Category Archives: Caribbean

On Mar 3, we issued an updated research report on Royal Caribbean Cruises Ltd. (RCL - Free Report) .

Serving over five million passengers annually, Royal Caribbean enjoys significant brand recognition, while its strong relationship with travel agents makes it one of the leading cruise companies in the U.S.

Demand Across Geographies

The companys Asia-Pacific itineraries have been mostly performing well over the past few quarters. As a result, the company has been required to increase its capacity in the region.

In Europe, while demand in Northern European and Western Mediterranean region has been strong, the Eastern Mediterranean region has been experiencing weakness because of various geopolitical issues. Thus, the company is making several changes to its itinerary mix in 2017 that will adapt exposure accordingly.

Meanwhile, overall demand for cruising in North America continues to be solid, while Caribbean and Alaskan itineraries are all poised to have a strong year and produce solid yield improvements in 2017. Thus, majority of the capacity growth has been recorded in North America.

Notably, at this point of time, the companys 2017 itineraries are booked ahead of last year in both rate and volume across all major markets. Moreover, Royal Caribbean is expecting strong yield trends, going ahead. These trends, along with a positive outlook for Australia and a solid booked position in China for the first half of 2017, are preparing the company for robust growth in the year.

Additionally, strong booking trends witnessed for new ships launched by the company further lend support to a solid outlook for this year.

Profitability & Technological Initiatives

Royal Caribbean has undertaken profitability improvement initiatives aimed at generating long-term cost savings. The company has entered the final phase of its Double-Double program launched in 2014. Management believes that the program has mostly done what it set out to do bookings are at record levels, dividends are at an all-time high, costs have been well managed and guest satisfaction has improved.

The company has also increased its yield to cost metrics via the deconsolidation of its stake in Pullmantur Group. Other initiatives to reduce costs include carrying out home porting out of secondary cities for some of its bigger vessels, improving fuel efficiency of ships to reduce fuel usage and using fuel swaps to mitigate the volatility in fuel prices.

Technological upgrades including revamped websites, new vacation packaging capabilities, support for mobile apps, increased bandwidth onboard and streaming WiFi, are also enhancing guest experiences, thereby driving occupancy.

Potential Headwinds

Currently, the company is incurring higher costs in relation to its restructuring initiatives and consolidation efforts. Though these efforts are expected to benefit the company in the long run, they are putting pressure on near-term margins and earnings.

Moreover, as fuel prices are trending upward and the U.S. dollar continues to strengthen against the companys basket of currencies, Royal Caribbean expects a negative impact of 10 cents per share on 2017 earnings, due to a combination of these factors.

Further, macroeconomic concerns in certain international markets like Europe and China could put pressure on the top line in the near term. Meanwhile, increasing competition from other cruise operators such as Carnival Corporation (CCL - Free Report) and Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) could also limit upside potential.

Bottom Line

Despite certain headwinds in the near term, the fact remains that Royal Caribbean is well poised to grow in the long run. Notably, the company has outperformed the Zacks categorized Leisure & Recreation Services industry in the last one year. While the industry grew 14.1%, shares of Royal Caribbean recorded a gain of 29.6% over the same time frame.

Further, earnings estimates have also been trending upward lately, reflecting optimism in the stocks prospects. In the past 60 days, current-quarter and current-year estimates have moved north by 31.4% and 3.5%, respectively.

Thus, Royal Caribbean currently carries a Zacks Rank #2 (Buy). You can see the complete list of todays Zacks #1 Rank (Strong Buy) stocks here.

Another Stock to Consider

If you are interested in the Leisure & Recreation Services industry, here is another favorably placed stock you can consider:

Marcus Corporation (MCS - Free Report) currently sports a Zacks Rank #1. It has seen current quarter and current-year estimates increase 11.1% and 7.9%, respectively, over the past month. Moreover, the companys long-term growth estimate is pegged at 15% while the industrys average stands at 12.2%.

Zacks' Top 10 Stocks for 2017

In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017?

Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>

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Royal Caribbean (RCL) Well Poised to Grow, Macro Woes Remain - Zacks.com

Royal Caribbean Blog (blog)

Royal Caribbean signs new partnership with Singapore Tourism Board to grow fly-cruise market Royal Caribbean Blog (blog) Royal Caribbean also said it will increase the number of homeported sailings in Singapore. The cruise line will have its longest deployment of ships in Singapore from 2017 to 2019, and Ovation of the Seas will also be docked at the Marina Bay Cruise ... Royal Caribbean, Changi Airport, STB in new fly-cruise partnershipChannel NewsAsia Singapore fly-cruise sector takes off with Royal CaribbeanTravel Daily Media (press release) (registration) (blog) Fly-cruise market taking off in SingaporeTHE BUSINESS TIMES all 9 news articles »

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Royal Caribbean signs new partnership with Singapore Tourism Board to grow fly-cruise market - Royal Caribbean Blog (blog)

Unless the sugar industry in Caricom can develop in the coming months a co-ordinated and concerted plan of action, it is quite possible that in a few years time there will be little left of an industry which, for evil and good, has played a central role in the making of the Caribbean.

This is because this year will see two tsunami-like events occur, both of which threaten the survival of the industry in its present form. The first relates to the changes that will take place this October in the EUs sugar regime. Then, as a long planned domestic measure, the EU will abolish national sugar production quotas in Europe. This will have the effect of reducing the price paid for ACP sugar, while also causing the overall volume of EU sugar imports to fall as Europe becomes self-sufficient.to continue reading this article, please subscribe. Already a subscriber ? Sign In.

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Has Caribbean sugar a future? - Stabroek News

Now this is a bachelorette party!

Julianne Hough, who is engaged to Brooks Laich,recentlyset sail withand her besties, including BFF Nina Dobrev, aboard a Celebrity Cruises luxury cruise-linerfor abachelorette beachelorette trip to the Caribbean.

TheDancing With the Starspro-turned-judge and her pals enjoyed plenty of beach time and also snorkeled through the reefs in Cozumel, Mexico, embarked on ahelicopter tour above the Grand Cayman Islands and zip-lined through Falmouth, Jamaica, E! News has learned exclusively.

Hough postedon Instagram Friday a pic Dobrev took ofthe group. She wore a pink bachelorette sash over a white bikini.

"#JulesBEACHelorette #BitchinB4TheHitchin #HastaLaVistaHough #TheFinalHoughrrah #TheLastFlingB4TheRing #BEACHeloretteWithMyBEACHES #BeachCrew," Hough wrote. "Thank you @celebritycruises for the gift of this amazing Bachelorette party!"

Dobrev also shared group photos on her page.

On the ship, they stayed in apenthouse suite, which featured interactive entertainment systems, a baby grand piano, marble floors, sweeping balconies, a living room, dining room, music center, a private veranda with a whirlpool and a European-style butler service. While onboard, Hough and her friends spent time soaking up the sunandsipping on cocktails.

Hough and Laich, a hockey player, got engaged a year and a half ago. They have not announced their wedding date. Bachelorette and bachelor parties are typically held no more than a month before a wedding.

Last September, Hough indicated toE! Newsthat she and her fianc were in the early stages of planning their nuptials.

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Inside Julianne Hough's Fun-Filled Bachelorette Caribbean Cruise - E! Online

Two additional Twenty20 internationals have been added to the itinerary for Pakistan's upcoming tour of the West Indies.

The two teams were set to meet in two T20s in the Caribbean, prior to three one-day internationals and three Tests.

However, the West Indies Cricket Board (WICB) confirmed on Saturday that four T20s will now be contested, with extra matches taking place in Barbados and Trinidad.

The series will begin in Barbados on March 26.

"Twenty20 is an exciting format and this is another opportunity for our fans to indulge in the thrilling atmosphere that surrounds these matches," said Roland Holder, the WICB's manager of cricket operations.

"We look forward to fans in Barbados and Trinidad coming out and cheering our team on to victory."

The Windies are currently hosting England in a three-match ODI series. The second match takes place in Antigua on Sunday, with England 1-0 up following a 45-run win at the same venue.

