S&P Global Ratings has elevated Jamaica’s sovereign credit rating from ‘BB-’ to ‘BB’, marking a significant milestone in the nation’s financial recovery. This upgrade, announced on Thursday, underscores Jamaica’s decade-long commitment to fiscal discipline, which has drastically reduced its debt-to-GDP ratio from nearly 145% in 2013 to approximately 62% today. Despite this achievement, the agency’s analysis highlights the pressing challenge of stimulating economic growth in the aftermath of the debt crisis. The ‘BB’ rating, while still within the speculative-grade tier, represents a notable improvement in creditworthiness, signaling reduced default risk. S&P also affirmed Jamaica’s ‘B’ short-term rating and assigned a positive outlook, suggesting the potential for another upgrade within 18 months if fiscal progress continues. The report praised Jamaica’s unique fiscal achievements, including maintaining an annual primary fiscal surplus above 3% of GDP for ten consecutive years—a feat unmatched by any of the 141 sovereigns rated by S&P. However, the agency cautioned that Jamaica’s growth prospects remain constrained by high security costs, low productivity, and vulnerability to external shocks. Policymakers now face the dual challenge of sustaining fiscal credibility while fostering economic expansion. The upgrade reflects Jamaica’s institutional resilience, bolstered by initiatives like its proactive disaster risk framework and strengthened financial institutions. Yet, the path forward hinges on translating fiscal stability into sustainable growth, a task that will define Jamaica’s next chapter.
分类： business
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Dominica delegation participates in 18th OECS Credit Union Summit in St. Kitts
A delegation of 23 representatives from Dominica is actively participating in the 18th Organisation of Eastern Caribbean States (OECS) Credit Union Summit, held from September 23 to 28, 2025, at the St. Kitts Marriott Resort. The group comprises staff and volunteers from four prominent credit unions—Central Cooperative Credit Union, Marigot Cooperative Credit Union, West Coast Co-operative Credit Union, and National Cooperative Credit Union—alongside officials from the Dominica Co-operative League Ltd and the Corporate Finance Facility (CORPEFF).
The summit, themed “One Vision, One Future: OECS Credit Unions Growing Together,” is organized by the St. Kitts and Nevis National Co-operative League Ltd. It aims to unite cooperators from across the OECS region to devise strategies for bolstering the credit union movement and tackling economic challenges through cooperative business models.
The event kicked off with an Opening Ceremony on September 24, featuring a keynote address by Timothy Antoine, Governor of the Eastern Caribbean Central Bank (ECCB). His presentation, titled “Navigating the Economic and Financial Landscape of the Eastern Caribbean Currency Union (ECCU): Are Credit Unions Positioned for Strategic Expansion?” laid the groundwork for the week’s discussions.
Participants are engaging in a variety of sessions, including plenary discussions, fire side chats, round table engagements, and networking events. Key topics under discussion include modernizing regulatory standards, the potential of green lending, diversifying investment portfolios, multi-generational member engagement, building resilient IT ecosystems, strengthening governance, and reimagining operational models for strategic growth.
The Dominica delegation departed on September 23 and is set to return on September 28, following the summit’s conclusion.
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Maloney Group to invest $700M in major housing developments
Barbados is set to witness a transformative investment of over $700 million in two of its largest housing developments, spearheaded by construction magnate Mark Maloney. The executive chairman of The Maloney Group unveiled ambitious expansion plans for The Residences at Coverley and Atlantic Breeze in Christ Church during the TVET Council’s 4th Barbados Annual Construction and Design Conference. The Residences at Coverley, already in its first phase, will deliver nearly 600 homes, complemented by a vibrant lifestyle community featuring the island’s first dedicated nature trail and a sprawling 70,000 square-foot retail town center. Maloney emphasized the inclusion of major brands, restaurants, and entertainment venues, estimating the investment at Coverley to be around $500 million. Atlantic Breeze, with its second phase nearing completion and third phase underway, will contribute an additional $200 million, bringing the total investment to over $700 million. Homes in these developments are priced between $200,000 and $300,000, offering unmatched value, according to Maloney. Despite initial roofing issues in phase one, which have since been resolved, Maloney expressed confidence in homeowner satisfaction and the company’s commitment to addressing any concerns promptly. The government has also pledged to upgrade road infrastructure leading to the developments, with work expected to commence soon. Looking ahead, The Maloney Group is exploring additional projects, including condominiums and hospitality investments, and is considering similar developments abroad to cater to international buyers seeking well-organized, amenity-rich communities.
