Carib Scope

分类： business

  • Small Business Association calls for OUR and JPS to reconsider 7% bill increase

    Small Business Association calls for OUR and JPS to reconsider 7% bill increase

    KINGSTON, Jamaica — The Small Businesses Association of Jamaica (SBAJ) has launched a forceful appeal against Jamaica Public Service (JPS) and the Office of Utilities Regulation (OUR), urging them to abandon a proposed seven per cent increase in electricity rates. SBAJ President Garnett Reid emphasized that Jamaican consumers and businesses already contend with some of the world’s highest energy costs, making the timing of this hike particularly detrimental.

    Reid questioned the justification for the increase, pointing to the utility company’s historical profitability. “Given the billions in profits accumulated over the years, we are compelled to ask where these funds have been allocated,” Reid stated. “It is unreasonable for the company to further burden Jamaicans by requesting what amounts to a $150 million loan from consumers, on top of a recent US$50 million drawdown from the OUR.”

    The appeal highlights the nation’s ongoing recovery from Hurricane Melissa, arguing that economic fragility demands compassion, not additional financial pressure. Reid called on international shareholders from Japan and Korea to consider the severe impact on the Jamaican populace.

    Furthermore, the SBAJ cited the exodus of major corporations, including Icool, Colgate, and Palmolive, which have relocated operations to Caribbean neighbors like Trinidad and Barbados due to more competitive energy rates. This trend, Reid warned, threatens to continue if Jamaica’s energy market remains uncompetitive.

    In response to the crisis, the association is advocating for structural reforms. This includes a call for the government to dismantle JPS’s monopoly by inviting alternative power providers to operate in Jamaica. Additionally, the SBAJ is encouraging a national shift towards renewable energy sources, such as solar power, to reduce dependency on the traditional grid and foster long-term economic resilience.

  • Gopex wijst op zorgen rond export, padieboeren luiden noodsignaal

    Gopex wijst op zorgen rond export, padieboeren luiden noodsignaal

    Suriname’s agricultural sector faces an unprecedented crisis as major industry players report catastrophic declines in export performance and mounting systemic challenges. Gopex International NV, a prominent agricultural enterprise, alongside the Surinamese Rice Farmers Association (SPBA), has issued urgent warnings about the sector’s rapid deterioration.

    Statistical analysis covering 2017 through 2024 reveals an alarming contraction exceeding fifty percent in agricultural output. Madhevie Gopal, representing industry stakeholders, attributes this dramatic decline to multiple factors, primarily stringent European regulatory changes that have rendered Suriname unable to meet Dutch market demands. “We are consistently losing market share to competitors such as the Dominican Republic and Mexico,” Gopal stated, painting a concerning picture for vegetable and fruit exports.

    The crisis extends beyond regulatory challenges to critical infrastructure failures. Gopal highlighted persistent logistical bottlenecks at airport export processing, where agricultural products remain outside refrigeration for five to six hours, severely compromising quality standards. “If we genuinely prioritize food safety,” she emphasized, “we must implement improved facilities coupled with enhanced supervision and monitoring mechanisms.”

    Industry leaders advocate for comprehensive reforms including expanded agricultural research, improved farmer education programs, and effective implementation of the National Institute for Food Safety Suriname Act. This legislation specifically aims to oversee food production, distribution, and export processes to ensure safety and quality standards.

    The rice sector faces parallel challenges. SPBA President Harinandan Oemraw reported that rice farmers confront shrinking profit margins despite increasing investments. “Without structural support,” Oemraw warned, “we anticipate further decline in rice production.”

    Rice farmers grapple with soaring production costs, inadequate research, obsolete seed supply systems, aging infrastructure, limited access to affordable financing, and escalating climate risks. Oemraw identified critical needs including modern irrigation systems, accessible credit facilities, and consistent pricing policies to sustain the sector.

    Proplan Consultancy’s analysis reveals a devastating cost-price imbalance: production costs reach SRD 863 per rice bale while farmers receive merely SRD 400. This economic pressure has resulted in severely reduced planting this season, threatening both national food security and agricultural livelihoods.

    The unified message from Gopex and SPBA underscores the urgent need for targeted policy interventions, improved regulatory oversight, and sector-wide collaboration. Without immediate action, Suriname risks further erosion of international market position and compromised food security. As Gopal succinctly summarized: “No farmer, no food, no future.”

