Cancun._ Mexico’s National Fostering Fund for Tourism (FONATUR) will approximately shell out $US1 billion in building a couple of brand-new cruiser harbors in Cancun and San Lucas Cape. The project for the harbor in Cancun –under a $US620-million budget- includes construction of a cruise liner terminal, plus a new wharf with docking space for 1,300 boats and the necessary infrastructure in place as far as hotels, services, trade zones and housing are concerned.

Havana_ Joint ventures operating in Cuba added up 400 in early 2002, a figure that stands for a 6% increase as compared to the year before, according to an official report. “International economic associations,” as they are called by the government, amass a grand total of $US5.4 billion in foreign investments and they shelled out $US1.8 billion in assets and service sales in the year 2001, with $US768 millions in exports, the report highlights.

London._ Carnival Corp said it has increased its offer for P&O Princess to 500 pence per share from 456 pence, valuing the company at around 3.5 bln stg, compared with 3.2 bln previously. The new bid, which stands in opposition to an agreed merger with Royal Caribbean Cruises ASA, offers cash of 250 pence plus 0.1380 Carnival shares for every P&O Princess share. The previous offer was 200 pence cash plus 0.1361 Carnival shares.

Bridgetown._ The Barbados economy is in recession, according to the Barbados Economic Society. In 2002, the economy declined by over three per cent for the second and third quarters and it is expected that the decline would be even more dramatic for the fourth quarter. In essence the economy would have declined for three consecutive quarters.

BASSETERRE._ St. Kitts and Nevis has prepared for tough times in the new year, with a budget which Prime Minister Dr. Denzil Douglas says took into account the uncertainties of the global economic situation. The EC$357.7 million (US$132.29) budget package presented last month envisaged a lessening in government expenditure.

Bridgetown. Despite a heartening flurry of late bookings this winter season, Barbados’ hoteliers may not be smiling too broadly, as The Nation daily reported. Reduced business is affecting top class properties as well as the much less pricey apartments, asserted the newspaper that looked into the issue. To analyze the situation The Nation listed the properties as A, B, C and D.