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Magnate vows thousands of new posts in landmark hotel project
After a decade of delays, the construction of the Hyatt Ziva hotel at Carlisle Bay in Barbados is finally poised to begin in earnest within the next two months, according to developer Mark Maloney. The project, which represents the largest private investment in the island’s history, is a cornerstone of the government’s plan to revitalize Bridgetown with new commercial, residential, and hospitality developments. Maloney, executive chairman of The Maloney Group, revealed that preparatory work, including substructure improvements, has been completed over the past six months. The next phase will involve laying the foundation and commencing the vertical build, with the project expected to be finalized by the end of 2027. The Hyatt Ziva hotel will feature 380 rooms, adding significant capacity to Barbados’ tourism sector and complementing other ongoing developments in the area. Maloney emphasized the project’s transformative impact, noting its potential to create 2,000 construction jobs and 1,200 permanent hotel positions. He also highlighted the broader economic benefits, stating that the investment reflects confidence in Barbados’ future and will attract further overseas investment. Originally announced in 2016 as a 237-room Hyatt Centric boutique hotel, the project was later rebranded under Hyatt’s Ziva family-friendly, all-inclusive brand. The switch, though unexplained, aligns with the growing demand for comprehensive resort experiences. The Hyatt Ziva project is seen as a catalyst for renewed energy and optimism in Barbados’ hospitality and construction sectors.
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Taxi Association Pushes Back as Ride Hailing Swift App Gains Popularity
A new ride-hailing app, Swift, has ignited a heated debate in Antigua’s transportation sector, pitting modern technology against traditional taxi services. Launched earlier this year, Swift promises efficient and reliable rides for locals and tourists alike. However, Gregory Athill, president of the National Taxi Association, has voiced strong opposition, arguing that the app threatens both the livelihoods of taxi operators and the island’s long-standing culture of personalized service. Athill emphasized the importance of maintaining the human connection that has defined the industry for decades, stating, ‘We have a heritage, we have a culture where we have an experience, a relationship with people.’ He criticized the government for licensing Swift without consulting industry stakeholders, leaving taxi operators feeling sidelined. Another concern is the potential for unlicensed vehicles to operate on the platform, despite Swift’s assurances of rigorous driver verification. Athill remains steadfast in his resistance, declaring that the association will ‘stand its ground’ until their concerns are addressed. Meanwhile, some residents have expressed frustration with the traditional taxi system, citing issues like overcharging and limited availability. The clash highlights a broader tension between innovation and tradition, with the outcome likely to shape the future of Antigua’s transportation landscape.
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Organizers Outline Dress Code for Hospitality Job Fair
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Cabinet Briefed on Arrival of New Liebherr Mobile Harbour Crane
The Honorable Attorney General recently updated the Cabinet on his visit to the St. John’s Port, where he witnessed the arrival of a cutting-edge Liebherr LHM 420 mobile harbor crane. This $6.2 million investment by the Antigua and Barbuda Port Authority is a pivotal move in the nation’s strategy to establish itself as a premier logistics hub in the Eastern Caribbean. The crane, renowned for its advanced control systems and rapid cycle times, is expected to handle up to 60 containers per hour, setting a new regional benchmark for efficiency. This technological leap is anticipated to significantly enhance cargo handling and trans-shipment operations, reducing turnaround times and bolstering the port’s competitiveness. The project is already in motion, with 18 components of the crane successfully off-loaded. A team of German engineers is on-site to oversee the reassembly, while local operators undergo hands-on training to ensure seamless operations. This initiative is projected to attract additional business, stimulate national revenue growth, and create new job opportunities, marking a transformative chapter for Antigua and Barbuda’s maritime sector.
