The Financial Times has ranked five Caribbean countries among the top ten Caribbean and Central American Countries of the Future.

Trinidad and Tobago was placed third, followed by Barbados in fourth place. Jamaica was ranked 10th position. Antigua and Barbuda and the British Virgin Islands were the only Organisation of Eastern Caribbean States (OECS) member countries on the list, coming in sixth and seventh respectively.

Costa Rica was ranked number one in the Caribbean and Central America.

The rankings are created by the British media group’s Foreign Direct Investment (FDI) Intelligence Division as a benchmark of the investment attractiveness of countries and cities in more than 55 sectors for 350 locations around the world.

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Assistant Secretary General of the Organization of American States (OAS), Ambassador Albert Ramdin, says the time has come for small states and smaller economies to be officially included in deliberations of the G20 – the Group of 20 Finance Ministers and Central Bank Governors from 20 major economies.

His call followed recent meetings in Trinidad and Tobago with the twin-island republic’s Finance Minister and Chair of the World Bank Small States Forum, Winston Dookeran.

“It is in the interest of all to be inclusive and not exclusive,” said Ramdin. “In this inter-dependent world the voices of small economies must be represented at this level as discussions progress on measures to address economic issues. Small economies need to be represented at the global table.”

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Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade, Dr. Kenneth Baugh said that outside of trade, Jamaica is also looking to explore relations with Costa Rica in renewable energy, the construction of dams, and in Information.

KINGSTON, Jamaica, Monday August 15, 2011 – The Government has signaled its intention to join its regional neighbours and sign off on the full implementation of the CARICOM/Costa Rica Free Trade Agreement soon.

Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade, Dr. Kenneth Baugh, said that Jamaica has been applying the agreement on a provisional basis and has taken the decision to bring it into force.

Established in 2004, the CARICOM/Costa Rica FTA is intended to increase trade between CARICOM and the Central American country, by granting reciprocal duty-free or preferential access to a wide range of products. Jamaica is the only nation of the more developed countries of CARICOM that has not yet fully implemented the agreement.
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Last July, when Ryder Scott reported that the gas reserves had fallen, the then Energy Minister Carolyn Seepersad-Bachan said the goal was 100 percent replacement of annual gas production.

PORT OF SPAIN, Trinidad, Thursday August 11, 2011 – A new audit has found that Trinidad and Tobago’s energy reserves are falling, but Energy and Energy Affairs Minister Kevin Ramnarine is insisting that, despite the decline, the country is not running out of gas.

He has also assured that Government has no plans to cut the fuel subsidy which is projected to be in the region of TT$4.8 billion (US$756 million) this year.

“I want to make it very clear that gas is not running out,” he said yesterday at the presentation ceremony for the 2010 Ryder Scott Gas Audit.

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ST. JOHN’S, Antigua, Thursday August 11, 2011 – Flying on regional carrier LIAT is about to get more expensive as the airline reintroduces a fuel surcharge on all tickets from next Monday.

The extra cost will be based on mileage. Passengers will be charged US$12.50 for a one way trip of up to 150 miles; US$17.50 for a one way trip of between 151 to 300 miles; and US$20 for a one way trip above 300 miles.

The Antigua-based airline has blamed high fuel prices for the decision.

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LONDON, United Kingdom, Thursday August 11, 2011 – Virgin Atlantic has reported a strong year of trading and a return to profit, thanks in part to its Caribbean routes.

Despite the winter closure of London Heathrow and the ash cloud crisis costing the business a combined £40 million (US$64.5 million), strong growth in business traffic and solid load factors delivered a good recovery for the UK-based carrier.

The airline said its routes to the Caribbean remained popular, with a total load factor of 83 percent, with Barbados a particularly strong performer.

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Finance Minister Audley Shaw said that in light of China’s interest in expanding investment interests in the Caribbean, the Government has moved to take advantage of this development.

KINGSTON, Jamaica, Monday July 25, 2011 - Finance Minister Audley Shaw says an invitation has been extended to the Chinese to expand their investments in the country.

He said the offer was given during his recent visit to the Asian nation for a series of meetings with several government ministers, and heads of statutory organisations.

Shaw said Chinese government officials informed him of money that was available to lend Jamaica at interest rates, ranging between one and two per cent. However, he told them that the country did not have the fiscal space to borrow, but the funds could be accommodated through investments.

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* Doubles acreage held by BP in Trinidad and Tobago

* Latest of string of deepwater awards since Macondo

* CEO ‘pleased’ governments have confidence in BP

LONDON, July 25 (Reuters) – BP said it has won two oil exploration blocks off the coast of Trinidad and Tobago, adding to a tally of deepwater areas it has been awarded since staunching a massive leak at a Gulf of Mexico well last July.

BP said on Monday that the award of the two deepwater blocks, identified as 23(a) and TTDAA 14 and situated east of Trinidad, will double the area it holds in the Caribbean country.

The company, battling to recover a share price and reputation that were battered by the deepwater Macondo disaster, has gained control of a number of blocks in deepwater over the last year, including ones off the coast of Brazil and Australia and in the South China Sea.

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George Nicholas III, chairman of Caribbean Airlines Limited.

Ian Burns, chairman of REDjet.

Steven Jackson, Business Reporter

George Nicholas III, chairman of Caribbean Airlines/Air Jamaica rejects the view upstart carrier REDjet can be called an airline and insists that the regional carrier, which is owned by two governments, will refrain from entering a price war.

CAL will mainly compete by improving service and tripling the Air Jamaica fleet from four to 14 aircraft within a year, Nicholas said Wednesday in a Financial Gleaner interview in New Kingston during a two-day sojourn to Jamaica this week.

“Our fares are reduced and may reduce further. But if it becomes a game of how low can you go, we are prepared to wait a while,” Nicholas said.

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ST. JOHN’S, Antigua, Wednesday July 20, 2011 – Prime Minister Baldwin Spencer, whose government is one of LIAT’s major shareholders, is urging his Caribbean neighbours to begin subsidizing the airline to fly to their countries as new budget carrier REDjet continues to make advances on the routes currently operated by LIAT.

His plea comes as the Barbados-based REDjet finally gets approval to fly to and from Trinidad and Tobago and awaits official approval from Jamaica which has also given it clearance. This is in addition to the Barbados-Guyana route the airline currently operates.

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