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.
分类： business
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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.
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Govt ties car rental reclassification to ‘green’ commitment
The Barbados government has announced that the reclassification of car rental companies under the tourism sector will depend on their commitment to transitioning from fossil fuel vehicles to hybrid and electric models. Finance Minister Ryan Straughn emphasized this during a recent statement, clarifying that no incentives will be provided for the importation of petrol or diesel vehicles.
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Central Bank Makes It Easier for Ordinary People to Invest in Government Bonds
The Eastern Caribbean Central Bank (ECCB) and member governments of the Eastern Caribbean Currency Union (ECCU) have unveiled a groundbreaking Retail Bond Initiative, designed to democratize access to government securities for individual investors. This initiative, launched in collaboration with the Regional Government Securities Market (RGSM), aims to transform household savers into active participants in the financial market.
Over the past two decades, the RGSM has successfully mobilized approximately EC$20.7 billion for regional development. However, household involvement has been minimal, accounting for only 1.5% (EC$310.3 million) of total investments, with a mere 600 individuals participating. To address this gap, the ECCB’s Research, Statistics, and Data Analytics Department (RSDAD) conducted a survey, identifying three primary barriers: high minimum investment thresholds (EC$5,000), excessive fees, and a lack of financial literacy.
In response, the Regional Debt Coordinating Committee (RDCC) and the ECCB developed the Retail Bond Initiative, which significantly lowers the entry barrier. The minimum investment is now set at EC$500, with increments of EC$100, and a maximum cap of EC$50,000 per investor. The bonds offer an annual interest rate of 4.25% and a two-year term, with principal repayment at maturity.
Juletta Edinborough, Fiscal and Debt Specialist at the ECCB, emphasized the initiative’s goal of empowering individuals. ‘This is a pivotal step in transitioning savers to investors,’ she stated. ‘We encourage all ECCU citizens and residents to seize this opportunity.’
The inaugural retail bonds will be issued by the governments of Grenada and Saint Christopher (St Kitts) and Nevis. Investors can participate through six licensed brokers, including the Bank of Saint Lucia Limited, Grenada Co-operative Bank Limited, and St Kitts-Nevis-Anguilla National Bank Limited.
This initiative not only enhances financial inclusion but also strengthens regional economic resilience and sustainable development. For more details, visit www.ecseonline.com/broker-dealer and www.eccuretailbond.com.
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Caribbean Airlines Named “Caribbean’s Leading Airline Brand 2025” For Ninth Consecutive Year
Caribbean Airlines has once again soared to new heights, securing the coveted title of ‘Caribbean’s Leading Airline Brand 2025’ at the 32nd Annual World Travel Awards™. This marks the ninth consecutive year the airline has been honored in this prestigious category, solidifying its reputation as a leader in regional aviation. The award was accepted by Samantha Faucher, Caribbean Airlines’ Airport Representative for St. Lucia, during the gala ceremony held on October 4 at Sandals Grande Saint Lucian. Since its establishment in 1993, the World Travel Awards™ have been a global benchmark for excellence in the travel, tourism, and hospitality industries. Caribbean Airlines’ latest achievement underscores its commitment to delivering exceptional service, expanding its route network, and enhancing the passenger experience. Over the past year, the airline has extended its reach into the French Caribbean, now connecting 28 destinations across North and South America and the wider Caribbean. Additionally, it has introduced innovative upgrades to its baggage handling systems and refined its product offerings to better cater to evolving customer needs. Beyond this top honor, Caribbean Airlines was also nominated in three other categories: ‘Caribbean’s Leading Airline,’ ‘Caribbean’s Leading Cabin Crew,’ and ‘Caribbean’s Leading In-flight Magazine (Caribbean Beat).’ These accolades highlight the airline’s dedication to regional integration and its mission to provide a uniquely Caribbean travel experience.