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Emirates in talks to add Antigua to its global network
Emirates, the Dubai-based global airline, has initiated high-level discussions with the Government of Antigua and Barbuda to explore the possibility of adding the Eastern Caribbean nation to its extensive international network. The talks, held on September 24, 2025, in Dubai, involved Adnan Kazim, Emirates’ Deputy President and Chief Operating Officer, alongside senior executives from the airline. Representing Antigua and Barbuda were Theon Ali, Deputy Head of Mission to the UAE, and his delegation. The discussions focused on the strategic value of Antigua and Barbuda as a gateway to the Eastern Caribbean, emphasizing its growing reputation as a tourism and business hub. The Antiguan delegation highlighted the country’s potential to enhance connectivity for travelers from the Gulf region and beyond. Both parties explored the broader implications of establishing direct air links, including fostering investment flows and strengthening ties between the Middle East and the Caribbean. Emirates expressed its interest in conducting route viability assessments, aligning with its global expansion strategy. While no specific timeline was announced, the dialogue is set to continue, with both sides committed to deepening bilateral relations. This development follows Antigua and Barbuda’s recent air services agreement with Qatar in January 2025, which granted unlimited traffic rights for passenger and cargo flights between the two nations. The potential partnership with Emirates underscores the Caribbean nation’s efforts to bolster its international connectivity and economic prospects.
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ECCB Governor urges Credit Unions to Strengthen Resilience Amid Global Challenges
In a compelling address at the Credit Union Summit held on September 24, 2025, at the St. Kitts Marriott Resort, Timothy Antoine, Governor of the Eastern Caribbean Central Bank (ECCB), urged credit unions across the Organization of Eastern Caribbean States (OECS) to bolster their resilience in the face of a rapidly evolving global financial landscape. Antoine described the credit union movement as a ‘force for good’ in the region, emphasizing its pivotal role in fostering financial and economic empowerment. He highlighted the current global economic challenges, including geopolitical tensions, trade wars, and the accelerating impact of artificial intelligence (AI), and called for proactive adaptation to harness the potential of these technologies while mitigating their risks. Antoine encouraged credit unions to ‘light candles in the darkest places,’ drawing on historical and faith-based resilience to continue empowering communities. Prime Minister Dr. Terrance Drew, speaking virtually from New York, echoed these sentiments, underscoring the critical role of credit unions in supporting ordinary citizens across the Caribbean, particularly where traditional financial institutions have failed. Dr. Drew noted the region’s ‘polycrisis,’ encompassing climate change, post-pandemic recovery, inflation, and geopolitical instability, and urged credit unions to rise to these challenges as they have in the past. The summit, themed ‘One Vision, One Future: OECS Credit Unions Growing Together,’ aims to foster collaboration and growth among credit unions in the region.
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Amazon reaches $2.5b settlement over Prime enrollment practices
In a landmark settlement, Amazon has agreed to pay $2.5 billion to resolve allegations brought by the Federal Trade Commission (FTC) regarding deceptive practices in enrolling consumers into its Prime subscription service and complicating the cancellation process. The lawsuit, filed in a federal court in Seattle, accused Amazon of intentionally misleading customers during checkout, making it challenging to decline the $139-per-year Prime membership while prominently featuring sign-up options. The FTC highlighted that crucial details about pricing and automatic renewals were often obscured or buried in fine print. Amazon’s internal cancellation system, nicknamed ‘Iliad’—a reference to Homer’s epic about the prolonged Trojan War—was described as deliberately convoluted. As part of the settlement, Amazon is required to overhaul its enrollment and cancellation processes, ensuring transparency and ease of use. Additionally, the company must implement new disclosure requirements before charging consumers. The court had previously ruled that Amazon Prime subscriptions fall under consumer protection laws, emphasizing that Amazon collected billing information without fully disclosing subscription terms. Amazon neither admitted nor denied wrongdoing in the settlement proposal, which was submitted before the third day of testimony in Seattle. This case is part of a broader bipartisan effort to regulate the growing influence of U.S. tech giants, marking a significant shift in government oversight.