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Caribbean tourism now bouncing back

admin — Mon, 20 Jun 2022 14:40:01 +0000

Caribbean tourism now bouncing back

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admin Mon, 06/20/2022 - 14:40

Thursday, June 2, 2022

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Business Archives - Barbados Today

Original Article

Caribbean tourism now bouncing back

The Caribbean’s tourism renaissance is well underway, with some destinations approaching or exceeding record visitor arrival numbers.

Tourism officials cite pent-up traveller demand, the elimination or significant reduction in travel restrictions, the return of airlift, attractive deals and packages being offered by hotels, and a range of destination and hotel choices and upgrades that are now in place as key factors for the rebound.

Caribbean Hotel and Tourism Association (CHTA) President Nicola Madden-Greig applauded the region’s tourism, health and government leaders for their work over the past two years to position the region’s largest industry to recover from the pandemic.

Madden-Greig pointed to the announcement last month by the World Travel and Tourism Council at its global summit in Manila, recognising the Caribbean and Latin America as leading the global tourism recovery.

“Today’s traveller has many choices when planning a Caribbean getaway, thanks to the efforts of so many. Over the past decade we’ve seen an explosion of new and upgraded hotels and infrastructure improvements.

During the pandemic many hotels and attractions used the time to improve on their product and service offerings, also recognising the changing needs of the discerning traveller.

“We continue to offer accommodation experiences which appeal to the full range of traveller interests. Beyond our world-famous beaches and waters, travellers can experience our diverse cultural, culinary and historic treasures. And we’ve worked diligently to put in place health safety protocols which are effective and as nonintrusive as possible,” she stated.

Madden-Greig noted that on average, hotels and resorts in the Caribbean will approach close to 80 per cent of their record pre-pandemic performance this year, with some destinations setting all-time records.

Cruise ships are returning, which is especially important to attractions, transportation providers such as independent taxis, and small- and medium-sized vendors. In addition, investment in new and upgraded hotels and resorts has not slowed.

“These are all great indicators which point to traveller confidence and demand for the Caribbean. We are seeing the fruits of years of hard work by the industry and governments throughout the region to invest in our tourism product and our people, and to broaden our appeal as we find new ways to provide a diverse and exciting experience for our visitors,” said Madden-Greig.

“Travellers to the Caribbean can discover our diverse offerings by land or sea, by a cruise vacation, or a coveted, longer in-destination stay for a more immersive experience.

“It has never been easier to do the Caribbean ‘your way’ and there are options for every interest and every budget. From high-end luxury accommodations on land or on sea to cozy cottages and apartments,” she added.

CHTA’s Acting CEO and Director General Vanessa Ledesma echoed these thoughts recently at the Caribbean Hotel & Resort Investment Summit (CHRIS). Pointing to data from ForwardKeys, Ledesma highlighted the strong interest in the region for summer and fall travel.

“This is reflective of the travellers’ mindset with the accessibility of the region, brand identity and management of the pandemic being key elements that are driving demand,” she said.

ForwardKeys, CHTA’s data partner, recently reported that the Caribbean and Latin America were leading the summer outlook in terms of the return of leisure travel, noting that five destinations – Aruba, Jamaica, Dominican Republic, Mexico and The Bahamas – were among the “most resilient” based on confirmed arrivals for the summer.

Developer confidence is also evident in STR’s most current pipeline report, with close to 30,000 rooms in development or under construction over the next five years.

Madden-Greig pointed to new challenges facing the industry, as inflation is resulting in higher operating and travel costs and the uncertainty in Eastern Europe impacts travel.

“While the cost of travel increases worldwide due to these and other factors, we will continue to focus on providing value and exceptional traveler experiences,” said the CHTA leader.

