St. Kitts

Carib Brewery Reports Nearly $6 Million Profit

Carib Beer - The Beer Of The Caribbean!

Carib Beer – The Beer Of The Caribbean!

Basseterre, Saint Kitts – Nevis
June 05, 2008 (CUOPM)

Carib Brewery (St. Kitts & Nevis) Limited is reporting an EC$5.8 million profit before tax for 2007, up EC$1.6 million compared to the previous year.

According to the Annual Report released at the company’s 48th Annual General Meeting, sales in 2007 increased by 10 percent to EC$30.3 million.

“Our increase in revenue was in part, the result of an increase in prices, the first the brewery has implemented in over 10 years. Price increases were required to help mitigate the effect of global increase in the price of raw materials, utilities and fuel for our plant,” said Chairman Andrew Sabga.

He said Carib Brewery (St. Kitts & Nevis) Limited made substantial investments to improve production efficiencies through the installation of a new pasteurizer and boiler resulting in considerable savings in utility costs and a 20 percent increase in bottling capacity.

In 2008 the local company will continue to invest in a new plant by installing a new refrigeration unit and malt handling system in order to further enhance its capacity and quality as it seeks new exports markets. Markets include Tortola, St. Maarten, Barbados and islands in the OECS.

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St. Kitts Minister of Tourism Speaks Out

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Richard Skerrit – Minister of Tourism, St. Kitts – Nevis
Photo By Erasmus Williams
Basseterre, Saint Kitts – Nevis
June 04, 2008 (CUOPM)

Minister of State for Tourism, Sen. the Hon. Richard Skerritt says the multi-million dollar Kittitian Hill project is very much alive and is an integral part of the St. Kitts – Nevis Labour Government’s visionary effort to diversify the previous sugar-based economy and improve the quality of life for the residents of the surrounding villages of Newton Ground, St. Paul’s, Dieppe Bay, Parson’s and Saddlers and that wider Whitegate area of St Kitts.

He told Members of Parliament and the public at large on Wednesday that the ongoing attempts by the opposition People’s Action Movement (PAM) which holds one-seat in the 15-memberlaw making body that the sabotage of the Kittitian Hill project through mounting billboards and all of the other propaganda based methods, will fail.

Minister Skerritt accused the People’s Action Movement (PAM) of spreading propaganda designed to create an attitude and atmosphere of doom and gloom in the country and to attack the integrity of the Government’s hard work and outstanding achievements in the transformation and development of the economy.

Minister Skerritt noted that over the past few days, agents of the People’s Action Movement (PAM) have been mounting a number of large billboards all over the St. Kitts landscape.

“Mr. Speaker, I will not waste the time of this Honourable Assembly by repeating what we all already see and know”¦.that it is the well established motive and policy of the People’s Action Movement to attempt to destroy the economy of our country as long as they do not hold the reins of government”¦. And it is clear to me that these PAM political billboards are part of PAM’s desperate attack on the exceptionally high level of investor confidence and positive buzz that has been generated in the North American and United Kingdom marketplaces about the future of our tourism sector,” Minister Skerritt told the National Assembly.

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St. Kitts – Nevis Sustainable Energy Policy

PM Douglas at World Food Security Meeting

PM Douglas (center) at FAO Confernece

Basseterre, Saint Kitts – Nevis
June 04, 2008 (CUOPM)

The development of bioenergy and other alternative forms are of critical importance to St. Kitts and Nevis.

So says St. Kitts and Nevis Prime Minister and Minister of Sustainable Development, Hon. Dr. Denzil L. Douglas, who told a high level conference on World Food Security at the FAO Headquarters in Italy on Tuesday that the twin-island Federation has developed an energy strategy that is intended to help promote and contribute to the sustainable development of the country.

“Consequently we are seeking to develop indigenous sources and fuel substitution in the generation of electricity and transportation fuels. The use of biomass for energy generation is one area that is under active consideration. However our aim is to ensure that such biomass use is sustainable and does not adversely effect domestic food production,” Prime Minister Douglas told the several Heads of State, Heads of Government, Ministers and experts.

He said his governing St. Kitts – Nevis Labour Party Administration has given approval in principle for a biomass (cane grass) project as well as the establishment of a wind farm.

