News Americas, NEW YORK, NY, Fri. May 26, 2023: As Guyana marks its 57th anniversary of independence from Britain today, reports indicate that Exxon Mobil Corp and its partners reported a substantial earnings figure of US $5.8 billion in 2022 from offshore oil production in the South American, CARICOM nation.

The audited results were disclosed as part of an appeal against a court ruling that found the group in breach of insurance obligations related to oil-spill coverage. This marks the first public disclosure of the profits earned by Exxon, Hess Corp, and CNOOC Ltd from their offshore operations in Guyana, where they account for the entire oil output of the country. Production in Guyana began in 2019, and the consortium has steadily increased its production capacity.

In the appeal, Exxon emphasized its technical and financial capabilities to effectively respond to any adverse events, assuring the authorities of its spill-mitigation technology and its ability to cap major oil spills promptly. The group holds $600 million in liability insurance for the Liza One offshore platform.

According to the financial statements, Exxon earned $2.74 billion, Hess earned $1.53 billion, and CNOOC pocketed $1.55 billion from offshore oil production in 2022. By the end of the year, the consortium was producing around 375,000 barrels of oil per day (bpd) from two offshore vessels and has plans to ramp up production to 1.2 million bpd by 2027.

In terms of taxes, Exxon incurred approximately $281 million in expenses in Guyana last year, compared to none in 2020. The financial statement, audited by Guyanese firm TSD Lal & Co, also revealed that the group holds approximately $19 billion in assets in Guyana. At the end of the year, Exxon’s assets in the country were valued at $10.76 billion, while Hess and CNOOC held assets worth $4.28 billion and $3.9 billion, respectively, according to the filing.

News Americas, NEW YORK, NY, Weds. May 24, 2023: As digital nomads move to Latin America, Central America, and the Caribbean, the regions are witnessing a surge for housing. Real estate development, particularly in the commercial sector, with a focus on apartment complexes and villas are in high demands.

However, many developers face the challenge of raising sufficient capital to fund their expansion projects due to a historical lack of access to capital in these region. But while there is indeed a lack of access to capital for start-ups currently, capital is currently available for developers with existing properties that are seeking expansion capital according to Invest Caribbean, the global private sector investment agency of the Caribbean.

Bridge Loans: Fueling Growth Opportunities

Bridge loans have emerged as a viable financial tool for developers seeking expansion capital according to Invest Caribbean. These short-term loans bridge the gap between the immediate financing needs of a project and its long-term financing options. For Latin American, Central American, and Caribbean developers, bridge loans offer a flexible and efficient way to raise capital for existing projects, enabling them to seize growth opportunities and maximize their potential.

Accessing Expansion Capital with Ease

One of the key advantages of bridge loans is their accessibility. Traditional financing options may present challenges for developers, such as lengthy approval processes, stringent requirements, and limited availability. However, bridge loans are designed to provide a faster and more streamlined funding solution. Developers can leverage their existing projects’ value to secure the loan quickly, enabling them to move forward with their expansion plans without unnecessary delays.

Flexible Financing for Diverse Projects

Commercial real estate encompasses a wide range of projects, from hotel developments to apartment complexes and beyond. Bridge loans cater to this diversity by offering flexible financing options that can be tailored to the specific needs of each project. Whether it’s renovating an existing hotel, constructing a new apartment complex, or repurposing a commercial property, developers can leverage bridge loans to finance their expansion ventures effectively.

Maximizing Returns and Accelerating Growth

By utilizing bridge loans, Latin American, Central American, and Caribbean developers can unlock the potential of their existing projects. Access to expansion capital enables them to expedite construction timelines, implement value-enhancing upgrades, or acquire additional properties, ultimately maximizing returns on investment. The flexibility and speed of bridge loans allow developers to capitalize on market opportunities promptly, contributing to accelerated growth and success.

Building Strong Partnerships

Bridge loans are typically provided by specialized financial institutions or private lenders experienced in real estate financing. Collaborating with these partners not only provides the necessary funds but also fosters long-term relationships with experts who understand the regional market dynamics. Developers can leverage their knowledge and expertise to navigate the unique challenges and capitalize on emerging opportunities in Latin America, Central America, and the Caribbean.

For Latin American, Central American, and Caribbean developers, raising expansion capital for existing projects is now easier than ever with the introduction of bridge loans. These flexible and accessible financing options empower developers to seize growth opportunities, maximize project potential, and accelerate success. By leveraging bridge loans, developers can embark on transformative ventures that shape the commercial real estate landscape in these vibrant regions.

