Carib Scope

分类： business

  • What Are 25 Caribbean Entrepreneurs Doing in Belize This Week?

    What Are 25 Caribbean Entrepreneurs Doing in Belize This Week?

    In a landmark gathering marking a decade of investment in regional economic leadership, Belize is playing host to 25 emerging young entrepreneurs from across the Caribbean this week for a special regional alumni forum organized for the Young Leaders of the Americas Initiative (YLAI), a flagship program run by the U.S. State Department.

    The three-day collaborative event, coordinated by the U.S. Embassy in Belize, brings together 20 to 25 program graduates from 10 different Caribbean nations including Jamaica, St. Lucia, Guyana, Suriname, and Antigua and Barbuda, alongside a cohort of 8 local Belizean entrepreneur participants. Unlike conventional business conferences, the forum is tailored to expand cross-border professional networks within the Caribbean, sharpen hands-on business management skills, and build on the foundational training participants received during their fellowships in the United States.

    Katharine Beamer, Chargé d’Affaires at the U.S. Embassy in Belize, emphasized that the decade-old YLAI initiative embodies a sustained, long-term commitment to nurturing the next generation of business leadership across the Western Hemisphere. “In the United States, small businesses are the engine of our economic growth, and we are really committed to helping entrepreneurs in other countries succeed as well,” Beamer shared in remarks during the opening of the forum. “The United States considers our alumni to be a long-term investment in the future of those people and that country.”

    For local participants, the forum represents a rare chance to connect with like-minded creative and business minds across the region who share similar challenges and goals. Ronelli Requena, a Belizean fashion designer and founder of the local apparel brand Zayvha Sarai, completed the YLAI fellowship program in 2021, and says the one-on-one mentorship she received through the initiative fundamentally reshaped her approach to business.

    “A lot of us entrepreneurs feel like it is a lonely journey sometimes, but with the YLAI programme you get to be paired with a mentor. My mentor was phenomenal. She taught me how to get structure for my business and how to make it more of a sustainable venture and find balance between growth and personal well-being,” Requena explained. She added that the most impactful skill she gained from the program was learning to leverage digital technology to streamline operations and build more scalable, organized business processes.

    The forum is expected to wrap up with actionable partnerships between regional entrepreneurs, with local outlet News 5 set to air a full recap of the event’s outcomes on News 5 Live this evening at 6 p.m. for audiences interested in learning how these emerging leaders are turning regional connections into tangible economic opportunities.

  • OP-ED: The largest IPO in history – What SpaceX is actually selling

    OP-ED: The largest IPO in history – What SpaceX is actually selling

    On June 12, when trading of Space Exploration Technologies (SpaceX) commences on the Nasdaq exchange under the ticker symbol SPCX, the company is set to pursue what will go down as the largest initial public offering in global history. The offering targets a valuation of roughly $1.75 trillion, with a share price of $135 across approximately 556 million outstanding shares, putting the total capital the offering aims to raise close to $75 billion. That figure dwarfs the previous record-holder, Saudi Aramco’s 2019 $29 billion debut, and has already sent shockwaves through global financial markets.

    While the sheer scale of the offering has drawn widespread awe from market commentators, an IPO is ultimately a financial transaction rather than a celebration of a company’s achievements. For the first time in SpaceX’s 24-year history, the newly filed IPO prospectus has given the general public an audited, in-depth look inside one of the world’s most impactful yet most secretive corporations. A close reading of the document reveals that SpaceX is a far more complex business than its reputation as a pioneering rocket maker would suggest.

    ### Three Distinct Businesses Under One Brand

    Though most people identify SpaceX solely as a launch services provider, the company actually consists of three separate business lines, each at very different stages of development and profitability.

    The first and most famous is the core launch segment, the division that built SpaceX’s global reputation. This business handles commercial satellite launches, cargo resupply missions, NASA astronaut transport, and sensitive national security contracts for the U.S. government. In 2025, the launch segment generated roughly $4 billion in total revenue, but posted a net loss of around $657 million as the company poured massive resources into developing Starship, its next-generation heavy-lift launch vehicle.

