Caribbean Update back issues from Saturday, August 1:
INVESTMENT CLIMATE
Aug 01, 1998 ... Reliable, up to date information on business conditions in Haiti is not easy to come by. The U.S. Embassy in Port-au-Prince recently issued a report on the investment climate in Haiti, excerpts from which follow:. Openness to foreign investment: Haiti's openness to foreign ...
FERNANDEZ ENDS LANDMARK VISIT
Aug 01, 1998 ... Dominican Republic President Leonel Fernandez ended a landmark visit to Haiti aimed at improving relations between the long-estranged Caribbean neighbors, reports CANA-Reuters (June 20, 1998):. Haiti's President Rene Preval accompanied Fernandez to the land border between ...
BUSINESS MISSION TO EASTERN CARIBBEAN
Aug 01, 1998 ... The U.S. Department of Commerce is organizing a mission to four English-speaking Caribbean countries to promote expanded trade and business opportunities for U.S. firms. The mission will have stops in Trinidad & Tobago, Barbados, Grenada and St. Lucia October 12-16. Meetings will be held in ...
THREE BRITISH TRADE MISSIONS
Aug 01, 1998 ... Three British trade missions are due in the Eastern Caribbean this year to shore up the one billion pounds sterling (US$1.67 billion) export trade to the entire region:. Nine Eastern Caribbean countries accounted for 139.9 million pounds sterling (US$233.6 million) of this trade in ...
MIAMI CONFERENCE IN DECEMBER
Aug 01, 1998 ... The 22nd annual Miami Conference on the Caribbean & Latin America will be held December 8-12 at the Hotel Inter-Continental in Miami, Fla. This is a major yearly gathering of public and private ...
CARIBBEAN LEADERS SLAM U.S. ON BANANA TRADE.
Aug 01, 1998 ... Caribbean leaders ending a regional economic summit in St. Lucia on July 3 slammed the U.S. for opposing the region's banana export agreement with the European Union (EU). "We believe, as I have said, it is unfair, unreasonable and indefensible to continue," said Prime Minister Edison James ...
APPAREL/TEXTILE UPDATE
Aug 01, 1998 ... U.S. imports of textiles and apparel from the Caribbean Basin during January-April 1998 rose by 14.3% to US$2.46 billion vs. the same period in 1997, reports the U.S. Dept. of Commerce. Mexico, not part of the Caribbean Basin, had apparel/textile shipments to the U.S. valued at US$2.136 ...
NEW FINANCING FOR TOURISM PROMOTION
Aug 01, 1998 ... Caribbean Community (CARICOM) leaders have agreed in principle on a new financing strategy to raise US$12.5 million a year for joint marketing in the U.S. and Europe, a regional tourism official said in St. Lucia on July 3. The leaders, meeting for their 19th Annual Summit and to celebrate ...
AIR JAMAICA RESTORES AIRBUS SERVICE
Aug 01, 1998 ... Prompted by a significant increase in passenger loads and bookings, Air Jamaica has reintroduced the A320 Airbus service on its Eastern Caribbean route, reports CANA (June 24, 1998). The wide-bodied aircraft replaced the MD 83's. The route lost the airbus to ...
SOUTH KOREA SEEKS CLOSER TIES.
Aug 01, 1998 ... South Korea and five Central American countries have signed agreements on investment protection and trade promotion, reports Xinhua News Agency (July 6, 1998). Under the agreements, South Korean companies will be ...
CRUISES TO CENTRAL AMERICA, MEXICO.
Aug 01, 1998 ... Florida-based Commodore Cruise Line has announced 1999 dates for "Maya Explorer" cruises to Central America and Mexico aboard the Enchanted Isle. On Saturday, Feb. 20, April 24, Aug. 21 and Dec. 4, 1999, the Enchanted Isle will change course from its regular route through the western ...
SPA TRAVELER RELEASES CATALOG.
Aug 01, 1998 ... Spa Traveler has released its premier full-color catalog featuring more than 80 spa destinations throughout Mexico, Central and South America, and the ...
