Carib Scope

分类： business

  • Households to Get Greenlight for Solar Power Storage, Inverters

    Households to Get Greenlight for Solar Power Storage, Inverters

    In a strategic move to balance renewable energy expansion with fiscal stability, the Antiguan government has unveiled plans to implement new restrictions on residential solar power generation. Energy Minister Melford Nicholas confirmed the administration will introduce a 5-kilowatt capacity limit for household solar installations during the initial phase of the country’s green energy transition.

    The announcement came ahead of the forthcoming Renewable Energy Symposium, where detailed utility-scale renewable projects will be presented. Minister Nicholas emphasized that while homeowners remain encouraged to invest in solar technology, the temporary cap is essential to prevent substantial revenue losses for the state-owned power utility.

    “We intend to collaborate with citizens pursuing investments in personal solar infrastructure,” Nicholas stated. “However, certain limitations must be established to avoid jeopardizing our national electricity revenue streams.”

    Notably, the regulations will not restrict household use of battery storage systems or inverters, allowing residents to maintain energy efficiency and storage capabilities. The minister characterized this measured approach as necessary for responsible renewable energy development that ensures both environmental progress and financial security for the nation’s power grid.

    The government’s dual strategy involves supporting distributed residential solar generation while simultaneously developing large-scale renewable energy projects that will be unveiled at the upcoming symposium.

  • EY schetst kansen en knelpunten voor Nederlandse bedrijven in Suriname

    EY schetst kansen en knelpunten voor Nederlandse bedrijven in Suriname

    PARAMARIBO, SURINAME – EY Suriname took center stage during a high-profile information session on December 2nd at the Royal Ballroom of Torarica, addressing Dutch business delegates accompanying the Dutch royal couple’s state visit to Suriname. The event, organized by VNO-NCW and MKB-Netherlands, focused on navigating Suriname’s business landscape with expert insights from one of the world’s leading professional services firms.

    During the keynote presentation, EY professionals including Tax Associate Partner Kimberly Schreuders provided comprehensive analysis of Suriname’s investment climate. The session covered critical aspects such as fiscal regulations, macroeconomic trends, cultural considerations, educational infrastructure, and workforce capabilities. Drawing from their extensive regional experience across Suriname, Guyana, Trinidad, Curaçao, and Aruba, EY presented both opportunities and challenges facing potential investors.

    Practical insights emerged as a key theme, with EY emphasizing that while Suriname offers substantial economic potential, success requires thorough preparation and understanding of local market dynamics. The firm highlighted specific sector opportunities, including agriculture modernization where Rob Baan, CEO of Koppert Cress, noted enormous possibilities in seed technology, water infrastructure, and crop protection under challenging climate conditions.

    EY’s Agida Biervliet, Consulting Senior Manager, stressed the importance of collaborative development: “Our role extends beyond identifying opportunities to helping businesses contribute meaningfully to sustainable development through knowledge sharing and local partnerships.”

    Notably, EY revealed its ongoing ‘Brain Gain’ campaign initiative aimed at encouraging Surinamese diaspora professionals to return home, thereby strengthening local capacity and accelerating economic progress. The firm positioned knowledge transfer, local talent development, and cross-border cooperation as essential components for successful market entry and long-term growth in Suriname.

  • FAI-directeur aangehouden op verdenking van malversaties

    FAI-directeur aangehouden op verdenking van malversaties

    Suriname’s state-owned agricultural enterprise Food and Agriculture Industries (FAI) N.V. is confronting a severe financial crisis with accumulated debts reaching $22 million, prompting emergency government intervention. Operations Director Nitesh Ramlakhan has been arrested following allegations of financial misconduct, while General Director Permila Bissumbhar remains suspended—both under criminal investigation for suspected corruption and violation of national anticorruption laws.

    The Ministry of Agriculture, Livestock, and Fisheries (LVV) disclosed that despite approximately SRD 200 million in government subsidies over five years, FAI now faces critical liquidity shortages preventing payment of employee wages and essential operational expenses. Minister Mike Noersalim convened an urgent meeting with stakeholders including parliamentary representatives, union leaders, and board members to address what he described as “an extremely dire situation.”

    Investigations reveal multiple systemic failures: export operations to Barbados and Trinidad & Tobago have been suspended due to unpaid logistics contracts, while production has plummeted to 200 hectares—far below the 350-hectare break-even threshold. Outdated irrigation infrastructure and forced reductions in fertilizer use have exacerbated production declines.

    Minister Noersalim confirmed evidence of unauthorized asset sales, including non-seaworthy containers sold below market value, and salary increases implemented without board approval. With $8.5 million owed to Hakrinbank alone, the minister has initiated emergency talks with financial authorities to prevent collapse. “We cannot continue this way,” Noersalim stated, emphasizing government commitment to restoring FAI as Suriname’s banana sector leader through transparent restructuring.