    The second, and currently most financially critical, segment is Starlink, the company’s low-Earth orbit satellite internet connectivity business, which launched full commercial operations in 2019. Starlink is the only profitable division of SpaceX right now: in 2025, it generated $11.4 billion in revenue, accounting for roughly 61% of the company’s total consolidated revenue, and posted $4.4 billion in operating profit. By the end of March 2026, Starlink counted more than 10.3 million global subscribers, up from just 2.3 million three years prior, delivered across a constellation of over 10,000 operational satellites.

    The third and newest addition to SpaceX is its artificial intelligence division, xAI, which includes the Grok AI assistant and social media platform X (formerly Twitter), folded into SpaceX via a merger. In 2025, xAI generated $3.2 billion in revenue but posted a staggering $6.35 billion net loss. It is this segment alone that drags the entire company into the red, making it the most critical area for potential investors to scrutinize closely.

    ### From the Brink of Collapse to Global Industry Dominance

    SpaceX’s 24-year history is nothing short of remarkable, and it is this track record that underpins the market’s enthusiasm for the offering. Founded in 2002, the company nearly collapsed in its early years. Between 2006 and 2008, SpaceX suffered three consecutive launch failures of its small Falcon 1 rocket, leaving the company just days away from insolvency. The fourth Falcon 1 launch in September 2008 successfully reached orbit, marking the first privately funded liquid-fuel rocket to achieve orbit, and a $1.6 billion NASA commercial resupply contract awarded that December kept the company afloat.

    What followed transformed the global aerospace industry entirely. The Falcon 9 launch vehicle made its debut in 2010, and in 2012, SpaceX’s Dragon capsule became the first commercial spacecraft to dock with the International Space Station. In 2015, SpaceX pulled off the first successful vertical landing of an orbital-class rocket booster, and the first reflight of a recovered booster followed just two years later. These reusability breakthroughs cut launch costs by a factor of 10 or more, making SpaceX’s subsequent expansion possible. By 2020, SpaceX was launching NASA astronauts to the ISS, and by 2025, the company accounted for more than 80% of all mass launched into orbit by humanity.

    This track record forms the core of the bull case for SpaceX’s IPO: the company has repeatedly achieved what established aerospace firms declared impossible, and now dominates a market it essentially created from scratch.

    ### Unpacking the Prospectus: Hidden Tensions and Unresolved Risks

    The latest financial disclosures paint a more nuanced picture than the dominant bull narrative suggests. In 2025, SpaceX’s total consolidated revenue hit $18.7 billion, representing 33% year-over-year growth, a strong performance for a company of its size. Even so, the company posted a $2.6 billion operating loss and a $4.9 billion net loss for the year.

    This is the central tension potential investors must grapple with: the core launch and Starlink business is a profitable, market-leading cash generator, but it is paired with a high-growth AI venture that is burning through capital at a rate that currently outpaces all those profits. SpaceX also carries roughly $29 billion in total debt, including a $20 billion bridge loan taken on to pay off xAI’s existing obligations. The company is also committed to massive future capital expenditures, including a semiconductor joint venture with Tesla that is expected to require tens of billions of dollars in investment.

    There are other subtle warning signs to note. While Starlink’s growth remains impressive, the business is showing signs of maturing. Revenue per user has fallen roughly 18% over the past two years as the company has cut prices to drive subscriber growth, and total consolidated revenue growth slowed to just 15% in the first quarter of 2026. Reports also indicate that Elon Musk has privately warned that SpaceX faces a “genuine risk of bankruptcy” if Starship fails to achieve a sustainable, cost-effective flight cadence.

    ### Two Critical Issues for Potential Shareholders

    Two additional key issues deserve close attention from anyone considering investing in the offering. The first is the company’s valuation. A $1.75 trillion valuation puts SpaceX’s price-to-earnings multiple far above that of any established public peer in the aerospace or technology sectors. The valuation relies heavily on projections that xAI will eventually become a profitable profit center rather than a continuing drain on resources. SpaceX’s own prospectus values its total addressable market at $28.5 trillion, the vast majority of which comes from the AI segment. While that figure represents a massive potential opportunity, it is not a guarantee of future profits. Such high levels of market enthusiasm carry a significant risk that the share price has already outpaced the company’s underlying fundamentals. One prominent analyst has even warned that speculative frenzy could push the opening valuation as high as $4 trillion in a 1999 dot-com-style bubble, a comparison that offers little reassurance to risk-conscious investors.

