Webremixed Articles for tags: business

Royal Caribbean suspends dividend as bookings fall

Wed, 19 Nov 2008 00:00:00 GMT

NEW YORK, USA (Reuters): Royal Caribbean Cruises Ltd, the world's second-largest cruise operator, said on Tuesday it will stop paying its common stock dividend to save money as the global economic slowdown continues to hurt the travel industry and sfter warning that bookings were down significantly.

Caribbean faces squeeze from financial crisis

Wed, 19 Nov 2008 00:00:00 GMT

SAN JUAN, Puerto Rico (Reuters): The international financial crisis is putting a squeeze on cash-strapped governments across the Caribbean as the region braces for a steep economic slowdown. A severe spillover from the crisis will be seen in the Caribbean's important tourism market.

Implementation of minimum wage in Barbados may result in layoffs

Tue, 18 Nov 2008 00:00:00 GMT

BRIDGETOWN, Barbados: The implementation of minimum wage legislation in Barbados may result in either the failure of several businesses across the island or extensive layoffs. Executive Director of the Barbados Employers Federation (BEC), Harry Husbands, raised the concern on Friday.

OAS to explore opportunities to increase export income in the Caribbean

Tue, 18 Nov 2008 00:00:00 GMT

WASHINGTON, USA: Light Years IP has been commissioned by the Department of Trade and Tourism of the Organization of American States (OAS), funded through the Canadian International Development Agency (CIDA), to study a variety of Caribbean products with potential for increased export income.

Caribbean bankers to discuss impact of financial crisis at meeting in Barbados

Mon, 17 Nov 2008 00:00:00 GMT

BRIDGETOWN, Barbados: Representatives of the region's indigenous banks will meet in Barbados from Monday and the global financial crisis will be among the list of items on their agenda. This year’s conference is being held under the theme “Safeguarding our Future in the Face of Global Economic Challenges”.

Environmental risk analysis training in Barbados for financial sector

Sat, 15 Nov 2008 00:00:00 GMT

BRIDGETOWN, Barbados (BGIS): About 40 risk managers and analysts working in commercial, corporate and investment banks across the region will soon converge in Barbados to learn about environmental and social risk management in lending and investment processes.

Travel industry squeezed as America tightens belt

Tue, 11 Nov 2008 00:00:00 GMT

NEW YORK, USA (Reuters): As Americans evaluate and pare back their discretionary spending for the remainder of this year, the travel and leisure industries are feeling the squeeze. Companies throughout the sector have all warned in recent weeks that their businesses have slowed or that things could get worse.

Hedge fund closes Bermuda reinsurer

Mon, 10 Nov 2008 00:00:00 GMT

NEW YORK, USA (Reuters): Citadel Investment Group, one of the world's biggest hedge funds, is closing down a Bermuda reinsurer it formed in 2004, according to a source familiar with the matter. Citadel, which manages roughly $18 billion, thought it had a winning business plan with CIG Re.

Caribbean hotel bookings plunge as economy sags

Sat, 08 Nov 2008 00:00:00 GMT

SAN JUAN, Puerto Rico (Reuters): Hotel bookings in the Caribbean are plunging as financial turbulence dashes vacation plans, and hoteliers and governments are trying to ward off a deep slump by ramping up marketing efforts and slashing prices. Bookings are off from both major sources, the CTO said.

FirstCaribbean gives to hurricane ravaged islands in the region

Tue, 04 Nov 2008 00:00:00 GMT

BRIDGETOWN, Barbados: Haiti, The Bahamas, the Turks and Caicos Islands and Jamaica have received over US$150,000 for disaster relief in the Caribbean. This follows the adverse effects of several severe weather systems in recent months and the significant recovery efforts needed.

Caribbean trade and investment with Asia-Pacific region untapped

Fri, 31 Oct 2008 00:00:00 GMT

BRIDGETOWN, Barbados: Trade and investment between Latin America and the Caribbean and the Asia-Pacific region remains untapped despite the economic emergence of several countries in that region especially China. Several Caribbean countries have expanded trade with Asia-Pacific countries.

Guard against increased domestic violence due to financial pressures, says Caribbean entrepreneur

Thu, 30 Oct 2008 00:00:00 GMT

BRADES, Montserrat: “Instances of domestic violence tend to increase during times of financial pressure and we must guard against this happening at all costs,” cautions entrepreneur and speaker Nerissa Golden. The entrepreneur said that Caribbean men are especially pressured to be problem solvers.