“This is particularly important in our highly competitive global marketplace. Despite these challenges, we anticipate over the coming weeks and months to see a proliferation of deals and special offers by the industry to continue to appeal to travellers’ desire to come to the Caribbean,” she said. (PR)

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Caribbean

Business

Bank’s second quarter profits up

admin — Mon, 20 Jun 2022 14:30:01 +0000

Bank’s second quarter profits up

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admin Mon, 06/20/2022 - 14:30

Thursday, June 9, 2022

Original Publisher

Business Archives - Barbados Today

Original Article

Bank’s second quarter profits up

The performance of CIBC FirstCaribbean International Bank’s regional operations continues on an upward trajectory as the financial institution’s second-quarter results show a massive 76 per cent jump in net income.

In the recently released condensed consolidated financial statements for the quarter ending April 30, 2022, the Barbados-headquartered bank generated US$43 million (BDS$86 million) in net income from continuing operations.

Compared to the corresponding quarter in 2021, this year’s performance was a US$19.94 million (BDS$ 39.88 million) increase. The net income for the period stood at US$39.88 million, compared to the US$22.61 million for the corresponding quarter last year. At the same time, the bank generated total revenue during the quarter of US$137.71 million, while the bank’s operating expenses totalled US$91.93 million.

Colette Delaney, the bank’s group chief executive officer (CEO), in her commentary on the financials, said after adjusting for US$4 million of operating expenses related to its divestitures across the region which it announced in 2021, the net income was US$43.9 million.

“For the six-month period . . . reported net income was US$85.1 million. On an adjustment basis, net income was US$92.1 million, up US$29.2 million from the same period last year of US$62.9 million.

“The improved financial performance was primarily due to increased transaction based non-interest income, and the reversal of provisions for credit losses reflective of favourable changes in the regional economic outlook,” Delaney told stakeholders. The top bank executive said economic activity across the Caribbean continued to improve as COVID-19 restrictions are relaxed “providing further relief to the tourism sector and increasing consumer demand”.

At the same time, the FirstCaribbean International Bank official cautioned that the institution would continue to monitor the economic outlook in light of supply chain and inflationary pressures, including the impact of the war between Russia and Ukraine.

The bank announced that a shareholder dividend for the quarter of US$0.01 per share will be paid on July 8. Late last year, FirstCaribbean announced it was seeking to dispose of most of its banking operations in the Eastern Caribbean for about US$20.7 million (BDS$41.4 million).The regional bank agreed to “surrender its banking licence” in St Vincent, Grenada, Dominica, St Kitts & Nevis. It has also informed shareholders that FirstCaribbean International Bank’s Aruba business was also to be disposed of in a US$ 6.8 million (BDS$ 13.6 million) deal for the FCIB Cayman Islands subsidiary. (IMC1)

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Caribbean

Business

300 Caribbean get help through CATAPULT grant

admin — Sun, 19 Jun 2022 07:40:01 +0000

300 Caribbean get help through CATAPULT grant

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admin Sun, 06/19/2022 - 07:40

Wednesday, May 11, 2022

Original Publisher

Entertainment Archives - Barbados Today

Original Article

300 Caribbean get help through CATAPULT grant

The CATAPULT Caribbean COVID-19 Relief Arts Grant is in the second year of a partnership between Kingston Creative, the American Friends of Jamaica and the Open Society Foundations that has delivered over half a million US dollars in support to the arts community.

This year, by offering relief grants to 300 creatives of US$500 each, the grant has helped to complete arts projects, purchase equipment and cover living expenses for Caribbean artists in dire straits due to the impact of the pandemic.

436 creatives applied from 23 countries across the Caribbean and these were narrowed down to 300 recipients by a panel of jurors: Anna Maria Hernandez (Aruba), Holly Byone (St. Vincent & the Grenadines), Juan Francisco Pardo (Aruba), Natalie Urquhart (Cayman Islands), Nicholas Laughlin (Trinidad & Tobago), Sara Shabaka (Jamaica) and Simone Harris (Jamaica).

All 436 grant applicants will also be added to the Caribbean Creative Network, a publicly accessible artist directory developed by Kingston Creative to increase visibility, market access and earnings for artists across the Caribbean. The online database will serve as a resource that the public can use to find, hire and easily partner with creatives for both international and local projects.

