmar Ábrego Garcia, a Maryland resident deported to the notorious CECOT mega prison in Angulo. Critics have highlighted that there was […]
Uncertainty about Trinidad’s Dragon gas deal grows as Trump clamps down on Venezuela
10 March 2025 The fate of Trinidad and Tobago’s highly anticipated Dragon gas deal with Venezuela has been thrown into uncertainty following a series of hardline measures by US President Donald Trump against the Maduro Administration. The Trump administration’s recent policy reversals have cast doubt on whether the project, vital for Trinidad’s energy security and […]
Havana Club rum sales continue to grow – China a future market focus
10 March 2025 Sales of Havana Club rum continue to grow both in Cuba and internationally according to Cristian Barré, the CEO of Havana Club International SA. Havana Club, one of several brands in the portfolio of Pernod Ricard and Havana Club International (HCI) is a joint venture between state-owned Cuba Ron and France’s Pernod […]
CARICOM advancing with free movement, treaty amendments
07 March 2025 The Caribbean Community (CARICOM) is making strides in regional integration, as leaders push forward with plans for free movement, treaty amendments, and deeper international cooperation. The 48th Regular Meeting of the Conference of Heads of Government, held in Barbados from 19 to 21 February 2025, reaffirmed the bloc’s commitment to unity and […]
Economy and Planning ministry told it must adapt to need for a war economy
03 March 2025 President Díaz-Canel has called for the Ministry of Economy and Planning (MEP) to “have a clear strategy and more coherent thinking on economic issues in the difficult circumstances which the country is facing.” In unusually direct language, he said that the Ministry must from now on carry out a permanent analysis of […]
CABEI Debuts on Sterling Market
28 February 2025 The Central American Bank for Economic Integration (CABEI) issued its first benchmark-size bond for £750 million in London. Bids reached over £3.1 billion with over 100 investors, a 10.3 oversubscription of the initial target amount and 4.1 times the issuance. The allocation was distributed among central banks, official institutions, investment funds, insurance […]
Cubaniquel expects full recovery of JV with Canada’s Sherritt in 2025
24 February 2025 Cuba’s nickel and cobalt miner, Cubaniquel SA, has said that it expects production and efficiency at its joint venture with Canada’s Sherritt International to recover this year following a difficult 2024. Speaking on the television and radio programme Mesa Redonda, Leonardo Rosell, the Director General of the company said that the business […]
Jamaica to see spending cuts, Barbados announces record budget expenditure
21 February 2025 Jamaica and Barbados have taken different fiscal paths for the upcoming financial year, with the former announcing significant spending cuts while the latter plans to embark on its most ambitious expenditure programme yet. In Jamaica, the government has announced plans to reduce its budget by JM$126bn (US$810mn), bringing total spending for the […]
Bill tightening sanctions on Cuba and ‘foreign persons’ reintroduced in Senate
17 February 2025 The US Senators Rick Scott (R-Florida) and Tommy Tuberville (R-Alabama) have reintroduced a bill aimed at passing into law measures imposing “severe sanctions” on the Cuban government, and on third parties and entities engaged in transactions with sanctioned Cuban persons and bodies. If passed, The Democracia Act (Denying Earnings to the Military […]
US Considering CAFTA Changes to Remove Nicaragua
14 February 2025 The new US government is considering a renegotiation of the CAFTA trade treaty that would remove countries from it. This could include Honduras and Nicaragua or any country that refuses to accept deportees. The US considers that Nicaragua is actively dealing in the trafficking of migrants and the special envoy for Latin […]
Council of Ministers approve plan to create a new forex market this year
10 February 2025 Cuba’s Council of Ministers have approved a detailed action plan for 2025 that places special emphasis on the delivery of “a new mechanism for the management, control and allocation of foreign currency for all economic actors; the creation of a foreign exchange market, and the partial dollarisation of the economy.” Cuban official […]
The DR secures US$6.75bn in investment at FITUR 2025
07 February 2025 The Dominican Republic has solidified its standing as a premier global tourism destination by securing an impressive US$6.75bn in investments at the FITUR 2025 international tourism fair in Madrid, Spain. This marks a significant increase from last year’s US$3.5bn and underscores the country’s growing appeal among investors and international stakeholders. Tourism Minister […]
Cuba ‘ahead of most Latin nations’ on cybersecurity: rapidly developing AI