Caribbean focusing more on trade agreements than regional integration

Thu, 30 Oct 2008 00:00:00 GMT

SANTIAGO, Chile: In the midst of an uncertain international context, countries in the region are striving to advance towards trade agreements that reduce associated transaction costs. There is also a trend towards productive integration through private-sector investment and trade decisions.

Hess corporation has no plans now to build refinery in St Lucia

Thu, 30 Oct 2008 00:00:00 GMT

NEW YORK, USA (Reuters): The head of Hess Corp said on Wednesday the integrated oil company had no current plans to build a refinery in St. Lucia in the Caribbean and he expected lower capital spending in 2009."While we have the option to build, we have no current plans to do so," Hess said.

Royal Caribbean profit up, but bookings are down

Tue, 28 Oct 2008 00:00:00 GMT

NEW YORK, USA (Reuters): Royal Caribbean Cruises Ltd, the world's second-largest cruise operator, reported higher third-quarter profit on Tuesday but warned that bookings were down significantly in recent weeks. Royal Caribbean shares fell about 12 percent to $12.80.

Caribbean exports rise in spite of global crisis

Tue, 28 Oct 2008 00:00:00 GMT

MEXICO CITY, Mexico: The repercussions of the global financial crisis are taking its toll throughout the world, and Latin America and the Caribbean are no exception. However, in spite of the unfavourable prospects, exports from the region will continue to increase during 2008 at an estimated 23%.

Puerto Rico bank to cut US branches, jobs

Thu, 23 Oct 2008 00:00:00 GMT

NEW YORK, USA (Reuters): Popular Inc, the parent of Banco Popular, said on Wednesday it plans to eliminate more than one-fourth of its 139 US branches and cut its US workforce by 600 to cope with the nation's economic downturn. Puerto Rico's largest bank also posted a third-quarter loss of $668.5 million.

Regional insurance executives to meet in Barbados next month

Thu, 23 Oct 2008 00:00:00 GMT

BRIDGETOWN, Barbados: A large number of regional insurance executives will meet in Barbados early next month for the 11th annual conference of Insurance Institutes of the Caribbean The November 5-8 conference will be officially opened by Barbados’ Prime Minister David Thompson.

France, Germany lead charge against tax havens

Wed, 22 Oct 2008 00:00:00 GMT

PARIS, France (AFP): France and Germany led an offensive on Tuesday to bring tax havens into line with world banking rules at a Paris meeting seen as a first attempt to put order in global finance. But Switzerland and Liechtenstein, two non European Union countries often criticised for their opaque bank secrecy laws...

ECLAC to report on regional impact of financial crisis

Wed, 22 Oct 2008 00:00:00 GMT

MEXICO: The Economic Commission for Latin America and the Caribbean (ECLAC) will present a report next week in Mexico on the impact of the international financial crisis on the region's economies and trade. ECLAC said the document analyzes the international situation and its impacts on the region's trade.

IMF says financial crisis in the US will impact tourism in the Caribbean

Fri, 17 Oct 2008 00:00:00 GMT

ST JOHN’S, Antigua: The International Monetary Fund (IMF) has indicated that the financial crisis in the United States and elsewhere should be expected to impact the tourism sector in the Caribbean and overall. IMF Division Chiefs for the Caribbean stressed the need to develop effective policy responses.

Ambassador says EPA will benefit Caribbean exports

Thu, 16 Oct 2008 00:00:00 GMT

GEORGETOWN, Guyana: The European Union’s Ambassador to Guyana and Head of Delegation of the European Commission to Guyana, Geert Heikens has said that the Economic Partnership Agreement (EPA) in its current form would yield significant benefits to the Caribbean region.

Barbados service companies to undertake trade mission to Bahamas

Wed, 15 Oct 2008 00:00:00 GMT

BRIDGETOWN, Barbados: Barbadian service companies will soon have an opportunity to establish networking alliances and increase trade with the Bahamas when the Barbados Coalition of Service Industries Inc. (BCSI) sponsors a services trade mission to the Bahamas.

