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JAMAICA BUSINESS NEWS: October 25th – 31st, 2014

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JAMAICAN YOUTH AIDED BY IDBβ€”10/25/14
The Inter-American Development Bank (IDB) is cooperating with Jamaica to provide a skills upgrade for young people on the island to make them more employable. According to Therese Turner Jones, the Country Representative for IDB, the focus of the work relates to transforming the education system of Jamaica through reforms of curriculum and assessments.

GOVERNMENT ASKS FARMERS TO INCREASE PRODUCTION OF SUGAR CANEβ€”10/26/14
The Jamaican Ministry of Agriculture, Labor and Social Security has asked Jamaican farmers to increase their production of sugar cane in order to make the island’s industry more competitive around the world. Luther Buchanan, Minister of Agriculture, stated that the Cane Expansion Fund is designed to raise the number of loans available to growers to facilitate increased production.

BIGGEST CARIBBEAN OIL REFINERY SOLDβ€”10/28/14
The oil refinery based in St. Croix, the largest in the Caribbean region before closing in 2012, has been sold. The sale could mean improved economic conditions for the island. The government of the U.S. Virgin Islands announced that a tentative agreement had been made between Atlantic Basin Refinery and Venezuela’s PDVSA and Hess Corporation to go forward with the sale.

FINANCE MINISTER PRAISES RED STRIPE CASSAVA INVESTMENTβ€”10/29/14
Red Stripe has made a $150 million investment in the local cassava production industry. The agreement will cover most of the imported raw material for its brewery. It could make Jamaica more competitive and lower the debt burden.


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Written by Staff Writer