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Extra T20s added to Pakistan's Caribbean tour - Sportstarlive - Sportstarlive

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This is definitely a hidden gem in Fairfax! It's a very small hole in the wall joint and it was difficult to spot to find. But this place has awesome Jamaican Oxtails! The price is pretty good for the quality and amount of food. The oxtails comes with cabbage and fried plantains + 1 side of rice and peas came to about $15. It was definitely a hefty portion of food. The gentleman that took our order was very nice and I could listen to his accent all day. Anyways, he was very attentive, although my friend and I were just obtaining some carry out. I'll definitely visit again and try their beef patties! I can't wait!

I mentally refer to this place as one of my favorite little secrets... I guess you could say it's kind of hole in the wall. It's VERY close to Sister's Thai.. just walk past the french restaurant next door, turn the corner, and then you'll see it! THE ENVIRONMENT of the restaurant: it's a small place. It's not super renovated and trendy like you would imagine most popular eateries in the area to be. Nonetheless, I think that adds a lot to the authenticity of the employees and the food. The two times that I've been there, I was greeted with smiles and employees that were very approachable if I had any questions about the menu. THE FOOD: I can't vouch for the majority of the menu just yet, but I am a huuuge fan of the Jamaican Curry Chicken! ...nuff said. Just try it. I highly recommend it. It comes with rice, lettuce, tomato, and a small side of vegetables.

The curry goat. That's all you need. My favorite hole in the wall in the entire world. To the owners: We've had a strong relationship for 6 years. I don't think I could leave you for another Carribean restaurant. Its not the same!

Caribbean Corner is literally in a corner and really easy to miss. The inside is a classic example of "hole in a wall", but the food does all the talking. I've tried their Ox-tail, Jerk chicken, Curry goat, and beef patties. I hit them with the 4 star because of their Ox-tail which is the best thing they have. It is slow cooked for hours so the meat is super flavorful and falls off the bone. Combined with the Jamaican rice and plantains, it is well worth the money. Their Jerk chicken is why I couldn't give them a perfect score. The jerk flavor just wasn't there for me. I felt like I wasted my money because I could of got Ox-tail instead. My second choice here would be the curry goat! The patties tasted like your standard beef patties. Oh, and I almost forgot the delicious Jamaican cream soda! If you're in fairfax, make sure to try the Ox-tail which is a must try. Ja feel? 😉

Was looking for a nice Jamaican spot to eat in the area and found this one. It was a little hard to find as it is on the side of the building and not visible from the street. It's a small restaurant with a "mom and pop" vibe. It took about 10 minutes to get our food after ordering as there is only one cashier/server. The food came out hot and in great quantity for the price. I ordered oxtails and my friend had the jerk chicken. The oxtails were a bit tricky to the eye. They were large but mostly fat and not too much meat. The jerk chicken on the other hand was amazing! Tender and well seasoned. The cabbage was great and the plantains were good as well. The only sort of negative aspect was the availability of restrooms. Maybe I missed them but I couldn't find them in the building. Other than that, great food and customer service was on point!

Their ox tail is absolutely amazing. Definitely a hole in the wall type of place. Very difficult for me to make it unless I'm off on a week day and I make the effort to come. I think about their food all the time!!! Definitely a must try. Oh my god...the ox tail! The curry chicken! The plantains! The downside is the food comes in a foam container and sometimes it so hot that it melts into the foam container. Probably making me die faster with the chemicals but my last meal would have been delicious...

A hole in the wall. Literally. Located near Mason, on University Drive and Main Street. There's a small parking lot across the street with limited parking, a block down on Main Street there's a bigger parking lot, 2 hr free public parking. I was in between work meetings so decided to stop here to grab lunch. I came in and and there was no one behind the counter. So I was confused for a bit, do I just wait? Do I make some noise to get attention? Was I supposed to call ahead for a pick up and go? As I was just twiddling my thumb contemplating my next move, someone came to the counter. Phew! There are a couple of tables for you to sit and eat, but this is mostly and pick up and go kinda place. I got my box and sat down to eat, it was during lunch time so it was starting to get busy with people grabbing and going. I decided to get the Jamaican chicken curry with rice. They only have size small and large, a medium option would be nice. I ordered large, it was a lot and couldn't finish! The chicken curry was good, like a home cooked meal. And it was a lot of it! I want to try to jerk chicken from the menu. Again, a hole in the wall, that might just surprise you.

