KINGSTON, Jamaica — The US dollar demonstrated a slight upward trend in its exchange rate against the Jamaican dollar on Thursday, October 2, closing at $161.34, a modest increase of 4 cents, as reported by the Bank of Jamaica’s daily trading summary. This incremental rise reflects ongoing fluctuations in the foreign exchange market. Concurrently, the Canadian dollar also experienced a notable uptick, ending the day at $117.23 compared to its previous close of $116.03. Similarly, the British pound edged higher, concluding the trading session at $217.17, up from $216.87. These movements underscore the dynamic nature of global currency markets and their impact on regional economies.
分类： business
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Over 500 people interested in Grenada’s EC$5 million retail bond
Grenada has introduced a groundbreaking Retail Bond Programme designed to raise EC$5 million while making investment opportunities more accessible to its citizens. With a minimum investment threshold of EC$500—significantly lower than the traditional $5,000 requirement—the initiative aims to democratize wealth-building for first-time and small-scale investors. The government announced the programme on September 23, 2025, and within just eight days, over 500 individuals expressed interest in purchasing the bonds. Juletta Edinborough, a Fiscal Debt Specialist at the Eastern Caribbean Central Bank (ECCB), highlighted the remarkable response during the launch of Financial Information Month 2025, themed ‘Financial Investing: From Savers to Investors.’ Finance Minister Dennis Cornwall emphasized that the Retail Bond is tailored for everyday Grenadians, offering a safe, tax-free investment backed by the government. Key features of the bond include a two-year investment term, tax-free returns, and a focus on enhancing financial literacy. Interested individuals must pre-register through the Ministry of Finance’s website, with brokers engaging potential investors ahead of the auction scheduled for October 31. This initiative underscores Grenada’s commitment to inclusive economic growth and fostering a culture of financial responsibility.
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Royal Caribbean Unveils Colorful Ferry Fleet Ahead of Paradise Island Beach Club Launch
NASSAU, BAHAMAS — Royal Caribbean is set to make a splash with the introduction of a dynamic fleet of water ferries, designed to transport visitors to the eagerly awaited Royal Beach Club Paradise Island, slated for a December 2025 opening. The five bespoke ferries, managed by Bahamas Transport Logistics (BTL), a Bahamian-owned company, will serve as the initial touchpoint for cruise passengers heading to the new beach club. These vessels are engineered to blend efficiency with local culture, featuring lightweight aluminum hulls for seamless travel and vibrant, tropical-inspired designs. Philip Simon, President of Royal Caribbean Group Bahamas, emphasized the company’s commitment to delivering an exceptional, sustainable, and authentically Bahamian experience. The ferries, each named and colored after Bahamian wildlife — Flirty Flamingo (pink), Sassy Starfish (blue), Coral Calypso (orange), Twisted Turtle (green), and Lucky Lizard (turquoise) — are equipped with advanced navigation and propulsion systems, ensuring quick turnarounds while embodying the islands’ relaxed, fun-loving spirit. BTL’s involvement highlights Royal Caribbean’s dedication to centering Bahamians in the project, with the company overseeing daily operations and maintaining international safety and service standards. The ferry fleet is part of a broader initiative to infuse Bahamian culture into every facet of the Royal Beach Club Paradise Island experience, from food and entertainment to decor and staffing. This 2025 launch will mark Royal Caribbean’s first private beach club, combining the island’s natural allure with the cruise line’s renowned hospitality. As development progresses on Paradise Island, the ferry fleet’s debut is poised to herald a uniquely Bahamian welcome for the thousands of visitors anticipated upon the project’s official opening.
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Hubbard’s Motor launches GAC vehicle brand in Grenada
Hubbard’s Motor, a key player in the Auto Division of Goddard Enterprises Limited (GEL), has officially announced the launch of the globally acclaimed GAC vehicle brand in Grenada. This strategic partnership brings together GAC’s award-winning designs, cutting-edge technology, and Hubbard’s Motor’s longstanding reputation for reliability and service excellence. GAC, ranked #181 on the 2024 Fortune Global 500 and recognized by J.D. Power as the #1 Quality Chinese Brand for eight consecutive years, sold over 2 million vehicles worldwide in 2024. With international collaborations including Honda, Toyota, and Mitsubishi, GAC is now poised to transform Grenada’s automotive landscape. The initial lineup features the Emkoo, a futuristic SUV; the GS3 Emzoom, awarded Highest Quality Compact SUV in China; and the AION EV Series, honored as China’s Highest Quality Electric Vehicles in 2024. Each vehicle undergoes rigorous durability testing, and customers in Grenada will benefit from extensive warranties, including 7 years/250,000 km coverage for the Emkoo and Emzoom, and 8 years/160,000 km for the AION EV Series. Osmond Henry, General Manager of Hubbard’s Motor, emphasized that GAC’s exceptional design, performance, and safety standards, combined with Hubbard’s trusted after-sales service, will redefine the driving experience in Grenada. Christopher Dowden, Manager of Hubbard’s Motor, highlighted that this launch is not just about introducing new vehicles but shaping the future of mobility on the island. This collaboration ensures Grenadian drivers have access to world-class automotive solutions that blend innovation, reliability, and local expertise.
