Caribbean Business And Finance Report

Compiled By NAN Business Editor

News Americas, NEW YORK, NY, Fri. Jan. 31, 2020: Here are some of the top business and finance news making headlines across the Caribbean this week.

Regional

When it comes to ease of Doing Business in the Caribbean, Puerto Rico continues to lead the region, topping the 2020 Doing Business Rankings again this year with a global rank of 65 according to the World Bank. The second easiest place in the region to do business is Jamaica which secured a rank of 70 globally while the third spot went to St. Lucia with a global rank of 93. The worst place to do business in the Caribbean is Haiti which ranked at 179th globally, just above the Republic of Congo.

Guyana

Hess Corp. said this week that it will allocate more money this year to its growth in the tiny South American country Guyana. The New York-based Hess said it will spend $3 billion in capital and exploration in 2020, including more than $1.3 billion just on Guyana.

Last year, Hess originally budgeted $2.9 billion for capital projects and finished the year at about $2.7 billion.

The news comes after the Exxon Mobil-led partnership with Hess in Guyana said they were increasing their estimated recoverable reserves in Guyana to well more than 8 billion barrels from 6 billion barrels of oil equivalent.

The partners began producing oil in December, Exxon and Hess plan to dedicate more dollars to ramping up oil output and expediting future phases of the offshore development.

“We continue to successfully execute our long term strategy, with the majority of our capital budget directed to Guyana and the Bakken — two of the highest return investment opportunities in our industry that will become significant, long-term cash generators for our company,” CEO John Hess said.

The first phase in Guyana is ramping up to produce 120,000 barrels of oil equivalent a day this spring.

With Exxon Mobil’s planned Liza Unity vessel, the $6 billion second Liza phase is expected to come online in mid-2022. That larger project is expected to churn out 220,000 barrels of oil equivalent per day. A third phase, called Payara, is slated for 2023 with the same 220,000 barrels per day production estimate.

YOU MAY BE INTERESTED IN: Guyana Should Adopt Alaska’s Permanent Fund Policy

Barbados

The Barbados, with a power rank of 19, remains continues to remain the most powerful passport in the Caribbean according to the 2020 Passport Index. The second most powerful is The Bahamas’ passport at 22 and at third is the passport of St. Kitts and Nevis at 23.

Grenada

Davies & Associates, LLC (D&A), a leading US business immigration law firm, has announced that a Grenada CBI program coupled with an USA E-2 Visa is emerging as the latest immigration trend in India. The firm said it is now assisting Indians in securing a United States E-2 visa through the Grenadian CBI Programme donation route.

The Grenada/E-2 option serves as a bridge for Indians facing longer waiting times for the coveted EB-5 “green card” visa or concerned with uncertainty surrounding the H-1B visa. The E2 Visa is designed for people seeking to move to the United States to own and operate a business but Grenada is a cost-effective option with no residency requirement or tax on worldwide income so it is possible for the whole process of Grenada and E-2 to take just a matter of months.

BVI

CC One Virgin Islands, LLC has acquired Southern Glazer’s Wine & Spirits of the Caribbean, LLC, the company’s beverage alcohol division operating in the Virgin Islands, effective January 31, 2020. Launched in 2012, Southern Glazer’s Wine & Spirits built a successful business in the Caribbean. CC One Virgin Islands, LLC, a member of CC1 Companies, is the official distributor of Coca-Cola sparkling and still brands in the USVI, BVI and Grand Cayman.

Marijuana News

Canadian company, Cannabis Global Consultants (CGC) has officially launched as a premier consulting firm to further and assist start-ups, established businesses, and international governments with their medical cannabis legalization initiatives. The group’s first official conference project begins with the second annual Barbados Medical Cannabis Conference, taking place on February 22-23, in collaboration with the Barbados Medical Cannabis Licensing Authority and the University of the West Indies, Cave Hill Campus.