My husband loves jerk chicken and so we were craving it one day and found this place on Yelp! Read the reviews, saw the pics, and prices and yup...we're taking a drive to this place. It's located in old town Fairfax (first time being in that area). Free parking down the street. This place was hard to find at first, and literally, it's in the corner of a building. Very small but you can smell the aroma of the jerk flavor once you walk in. The prices of the dishes range between $6-$15 and you can't go wrong with that! I orders the small jerk chicken and my husband ordered the larger jerk pork. Of course we both finished our meals and we had to buy the jerk chicken to go for dinner. That's how good it was! The flavor of the jerk wasn't too salty but the spiciness sure gave it a kick. But it was worth every bite. If you're craving Caribbean food and jerk chicken, this is the spot to go.

I would give this place 4 stars because their jerk chicken and beef patties are sooo good. But, half the time this place is not even open when they are supposed to be! And you can't really call in advance because they rarely pick up 🙁 also, there's no place to really sit unless you want to sit on the few torn up chairs (literally) that look like they have been there for over a century. But for takeout, their food is great.

Until I visit Jamaica again...I'll go to Caribbean Corner. Very courteous and laid back customer service...Irie!! Tip: The parking lot is very small. Park across the street in the open/free parking lot.

The curry chicken is really really good. The jerk is good as well. However- the place needs some fixing up to be more presentable. The patties were so dried out and burnt. Like really really burnt. Like really really really burnt... so anyways when I asked if they had any others I was told no and the guy (not the normal guy) just walked away. This was after it took him several minutes to see I was waiting for service. It is in a bad spot, but I will go back for the curry and jerk. The normal guy that is at the front is always very pleasant and friendly. So check it out, just dont judge by the cover.

Ordered curry goat and jerk chicken to go. The curry goat was tender (especially for goat) with a nice gamey accent to its flavor. The usual small pieces of bone which I don't mind at all. And a nice curry flavor. One of the better renditions that I have had outside of the Carribean. I added some Matouk's West Indian Hot Sauce at home which topped it off perfectly. The jerk chicken was somewhat run of the mill and the jerk sauce lacked imagination and authenticity. But the overall flavor was good and the chicken was not dry. A nice carry out place. Only been there once to date though.

Wait. I haven't left a review for my favorite hole in the wall? Ludicrous. Caribbean corner and I go way back. Like super way back to college days. I used to come here and grab food on a weekend afternoon or in between classes. can't remember his name now but the owner of this place was always kind to me and offered me samples here and there. One time, he gave me flyers for his spot to hand out to my sorority sisters and I was ALL about it. On occasion, he has hooked me up with an extra bit of chicken or goat or what have you. I can't rave enough about it. It's got such a great mom and pop feel. The jerk chicken is succulent and the rice is amazing.

THIS PLACE IS TERRIFIC! I am absolute staisfied customer. I have been coming here since I moved to Fairfax in July 2016 . I always get the Ox-Tails even though everything else is also very good, the Ox-Tails are my FAVORITE! They are so tender, fall of the bone, juicy 🙂 They are the best. The only thing I would suggest is throwing a few more Ox-Tails in the large especially for the price. I would definitely come back more often if they did. Nonetheless, this place is golden.

I've recently tried coming here twice during normal business hours; specifically around lunch time and they have been closed both times. They are definitely losing customers by not being open during scheduled hours. At least update the voicemail message on your phone if you are not going to be open for the day or if you plan on opening late.

Three and a half stars. The entrance is a door around the corner leading into the basement behind the Mediterranean bistro. Presumably they share the parking lot, but you're better off finding a spot in a nearby lot or along the streets. Friendly service was happy to point out two nearby parks where I could eat my meal in nice weather. One communal table inside in front of a TV, within sight of the kitchen. A small order is appropriate for a conservative appetite or broad curiosity, I'd happily go large next time since they're so affordable. Curry is mild, goat is as tender as can be expected. Oxtails are sliced thin and yields to plastic fork pressure. Plaintains were cooked through, not too dry. Tomatoes were fresh even if they weren't super ripe, and the cabbage is nothing to write home about. Loved the rice and beans even more with saucing soaked in. Their hours are sadly quite short, but given the chance, I'd happily stop by again to try a beef patty, jerk chicken, and some of their daily specials.

