Carib Scope

分类： business

  • United Oil & Gas completes seabed survey offshore Jamaica

    United Oil & Gas completes seabed survey offshore Jamaica

    KINGSTON, Jamaica — United Oil & Gas Plc (AIM: UOG) has successfully concluded an extensive three-phase seabed geochemical exploration initiative within its Walton-Morant licence area, located offshore Jamaica. This strategic operation represents a critical step in the company’s ongoing efforts to de-risk the asset and bolster its technical portfolio ahead of advanced partnership discussions.

    The comprehensive programme was executed without safety incidents and included three core components: a multibeam echosounder survey covering 1,189 line kilometres of seabed, heat flow probe measurements across both the Walton and Morant geological basins, and a targeted piston coring campaign. Samples were successfully retrieved from all 42 pre-selected locations on the ocean floor.

    The collected sediment cores are now scheduled for shipment to TDI-Brooks International laboratories in the United States. There, they will undergo detailed geochemical analysis to detect the presence of thermally derived hydrocarbons—key indicators of potential petroleum systems. Initial findings from the laboratory are anticipated within the next several weeks.

    Upon receipt, these new geochemical datasets will be integrated with the company’s existing seismic and geological information. This synthesis is expected to significantly enhance the technical evaluation of the licence’s prospectivity. Positive outcomes could substantially strengthen the data package presented to potential partners, as United Oil & Gas advances negotiations regarding a future offshore drilling campaign.

    Brian Larkin, Chief Executive Officer of United Oil & Gas, described the completion of the survey as a pivotal operational milestone. He emphasized that the forthcoming laboratory results will be instrumental in refining the company’s subsurface understanding and strategic planning for the high-potential Jamaican asset.

    United Oil & Gas maintains a diversified portfolio, including a development asset in the United Kingdom and this high-impact exploration licence in Jamaica. The company is publicly traded on the AIM, a sub-market of the London Stock Exchange.

  • CIBC Caribbean to end GBP cheques and bank drafts from March 31

    CIBC Caribbean to end GBP cheques and bank drafts from March 31

    KINGSTON, Jamaica — CIBC Caribbean has announced the discontinuation of all British pound-denominated cheque and bank draft services effective March 31, marking a significant transition toward digital banking solutions. This strategic decision comes in response to both the declining use of paper-based instruments and the withdrawal of correspondent banking support for GBP cheque processing.

    The financial institution urges clients holding GBP cheques or drafts to present these instruments at any branch before the deadline to ensure proper encasement or deposit processing. After March 31, these paper-based payment methods will no longer be accepted or processed by the bank.

    Deepa Boucaud, Executive Director of Personal and Business Banking, emphasized that electronic payments have emerged as the global benchmark for financial transactions, offering superior security protocols, accelerated processing speeds, and enhanced reliability. This operational shift aligns CIBC Caribbean with international banking standards and contemporary financial practices.

    Customers will maintain full capability to send and receive British pound payments through wire transfers via the bank’s digital platforms, including online banking services and mobile applications. These electronic alternatives provide strengthened security measures, real-time transaction tracking, and considerably faster settlement times compared to traditional paper instruments.

    The bank has committed to providing comprehensive support for elderly customers and others requiring assistance with the transition to electronic transfer systems. Branch personnel will offer personalized guidance to help clients adapt to wire transfer procedures as the primary alternative to discontinued draft services.

    CIBC Caribbean maintains operations across ten Caribbean nations with approximately 2,700 employees staffing 41 branches and offices. The institution reported substantial assets totaling US$13 billion alongside a market capitalization of US$1.7 billion, underscoring its significant presence in the regional banking sector.

  • RvC EBS: Leo Brunswijk moet schriftelijk reageren na escalatie binnen directie

    RvC EBS: Leo Brunswijk moet schriftelijk reageren na escalatie binnen directie

    The Supervisory Board of NV Energiebedrijven Suriname (EBS) has issued an ultimatum to director Leo Brunswijk, demanding a written response by Wednesday, March 4, 2026, addressing the escalating leadership crisis within the state-owned energy company. This development follows a February 27, 2026 letter obtained by DTV Express, revealing a complete breakdown in executive communications.