News Americas, NEW YORK, NY, Mon. May 22, 2023: The latest Global State Of The Media Report from CISION is out and for the 14th year, CISION PR Newswire, a partner of CARIBPR Wire, has broadened its approach to help communciations professionals more deeply understand the state of the relationship with journalists and people behind the numbers.

When it comes to press releases that journalists are more interested in the main word for 2023 is DATA!

A full 40% of journalists surveyed say they are relying more on data this year  – views, engagement, demographic data, etc. – to shape their editorial strategy than they have in previous years. Just over 54% surveyed say they are relying on it the same amount, with a mere 6% saying they are relying on it less.

When asked what kind of content or information they wanted to receive from strategic communicators, 68% of journalists said they wanted data – in the form of original research, such as trends and market data. Their biggest priority is ensuring content is accurate.

Additionally, 44% of journalists say they use social media to pick up on trending topics, and more than half (52%) are using it to monitor elements like news, keywords and competitive media. Communications professionals should not only think about social media as a way to engage with and learn more about journalists, but also as a platform to pull data and arm them with valuable data for their stories.

Data – structured, relevant and verified data – can be what makes your message stand out. There are myriad ways journalists are using data. Whether you are serving up audience demographic data to prove you’ve done your research on their audience, trend reports to show that your story is timely, or unique research your client or organization created that will resonate with the reporter’s audience – opportunities abound to provide data in a meaningful way that serves your shared goal of telling a compelling and accurate story to Caribbean or Latin America media or media globally.

News Americas, NEW YORK, NY, Thurs. May 18, 2023: In today’s digital age, businesses across the globe are embracing technological advancements to enhance their customer experiences and streamline operations. One such innovation making waves in the business world is chatbots. With the growing popularity of online interactions, chatbots have become a necessity for Caribbean and Latin American businesses looking to stay competitive in the market. According to a recent report from ResearchAndMarkets.com, the global market for digital marketing software is experiencing significant growth, making it crucial for businesses in the region to incorporate chatbots into their digital strategies.

The report highlights that the global market for digital marketing software is expected to expand exponentially in the coming years. This growth is driven by several factors, including the increasing reliance on digital channels for customer engagement, the need for personalized interactions, and the demand for seamless and efficient customer support. For Caribbean and Latin American businesses, the adoption of chatbots presents a valuable opportunity to meet these evolving consumer expectations.

Chatbots are intelligent computer programs designed to interact with users and provide automated responses to their queries. By incorporating chatbots into their websites or messaging platforms, businesses can offer round-the-clock customer support, instant responses to inquiries, and personalized recommendations. These benefits not only improve customer satisfaction but also free up human resources to focus on more complex tasks and strategic initiatives.

One of the key advantages of chatbots is their ability to handle a large volume of customer inquiries simultaneously. As the customer base grows, businesses may struggle to keep up with the influx of queries. By implementing chatbots, companies can ensure prompt and accurate responses to customer inquiries, regardless of the time or day. This 24/7 availability significantly enhances customer experiences, leading to increased customer loyalty and retention.

Moreover, chatbots can collect and analyze valuable data about customer preferences, behaviors, and pain points. By leveraging this data, businesses can gain valuable insights to inform their marketing strategies, product development, and customer relationship management. These insights allow companies to deliver more personalized experiences and targeted marketing campaigns, ultimately driving customer engagement and revenue growth.

As the digital marketing landscape continues to evolve rapidly, Caribbean and Latin American businesses cannot afford to overlook the potential of chatbots, says Hard Beat Communications. Incorporating this technology into their digital strategies can help businesses gain a competitive edge, improve customer satisfaction, and drive business growth. Embracing chatbots is not only a smart move for staying ahead of the curve but also a proactive step towards meeting the changing needs and expectations of modern consumers.

In conclusion, the rising prominence of chatbots in the global market for digital marketing software underscores the importance for Caribbean and Latin American businesses to adopt this technology. By leveraging chatbots, businesses can provide efficient and personalized customer support, analyze valuable customer data, and stay ahead in today’s increasingly digital marketplace. The time to embrace chatbots is now, as they have become a vital tool for businesses striving to succeed and thrive in the digital era.

By Felicia J. Persaud

News Americas, FORT LAUDERDALE, FL, Weds. May 17, 2023: In the grand chessboard of global geopolitics, the Caribbean and Latin America are experiencing a tectonic shift, akin to a thrilling thriller with unexpected plot twists and high-stakes outcomes. Over the past four months, the narrative has been dominated by the rising dragon of the East – China, making strategic moves that are reshaping the region’s economic landscape.