    The second key issue is corporate control. After the IPO is completed, Musk is expected to hold roughly 42% of the company’s economic interest but control around 85% of the total voting power, after receiving a billion new performance-based shares. In practical terms, public investors will buy exposure to SpaceX’s financial performance but will surrender almost all say over the company’s strategic direction. For investors who view Musk’s vision and decision-making as SpaceX’s greatest asset, this concentrated control is a benefit. For those concerned about key-person risk and the concentration of power in one individual across multiple interconnected businesses, this is a major red flag. Both perspectives are equally reasonable.

    ### A Balanced Take on the Landmark Offering

    This analysis is not an argument against investing in SpaceX, nor is it a recommendation to buy or avoid the stock. Instead, it is a call for clear-eyed evaluation of the offering. By almost any operational measure, SpaceX is an extraordinary success: it is a landmark engineering and commercial achievement that has expanded the boundaries of what is possible in space technology. At the same time, it is being brought to market at a historically unprecedented valuation, carries a massive loss-making AI bet, holds significant debt, and operates under a governance structure that asks public shareholders to trust Musk’s leadership rather than exercise oversight.

    The core rocket and Starlink businesses are real, profitable, and globally dominant. The valuation and AI ambitions, however, amount to a bet on a future that has not yet arrived. Prudent investors evaluating the prospectus will separate these two factors, assess their own risk tolerance, and resist getting swept up in the hype surrounding the headline-grabbing valuation. The largest IPO in history deserves both careful scrutiny and respect for what SpaceX has achieved. Notably, SpaceX may not hold the title of the world’s largest IPO for long: leading AI firms OpenAI and Anthropic are also widely expected to launch their own public offerings before the end of 2026.

  • OP-ED: The Largest IPO in History

    OP-ED: The Largest IPO in History

    In the decades-long evolution of global capital markets, few events have captured the full attention of investors, policymakers and business observers quite like the largest initial public offering (IPO) in recorded history. When Saudi Aramco, the world’s most profitable energy giant, launched its IPO on the Riyadh Stock Exchange in December 2019, it shattered all previous records to claim the title of the biggest share sale the world had ever seen.

    What made this offering stand out from other high-profile listings was not just its unprecedented valuation. At the time of its launch, Aramco sold 1.5% of its shares to public investors at a price of 32 Saudi riyals per share, valuing the state-owned oil company at $1.7 trillion – far exceeding the previous record of $25 billion set by Alibaba’s 2014 New York Stock Exchange listing. Ultimately, the offering raised $25.6 billion, a figure that still holds the global record for total IPO proceeds as of 2024.

    The road to this historic listing was far from smooth. For years, Saudi Arabia’s government had pushed forward with plans to list Aramco as a core part of its Vision 2030 reform agenda, which aims to diversify the kingdom’s economy away from its heavy dependence on fossil fuel exports and attract billions in foreign investment. Negotiations over listing terms, valuation disputes, and fluctuations in global crude oil prices repeatedly pushed back the offering timeline, with early talks of a dual listing on the London Stock Exchange or New York Stock Exchange falling through before the company settled on a domestic-only listing.

    Investor demand for the offering defied early concerns over geopolitical risk and the global transition away from fossil fuels. Institutional investors from across the globe, including major sovereign wealth funds and asset managers, piled into the share sale, drawn by Aramco’s unmatched reserve base, low production costs, and consistent dividend commitments. Retail investors in Saudi Arabia also accounted for a significant portion of the offering, reflecting broad domestic support for the government’s economic reform plans.

    In the years following the listing, the record-breaking IPO has had far-reaching impacts on global capital markets and the global energy landscape. For Saudi Arabia, the listing unlocked liquidity for the kingdom’s sovereign wealth fund, enabling it to invest billions into new sectors ranging from tourism to renewable energy. For global markets, the IPO demonstrated that large state-owned energy companies could still attract massive investor interest even amid growing pressure to decarbonize. It also set a new benchmark for mega-listings, showing that domestic exchanges in emerging markets could handle offerings of unprecedented scale, challenging the long-standing dominance of Western financial centers.

