NASSAU, BAHAMAS — The Bahamas has received a one-notch credit rating upgrade from Standard & Poor’s (S&P), moving from ‘BB-‘ to ‘BB’ with a stable outlook. While this development is a positive step, Gowon Bowe, Group CEO of Fidelity Bank & Trust International Limited, emphasizes that the ultimate objective is to achieve investment-grade status, not merely incremental improvements. Bowe stated, ‘It is a one-notch upgrade, which is certainly to be recognized as positive and celebrated, but also to be put into context. Our objective is really to move from non-investment grade into investment grade.’ He highlighted that the true value of S&P’s action lies in the narrative of reforms required to sustain and build upon this progress. S&P’s report underscored the importance of fiscal policy, energy reform, and the fragility of the tourism sector. Bowe noted that S&P has placed significant emphasis on the reduction of the fiscal deficit, the successful refinancing of foreign currency debt at moderate interest rates, and the need for energy reforms to stabilize power costs. He also pointed out the vulnerability of the tourism sector to global economic downturns, particularly in the United States, where elevated inflation and interest rate volatility could negatively impact tourism. Additionally, Bowe stressed the importance of implementing the country’s corporate minimum top-up tax, which has been enacted but not yet enforced. He called for the government to focus on realistic fiscal targets and long-term planning, including a national development plan spanning 25 years or more. S&P’s upgrade reflects The Bahamas’ progress in reducing fiscal deficits, stabilizing its debt-to-GDP ratio, and successfully refinancing external debt. However, the agency cautioned that the country’s high reliance on tourism, vulnerability to external shocks, and challenges in the energy sector remain constraints on the rating. The government welcomed the upgrade as a recognition of its fiscal responsibility and reform agenda, reaffirming its commitment to further economic strengthening, growth diversification, and resilience improvement.
分类： business
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Repairs to Paruima Airstrip to be completed within two months – Edghill
The Paruima airstrip in Upper Mazaruni, Region Seven, is on track to reopen within the next two months following extensive repairs, as announced by Minister of Public Works Bishop Juan Edghill. The airstrip, which underwent a significant upgrade from a grass patch to a durable all-weather concrete strip, was temporarily closed due to surface defects identified shortly after its completion. The contractor, International Import and Supplies, was mandated to address these issues at its own expense. Notably, the contractor has exceeded expectations by not only rectifying the defects but also adding a new layer of stone to enhance durability. This upgrade is anticipated to significantly improve connectivity and development for the Amerindian village of Paruima, which has historically faced challenges due to adverse weather conditions. The opposition Alliance For Change (AFC) had previously raised concerns about the airstrip’s quality after an incident where a plane’s wheel became stuck, requiring manual intervention to move the aircraft. In addition to the Paruima project, the Ministry of Public Works is advancing similar upgrades on other airstrips in Region Seven, including Eteringbang, Karisparu, and Ekereku Bottom, to bolster hinterland transport and accessibility.
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Showcase of innovation and enterprise at St James expo
Entrepreneurs from across Barbados seized the opportunity to expand their ventures and forge valuable connections at the Emerging Entrepreneurs Manufacturing and Services Trade Fair and Expo, held on Saturday at the Hoytes Village Playing Field in St James. The event, organized by Barbados Trust Loans Ltd. in collaboration with the Office of the Supervisor of Insolvency, showcased the diversity of micro, small, and medium-sized enterprises (MSMEs) on the island. Beyond its business focus, the family-friendly expo also featured a dedicated kids’ zone, ensuring inclusivity for all attendees.
Ayesha Coppin, Business Development Officer at Barbados Trust Loans Ltd., shared insights into the initiative’s origins with Barbados TODAY. ‘Our Emerging Entrepreneurs programme launched last year, initially closing Broad Street to create a vibrant market for local entrepreneurs. Participants from various sectors showcased their offerings, inspiring us to host pop-up fairs across the island. Our most recent event was held in Weymouth in June,’ she explained. Coppin emphasized the programme’s inclusive nature, stating, ‘These events are not exclusive to our clients; we actively invite the public and other entrepreneurs to participate and display their services.’
The expo featured a diverse array of booths, highlighting retail, manufacturing, agri-processing, and arts and crafts. Notable displays included intricate graphite-based designs by Victoria Haniff and Syriah Griffith, participants in the Community Arts Programme facilitated by the Community Development Department. Adding a competitive edge, a cook-off was staged between parliamentary representatives for St James: Minister of Educational Transformation Chad Blackman and Minister Sandra Husbands, who oversees higher education and technical training.
