In a striking revelation, the Cayman Islands, one of the Caribbean’s most prominent financial hubs, lacks any form of bank deposit insurance, leaving customers vulnerable in the event of a banking crisis. This oversight stands in stark contrast to neighboring nations like the British Virgin Islands, Bahamas, and Jamaica, which offer varying levels of deposit protection. The absence of such safeguards in the Cayman Islands has raised concerns, particularly in light of recent global banking turmoil, such as the Silicon Valley Bank collapse.
分类： business
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CPSO welcomes removal of US tariffs on key Caricom exports
The Caricom Private Sector Organisation (CPSO) has lauded the United States’ decision to eliminate tariffs on critical export sectors within the Caribbean Community (Caricom), marking a significant relief for regional industries. These tariffs, initially imposed in April 2025 and later updated in August 2025, had severely impacted Caricom’s export revenues, particularly in the Base Metals, Agriculture & Food, and Chemicals sectors. The CPSO had previously estimated that the reciprocal tariffs would result in an annual loss of US$653.6 million in export revenue for Caricom Member States. The Agriculture & Food and Chemicals sectors bore the brunt of these tariffs, with projected annual losses of US$117.7 million and US$86.1 million, respectively. The removal of these tariffs, enacted through an Executive Order on 14 November 2025 by President Donald Trump, is expected to stabilize key agricultural and agroprocessing supply chains across Caricom and enhance the competitiveness of Trinidad and Tobago’s chemical exports, including fertilizers and related products. Dr. Patrick Antoine, CPSO Chief Executive Officer and Technical Director, emphasized the pivotal role of coordinated advocacy by Caricom Heads of Government, including Jamaica’s Prime Minister Andrew Holness, Trinidad and Tobago’s Prime Minister Kamla Persad Bissessar, Guyana’s President Mohamed Irfaan Ali, and The Bahamas’ Prime Minister Philip Davis, in securing this outcome. The US remains Caricom’s principal trade partner, and the tariff removal is anticipated to strengthen the US-Caricom trade relationship. The CPSO continues to work towards eliminating remaining tariffs affecting Caricom’s exports to the US, reinforcing its commitment to advancing trade facilitation, competitiveness, and long-term economic resilience.
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GHTA CEO shines as key panellist at CHTA CHIEF conference
Arlene Friday, CEO of the Grenada Hotel & Tourism Association (GHTA), emerged as a pivotal figure at this year’s Caribbean Hospitality Industry Exchange Forum (CHIEF) conference. As a key panellist on the forum titled ‘Tourism for Us,’ Friday captivated attendees with her profound insights and actionable strategies on community tourism across the Caribbean region. Her address underscored the indispensable role of local communities in crafting authentic and sustainable tourism experiences. She urged Caribbean communities to reclaim their narratives, ensuring that their unique histories, traditions, and voices remain central to tourism development. ‘Communities are not just part of the tourism product — they are the heartbeat of it,’ Friday asserted. ‘When we empower our people to tell their own stories and create genuine connections with visitors, tourism becomes not only sustainable but transformative.’ Friday also emphasized the importance of fostering stronger linkages between hospitality stakeholders and local communities. She highlighted that such collaborations not only drive economic opportunities but also preserve cultural identity. Her message of empowerment and inclusion resonated deeply with industry professionals, policymakers, and delegates, all of whom are committed to a more community-centred approach to tourism. The CHIEF Conference continues to serve as a dynamic platform for tourism leaders to connect, share innovations, and chart the future of the region’s hospitality sector. Arlene Friday’s contributions at the conference reinforce the critical importance of placing people and place at the heart of tourism growth throughout the Caribbean.