    Looking ahead, industry analysts expect that future mega-IPO records could be claimed by large technology or artificial intelligence firms, but Aramco’s 2019 offering will remain a defining moment in the history of global finance, highlighting the ongoing interplay between energy politics, economic reform, and global capital flows.

  • Pleidooi voor meer aandacht voor honingsector in het binnenland

    Pleidooi voor meer aandacht voor honingsector in het binnenland

    Suriname’s domestic honey industry holds untapped potential to drive entrepreneurship, create local jobs, and boost inland economic development, but it continues to fly under the radar in national agricultural policy, according to leading agricultural expert Prithvi Jairam. Jairam, who serves as National Project Coordinator for the Food and Agriculture Organization (FAO)’s Gender-responsive Climate-smart Agriculture and Food Systems initiative, is calling for a fundamental shift in how the sector is framed: instead of being dismissed as a small-scale side activity, it should be recognized as a high-growth niche market with significant economic upside.

    Recent activity on the ground backs up this claim of growing momentum. During the Marowijne Agricultural Fair held in Moengo, attendees and organizers observed a clear surge in public and entrepreneurial interest in apiculture, or beekeeping. Beekeepers, young entrepreneurs, and small business owners from across the Marowijne and Wanica districts gathered to showcase their range of apicultural products – including raw honey, beeswax, propolis, and other bee-derived goods – while forging new connections with bulk buyers, distributors, and industry partners.

    The fair already delivered tangible progress for the sector. Two local organizations, Golden Honey Bee and the Arelis Foundation, successfully registered 15 new aspiring beekeepers over the course of the event. These new entrants will receive comprehensive skills training and ongoing one-on-one guidance as they establish their beekeeping operations, and a pre-arranged purchase agreement guarantees that all honey produced by the new beekeepers will be bought up once their operations are fully up and running.

    For Jairam, this wave of new interest demonstrates that the honey sector extends far beyond basic honey production. “We are seeing new entrepreneurship, youth engagement, family-owned businesses, and fresh market connections emerge. These are exactly the kinds of developments that deserve targeted public and private support,” he explained.

    Suriname is naturally positioned to become a leading honey producer, Jairam notes. The country boasts unique natural advantages for apiculture, including vast untouched forest areas, exceptional biodiversity, and overlapping flowering seasons that stretch across the entire year, enabling consistent honey production. Despite these natural assets, the sector’s full potential remains vastly underutilized.

    Industry stakeholders say multiple systemic barriers are holding back growth. Key unaddressed needs include standardized quality control processes, official product certification, access to dedicated laboratory testing infrastructure, improved food safety frameworks, and expanded market access for small producers. Additionally, local producers face stiff competition from low-cost imported honey, which undercuts local prices and strains the profitability of domestic operations.

    Jairam argues that the honey sector deserves a prominent place in national conversations surrounding economic diversification, grassroots entrepreneurship, and inland regional development. “The question is not just how much honey Suriname produces today. It is how we can structure the sector so that beekeepers, women, young people, and local communities can build sustainable, long-term incomes from it,” Jairam emphasized.

  • 62nd COTED meeting opens in Guyana amid global economic uncertainty

    62nd COTED meeting opens in Guyana amid global economic uncertainty

    Trade ministers representing all member states of the Caribbean Community (CARICOM) have assembled in Georgetown, Guyana, for the 62nd Regular Meeting of the Council for Trade and Economic Development (COTED), with the official opening ceremony kicking off on Thursday, June 11 at the CARICOM Secretariat headquarters.

    The two-day strategic gathering is being led by Hon. Dr. Vince Henderson, Dominica’s Minister of Foreign Affairs, International Business, Trade and Energy, in line with an official press statement published by the CARICOM organization.

    In her opening address to assembled delegates, CARICOM Secretary-General Dr. Carla Barnett underscored the growing complexity of global economic challenges that the Caribbean region currently navigates. She emphasized that cascading global crises have sent persistent shockwaves through regional trade and economic activity, with energy market volatility and ongoing global supply chain disruptions combining to drive widespread market instability, soaring operational and consumer costs, and deep uncertainty over future economic expansion.