  • Economists cite challenges of the Dominican Republic for 2025

    Economists cite challenges of the Dominican Republic for 2025

    Prominent economists Rafael Espinal and Antonio Ciriaco Cruz have outlined a series of pressing economic challenges confronting the Dominican Republic as the nation approaches 2026. Their analysis identifies critical areas requiring immediate governmental attention to ensure sustainable economic growth and stability.

    Professor Rafael Espinal of Santo Domingo’s Technological Institute (Intec) emphasized that the foremost priority must be the implementation of a comprehensive fiscal reform. He characterized this reform as needing to be progressive in nature, socially inclusive, and strategically structured to benefit the broader economy.

    Espinal identified three additional crucial challenges: revitalizing public investment programs, particularly within the construction sector; maintaining monetary policies that ensure competitively low interest rates; and restoring public trust in governmental institutions through demonstrated administrative honesty and operational efficiency.

    Echoing these concerns, Antonio Ciriaco Cruz, Dean of Economic and Social Sciences at the Autonomous University of Santo Domingo (UASD), specifically called for increasing public investment to approximately 3% of the nation’s Gross Domestic Product. Cruz further recommended stimulating domestic credit mechanisms to boost both private consumption and investment activities—key drivers for achieving targeted economic growth objectives.

    The economics expert additionally cautioned against two emerging fiscal pressures: escalating public debt interest payments and excessive financial transfers to the electricity sector. Cruz warned that without containing these expenditures, the Dominican Republic’s economic progress could face significant headwinds in the coming years.

    Both experts presented their assessments during a recent economic outlook forum, highlighting the interconnected nature of these challenges and the necessity for coordinated policy responses.

  • BM Soat says it obeys all laws, is a “responsible” taxpayer

    BM Soat says it obeys all laws, is a “responsible” taxpayer

    Prominent Guyanese automotive importer BM Soat Auto Sales and Rentals has issued a firm rebuttal against allegations of vehicle undervaluation practices, asserting its full compliance with national laws and its status as a substantial taxpayer. The company’s statement on Saturday December 27, 2025, came in response to media reports citing unnamed Guyana Revenue Authority (GRA) officials regarding alleged malpractices.

    The company expressed concern over what it characterized as unbalanced journalism, noting that recent reports “rely entirely on unnamed sources” and “make broad claims without identifying any individuals.” While not directly addressing whether it has existing court cases with GRA or whether it paid over GY$200 million in due taxes, BM Soat maintained that it “operates within the laws of Guyana and conducts its business with integrity.”

    Highlighting its commercial scale, the company revealed it sold more than 1,500 vehicles in 2025 alone, all processed through “established regulatory channels.” BM Soat emphasized its tax contributions, stating it has paid “billions of dollars in taxes and duties over the years,” which it says reflects its “consistent role as a responsible taxpayer.”

    The controversy emerges against the backdrop of an ongoing investigation into tax evasion practices within Guyana’s vehicle import sector. Seven GRA officials are currently on GY$500,000 bail each and must report to police on December 29 as part of this probe. According to previous reports, the alleged evasion schemes involved either misclassifying vehicles as electric (which bear no taxes) or underreporting engine capacity to qualify for lower tax rates.

    The GRA has indicated plans to expand its investigation to include other vehicle importers, suggesting the current allegations against BM Soat may represent only one aspect of a broader compliance review within Guyana’s automotive import industry.

  • Three former SSL directors slapped with multiple charges

    Three former SSL directors slapped with multiple charges

    KINGSTON, Jamaica — Three former executives of the defunct financial entity Stocks and Securities Limited (SSL) now confront a sweeping array of criminal charges in one of Jamaica’s most significant investment scandals. The accused individuals include SSL founder Hugh Croskery, his daughter Sarah Meany, and former director Zachary Harding, who held his position from 2019 until the firm’s collapse in 2022.

    Prosecutors have filed a comprehensive indictment detailing multiple violations of Jamaican financial regulations. The charges allege the trio systematically deceived investors by fraudulently soliciting investments, constituting a breach of Section 28 of the Larceny Act. Additional counts include operating without proper corporate registration under the Companies Act, conducting securities business without a valid dealer’s license as mandated by the Securities Act, failing to register securities with the appropriate commission, and violating the Banking Services Act.