    The supervisory body described the situation as ‘untenable,’ citing a critical escalation on February 16 that has paralyzed management operations and halted all executive meetings. The current intervention comes after a previous warning letter dated February 24, 2026, titled ‘Conditional Participation in Executive Meetings,’ specifically addressed to Brunswijk.

    Following thorough internal consultations and examination of earlier irregularities, the Board has proposed radical governance reforms. In the interest of transparency and good governance, the current executive division of responsibilities would be temporarily suspended. All future management decisions, contracts, and commitments would require majority approval from at least three of the four executive members.

    In a significant move, the Board recommended the immediate suspension of M. Eyndhoven and S. Geerlings pending further investigation. Their continued involvement has allegedly created operational ambiguity requiring urgent resolution.

    The proposed measures include convening emergency meetings within one week between HRM departments and executive leadership to address persistent personnel issues and establish consistent employment policies. The Supervisory Board intends to observe these sessions directly. Subsequent discussions with the OWOS (likely a workers’ organization) will address the implemented measures.

    Additionally, the Board highlighted recurring concerns regarding information flow bottlenecks through the executive secretariat, proposing comprehensive evaluation and potential restructuring. Signed by President-Commissioner Dean Linger, the letter expresses confidence that these recommendations will be meticulously implemented to restore organizational stability.

  • Nutritious Wambugu apple takes root in SVG

    Nutritious Wambugu apple takes root in SVG

    A transformative agricultural initiative is unfolding across the Caribbean as St. Vincent and the Grenadines becomes the latest nation to adopt Kenya’s innovative Wambugu apple variety. This development marks a significant shift in intercontinental agricultural cooperation, moving beyond historical paradigms to embrace knowledge exchange and technological transfer between African and Caribbean nations.

    The Wambugu apple, developed by Kenyan farmer Peter Wambugu twenty-five years ago, represents a breakthrough in fruit cultivation. Unlike traditional apples requiring cold climates, this variety thrives in tropical conditions, making it ideally suited for Caribbean agriculture. Cherio Farms, a forward-thinking agricultural enterprise in SVG, is spearheading the distribution of Wambugu saplings to experienced local farmers, signaling a new era of food sovereignty initiatives.

    Prominent agricultural experts including Kemston Cato, holder of a master’s degree in food science, and Hubert “Shaka” Williams, a seasoned farmer with decades of experience, are among the first to implement this innovative cultivation. The project also involves Roosevelt John, a pineapple specialist in Mesopotamia Valley, and Marlon da Silva, whose twenty-five years of citrus farming experience provides valuable comparative insight.

    The economic implications are substantial. SVG currently imports approximately 165,000 kilograms of apples annually at a cost exceeding EC$1 million. This initiative aims to significantly reduce that import bill while creating local agricultural value. The Wambugu apple’s nutritional profile—low-calorie, fat-free, and rich in vitamin C, dietary fiber, and antioxidants—positions it as a health-conscious alternative to imported fruits.

    Beyond economic benefits, this collaboration represents a philosophical shift in North-South relations. As Che Connell of Cherio Farms notes, this exchange emphasizes “the brains, not the bodies, the tech, not the toil” of African agricultural innovation. The project has already demonstrated success in Jamaica and Trinidad, suggesting broader regional potential.

    Looking forward, Cherio Farms envisions expanded partnerships with Taiwan’s agricultural sector and further African collaborations, potentially including apricots, strawberries, citrus, and grapes. This neo-agricultural revolution aims to achieve food sovereignty for SVG by 2030, transforming both agricultural practices and international relationships through sustainable, knowledge-based development.