Many artists expressed that the grant not only helped them financially, but also served as a symbol of validation for their artistic practice.

“As professional artists we face a lot of unique challenges, chief among them is not being taken seriously,” Jamaican artist, Īṣā Orí expressed.

“Nonetheless, I am equally comforted and motivated to know that there are organisations like the American Friends of Jamaica (AFJ) and Catapult, who not just believe in us, but are also willing to help us.”

The grant also helped artists to find working and studio space to produce their art.

“Since I received the grant, I was able to find my own place where I can now work on my projects in a more focused way. I’m now writing again and also working on my next show,” said El Bacalao, a creative from the Dominican Republic.

The partners of the CATAPULT programme are also satisfied with the outcome of the grant’s second iteration.

Wendy Hart, President of the American Friends of Jamaica, said: “The CATAPULT partnership has been focused on both the immediate needs of artists and building opportunities for the future. It is a shared vision of impact and a commitment to the future of the creative community”.

“We are very thankful that with the help of our international partners we were able to assist creatives in this way for a second year,” said Khadijah Chang, Project Manager for the CATAPULT Arts Grant.

“We are especially excited about how impactful the Caribbean Creative Network will be as it is part of a long-term strategy to help creatives across the Caribbean to network and earn more income.”

“Open Society Foundations is privileged to support this second edition of the CATAPULT initiative. In times of COVID, Caribbean artists, their families and their work continue to be impacted in multiple ways, having a detrimental effect on the whole of our societies. We look forward to continuing to support artists and artists’ organisations in the region,” said Auro Fraser, Open Society Foundations’ Regional Coordinator for the Caribbean.

For more information on the CATAPULT Arts Grant, visit https://catapultarts.com/ and for more information on the Caribbean Creative Network, kindly email info@kingstoncreative.org. (PR)

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Caribbean

Entertainment

Bahamas is more competitive with testing, health visa removal, says Baha Mar president

admin — Sat, 18 Jun 2022 11:40:01 +0000

Bahamas is more competitive with testing, health visa removal, says Baha Mar president admin Sat, 06/18/2022 - 11:40

Friday, June 17, 2022

Original Publisher

The Nassau Guardian

Original Article

Bahamas is more competitive with testing, health visa removal, says Baha Mar pr…

The removal of the COVID-19 testing requirement for vaccinated individuals entering The Bahamas and the discontinuation of the Bahamas travel health visa means savings in the cost of travel to this country and a more level playing field with competitive destinations in the region, Baha Mar President Graeme Davis told Guardian Business yesterday.

Davis said those savings will go a long way, as travelers decide which destination in the region they will spend their vacation time.

He said the government’s decision on Wednesday to remove both the testing requirement and the visa now makes The Bahamas more competitive when weighed against destinations like Aruba, Jamaica, the Dominican Republic and Mexico, which have removed testing requirements.

The Bahamas visa and testing requirements will go away this Sunday.

“We’re very pleased with the government’s approach to support the decision to remove the testing requirement for vaccinated visitors to The Bahamas and certainly the removal of the health visa,” said Davis.

“This removes an impediment for those wanting to travel, but with the cost of inflation and the cost to travel, having these additional expenses removed certainly puts us on a more level playing field against the competitive destinations across the Caribbean, by removing these requirements and these fees that are associated with the cost of those COVID requirements.

“So we’re extremely pleased with the government’s approach. Obviously it’s important that we continue to maintain a safe environment for our associates, for our guests, and for the community.”

Davis explained that 72 percent of Baha Mar’s staff are now vaccinated and the resort continues to promote vaccinations and offer them to staff through the government’s vaccination program.

The resort’s Travel With Confidence program was discontinued after the US made the decision to remove its testing requirement for individuals coming through its borders.

