The U.S. Virgin Islands´ economy is in the midst of an economic expansion, according to the Bureau of Economic Research (BER). The good news is the result of record increase in private sector activity in construction and financial services, public sector investment in major public works and economic development projects, and record increase in tourism. The U.S.V.I. Gross Territorial Product continues to grow each year, and is expected to increase 3.2 percent in 2005.

Deutsche Lufthansa AG said it has no plans to sell its 50 percent stake in the Thomas Cook joint venture it operates together with KarstadtQuelle AG. Earlier, Manager magazine issued a prerelease of an article which stated Lufthansa has plans to sell its 50 percent stake in the Thomas Cook joint venture to KarstadtQuelle. KarstadtQuelle has said in the past it wants to increase its own 50 percent stake.

Trinidad & Tobago´s Prime Minister Patrick Manning will lead an initiative to change the conditions of the oil supply agreement between Venezuela and Caribbean countries later this month. A report in the local press indicate that Trinidad, Barbados and Jamaica will ask Venezuelan President Hugo Chavez to reconsider some of the terms of the PetroCaribe agreement that the governments say run contrary to the spirit of the CARICOM treaty.

The U.S. Department of Transportation (DOT) granted this week antitrust immunity to a three-way alliance of American Airlines, LAN Peru and Chile´s LAN Airlines. The immunity allows for coordinated marketing and pricing, but the DOT excluded revenue pooling or pricing, inventory and yield-management coordination for Miami-Lima, where American Airlines and LAN Peru have the only nonstop flights.

Starwood Hotels & Resorts has boosted its stock-repurchase program by $1 billion, bringing the total current authorization to $1.3 billion. Before the start of trading Tuesday, White Plains, N.Y.- based Starwood also said its board approved the repatriation of about $550 million from the company´s Italian subsidiary and expects to pay about 10% of it in taxes.

Travelzoo has reported revenues of $13.4 million for the third quarter ended September 30, 2005, an increase of 41 percent over revenues of $9.5 million for the prior-year period. The company attributed the growth to its subscriber base in the US and venture in the UK. Travelzoo UK began operations in May 2005.