UK Trade and Development Minister announces $78m funding for the Caribbean

Wed, 15 Oct 2008 00:00:00 GMT

KINGSTON, Jamaica: UK Minister for Trade and Development Gareth Thomas has announced on behalf of the UK Department for International Development (DFID) a £46 million (US$78 million) package to help the Caribbean develop more effective ways to trade with Europe and the rest of the world.

Ramphal makes final comment on EPA, maintains that Caribbean should not sign

Tue, 14 Oct 2008 00:00:00 GMT

LONDON, England: Speaking in London, where he was honoured on his 80th birthday, Sir Shridath Ramphal, former Secretary General of the Commonwealth Secretariat made a statement regarding the global financial crisis and the EPA and reaffirmed his stand that the region should not sign the EPA.

European trade official says it is 'odd' to seek renegotiation immediately after signing EPA

Tue, 14 Oct 2008 00:00:00 GMT

ST JOHN’S, Antigua: The Deputy Director for Trade of the European Commission Karl Friedrich Falkenberg in an interview with the Antigua Sun newspaper said that he found it “a little odd to start signing an agreement and immediately after talk about renegotiation". Falkenberg met with Prime Minister Spencer on Monday.

Caribbean well placed to cope with international financial meltdown says IMF official

Tue, 14 Oct 2008 00:00:00 GMT

WASHINGTON, USA: As the International Monetary Fund (IMF) warned that the global financial system is on the brink of systemic meltdown, it also said that many countries in Latin America and the Caribbean are better prepared to deal with the global shocks now than in previous crises.

Senior negotiator says Caribbean region was not prepared for EPA talks

Fri, 10 Oct 2008 00:00:00 GMT

GEORGETOWN, Guyana: The Caribbean was unready for the negotiations on agriculture under the controversial Economic Partnership Agreement (EPA), a senior negotiator said this week at an agriculture conference in Kingstown, St Vincent and the Grenadines.

Single regional currency advocated by top Caribbean banker

Wed, 08 Oct 2008 00:00:00 GMT

BRIDGETOWN, Barbados: The idea of a regional single currency has long been a topic of discussion, and it was once again brought up by the Managing Director Barbados, OECS and Belize of First Caribbean International Bank, Oliver Jordan while speaking at the Caribbean Gift and Craft Show.

Economic downturns will affect remittances to the Caribbean

Fri, 03 Oct 2008 00:00:00 GMT

KINGSTON, Jamaica: The Inter American Development Bank (IDB) says the Caribbean is set to get fewer remittances due to the combined effects of economic downturns in the United Sates and Spain, inflation and a weaker dollar. Remittances this year have been up 11 percent.

CDB official feels US financial meltdown will impact the Caribbean

Thu, 02 Oct 2008 00:00:00 GMT

BRIDGETOWN, Barbados: A senior official of the Caribbean Development Bank (CDB) feels that the global financial meltdown could impact on the economies in the Caribbean. Desmond Brunton, Vice President, Operations at the CDB, made the comment on Wednesday at a conference.

Cayman Islands reinsurer sees loss in third quarter; shares slump

Thu, 02 Oct 2008 00:00:00 GMT

GEORGE TOWN, Cayman Islands (Reuters): David Einhorn-controlled Greenlight Capital Re Ltd has forecast a third-quarter loss, hurt by negative returns on its investment portfolio, sending the Cayman Islands-based reinsurer's shares down as much as 30 percent to an all-time low.

European Union warned against hampering ACP economic development

Tue, 30 Sep 2008 00:00:00 GMT

GEORGETOWN, Guyana: The International Trade Union Confederation and its ally, the European Trade Union Confederation, have issued a joint statement strongly warning the European Union against "hampering economic development" in the 79 member African, Caribbean and Pacific (ACP) countries.

Cable & Wireless expected to change name, cut jobs in the Caribbean

Mon, 29 Sep 2008 00:00:00 GMT

GEORGE TOWN, Cayman Islands: Cable & Wireless has addressed the ongoing speculation that, as a result of its mission to create a single pan-Caribbean telecommunications operator, hundreds of jobs could be lost across the region. According to reports, the telecom giant is planning to announce a US$8 billion demerger.