    Stakeholders have pledged collaborative efforts to reduce debt burdens, revitalize production, and restore operational viability. The coming weeks are deemed critical for preserving export markets and ensuring the company’s survival.

  • CARICOM member states have lost tourism competitiveness- former CDB President

    CARICOM member states have lost tourism competitiveness- former CDB President

    A stark warning about the declining competitiveness of Caribbean Community (CARICOM) tourism sectors was issued by Professor Compton Bourne, former President of the Caribbean Development Bank. Speaking at a World Trade Centre Georgetown panel discussion on December 2, 2025, the renowned economist revealed that CARICOM member states are rapidly losing market share to non-CARICOM Caribbean destinations that offer superior infrastructure, more favorable tax regimes, and enhanced visitor experiences.

    Professor Bourne identified the Dominican Republic and Puerto Rico as primary beneficiaries of this shift, noting these nations have dramatically expanded their tourism infrastructure through modernized hotels, improved transportation networks, and diversified tourism products emphasizing heritage attractions. Unlike CARICOM nations, these competitors have implemented significantly lower taxes and levies that directly impact stay-over visitors, creating substantial price advantages.

    The economist criticized CARICOM governments for prioritizing revenue collection over tourism sector growth, noting that intra-regional travel faces particularly heavy taxation. “The behavior of governments is like if the tourism demand is not price sensitive so that you can simply add taxes to the product and people will buy the same quantity. That is not so. They shift to other destinations,” Bourne stated, revealing he had previously delivered similar warnings to CARICOM Heads of Government.

    For emerging tourism destinations like Guyana, Professor Bourne recommended strategic positioning as a “product innovator” leveraging its unique biodiversity. He emphasized that success requires addressing critical infrastructure gaps including quality accommodations, efficient internal transportation, rest stops, and multilingual guides capable of serving non-English speaking visitors from South America and Latin America.

    Additionally, Bourne proposed developing virtual exports of entertainment and sports as lucrative alternatives to traditional tourism. He stressed that successful online delivery would require reliable technological infrastructure, strict adherence to scheduling, and high-quality production standards to compete effectively in digital marketplaces currently constrained by physical venue limitations.

  • VSB en VNO-NCW versterken economische samenwerking met nieuw MoU

    VSB en VNO-NCW versterken economische samenwerking met nieuw MoU

    In a significant development for bilateral economic relations, the Association of Surinamese Business (VSB) and the Confederation of Netherlands Industry and Employers (VNO-NCW) have formalized a strategic partnership through a Memorandum of Understanding signed on December 1st. The signing ceremony occurred at Royal Torarica during the state visit of King Willem-Alexander, with VSB Chairwoman Rekha Bissumbhar and VNO-NCW Vice Chairman Maarten Schuurman representing their respective organizations.

    This landmark agreement establishes a framework for enhancing trade and investment flows between Suriname and the Netherlands through structured knowledge exchange programs, coordinated trade missions, and intensified collaboration among member enterprises. VNO-NCW, representing thousands of Dutch companies and industry associations, brings substantial institutional capacity in promoting entrepreneurship, innovation, and international cooperation to this partnership.

    The memorandum is founded upon principles of mutual respect, equality, and genuine partnership, with concrete initiatives including joint networking events, business forum participation, and the development of cross-border commercial partnerships. Both organizations have committed to creating tangible opportunities for their members while strengthening the historical, cultural, and economic ties between the two nations.

    The VSB characterizes this agreement as an initial step in a broader engagement strategy, with plans to incorporate additional local sector organizations as the collaboration evolves. This partnership represents a structured approach to leveraging the existing relationship between Suriname and the Netherlands for mutual economic benefit.

  • Budget Loan Authorisation increased by 36% from 2022 to 2026

    Budget Loan Authorisation increased by 36% from 2022 to 2026

    The Grenadian Parliament has enacted substantial increases in national borrowing capacity through its Budget Loan Authorisation Act, revealing a significant expansion of the country’s fiscal framework from 2022 to 2026. Financial analysis indicates the government’s authorized borrowing limit has escalated by EC$120 million during this period, with the most dramatic single-year increase scheduled for 2025—a year that will see an extraordinary EC$825 million authorization that includes separate funding for a major hospital development project.

    This legislative mechanism, routinely approved alongside annual budget presentations, empowers the Finance Minister to secure financing through diverse instruments including international loans, bond issuances, promissory notes, and other debt vehicles. The escalating borrowing authorities correspond with a parallel 45% growth in overall budget expenditures, which are projected to reach nearly EC$2 billion by 2026 compared to EC$1.35 billion in 2022.