03 February 2025 Cuba is now far ahead of most countries in the region in relation to cybersecurity despite the absence of co-operation from the US, according to senior Cuban officials. It is also rapidly developing an Artificial Intelligence capacity through an integrated programme involving state and private sector entities. Speaking during a recent edition […]
CABEI Issues US$1.5b Sustainable Bond after Record Year
31 January 2025 The Central American Bank for Economic Integration (CABEI) issued a US$1.5b sustainable bond. The bond will expire in 2028 with a rate of 4.75% and had US$4b of offers from 110 investors with the majority being central banks and institutions. The funds raised will go towards regional social, green and blue projects. […]
Trump reimposes Cuba terrorism designation, sanctions and restricted list
27 January 2025 In the first hours of assuming the US Presidency, President Trump revoked the order published days earlier by the outgoing Biden Administration intended to remove Washington’s designation of Cuba as a state sponsor of terrorism (See Cuba Briefing 13 January 2025). The effect is to reimpose tighter controls on US exports, restrictions […]
US$6.6bn National Budget tabled in Guyana
24 January 2025 The Government of Guyana has unveiled an ambitious US$6.6bn (GY$1.382tn) National Budget for 2025, marking a historic 21% increase from the previous year. Tabled by Finance Minister Ashni Singh, the budget aims to propel economic growth, address social needs, and stimulate private sector investment under the theme, “A secure, prosperous and sustainable […]
Biden lifts terrorism designation and sanctions: Trump to mull restoration
20 January 2025 In a surprise announcement on 14 January, just days before demitting office, the White House said that President Biden was removing Cuba from the US list of state sponsors of terrorism; suspending the right of claimants to take legal action under Title III of Helms Burton against companies that traffic in expropriated […]
IMO says Panama will Maintain Canal Control
17 January 2025 The International Maritime Organization has poured cold water on US president-elect Donald Trump’s plans to take over. Marco Rubio, the potential Secretary of State, had suggested that Panama had broken treaty agreements. However, the IMO Secretary General Arsenio Domínguez stated that the route will remain in Panamanian hands. Trump has repeatedly stated […]
Tourism minister says essential Cuba recovers growth in arrivals in 2025
13 January 2025 Cuba’s Minister of Tourism, Juan Carlos García, has said that it “is essential for the recovery of the sector” that in 2025 the country has ”a decent tourism product that stimulates demand.” His comments to a meeting of the National Assembly’s Commission on Services followed his admission that the sector would close […]
DR Government set to borrow billions for development push
10 January 2025 The Dominican Republic is poised to embark on an ambitious development agenda in 2025, with the government authorised to secure over US$6.5bn in international financing. This decision, embedded in Article 71 of the 2025 National Budget, signals a significant commitment to addressing critical needs in transportation, water, sanitation, energy, and education through […]
Díaz-Canel sees some positive signs of progress
06 January 2025 Addressing the closing session of Cuba’s National Assembly, President Díaz-Canel told delegates that Government’s efforts to implement its macro-economic reform strategy will continue “with the aim of changing, in the shortest possible time, the overwhelming situation we are experiencing.” Observing that “the insufficient results achieved” in 2024 were “reason for the most […]
Bahamas government, police rocked by US drug indictment
13 Decemeber 2024 The Bahamas is grappling with a storm of allegations and political upheaval following a US indictment that accuses high-ranking Bahamian police and government officials of enabling massive cocaine shipments to the US. The indictment, unsealed by US Attorney Damian Williams and DEA Administrator Anne Milgram, charges 13 individuals, including high-ranking officials of […]
Communist Party to hold mid-December plenary to address “vital issues”
09 December 2024 The Central Committee of Cuba’s Communist Party (PCC) has said that it will convene on 12 and 13 December in plenary, to analyse “vital issues of the Cuban economy and society, in the midst of the complex scenario that the country faces.” The announcement followed a meeting of Cuba’s Council of Ministers […]
Guatemala’s Congress Passes Q148.8 billion Budget
06 December 2024 A busy session in Guatemala’s Congress saw members pass the 2025 budget of Q148.83bn (US$19.27bn), a 7% increase on the previous year’s. 148 of the 160 deputies voted in favour of the budget which saw increases to security, health and care for the elderly. However, critics pointed to poor budget execution and […]
Role of government’s new Institute of Non-State Economic Actors spelt out
02 December 2024 Officials appearing on Cuban state television have made clear that the recently established National Institute of Non-State Economic Actors (INAEE) is intended to control and direct Cuba’s embryonic private sector. Aizel Llanes Fernández, the Director of the National Institute of Economic Research, speaking on the television programme Mesa Redonda, said that the […]