China’s influence is not just a passing wave, but a well-calculated part of its ambitious global expansion strategy, embodied in initiatives like the Belt and Road Initiative. Over the last 20 years, China has become the second largest trading partner of Latin America & the Caribbean (LAC). Between 2000 and 2020, China-LAC trade grew 26-fold from USD 12 billion to USD 310 billion. China is also among the top sources of foreign direct investment and finance for the LAC region.

China has invested over $10 billion in mainly six Caribbean countries between 2005 and 2022 focused on the tourism, transportation, extractive metals, agriculture, and energy sectors.

•Jamaica: $3.16 billion

•Guyana: $3.01 billion

•Trinidad and Tobago: $2.28 billion

•Antigua and Barbuda: $1 billion

•Cuba: $740 million

•Bahamas: $350 million

From 2005-2020, Chinese investment in energy and infrastructure throughout the Caribbean reached upwards of $7 billion.

•China’s SOE China National Offshore Oil Corporation (CNOOC) has a 25% stake in the Stabroek block25, an offshore crude oil deposit projected to produce upwards of 4 million barrels per day by 2025. ExxonMobil holds a 45% interest alongside Hess Guyana’s 30 percent stake.

•In 2011, China’s sovereign wealth fund acquired a 10% interest in Trinidad and Tobago-based Atlantic LNG, one of the world’s largest natural gas producers.

•In 2019, a subsidiary of Chinese national oil company CNPC (CNPC is the primary and stands for China National Petroleum Company) Great Wall Drilling, began drilling oil off Cuba’s coast as part of a joint venture with state-owned oil firm Cuba Petroleum Company (CUPET).

•In 2017, Jamaica’s Alpart alumina refinery was purchased by Chinese state-owned enterprise, Jiuquan Iron and Steel Company (JISCo) for $299 million.

•China National Corporation for Exploration and Development of Oil and Gas (CNODC) currently has a 30% stake in the consortium developing the Stabroek Block. The Stabroek Block is 6.6 million acres and holds an estimated recoverable resource of more than ten billion oil-equivalent barrels.

Yet, in this unfolding drama, China is not the only player. Saudi Arabia has also been extending its reach, with the Saudi Fund for Development making noticeable inroads. Saudi Arabia, through the King Salman Humanitarian Aid and Relief Center (KSrelief), has provided more than $1.3 billion in aid to the Caribbean countries, the Saudi foreign minister has said.

Prince Faisal bin Farhan made the remarks during the 28th Ordinary Meeting of the ACS Ministerial Council in Guatemala recently.

He said the Saudi Fund for Development acts as an integral part of the Kingdom’s expanding global partnerships and is currently working on projects worth $240 million within the Caribbean.

While these foreign powers bring economic opportunities, critics express concern about potential erosion of sovereignty, risk of crippling debt burdens, and possible environmental and societal effects. Amid these opposing currents, the billion-dollar question remains: Why has the US allowed such significant foreign influence in what is historically its sphere of influence?

Seemingly hamstrung by perceived risks and corruption, American investors have neglected their own backyard, viewing it as a high-risk “wild west.” This has allowed countries like China and Saudi Arabia to seize the moment, filling the investment vacuum with strategic moves.

As the CEO of Invest Caribbean, it feels like we’re on a battlefield, fighting an uphill battle to finance quality projects in a region that, ironically, is rich in opportunities. The reluctance of the US to finance its neighboring regions has left a void that China and Saudi Arabia are all too willing to fill.

But the story is far from over.

The Caribbean and Latin America are standing at a pivotal crossroads. What they need desperately now is a fund that can nurture small to medium private sector enterprises while offering both debt and equity to fund larger, quality projects that stimulate job creation and regional growth. Invest Caribbean, a Caribbean-American owned and US registered entity, is ready for the challenge.

The final chapter of this story remains unwritten, but the stage is set for a dramatic climax. Will the US realize the potential of its own backyard, or will it continue to stand by as other global powers rewrite the narrative? The choice is clear: It’s time for the US to step up and join the game, or risk being left behind in the thrilling saga of global geopolitics.

EDITOR’S NOTE: The writer is CEO of ICN which owns the brands, Invest Caribbean, CaribPR Wire, Hard Beat Communications and News Americas – the Black Immigrant Daily.