Carib Scope

分类： business

  • BEL Officially Launches Smart Meter Project

    BEL Officially Launches Smart Meter Project

    Belize has embarked on a transformative energy infrastructure modernization initiative with the official launch of the $68 million CDB-BEL Power Eight Project. Belize Electricity Limited (BEL), in partnership with the Caribbean Development Bank, unveiled the ambitious program that will deploy advanced metering infrastructure across the nation.

    The comprehensive project represents a strategic investment in Belize’s energy future, featuring the installation of approximately 115,000 smart meters equipped with state-of-the-art communications and analytics systems. This technological upgrade will enable real-time energy usage monitoring, remote operational control, and enhanced customer engagement capabilities.

    BEL Chief Executive Officer John Mencias emphasized the project’s significance, stating: “This forward-looking initiative is designed to empower our customers, optimize utility operations, and align BEL with modern energy solutions. It represents a foundational step toward building a more resilient and intelligent grid that contributes to national energy efficiency and sustainability.”

    Dr. Isaac Solomon, Vice-President of the Caribbean Development Bank, expressed the institution’s commitment to the partnership: “We are deeply grateful for the trust placed in us as main financier of this visionary initiative. Today marks an important milestone not just for Belize’s electricity sector, but for how this country prepares its energy system for the future.”

    The smart grid modernization project promises to deliver substantial benefits including near real-time monitoring capabilities, improved system reliability, greater operational efficiency, and enhanced resilience against service disruptions. The implementation will position Belize’s energy infrastructure among the most advanced in the Caribbean region.

  • Integrale aanpak luchtvaart en toerisme bij verbetering product SLM

    Integrale aanpak luchtvaart en toerisme bij verbetering product SLM

    In a strategic shift toward integrated aviation and tourism development, Suriname’s Presidential Task Forces for Tourism and Aviation conducted an operational visit to Frankfurt’s Hahn Airport to finalize plans for the comprehensive renewal of Surinam Airways (SLM). The move signals a fundamental policy redirection that transcends technical aviation considerations to embrace tourism development, passenger experience, and market positioning.

    According to Faizel Baarn, Presidential Advisor for Aviation and Maritime Affairs, this initiative marks a clear departure from past approaches that prioritized operational and technical aspects. The renewed strategy positions airlift to Suriname within a broader tourism framework, anticipating growing demand for a reliable, attractive, and distinctive aviation product.

    Central to the transformation is SLM’s adoption of a four-class cabin configuration—featuring First Class, Business Class, Premium Economy, and Economy—for its future aircraft. This structure aims to enhance comfort and choice for diverse traveler segments while appealing particularly to tourists and premium passengers willing to invest in superior service quality. The concept introduces the “Suriname experience” aboard flights departing from Europe.

    Beyond passenger comforts, the evaluated aircraft offers substantial cargo capabilities, combining passenger transport with a 30-ton freight capacity—including refrigerated facilities for perishable goods. This dual functionality is expected to strengthen Suriname’s logistics infrastructure and support economic diversification and export growth.

    The Hahn Airport visit follows prior negotiations with Schiphol Slot Management and other aviation partners, focusing on improving SLM’s punctuality—a critical factor in retaining and expanding slots at Amsterdam Schiphol. Concurrent efforts are underway to enhance overall service quality, essential for reclaiming market share in a competitive landscape dominated by carriers like KLM.

    Strategic planning targets two key periods for potential slot expansion: July to mid-September, coinciding with peak tourism and Heritage Month, and late November to mid-January, a traditional high season for tourism and diaspora travel. These intervals are prioritized to position Suriname more prominently and consistently in key travel markets.

    The task forces emphasize a holistic approach interlinking aviation, tourism, and product quality. Through forward planning and deliberate choices, Suriname aims to sustainably enhance its air connectivity and develop a more appealing travel proposition for future passengers.

  • BizConnect Caribbean hosts workshop on turning ideas into business

    BizConnect Caribbean hosts workshop on turning ideas into business

    Saint Lucia has become the launchpad for a transformative regional business development initiative as BizConnect Caribbean officially commences its operations. The organization inaugurated its mission with a pioneering workshop titled ‘Turning Ideas into Business,’ designed to equip entrepreneurs with practical tools for success.