Entertainment was a key highlight, with a karaoke competition and performances by local artists Tionne Hernandez, Brucelee Almightee, and Mole. Alethea Thompson, Acting Project Manager of the National Insurance and Social Security Service’s self-employment team, underscored the event’s community engagement value. ‘We’ve brought our office to the playing field, and we’re thrilled to have registered individuals for self-employment and issued self-employment cards,’ she said. Thompson added, ‘We addressed numerous queries, as self-employed individuals often need clarity on our services and benefits.’
The expo not only provided a platform for business growth but also strengthened community ties, reflecting Barbados’ commitment to fostering entrepreneurship and innovation.
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Forex: $161.05 to one US dollar
In a notable shift in currency markets, the Jamaican dollar demonstrated resilience against several major currencies on Monday, September 29. According to the Bank of Jamaica’s daily exchange trading summary, the US dollar concluded trading at J$161.05, marking a decline of 25 cents compared to previous rates. This movement reflects a strengthening of the Jamaican dollar against its US counterpart. Simultaneously, the Canadian dollar experienced a significant drop, closing at J$116.11, down from J$121.14. Similarly, the British pound saw a decrease, ending the day at J$214.99, a reduction from J$216.34. These fluctuations highlight the dynamic nature of foreign exchange markets and underscore the impact of economic factors on currency valuations. The Bank of Jamaica’s data provides crucial insights into the financial landscape, offering stakeholders a clearer picture of current trends and potential future movements.
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Visual Vibe expands into US, unlocks outdoor advertising on 175 digital trucks
Visual Vibe, a subsidiary of Kintyre Holdings (JA) Limited, has unveiled its strategic entry into the United States market through an innovative collaboration with Dalvey Media. This partnership grants Visual Vibe access to a fleet of 175 digital advertising trucks across the nation, marking a significant milestone in its global expansion strategy. The company announced the establishment of Kintyre Holdings Inc in Miami, which will serve as the operational hub for its US endeavors. A general manager will be appointed in Miami to spearhead the nationwide rollout and oversee the company’s growth trajectory. Tyrone Wilson, Founder, President, and CEO of Kintyre Holdings, emphasized the company’s commitment to assembling a world-class team by leveraging platforms like Upwork to attract top-tier talent. This move ensures the company possesses the expertise and agility required for international scaling. Marlon A Hill, a partner at Weiss Serota Helfman Cole & Bierman, specializing in corporate law, government affairs, and international transactions, serves as the legal counsel for Kintyre Holdings (JA) Limited. Wilson described the partnership as a transformative step for Visual Vibe, which was acquired by Kintyre Holdings in 2023. The company has since undergone significant upgrades, expanding its reach with indoor digital screens in over 40 prime locations in Jamaica and enhancing its outdoor presence. The US expansion will commence with a testing phase in the coming months, followed by a nationwide rollout. This initiative aims to provide brands with innovative ways to engage audiences through a dynamic digital advertising platform that moves with them. Visual Vibe, a pioneer in Jamaica’s digital out-of-home advertising industry for over 15 years, continues to align with Kintyre Holdings’ vision of building a robust global advertising network.
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Trump announces 100% tariff on movies made abroad
In a bold move, former US President Donald Trump has once again threatened to impose a 100% tariff on films produced outside the United States, accusing other nations of undermining the American film industry. Trump’s latest declaration, made via a Truth Social post on Monday, likened the situation to “stealing candy from a baby” and criticized California Governor Gavin Newsom for his handling of the state’s economic challenges. Trump’s proposal, which lacks specific details or a timeline, mirrors a similar threat he issued in May, when he claimed the US film industry was “dying a very fast death” and directed the Department of Commerce and US Trade Representative to explore such tariffs. The potential impact on Hollywood, a cornerstone of the US economy, remains uncertain. The industry, which contributed $279 billion in sales and supported over 2.3 million jobs in 2022, has faced significant setbacks due to the COVID-19 pandemic and recent labor strikes. Trump’s latest remarks come amid a broader push for tariffs on various imports, including branded pharmaceuticals, furniture, and heavy trucks, with some duties set to take effect as early as this week. Notably, his statements did not address whether television series, a growing segment of the entertainment sector, would be affected.