    Citing forecast data from the United Nations Conference on Trade and Development (UNCTAD), Dr. Barnett noted that global merchandise trade volumes are projected to contract in the coming period, while prices for fuel, staple food supplies, and agricultural fertiliser will remain at historically high levels. These overlapping trends, she warned, will almost certainly amplify inflationary pressures across the region, undermine longstanding food security goals, and leave small open CARICOM economies far more vulnerable to sudden external economic shocks.

    Against this challenging global backdrop, Dr. Barnett emphasized the critical importance of the deliberations taking place over the course of the meeting. “Our collective resilience is being put to the test, and protecting our shared trade and economic development agenda demands strategic, coordinated, and sharply focused action from all of us,” she stated. “In this context, the discussions and decisions emerging from this COTED session will remain impactful for every member of the Caribbean Community, especially local business owners, consumers, self-employed workers, and our young population entering the workforce.”

    Per the official CARICOM release, one of the central agenda items for ministers is a comprehensive review of the CARICOM Single Market and Economy (CSME), a regional integration framework that Dr. Barnett described as “our region’s foundational platform for long-term economic development and systemic resilience.” She explained that the assessment being carried out by COTED reinforces the urgent need for more robust implementation of the Revised Treaty of Chaguaramas, the legal framework governing the bloc, to build a “stronger, more durable CSME that delivers for all Caribbean people.”

    Dr. Barnett also drew delegates’ focus to Article 164 of the Revised Treaty, a provision that establishes temporary tariff protection and targeted market access support for regional industries, particularly those based in the Community’s Less Developed Member States. She further recognized the critical supporting role played by the CARICOM Development Fund in assisting local businesses that access benefits through these treaty provisions.

    Beyond the review of existing integration frameworks, ministers are set to examine a range of fast-emerging trade priorities, including the drafting of a unified regional digital trade policy designed to help CARICOM member states adapt to a rapidly changing, technology-driven global economy. The meeting will also include a thorough update on recent developments within the global multilateral trading system, an institution that Dr. Barnett confirmed continues to face substantial structural and functional challenges. The COTED 62nd Regular Meeting is scheduled to wrap up its work on June 12.

  • Barbados gearing up to strengthen financial sector

    Barbados gearing up to strengthen financial sector

    Barbados is moving forward with ambitious regulatory reforms to protect and strengthen its reputation as a trusted global financial and international business hub, launching a large-scale training initiative to prepare the domestic financial sector for sweeping new beneficial ownership regulations.

    Hosted by the country’s International Business Unit (IBU) this Thursday, the specialized workshop drew more than 200 industry representatives from 112 licensed corporate and trust service providers (CTSPs), bringing together key players across the island’s regulatory ecosystem: the Financial Intelligence Unit (FIU), national anti-corruption agencies, and local law enforcement all participated in the collaborative capacity-building event.

    The overarching goal of the training push is to prepare local industry stakeholders for the full implementation of new beneficial ownership legislation and the launch of the country’s first private central beneficial ownership register. The registry system is specifically designed to identify and document the natural persons who exercise ultimate ownership and control over companies registered in Barbados, cutting through opaque legal structures to reveal the decision-makers behind business entities.

    Sangene Watkins-Diagne, the acting director of the IBU, framed strict adherence to standards set by the Financial Action Task Force (FATF) as a core driver of Barbados’s economic competitiveness. “When Barbados is recognized as a fully compliant jurisdiction, we become far more attractive for cross-border business. As a compliant hub, we are a credible destination that investors can trust, which draws greater foreign investment. We need to reach the point where compliance is understood as a core component of our competitive edge,” she explained during the workshop.

    While Watkins-Diagne acknowledged that Barbados’s local service providers have a long-standing track record of upholding required regulatory standards, she noted the new training effort was a direct response to evolving global anti-money laundering and counter-terrorist financing requirements. “Following the FATF’s fifth round of mutual evaluations for the region, the global rules have shifted. This session is intended to make sure our entire sector understands these updates and is fully prepared to adapt,” she added.