DAIRY MART SIGNS FRANCHISE AGREEMENT.
Aug 01, 1998 ... Dairy Mart Convenience Stores Inc. has signed a master franchise agreement with Habros Convenience Stores N.V. of Aruba, it was reported June 30, 1998:. The first Dairy Mart store will be constructed in Oranjestad, Aruba. Habros principals, Undina and Jessica Harms, also have the ...
BAHAMAS-CUBA REPATRIATION AGREEMENT.
Aug 01, 1998 ... The Bahamas and Cuba have finalized an agreement that calls for a "more expeditious" repatriation of Cubans from the Bahamas, says Bahamian Minister of Foreign Affairs Janet Bostwick, reports CANA (June ...
LOW HOTEL OCCUPANCY.
Aug 01, 1998 ... Hotels across Barbados are virtually empty of guests, reports The Weekend Nation (July 3, 1998). A check has revealed that a high number of them were at the brink of closure. One hotelier confirmed that some ...
ALMOND RESORTS REPORTS BDS$6.2 MILLION PROFITS.
Aug 01, 1998 ... Almond Resorts Inc, a leading all-inclusive resort, earned Bds$6.2 million (US$3.1 million) in net profit during the six months ended March 31, 1998, reports The Sunday Sun (July 5, 1998). Chairman and Managing Director Ralph Taylor said the increased half-year profit was the result of ...
ELECTIONS SET FOR AUG. 27.
Aug 01, 1998 ... Belizeans will go to the polls to elect a new Government on Thursday, August 27, Prime Minister Manuel Esquivel announced July 12. Close to 10,000 party supporters thronged ...
NEW GOVERNOR.
Aug 01, 1998 ... A new Governor of the British Virgin Islands, Frank Savage, was expected in Road Town, the BVI capital, on July 2, to be sworn in shortly ...
MASSIVE DEVELOPMENT PROJECT.
Aug 01, 1998 ... OSI Proyectos said July 8 it will convert a 78-square-kilometer tract of land in the economically depressed region of Limon into a port city where tax-free status will be granted for 25 years, and that a "dry canal" is "being evaluated to compete with the aging Panama Canal." The project, ...
VITRO INVESTS US$53 MILLION FOR NEW KILNS.
Aug 01, 1998 ... Grupo Vitro, the Mexican glass and ceramics manufacturer, says it will invest US$53 million over the next six months to construct two glass blowing kilns in Toluca, Mexico, and San ...
TV AZTECA BUYING COSTA RICAN STATION.
Aug 01, 1998 ... TV Azteca was slated to sign the contract for acquisition of Channel 4 in San Jose, Costa Rica on June 26 and take control of the station's ...
CUBA SLAMS INDEPENDENT PRESS AS "LYING MERCENARIES.
Aug 01, 1998 ... Cuba's communist authorities, widely criticized overseas for their firm control of the island's media, have condemned the alleged "falsehoods" and "mercenary" actions of local independent journalists, reports CANA-Reuters (June 27, 1998):. A column in the international edition of ...
U.S. BUSINESSMEN PLAN SECOND VISIT.
Aug 01, 1998 ... U.S. businessmen interested in the trade and investment potential of Cuba are planning a second visit to the island despite Washington's long-standing economic embargo, reports CANA-Reuters (June 19, 1998):. The executives will take part in the three-day Second U.S.- Cuba Business ...
U.S. FEED GRAIN PRODUCERS LOSING OUT.
Aug 01, 1998 ... The President of the 110-member Washington-based U.S. Feed Grain Council, Kenneth Hobbie, says that U.S. grain producers would be able to supply up to 500,000 tons of feed grain to Cuba each year if Washington's lifts its economic blockade against ...
LONG DROUGHT HITS CROPS, ECONOMY.
Aug 01, 1998 ... A halving of normal spring and early summer rainfall attributed to El Nino has seriously affected Cuba's crops, already uncertain food supply and fragile economy, reports CANA-Reuters (July 12, 1998):. Only 56% of the average seasonal rain has fallen on the long, narrow island, ...
