Carib Scope

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  • Supreme Ventures announces intended strategic divestment of Evolve Loan Co

    Supreme Ventures announces intended strategic divestment of Evolve Loan Co

    KINGSTON, Jamaica — A significant strategic realignment is underway in Jamaica’s financial sector as Supreme Ventures Limited has entered preliminary negotiations with Dolla Financial Services Limited concerning the divestiture of Evolve Loan Co’s loan portfolio and select digital assets.

    The proposed transaction, announced Wednesday, forms part of a deliberate capital optimization strategy designed to enhance balance sheet efficiency for Supreme Ventures. The move aims to reduce credit risk concentration while improving risk-adjusted returns, all while maintaining strategic exposure to the portfolio’s future performance.

    This divestiture will catalyze a fundamental operational transformation for Evolve Loan Co, shifting it toward an asset-light business model. The restructured entity will concentrate strategically on loan origination services, digital platform enablement, and developing fee-based revenue streams—a transition expected to boost capital returns while mitigating balance sheet vulnerabilities.

    For acquiring entity Dolla Financial Services, this acquisition represents a strategic expansion that significantly scales operations and fortifies its lending infrastructure. Company CEO Kenroy Kerr emphasized that the transaction “meaningfully expands our microcredit footprint and reinforces our commitment to inclusive financing,” anticipating substantial positive impact on the company’s loan book balance and growth trajectory.

    Supreme Ventures will maintain financial exposure to future value creation through retained 15% equity ownership in Dolla Financial Services Limited. Executive Chairman Gary Peart characterized the move as reflecting “disciplined capital allocation and a clear focus on shareholder value,” strengthening immediate financial positioning while preserving long-term upside potential through a more scalable operational structure.

    Final transaction details remain under negotiation pending regulatory approval from the Bank of Jamaica.

  • JDF says alleged actions of soldier contrary to core values

    JDF says alleged actions of soldier contrary to core values

    A member of the Jamaica Defence Force (JDF) is facing serious criminal charges following an incident involving the unauthorized discharge of a firearm in a public area on Christmas morning. Private Rushane Brown, a 30-year-old soldier from Comfort Hall, Manchester, was apprehended after allegedly firing shots into the air approximately at 5:15 am in St. Elizabeth.

    The incident came to light when an off-duty police officer witnessed the alleged firearm discharge and confronted the soldier. Following an investigation, Brown has been formally charged with multiple offenses including possession of a prohibited weapon, unauthorized possession of ammunition, and unlawful discharge of a firearm in a public space.

    In an official statement released Wednesday, the Jamaica Defence Force expressed strong disapproval of the alleged actions, emphasizing that such behavior contradicts the organization’s core values and professional standards expected of all personnel. The military institution explicitly stated that it does not tolerate unlawful, reckless, or irresponsible conduct by any members, regardless of whether they are on or off duty.

    The JDF has committed to full cooperation with the Jamaica Constabulary Force to ensure a thorough and transparent investigation process. Military officials reaffirmed their dedication to maintaining the highest standards of discipline and accountability, while assuring the public that incidents of this nature receive the most serious attention and appropriate disciplinary measures.

  • Billionaire Lee-Chin weighs sale of NCBFG stake to settle debt, shares down 23% YTD

    Billionaire Lee-Chin weighs sale of NCBFG stake to settle debt, shares down 23% YTD

    KINGSTON, Jamaica — Prominent Jamaican-Canadian investor Michael Lee-Chin is evaluating the potential divestment of his controlling interest in National Commercial Bank Financial Group Limited (NCBFG) to address pressing debt obligations. This strategic consideration emerges as his Barbados-based company, AIC (Barbados) Limited, faces an immediate US$94 million bond payment, with total outstanding bond obligations amounting to US$297 million.

    In accordance with an agreement with noteholders, Lee-Chin has initiated a 45-day resolution period commencing December 31 to structure repayment of both principal and accrued interest. The process aims to facilitate orderly settlement arrangements for the due amount.

    “I’m conducting a comprehensive structural review of all available alternatives,” Lee-Chin stated during a telephone interview with Observer Online, while opting not to elaborate further. “All options remain under consideration, including full repayment, and I have allocated 45 days to reach a resolution.”

    An official release from his office outlined potential strategies, ranging from complete debt liquidation to addressing the current payment, with the partial or full disposal of his NCBFG shareholding identified as a viable pathway. Lee-Chin currently serves as chairman of the diversified financial services conglomerate.

    Any disposition would constitute a substantial block transaction. Recent NCBFG quarterly disclosures reveal AIC (Barbados) Limited maintained 46.24% ownership of the group’s issued shares as of September 30, 2025. Earlier regulatory filings dated March 31, 2025, indicated Lee-Chin and his affiliated entities collectively controlled 52.15% of NCBFG, with AIC (Barbados) specifically holding 46.74% at that time.