    Watkins-Diagne also clarified that the new central register is far more than a routine data collection project, but an active operational tool for law enforcement and regulatory compliance. “This information needs to be accessible and ready for use by police and regulatory bodies when they conduct investigations into illicit activity,” she said.

    Technical sessions at the workshop were led by Paul Inniss, a regional expert with experience as an assessor for the Caribbean Financial Action Task Force (CFATF), who has previously supported neighboring jurisdictions including the Cayman Islands and Jamaica to strengthen their own beneficial ownership frameworks. Inniss urged attendees to move beyond surface-level reviews of legal corporate structures and focus on identifying the ultimate controllers of business entities.

    Inniss stressed that small international finance hubs like Barbados face very real risks from illicit finance flows, and getting beneficial ownership regulation right is critical to protecting the country’s financial services sector. “If we build a strong, effective fundamental framework for beneficial ownership transparency, I firmly believe we can substantially mitigate the risks that we face as a jurisdiction,” he said.

    He added that updated FATF-driven international standards increasingly prioritize improving global asset recovery efforts and clarifying who actually controls corporate entities, noting that beneficial ownership is not just about listing named shareholders on official documents. “I’m talking about actual control. I’m talking about the individuals who truly own, control, and manage these entities, who make the key decisions for the business. If you can correctly identify the individuals that own and control legal persons and business arrangements, tracing illicit finance becomes a far less challenging task than it is today,” Inniss explained.

    Closing the workshop, the IBU thanked private sector stakeholders for their ongoing cooperation, reaffirming that collaborative public-private work on regulatory reform is essential to preserving Barbados’s long-standing reputation as a transparent, well-governed, and credible international business jurisdiction.

  • Global Ports Holding Signs Deal to Explore Management of St Vincent Cruise Port

    Global Ports Holding Signs Deal to Explore Management of St Vincent Cruise Port

    In a landmark move set to transform St. Vincent and the Grenadines’ cruise tourism sector, Global Ports Holding (GPH) — the world’s largest independent cruise port operator — has signed a Memorandum of Understanding (MOU) with the Caribbean nation’s government to take over management of the country’s primary cruise port.

    Under the terms of the non-binding preliminary agreement, the two parties will move forward with negotiations to finalize a formal concession contract. If approved, GPH will assume day-to-day management responsibilities for the facility, while the government retains full ownership of the critical infrastructure. The partnership will leverage GPH’s decades of global industry expertise, established operational capabilities, and long-standing relationships with major international cruise lines to accelerate the destination’s tourism growth trajectory.

    Nestled in the heart of the South-Eastern Caribbean, St. Vincent and the Grenadines holds a geographically strategic position adjacent to top regional cruise hubs including Barbados, Saint Lucia, and Grenada. Currently, the SVG Cruise Port welcomes more than 200,000 cruise passengers annually, and industry analysts identify the destination as having substantial untapped growth potential that could position it as a standout stop on Southern Caribbean cruise itineraries.

    Pending the completion of definitive legal agreements and the official awarding of concession rights, GPH has outlined a structured two-phase investment plan to upgrade the port. The initiative focuses on four core goals: modernizing outdated port infrastructure and operational systems, expanding overall berthing capacity to accommodate larger modern cruise vessels, and elevating the overall passenger experience for visitors. Beyond infrastructure improvements, the project is designed to future-proof the country’s cruise tourism industry, drive sustainable long-term economic growth, boost St. Vincent and the Grenadines’ competitiveness in the crowded regional cruise market, and embed environmental sustainability into all future development work.

    Mehmet Kutman, Chairman and Chief Executive Officer of Global Ports Holding, emphasized the excitement around the new partnership at the signing ceremony. “We are delighted to have signed this Memorandum of Understanding with the Government of St. Vincent and the Grenadines and to have the opportunity to explore a long-term partnership in support of the country’s cruise tourism development,” Kutman said. “St. Vincent and the Grenadines is a beautiful and strategically located destination with tremendous potential. We look forward to working closely with the Government and local stakeholders to support national development, strengthen the destination’s cruise offering, and help create lasting value for the people of St. Vincent and the Grenadines.”