PROMOTING KNOWLEDGE OF CUBA.
Aug 01, 1998 ... New York-based Salomon Smith Barney (an investment banking and securities brokerage firm) is ...
U.S. OVERFLIGHTS ALLOWED.
Aug 01, 1998 ... The U.S. said June 18 that it has agreed to allow Cuba's national airline to fly over U.S. territory on its flights to Canada. The U.S. State Department said that the authorization was negotiated through the International Civil Aviation Organization (ICAO) in ...
CASTRO TO VISIT JAMAICA.
Aug 01, 1998 ... Cuban President Fidel Castro will pay a state visit to Jamaica this summer, the Foreign ...
EU ACCEPTS CUBA AS OBSERVER.
Aug 01, 1998 ... The European Union (EU) has accepted Cuba's participation as an observer during upcoming negotiations between the EU and the group of African, Caribbean and Pacific (ACP) nations, reports Radio Havana (June 30, 1998). In September, the 71 ACP ...
SMUGGLERS CHARGE US$8,000 A HEAD.
Aug 01, 1998 ... A Miami-based smuggling ring bringing Cubans into the U.S. charged US$8,000 a head for adults and US$7,000 for children, say federal investigators, ...
U.S.-CUBA MIGRATION PACT WORKING WELL.
Aug 01, 1998 ... Many lives have probably been saved as a result of the September 1994 and May 1995 U.S.-Cuba migration agreements that permit 20,000 Cubans a year to immigrate legally to the U.S., the State Department has said, reports CANA (July 1, 1998). Spokesman Lee McClenny said the accords have been ...
ACUTE HOUSING SHORTAGE IN HAVANA.
Aug 01, 1998 ... Cubans seeking the urban life in Havana have found it almost impossible to obtain accommodation of any kind there, causing many to return to the countryside, reports IPS (June 19, 1998). Havana occupies less than 1% of Cuba's territory, but is home to about 20% of the ...
CONSTRUCTION OF RESIDENTIAL PROJECT UNDERWAY.
Aug 01, 1998 ... Construction of the 5th Avenue Gardens, which includes 175 apartments in Havana's Miramar neighborhood, is underway, reports Radio Havana (June 24, 1998). The Cuban-Spanish joint venture, Costa ...
JACK NICHOLSON VISITS.
Aug 01, 1998 ... Cigar-loving actor Jack Nicholson toured the Partagas tobacco factory in Havana during a four-day visit to the island, reports CANA-Reuters (June 24, 1998). The three-time Oscar winner was following in the footsteps of other Hollywood stars (Gerard Depardieu, Matt Dillon and Arnold ...
CHINESE JOINT VENTURE.
Aug 01, 1998 ... China's Baobei Group will join with a Cuban electronics industrial group to produce TV sets, radio-tape recorders, cameras, computers and VCR players, reports ...
CIGARETTE PRODUCTION.
Aug 01, 1998 ... Brascuba, a joint venture between Souza Cruz, the Brazi-based subsidiary of United Kingdom-based B.A.T. Industries, and Cuba's National Union of Tobacco Companies, will begin producing ...
MEXICANA SERVICE TO VARADERO.
Aug 01, 1998 ... Mexicana Airlines was scheduled to begin weekly service between Mexico City and the Cuban resort area of Varadero on July 11. Another Mexicana ...
NONSTOP CHARTER FLIGHTS.
Aug 01, 1998 ... A Miami-based charter company said it was launching the first non-stop passenger flight from Miami to Cuba in two years, reports CANA-Reuters (July 13, 1998). ABC Charters said a chartered United Airlines aircraft was scheduled to leave Miami International Airport ...
VAT INTRODUCED.
Aug 01, 1998 ... Dominica is shaking up its tax system and introducing a Value Added Tax (VAT), reports CANA (July 7, 1998). The VAT was announced when Finance Minister Julius Timothy presented an EC$433.9 million national budget. He said the two-year preparatory process for the introduction of the VAT ...
RURAL ENTERPRISE PROJECT.
