Express Catering Limited (ECL), the company behind popular brands like Margaritaville and Bob Marley’s One Love at Montego Bay’s Sangster International Airport (SIA), has undergone a remarkable transformation. What began as a simple airport concessionaire has evolved into a strategic brand consolidator, poised for a nationwide rollout. This shift is underscored by its impressive first-quarter results for the period ending August 31, 2025, which revealed a 50% surge in net profit to US$1.51 million, alongside a 5% increase in revenue to US$6.8 million.
分类： business
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Forex: $161.62 to one US dollar
KINGSTON, Jamaica — In the latest financial update from the Bank of Jamaica, the US dollar demonstrated a slight uptick in its exchange rate against the Jamaican dollar on Friday, October 10, 2025. Closing at $161.62, the US currency marked an increase of nine cents from the previous trading session. This movement reflects ongoing fluctuations in the foreign exchange market, influenced by global economic trends and local financial policies. Concurrently, the Canadian dollar experienced a decline, settling at $115.47 after a drop from $116.10. Similarly, the British pound saw a minor decrease, ending the day at $216.26 compared to its previous close of $216.53. These shifts underscore the dynamic nature of currency markets and their responsiveness to international economic developments.
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Nexa Credit Union Financial Wellness Seminar
In celebration of Credit Union Month and Financial Information Month 2025, Nexa Credit Union successfully organized a Financial Wellness Seminar on October 4, 2025. The event, held in partnership with the National Insurance Scheme (NIS) and Insurance Consultants of Grenada Ltd., focused on critical financial topics such as retirement planning, social security, and insurance. The seminar aimed to equip participants with the knowledge and tools necessary for effective financial management and long-term security. Featured speakers included Lisa Douglas, Public Relations Officer of the NIS; Delores Joseph, Health, Life, and Pension Benefits Supervisor at Insurance Consultants Grenada Ltd.; and Xiomara Cherebin-Forsyth, Nexa’s In-House Legal Counsel. Together, they provided comprehensive insights into maximizing NIS benefits, the role of insurance in financial protection, and essential legal considerations like will preparation and estate planning. The seminar, open to both members and non-members, underscored Nexa Credit Union’s commitment to financial education and community empowerment. Participants actively engaged in discussions, shared personal experiences, and participated in practical exercises, fostering an environment of learning and collaboration. Nexa Credit Union’s initiatives align with the broader goals of Financial Information Month, which promotes informed financial decision-making across the Eastern Caribbean. For more details on Nexa’s upcoming programs, visit nexacreditunion.com or follow their social media channels.
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Southern Air and Seven Air Partner with Government to Make Antigua a Regional Cargo Hub
The Cabinet of Antigua and Barbuda has greenlit a strategic initiative to enhance collaboration with international logistics giants Southern Air and Seven Air, marking a significant step in positioning the nation as a central air and maritime logistics hub for the Eastern Caribbean and beyond. This decision comes on the heels of successful charter operations between Miami and Antigua, orchestrated by the Extreme Group—an affiliate of Southern Air and Seven Air—which showcased the potential for scaling up regional logistics through expanded air freight, port operations, and warehousing services.
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Gevaarlijk spel met schuldenplafond
In a recent session of De Nationale Assemblée (DNA), a new legislative amendment was passed to raise the government’s debt ceiling. Proponents of the amendment, primarily from the ruling coalition, argue that the measure is essential to balance the budget and meet ongoing governmental obligations. However, this move has sparked significant concern among economists and policymakers, who warn of the potential misuse of debt to fund consumptive expenditures such as salaries, allowances, and other compensations, as well as the purchase of vehicles, foreign travel, and various goods. Such practices do not contribute to economic growth but instead increase the future burden on society.
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Mount Gay marks historic full-circle moment with Single Estate Series launch
Mount Gay, the world’s oldest rum producer, has unveiled the third and fourth editions of its Single Estate Series, marking a historic return to its Barbadian roots. The dual launch event, held at the historic St Lucy estate, brought together company executives, mixologists, industry leaders, and guests to celebrate the full-circle journey of rum-making—from sugarcane fields to the tasting glass.
