Pulse of the Caribbean

#90 Caribbean News Round Up Episode 3 Week of August 4

• Pulse of the Caribbean

Share episode

From governmental shifts to economic milestones, the Caribbean landscape continues to evolve in dynamic ways that affect millions across the region as highlighted in the headlines of our latest Pulse of the Caribbean News Roundup. 

  • Puerto Rico's Financial Oversight and Management Board undergoes major change as President Trump dismisses five Democratic members
  • US Virgin Islands receives $3.6 million grant to establish the VI LEAP Fund, the territory's first accredited Community Development Financial Institution
  • Guyana's economy grew 43.6% last year with Vice President Jagdeo discussing controlled foreign labor importation to support growth
  • St. Kitts and Nevis passes Industrial Design Bill 2025, ending 95 years of colonial-era regulations and creating local protections for designers
  • Jamaica celebrates its 63rd Independence Anniversary with CARICOM Secretary General highlighting the nation's regional leadership
  • Antigua renames Potter's Road to "Burning Flames Highway" honoring the famed Soka group's 40th anniversary 

Listen online at www.pulseofthecaribbean.com or your favorite streaming platform.

Send news releases to news@pulseofthecaribean.com. If you have an interest in sponsoring our podcast, email us at  biz@pulseofthecaribbean.com.

Speaker 1:

This is the Pulse of the Caribbean Caribbean News Roundup. Now today's Caribbean News Headlines.

Speaker 2:

This podcast is brought to you by Victory Run Walk, sponsored by the US Virgin Islands Department of Tourism. Accommodations are now available. Register at VictoryRunWalkVIcom for the 5K, 10k and Half Marathon. Labor Day weekend, august 30th, st Thomas, us Virgin Islands, and Diamond Key, marina, yosvendike, british Virgin Islands, home of Foxy's Taboo and Gateway to the Bubbly Pool. A News Roundup Episode 3 for the week of August 4th. Here's a look at what's making Caribbean headlines. We start our report today in Puerto Rico.

Speaker 2:

On Tuesday, the Puerto Rico Financial Oversight and Management Board acknowledged that the US White House had informed it that President Donald Trump has dismissed five of its seven members, a major change that would overhaul the island's financial oversight agency. Bloomberg says it reviewed emails notifying members of their dismissal, which Breitbart News first reported. Andrew G Biggs and John E Nixon, republicans appointed by President Trump, remain, and five Democrats on the board were dismissed. A White House official told Breitbart the financial oversight and management board of Puerto Rico has been run inefficiently and ineffectively by its governing members for far too long and it's time to restore common-sense leadership. The Associated Press received the same statement. Restore common sense leadership. The Associated Press received the same statement. According to Puerto Rico Governor Jennifer Gonzalez, president Donald Trump exercised his authority under the Permissa law to change the composition of the Financial Oversight and Management Board for Puerto Rico. Governor Gonzalez said my administration has maintained direct communication with the board and its staff since day one. This work will continue with the new members to end the board's Puerto Rico presence.

Speaker 2:

Our next stop is the US Virgin Islands. The University of the Virgin Islands Research and Technology Park Community Impact Fund received a $3.6 million grant to establish the Virgin Islands LEAP Fund. A $3.6 million grant to establish the Virgin Islands Leap Fund, a crucial step in launching the territory's first accredited community development financial institution. The $3.6 million VI Leap Fund will provide flexible loans, financial literacy training and technical help to small enterprises and underserved populations who have been excluded from traditional lending channels in the US Virgin Islands. The Community Development Financial Institution designation will provide flexible lending products, financial literacy training and technical help to local entrepreneurs, small business owners and underserved communities.

Speaker 2:

A community development financial institution is essential to developing local wealth and opportunity. According to Governor Albert Bryan Jr Administration Vision 2040 Economic Strategy, vi Leap Fund will be implemented in three phases around a central pillar. The first is a flexible loan program for small businesses and organizations. The second will provide technical help and financial education development. The third promotes program reach and impact through strategic community collaborations. The RT Park Community Impact Fund's successful Virgin Islands Catalyst Revolving Loan Fund administration paved the way for this new endeavor. The $5 million Catalyst Fund established by the Virgin Islands Legislature in 2022 helped the RT Park construct a credit portfolio and pipeline. That experience proved effective in winning the $3.6 million award.

Speaker 2:

The US Virgin Islands Government House Communication Director Richard Mota broke the news during a press briefing on Monday. Mota says the VI LEAP Fund is more than a financial program. It addresses long-standing economic infrastructural shortages in the territory. Community development financial institutions benefit every state and numerous territories. Yet the territory lagged, he said, stating that changes now.