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More Americans are CBI-approved citizens of Grenada
The latest data from Grenada’s Investment Migration Agency (IMA), formerly known as the Citizenship by Investment (CBI) Unit, reveals a significant shift in the nationalities of new citizens approved under the program in 2025. In the second quarter, 12% of the 402 new CBI-approved citizens were US nationals, marking a notable increase from the first quarter, where only 1% of 632 approved citizens were from the United States. This surge positioned the US as the second-highest nationality, trailing behind China, which accounted for 10% of approvals, and surpassing Nigeria, which also represented 10%. This is the first time Nigeria has been displaced from its usual second-place ranking in the CBI program. Other nationalities approved during this period included Pakistan, the United Kingdom, the Philippines, and several African and Middle Eastern countries. As of the end of the second quarter, the program had approved 893 new citizens, generating EC$103.2 million in revenue, according to the Ministry of Finance’s June 2025 report. Thomas Anthony, CEO of the IMA, announced plans to expand the program’s marketing efforts in Africa, with a focus on West Africa. A team from the agency is set to tour the region in October 2025, building on recent engagements in Kenya, where over 100 individuals attended a promotional event in collaboration with the Nairobi Chamber of Commerce. Anthony emphasized Nigeria’s prominence in African applications and expressed optimism about extending the program’s reach to other African nations.
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New Abattoirs to Cut Antigua and Barbuda’s $175M Import Bill
In a strategic move to curb its hefty $175 million annual meat import bill, Antigua and Barbuda has announced plans to construct two new abattoirs and upgrade its existing facility. Agriculture Minister Anthony Smith Jr. revealed the initiative during an appearance on ABS Television’s ‘Government in Motion,’ emphasizing the government’s commitment to reducing reliance on imported livestock products. The new abattoirs will specialize in poultry and pork/small ruminants, while the current facility will be retrofitted for beef processing. Smith highlighted the unsustainable nature of importing EC$175 million worth of livestock products annually, stating that the investment aims to empower local farmers to meet domestic demand. The projects are part of a broader strategy to enhance food security, create new markets for local producers, and stimulate economic growth. The government is collaborating with stakeholders to provide farmers with access to financing, land, and technical training to maximize the benefits of the increased processing capacity. Additionally, the initiative is expected to generate employment opportunities and retain more revenue within the local economy. The abattoir projects, currently in the planning and procurement phase, are among several flagship initiatives the Ministry of Agriculture aims to complete by 2028. These include aquaculture training, a tissue culture lab for the Antigua Black pineapple, and expanded agro-processing facilities. This comprehensive approach underscores the government’s dedication to fostering agricultural self-sufficiency and economic resilience.
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Antigua and Barbuda seeks to consolidate its presence in the Argentine market
Charmaine Spencer, Director of Tourism for the Caribbean and Latin America at Antigua and Barbuda, alongside Else Petersen, CEO of EM Marketing & Communication, shared insights during their participation in FIT 2025 in Buenos Aires. The event, held on September 30, 2025, marked a strategic effort to deepen the Caribbean nation’s presence in the Argentine market. Spencer expressed her enthusiasm for engaging with Argentine travel agents and consumers, emphasizing the growing interest in Antigua and Barbuda as a premier destination. She highlighted the importance of understanding market expectations and providing the necessary tools to promote the islands effectively. The positive reception from Argentine visitors has motivated the tourism board to further strengthen its relationship with the region. Spencer noted the steady increase in Argentine tourists and the potential for further growth. She also discussed the evolving preferences of Latin American travelers, who are increasingly drawn to unique and exclusive destinations. Notably, the mention of Lionel Messi’s honeymoon in Antigua and Barbuda has piqued interest, showcasing the islands’ paradisiacal beaches and luxury accommodations. To enhance accessibility, Antigua and Barbuda has introduced several initiatives, including the new international airport in Barbuda, homeporting options for cruises, and a weekly charter flight from Cartagena. These efforts aim to simplify travel logistics and attract more Latin American visitors. Looking ahead, the destination is gearing up for a packed tourism calendar, featuring events such as Wellness Month, culinary festivals, and the Black Pineapple Awards, which recognize top travel agents. The ongoing commitment to visibility and industry engagement underscores Antigua and Barbuda’s dedication to becoming a leading Caribbean destination for global travelers.