    The inaugural session brought together diverse entrepreneurs seeking guidance through the challenging landscape of business ownership. Participants engaged in collaborative learning under the expert facilitation of Darlisa J. Diltz, a renowned entrepreneurship strategist and chief strategist at Foundations Entrepreneur Development Company based in Dallas-Fort Worth, Texas.

    Diltz, a long-time associate of BizConnect Founder Michelle Samuel, demonstrated the application of the Design Thinking Framework—a comprehensive methodology enabling entrepreneurs to empathize with market needs, define problems, ideate solutions, prototype concepts, and test viability before full-scale implementation.

    In an exclusive interview with St Lucia Times, Diltz emphasized her commitment to the cause: ‘The heart and passion for entrepreneurship is paramount for me. When Michelle extends an invitation, I respond affirmatively whenever possible. Sharing knowledge and educating entrepreneurs on proper business entry strategies remains a personal mission.’

    Founder Michelle Samuel articulated the program’s core objective: addressing critical gaps in entrepreneurial education and support. ‘We’re creating more than just training—we’re building actionable pathways that continue beyond initial workshops. Many entrepreneurs face closed doors or prohibitive costs when seeking support,’ Samuel explained.

    The initiative specifically addresses post-training challenges by incorporating mentorship and ongoing support structures. ‘Entrepreneurs frequently navigate unfamiliar territory without guidance. Our program eliminates door-knocking and unaffordable fees by providing essential mentorship throughout their business journey,’ Samuel added.

    The workshop received overwhelmingly positive feedback from participants, including seasoned business leaders like Gidden Augustin, BizConnect Founding Member and Chamber of Commerce Board Member. With several future initiatives planned, including a Caribbean Franchise Summit in March, BizConnect Caribbean establishes itself as a cornerstone for regional economic development.

  • This Is Not a Cable Deal. It Is a National Broadband Strategy.

    This Is Not a Cable Deal. It Is a National Broadband Strategy.

    A transformative telecommunications acquisition in Belize has sparked national debate about the country’s digital future. Dr. Andrew E. Trumbach, a finance executive and academic, argues that BTL’s proposed acquisition of Speednet Communications, Centaur Communications, and CTI/NexGen represents far more than a simple cable deal—it constitutes the foundation of a national broadband strategy.

    The transaction centers on control of last-mile broadband infrastructure, vertical integration of national connectivity, and the long-term architecture of Belize’s digital economy. While public discourse has focused on competition and monopoly concerns, the deeper significance lies in creating a scalable platform capable of delivering superior service quality at reduced unit costs, ultimately enhancing national competitiveness.

    Financial analysis suggests the reported purchase price falls within reasonable ranges for infrastructure assets using standard telecom valuation methods. Moore Belize LLP, affiliated with the global Moore Network with 37,000 professionals, provided valuation services, though details remain undisclosed.

    Globally, telecommunications has undergone profound structural shifts. Companies like Comcast, AT&T, and Verizon have transformed into broadband-first platforms, while Caribbean precedents exist through Liberty Latin America’s consolidation of Cable & Wireless and Columbus Communications. Small, fragmented markets like Belize’s cannot efficiently support multiple overlapping networks without resulting in duplicated capital spending, higher consumer costs, and inconsistent service quality.

    The real challenges are operational and regulatory rather than strategic. BTL must execute careful integration of billing systems and customer transitions while working constructively with regulators to ensure consolidation benefits consumers through improved service and continued investment. Ultimately, this transaction will determine whether Belize builds the digital infrastructure necessary to compete in the modern global economy.

  • Supreme Ventures vows to stand by staff on road to recovery

    Supreme Ventures vows to stand by staff on road to recovery

    In response to the catastrophic impact of Category 5 Hurricane Melissa that struck last October, Supreme Ventures Corporation has executed a multi-faceted relief initiative focused entirely on employee welfare and long-term recovery. The Jamaican gaming and entertainment company has deployed substantial resources to assist staff members whose homes and livelihoods were severely disrupted by the natural disaster.

    The comprehensive assistance program encompasses two completed phases of care package distributions, benefiting over 45 employees with essential supplies during their most critical time of need. Beyond immediate relief, the company established a formal Staff Disaster Relief Policy that provides structured support through three primary channels: emergency care packages, recovery grants, and low-interest loan options. This policy framework enables affected employees to address pressing expenses, undertake home restoration, and gradually regain financial stability.

