Carib Scope

分类： business

  • CBvS verwerkt activiteiten buitenlandse oliemaatschappijen in economische statistieken

    CBvS verwerkt activiteiten buitenlandse oliemaatschappijen in economische statistieken

    The Central Bank of Suriname (CBvS) has implemented a major statistical revision by incorporating foreign oil companies’ operations into the country’s external sector statistics. This strategic move aims to provide a more accurate representation of Suriname’s economic landscape as the offshore oil sector gains increasing importance for the nation’s development.

    The revision, applied retroactively from Q1 2021 through Q4 2025, was published on the central bank’s website in late February. CBvS officials emphasized the necessity of this adjustment given the substantial expansion of offshore oil activities in recent years, particularly following the investment decision for Block 58 in October 2024, which triggered significant foreign investments in production preparations.

    This statistical overhaul reveals profound impacts on key macroeconomic indicators. The current account deficit dramatically increased from $192 million to approximately $2.5 billion for 2025, primarily driven by oil companies’ intensive investment phase requiring substantial imports of technical, engineering, and construction services.

    Crucially, the expanded current account deficit is nearly entirely offset by foreign direct investments from parent companies into their Surinamese subsidiaries, reaching approximately $2 billion in 2025. According to the CBvS, this equilibrium means the higher deficits do not exert pressure on the country’s international reserves.

    The revised data also shows Suriname’s international investment position shifting from -$2.8 billion to -$6.6 billion as of December 2025, mainly due to increased direct investment liabilities. Additionally, the nation’s external debt position expanded by approximately 70% to $9.5 billion, incorporating $3.9 billion in foreign oil company debts.

    While international reserves remain unchanged, the import coverage ratio statistically declined from 7.1 months to 3.5 months due to increased service imports. The central bank clarified this represents a statistical effect rather than an actual reserve deterioration and will provide alternative calculations for policy analysis excluding oil company imports.

    The CBvS reports approximately 90% of active foreign oil companies now regularly submit data, enabling statistics that better align with international standards and creating a stronger foundation for economic analysis and policy formulation, particularly regarding the offshore oil sector’s continued development.

  • Antiguan and Barbudan HR Professionals Set to Participate in Regional LOUD26 Conference in St. Kitts & Nevis

    Antiguan and Barbudan HR Professionals Set to Participate in Regional LOUD26 Conference in St. Kitts & Nevis

    Human resource professionals from Antigua and Barbuda are set to participate in LOUD26 – The Caribbean Human Resource Conference, a premier gathering scheduled for May 28-30, 2026, at the St. Kitts Marriott Beach Resort. This landmark event, organized by the Caribbean Society for Human Resource Professionals (CSHRP), will adopt a hybrid format to accommodate both physical and virtual attendance, ensuring widespread participation across the region.

    The conference, operating under the thematic banner ‘Harvest of Inspiration,’ will assemble HR practitioners, corporate leaders, and policy makers from multiple Caribbean territories including Barbados, Belize, Guyana, Jamaica, Cayman Islands, Trinidad and Tobago, and the host nation St. Kitts and Nevis. The three-day program is strategically designed to address critical workforce development challenges through four core sub-themes: leveraging neurodiversity in workplaces, orchestrating antifragile workforce development with multigenerational teams, implementing next-generation compensation structures, and driving superior employee engagement frameworks.

    Rochelle James, CSHRP Founder, emphasized the event’s significance: ‘LOUD26 transcends conventional conference boundaries to become a regional movement. We’re creating collaborative spaces for Caribbean HR leaders to exchange expertise and strengthen people management practices that directly contribute to economic growth and organizational excellence across our islands.’

    The participation of Antiguan and Barbudan professionals through the Human Resource Professionals of Antigua and Barbuda (HRPAB) demonstrates the country’s ongoing commitment to regional HR development. Dr. Miguelle Christopher, HRPAB President, noted: ‘Our involvement ensures Antigua and Barbuda remains integrated with regional best practices and emerging workforce strategies. The conference provides practical tools, valuable networks, and renewed inspiration to elevate local workplace standards while fostering broader Caribbean collaboration.’

    Beyond formal sessions, LOUD26 will feature curated networking events and cultural experiences designed to reinforce regional partnerships. Registration is currently open, with organizers encouraging early enrollment to secure participation in this comprehensive professional development opportunity.