Food was tasty- ordered oxtails and jerk chicken. The dishes were more salty than anything else,( and trust me I LOVE salt) but I think it overshadowed some of the more complex flavors in the food. I really wanted cabbage but they were out when I went. The portion sizes are great, and you could eat two or more meals out of one dish. I docked an extra star because they closed early (without notice!) the day I went due to the heat. I felt bad for the people they kept turning away who had driven from far away to eat there. They just pretended to not be inside the restaurant lol. That being said, they were gracious enough to serve me, and I'm glad they did. I'd need to go again to really leave a more detail review, as I feel that day was a bit abnormal Either way if you're craving Jamaican food and in the area, definitely check out this place!

I used to love this place, but I've been here 3 times during the hours they should be open. Each time they were closed. I'll get my Caribbean food elsewhere.

5 Stars on the food, flavors, freshness, and satisfying portion sizes. This is the real deal. They can COOK! I ordered a large Brown Stew Chicken, rice and peas, and a small Jerk Chicken with rice and peas, and 2 coco breads to go. Delish. Piping hot. The Brown Stew was so flavorful, well seasoned with a hint of ginger and perhaps soy sauce undertones in the flavor, nice thick brown gravy to cover the rice and peas. Also came with delicatley steamed cabbage, and 2 slices of fried plantain. Yummy. I forgot to take a picture! I ate half for lunch, will eat other half for dinner. The small Jerk Chicken I haven't really eaten, but I took a a small bite and it's the perfect balance of well seasoned chicken with some spice , but not too much heat. I like the way they cut the meat. The meat is on the bone, but they chop it in a way that makes it easy to eat it off the bone, in smaller pieces which is easier to hold. Unique Caribbean style. Coco bread (sp?) was warm, semi sweet, and chewy. This is primarily a carryout spot so don't expect a large sit down restaurant. There is one small table and a few chairs, so you wait until your order is called up. Once your order arrives, the gentleman shows you what you ordered to make sure its the way you want it. I really like that. Most carry-outs I've been to, they package everything up and you have to check it yourself, or you forget to check it and once you get home, you wish you had! Check the sign on the wall next to cash register which lists the daily specials. If you don't know what to get, order a few small portions and have your own Caribbean tasting. You will be so happy you did! Can't wait to go back.

Went today. Tried the oxtails and brown stew chicken. AMAZING!!! I'm from Florida and grew up eating Jamaican food. This is the real deal. Air conditioner doesn't work, but that adds to the authenticity. That being said, if you go in July and are sensitive to heat, to-go may be a better option for you.

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Caribbean Corner - Old Town Fairfax - Fairfax, VA - yelp.com

Virgin Gorda, BVI (March 3, 2017) After a stunning start to proceedings in the third edition of the Rolex Swan Cup Caribbean yesterday, the fleet of Nautors Swan yachts gathered in Virgin Gorda for the event enjoyed equally exciting conditions as they completed todays round-the-island race.

A steady easterly of approximately 18 to 20 knots ushered the fleet around the course with the two competing Clubswan 50s completing the clockwise circumnavigation of Virgin Gorda in little over two and a half hours.

With two races now run, both the Swan 90 Freya and Leonardo Ferragamos Clubswan 50 hold tight to their leads at the top of the Maxi and Mini Maxi/Grand Prix divisions respectively.

Freya, Maxi Division leader, Rolex Swan Cup Caribbean 2017.

In the Maxi division B5 took an early lead but suffered an equipment failure early on which forced her to withdraw for the day. Don Macphersons Freya consequently found herself at the front of the fleet and refused to relinquish her lead for the remainder of the race, finishing with a comfortable lead over Plis-Play in second place and Selene in third.

With two consecutive victories under her belt Freya, division winner in the 2016 edition of the Rolex Swan Cup in Porto Cervo, now sits three points ahead of both Plis-Play and Selene.

The two spanking new Clubswan 50s continued to put on a spectacular show as they duelled their way around the course. And while it was German boat Earlybird that crossed the finish line first in real time yesterday, today Ferragamos Cuordileone claimed line honours in addition to her second victory in corrected time.

