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Caribbean Business And Finance Report

By
NAN Business Editor

News Americas, BRIDGETOWN, Barbados, Fri. Sept. 6, 2019: Here are the top business stories making news from the Caribbean for this week of Sept. 6, 2019:

INVEST-CARIBBEAN

Bahamas

As the islands of the
Bahamas begins accessing the decimation caused by Hurricane Dorian on the
northern Bahamas, especially on Abaco and Grand Bahamas islands, the islands’
deputy prime minister says the destruction caused by Hurricane Dorian in the
Bahamas could cost “hundreds of millions, if not billions” of dollars to
repair.

“It’s total devastation.
It’s decimated. Apocalyptic,” said Lia Head-Rigby, who helps run a local
hurricane relief group, after flying over the Abaco Islands. “It’s not
rebuilding something that was there; we have to start again.”

Meanwhile, several
companies who do business in the region as well as Caribbean owned Sandals
Resorts, are pitching in to aid the islands and its people.

In response to Dorian’s
serious devastation in the Bahamas, reps for the entertainment giant announced
that the Walt Disney Company and Disney Cruise Line will be donating $1 million
to recovery and relief efforts in the area. The funds will be given to
non-profit relief agencies tackling “recovery and rebuilding efforts,”
including the provision of food and basic construction supplies to those in
impacted areas, a release said.

Royal Caribbean Cruise line also said it
will be donating USD 1 million to relief efforts of the Pan American
Development Foundation as well as the Bahamas Feeding Network, while already
loading supplies onto its ships for direct delivery to the Bahamas.  They
will include water, generators and cleaning supplies. ITM, Royal
Caribbean’s partner in a joint venture developing the Grand Lucayan Resort
in Freeport is also donating an additional $100,000.

Norwegian cruise lines also said it will
be pitching in USD 1 million.

Mastercard says it will
make a donation of US$200,000 to the American Red Cross and also partner with
the organization, among others, to expand aid delivery. In addition to its
donation, Mastercard says it will waive any interchange fees related to
donations through November 15, 2019, together with its issuing banks, to a
variety of charitable organizations supporting those impacted by the recent
natural disaster including Americares, American Red Cross, Doctors Without
Borders, International Rescue Committee, Mercy Corps, Save the Children, World
Vision and World Food Program USA.

And Sandals Foundation
and its parent company Sandals Resorts International said they have mobilized
disaster relief efforts to help the residents as well and accepting monetary
donations at www.sandalsfoundation.org/donation.
They are also collecting relief supplies and in-kind donations at Sandals Royal
Bahamian in Nassau, Bahamas and at Hospitality Purveyors Inc, in Miami,
Florida.

Insurance Payout For The
Bahamas

The Caribbean Catastrophe
Risk Insurance Facility is set to provide rapid payout for The Bahamas after
Dorian. The funds are deployed within two weeks of a disaster and are based not
on after-the-fact damage assessments – which can take months – but on metrics
predetermined by a country’s particular risk. The Bahamas, which
has bought insurance from CCRIF since its launch, is one of 21 nations who pool
their capital and risk into the organization.

CCRIF, once short for the
Caribbean Catastrophe Risk Insurance Facility, was established in 2007 to
provide funds for countries hit by cyclones, earthquakes or extraordinary
rainfall.  CCRIF has paid out $139
million to 13 countries since its launch in 2007. Haiti received $20.4 million
in the immediate aftermath of Hurricane Mathew, which killed more than 500
people there in October 2016. Dominica received $19.3 million in 2017 after
Hurricane Maria, where at least 31 people died. The remainder of the fund’s 36
other payouts have been for smaller amounts, ranging from hundreds of thousands
to single-digit millions of dollars.

Royal Caribbean to Reopen
CocoCay on September 7th

Royal Caribbean says it
will reopen Perfect Day at CocoCay after its survey teams inspected the private
island in The Bahamas on Sept. 7th. Damage to CocoCay was most
significant on the north side of the island, near the dock that was recently
added.  Hurricane Dorian’s
counter-clockwise winds had a tendency to steer the greatest amount of debris,
while the south side of the island was relatively spared.

Guyana

A sprawling 700-acre
agricultural estate, operating under the name Pomeroon Trading, is set to
become the third Guyanese company to be listed on the Guyana Stock Exchange in
10 years. The company is about to sell more than 130,000 shares at US$7.50 per
share to any new investor. The company says its vision from day one was to
build a sustainable agriculture company focused on exports but with a strong
social mission.

Barbados

Foreign cannabis
companies setting up operations in Barbados will be required to ensure locals
own at least 30 percent of the business, the Ministry of Agriculture has
revealed. Weir promised that the industry would be stringently regulated and
that separate licenses will be required for cultivation, research and
development, distribution, retail, import and export.

St. Vincent and the
Grenadines

Acres Agricultural Canada
and Medicinal cannabis venture,
Cannavais, have been granted a license from the Saint Vincent and the
Grenadines Medicinal Cannabis Authority to legally cultivate, manufacture,
research and export cannabis and cannabis-based products. Acres
Agricultural Canada’s wholly owned subsidiary Acres Agricultural (SVG) Ltd.
will be issued the top tier license for the cultivation of 300 acres, becoming
a Licensed Producer that is ready to commence operations in St. Vincent &
the Grenadines.

Cannavais plan to use
eco-friendly, organic and sustainable agricultural practices to develop
products that assist a wide range of medical issues. The company is
particularly focused on offering solutions that address how medicinal cannabis
products are administered, and intend to create their products in formats that
are acceptable to both the patient and health professionals.

Regional

The Inter-American
Development Bank (IDB) will hold the Eleventh Citizen Security Week, at the
Headquarters of the IDB in Washington, DC from September 9-13, 2019. The event
is dedicated to security and justice issues in Latin America and the Caribbean,
(LAC). The central theme will the future of citizen security and justice
institutions in LAC and what innovations are we offering to the region.

Ministers and senior
officials of the Ministries of the Interior and Security of Argentina, Bahamas,
Belize, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Guyana, Honduras,
Jamaica, Mexico, Panama, Paraguay, Peru, Dominican Republic, Suriname and
Uruguay will participate.

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