    With 28 team members reporting significant property damage, Supreme Ventures has adopted a personalized approach to assistance, tailoring support according to individual circumstances. Employees sustaining severe damage receive dedicated recovery grants, while those with moderate impacts obtain calibrated assistance matching their specific requirements.

    Tanya Smith-Anderson, Chief People Officer at Supreme Ventures, emphasized the company’s human-centric philosophy: “Our business begins and ends with people. Following Hurricane Melissa, our immediate priority was ensuring team members felt visibly supported and reassured they wouldn’t face this challenge alone. These initiatives demonstrate our deep commitment to employee well-being beyond workplace parameters.”

    The company’s proactive outreach has generated appreciative responses from beneficiaries. One supported employee noted: “The hurricane created overwhelming devastation. Company assistance through care packages and relief support was profoundly appreciated, confirming genuine concern for our circumstances beyond work responsibilities.” Another recipient acknowledged: “This disaster relief enabled me to begin reconstruction efforts—I couldn’t have managed independently so rapidly. Employer understanding and intervention made a tangible difference.”

    Supreme Ventures has further reinforced its commitment by physically locating employees who became communicationally isolated post-hurricane, ensuring all staff感受到 organizational presence and protection. The corporation continues monitoring evolving needs as Jamaica’s recovery progresses, preventing employees from being overlooked during the rebuilding phase.

  • T&T gov’t ends civil lawsuit involving CL Financial

    T&T gov’t ends civil lawsuit involving CL Financial

    The Government of Trinidad and Tobago has declared an immediate end to all civil proceedings related to the collapsed CL Financial Group, terminating a decades-long investigation that consumed billions in public funds through extensive legal fees. Attorney General John Jeremie delivered a scathing statement to Parliament, characterizing the protracted probe as a judicial ‘feeding frenzy’ and a prolonged ‘joke’ of an investigation.

    Jeremie revealed the state has expended an estimated TT$28 billion (US$4.48 billion) on the CL Financial rescue operation, with an additional TT$3-4 billion (US$480-640 million) dedicated specifically to litigation expenses. These figures exclude substantial payments to liquidators, bringing the total financial burden significantly higher.

    The Attorney General presented the long-concealed Sir Anthony Colman report, which details the 2009 collapse of insurance giant Colonial Life Insurance Company (CLICO), a CL Financial subsidiary. The report, costing approximately TT$150 million (US$24 million) to produce, had never been previously disclosed to the public or Parliament despite its documentation of what Jeremie described as ‘the largest financial fraud in this country.’

    Jeremie criticized his predecessors for authorizing payments approaching half a billion dollars to legal and accounting firms, including nearly TT$400 million (US$64 million) to Deloitte and Touche alone. He noted that despite the enormous expenditure, not a single individual has faced criminal charges related to the financial collapse, which he attributed to ‘unconscionable action’ by previous administrations.

    The CL Financial collapse originated from excessive related-party transactions, high-risk investments, and plummeting asset values, culminating in a government bailout in January 2009. The Central Bank of Trinidad and Tobago assumed control until December 2022, when CLICO finally repaid its TT$17.3 billion (US$2.77 billion) debt.

    Jeremie highlighted the investigation’s inadequate resources, noting that just one to three police officers were assigned to examine evidence including tens of millions of emails, financial records, forensic analyses of cross-border transactions, 6,414 electronic evidence pieces, and 1,650 boxes of physical documentation.

    The Attorney General concluded that continuing to fund ‘professional services to persons who are sometimes golfers but who are always very wealthy’ constituted an irresponsible use of public resources, prompting the administration to terminate civil proceedings in a ‘cost-effective manner.’

  • Higher food prices drive 1.3 per cent increase in December CPI, says STATIN

    Higher food prices drive 1.3 per cent increase in December CPI, says STATIN

    Jamaica’s economic landscape closed 2025 with persistent inflationary pressures as official data revealed a concerning uptick in consumer prices. The Statistical Institute of Jamaica (STATIN) documented a 1.3 percent monthly increase in the All Jamaica Consumer Price Index (CPI) for December 2025, pushing the annual inflation rate to 4.5 percent.

    The primary driver behind this inflationary surge emerged from the critical ‘food and non-alcoholic beverages’ category, which experienced a substantial 7.1 percent annual increase. Within this sector, produce prices demonstrated particularly sharp elevations, with the ‘vegetables, tubers, plantains, cooking bananas and pulses’ category soaring by 8.4 percent and the ‘fruits and nuts’ class rising by 5.6 percent. STATIN’s analysis directly attributed these agricultural price hikes to the lingering aftermath of Hurricane Melissa, which continued to disrupt local food supplies and distribution networks.