    The legal proceedings have advanced with Hugh Croskery being granted bail set at one million Jamaican dollars. His court appearance is scheduled for January 26, 2026, where formal proceedings will commence. Croskery’s defense team, led by King’s Counsel Peter Champagnie and attorney Samoi Campbell, has vigorously maintained their client’s innocence.

    Champagnie publicly stated that his client denies all allegations and has provided complete cooperation to investigative authorities throughout the probe. The defense counsel emphasized the importance of due process, urging the public to refrain from premature judgment until judicial proceedings conclude in court.

  • Boutique Hotel Peperpot breidt uit met luxe Citrushuis in Commewijne

    Boutique Hotel Peperpot breidt uit met luxe Citrushuis in Commewijne

    Suriname’s hospitality landscape has welcomed a significant enhancement with the inauguration of Citrus House, a luxurious 20-room extension at Boutique Hotel Peperpot in Meerzorg. The new facility, which commenced operations on Friday, represents a strategic response to growing demand for upscale accommodation options in the Commewijne district.

    This expansion seamlessly integrates modern amenities with the tranquil, green surroundings of the historic Peperpot area, offering guests an immersive experience that balances contemporary comfort with environmental serenity. The development marks a pivotal advancement in Suriname’s tourism infrastructure, targeting both domestic and international travelers seeking premium lodging experiences.

    General Manager Jerry A-Kum emphasized that the project transcends mere capacity increase. “We are not simply adding rooms but creating an entirely new dimension of comfort and experiential travel,” he stated. “This initiative strengthens our service portfolio while making tangible contributions to Suriname’s tourism growth trajectory.”

    The Citrus House development reflects Boutique Hotel Peperpot’s commitment to elevating the nation’s tourism standards through infrastructure enhancement. By preserving the area’s distinctive character while introducing sophisticated accommodations, the establishment positions itself as a catalyst for high-quality tourism development in the region.

    This investment demonstrates the hotel’s dedication to providing memorable, high-caliber experiences that align with Suriname’s evolving tourism ambitions, potentially setting new benchmarks for hospitality excellence in the Caribbean nation.

  • Savings accounts are the most sought-after financial product by foreign migrants in the Dominican Republic.

    Savings accounts are the most sought-after financial product by foreign migrants in the Dominican Republic.

    A comprehensive study conducted by the Superintendency of Banks reveals significant patterns in financial product usage among foreign migrants residing in the Dominican Republic. The research, titled “Towards an Inclusive and Sustainable Financial System 2025,” demonstrates that savings accounts constitute the most widely utilized financial instrument within this demographic, with 83% of surveyed migrants maintaining such accounts.

    Credit and debit cards represent the second most popular financial product, utilized by 54% of the migrant population, while checking accounts follow at 44% penetration. The study emphasizes that migrants form a crucial component of the national workforce and economic framework, yet encounter substantial obstacles in accessing formal financial services.

    Key barriers identified include documentation requirements, institutional trust factors, and limited familiarity with conventional financial instruments. The research methodology incorporated migrant respondents as 7% of its total sample size, with gender distribution nearly equal at 51% male and 49% female participants. Notably, 24% of surveyed migrants reported lacking Dominican identity cards.

    Venezuelan and Haitian nationals predominated among respondent demographics, with 90% residing in urban centers—particularly Greater Santo Domingo (38%) and northern regions (21%). Income analysis revealed 94% of migrants earn below 50,000 pesos monthly, indicating pronounced concentration in lower-income brackets.

    The publication highlights that migrants face particularly stringent verification processes, with 48% reporting additional documentation requirements when applying for financial products. Despite these challenges, 77% of migrants expressed complete confidence in their primary financial institutions.

    While financial institutions have initiated inclusion mechanisms—including simplified banking products, basic accounts, and reduced-cost remittance programs—the study concludes that these initiatives currently maintain limited reach within migrant communities. Researchers stress that understanding financial behaviors and perceptions is fundamental to designing effective policies that foster economic integration and social inclusion within the Dominican financial landscape.

  • Former SSL executive in custody

    Former SSL executive in custody

    KINGSTON, Jamaica — Law enforcement authorities have taken a former high-ranking executive of Stocks and Securities Limited (SSL) into custody as part of an intensifying probe into a multimillion-dollar fraud case that has rocked Jamaica’s financial sector.

    The detention occurred during a sequence of meticulously coordinated operations conducted by a multi-agency task force across locations in St Andrew and St James. This development represents a significant escalation in the ongoing investigation into alleged financial malfeasance at SSL, which initially came under scrutiny in 2023.