    The billionaire is collaborating with financial advisors and key stakeholders to determine “the most appropriate and sustainable course of action,” according to the statement. Lee-Chin expressed confidence that the undertaken measures would yield favorable outcomes while reaffirming his commitment to fulfilling all financial obligations.

    Market analysts anticipate a decision regarding the preferred approach within the forthcoming fortnight, substantially preceding the 45-day deadline. A transaction involving Lee-Chin’s substantial shareholding would represent a significant event for NCBFG’s market structure.

    The company’s shares have experienced downward pressure, concluding at J$39.05 on the Jamaica Stock Exchange with 3.35 million shares traded recently. At this valuation, Lee-Chin’s 52.15% stake—based on 2.58 billion issued shares—approximates J$52.6 billion (US$335 million), substantially exceeding the total bond debt. This current price reflects a considerable decline from historic peaks when shares reached an intraday high of J$249 and closed at J$219 in July 2019. Year-to-date, the stock has depreciated 23.16%.

    Lee-Chin established his fortune primarily through Portland Holdings Inc., his investment holding vehicle. His stewardship of NCBFG, which encompasses banking, insurance, and wealth management services across the Caribbean region, has constituted a foundational element of his business legacy.

    Additional developments will be communicated as appropriate.

  • No parking permitted on Palisadoes Road to view fireworks — police

    No parking permitted on Palisadoes Road to view fireworks — police

    KINGSTON, Jamaica — Jamaican law enforcement officials have issued a stringent parking prohibition along the critical Palisadoes thoroughfare in Kingston during New Year’s Eve celebrations. The comprehensive ban, specifically targeting Wednesday, December 31st, expressly forbids all vehicular parking for fireworks viewing purposes along this strategic roadway.

    Police authorities have clarified that absolutely no vehicles will receive authorization to park on the main roadway under any circumstances. The regulatory measures extend further to prohibit parking on the right-hand side of the road leading toward Norman Manley International Airport during a designated timeframe from 5:00 PM on Wednesday through 12:30 AM on Thursday.

    Motorists who disregard these officially mandated restrictions will face immediate legal consequences, including criminal prosecution and compulsory vehicle towing. The Jamaica Constabulary Force emphasizes that these measures constitute essential public safety protocols rather than mere traffic suggestions, designed to ensure uninterrupted emergency access and prevent potentially dangerous congestion during high-density holiday celebrations.

  • CDB providing grant funding for region’s cultural and creative industries

    CDB providing grant funding for region’s cultural and creative industries

    BRIDGETOWN, Barbados – The Caribbean Development Bank (CDB) has announced a significant funding initiative of US$190,000 through its Cultural and Creative Industries Innovation Fund (CIIF) to support regional events and conferences. This strategic investment aims to enhance the growth and global competitiveness of the Caribbean’s cultural and creative sectors.

    Established in 2017, the CIIF program focuses on fostering innovation, collaboration, and sustainability within the creative industries across CDB’s 19 borrowing member countries. The current grant call targets events scheduled between March 1, 2026, and February 28, 2027, that address critical development priorities for the region’s creative economy.

    Eligible activities must concentrate on policy dialogue facilitation, capacity building for micro, small, and medium enterprises (MSMEs), sector data enhancement, market intelligence development, trade promotion, and cultural heritage preservation. The bank will award six grants ranging from US$20,000 to US$50,000 to qualified applicants.

    CIIF Coordinator Malene Joseph emphasized the initiative’s significance: ‘This grant call supports home-grown activities that unlock pathways for creative Caribbean talent and businesses. Beyond facilitating policy dialogue and building data-driven insights, CIIF enables creative MSMEs through targeted financial support.’

    Application eligibility requires formal registration as business support organizations, non-governmental organizations, universities, community-based organizations, or government agencies serving the creative sector. Applicants must demonstrate at least three years of experience in hosting industry events and provide co-financing covering minimum 10% of the total project budget. The submission deadline is January 31 of the upcoming year.

  • Jada Kingdom announces highly anticipated new EP

    Jada Kingdom announces highly anticipated new EP

    Jamaican recording artist Jada Kingdom has officially revealed plans to launch her newest extended play collection, titled ‘Just A Girl In A Money Man’s World,’ with a scheduled release date of January 21, 2026. This announcement arrives following an exceptionally productive year that has significantly elevated her standing within the global music landscape.

    The upcoming project promises to further demonstrate Kingdom’s distinctive artistic vision, which seamlessly merges contemporary dancehall rhythms with pop sensibilities and R&B influences. Her unique approach to music creation has established her as an innovative force while simultaneously preserving strong connections to her cultural roots.