Barbados agrees US$300mn Debt for Climate Swap
29 November 2024 Barbados has secured a groundbreaking US$300mn debt-for-climate swap to finance critical infrastructure upgrades while reducing the country’s public debt stock. Prime Minister Mia Mottley hailed the initiative as a global first, describing it as a transformative model for tackling climate resilience while avoiding an increase in national debt. “This is the first […]
Minister says essential for economy tourism has a good high season
25 November 2024 Cuba’s Tourism Minister, Juan Carlos García, has said that “it is essential to have a good high season” as “the country and the Cuban economy need it.” His comments came as a leading Canadian tour operator announced that it is reducing the number of hotels included in its offering to clients visiting […]
Bukele and Chaves Propose “League of Nations”
22 November 2024 The Presidents of Costa Rica and El Salvador proposed a “League of Nations” for the world’s smaller countries to seek common goals in economy and security. Something between a BRICS-lite and the mediaeval Hanseatic League, it was proposed following a “spark” between the two leaders. President Rodrigo Chaves said that the objective […]
Economy Minister says Cuba unlikely to experience GDP growth this year
18 November 2024 A Cuban minister has said that Cuba will not experience any economic growth this year owing to the impact of hurricanes Oscar and Rafael and recent seismic activity in eastern Cuba. The three events caused damage over a period of twenty days to housing, electrical distribution, agriculture, water supply, hospitals, schools, and […]
Highlights from our Recent UK Business Mission to Guyana 2024
18 November 2024 The Caribbean Council is pleased to present a few highlights from our recent UK Business Mission to Guyana 2024. Our fourth trade mission to the beautiful country of Guyana in as many years, with our largest group yet of companies, across a wide range of sectors including shipping and logistics, high-tech manufacturing, […]
ANSA McAL seal US$327mn Bleachtech US acquisition
15 November 2024 Regional conglomerate ANSA McAL has completed its largest acquisition in its 143-year history, purchasing US-based chlor-alkali producer Bleachtech LLC for US$327mn. The acquisition, finalised through ANSA’s subsidiary ANSA Chemicals US LLC, marks a significant step in the group’s ambition to expand its market presence and achieve its “2X” growth strategy of doubling […]
Hurricane Rafael causes extensive damage to Cuba’s western provinces
11 November 2024 A second hurricane in three weeks to hit Cuba has caused what government described as “major damage” to the three western provinces of Artemisa, Mayabeque and Havana. Tens of thousands of Cubans had earlier been evacuated along with visitors from the most at-risk areas, and education and transport was suspended. Hurricane Rafael […]
Record Revenues for Panama Canal
08 November 2024 The Panama canal presented financial results which included US$4.99bn in total revenue and a 5% decrease in operational costs. Net income increased by US$300mn compared to the previous fiscal year. The interoceanic route grew by 1% with an estimated increase of US$1.8bn over five years. A severe drought caused a slowdown on […]
Minister’s comments suggest bleak outlook for Cuban sugar production
04 November 2024 Cuba’s first Vice President, Salvador Valdés Mesa, has said that it is essential that all those involved in the sugar sector do everything possible to “move forward the preparations for the next harvest, with responsibility and rationality.” Addressing the closing session of the Third Conference of the National Union of Sugar Workers, […]
ConocoPhillips secures ruling on Trinidad’s Dragon gas payments to Venezuela
01 November 2024 A recent ruling by Trinidad and Tobago’s Supreme Court has granted US energy giant ConocoPhillips the authority to seize payments directed to Venezuela’s state-owned oil company, PDVSA from the cross-border Dragon Gas project. The court’s decision to uphold earlier rulings marks a critical milestone in ConocoPhillips’ long-standing dispute with Venezuela over expropriated […]
Cuba assesses damage from Hurricane Oscar as power returns
28 October 2024 Power has returned to most of Cuba following four days during which attempts to restart the island’s national electrical system failed. The nationwide collapse of the grid coincided with Hurricane Oscar hitting the eastern Province of Guantanamo late on Sunday 20 October causing extensive destruction. Addressing Cuba’s National Defence Council on 22 […]
Sold! El Salvador Agrees to US$1.03b Refinancing
25 October 2024 El Salvador agreed to US$1.03bn repurchasing of its external debt in an historic debt-for-nature swap. JPMorgan Chase provided the special purchase entity with US$1bn political insurance via the US international development bank (DFC) and the Development Bank of Latin America and Caribbean (CAF) adding US$200m as a standby letter of credit. According […]