    Parallel to the food inflation, housing costs presented another significant challenge for Jamaican consumers. The ‘housing, water, electricity, gas and other fuels’ division recorded a 2.6 percent monthly increase, contributing to a 3.5 percent annual rise. This escalation stemmed predominantly from elevated electricity rates and increased rental costs, compounded by a 3.7 percent increase in water supply and sewage rates.

    The restaurant and accommodation services sector further exacerbated the inflationary trend with a 3.9 percent annual increase, reflecting the broader impact of rising operational costs across the service industry. Notably, every subcategory within the food and beverage division recorded price increases throughout the measurement period, indicating widespread inflationary pressure rather than isolated incidents.

    Seafood prices emerged as another area of concern, with the ‘fish and other seafood’ category matching the 8.4 percent increase seen in vegetable prices. This surge was primarily driven by higher costs for staple protein sources including salted fish, sardines, mackerel, and sliced fish, affecting both household budgets and commercial food services.

    The cumulative effect of these increases positions Jamaica’s economy at a critical juncture, with the December 2024 to December 2025 inflation period consistently maintaining the 4.5 percent rate, suggesting sustained rather than transient price pressures across multiple essential commodity sectors.

  • Harnarine claims innocence as CoE report goes public

    Harnarine claims innocence as CoE report goes public

    In the aftermath of Trinidad and Tobago’s financial crisis, former Hindu Credit Union (HCU) president Harry Harnarine has publicly asserted his innocence regarding the findings of the Commission of Enquiry (CoE) into the collapse of both Colonial Life Insurance Company (Clico) and HCU. Harnarine’s declaration on January 17 came directly in response to Attorney General John Jeremie’s presentation of the CoE reports before the House of Representatives.

    During a telephone interview, Harnarine maintained his position stating, “I haven’t done anything wrong,” emphasizing his full cooperation with the enquiry process by attending all hearings when summoned as a witness. Other prominent figures including former finance minister Karen Nunez-Tesheira and former Finance Ministry permanent secretary Vishnu Dhanpaul also testified during the proceedings.

    The CoE report outlined potential civil remedies for affected HCU depositors, noting that those receiving government relief up to $75,000 would assign their entitlements to the state. The commission identified legislative provisions enabling the Commissioner for Cooperative Development to investigate possible misfeasance or breach of trust by HCU officers.

    However, the CoE acknowledged limitations in evidence gathering, stating insufficient oral and documentary evidence was available by the conclusion of hearings. This evidentiary gap prompted recommendations for the Director of Public Prosecutions to examine potential criminal proceedings against unnamed individuals who declined to participate voluntarily despite ample opportunity.

    Harnarine reiterated his longstanding position that HCU was not insolvent at the time of its winding up, claiming he had petitioned three separate labour ministers between 2020 seeking appeal hearings. While former minister Errol McLeod couldn’t recall such requests, Jennifer Baptiste-Primus indicated the matter fell under the Commissioner for Cooperative Development’s jurisdiction.

    The parallel investigation into Clico’s collapse attributed the failure to a fundamentally defective business model within the CL Financial Group, citing senior management’s inability to implement necessary changes despite external auditor recommendations. The commission notably cleared the Central Bank of any misconduct while criticizing late CLF chairman Lawrence Duprey’s actions, suggesting potential criminal proceedings.

    Both institutions collapsed in 2009 following aggressive investments in high-risk foreign real estate assets financed through unsustainable high-interest strategies, creating one of the Caribbean’s most significant financial crises.

  • Harnarine claims innocenceas CoE report goes public

    Harnarine claims innocenceas CoE report goes public

    In the wake of the Commission of Enquiry (CoE) report presentation to Parliament, former Hindu Credit Union (HCU) president Harry Harnarine has publicly maintained his innocence regarding the financial institution’s 2009 collapse. The declaration came on January 17, directly responding to Attorney General John Jeremie’s parliamentary presentation of the investigative findings the previous day.

    During a brief telephone interview, Harnarine asserted, “I haven’t done anything wrong,” emphasizing his full cooperation with the enquiry process by attending all hearings when summoned as a witness. Other prominent figures including former finance minister Karen Nunez-Tesheira and ex-Finance Ministry permanent secretary Vishnu Dhanpaul also testified during the proceedings.