Bounty, Grand Prix/MiniMaxi Division, Rolex Swan Cup Caribbean 2017

Among the Mini Maxis, meanwhile, the American Swan 66 Bounty led the dances for the duration followed by Gryphon and Best Buddies. The smallest yacht in the fleet at 44 feet, the Ron Holland designed Best Buddies is sailing in the Caribbean edition of the Rolex Swan Cup for the first time although she has participated numerous times in the Porto Cervo edition and is a former division winner in the Rolex Middle Sea Race.

Crewed by a pool of friends and family, Best Buddies has been with owners Kay-Johannes and Susann Wrede for almost 20 years with the exception of a short hiatus in which she was sold, rediscovered by chance by the Wredes in poor condition some years later and then returned by them to her former glory, upon which they vowed never to be parted from her again. With an emphasis on fun but a history of winning and placing in top international regattas, Best Buddies is perhaps one of the participating yachts that best sums up the spirit of the Rolex Swan Cup regattas.

Weve been participating in a few races in the Caribbean and placing well but our final objective was to get here and compete in this event, explained owner Susann. Theres a special spirit at Swan events. I think it dates back to when Swan was smaller and known for building the most seaworthy yachts ever and fast and elegant; now they are even more elegant and bigger but the spirit is still there, its a Swan family and its just so much fun. This is a strong boat and she really is part of our family.

Racing is scheduled to continue tomorrow, Saturday 4th March at 12 midday with 16 to 18 knots of easterly breeze forecast. Racing concludes March 5.

Event details Scoreboard Facebook

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Around Virgin Gorda at Swan Cup Caribbean - Scuttlebutt Sailing News

Look out for the bouquet!

Meghan Markle partied with some of Prince Harrys closest pals at the wedding of one of his best friends in Montego Bay, Jamaica on Thursday.

The couple is in the Caribbean to witness the wedding of Tom Skippy Inskip and literary agent Lara Hughes-Young. Inskip and Harry are childhood friends they met at Eton College and Inskip is popularly said to have been Harrys wingman on rowdyevenings out during their younger days.

For the nuptials, Markle wore a long floral dress and sunglasses as the royal, who was one of 14 ushers, suited up in a navy blue blazer and trousers.

For Markle, it is thought to be the first time she has accompanied Harry to a wedding and it marks something of a public coming out for the couple.

But she will fit in well as she has already met most of Harrys closest friends in London during restaurant and theater dates over several months of dating.

According to local reports, Harry accompanied by a heavy security detail, as the Jamaica Observer put it arrived at the international airport at Montego Bay on Wednesday afternoon.Markleis believed to have flownin separately from her home in Toronto. The outlet says that the royalis planning tostay in the Caribbean for a week.

The wedding party is thought to be staying at the Round Hill Hotel and Resort in Montego Bay. The110-acre private enclave featuresluxury villasandoceanfront rooms.

After spending a romantic break with Harry in Norway, Markle spent much of January and February in London with Harry staying at his Nottingham Cottage in Kensington Palace but she returned to Toronto to prep for the filming of the next season of Suits in mid-February.

It just feels very natural for them both, a source told PEOPLE of the duos dynamic. It feels easy like theyve known each other for a long time.

Markle posted on Instagram earlier this month after a two-month hiatus from the social media platform, sending a positive message to her followers alongside a photo of her too-cute Charlotte Olympia cat flats below the text #NOBADENERGY.

Sending good vibes always in all ways, she captioned the snap.

Representatives for Kensington Palace and Markle would not comment.