Aug 01, 1998 ... Engineering consultants are invited to prequalify, by August 17, 1998, for a Rural Enterprise Project funded with a US$2.1 million loan from the Caribbean Development Bank. Works include construction of four ...
OFFSHORE SECTOR GENERATES EC$10.3 MILLION.
Aug 01, 1998 ... Dominica's offshore business sector generated EC$10.3 million in revenue in the fiscal year 1997/98, Finance Minister Julius Timothy told parliament, reports CANA (July 7, 1998) ....
PRIVATIZATION OF GRAIN MILLS.
Aug 01, 1998 ... The Public Enterprise Reform Committee is building an "investor register" of firms interested in receiving more information about the possible privatization and reform of Molinos Dominicanos CA, and Molinos del Norte CA, two mixed capital enterprises dedicated to elaborating wheat products: ...
IRRIGATION MANAGEMENT SYSTEM.
Aug 01, 1998 ... Contractors are invited to prequalify, by August 31, 1998 for a Program for Administration of Irrigation, a US$65 million project partly funded by a US$52 million loan from the Inter- American Development Bank (No. 905/OC-DR). At the moment, US$30.4 million will be spent over five years on ...
US$6 MILLION FOR SEVERAL PROJECTS.
Aug 01, 1998 ... The Caribbean Development Bank (CDB) is providing a loan of US$6.1 million and a technical assistance grant of US$147,000 to the Government to finance several subprojects on Grenada ...
ROYAL CASTLE CHAIN BRANCHING OUT.
Aug 01, 1998 ... The Royal Castle fast food chain has expanded for the first time beyond the shores of Trinidad & Tobago with the opening of an outlet in Grenada, says CEO Ronald Milford. A second outlet will be opened in Grenada, he notes, adding that Guyana will be the next country slated for expansion ....
SALE OF POWER CO.
Aug 01, 1998 ... Prime Minister Dr. Keith Mitchell said that Government was discussing with WRB, a U.S. firm, for the sale of the ...
PETROLEUM EXPLORATION PROJECT.
Aug 01, 1998 ... The bidding deadline for petroleum exploration/exploitation in Guatemala corresponding to the first semester (originally May 15) has been extended to August 14, 1998. Regulations on the current Hydrocarbon Commercialization Law, passed last year, will probably be ready by the end of June ...
MINING OVERVIEW.
Aug 01, 1998 ... The mining sector in Guatemala is a small but growing part of the Guatemalan economy and the Arzu administration is seeking to expand foreign and domestic investment in the sector through a new mining law and the promotion of high potential areas for mineral prospecting. Following are ...
TRAVEL CONDITIONS UPDATE.
Aug 01, 1998 ... The U.S. State Department on July 8, 1998 issued its latest report on travel conditions in Guatemala, mainly to update the crime situation. Excerpts follow:. Crime information: While violent crime has been a serious and growing problem in Guatemala for years, there has been a ...
GOVT. NEGOTIATING IMF PACKAGE.
Aug 01, 1998 ... The Government is negotiating a new three-year US$70 million package with the International Monetary Fund (IMF), says Finance Minister Bharrat Jagdeo, reports CANA (June 28, 1998). The Enhanced Structural Adjustment Facility (ESAF) would include a new pay structure to close the gap between ...
UK/IRISH CONSORTIUM WINS POWER CO. BID.
Aug 01, 1998 ... Government has accepted a proposal from a United Kingdom/Ireland consortium to put up US$23.45 million for a 50% share in the state-owned Guyana Electricity Corp. (GEC), reports CANA (June 23, 1998). The Finance Ministry said the Commonwealth Development Corp. (CDC) of the United Kingdom and ...
ATLANTIC TELE-NETWORK SETTLES CLAIM.
Aug 01, 1998 ... Atlantic Tele-Network, Inc. (AMEX:ANK) said July 6 that its attorneys had settled a claim by its subsidiary, the Guyana Telephone & Telegraph Co., Ltd. against a foreign telecommunications carrier for interruption of international direct dial service to Guyana. The settlement includes ...
EL NINO EMERGENCY RECOVERY PROJECT.
