Prime Minister Ingraham says his government is taking steps to mitigate the fallout from the financial crisis

It has emerged that the Bahamas has suffered a serious blow from the global financial crisis.

The country's Prime Minister, Hubert Ingraham, told BBC Caribbean a number of projects have been affected including the development of a major Ritz Carlton resort.

He said the Ritz project, "worth around several hundred million dollars", has come to a standstill following the demise of Lehman Brothers.

The prime minister also said that the credit crunch has impacted on government revenues, tourism arrivals and triggered unemployment.

Prime Minister Ingraham told BBC Caribbean his government has been trying to cushion the impact of the economic fallout by increasing infrastructure projects and boosting social welfare programmes.

He said he did not "expect any major disastrous consequences" in his country from the continued global financial crisis.

EPAs on track despite EU Commission change

The Economic Partnership Agreements (EPAs) agreed between the European Union and the Caribbean will not be affected by the appointment of a new trade commissioner.

	Catherine Ashton took over from Peter Mandelson as EU trade commissioner on Monday

This is the assessment of an expert on EU-Caribbean trade relations, David Jessop, director of the Caribbean Council for Europe.

The European Union's new trade commissioner, Catherine Ashton, took up the position on Monday, following the departure of Peter Mandelson.

Mr Mandelson stepped down last week to take up the post of Business Secretary in the cabinet of Britain's Prime Minister, Gordon Brown.

Ms Ashton previously sat as a Baroness in Britain's upper house of parliament.

Food and Fuel prices under the spotlight

Finance ministers from the Commonwealth on Monday started their annual meeting in St. Lucia with the high prices for food and fuel the major item to be discussed.

The Commonwealth secretariat said it was also hoping that the ministers will fine-tune their positions on various issues of mutual interest so that they can have, as much as possible, a united approach at the upcoming annual meetings of the World Bank and the International Monetary Fund.

Those upcoming meetings are expected to focus on the reform of both institutions.

Guyana won't protest Venezuela nuclear plans

	President Jagdeo has rejected calls to denounce Venezuela's arms build-up

The Guyana government has dismissed a call by the country's main opposition for the government to "mount a major challenge" to Venezuela's recent arms build up.

Venezuela has also announced intentions to acquire nuclear power to develop alternative energy with help from Russia.

These developments have unnerved the opposition The People's National Congress-Reform in Guyana, a country which has a long running border dispute with Venezuela.

British pair on drug charges

A British man and woman have been arrested in the Dominican Republic on suspicion of drug trafficking.

The British Foreign Office said Kelly Carrigan and Daniel Patterson were detained at Punta Cana airport as they were about to return home.

The woman's two young sons were taken into care after the arrests.

There are severe penalties for drug offences in the Dominican Republic and possession of even small quantities of illegal drugs can lead to imprisonment.

Agriculture ministers meet

The cost of food is one of the key issues Caricom agriculture ministers are discussing at a meeting in St Vincent this week.

Other matters the ministers are tackling include a joint fisheries policy and continuing access to the European Union Market Access for Caribbean bananas.

Ways to stimulate the region’s agriculture sector are expected to come up at the meeting which starts Monday.

This is to most recent in a series of regional meetings held this year in which the current state and prospects for Caribbean agriculture were discussed.