    The investigative alliance comprises Jamaica’s premier financial crime units, including the Financial Investigations Division (FID), the Constabulary Financial Unit (CFU), the Counter-Terrorism and Organised Crime Investigation Branch (C-TOC), and the Major Organised Crime and Anti-Corruption Agency (MOCA). This collaborative effort underscores the seriousness with which authorities are treating the alleged financial irregularities.

    While specific details regarding the detained executive’s identity and precise allegations remain undisclosed pending formal charges, law enforcement officials have indicated that further developments are anticipated as their complex financial examination advances. The investigation continues to unravel the sophisticated mechanisms allegedly employed in what has become one of Jamaica’s most prominent financial fraud cases in recent years.

  • GraceKennedy mourns passing of business leader Mable Tenn

    GraceKennedy mourns passing of business leader Mable Tenn

    KINGSTON, Jamaica — GraceKennedy, the prominent Caribbean conglomerate, has announced with profound sorrow the passing of Mable Tenn, celebrated business pioneer and the company’s inaugural female board director. Tenn’s remarkable career spanned decades of transformative leadership and barrier-breaking achievements within Jamaica’s corporate landscape.

    Her professional association with GraceKennedy commenced in 1952 when she assumed the role of secretary to Carlton Alexander, then serving as director. Demonstrating exceptional business acumen and determination, Tenn subsequently established multiple thriving entrepreneurial ventures that would eventually be incorporated into the GraceKennedy portfolio through acquisition.

    In a historic corporate milestone, Tenn shattered the glass ceiling in 1972 by becoming the first woman appointed to GraceKennedy’s board of directors. This groundbreaking appointment established new precedents for gender diversity in Jamaican business leadership and created pathways for subsequent generations of female executives.

    Beyond her corporate legacy, Tenn made substantial contributions to Jamaica’s agricultural development initiatives and emerged as an inspirational figure for women pursuing leadership roles. Her career exemplified resilience, innovative vision, and an uncompromising commitment to excellence that transcended conventional expectations of her era.

    The GraceKennedy organization has extended heartfelt condolences to Tenn’s family, friends, and the countless individuals influenced by her extraordinary journey. The company emphasized that Tenn’s enduring impact on both corporate governance and broader Jamaican society will be perpetually honored with profound respect and appreciation.

  • Zachary Harding faces questioning in SSL fraud saga

    Zachary Harding faces questioning in SSL fraud saga

    Zachary Harding, the former Chief Executive Officer of Stocks and Securities Limited (SSL), is now undergoing formal questioning by Jamaican authorities in connection with the island’s largest financial fraud scandal. This development starkly contrasts with his January 2023 public declaration of having “clean hands” when the scandal first emerged.

    On December 27, 2025, Harding presented himself to detectives from the Financial Investigations Division (FID) and the Counter-Terrorism and Organised Crime Investigation Branch (C-TOC) of the Jamaica Constabulary Force. According to official statements, the interrogation focuses on “reasonable suspicion of breaches” spanning multiple financial regulations including the Bank of Jamaica Act, Securities Act, Banking Services Act, and Companies Act.

    The investigation intensified with coordinated dawn raids conducted by FID, C-TOC, and the Major Organised Crime and Anti-Corruption Agency (MOCA) targeting former SSL directors’ premises in St. James and St. Andrew. These operations resulted in three arrests: former SSL directors Hugh Croskery and Sarah Meany, plus Dermot Meany who faces separate firearms charges.

    During the 2023 interview with Observer Online, Harding had emphatically denied any knowledge of the fraudulent activities, stating: “I have nothing to hide. My heart is clear and my conscience is free.” He specifically claimed unawareness that Olympic champion Usain Bolt maintained an account with SSL during his tenure from September 2019 to June 2022.

    The scandal, which initially revealed the theft of approximately US$12.7 million from Bolt’s account, has expanded to encompass nearly 200 clients with total losses approaching $4 billion Jamaican dollars. To date, only former SSL wealth advisor Jean-Ann Panton has been formally charged, with her case currently progressing through the judicial system.

    Harding maintained that his resignation in June 2022 preceded the scandal’s emergence, and he had no ongoing affiliation with the company. Investigators continue forensic examination of evidence collected during recent operations while assessing potential regulatory violations.