Caribbean

VI electricity costs near region’s average

admin — Wed, 23 Feb 2022 20:00:02 +0000

VI electricity costs near region’s average

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admin Wed, 02/23/2022 - 20:00

Tuesday, January 25, 2022

Original Publisher

Business – The BVI Beacon

Original Article

VI electricity costs near region’s average

Recent studies of global broadband and mobile data pricing from United Kingdom-based telecommunications provider Cable.co.uk haven’t turned out well for the Virgin Islands, which has consistently shown to have some of the highest prices in the world for those services.

However, when it comes to electricity, the VI ranks near the middle of the pack regionally.

Just 11 out of 28 Caribbean countries have cheaper electricity than the VI, according to a study released last month from the company.

But the region as a whole is far behind most of the world, and the VI ultimately ranked 175 out of the 230 countries analysed in the study.

“The Caribbean consists of island nations where electricity generation tends to be more difficult,” the study noted.

The study found that the average cost of electricity in the VI is $0.225 per kilowatt-hour, with the territory’s lowest cost at $0.1675 per kWh and its highest at $0.24.

The average price in the Caribbean is $0.237.

Most Caribbean nations are in the more expensive half of the study results. Curaçao ranked as most expensive in the Caribbean with an average of $0.419 per kWh, while electricity per kWH in Puerto Rico averages $0.049.

The next-cheapest countries and territories are Trinidad and Tobago, Guadeloupe, Cayman Islands, St. Martin, St Barthélemy, the Caribbean Netherlands, Martinique, Aruba and St. Vincent and the Grenadines.

Global high, low

However, the VI still pays 32 times more than Libya, where consumers pay just $0.007 per kWh. But it doesn’t come close to the high prices in the Solomon Islands, a chain in the Pacific Ocean, which is the costliest in the world with an average price of $0.692 per kWh.

“The Caribbean consists of island nations where electricity generation tends to be more difficult,” the study’s authors wrote. “Clusters of more expensive countries in which to buy electricity tended to be in small island nations where electricity is harder to generate and/or there are no large-scale power stations.”

Researchers at Cable.co.uk worked for six months to complete an analysis of 3,883 energy tariffs around the world in order to measure the price of electricity in 230 countries.

The study noted that the most expensive countries on the list were all far-flung island nations. After the Solomon Islands, the five most expensive countries in terms of the average cost of one kWh were St. Helena ($0.612), Vanuatu ($0.591), the Cook Islands ($0.523) and Micronesia ($0.484).

‘Striking and obvious’

The study called the similarities between these five archipelagoes “both striking and obvious.” Four of five are in Oceania, and all five are island nations.

“Oceania is one of the most expensive regions in the world for electricity, while island nations also tend to be among the most expensive,” the study’s authors wrote.

After Libya, the five cheapest countries in terms of the average cost of one kWh were Angola ($0.013), Sudan ($0.014), Kyrgyzstan ($0.017), and Zimbabwe ($0.021).

“Conversely to the most expensive, none of these countries is an island, and three of the five are located in sub-Saharan Africa,” the study authors wrote. “The cheapest, Libya, is in Northern Africa, with the only non-African country being Kyrgyzstan.”

According to the study, the cheapest places in the world to buy electricity tend to be countries where either oil and gas prices are very cheap (i.e. countries which produce fossil fuels on a large scale), or where household electricity usage is very small and therefore tends not to require a lot of expensive infrastructure.

Around the world

The United States proved to be the cheapest country in North America, at $0.109 per kWh, followed by Canada ($0.124) and Greenland ($0.250). Oceania is the most expensive region in the world, averaging $0.303.

Meanwhile sub-Saharan Africa has four of the ten cheapest countries in the world and three of the ten most expensive.

Former Soviet countries are the cheapest on average regionally, with all 10 countries in the region in the top 70 cheapest in the world, three of them in the top 10.

The study pointed out that the UK, at $0.251 per kWh, pays the most for electricity in Western Europe and comes 190th in the world for cheap electricity.