Aug 01, 1998 ... Government has applied for a development credit from the World Bank's International Development Association (IDA) toward the cost of the El Nino Emergency Recovery Project, for a number of public works (rehabilitation of drainage and irrigation facilities, potable water well ...
SUPPORT FOR POOR COMMUNITIES.
Aug 01, 1998 ... The Caribbean Development Bank (CDB) is providing a US$5.1 million loan to the Government to help finance (together with a loan of US$10.5 million from the International Fund for Agricultural Development) the provision of sustainable support services, ...
CANADA WARNS ABOUT TRAVEL TO GUYANA.
Aug 01, 1998 ... Canada is warning its citizens about traveling to Guyana, where a spate of demonstrations and bomb threats have disrupted life in the capital, Georgetown, reports CANA (June 26, 1998). "Travelers to the Georgetown area may wish to consider postponing non-essential travel until the situation ...
TAIWANESE INDUSTRIAL PARK.
Aug 01, 1998 ... Taiwanese investors have established the Formosa Industrial Park a few kilometers outside the city of Cofradia in Cortes Department. The first phase will house 10 companies producing plastic bags, hangers, cardboard boxes and knitting machines. Investment in the park is estimated at US$980 ...
MINING JOINT VENTURE.
Aug 01, 1998 ... Quest International Resources Corp. and Standard Mining Inc. said July 6 they have entered into final negotiations regarding an earn-in mining joint venture agreement wherein Standard may earn a 50% interest in Quest's Zopilote property by funding work expenditures over the next 36 months ....
"MANLEY ACCORD" FOR BAUXITE/ALUMINA SECTOR. >
Aug 01, 1998 ... Bauxite/alumina company leaders, trade unionists and Government officials have signed an "historic" social partnership pact intended to improve the industrial relations, investment and productivity climate in the US$750 million bauxite/alumina industry, reports CANA (July 10, 1998): ...
PLANS REVIVED FOR PRIVATIZATION OF AIRPORT.
Aug 01, 1998 ... The Government has reactivated a plan for the privatization of the Sangster International Airport in Montego Bay, says Transport Minister Peter Phillips, reports The Jamaica Observer (June 29, 1998). Minister Phillips said the Cabinet had approved the privatization plan but that the ...
US$89 MILLION FOR HIGHWAY PROJECT.
Aug 01, 1998 ... The Government has secured US$89 million from the European Commission (EC) to finance the third and final segment of the Northern Coastal Highway Improvement Project, reports CANA (June 27, 1998). Extending122 kilometers from Ocho Rios in St. Ann to Fair Prospect in Portland, the ...
SOLID GROWTH IN TOURIST ARRIVALS.
Aug 01, 1998 ... The Jamaica Tourist Board (JTB) has announced a 3.8% increase in stopover arrivals, to 517,275, during the first five months of the year vs. the same period last year, reports CANA (June 20, 1998). But while stopovers showed solid growth, cruise ship passenger arrivals ...
PUBLIC SECTOR MODERNIZATION.
Aug 01, 1998 ... Government has received a US$28.4 million loan from the World Bank (No. 4083-JM) toward the cost of good and services for the Public Sector Modernization Project. Consulting services will be required, and consultants are invited to ...
US$25 MILLION FOR SUGAR INDUSTRY SUPPORT.
Aug 01, 1998 ... The Caribbean Development Bank (CDB) is providing a US$24.9 million loan to the Government to finance a line of credit for use in providing sub-loans to sugar cane producers in ...
TAX COMPUTERIZATION PROJECT.
Aug 01, 1998 ... The Government has secured a loan from the World Bank towards the cost of a Tax Administration Reform Project. Sealed bids for the first stage of the project are being invited by August 24, 1998 for supplying various support ...
GOVT. TAKES CONTROL OF BLUE CROSS.
Aug 01, 1998 ... In the latest development in Jamaica's financial sector crisis, the Government has taken control of the local operation of the largest health insurance provider, Blue Cross, reports The Gleaner newspaper (June 23, 1998). The agreement was reached between Government lawyers ...