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New debt-for-social swap to boost education, healthcare, heritage – minister
Barbados is spearheading a groundbreaking debt-for-social swap initiative aimed at redirecting savings from restructured sovereign debt into vital social programmes, including education, healthcare, and heritage preservation. Economic Affairs Minister Kay McConney unveiled the plan during her address at the United Nations BCCI Private Sector Forum held at the Hilton Barbados Resort on Tuesday. McConney emphasized that the forum was not merely a discussion but a call to align national priorities with private sector capabilities and adopt international best practices tailored to Barbados’ unique needs. She stressed that traditional financing models are inadequate for achieving the nation’s ambitious goals, necessitating innovative approaches. The debt-for-social swap will restructure existing debt to reduce interest payments, with the savings allocated to high-priority social initiatives. McConney explained the mechanism succinctly: “You restructure the debt, reduce the interest rate, and commit the savings to specific purposes like climate, nature, or social programmes.” This initiative builds on Barbados’ successful track record of innovative financing, including the Blue Bond debt-for-nature swap with The Nature Conservancy, which redirected $150 million toward marine conservation and climate adaptation. Similarly, the 2024 debt-for-climate swap repurposed $300 million in domestic debt, generating $125 million in fiscal savings for climate-resilient projects. McConney assured that the debt-for-social swap would not increase the island’s overall debt burden but would strategically utilize existing obligations to create fiscal space for critical social investments. She highlighted the indispensable role of the private sector in supporting these initiatives, urging collaboration among government, businesses, banks, and development partners. “The social swap allows us to channel resources to where they matter most, without adding to our debt base,” McConney stated. “It is an example of how financial innovation can serve human development, and we are inviting the private sector to be partners in this journey.”
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Coast Guard Busts Illicit Cigarette Cargo in Corozal Free Zone
In a significant crackdown on illicit trade, the Belize Coast Guard has intercepted a large shipment of contraband cigarettes near the Corozal Free Zone, raising concerns about security and oversight in one of the country’s busiest commercial hubs. The operation, conducted around midnight on October 12, 2025, targeted suspicious cargo believed to be destined for Mexico. Rear Admiral Elton Bennett, Commandant of the Belize Coast Guard, confirmed the seizure, stating that the cargo was discovered outside the zone’s permit area. Despite the successful interception, no individuals were detained as they fled upon the Coast Guard’s approach. The seized goods were promptly handed over to the police and customs departments in the presence of a justice of the peace. Admiral Bennett emphasized the Coast Guard’s increased operations in the northern border region, particularly around the Rio Hondo River, which has become a hotspot for illicit activities. While the exact origin of the cargo remains under investigation, authorities suspect it may have originated from the Corozal Free Zone. This incident underscores the ongoing challenges in combating cartel influence and illegal trade in the region.
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PM Urges Belizeans to Cash In on Tax-Free Weekends
In a bid to ease the financial burden on Belizeans amid rising living costs, Prime Minister John Briceño has announced the introduction of tax-free weekends scheduled for December. The initiative, which will waive the General Sales Tax (GST) on specific dates, aims to provide relief to families as they prepare for the holiday season. The tax-free periods are set for December 6-7 and December 20-21, coinciding with payday cycles to maximize consumer spending power.
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Senator George Says Antigua’s Debt Remains Manageable as Country Targets 60% by 2035
Senator Dwayne George has affirmed that Antigua and Barbuda’s debt situation remains stable and is poised for improvement, despite ongoing global and climate-related challenges. During an appearance on ABS’s ‘Government in Motion,’ George revealed that the country’s debt-to-GDP ratio currently stands at approximately 62 percent, with projections indicating a slight decline to around 60 percent by 2035. ‘Our debt-to-GDP is about 62 percent, and by 2035 we will be at about 60 percent,’ George stated optimistically. ‘That’s lovely. We’re doing quite fine.’
The government services approximately $65 million in debt each month, with total monthly financial obligations reaching roughly $89 million. However, George emphasized that the overall financial outlook remains manageable. This is largely due to the administration’s strategic shift from short-term borrowing to securing longer-term, lower-interest financing. ‘We want cheaper financing and long-term financing because that helps ease the pressure,’ he explained.