Cuba struggling to restore power after nationwide electrical outages
21 October 2024 Cuba is still struggling to restore power across the island following a two-day nationwide collapse in the electricity supply to the national grid. On 18 October, and then again on 19 October, the whole island was plunged into darkness with technicians trying but failing to gradually start up and link the country’s […]
Guyana announces big social spending from oil revenues
18 October 2024 President Irfaan Ali has unveiled an ambitious social spending programme fuelled by the country’s rapidly growing oil revenues. In a special session of Parliament, Ali announced several measures aimed at improving the quality of life for Guyanese citizens, including free university education, a one-time cash grant for every household, and a significant […]
Cuba seeks partner status in BRICS describing it as key geopolitical player
14 October 2024 Cuba has written formally requesting partner status in the BRICS group of nations. The letter was sent to the Russian President, Vladimir Putin, as the bloc’s present pro-tempore Chair of the group. In a message published on X, Carlos Pereira, the Director General of Bilateral Affairs of the Cuban Foreign Ministry (MINREX), […]
For Sale: El Salvador’s Debt
11 October 2024 El Salvador placed all their almost US$7.2b debt for tender as part of a broader program to manage its external public finances. The state has reserved the right to accept or reject any offer it receives. All debt bought will be paid through a special purpose entity provided by JPMorgan Chase. Locked […]
Another Successful UK Business Mission to the Caribbean – Jamaica
7 October 2024 Our latest trade mission to Jamaica was a huge success with the fantastic partnership between The Caribbean Council, The Department for Business and Trade (DBT), The Jamaica Chamber of Commerce-Kingston and The Private Sector Organisation of Jamaica It was exciting to see a very busy and productive programme of engagement with the delegates across the week with […]
Cuba at a ‘decisive moment’ – reforms not moving forward at pace intended
07 October 2024 Cuba’s macro-economic reform programme is not moving forward at the speed government requires and a “decisive moment” has been reached, according to a subdued official report of a 30 September meeting of Cuba’s Council of Ministers. According to summaries appearing on the Presidency website and in Cuba’s official media, Joaquín Alonso, the […]
TotalEnergies, APA make US$10.5bn Final Investment Decision in Suriname
4 October 2024 TotalEnergies and APA Corporation announced a historic US$10.5bn Final Investment Decision (FID) to develop the “GranMorgu” oil field on Suriname’s Block 58. This landmark project, which marks the nation’s first offshore oil development, is expected to generate significant economic growth and employment for the country. “This FID is a historic milestone in […]
Our Latest UK Business Mission – Jamaica 2024
3 October 2024 The Caribbean Council is pleased to share photos from our current UK Business Mission to Jamaica. There is no better time to do business in Jamaica! On DAY ONE – Our participating delegates and partners took part in a ‘Jamaica Business Briefing’ with insightful presentations from The JAMAICA CUSTOMS AGENCY, Jamaica Promotions Corporation (JAMPRO), Planning Institute of […]
Central Bank outlines main challenges facing Cuban banking
30 September 2024 The Minister President of the Central Bank of Cuba (BCC), Juana Delgado, has identified the principal challenges facing the Cuban banking system. Speaking on the television programme Mesa Redonda she said the most significant were the departure of trained personnel, technical obsolescence, the continuing impact of the US embargo, Washington’s designation of […]
Mixed Ratings News for Region; Costa Rica to Ba3, Honduras Negative
27 September 2024 Standard and Poor downgraded Honduras’s outlook to negative from stable but there was better news for Costa Rica that improved to Ba3. S & P made their decision based on “lesser monetary flexibility” blaming international reserve and credit declines and the continued losses of Empresa Nacional de Energía Eléctrica (ENEE). One possible […]
BritCham Guyana’s UK Launch at Lord’s Cricket Ground: A Historic Success
24 September 2024 On 11th September 2024, history was made with the official launch of BritCham Guyana at the iconic Lord’s Cricket Ground in London. The sold-out event welcomed over 300 attendees, including business leaders, government officials, and prominent figures from the UK and Guyana, all united to strengthen trade ties between our nations. The […]
Respected Cuban economist sets out breadth of economic challenge facing Cuba
24 September 2024 Between 2019 and the first half of 2024 Cuba suffered a loss of more than US$4bn in external income forcing it to take urgent remedial measures, according to a detailed economic report produced by the respected Cuban economist, a former Minister of Economy and Planning, and Minister of Finance, José Luis Rodríguez. […]