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Antigua and Barbuda weighs hybrid energy shift to cut costs and emissions
The Government of Antigua and Barbuda is actively exploring transformative reforms to its energy infrastructure, with Utilities Minister Melford Nicholas emphasizing the dual benefits of environmental sustainability and economic efficiency. During a recent discussion on Pointe FM alongside Prime Minister Gaston Browne, Nicholas highlighted the success of Barbuda’s hybrid solar energy system as a blueprint for future initiatives. This innovative system, implemented in the aftermath of Hurricane Irma in 2017, harnesses solar power during daylight hours, significantly reducing the island’s dependence on fuel-powered generators to nighttime operations. Nicholas revealed that this approach has already slashed fuel consumption on Barbuda by approximately 24%. He further elaborated that adopting a similar model in Antigua could result in substantial savings for the Antigua Public Utilities Authority, potentially amounting to millions in reduced fuel expenses and lower utility rates for consumers. Beyond the immediate financial advantages, the minister underscored the broader implications of transitioning to a more sustainable energy mix. Such a shift would not only align with the nation’s ambitious target of achieving carbon neutrality by 2040 but also provide a buffer against the volatility of global fuel prices, thereby safeguarding households from economic instability. Nicholas articulated the urgency of this transition, stating, ‘There is an economic imperative. Every time we burn fossil fuels, we are contributing to the same climate change problems we are trying to solve.’ The proposed reforms signify a pivotal step towards a greener, more resilient future for Antigua and Barbuda, balancing ecological responsibility with fiscal prudence.
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Washington notes growth in the Antiguan economy but says diversification needed
A recent report by the U.S. Department of State has underscored the economic resilience of Antigua and Barbuda, while emphasizing the need for continued reforms to sustain growth and mitigate risks. The 2025 Investment Climate Statement, released in September, highlighted that the nation’s economy expanded by 4.3% in 2024, driven largely by tourism, yachting, agriculture, and business process outsourcing. However, the report cautioned that the country remains vulnerable to external shocks, including supply chain disruptions, natural disasters, and global economic downturns. Tourism, the largest foreign exchange earner and employer, exposes the nation to fluctuations in international travel demand. To bolster economic resilience, the government has prioritized foreign direct investment through the Antigua and Barbuda Investment Authority (ABIA), focusing on renewable energy, agro-processing, and infrastructure. Initiatives like the Nomad Digital Residence Visa aim to attract remote workers and high-net-worth individuals. While these efforts reflect a strategy to diversify income sources, the report stresses that long-term stability hinges on addressing fiscal sustainability and climate-related vulnerabilities.
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Youth Economy Agency ramps up support after early backlog
Three years ago, the Youth Economy Agency (YEA) launched its grant program, only to be inundated with applications. With just two officers handling the influx, the agency struggled to keep up, leaving many applicants in limbo. CEO Bryan Vidal acknowledged the challenges, stating that while grant processing continued, the backlog eventually forced a temporary halt on new applications. During this period, only 13 entrepreneurs received emergency support. However, since July, the agency has significantly bolstered its capacity. The grant department now employs nine dedicated staff members, and new technology has streamlined operations, enabling the agency to move forward efficiently. Vidal highlighted YEA’s broader impact, noting that it has processed over 1,505 grants, six loans, trained more than 880 individuals, and facilitated mentorship for 126 people. The agency has injected over $9.6 million into the economy, with grants averaging $3,000 and loans reaching up to $30,000. YEA also provides training in areas like bookkeeping, customer service, and digital marketing. The agency’s mission is to combat youth unemployment by offering the kind of support typically provided by family in other contexts. Vidal emphasized that successful entrepreneurs often credit family support, and YEA aims to fill that role by providing access to finance through loans and grants. For many, this support has been transformative. Quinn St. Juste, a podcaster and multimedia journalist, used his grant to expand his operation, while a young block maker purchased a machine that revolutionized his business. Although grants are generally issued on a first-come, first-served basis, YEA also employs a risk-based assessment to prioritize businesses facing urgent threats. Applications involve interviews and site visits, and funds are often disbursed as equipment to ensure accountability. YEA reports regularly to the Caribbean Development Bank, the Ministry of Economic Development, and its board of directors. The agency has also made its services more accessible by processing applications on-site in Castries and holding outreach sessions in various communities. Vidal envisions a future where self-employed individuals continue to make significant economic impacts, thanks to YEA’s support.
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Direct Flights Between Antigua and Colombia to Start in October
In a strategic move to enhance tourism ties with South America, Antigua and Barbuda will commence weekly direct charter flights to Cartagena, Colombia, starting October 24. The initiative, unveiled on Friday, is a collaborative effort between DMC BlueSea and Liat Air. The partnership aims to establish South America as a pivotal source market for the Caribbean destination. The announcement was made during a press conference attended by key figures, including Colin James, CEO of the Antigua and Barbuda Tourism Authority (ABTA), María Britto Bettini, CEO of BlueSea, and José Abreu, also from BlueSea. Britto Bettini revealed that the concept of directly linking Antigua and Barbuda with Colombia had been in the pipeline even before the pandemic. James described the new service as a ‘gateway’ to untapped markets, emphasizing its potential to attract a fresh influx of tourists. This development is expected to significantly bolster the tourism sector in Antigua and Barbuda, providing a much-needed boost to the local economy. The initiative also highlights the growing importance of South America as a key player in the global tourism industry.