  • Accountability: Luis Abinader reveals that 53% of new formal jobs in the Dominican Republic are held by women

    Accountability: Luis Abinader reveals that 53% of new formal jobs in the Dominican Republic are held by women

    SANTO DOMINGO – In a landmark address before the National Congress commemorating the nation’s 182nd Independence Anniversary, President Luis Abinader unveiled exceptional employment figures for 2025. Official data from the National Continuous Labor Force Survey (ENCFT) reveals the creation of 133,915 new jobs throughout the year, elevating the country’s total employed population to 5,139,951. Notably, the national open unemployment rate remains anchored at a historic low of 5.0%.

    President Abinader championed decent employment as the cornerstone transformative social policy of his administration. He emphasized the government’s unwavering priority to generate formal, well-compensated job opportunities, stating that each new position represents ‘peace of mind for a home’ rather than a mere statistic.

    A pivotal achievement highlighted in the report is a decisive reduction in labor informality, which dropped to a record low of 54.2%. This formalization is evidenced by several key indicators: the integration of 74,000 new workers into the Integrated Labor Registry System (SIRLA), a 3.15% year-on-year expansion in active Social Security contributors reaching 2,426,350, and a significant stride in gender equity with women securing 53% of all new formal jobs.

    The government credits this success to a synergistic strategy developed in concert with the private sector, focusing on high-growth areas such as nearshoring, logistics, advanced free zones, agro-industrial modernization, and sustainable tourism. This was supported by over 140 formalization and inspection operations. Initiatives like the ‘RD-Trabaja’ program and its ‘Tu Empleo Está Aquí’ platform further bolstered these efforts, successfully registering 12,648 individuals, with a particular focus on youth and women.

    Concluding his address, President Abinader affirmed that this robust job expansion has been paralleled by a consistent rise in workers’ real income, signaling the consolidation of a more resilient and socially equitable economy.

  • Rijstboeren krijgen padieprijs aangeboden van SRD 500–550 per baal

    Rijstboeren krijgen padieprijs aangeboden van SRD 500–550 per baal

    In a significant development for Suriname’s agricultural sector, rice farmers have secured substantially improved pricing following government-mediated negotiations. Minister Mike Noersalim of Agriculture, Livestock, and Fisheries (LVV) successfully facilitated an agreement that will see rice millers offering between SRD 500–550 per bale, a notable increase from the previously proposed SRD 300–400 range.

    The breakthrough emerged from comprehensive consultations involving multiple stakeholders, including Agriculture Minister Noersalim, Economic Affairs Minister Andrew Basaaron, parliamentary representative Ebu Jones, and Edmund Duiker, Chairman of the NOFA Fund. The discussions focused not only on immediate pricing concerns but also on establishing sustainable solutions for subsequent harvesting seasons.

    Ashwin Jagmohansing, President of the Nickerie Rice Farmers Interest Group Association (VBPN), expressed satisfaction with the outcome, stating he would return to his members with positive news. Approximately 20,000–22,000 hectares of rice have been planted for the current season.

    Minister Noersalim emphasized that while LVV maintains a mediator role in price determinations, the rice sector operates under a free-market system where prices are ultimately determined by supply and demand dynamics. The ministry’s intervention aims to streamline negotiations ensuring both producer satisfaction and continued rice production stability.

    Infrastructure improvements were also addressed, with Minister Noersalim confirming resolution of pumping station issues at Wakay and ongoing efforts to upgrade irrigation systems through public tenders.

    The pricing dispute represents a longstanding challenge in global agricultural markets, as noted by Economic Affairs Minister Basaaron, who highlighted regional developments influencing price structures. The current administration has committed to establishing comprehensive cost-calculation methodologies with broad stakeholder support.

    Parliamentarian Ebu Jones praised the collaborative approach, contrasting it with previous administrations’ priorities. He emphasized that fair pricing for farmers would ultimately benefit consumers through potentially lower market prices for rice products, creating a win-win scenario for both producers and the broader society.

  • SEOB waarschuwt: economie blijft fragiel, strikte discipline en hervormingen noodzakelijk

    SEOB waarschuwt: economie blijft fragiel, strikte discipline en hervormingen noodzakelijk

    The Suriname Economic Oversight Board (SEOB) has issued a stark warning about the nation’s ongoing economic fragility in its latest February 2026 bulletin. While acknowledging certain stabilizing factors including robust banking institutions and relatively strong reserve positions, the independent monitoring body highlighted several critical concerns that continue to threaten macroeconomic stability.

