Caribbean Business And Finance Report

By NAN Business Editor

News Americas, BRIDGETOWN, Barbados, Fri. Aug. 23, 2019: Here are the top business stories making news from the Caribbean for this week of Aug.  23, 2019:

And The Top Caribbean CBI Destination Is?

The Commonwealth of Dominica has once again emerged as the Caribbean country with the world’s best citizenship by investment program.

That’s according to The Financial Times’ Professional Wealth Management (PWM) magazine newest edition of the CBI Index. A total of 13 countries globally were examined in this year’s study, carried out by independent researcher James McKay. McKay, according to the report, found that overall, the central industry trends of transparency, experience, and enhanced security saw the Caribbean nations carry their success from past years into 2019, outperforming their peers in five out of seven pillars. But Dominica beat out other Caribbean CBI destinations for due diligence with efficiency, speed, affordability, and reliability.

However, the report said St Kitts and Nevis maintained its upward trajectory regarding visa-free and visa-on-arrival offering and demonstrated its commitment to enhanced due diligence while Grenada also increased emphasis on program due diligence but benefited most from its improved citizenship timeline. St Lucia surpassed Antigua and Barbuda for the first time, the southern island improving its scores under freedom of movement, citizenship timeline and due diligence.

Bermuda

Hamilton Insurance Group Ltd has jumped into the top 15 syndicates at Lloyd’s of London after completing its acquisition of Pembroke Managing Agency Limited. The transaction and the acquisition of Ironshore Europe DAC, both from Liberty Mutual Group Inc, were completed on Tuesday. It brought a boost to the size of Bermudian-based Hamilton, which was founded in 2013, doubling its gross written premiums on a pro forma basis to $1.1 billion. It also added 200 employees, enlarging the group to more than 350 staff.

Guyana

A new airline is trying to enter the Guyana market. The US registered Dynamic Airways officially launched its services in Guyana this week, with approval from the Guyana Civil Aviation Authority. It was announced that flights will commence between New York and Guyana at an introductory cost of US$499. Persons flying from Guyana to JFK on any of the four days -Tuesday, Thursday, Friday and Sunday -will be required to pay US$575 and will be allowed two pieces of luggage at 55 pounds each and one hand luggage at 25 pounds. Dynamic Airways has partnered with Guyana’s Roraima Airways.

Suriname

Canadian miner Iamgold Corp (IMG.TO) has dismissed 325 contractors from its Rosebel gold mine in Suriname while it works to restore security after a clash between illegal miners and police, a company spokeswoman said on Tuesday. The mining industry is grappling with a rising number of illegal miners, also known as artisanal miners, who break into sites in search of metals. At least 43 illegal miners died at a Glencore (GLEN.L) facility last month in Congo after a landslide.

Turks & Caicos

AM Best has released its 2019 Country Risk Assessment Reports, providing economic, political and financial system risk assessments on 136 countries. The Country Risk Tier of CRT-3 for the Turks and Caicos reflects moderate levels of economic and political risks, and moderate to high levels of financial system risk.

Puerto Rico

The U.S. attorney for the District of Puerto Rico, Rosa Emilia Rodríguez Vélez, said Wednesday that more arrests for government corruption and other violations will be carried out by mid-September. Caribbean Business.com reports indicate that Rodríguez made the remarks upon arriving at La Fortaleza for the first meeting of federal and state law and order agencies with newly sworn Gov. Wanda Vázquez Garced.

Jerk Sub?

A new signature sub with a Caribbean flavor is now available at Firehouse Subs. the new Jamaican Jerk Turkey Sub features a blend of Caribbean seasonings including allspice, zesty red pepper, thyme, garlic and more. It’s available now from just $5.55.

New Caribbean Rums

Rum bottler That Boutique-y Rum Company has released the first two Caribbean rums in its new Signature Blends range. Signature Blend #1 – Bright-Grass – has been made with predominantly un-aged Jamaican rums, “with a touch of four-year-old Jamaican rum added for depth of flavor.” The blended rum is described as “bright and grassy” with flavours of tropical fruits, pepper and oak.

Signature Blend #2 – Elegant-Dried Fruits combines Guyana rum with “heavier, funkier rum” from Jamaica. The expression has “elegant, dried-fruit notes” and flavors of black tea and tobacco with hints of eucalyptus and dried coconut.

The two new blends were developed by rum expert Peter Holland “with cocktails in mind” but have also been designed to be sipped.