George’s remarks were made in the context of recent discussions with officials from the International Monetary Fund (IMF) and the World Bank. During these engagements, Antigua and Barbuda, alongside other small states, highlighted the economic strain caused by frequent external shocks. These conversations underscored the urgent need for better-structured funding mechanisms that acknowledge the unique vulnerabilities of small island economies. ‘We are exposed to shocks almost every cycle,’ George noted. ‘It’s why we continue to argue for concessional financing and mechanisms that recognise our realities.’
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Grenada finalises investment facilitation categorisation
Grenada is poised to modernize its investment landscape through a pivotal two-day national stakeholder consultation, scheduled for November 17–18, 2025. This hybrid event, blending in-person and virtual participation, aims to finalize the categorization of needs under the World Trade Organization’s (WTO) Investment Facilitation for Development (IFD) Agreement. The workshop is a collaborative initiative involving the International Trade Centre (ITC), the OECS Commission, and Grenada’s Investment Promotion Agency (GIDC), supported by the WTO and funded by the European Union’s RIGHT Programme.
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Browne Says Antigua Positioned for First-Class Expansion on British Airways Routes
Prime Minister Gaston Browne of Antigua and Barbuda has expressed confidence in the nation’s ability to secure additional first-class seats on British Airways flights, citing the rapid growth of its luxury hotel sector as a key driver. Speaking on the *Browne and Browne* show, Browne emphasized that the expansion of high-end accommodations is reshaping Antigua’s market profile, making a compelling case for airlines to enhance their premium offerings.
Browne projected that within the next five to ten years, Antigua will emerge as a significantly more attractive destination, with the influx of luxury properties directly influencing the availability of first-class air travel. “As those luxury properties take root and are completed, we will have more luxury rooms, and you’re going to get more first-class seats,” he stated.
The Prime Minister’s remarks followed a suggestion from hotelier Andrew Michelin, who urged Antigua to actively pursue a first-class cabin on British Airways routes. Michelin argued that Antigua’s hospitality offerings have surpassed those of many regional competitors, positioning the island as a prime candidate for expanded premium services.
Michelin highlighted Antigua’s growing appeal to high-net-worth visitors, its direct UK connections, and the increasing popularity of Barbuda as factors that bolster its case for premium airlift. He also noted the island’s enhanced regional connectivity through LIAT and the presence of upscale properties like Jamwe Bay as additional justifications for a first-class service.
Browne endorsed Michelin’s proposal, stating that Antigua’s upward tourism trajectory and its emergence as a high-value Caribbean destination create a strong foundation for airlines to increase their premium seating capacity. The Prime Minister’s vision underscores the nation’s commitment to elevating its global standing in luxury travel and hospitality.
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Proman welcomes removal of US tariffs
Proman, Trinidad and Tobago’s (TT) sole producer of Urea Ammonium Nitrate (UAN) and the second-largest exporter of UAN to the United States (US), has welcomed the US government’s decision to eliminate tariffs on fertiliser exports. This move is expected to strengthen TT’s position as a reliable global supplier in the fertiliser and energy sectors. Managing Director Anand Ragbir highlighted the significance of this development, stating that it ensures price stability for farmers and safeguards critical export revenues for TT. Proman, a major tenant and employer at the Point Lisas Industrial Estate, is one of the top ten fertiliser producers globally, supplying UAN to farmers worldwide to enhance crop yields. The US remains TT’s largest trading partner and Proman’s primary export market for UAN. The tariffs, initially imposed by former US President Donald Trump in April, subjected several TT exports to a 15% duty, excluding energy products. However, following negotiations and adjustments, Trump expanded the list of exempted goods on November 14, including agricultural products and fertilisers. This decision reflects progress in trade talks, domestic demand, and production capacity. The exemption list now includes coffee, tea, tropical fruits, cocoa, spices, bananas, oranges, tomatoes, beef, and additional fertilisers. Reuters reported that this tariff rollback impacts over 200 food products, with recent US consumer price index data showing significant price increases for items like ground beef and steaks, despite claims of minimal inflation.