  • Mother-daughter duo shines with natural hair products

    Mother-daughter duo shines with natural hair products

    THREE HILLS, ST MARY — A resilient entrepreneurial team comprising 44-year-old Simone Davis and her daughter Kezia Barnes is achieving remarkable success with their homegrown enterprise, NKB Collections, specializing in natural hair care solutions. Originating from the eastern parish of St. Mary, their business narrative exemplifies innovation and tenacity.

    The venture commenced in 2021 when Davis, a professionally certified tour guide, initially operated as a sales representative for another company’s products. Her personal experimentation with natural herbal formulations sparked the inspiration to develop a proprietary product line. She subsequently entrusted her daughter with comprehensive research and development responsibilities to create their unique offerings.

    Their entrepreneurial path encountered significant obstacles, including the economic disruptions of the COVID-19 pandemic and the devastating impact of Hurricane Melissa. Demonstrating exceptional adaptability, the母女搭档 pivoted their business strategy by expanding into complementary products including hair bonnets and natural juices to maintain operational continuity. They strategically leveraged every opportunity to promote NKB Collections through medical outreach programs, local fairs, and regional expos, establishing direct customer relationships and enhancing brand visibility.

    “Our unwavering faith has ultimately yielded dividends,” Davis affirmed regarding their perseverance.

    The enterprise has successfully cultivated both domestic and international clientele through strategic social media engagement on their Instagram platform. Davis expressed profound appreciation for her daughter’s multifaceted contributions to their business success, acknowledging her roles as research specialist, strategic planner, organizational manager, and emotional pillar during challenging periods when operational stagnation and financial pressures seemed overwhelming.

    With demonstrated resilience against pandemic and natural disaster challenges, the entrepreneurs maintain confident optimism about their future prospects. “We possess absolute certainty in our capacity to overcome any forthcoming obstacles,” the younger Barnes asserted. Davis added with conviction: “Our product line ensures a radiant future, and I am confident in our continuous progression from achievement to greater accomplishment.”

  • Regency Petroleum launches revolutionary road repair technology in Jamaica

    Regency Petroleum launches revolutionary road repair technology in Jamaica

    KINGSTON, Jamaica – Jamaica’s infrastructure landscape is poised for transformation following Regency Petroleum Limited’s (RPL) groundbreaking introduction of Quality Pavement Repair (QPR), an innovative cold-mix asphalt technology designed to revolutionize road maintenance practices nationwide.

    The strategic launch event at Jamaica Pegasus Hotel gathered key stakeholders including government officials, construction contractors, developers, and hardware industry leaders. RPL CEO Andrew Williams addressed the audience, emphasizing how QPR addresses a perennial national frustration: “Every Jamaican knows the frustration of a road repaired this year and riddled with potholes the next.”

    In a significant development, Minister Robert Nesta Morgan of the Ministry of Economic Growth and Infrastructure Development immediately directed the National Works Agency to evaluate QPR technology for integration into Jamaica’s official road maintenance programs. Minister Morgan specifically highlighted the product’s all-weather application capability as critically important for Jamaica’s climate, noting that conventional hot-mix asphalt becomes impractical during frequent rainfall.

    According to technical specifications provided by RPL, QPR represents a paradigm shift in pavement repair. Developed by D&O Technologies LLC and already available across all 1,762 Lowe’s stores in North America, this ready-to-use compound requires no heating, functions in wet or dry conditions across extreme temperatures, and permits immediate traffic use after compaction. The product carries a lifetime guarantee and promises approximately 40% cost reduction compared to traditional methods.

    Maximiliano Dacharry, Chairman of D&O Technologies LLC, personally attended the launch and emphasized the technology’s operational efficiency: “It requires limited equipment and limited manpower, and most importantly, roads can be opened to traffic almost immediately after installation.”

    The technology’s potential extends beyond public infrastructure to commercial property owners and homeowners. Consul General of Jamaica for the Southern United States Oliver Mair, in a video message, characterized the initiative as “a bold and visionary act of nation-building,” noting that QPR’s established North American track record ensures proven reliability.

    The formal presentation concluded with a live demonstration in the hotel parking lot, where attendees witnessed QPR’s application under realistic conditions, showcasing its immediate effectiveness and practical utility.