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Antigua Barbuda Yachting and Marina Association Announces Economic Impact Study
The Antigua Barbuda Yachting and Marina Association (ABYMA) has launched its fourth annual Discover Antigua Barbuda Yachting & Marine Expo, spotlighting the yachting industry’s pivotal role in the local economy. The event, which commenced today, features the unveiling of a groundbreaking Economic Impact Study, the first of its kind in over two decades. This study, commissioned by ABYMA and led by consultancy Eco-Sustainability, aims to evaluate the industry’s contributions, identify challenges, and uncover growth opportunities. President Franklyn Braithwaite emphasized the study’s importance, stating, ‘Understanding how we can develop and support this sector will benefit the entire economy.’ The research, set to begin in December 2025 and conclude by June 2026, will analyze both consumer behavior and the business landscape. Vice President Bobby Reis highlighted the sector’s dual role in boosting tourism and creating year-round employment. The Expo also showcased the International Yacht Restoration School of Technology & Trades Scholarship Fund, a partnership between ABYMA and local organizations, designed to nurture Antiguan talent in marine trades. Liz Isdale, representing the scholarship program, noted, ‘Investing in local potential is key to sustaining industry growth.’ Governor General Deputy Sir Clare Roberts officially opened the event, declaring, ‘Opportunity takes to the seas.’ Running through October 9th, the Expo offers career advice and networking opportunities, supported by sponsors including Antigua Yacht Club Marina and Falmouth Harbour Marina. For more details, visit www.abyma.ag.
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Cabinet approves zero-rated import duties on basic food items to reduce food prices
In a significant move to alleviate the burden of rising food costs, the Cabinet of Antigua and Barbuda has approved the suspension of the Common External Tariff (CET) on a range of essential food items. This decision, effective from July 1, 2025, to June 30, 2026, will apply a zero percent import duty on key staples, ensuring more affordable access to basic necessities for consumers. The initiative, endorsed by CARICOM Member States, aims to provide immediate relief to low-income households and stabilize the domestic economy. Among the items benefiting from this policy are butter, potatoes, fresh fruits, cereals, cooking oils, canned meats, and baby foods. Hon. E.P. Chet Greene, Minister of Foreign Affairs, Trade, and Barbuda Affairs, emphasized the government’s commitment to easing the cost of living and enhancing food security. ‘This decisive step ensures that price relief reaches households directly while strengthening our food and nutrition resilience,’ he stated. The government also pledged to collaborate with regional and international partners to monitor market trends and implement further measures to support economic stability.
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Liquidators Announce Final Deadline for Antigua Overseas Bank Depositors
In a critical development for depositors, Antigua Overseas Bank Ltd. (AOB), currently in liquidation, has issued a final notice urging all remaining depositors to file their claims by October 31, 2025. This announcement, made under the International Banking Act, 2016, and the International Business Corporation Act of Antigua and Barbuda, marks a pivotal stage in the bank’s winding-down process. The Joint Liquidators, Cleveland Seaforth and Raquel Glynn, have emphasized the urgency for depositors to submit their claims with the necessary documentation to facilitate potential settlements from the bank’s estate. Claim forms and additional details can be accessed by contacting the Joint Liquidators at their St. John’s office or via the provided email address. This notice underscores the final opportunity for depositors to recover their funds as the liquidation process nears its conclusion.
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Agriculture minister plans to give update on sugar sector
The Barbados government is poised to unveil a critical announcement regarding the future of the sugar industry, as tensions among workers and unions reach a boiling point. This development follows the collapse of a major cooperative initiative and mounting pressure from labor groups demanding long-overdue benefits for employees. Minister of Agriculture Indar Weir hinted at an impending outline of the industry’s next phase, stating, ‘When I’m ready to speak to the public, I will, but I’m not going to pre-empt what I have to say by just giving snippets of what is yet to come.’ His remarks came during a visit to the Mount Gay Distillery in St Lucy on Wednesday. The Barbados Workers’ Union (BWU) has urgently called for clarity on the restructured sugar industry and the fulfillment of promises to workers, particularly those who labored in the cane fields. Union officials, including Deputy General Secretary Dwaine Paul, have emphasized that worker frustration has escalated to a critical level. The situation worsened after the collapse of the Co-op Energy arrangement with the government in August, which aimed to establish a cooperative framework for the industry and secure worker ownership stakes. The failed initiative, which began with a Memorandum of Understanding in March 2023, sought to transfer control of state-owned sugar assets to two new companies: ABC Ltd for farmland and BESCO (Barbados Energy and Sugar Company) for the Portvale mill. However, tensions arose when Co-op Energy, led by Lieutenant Colonel Trevor Browne, was accused of failing to provide the required $16.5 million in investment capital. Browne countered that financial disclosures were withheld by the Barbados Agricultural Management Company (BAMC) and the ministry, preventing the deal’s execution. Originally, the agreement promised workers a 45 per cent share in the restructured industry, but this was later reduced to 20 per cent. The partnership’s collapse has left over 1,100 workers and retirees without promised ownership, reigniting industry uncertainty and union demands for clarity and compensation.