Much attention he said is currently being paid on the development of a geothermal project for electricity generation while the use of solar energy is also under active consideration.

The St. Kitts and Nevis leader said there is no doubt that the escalating price of fossil fuel has impacted negatively on food security, while there is continued debate about the effects of bioenergy.

He noted that bioenergy has been defined as energy produced from biomass such as energy crops, forestry residues and organic wastes and currently much attention is being paid to the production of liquid biofuels, mainly ethanol and biodiesel.

The biofuels are mainly produced from food crops and are used for transport. Ethanol is mainly produced from sugarcane and maize while the production of biodiesel is from rapeseed but also palm oil and soyabean oil. The growing biofuel market is driving up commodity and food prices and represents a new source of demand for agricultural commodities.

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PM Douglas Calls For FAO Agricultural Assistance

FAO Logo

Food and Agriculture Organization Logo

Basseterre, Saint Kitts – Nevis
June 03, 2008 (CUOPM)

St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas has called for the suspension of the protocol with the World Trade Organization (WTO) to allow Member Countries to produce more local agricultural products.

Addressing the United Nations Food and Agriculture Summit on World Food Security: the Challenges of Climate Change and Bioenergy, in Italy on Tuesday, the St. Kitts and Nevis Leader also called on the FAO (Food and Agriculture Organization of the United Nations) to assist Member Countries with seeds, fertilizer and other inputs to assist the farmers to carry out a rapid production of agricultural products.

“We need help and we need it immediately,” Prime Minister Douglas told the several Heads of State and Government as well as numerous Ministers of agriculture, forestry, fisheries, water, energy and environment.

Dr. Douglas also said there was an urgent need to develop measures to ensure that the adverse effects of the higher food prices on the poor are minimized and that sustainable measures are developed and implemented to reduce poverty.

He said that policy makers have a critical role in ensuring that bioenergy is developed in a sustainable manner thereby safeguarding food security and ensuring that the benefits reach the poor and those who are food insecure.

“Policy priorities would include safety nets to mitigate impacts of higher food prices on the poor and food insecure and the promotion of bioenergy policies that are environmentally sustainable and would foster market opportunities for small holders and other vulnerable groups,” said the St. Kitts and Nevis leader.

Dr. Douglas said that climate change is expected to impose new challenges to arable land areas, livestock rearing and fisheries and urged agreement on the actions that are necessary to achieve climate-responsive food security policies and programmes.

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St. Kitts – Nevis To Strengthen Money Laundering Laws

Money Laundering In The Caribbean

Dirty Money In The Caribbean

Basseterre, Saint Kitts – Nevis
June 03, 2008 (CUOPM)

Lawmakers in St. Kitts and Nevis meet on Wednesday to approve legislation aimed at ensuring the Federation’s legal, law enforcement, financial and regulatory regimes are in compliance with international standards and increasing financial transparency within certain key institutions within the Federation.

Minister of State in the Ministry of Finance, Sen. the Hon. Nigel Carty will introduce The Payment Systems Bill, the Bills of Exchange (Amendment) Bill, the Financial Services Commission (Amendment) Bill and the Financial Intelligence Unit (Amendment) Bill and Minister of National Security, the Hon. Dwyer Astaphan will introduce the Anti-Terrorism (Amendment) Bill at Wednesday’s Sitting of the National Assembly.

The Payment System Bill establishes a comprehensive legislative framework governing the establishment, maintenance and functioning of the payment system operated by the St. Kitts-based Eastern Caribbean Central Bank (ECCB). It provides for the direct participation by the Central Bank in payment systems not operated by it including non-currency union payments systems and addresses matters relating to the designation of a funds transfer system and a settlement system including the operation of standards within such systems.

Under this law, the ECCB will be empowered to issue directives to financial institutions which appear to or are actually engaged in conduct with respect to the payment system that results in or is likely to result in systematic risk or is contrary to the public interest relative to the integrity, effectiveness, efficiency or security of the payment system.

The Financial Services Commission (Amendment) Bill increases the efficiency of the Financial Services Commission by endowing the commission with powers to impose sanctions on financial institutions that are acting in a manner that violates safe prudential practices as set out in the Proceeds of Crime Act, the Anti-money Laundering Regulations, the Anti-Terrorism Act or similar legislation.

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