New sales tax rates approved by Antigua-Barbuda senate
ST JOHN’s, Antigua — The Antigua and Barbuda Senate has approved the ABST Amendment Regulations, which are now scheduled to come into effect on March 15.
The amendment reduces the basket of zero-rated goods to 29 categories, in addition to 150 agricultural inputs and specified equipment for use with personal or laptop computers. Under the amended regulations, approved service and charitable organisations retain their ABST-exempt status.
Among the basic food items that will not attract the ABST are chicken, fish, milk, butter, vegetables, fresh fruit, rice, flour, bread, baby foods, sugar and water. Medicines and pharmaceutical goods are also exempt from the ABST.
The measures are aimed at enhancing revenue, as the government seeks to put the country on a sustainable fiscal and economic path.
Cuban tourism is doing quite well, says IMF
HAVANA, Cuba (ACN) — Rafael Barreiro Romeu, an expert with the International Monetary Fund (IMF), said that despite the global economic crisis that has affected Cuba, as well as other Caribbean nations; the tourism in the Greater Antilles is doing well.
Barreiro delivered a lecture using an IMF study on the crisis impact on the Caribbean at the 12th International Meeting on Globalization and Development Problems, underway in this capital, reported Prensa Latina news agency.
In a press conference after his lecture, Barreiro highlighted that Cuba had had an impressive 2009, compared to the decrease the other nations in the area experienced.
We would like to understand why so many tourists came to Cuba in 2009, with results over those of 2008, he wondered.
The expert pointed out that the IMF forecasts that, in case the United States lifts the restrictions for their citizens to travel to Cuba, some 3.5 million Americans could visit the Caribbean nation in the first year, or even more.
He also stressed that Cuba has a lot of potential to exploit in order to grow in this important economic sector, and tackled the problems the other Caribbean nations face on unemployment due to the reduction of business in the tourist sector.
Barreiro praised this kind of events where experts from all over the world come and exchange ideas and suggestions, which help them to later face the problems they have in their own countries.
Ground breaking ceremony strengthens
Dominica-China relations
ROSEAU, Dominica (GIS) — At the ground breaking ceremony for the Roseau to Portsmouth Road Rehabilitation project last Friday, Prime Minister, Roosevelt Skerrit stated again that his Government was right when it severed diplomatic ties with Taiwan and established diplomatic relations with China in 2004.
“I told you that I was encouraged to be here. And that encouragement arises from the evidence available to all those who have eyes to see that our support for the One-China policy was far-sighted, progressive and definitely in the interest of all the Dominican people. I am happy therefore to reaffirm our commitment to the One-China policy and to further confirm our intention to work at strengthening the bonds of friendship and cooperation in order to advance the development of the People’s Republic of China and that of the people of the Commonwealth of Dominica,” Skerrit said.
The Prime Minister explained that the Roseau to Portsmouth Road Rehabilitation project is the third pillar of the four pillar projects agreed to in Memorandum of Understanding between the Governments of Dominica and China when the two countries established diplomatic relations in 2004.
Officials at ground breaking Since that historic day in Beijing on March 23rd 2004, the Windsor Park Stadium has been completed and two phases of the new Dominica Grammar School have also been completed. The total rehabilitation of the Princess Margaret Hospital is the fourth project that will be financed, all through grants, by the Chinese government.
The Roseau to Portsmouth Road Rehabilitation project will seek to significantly improve the pavement structure, drainage structure, sea defence structures and will include horizontal alignment at designated areas such as Tarreau and Coulibistrie.
Significant features of the 45km road will include:
-Construction of a two-lane bridge including sidewalks from Hanover Street to Elliot Avenue
-Replacement of damaged railings along bridges or other crossing structures
-Construction of two (2) larger box culverts at Woodbridge Bay and Picard, Portsmouth
Woodbridge Bay route realignment
-Construction of lined drains, box drains and sidewalks in designated areas -Construction of a total of 1.6km of Sea Defences at Tarreau and Coulibistrie
-Road widening at Habbat
-Road markings and signage
Grenada PM grateful to Cuba for training nurses for the Caribbean
JAGÜEY GRANDE — Prime Minister Tillman Thomas of Grenada, who is currently visiting Cuba at the invitation of President Raúl Castro, praised the Cuban training programme for Caribbean nurses.