“Almost every European nation is cheaper. Most African nations? Cheaper. There are even island nations where energy production is especially difficult that charge less than we are charged in the UK,” research analyst Dan Howdle said in a press release announcing the study results.

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Caribbean

Business

Lady Tridents in good spirits

admin — Thu, 17 Feb 2022 23:40:01 +0000

Lady Tridents in good spirits

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admin Thu, 02/17/2022 - 23:40

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NationNews Barbados — nationnews.com

Original Article

Lady Tridents in good spirits

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A confident senior Barbados women’s football team will leave the island this morning en route to Panama to begin their qualifying campaign for the 2022 Concacaf W Championship.

The Lady Tridents are drawn in a competitive Group D of the qualifying round with Panama, Belize, Aruba and El Salvador.

Head coach Mario Harte has enlisted the services of 23 of the country’s finest female footballers to battle against home team Panama on February 17 and versus Aruba in the Dominican Republic on February 22.

While the Lady Tridents’ performance in their two-game series in Suriname last month was admirable and important for Harte’s selection plans, supporters will be thrilled with the return of experienced players like Soraya Toppin-Herbert, Keinelle Johnson, Ashanee Thompson and Rianna Cyrus. (NM)

Full team: Kamillah Burke, Tamisha Marshall, Rhea Holder, Ashanee Thompson, Soraya Toppin-Herbert, Marissa King, Makela Alleyne, Tiffany White, Daphne Watson-James, Shonelle Stephen, Adrienne Forde, Alyssa Yard, Moesha Goodman, Tanija Maughn, Rianna Cyrus, Brittany Branker-White, Keinelle Johnson, Danielle Whitehall, Kerisha Catlyn, Tiana Bynoe, Cheyanna Burnett-Griffith, Acacia Small, Rayna Cummins.

Subscribe now to our eNATION edition for the full story.

For the latest stories and breaking news updates download the Nationnews apps for iOS and Android.

Caribbean

News

Bahamas in survey’s top ten for Christmas, New Year’s travel

admin — Fri, 10 Dec 2021 02:40:01 +0000

Bahamas in survey’s top ten for Christmas, New Year’s travel

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admin Fri, 12/10/2021 - 02:40

Monday, December 6, 2021

Original Publisher

The Nassau Guardian

Original Article

Bahamas in survey’s top ten for Christmas, New Year’s travel

While the vast majority of Americans are traveling domestically for the upcoming holiday season, for those who are opting for international travel, The Bahamas is a top ten destination.

According to a survey conducted by global travel insurance company Allianz Partners USA – which scoured millions of round-trip travel bookings for flights departing US airports in the last two weeks of December – while 87 percent of US travel will be domestic, 13 percent of itineraries are for international departures from the US, in which The Bahamas was the seventh destination of choice.

“Americans are eager to travel again and one trend we’ve seen is travelers returning to the places they love, whether that’s a cosmopolitan Christmas in New York City or basking in the sun on the beautiful beaches of Mexico,” Director of Marketing and Communications for Allianz Partners USA Daniel Durazo said.

“Holiday travel can be stressful and with the added uncertainty brought on by severe weather, significant delays and unexpected cancellations, it’s important to remember travel insurance. Whether you’re visiting family you haven’t seen in a while, or are taking a much-needed vacation out of the country, travel insurance can provide coverage for pre-paid, non-refundable expenses, medical emergencies and even lost or delayed baggage.”

Nassau is the seventh destination behind London, England; Oranjestad, Aruba; and Montego Bay, Jamaica. It is followed by Punta Cana, Dominican Republic; Providenciales, Turks and Caicos and Paris, France.

Mexico claimed the top three spots in Puerto Vallarta, San Jose del Cabo and Cancun.

The Bahamas has slowly gained momentum in the tourism sector, having received 715,453 stopover visitors for the first ten months of the year, a 67 percent increase over the 427,682 stopover visitors recorded in the first ten months of 2020.

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