    Throughout 2025, Kingdom maintained an extensive presence across multiple platforms, delivering several successful singles that captured audience attention worldwide. Her tracks ‘Can’t Tell Me That,’ ‘Only You,’ and particularly the viral phenomenon ‘GAD’ generated substantial momentum. The latter’s studio performance feature on On The Radar achieved viral status, accumulating over one million combined views on Instagram and TikTok within mere days of its release.

    Originally launched on March 21, 2025, ‘GAD’ achieved remarkable commercial performance throughout Jamaica and broader Caribbean markets. The single reached number three on Apple Music’s Top 25 Kingston Chart, representing the highest chart position secured by any female artist during that period. Additionally, it secured Top 5 placements on Shazam’s recognition platform across numerous countries, underscoring its widespread cultural resonance.

    Critical reception matched the commercial success, with Billboard applauding Kingdom’s innovative approach to local vernacular combined with feminist thematic elements, describing the work as ‘terrific.’ Stereogum characterized the production as both nostalgically evocative and progressively innovative, labeling it a ‘2000s pop revival.’ Further acclaim originated from respected publications including HNHH, Kaboom Mag, The Star, Caribbean National Weekly, and MusicxClusives.

    Kingdom’s international touring schedule throughout 2025 provided additional evidence of her expanding global influence. Her performance calendar included a commanding appearance at New York’s UBS Arena in May, followed by a London engagement during the Soak’d Pineapple x SANDZ Ultra Weekend in August. The year concluded with her headline performance at Vybz Kartel’s Freedom Street Europe concert event in Malta during September.

  • Junkanoo Grand Marshal fired following Boxing Day parade delays

    Junkanoo Grand Marshal fired following Boxing Day parade delays

    The National Junkanoo Committee (NJC) has publicly admitted to significant operational failures during the recent Boxing Day Junkanoo Parade, culminating in the removal of longtime Grand Marshal Dwight Rolle from his position. In an official statement responding to mounting criticism, the committee cited ‘operational performance and adherence to established parade management protocols’ as the basis for their decision, emphasizing that the move was not personal.

    The NJC acknowledged that spectators experienced considerable discomfort due to prolonged gaps along Bay Street, where empty seats disrupted the festive atmosphere. The committee revealed that instructions were issued to the parade management team to allow Fun Groups and B Groups to perform during delays, but claimed these directives were not implemented by Mr. Rolle.

    In response to circulating rumors, the NJC confirmed that penalty frameworks for rule violations remain active. Deputy Grand Marshal Vincent Johnson, assisted by Calvin Greene, will assume leadership responsibilities for the upcoming New Year’s Day Junkanoo Parade.

    Mr. Rolle, who had served as Grand Marshal for six consecutive years, expressed surprise at his dismissal during what he believed was a routine planning meeting with NJC chairman Douglas Hanna. He maintained that his management approach prioritized strict adherence to rules and regulations rather than accommodating informal directives.

    ‘The role demands enforcement without favoritism,’ Rolle stated. ‘I operate by rules, regulations, and facts—not as a conventional team player when it compromises established procedures.’

    Rolle attributed many parade delays to the absence of enforceable penalties, noting that the NJC’s replacement of the Junkanoo Corporation of New Providence eliminated disqualification as a consequence for rule violations. This gap, according to Rolle, enabled participating groups to act without accountability.

    Additional operational challenges emerged during the event, including the problematic implementation of digital costume scanning technology. scanners introduced over two hours into the parade malfunctioned and lacked clear operational guidelines, further complicating logistics.

    Rolle also highlighted organizational lapses such as incorrect group name displays on screens and dismissed concerns in the tally room. Despite these challenges, he emphasized his commitment to preserving Junkanoo culture and performing his duties under difficult circumstances that predated the Boxing Day event.

  • Mysterday as Bank exec quits

    Mysterday as Bank exec quits

    The Bahamas’ diplomatic and financial sectors are grappling with the abrupt departure of Taran Mackey, who has simultaneously resigned from his dual roles as Ambassador to the Kingdom of Bahrain and as a director of the Bank of The Bahamas after a brief eight-month tenure. The unexpected move was announced through a concise statement in which Mackey attributed his decision solely to the need to address a private personal matter, offering no further elaboration.

    Mackey’s appointment in April had marked a significant milestone, as he became the youngest individual ever to join the board of directors at the Bank of The Bahamas. His professional background, as detailed in an official bank biography, paints a picture of a highly specialized financial expert. He serves as the managing director of IPG Family Office Limited, a multi-family office overseeing more than $2 billion in assets, with a focus on sophisticated trust and estate planning services.