IDB promoting financial services in the region

Fri, 26 Sep 2008 00:00:00 GMT

BRIDGETOWN, Barbados: Caribbean countries will soon be involved in a highly innovative project to foster access to financial services that has been initiated by the Inter American Development Bank (IDB). The Barbados Advocate reported that the programme will promote the implementation of mobile banking.

Barbados is unique for international business

Thu, 25 Sep 2008 00:00:00 GMT

BRIDGETOWN, Barbados: Barbados, which is known as Little England and for a stable government, is also a unique centre for international business. The Barbados Advocate reported that the country is the sixth largest domicile for captive insurance companies worldwide.

IDB offers grants to jump-start water and sanitation projects in the Caribbean

Tue, 23 Sep 2008 00:00:00 GMT

WASHINGTON, USA: Caribbean and Latin American governments that want to improve water and sanitation services can now apply for grants from the Aquafund, a new source of financing approved by the board of the Inter-American Development Bank (IDB) on Monday.

Wall Street woes may seriously affect the Caribbean

Fri, 19 Sep 2008 00:00:00 GMT

PORT OF SPAIN, Trinidad: Travel agents, hoteliers, and tourism officials in Trinidad and Tobago are worried that the possible impact of the financial turbulence in the United States could affect Trinidad and Tobago and other Caribbean countries. Wayne Rodriguez, President of the Travel Agents Association...

Puerto Rico bank to buy mortgage servicing rights

Thu, 18 Sep 2008 00:00:00 GMT

SAN JUAN, Puerto Rico (Reuters): Popular Inc said its Puerto Rican banking unit Banco Popular has agreed to buy the third-party mortgage servicing rights from RG Mortgage Corp, a unit of RG Financial, for about $34 million. San Juan-based Popular said the deal is expected to close in the fourth quarter.

IDB says the Caribbean could save billions through efficient energy investments

Tue, 16 Sep 2008 00:00:00 GMT

WASHINGTON, USA: Latin American and Caribbean countries could save an estimated US $36 billion over the next decade by adopting affordable and available technologies to improve their energy efficiency, according to a report released Moonday by the Inter-American Development Bank.

Cable & Wireless to accelerate demerger plan

Mon, 15 Sep 2008 00:00:00 GMT

LONDON, England (Reuters): Cable & Wireless is to accelerate plans to break itself up by announcing the 4.5-billion-pound ($7.9 billion) demerger of its international arm as early as the end of the month, the Sunday Telegraph said. The board of the British telecoms group is due to meet on Sept. 29 to discuss the plan

Regulatory reforms in the Caribbean show positive trend

Sun, 14 Sep 2008 00:00:00 GMT

WASHINGTON, USA: An International report has said that regulatory reforms across the Caribbean show a positive trend, with five of the 14 regional countries listed in the report being singled out for their adoption of business-friendly reforms. 'Doing Business 2009', the sixth in an annual series of reports.

Caribbean banks on the lookout for money laundering

Sat, 13 Sep 2008 00:00:00 GMT

BRIDGETOWN, Barbados: The issue of money laundering will be high on the agenda when the Caribbean Association of Indigenous Banks (CAIB) holds its 35th annual general meeting and conference in Barbados in November. The theme of the meeting is, ‘Safeguarding Our Future in the Face of Global Economic Challenges.’

ECLAC to study economics of climate change in the Caribbean

Sat, 13 Sep 2008 00:00:00 GMT

PORT OF SPAIN, Trinidad: A review of the economics of climate change in the Caribbean will be the subject of a study to be undertaken by ECLAC Sub-regional Headquarters for the Caribbean in Trinidad and Tobago and funded by the United Kingdom’s Department for International Development.

Economies slowed down in nine CARICOM territories, says CDB report

Tue, 09 Sep 2008 00:00:00 GMT

BRIDGETOWN, Barbados: The Caribbean Development Bank (CDB) reported that economic growth has slowed down in nine territories in the region while only four were able to sustain or increase economic activity. Inflation, slower growth, depreciation of the US dollar, and the cost of regional travel, topped the list of problems.

Guyana president in consultation with experts on EPA

Sat, 06 Sep 2008 00:00:00 GMT

GEORGETOWN, Guyana: Guyana’s President Bharat Jagdeo has invited a international and local team of top level trade, economics and academia for discussions on the Economic Partnership Agreement with the European Union. Jagdeo is not in favour of some of the clauses in the EPA agreement.