    The CoE report outlined potential civil remedies for affected depositors, particularly those who received grant relief up to $75,000 from the Trinidad and Tobago government. These individuals are required to assign their entitlements to the state under the Grant Relief Payment Scheme.

    Notably, the commission identified legislative provisions enabling the Commissioner for Cooperative Development (CCD) to investigate possible misfeasance or breach of trust by HCU officers. Should such investigations proceed, the CCD could mandate compensation payments to HCU’s assets with interest.

    The report highlighted critical evidentiary limitations, noting “insufficient oral and documentary evidence” despite ample opportunity for participation from all involved parties. This deficiency prompted the CoE to recommend that the Director of Public Prosecutions examine potential criminal proceedings against unnamed individuals.

    Harnarine reiterated his longstanding position that HCU was not insolvent at the time of its winding up, claiming he had petitioned three separate labor ministers between 2020 and 2024 to appeal the dissolution decision. While former minister Errol McLeod couldn’t recall such appeals, Jennifer Baptiste-Primus indicated the matter fell under the CCD’s jurisdiction rather than hers.

    Separately, the CoE attributed the parallel collapse of Colonial Life Insurance Company (Clico) to a fundamentally “defective business model” within the CL Financial Group, compounded by management’s failure to implement necessary changes despite external auditor recommendations. The commission exonerated the Central Bank’s conduct while criticizing late Clico and CLF chairman Lawrence Duprey, suggesting potential criminal proceedings against him had he not passed away in August 2024.

    The dual collapse of these major financial institutions in 2009 triggered widespread economic disruption, ultimately traced to aggressive investments in high-risk foreign real estate assets financed through unsustainable high-interest strategies.

  • Figuera: More oversight neededto prevent repeat of Clico collapse

    Figuera: More oversight neededto prevent repeat of Clico collapse

    A prominent criminologist has issued a forceful appeal for comprehensive reform of Trinidad and Tobago’s financial regulatory systems following the official release of the Sir Anthony Colman Commission of Enquiry report. The extensive investigation into the catastrophic collapse of insurance giant Clico and its parent company CL Financial was formally presented to Parliament by Attorney General John Jeremie on January 16.

    The report’s publication marks a significant milestone seventeen years after former Central Bank governor Ewart Williams first disclosed that the Patrick Manning administration would intervene to rescue the financially troubled CL Financial Group. Attorney General Jeremie confirmed that while civil litigation efforts have been discontinued, criminal investigations remain actively underway under the jurisdiction of the Director of Public Prosecutions.

    Criminologist Daurius Figuera characterized the protracted investigation into the conglomerate’s failure as profoundly inadequate, noting the expenditure of billions in taxpayer funds over the past decade. Jeremie himself described the collapse as the most substantial case of financial fraud and economic disaster in Trinidad and Tobago’s history, with repercussions extending throughout the Caribbean region.

    Figuera raised critical questions regarding the initial pursuit of civil litigation, stating, ‘The fundamental lesson from this entire affair is that Trinidad and Tobago’s supervisory structure for Colonial Life failed catastrophically.’ He asserted that proper regulatory oversight would have identified financial irregularities long before the collapse, potentially holding executive chairman Lawrence Duprey accountable before the empire’s disintegration.

    The criminologist emphasized that the Duprey business empire was fundamentally built upon Colonial Life’s operations, suggesting that rigorous regulatory enforcement could have prevented both the financial debacle and the substantial taxpayer-funded bailout that followed. Figuera pointedly noted that regulatory inaction effectively facilitated an outcome that severely damaged national economic interests, including the loss of significant industrial assets at Point Lisas.

    Figuera challenged the prevailing narrative by shifting focus from individual culpability to systemic failure: ‘While fingers point at Duprey, who addresses the catastrophic failure of the oversight structure itself?’ He questioned whether political interference compromised regulatory bodies and whether existing legislation governing financial institutions would be comprehensively revised to prevent future collapses.

    The expert also highlighted concerning patterns in white-collar crime enforcement, observing that elite financial offenders consistently evade meaningful accountability compared to other segments of society. He concluded that strengthened regulatory enforcement mechanisms and rigorous implementation of existing oversight laws represent urgent necessities for Trinidad and Tobago’s financial system.