    His expertise extended to advising financial institutions and ultra-high-net-worth individuals on complex international matters, including cross-border tax planning, succession strategies, and pre-immigration structuring. Mackey possessed particular specialization in crafting bespoke fiduciary vehicles—such as private trust companies, limited partnerships, and foundations—primarily for affluent families across Latin America and the Middle East.

    A graduate with an Honors LLB from the University of Nottingham, Mackey is a qualified member of both the Society of Trust and Estate Practitioners and the International Tax Planning Association. Beyond his now-former roles, he maintained a directorship at the Bahamas Financial Services Board and had served as co-chairman of its Immigration Sub-Committee since 2020. His simultaneous exit from both a high-profile ambassadorship and a key position in the nation’s banking system has created a notable void, sparking speculation within government and financial circles regarding the undisclosed reasons behind his sudden departure.

  • PM pays tribute to Walkine after a ‘life of service’

    PM pays tribute to Walkine after a ‘life of service’

    The Bahamas mourns the loss of distinguished physician and former parliamentarian Dr. Franklyn Walkine, who passed away at age 73. The prominent figure served as Member of Parliament for Acklins and Crooked Island from 1989 to 1997, leaving an indelible mark on both healthcare and political landscapes.

    Dr. Walkine’s political career began amidst controversy when he entered a 1989 by-election following the resignation of predecessor Wilbert Moss, who was convicted for attempting to bribe a magistrate. Despite initial internal party disagreements within the Progressive Liberal Party (PLP) regarding his nomination, Dr. Walkine secured victory and maintained his parliamentary seat through subsequent elections.

    Beyond politics, Dr. Walkine established himself as a medical pioneer and successful entrepreneur. He founded Air Ambulance Service Ltd in the 1990s, creating the first wholly Bahamian-owned air ambulance service that provided critical emergency medical flights to the Family Islands. The service conducted over 30 flights weekly between Nassau, Freeport, South Florida, and throughout the Bahamas, dramatically improving emergency healthcare access for remote communities.

    Prime Minister Philip ‘Brave’ Davis led tributes, describing Dr. Walkine as having “lived a life of service” that combined medical expertise with political dedication. “He was a doctor who cared for people in their most difficult moments, and he was a former Member of Parliament who carried his community’s hopes into the nation’s Parliament,” Davis stated.

    Dr. Walkine’s academic credentials were equally impressive, with a chemistry degree from the University of Detroit, a medical degree from the University of the West Indies, and postgraduate specialty training at Canada’s McMaster University. He was a diplomate of the Canadian College of Family Medicine and served as head of the medical council.

    His contributions to public health were recognized in 2024 when he was honored as a Companion of the Order of St Michael and St George. PLP chairman Fred Mitchell remembered him as “forthright and matter-of-fact” in his approach to public service and as a cherished personal friend.

    The nation remembers Dr. Walkine as both a medical innovator who transformed emergency healthcare accessibility and a dedicated public servant who consistently advocated for his constituents’ interests throughout his political career.

  • Guyana to launch national consultation on children’s screen time and social media misuse

    Guyana to launch national consultation on children’s screen time and social media misuse

    GEORGETOWN, Guyana — The Guyanese government has announced plans to initiate a comprehensive national consultation in January focusing on the escalating challenges of social media misuse and its profound effects on youth development and family dynamics. President Irfaan Ali revealed this initiative during a recent dialogue with students, emphasizing that the process aims to develop nuanced solutions rather than impose restrictive measures.

    President Ali clarified that the government’s objective isn’t to limit digital platforms but to cultivate informed strategies through inclusive public participation. “I intentionally avoid the term ‘restricting’ social media,” Ali stated. “We want this consultation to guide our approach.” A specialized task force is currently being formed, with the President personally examining international regulatory frameworks from Australia, Germany, the European Union, and the United Kingdom to identify policy options compatible with Guyana’s unique socio-cultural landscape.

    The President highlighted the global recognition of misinformation and digital overconsumption as critical issues, referencing the United Nations’ declaration of a “misinformation and disinformation pandemic.” He stressed that social media platforms themselves aren’t inherently problematic, but their misuse requires urgent attention.

    Ali shared compelling anecdotes from parents concerned about children’s excessive screen time, including one instance where a child stealthily retrieved a confiscated device in the middle of the night. “As parents, we universally struggle with managing digital engagement,” the President acknowledged, recounting conversations with technology executives in Silicon Valley who reportedly limit their own children’s device usage despite working in the industry.

    The consultation process will actively involve families, youth organizations, religious institutions, and community groups to develop collaborative solutions. President Ali emphasized that effective policy must rest on education, shared responsibility, and consensus rather than mere enforcement. The government intends to use these consultations to shape balanced, inclusive measures that protect children while enhancing societal well-being in an increasingly digital era.