Dominica Republic-Venezuela relations sour over elections results, plane seizure
20 September 2024 Tensions are high between the governments of the Dominican Republic and Venezuela following a series of diplomatic disputes, including the latter’s presidential election and the former’s facilitation of a plane seizure. Relations notably soured when Venezuela unilaterally revoked Brazil’s recognition as Argentina’s diplomatic representative in Venezuela, which the Dominican Republic condemned as […]
Russia to provide additional economic support to offset US embargo
16 September 2024 The Secretary of Russia’s Security Council, Sergei Shoigu, has said that Moscow will introduce measures that it expects to help Cuba address the economic consequences of the US embargo. Speaking in St Petersburg following a working meeting with Cuba’s Interior Minister, General Lazaro Alvarez, Shoigu said that Russia will provide additional economic […]
Panama to Join Mercosur by December
13 September 2024 Panama is hoping to confirm its associate membership of the Southern Common Market (Mercosur) by December. Brazil has paid particular attention to the removal of various tax lists (FATF and EU) and wants to build on the US$963mn in trade the two countries enjoy. Panama has sold itself to Mercosur as a […]
Latest tourism figures suggest achieving Cuba’s 2024 arrivals target difficult
9 September 2024 International visitor arrivals decreased by 1.8% in the first seven months of 2024 in comparison to the same period in 2023 according to Cuba’s National Office of Statistics and Information (ONEI). The continuing downward trend for the fourth consecutive month and a particularly poor July suggest that the tourism ministry’s goal of […]
RBC’s US$200mn capital reduction sparks
6 September 2024 Amid recent sales of Caribbean operations by Canadian banks, RBC Financial (Caribbean) Ltd.’s move to reduce its capital by US$200mn is drawing attention. Though registered in Trinidad and Tobago, RBC Financial is a wholly owned subsidiary of RBC Holdings (Barbados), whose ultimate parent company is the Royal Bank of Canada (RBC). Consequently, […]
Trinidad and Venezuela sign Cocuina-Manakin gas deal
2nd August 2024 The governments of Trinidad and Tobago and Venezuela have signed an agreement for the exploration and production of natural gas from the Cocuina-Manakin field. The 20-year agreement to exploit the field, which extends across the maritime boundary between the two countries, was signed in Venezuela days before the now controversial presidential election […]
Panama may need to Borrow US$3BN to Pay Obligations
26 July 2024 According to Citibank experts, Panama may need to borrow up to US$3bn to pay off obligations from previous administrations. However, the appointment of Felipe Chapman as Minister of Economy and Finance has been viewed positively in financial markets. This, despite a deficit of US$521mn compared to the budget. Hence, Citi believes that […]
Private insurers face possible US$500mn Hurricane Beryl bill
19th July 2024 Insurance companies in the Caribbean are anxiously assessing what could be as much as US$500mn in losses following the destruction caused by Hurricane Beryl. The storm, which made history as the earliest category 4 hurricane on record during the Atlantic hurricane season, left a trail of destruction from as far south as […]
Panama Canal Pushing Ahead with $1.6bn Reservoir
12 July 2024 The Panama Canal Authority (ACP) has accelerated plans to construct a new reservoir to guarantee water supply at a cost of US$1.6bn. With the aim of ensuring the canal’s operation going forward, a dam on the Indio River will be put to tender. This follows a difficult 2023, when daily passages were […]
Hurricane Beryl- earliest Cat 5 storm to hit the Caribbean
5th July 2024 Countries across the region are reeling from the effects of Hurricane Beryl, a Category 5 storm which swept across the South Eastern Caribbean to Jamaica and Cayman leaving over seven dead and thousands homeless. The storm was unprecedented both in term of the speed with which it intensified from a tropical storm […]
Latest on Hurricane Beryl | Donation & Support Information – How to Help
4th July 2024 Dear Members and Friends As you will have followed in the media, Hurricane Beryl has caused widespread damage, destruction, power outages and disruption to water supplies and telecommunications in the South Eastern Caribbean. After hitting Barbados with high winds and storm surge, the hurricane continued its path, causing further damage in Dominica, […]
Cuba moves to address cash shortages, limit actions of non-state entrepreneurs
1st July 2024 Cuba has moved to cap the profitability of non-state entities in their dealings with the state sector, and is to exert oversight of idle well-funded, tax-related bank accounts. Following a week in which several senior figures including the Prime Minister, Manuel Marero, criticised the profits being made by some MSMES and the […]