  • A Moment to Lead: The Caribbean Hotel and Tourism Association (CHTA) Marks International Women’s Day with Call to Advance Caribbean Women Across the Region

    A Moment to Lead: The Caribbean Hotel and Tourism Association (CHTA) Marks International Women’s Day with Call to Advance Caribbean Women Across the Region

    In a powerful commemoration of International Women’s Day 2026, the Caribbean Hotel and Tourism Association (CHTA) has issued a compelling industry-wide mandate to transform recognition into concrete action for women’s advancement. The Fort Lauderdale-based organization used the occasion to celebrate the indispensable contributions of Caribbean women while launching a strategic framework to accelerate gender equity across the region’s vital tourism sector.

    The initiative aligns with this year’s global campaign theme ‘Give To Gain,’ emphasizing the direct correlation between supporting women’s leadership and enhancing the Caribbean’s overall economic competitiveness. CHTA leadership emphasized that women constitute the backbone of the industry, serving as general managers, executives, entrepreneurs, tourism board leaders, and frontline professionals who define the guest experience throughout the region.

    CHTA’s comprehensive action plan focuses on three critical dimensions: establishing structured mentorship and leadership development programs through their Young Leaders Forum; implementing evidence-based workplace practices that address gender bias and promote inclusion; and increasing visibility of female professionals through platforms like Women in Tourism Caribbean. The association highlighted that inclusive workplaces not only represent ethical imperatives but also drive superior business performance and innovation.

    The call to action carries significant weight given CHTA’s own demonstrated commitment to gender leadership. The association revealed that three of its past five presidents have been women, with female leaders currently heading numerous National Hotel and Tourism Associations across the Caribbean.

    CHTA President Sanovnik Destang, who serves as Executive Director of the woman-owned Bay Gardens Resorts in Saint Lucia, stated: ‘The women of Caribbean hospitality are not only contributing to this industry; they are shaping its future. Recognition alone is insufficient—we demand tangible steps to mentor, create pathways, and ensure the next generation of female leaders has every opportunity to rise.’

    CEO Vanessa Ledesma reinforced this message, noting: ‘Caribbean tourism has always been built by the hands and vision of extraordinary women. We must now intentionally build leadership pipelines, create inclusive workplaces, and ensure women’s contributions are visible and celebrated.’

    Throughout March 2026, CHTA will spotlight each action area through its communication channels, engaging members and industry partners in sustained efforts to transform commitments into measurable progress for gender equity in Caribbean tourism.

  • St. Kitts to welcome 68 cruises this month with over 130,000 passengers expected  – WIC News

    St. Kitts to welcome 68 cruises this month with over 130,000 passengers expected  – WIC News

    The Caribbean island of St. Kitts is preparing for an unprecedented influx of maritime tourism as March 2026 unfolds with one of its most substantial cruise schedules on record. Official tourism data indicates 68 separate vessel calls throughout the month, projecting an estimated arrival of over 130,000 passengers through Port Zante, the island’s primary cruise terminal.

    Port authorities confirm multiple days will feature triple-ship arrivals simultaneously, with peak activity occurring on March 17th when four vessels—Aidasol, Brilliant Lady, Celebrity Eclipse, and Grand Princess—will simultaneously occupy port facilities. The maritime roster includes premium cruise operators such as Seabourn Ovation, Seven Seas Grandeur, and Viking Sea, whose affluent passengers typically demonstrate higher per-capita spending on shore excursions, gourmet dining, and artisan purchases.

    Economic analysts project substantial financial benefits for local enterprises, particularly within the transportation, hospitality, and retail sectors. Taxi operators, tour guides, restaurant owners, and craft vendors anticipate notable revenue increases during this period of intensified maritime activity. The cumulative economic impact extends beyond direct passenger expenditure to include expenditures by thousands of crew members who likewise engage with local businesses during port calls.

    This maritime phenomenon underscores St. Kitts’ growing prominence within Caribbean cruise itineraries and reflects broader industry recovery trends post-pandemic. Tourism officials highlight the strategic investments in port infrastructure and visitor experiences that have positioned the dual-island nation as a preferred destination for major cruise lines. The scheduled arrivals throughout March demonstrate careful coordination between port authorities and cruise operators to maximize passenger experience while minimizing port congestion.

    The complete vessel schedule reveals meticulous planning across all March dates, with continuous arrivals from premium lines including MSC Cruises, Royal Caribbean, and Princess Cruises. Industry observers note that such concentrated cruise activity typically generates multi-million dollar economic impacts for small island destinations, making March 2026 potentially one of the most financially significant months in recent tourism history for St. Kitts and Nevis.