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Meghan Markle Is Prince Harry's Date at Friend's Caribbean Wedding - PEOPLE.com

The problem with political jokes, as is so evident in the Caribbean, is that they very often get elected. The problem with banker jokes, as frequent these days as complaints about the sudden, unexpected and astronomical rise in bank charges, is that bankers dont think theyre funny and we ordinary people dont think theyre jokes. If I used the classic definition that bankers are people that help you with problems you would not have had without them, you would agree, nod your head sagely and perhaps add Mark Twains observation that a banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain. Even central bankers. One who is giving away our countrys savings to the politicians, has glibly explained the rise in bank charges, which he can do nothing about, is caused by competition among the banks. It is the first time I ever saw competition increasing instead of decreasing prices. There are three Canadian banks in the region. According to the prestigious Canadian newspaper, The Globe and Mail, By 2008, the three Canadian banks had $42 billion in assets across the English Caribbean2.5 per cent of their combined total assets, but more than four times those held by the 40-odd locally owned banks. With such a dominant footprint, RBC, Scotiabank and CIBC hardly had to spend to build brand awarenessthey could milk money just by being there. Six years later, in 2014, CIBC, based in Barbados, made profits of $593 million in the Caribbean and an overall $13.48 billion. Scotiabank made $1.2 billion in the region and $23.6 billion globally. RBC, based in Trinidad, made $861 million regionally and a total of $34.1 billion, almost $11 billion more than Scotiabank and $21 billion more than CIBC. These big profits have not gone unnoticed or ignored. On June 14, 2016, a CBC News headline read: Canadas major banks hiking fees while pulling in big profits: banks are raising fees on select personal banking services even as many are seeing revenue increases. The CBC revealed that in 2015 Royal Bank added some new transaction fees for payments on their loans, mortgages and credit cards but these sparked such a huge public and political outcry that the company axed them. At the time, RBC said it had changed its policies because it was listening to customers. But CBC went on to say: Royal Bank is the only big Canadian bank that hasnt announced any personal banking fee hikes in this country this year. But its still facing the wrath of customersin the Caribbean. Some RBC Caribbean clients are so upset over new monthly charges, they lined up for hours to close their accounts. The article by Sophia Harris stated: RBC wouldnt confirm details to CBC News, but it appears that customers in at least seven Eastern Caribbean countriesincluding Antigua and Barbuda, St Lucia, St Kitts and Nevis, and St Vincent and the Grenadinesare now facing a monthly charge of 25 East Caribbean dollars ($11.75 Cdn) for some personal bank accounts. Seniors with an RBC Sixty Plus account will be charged a $12.50 XCD ($5.88 Cdn) monthly fee... The bank rolled out the new charges between May 23 and June 20 at a time when its enjoying multi-billion-dollar profits. Numbers released at the end of May showed RBC boosted its second-quarter profit by three per cent to $2.57 billion Cdn... So many people chose to close their accounts, police in St Kitts and Nevis even sent out an alert, urging RBC customers to use caution when withdrawing their money. While RBC is not alone in its massive fee increases and the other two Canadian big banks are doing the same, the different strokes for different folks is my major concern. Even though it backed down under public pressure in Canada, RBCs behaviour in the Caribbean seems to be vindictive, uncaring and an attempt to make up for its potential losses in its home country. What I found out is its image in Canada is also really bad and its overall satisfaction rating on the Consumer Affairs website is one out of five stars. Additionally, RBC has chosen not participate in the Consumer Affairs accreditation programme. The site features the top 196 complaints about the bank. Scotiabank does not fare much better. One customer said it is the worst institution to deal with. A complaint about CIBC, which has been repeated by one of my Trinidad-based Facebook friends is: When CIBC raised my line of credit interest rate from 7-11% for no apparent reason and refused to do anything about it, I tried calling and also made an appointment to meet with them, but all they would do is blame the computer and offered no explanation as to why the rate would suddenly jump. The message was Im not a customer at all, but rather someone theyre doing a favour for. The banks are claiming they are suffering from impairment losses from bad loans and suchlike. The Globe and Mail pointed out something with which we are all too familiarthe bankers and their cronies did very well. The paper stated: Much of this mess dates back to practices put in place years agoin some cases, before the Canadian banks made their Caribbean acquisitions... If, for example, a client had a good relationship with a branch manager, he or she could simply call up and get extra credit, regardless of their banking profile. For me, the biggest impairment is their lack of concern for the people of the region. As Peter James Hudson pointed out in Imperial designs: the Royal Bank of Canada in the Caribbean, the ideologies of Canadian Anglo-Saxonism shaped the Canadian financial elites vision of its role in maintaining the integrity of the British empire. The sun has now set on that empire and is getting dimmer for its camp followers. This is perhaps why RBC and the other Canadian banks are, to quote The Globe and Mail, behaving like someone who wants to sell a house (and) is renovating simply in hopes of fetching a better price. Tony Deyal was last seen asking if the banks are so rich and so customer friendly how come they chain down their pens in their Caribbean branches?