    Mike Maura Jr., Regional Director for GPH Americas, noted that the agreement aligns with the company’s core global growth strategy. “This MOU reflects our continued strategy of partnering with governments in high-potential cruise destinations where our global reach, operational expertise and industry partnerships can help unlock long-term growth,” Maura explained. “St. Vincent and the Grenadines is well positioned within the Southern Caribbean cruise itinerary, and we believe that with the right investment, modernized port infrastructure and operations, an environmentally responsible approach, and a destination-focused management strategy, the port can become an even more attractive call for cruise lines and guests.”

    Headquartered globally with operations across three major regions, GPH currently manages a portfolio of 35 cruise ports across 20 countries in the Caribbean, Mediterranean, and Asia Pacific. The operator serves more than 22 million cruise passengers annually and maintains a corporate focus on operational excellence, environmental sustainability, and continuous industry innovation as it expands its global footprint.

    The signing ceremony was attended by senior leadership from both GPH and the St. Vincent and the Grenadines government, including Prime Minister Hon. Dr. Godwin Friday, who took center position in the commemorative event photo. GPH was represented by Chairman and CEO Mehmet Kutman (second from right) and Business Development Coordinator Dr. Sean Matthew (far right), while government attendees included Minister of Higher Education, Grenadines Affairs, Local Government, Airport and Seaport Hon. Terrance Ollivierre (left), Minister of Tourism and Maritime Affairs Hon. Dr. Kishore Shallow, and Attorney General Hon. Louise Mitchell.

  • Forex: $159.19 to one US dollar

    Forex: $159.19 to one US dollar

    KINGSTON, Jamaica – In the latest daily trading session on the Jamaican foreign exchange market that wrapped up on Friday, June 12, the United States dollar recorded a notable downward shift against the Jamaican dollar, official data from the Bank of Jamaica shows. Per the central bank’s daily summary of exchange trading activity, the US dollar closed out the trading day at 159.19 Jamaican dollars, marking a 16 cent decline from its previous closing level. Beyond the performance of the US dollar, the day’s trading brought mixed results for other major global currencies paired with the Jamaican dollar. The Canadian dollar, for instance, gained ground over the session, climbing to a closing rate of 114.33 Jamaican dollars, up from its prior close of 113.61 Jamaican dollars. The British pound, meanwhile, posted a small downward adjustment, ending the trading day at 213.51 Jamaican dollars, a slight dip from its previous closing value of 213.65 Jamaican dollars. These daily exchange rate fluctuations reflect ongoing shifts in global currency markets and cross-border trade and travel dynamics that impact Jamaica’s open economy, with regular updates from the Bank of Jamaica providing transparency for businesses, consumers and financial stakeholders operating in the country.

  • Larimar City signs partnership with TK Elevator for residential and hotel developments

    Larimar City signs partnership with TK Elevator for residential and hotel developments

    In a major milestone for one of the Caribbean’s most ambitious smart urban development projects, CLERHP’s Larimar City & Resort initiative based in Punta Cana, Dominican Republic has formalized a strategic partnership with global mobility leader TK Elevator (TKE) and local Dominican firm JCQ Ingeniería en Ascensores. This collaboration will deliver custom vertical mobility solutions for all planned segments of the massive mixed-use complex, spanning residential neighborhoods, hospitality venues, and commercial spaces.

    The partnership unites two complementary players in the elevator and accessibility space: TK Elevator, a world-leading provider of next-generation elevator and urban mobility technology, and JCQ Ingeniería en Ascensores, TKE’s officially authorized distributor and installation specialist in the Dominican Republic. From the outset, the alliance has been aligned to advance the core mission of Larimar City & Resort: building a cutting-edge modern urban hub that meets global benchmarks for innovation, public safety, construction quality, and environmental sustainability.

    Juan Andrés Romero, who serves dual roles as president of developer CLERHP and CEO of the Larimar City & Resort project, emphasized that the new agreement underscores the project’s longstanding commitment to partnering with industry-leading firms with global recognition. By integrating TKE’s industry-leading mobility technology with JCQ’s deep local market expertise and on-the-ground experience, the partnership strengthens Larimar City’s core goal of establishing itself as a gold standard for forward-thinking urban development across the entire Caribbean region.