On Tuesday, the Grenadian leader visited the Mario Raudilio Fleitas International Faculty in the south of Matanzas province, where young people from St Kitts & Nevis, St Lucia, St Vincent & the Grenadines, Jamaica and Grenada are studying. “We are grateful to the teaching staff here and the people of Cuba for this noble contribution,” affirmed the prime minister after acknowledging the island’s example in the field of health and the importance of nursing in the strategic projection of any country.
Dunia Salas Marín, dean of the college (with a matriculation of 306 students), informed the Prime Minister Thomas of the organisation, material conditions and aims of the school, as well as the human resources deployed to attain those aspirations. “We want to train nurses with a wide general culture, high performance and social commitment,” she stated.
She said that 17 Grenadian students are studying in the second semester of the second year of a nursing course, with a 100% passing rate.
The Caribbean premier confirmed that his presence in Cuba will propitiate the further strengthening of relations between the two countries and consolidate the friendship between the two peoples.
Canada’s CIBC takes 22.5 percent
of Bermuda bank
TORONTO, Canada (Reuters) — Canadian Imperial Bank of Commerce said on Tuesday it acquired a 22.5 percent stake in Bermuda’s Bank of NT Butterfield & Son Ltd. in a deal that expands its footprint in the Caribbean region.
Under the terms of the deal, CIBC invested $150 million as part of a $550 million recapitalization of Butterfield, Bermuda’s largest. CIBC named the Carlyle Group as one of several other institutional investors supplying the remaining US$400 million.
CIBC, Canada’s fifth-largest bank, said it also supplied Butterfield with a commitment letter for a senior secured credit facility for up to $500 million.
“As a result of today’s investment, CIBC owns 22.5 percent of Butterfield’s equity in the form of common shares and convertible voting preference shares, and will nominate two of 12 directors on Butterfield’s board of directors,” CIBC said in a statement.
The acquisition is the latest step by CIBC to promote growth through minority partnerships and investments, both at home and abroad.
Butterfield, more than 150 years old, is the largest independent bank in Bermuda, with assets of $9.6 billion. The bank offers services in Bermuda, Barbados and the Cayman Islands, including retail and corporate banking and treasury activities.
CIBC last week posted a quarterly profit that more than quadrupled, more than expected, thanks to volume growth in its retail markets and wholesale banking.
Importing natural gas won’t
have immediate effect on fuel prices
Chief Marketing Officer of (BL&P) Stephen Worme stated “we are pleased that it has come to this point for the beginning of negotiations, because this project could have an impact on reducing cost of fuel, but it is not an immediate process.”
His comments come on the heels of the announcement that the Government of Barbados has agreed to the importation of natural gas via pipeline from Trinidad and Tobago’s Eastern Caribbean Gas Pipeline Company Limited (ECGPC).
R. Gregory Rich, Chief Executive Officer of the ECGPC indicated that negotiations on a variety of agreements would begin immediately.
Worme added, “the Government has agreed but negotiations have to be worked out for pricing and other details. This is a project we have been working on for several years with Government and we are pleased that it has come to this point where negotiations can start.”
“Our preliminary investigations suggest this could have the impact of reducing cost for fuel by using generation. Therefore, we are looking forward to negotiations to come to a conclusion to set plans in place for the receipt of gas in Barbados, that we can use to be included in our mix of fuel for generating energy” he explained .
In terms of the benefits to Barbados, he pointed out, “the benefits can only be identified when the negotiations are finalised.
The negotiations will be centred on issues such as the arrangement of the pipeline, what would be required, a minimum quantity the country has to take, and all of the factors have to be taken under consideration before any final decisions are made.
The first step was the Government’s approval that they would be prepared to allow the pipeline to Barbados which they have agreed too.”
According to Worme, “negotiations need to go through the people who will be financing the pipeline and those who will be selling gas through the pipeline because there will be cost associated with each one therefore they need assurances when investing. Once that discussion is held then we will be in a better position to evaluate the effectiveness or the impact on the pricing of fuel hence our fuel clause adjustment.”
He reiterated, “this is a process that will not be immediate, it has to go through negotiation, project plan finalised and then the pipeline has to be built.
We don’t have a definite time frame for the pipeline, Government and investors are hoping negotiations will start soon. It is my understanding that it will take years before the gas will become available to Barbados because of the process that has to be completed.” (NB)
