Economy

St. Kitts – Nevis Economy Helps S.L. Horsfords’ Growth

Basseterre, Saint Kitts – Nevis
March 13, 2008 (CUOPM)

Another local company is reporting significant improvement in both sales and profitability ““ a sign that the St. Kitts and Nevis economy is moving in the right direction.

Less than a month after the National Bank Group of Companies reported a net profit of EC$81 million in 2007, S.L. Horsford and Company Limited and its Subsidiary Companies disclosed group sales increased nearly EC$13 million and group profit before tax by EC$2.6 million.

Company Chairman, Mr. Anthony Kelsick in his report said Group Sales increased by EC$12,938,803 or 10.90 percent to EC$131,633,983 and Group Profit before taxation by EC$2,697,540 or 35.63 percent to EC$10,269,324.

He added that on an after tax basis, profit increased by EC$1,884,436 or 42.7 percent and earning per share was 21 cents in 2007 as against 15 cents in 2006.

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St. Kitts – Nevis Keeps Inflation Rate Low

Basseterre, St. Kitts – Nevis
March 03, 2008 (CUOPM)

The Federation of St. Kitts and Nevis registered the second lowest rate of inflation for the last nine months of last year, the Eastern Caribbean Central Bank (ECCB) is reporting.

According the Basseterre-based financial institution, the rate of inflation in the member countries of the Eastern Caribbean Currency Union (ECCU), ranged from 1.1 percent in Anguilla to 6.2 percent in St. Vincent and the Grenadines during the first nine months of 2007.

The rate of inflation in the ECCB member countries for the first nine months of 2007 is 1.1 percent in Anguilla; 2.5 percent in Antigua and Barbuda; 3.2 percent in Dominica; 5 percent in Grenada; 2.2 percent in Montserrat; 1.6 percent in St. Kitts and Nevis; 4.3 percent in St. Lucia and 6.2 percent in St. Vincent and the Grenadines.

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Nevis Premier Discusses Economic Outlook

Charlestown, Nevis
February 13, 2008
Washington-based International Monetary Fund (IMF) Deputy Managing Director Mr. Murilo Portugal has expressed concerns about the debt management challenge faced by Nevis Island Administration (NIA).
 
This concern was among others raised when Premier of Nevis and Minister of Finance the Hon.  Joseph Parry and his Financial Secretary Mr. Laurie Lawrence held discussions with an IMF high level delegation on Sunday February 10, 2008, at the Royal St. Kitts Marriott Hotel.
 
In an interview with the Department of Information on Monday February 11, 2008, Mr. Lawrence said the NIA acknowledged its debt situation and several instruments would be implemented shortly to alleviate the situation.

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OECS Leaders To Discuss Economic Union

Basseterre, St. Kitts – Nevis
February 12, 2008 (CUOPM)

St. Kitts and Nevis‘ Prime Minister Hon. Dr. Denzil L. Douglas is among OECS Heads of Government appointed to a sub-committee to refine the Economic Union work programme.

During the recent meeting of the 46th Meeting of the OECS Authority in Roseau, Dominica, sub-regional leaders were engaged in extensive discussions on the next steps towards the OECS Economic Union and stressed the urgent need to begin the proposed consultations on the draft Economic Union Treaty, beginning with engagements with governments, ruling and opposition parties, non-governmental organisations and other interest groups with a view towards mobilising the widest possible support for the objectives and goals of the Economic Union.

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