Castro Looking to Reactivate SICA
28th June 2024 Attempts to reactivate the Central American Integration System (SICA) will be made with a presidential summit. Led by Honduran leader Xiomara Castro, Costa Rica and Guatemala have lent their support. Castro highlighted the common challenges the countries faced including climate change, drug trafficking, organised crime, security issues and migration. Nicaragua will take […]
New immigration law updates rules for Cubans, migrants, resident foreigners
24th June 2024 Cuba has published a draft Immigration Law that is intended to update the position of Cubans, their descendants, and migrants, who travel into and out of the country, as well as that of resident foreigners, foreign investors and visitors. The lengthy draft which is subject to comment and revision before being considered […]
Guyanese government official, businessmen sanctioned by US
21 June 2024 The US Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned a senior Guyanese public officer and two prominent businessmen. The sanctions come in response to alleged corruptions involving the parties and the business they operate and are pursuant to Executive Order 13818, which aims to combat human rights abuses and […]
Bukele inauguration likens El Salvador to “Sick Person”
14th May 2024 El Salvador President Nayib Bukele has pledged to improve the country’s economy and asked the population “not to complain”. Comparing the nation to a sick person, Bukele said there was a long list of issues including health, education, infrastructure, employment, housing and the economy. National critics complained about the illegality of Bukele’s […]
Ministers told economic situation still very tense, agree three priorities
10th July 2024 Cuba’s Council of Ministers has heard that the island’s economic situation continues to be “very tense.” An official report of the Council’s monthly meeting held at the end of May, noted however, that improvements have been seen in some indicators. At the meeting, ministers agreed three strategic priorities and a related new […]
Luis Abinader re-elected as Dominican Republic President
7th June 2024 President Luis Abinader has secured a second term in office after securing victory in the first round of the election. Abinader, who turns 57 this year, secured 57% of the vote, decisively avoiding a runoff with his nearest competitor, Leonel Fernández, a former three-term President, who won 29% of the votes according […]
Walmart Promises Billions of Central American Investment
31st May 2024 Walmart has announced investment worth at least US$1.3bn over the next five years in Central America. Of this, US$700mn has been promised to Guatemala, another US$600mn has been earmarked for Costa Rica. Cristina Ronski, Senior Vice President and General Director for Walmart Central America announced the news in which she promised to […]
Minister says reducing price inflation may take longer than expected
28th May 2024 Cuba’s Minister of Finance and Prices (MFP), Vladimir Regueiro Ale, has admitted that despite having updated the methodologies used to determine prices, Cuba’s government has so far not achieved its objective of reducing price inflation. “We have not achieved the effects we intended. Everything we have done that is new, even in […]
Jamaica’s political parties clash on constitutional reform
23rd May 2024 The Andrew Holness Government and the Golding-led opposition Peoples National Party (PNP) are seemingly at an impasse on constitutional reform in Jamaica. Opposition Leader, Mark Golding, is standing firm, demanding a clear separation from the monarchy and the UK-based Privy Council as part of the nation’s constitutional reform process. Golding has called […]
US removes Cuba from list of nations not cooperating on anti-terrorism measures
20th May 2024 The US government has removed Cuba from its latest list of countries that it says do not fully co-operate with its anti-terrorist efforts. Despite this, Cuba remains on Washington’s separate list of nations that it alleges are state sponsors of terrorism: a designation that has made it difficult to undertake international financial […]
Mulino wins Panama Presidency; Faces Significant Challenges
5th May 2024 José Raúl Mulino is the new President-elect of Panama with 34.23% of the popular vote. With 78% turnout, the highest since the end of military rule in 1989, Mulino triumphed over nearest rival Ricardo Lombana who polled 24.6%. Mulino, who needed a majority decision by Panama’s Supreme Court the day before the […]
Haiti’s Transition Council advancing security mission
10th May 2024 Plans for foreign security deployment are advancing following the installation of Haiti’s transitional council after the official resignation of former Prime Minister Ariel Henry’s controversial government. “We have served the nation during difficult times,” said Henry in a statement released before the nine-member council took their oaths at what was reportedly a […]