Speaker 2:

Now we head to Guyana. As the economy grows in Guyana, the government of Guyana acknowledges that it will need important labor, but Vice President Dr Bharat Jagdeo says the government will stay cautious to prevent a foreign takeover. At some point we will be like Qatar or Dubai, where you need labor because Guyana is growing quickly and don't have enough people to do all the work. The vice president said Over 50% of Qatar and Dubai's population are expats. Guyana's GDP grew 43.6% last year, despite considerable growth in oil production and exports. The non-oil industry also performed well, gaining 13.1%. Guyana's population of less than 1 million will need labor to support its growing and new businesses as its economy grows rapidly. According to Jagdeo, locals will be given priority to fill human resources deficits and a migration strategy will direct labor imports. And a migration strategy will direct labor imports For large projects like the Demerara River Bridge. The government has allowed some corporations to import labor. However, these were limited and ad hoc. Jagdeo said the migration policy will formalize this process and prevent foreigners from taking over the country.

Speaker 2:

Our next stop is Sinkitz and Nevis. Sinkitz and Nevis Industrial Design Bill 2025, the Federation First empowers Sinkitz and Nevis' creative economy. This groundbreaking law empowers local designers, artists and entrepreneurs to formally protect the visual appearance of their original inventions. Garth Wilkins S Kitts and Nevis Attorney General and Minister of Justice and Legal Affairs led the debate and called the legislation essential for establishing a competitive knowledge-based economy, in keeping with the sustainable island state agenda. The Attorney General said this is a significant milestone in our journey to empower innovation, foster entrepreneurship and align our legal architecture with international intellectual property norms. It ends 95 years of inequity and creates a modern platform for conditions and divisions to protect their products. Industrial design encompasses shape lines, colors, texture and decoration in clothing, jewelry, furniture, packaging and game boards. Only UK registered designs were protected by the colonial-era United Kingdom Design Protection Act of 1930. The bill repeals this regulation and creates a local procedure for cotitions and divisions to register and protect their designs.

Speaker 2:

Next up, caricom congratulates the government and people of Jamaica on the country's 63rd Independence Anniversary. After this, st Thomas Virgin Islands Victory Run 2025 accommodations are now available After race registration. Book your stay and be the first occupants to stay at the Hamptons by Hilton, directly located at the start and finish line of Victory Run 2025. While around the bend and at the beach shore is the beautiful Westin Resort and connecting waterfront villas of the Bowie House. Beach Shore is the beautiful western resort and connecting waterfront villas of the Bowie House. But locations are family friendly and here to accommodate you with special rates, making your stay a breeze as you gear up and get ready for St Thomas Victory Run 2025. Usvi, book your stay now.

Speaker 2:

This is the Pulse of the Caribbean News Roundup, episode 3, for the week of August 4th. Caricom Secretary General, dr Carla Barnett, is congratulating Jamaica on its 63rd independence anniversary today, saying the island has made remarkable economic and social progress. The country has also led regionally and internationally and left a cultural mark on the world through music, athletics, art, gastronomy and other fields. Dr Barnett says Jamaica's coordination of CARICOM's multinational security support mission in Haiti and leadership on external trade negotiations, in keeping with your role in the CARICOM quasi-cabinet, has substantially benefited the community. She said that she looks forward to Jamaica's leadership as the community navigates changing global forces and protects our citizens' interests, who are the essential stakeholders in regional integration. She ended by wishing the Jamaican government and people well, believing that their vibrancy, inventiveness and dedication to excellence will lead to even greater progress and prosperity. Jamaica's Prime Minister, dr Andrew Holness, is currently serving as chair of CARICOM, the Caribbean community. On July 1st he began his term as CARICOM's rotating chair. Happy 63rd Independence Day, jamaica. And here's our final note Antigua's Potter's Road is now the Burning Flames Highway in honor of Antigua and Barbuda's famed Soka group.

Speaker 2:

Antigua and Barbuda's Prime Minister, gaston Brown, announced the band's 40th anniversary during carnival celebrations. Mr Toriano Edwards, known as Onion, one of the founding members, said the highway renaming was a proud reflection of community solidarity and cultural heritage. Congratulations to the group on this significant acknowledgement. This podcast is brought to you by Victory Run Walk, sponsored by the US Virgin Islands Department of Tourism. Accommodations are now available. Register at VictoryRunWalkVIcom for the 5K, 10k and half marathon Labor Day weekend, august 30th.

Speaker 2:

St Thomas, us Virgin Islands, and Diamond Key Marina, yosvendike, british Virgin Islands, home of Foxy's Taboo and Gateway to the Bubbly Pool, a natural jacuzzi and hidden gem. Have news and information you'd like to share with us? Send news releases to news at pulseofthecaribbeancom. If you have an interest in sponsoring our podcast, email us at biz at pulseofthecaribbeancom. This has been your Pulse of the Caribbean News Roundup, episode 3 for the week of August 4th. Here's a shout out to our listeners in Florida, in Jamaica and in Antigua and Barbuda. Thanks for listening and do spread the word and share our podcast with others across the region and the diaspora. I'm Keisha Blyden. See you next time.

Speaker 1:

For more Caribbean news stories and information, visit us online at pulseofthecaribbeancom. If you found value in this podcast, be sure to like and subscribe wherever you listen to podcasts, and thank you in advance for choosing Pulse of the Caribbean Caribbean News Roundup as your source for Caribbean-centered news.