  • CDB president charts decisive decade for Caribbean resilience

    CDB president charts decisive decade for Caribbean resilience

    BRIDGETOWN, Barbados — The Caribbean Development Bank (CDB) has declared a critical ‘decade of decision’ for the region, unveiling an ambitious strategic framework to navigate unprecedented global challenges. CDB President Daniel M. Best presented the bank’s transformative agenda during its annual news conference on March 3, emphasizing that geopolitical tensions, climate volatility, technological disruption, and supply chain realignments are fundamentally reshaping the economic landscape.

    The bank’s assessment reveals that the Caribbean requires an estimated US$65.2 billion between 2024-2033 to prevent economic stagnation. This financing need could potentially double when accounting for comprehensive climate adaptation measures, infrastructure reinforcement, and fiscal buffer establishment, with additional external pressures potentially driving requirements even higher.

    CDB’s Strategic Plan 2026–2035 establishes a triple-pillar approach to regional resilience:

    Social Resilience: Ensuring reliable access to essential services, poverty reduction, inclusive social protection, and enhanced education and healthcare systems.

    Economic Resilience: Diversifying and modernizing economies through climate-resistant infrastructure, robust fiscal systems, digital connectivity, food security, cultural sector development, and private sector-led green innovation.

    Environmental Resilience: Addressing what President Best termed the ‘existential’ Caribbean priority through climate adaptation, mitigation, and nature-positive development strategies.

    Operational priorities will focus on youth development, institutional strengthening, and climate action. With half the region’s population under 30, investments will target skills development, entrepreneurship, and employment pathways. Institutional enhancements will address procurement bottlenecks, fiscal management gaps, and implementation inefficiencies.

    Regarding climate financing, Best noted the stark disparity between needs and availability: ‘Our region requires approximately US$14 billion annually for climate response but mobilizes less than 10% of that. CDB is committing 30% of our total financing and 35% of our Special Development Fund resources to climate adaptation and mitigation.’

    The bank reaffirmed its commitment to Haiti, emphasizing strengthened country presence and targeted support for micro, small and medium enterprises, renewable energy, and disaster risk management.

    To support this expanded ambition, CDB is bolstering its financial capacity through multiple instruments including a CHF 100 million Swiss market capital raise, a US$450 million Exposure Exchange Agreement, and an upcoming Euro Medium-Term Note Programme enabling up to US$1 billion in issuance over three years. These initiatives build upon CDB’s AA+ credit rating recently reaffirmed by Fitch Ratings with a stable outlook.

    Concluding his address, Best envisioned a 2035 Caribbean recognized as one of the world’s most resilient regions, characterized by modernized institutions, harmonized disaster risk systems, digital public administration, and globally competitive youth-led enterprises.

    The annual conference served as a platform for CDB to outline its strategic vision, assess 2025 regional economic performance, and present the 2026 economic outlook while highlighting key project outcomes and institutional priorities.

  • Jagesar: Olieprijs stijgt ook in Suriname door oorlog rond Iran

    Jagesar: Olieprijs stijgt ook in Suriname door oorlog rond Iran

    Suriname’s state oil company anticipates significant economic repercussions from the Middle East conflict, with director Annand Jagesar confirming that rising global oil prices will directly impact domestic fuel costs. The escalating tensions between Iran, the United States, and Israel have triggered international market volatility, driving oil prices upward as investors anticipate potential supply disruptions from the critical oil-producing region.

    Jagesar explained that while increased oil prices will boost government revenues through the ‘government take’ mechanism—where approximately 68 cents of every dollar flows to state coffers—this financial gain comes with complex socioeconomic implications. The Staatsolie director dismissed suggestions that locally produced oil should translate to lower consumer prices, revealing that domestic refining capacity meets less than half of national gasoline demand. With daily consumption at 5,000 barrels versus a maximum production of 2,300 barrels, Suriname must import the substantial balance.

    The oil executive cautioned against artificial price suppression, citing Venezuela’s experience where decades of ultra-low fuel prices created unsustainable economic distortions. He emphasized that market-based pricing serves as crucial signals for energy transition, encouraging consumers and businesses to seek alternatives when prices rise. However, Jagesar advocated for targeted subsidies to protect vulnerable populations, particularly seniors living on fixed incomes, from bearing the brunt of energy cost increases.