    The cross-company agreement was coordinated through CLERHP’s internal Purchasing, Logistics, and Fleet Department. Pedro Alcalá Ruiz, the department’s manager, stressed that seamless, efficient vertical mobility is a non-negotiable foundation for building a comfortable, fully accessible environment for both future residents and visiting tourists. He framed reliable mobility infrastructure as a foundational component of the smart city’s overall design and functional capabilities, rather than an afterthought in development planning.

    With a global footprint spanning more than 100 countries, TK Elevator brings decades of specialized experience delivering mobility solutions to residential, hospitality, and large-scale infrastructure projects across the globe. The addition of TKE and JCQ to the project’s growing roster of strategic partners not only expands Larimar City’s professional network but also reinforces its overarching vision of delivering a high-caliber, technology-first urban destination that attracts investment and visitors from across the world.

  • Scotia profit rises as stock climbs after privatisation offer

    Scotia profit rises as stock climbs after privatisation offer

    KINGSTON, Jamaica — In a dual announcement filed with the Jamaica Stock Exchange on Friday, Scotia Group Jamaica Limited unveiled a robust rise in first-half net profit alongside confirmation that its controlling majority shareholder is moving forward with plans to take the financial services group private.

    For the six-month period ending April 30, the full-service banking and financial conglomerate posted a net income of $10.1 billion Jamaican dollars, marking a near 10 percent increase from the $9.2 billion recorded in the same period last year. The company credited the solid gains to broad-based expansion across its core operating divisions, including retail and commercial banking, investment services, and insurance lines, fueled by growing loan origination and rising customer deposit levels.

    Scotiabank Caribbean Holdings Limited, the entity that currently holds a 71.78 percent controlling stake in Scotia Group Jamaica, has tabled a cash offer to purchase all outstanding minority-held shares at a price of $61.50 per unit. The announcement sent Scotia Group’s publicly traded shares climbing on Friday, with the stock closing the trading session at $58.43, a jump of $4.22 or 7.78 percent from the previous close. Even with the gain, the market closing price still sits $3.07 below the offered buyout price, creating a clear premium that minority investors will evaluate as they consider the proposal.

    Alongside its earnings release, Scotia Group reported that shareholders’ equity hit $169.7 billion, equal to approximately $54.50 per issued share, while half-year earnings per share climbed to $3.24. These key financial metrics give minority stakeholders additional context to gauge the fairness of the $61.50 per share offer against the company’s underlying fundamentals and recent market performance.

    Company leadership noted that top-line revenue growth was driven by an expansion of the group’s total loan book, with balanced gains recorded across mortgages, consumer personal loans, credit card lending, and commercial financing for businesses. Total customer deposits also expanded over the period, a trend the group framed as a reflection of ongoing client trust in its brand and service offerings.

    Audrey Tugwell Henry, President and Chief Executive Officer of Scotia Group Jamaica, highlighted the company’s resilient performance in the latest quarter. “We delivered a solid performance during the quarter, reflecting the strength of our strategy, the resilience of our team, and the continued confidence of our clients,” Tugwell Henry said in a statement accompanying the results.

    The group also reported a rise in operating expenses over the half-year, attributing the increase to three key factors: higher transaction processing costs, ongoing strategic investments in digital and banking technology, and increased asset tax obligations. Despite the higher costs, the company confirmed that credit quality remained broadly stable across its portfolio, with the share of non-accrual, delinquent loans holding below the average for the broader Jamaican banking industry.

    In additional corporate news released Friday, the company’s board of directors approved a second interim dividend of 45 cents per share, scheduled to be paid out on July 23 to all shareholders recorded on the company’s registry as of July 1.

    As of the end of April, Scotia Group reported a larger total asset base than it held at the start of the reporting period, and confirmed that it continues to exceed all minimum regulatory capital requirements across every line of its business operations.

    The proposed privatization transaction remains contingent on two key approvals: a vote of approval from minority shareholders, and formal sanction from the Jamaican courts. If the deal moves forward and is completed, Scotia Group Jamaica will be delisted from the Jamaica Stock Exchange and operate as a privately held entity within Scotiabank’s regional Caribbean business network.