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Minister Hails Aquaculture as Growth Pillar for Antigua and Barbuda
Antigua and Barbuda’s Agriculture Minister, Anthony Smith Jr., has highlighted the pivotal role of aquaculture in the nation’s blue economy strategy. This follows the successful completion of the country’s inaugural fisheries training program, which certified 92 participants in modern aquaculture techniques. Speaking on ABS Television’s ‘Government in Motion,’ Smith emphasized that traditional fishing methods alone are insufficient to meet rising local demand and export potential. ‘Aquaculture will be a cornerstone of our fisheries and blue economy sector,’ he stated. The training seminar, conducted in collaboration with the People’s Republic of China, introduced participants to advanced freshwater and ocean-based farming practices. Smith praised China as the global leader in aquaculture and underscored the significance of this partnership in diversifying the nation’s food production. He also highlighted the role of Antigua and Barbuda’s Blue Economy Department, established less than a decade ago, in fostering sustainable marine-based income streams while safeguarding ocean health. ‘While we explore aquaculture opportunities, the preservation of our marine ecosystem remains paramount,’ Smith added. The initiative is part of a broader strategy that includes marine spatial mapping, ocean farming, and research collaborations with the University of the West Indies’ Centre of Excellence for the Blue Economy. Smith emphasized that aquaculture not only enhances food security but also opens new avenues for employment, entrepreneurship, and export growth. ‘If developed sustainably, this industry can generate significant value for our farmers and fishers,’ he concluded.
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Business Barbados agency ‘still a work in progress’
The newly established Business Barbados agency, aimed at overhauling outdated business systems and modernizing local business processes, is still a work in progress, according to Minister of Business Senator Lisa Cummins. Speaking at the launch of Global Business Week, Cummins emphasized that while the agency is designed to enhance the ease of doing business, immediate results should not be expected given the decades-old systems it is replacing. The agency, which replaced the Corporate Affairs and Intellectual Property Office (CAIPO) in February, is tasked with streamlining business registration and regulatory processes. Cummins urged the business community to remain patient but also to actively highlight any shortcomings in the system. She stressed that the transition from outdated practices to modernized systems is a long-term endeavor, likening it to the gradual process of changing behavior in child-rearing. The minister also called for a strategic shift away from relying solely on tax incentives to attract investment, advocating instead for a focus on substance, skilled labor, regulatory trust, and digital government. She revealed that the Economic Substance Act, a key component of the international business framework, is under review and will soon be open for public consultation. Proposed amendments to the act aim to transition Barbados from a nominal tax jurisdiction to a preferential one, aligning with international standards while maintaining investor appeal. Addressing concerns about skills gaps in high-value sectors, Cummins noted that recruitment efforts are underway, with advertisements already published. She also highlighted the importance of collaboration with global standard-setting bodies such as the OECD and the Caribbean Development Bank to address compliance, sustainability, and financing issues. In light of the increasingly volatile global economy, characterized by shrinking trade, geopolitical tensions, and rising costs, Cummins stressed the need for Barbados to adapt its strategy to remain competitive. She announced the completion of double taxation agreement negotiations with Hong Kong and Curaçao, expressing optimism that these will evolve into bilateral investment treaties. Additionally, she encouraged the global business community to support domestic financing mechanisms, such as the new Junior Stock Exchange, set to launch on November 4. Cummins concluded by urging a collective effort to confront economic challenges with vision, clarity, and purpose, aiming to build a more resilient and opportunity-rich economy.
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Guyana introduces 9-point foreign exchange control plan
In a decisive move to address the escalating outflow of US dollars, Guyana has unveiled a robust nine-point foreign exchange control plan. President Irfaan Ali announced the measures on September 30, 2025, following a high-level meeting with key stakeholders, including the Bank of Guyana, the Guyana Revenue Authority (GRA), and representatives from commercial banks. The plan aims to curb the outflow of foreign currency, which has surged to approximately US$1.2 billion in 2025, nearly quadrupling from the previous year. Among the key measures, importers will now be required to submit detailed documentation, including commercial invoices and bills of lading, to commercial banks before foreign exchange payments are released. This step is designed to enhance transparency and prevent system abuse. Additionally, commercial banks will closely monitor credit card usage to ensure that personal cards are not being used for business transactions. President Ali highlighted a significant increase in credit card transactions, which rose from US$91.3 million in 2023 to US$347.5 million in 2024, with 2025 already recording US$252 million. The Central Bank has also intervened in the foreign exchange market, providing US$332 million in 2024 and US$1.2 billion in 2025, with an additional US$160 million pending. The new measures also include stricter penalties for inflated invoicing and capital flight, mandatory local bank accounts for entities in the oil and gas sector, and the establishment of a single-window post-clearing system at the Central Bank. The commercial banks have expressed their support for the plan, which they believe will alleviate some of the challenges they currently face.