    Global analysts warn that further disruptions to Middle Eastern oil trade could drive prices even higher, creating both revenue opportunities and affordability challenges for oil-producing nations like Suriname.

  • Budget reality check

    Budget reality check

    Jamaica’s Independent Fiscal Commission has issued a stark warning regarding the government’s newly proposed budget, challenging the realism of its underlying economic projections. The fiscal watchdog expressed particular concern over the administration’s expectation of 9.2% nominal economic growth for the upcoming financial year, which would require nearly 10% inflation despite January’s rate standing at just 3.9%.

    The commission emphasized that these optimistic assumptions could trigger significant fiscal consequences. Should actual economic performance fall short of projections, tax revenues would likely miss targets while the debt-to-GDP ratio would deteriorate beyond official estimates. This scenario would jeopardize Jamaica’s legally mandated goal of reducing public debt below 60% of GDP, a target already delayed by two years following Hurricane Melissa’s devastating impact in October.

    Hurricane Melissa caused unprecedented damage now estimated at $1.95 trillion by the Planning Institute of Jamaica—exceeding half of the nation’s annual economic output and substantially higher than the $1.5-trillion estimate used during budget preparations. Compounding these challenges, the National Reconstruction and Resilience Authority has yet to produce concrete rebuilding plans, cost estimates, or implementation timelines, despite government assumptions of reconstruction-driven economic rebound.

    Further concerns extend beyond hurricane recovery. The commission highlighted Jamaica’s problematic track record in public investment execution, with the government spending 37.2% less on capital projects than budgeted between April and December last year. Simultaneously, the public sector wage bill has surged from 8.8% to 13.8% of GDP since FY2020/21, now consuming 56 cents of every tax dollar compared to 36 cents four years ago.

    Fiscal Commissioner Courtney Williams warned that without reinstating rules tying wage increases to economic performance, Jamaica risks ‘eating its seed corn’ by prioritizing current salaries over essential infrastructure investments needed for future growth and climate resilience.

    The assessment did acknowledge some positive developments, including functional fiscal rules that allowed temporary debt target suspension post-hurricane and emergency financing arrangements that provided $1 billion in immediate funds with potential access to $5.7 billion additional international lending. New tax measures on digital services and higher duties on specific commodities are projected to generate $18 billion if implemented as scheduled.

    The commission plans to revisit its assessment once updated damage figures and detailed reconstruction plans become available, with Finance Minister Fayval Williams expected to open the Budget Debate this week.

  • President: Lagere goudroyalty kan juist meer inkomsten opleveren

    President: Lagere goudroyalty kan juist meer inkomsten opleveren

    Surinamese President Jennifer Simons has announced a strategic temporary reduction in gold royalties, outlining a calculated approach to stimulate legal gold sales and ultimately increase state revenues. The policy shift responds to persistent challenges in regulating the nation’s gold sector, where elevated taxation has historically driven transactions toward illegal channels.

    President Simons cited a successful precedent: a 50% temporary reduction in PSA license fees that resulted in application numbers surging from approximately 300 to 3,000 monthly. This previous intervention ultimately generated higher state revenues despite the lowered rate, demonstrating how strategic tax adjustments can expand the formal economic base.

    The gold sector presents similar dynamics. Historical data reveals that when royalties increased in previous years, legal gold exports declined despite rising global gold prices—clear evidence that significant quantities were diverted through illicit channels. The temporary royalty reduction aims to test whether lower rates can redirect gold flows back to legal export pathways, thereby increasing overall state income.

    Simultaneously, the government is implementing enhanced regulatory measures and strengthening oversight mechanisms. President Simons acknowledged that Suriname’s gold sector has suffered from insufficient organization and control for years. Multiple agencies, including police and specialized regulatory bodies, are now collaborating to improve tax collection and establish comprehensive sector oversight.

    The royalty collection currently occurs at points of sale and export. Additional measures are under development to combat smuggling and integrate more gold into the formal economy through official channels.

    President Simons emphasized the provisional nature of this intervention. Should the reduction fail to stimulate increased legal exports or higher revenues, the government stands ready to readjust royalty rates accordingly. This data-driven approach reflects a pragmatic strategy to optimize tax policy while addressing structural challenges in resource governance.