    Detailed examination of the authorization timeline shows progressive annual increases: EC$330 million (2022), EC$350 million (2023), EC$375 million (2024), followed by the exceptional EC$825 million allocation for 2025—comprising EC$420 million for general budgeting plus EC$405 million specifically earmarked for hospital infrastructure—before moderating to EC$450 million in 2026.

    The government maintains borrowing relationships with multiple international financial institutions, including the World Bank’s International Development Association, Caribbean Development Bank, Eastern Caribbean Central Bank, and the Saudi Fund for Development—from which Grenada secured a US$100 million loan in October 2023. Notably, despite parliamentary requirements mandating disclosure of loan agreements, few such documents have been formally presented to legislators, raising questions about transparency in sovereign debt management.

    The substantial borrowing increase, particularly the hospital project financing, represents a strategic investment in national infrastructure while simultaneously expanding Grenada’s public debt portfolio. The government has not yet disclosed whether the specifically authorized hospital funding has been activated through actual borrowing arrangements.

  • Sweet US$50-m revival

    Sweet US$50-m revival

    A landmark $50 million investment is set to revitalize Jamaica’s historic sugar industry, marking a significant economic turnaround for Clarendon’s agricultural plains. Tropical Sugar Company Limited has initiated a transformative project to restore approximately 13,000 acres of dormant sugar lands in Moneymusk, an area once celebrated as the island’s sugar capital.

    The comprehensive development will feature a state-of-the-art, vertically integrated sugar cane processing facility with an installed capacity of 50,000 metric tonnes. Construction is scheduled to commence in January with an anticipated 18-month timeline, reestablishing commercial-scale mechanized sugar production in the region.

    During Tuesday’s groundbreaking ceremony, Agriculture Minister Floyd Green declared this initiative as “the start of the restoration of sugar in Clarendon.” He emphasized how the industry’s previous decline had created economic uncertainty for communities including Lionel Town, Mitchell Town, Rocky Point, and Hayes, where generations had depended on sugar production for their livelihoods.

    Prime Minister Andrew Holness welcomed the investment as crucial for restimulating economic activity in the parish, particularly following the devastating impacts of hurricanes Beryl and Melissa. He noted the investors’ commitment through land purchases demonstrates long-term confidence in Jamaica’s agricultural potential.

    The project is projected to generate approximately 2,000 direct and indirect employment opportunities, creating new prospects for farmers, equipment operators, factory workers, and transport services. Additional benefits include green energy production through bagasse processing and unique export products.

    Industry Minister Senator Aubyn Hill characterized the development as “a strong unapologetic comeback for Jamaica’s sugar industry” after decades of decline. He referenced the government’s difficult but necessary divestment of state-owned sugar assets between 2005-2011 as laying the foundation for this private sector-led revival.

    The international investment consortium behind Tropical Sugar Company includes partners from Trinidad & Tobago, Guyana, India, Ghana, and Jamaica. Indian High Commissioner Mayank Joshi described the project as honoring the legacy of Indian indentured laborers while addressing food and energy security concerns common to Global South nations.

  • Kintyre Q3 profit surges nearly fivefold on Visual Vibe and real estate gains

    Kintyre Q3 profit surges nearly fivefold on Visual Vibe and real estate gains

    KINTYRE Holdings (JA) Limited, formerly known as iCreate, has demonstrated extraordinary financial performance with a staggering 446% increase in third-quarter net profit, reaching $103.5 million. This remarkable achievement was fueled by a substantial 146% revenue growth, climbing to $135.3 million during the quarter ending September 30, 2025.

    The Jamaica Stock Exchange Junior Market entity attributed this exceptional performance to the rapid expansion of its Visual Vibe digital out-of-home advertising network and significant contributions from its real estate operations. Operating profit similarly surged to $103.5 million from $26.2 million year-over-year, reflecting both expanded screen infrastructure and increased advertiser engagement.

    For the nine-month period, the company reported consolidated revenue of $208.9 million, representing a 70% increase, while net profit soared to $129.4 million from $20.4 million in the comparable period last year.

    Tyrone Wilson, Chairman, President and Chief Executive Officer, emphasized that these results validate the group’s strategic approach combining operational excellence with targeted investments. He characterized Kintyre as rapidly emerging as one of the most profitable entities on the Junior Market.

    Visual Vibe, operating both indoor and outdoor digital advertising solutions including innovative advertising backpacks and screen rental services, continues to serve as the primary growth engine. The platform is being strategically positioned as Jamaica’s dominant digital out-of-home advertising solution.

    The company’s expansion initiatives are being supported through strategic investments from Portland Holdings and a collaborative partnership with Vantage One. These developments are expected to facilitate new equipment installations by January 2026, alongside potential preparations for an initial public offering.