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High rates of the Caribbean - Trinidad & Tobago Express

Unless the sugar industry in Caricom can develop in the coming months a co-ordinated and concerted plan of action, it is quite possible that in a few years time there will be little left of an industry which, for evil and good, has played a central role in the making of the Caribbean. This is because this year will see two tsunami-like events occur, both of which threaten the survival of the industry in its present form. The first relates to the changes that will take place this October in the European Unions sugar regime. Then, as a long planned domestic measure, the EU will abolish national sugar production quotas in Europe. This will have the effect of reducing the price paid for sugar from the African Caribbean Pacific group of nations (ACP), while also causing the overall volume of EU sugar imports to fall as Europe becomes self-sufficient. The measure, according to the European Commissions late 2015 report, EU Agricultural Outlook 2015 - 2025, is likely to see the EU sugar price declining to something approaching the already low world market price, forcing the EU sugar sector to become more competitive, and reducing the incentive for trade partners to export to the EU. For high-cost Caribbean producers Guyana, Barbados, Belize and Jamaica and almost all smaller cane producers in the ACP, this potentially spells the end of the EU market, as previously quota-restrained EU beet farmers expand production, taking advantage of much improved yields and industry consolidation, to sell without restriction across Europe and to export. The second challenge arises out of Brexit which will trigger years of uncertainty for all of Britains trade partners as they negotiate new arrangements. For the region, which still exports much of its sugar to the UK for refining, the timing is complicated. Not only will the new EU sugar regime apply to the UK until it formally separates in 2019 at the earliest, but this means Britain is unlikely for some time yet, to be able to reconcile politically, how it will address the sugar issue. This arises because any UK government is going to have to determine how to balance and resolve the competing post-Brexit interests of its domestic sugar producers; its cane sugar refiners; desired trade deals with major cane sugar and by-product producers like Brazil; and ACP development, probably in that order. Unfortunately, the industry in Caricom must address both challenges at a time when the sugar sector still has many fundamental, unresolved issues. While progress is being made in Belize and Jamaica, and the Dominican Republic has a viable privatised industry, there remain problems across Caricom arising from the persistently high cost of production, poor labour relations, and inefficiencies. More significantly, despite years of discussion and external support, governments and the industry have not so far been able to undertake the type of reforms underway elsewhere in the ACP that could viably link sugar production to sugar refining, to the rum and ethanol industries, and to power generation and food production. What is now happening in Europe, however, goes further, raising existential questions requiring a regional consensus and response. In this context, a High Level Caribbean Sugar Policy Workshop planned for Kingston, Jamaica, on March 23-24, is of potentially great importance. Organised jointly by the Sugar Association of the Caribbean, Caricom and other partners from inside and beyond the region, it involves ministers, officials and most importantly a wide range of industry partners, whose future governments now hold in their hands. Some possible approaches to the discussion were contained in an ACP-endorsed study produced last year by Cardno/LMC International. This set out the risks facing ACP sugar producers from changes to the EU sugar regime, reviewed the situation in each ACP sugar-producing nation, and suggested possible mitigating actions. It recommended, in part, that the regional integration of ACP sugar industries should be a priority. In this context, it noted that while governments were free to support their industries by raising tariffs, co-ordination within free trade areas would be required if producers were to gain. Even if the industry now only accounts for less than two per cent of regional GDP a figure that pales in comparison to tourism it is still a significant employer of labour; supports rural communities; provides a range of social services; preserves the environment and contributes to carbon reduction; and indirectly halts urban drift and the associated problems of crime. Within ten years the EU market for raw sugar from the Caribbean will most likely be all but a matter of history. While sugar production in Caricom is unlikely to cease, hopefully by then what is left will be very different, reoriented, efficient and a part of a broader cane-based industrial sector. David Jessop is a consultant to the Caribbean Council

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Has Caribbean sugar a future? - Trinidad & Tobago Express