    Kintyre’s Parallel Real Estate Ventures division has progressed multiple renovation projects and advanced development work in Stony Hill, where subdivision planning is underway for the sale of two villas and three townhouses. Formal project submissions are anticipated during the first quarter of 2026.

    Financial positioning strengthened considerably with total assets growing to $970.3 million from $564.7 million year-over-year, driven by increased property, plant, equipment valuations, goodwill recognition, and investment properties. The company maintained a robust equity position of $669.2 million, up from $339.1 million, with total liabilities of $301.1 million including $80 million in convertible notes – indicating a relatively conservative leverage profile.

    Cash and cash equivalents improved dramatically to $75.5 million from $1.8 million at year-start, following positive operational cash flows that were partially allocated to strategic investments and subsidiary restructuring.

    With established operations in Jamaica, Dubai, and Miami, and planned expansion into additional Caribbean markets, Kintyre continues to leverage Junior Market tax incentives while actively pursuing merger and acquisition opportunities across media, real estate, technology, hospitality, and business empowerment sectors throughout the region.

  • Iberostar Hotels & Resorts reopens its Rose Hall hotel complex

    Iberostar Hotels & Resorts reopens its Rose Hall hotel complex

    JAMAICA’S TOURISM SECTOR RECEIVES MAJOR BOOST AS IBEROSTAR COMPLETES POST-HURRICANE RECOVERY

    ST JAMES, Jamaica — In a significant development for Jamaica’s hospitality industry, Iberostar Hotels & Resorts has successfully restored operations at its three-property Rose Hall complex following extensive recovery efforts from Hurricane Melissa’s devastation. The reopening represents a critical milestone in the island’s broader tourism resurgence and economic stabilization.

    The Spanish hotel chain emphasized that the accelerated restoration was achieved through exceptional teamwork and robust partnerships with local Jamaican stakeholders. Company executives confirmed that all essential services have been fully reinstated across the resort properties, ensuring seamless guest experiences.

    Demonstrating profound corporate responsibility, Iberostar implemented comprehensive support measures for its workforce during the crisis. The company provided emergency accommodation for displaced employees and their families while addressing both immediate physical needs and longer-term financial and emotional wellbeing concerns.

    A structured relief program now benefits all 1,700 Jamaican employees, featuring financial assistance through special relief bonuses, essential supply care packages, and dedicated support for home reconstruction efforts. The initiative extends beyond staff members to include neighboring communities severely affected by the natural disaster.

    Notably, the hotel group has partnered with the Grange Pen Fishers Association, whose members sustained substantial losses from the hurricane. Many local residents maintain historical ties with the resort properties, making community support an integral component of Iberostar’s operational philosophy.

    The company’s leadership emphasizes that tourism represents Jamaica’s most viable path to economic recovery, with visitor spending directly contributing to job preservation and accelerated normalcy restoration across the island nation.

  • Deep discounts, deeper debt? Shoppers cautioned as recovery costs mount

    Deep discounts, deeper debt? Shoppers cautioned as recovery costs mount

    As Jamaica confronts substantial recovery costs in the wake of Hurricane Melissa, financial experts are issuing strong warnings to consumers about responsible spending during the holiday shopping season. The JN Foundation’s financial education consultant Rose Miller emphasizes that while Christmas deals and Cyber Monday promotions appear attractive, they present significant financial risks for vulnerable shoppers.

    Miller identifies multiple concerns surrounding seasonal shopping, including potentially deceptive discounts that might not represent genuine savings. The psychological pressure to replace lost items, support rebuilding efforts, or fulfill traditional gift-giving expectations could lead to poor financial decisions. She specifically cautions against accumulating unnecessary debt that could derail long-term financial security.

    The financial consultant advocates for strategic budgeting and emergency fund development as critical alternatives to impulsive spending. She recommends systematic monthly savings throughout the year to create financial cushions that don’t depend on year-end bonuses or fortunate circumstances. This approach becomes particularly crucial given the additional economic strain caused by recent natural disasters.

    Miller also highlights behavioral economic challenges, noting that emotional spending driven by guilt, the desire to please others, or as coping mechanism for difficult experiences often results in regrettable purchases. She urges consumers to carefully distinguish between needs and wants, suggesting they question whether discounted items align with predetermined shopping lists rather than sale-induced impulses.

    For those who must make purchases, Miller provides specific protective measures: shopping through reputable websites and verified retailers, thoroughly evaluating advertised discounts against regular prices, using secure payment systems with fraud protection, and maintaining detailed transaction records. These precautions become especially important during periods of increased financial vulnerability.

    The consultant predicts that holiday spending will likely decline this season, though primarily due to financial necessity rather than conscious choice. She hopes this moment will catalyze a broader shift in financial behavior among Jamaican consumers, emphasizing that the coming years require adjusted spending habits to navigate ongoing recovery challenges.