    The report reveals accelerating inflation rates, persistent government deficits, and national debt levels soaring significantly above the internationally accepted threshold of 60% of GDP. This elevated debt ratio presents substantial risks to economic stability according to the oversight board’s analysis.

    In response to these challenges, the SEOB has presented comprehensive recommendations centered on implementing strict fiscal discipline. Key proposals include enhancing fiscal transparency, developing coherent medium-term tax policy frameworks, establishing five-year government financial plans with expenditure ceilings, and implementing sustainability targets for total public debt.

    The board specifically addressed concerns regarding substantial government subsidies, particularly in the electricity sector. Recommendations call for transparent divestment of non-strategic, loss-making state enterprises that require significant subsidies and the formal proclamation of procurement legislation to ensure transparency and cost control in government contracts.

    Looking toward anticipated offshore oil revenues, the SEOB emphasized the urgent need to strengthen and operationalize critical institutions including the Savings and Stabilization Fund (SSFS). The organization stressed that transparency and anti-corruption mechanisms must be fully established before substantial revenue inflows begin.

    To reduce mining sector dependency, the report advocates for active economic diversification efforts prioritizing agricultural development (including fisheries and processing), service sector expansion, ecotourism, and collaborative production and export growth strategies between government and private enterprises.

    The bulletin also addressed debt management and monetary policy coordination, highlighting the necessity of active debt management given current debt levels and ensuring proper alignment between fiscal and monetary policies to contain inflationary pressures and stabilize the Surinamese dollar. Maintaining central bank independence in accordance with the 2022 Central Bank Act remains paramount.

    Finally, the SEOB underscored that sustainable economic recovery depends not merely on statistical improvements but equally on building confidence through consistent policy implementation and clear communication regarding socioeconomic strategy for the coming years.

  • Winners in Massy Wheels for Deals competition announced

    Winners in Massy Wheels for Deals competition announced

    Massy Stores culminated its customer appreciation initiative with a ceremonial prize distribution on Saturday at its Warrens, St. Michael location. The event marked the conclusion of the ‘Win Wheels for Deals’ promotion, which ran from November through January to honor shopper loyalty.

    Kim Stoute emerged as the grand prize recipient, securing a 2025 Proton X90 mild hybrid SUV through the retailer’s partnership with ANSA Motors. The seven-seater vehicle addresses practical transportation needs while incorporating hybrid technology. In secondary honors, Kelly Nicholls received an entertainment package from Flow, featuring a Samsung S24 Ultra smartphone and television. Peter Yearwood completed the top winners by earning a Whirlpool-sponsored kitchen appliance bundle.

    Recipients conveyed profound appreciation for their awards, with Stoute characterizing her win as emotionally significant. She emphasized the vehicle’s transformative impact on her family’s mobility, particularly noting the spacious interior that accommodates their three-member household with additional seating capacity.

    The promotion mechanics automatically enrolled customers upon achieving a $50 minimum purchase during the campaign period. Massy Stores representatives framed the initiative as component of their broader corporate strategy to acknowledge and reciprocate continued consumer patronage through experiential rewards programs.

  • Realtors welcome gov’t water infrastructure upgrades to boost real estate development

    Realtors welcome gov’t water infrastructure upgrades to boost real estate development

    KINGSTON, Jamaica — Jamaica’s real estate sector has enthusiastically endorsed the government’s ambitious water infrastructure modernization plan, recognizing it as a transformative catalyst for property development. The Realtors Association of Jamaica (RAJ) formally announced its support following detailed presentations by Minister of Water and Climate Change Matthew Samuda during the association’s leadership breakfast at The Jamaica Pegasus hotel on February 26.

    The event, which simultaneously launched RAJ’s 60th anniversary celebrations, revealed comprehensive details of the government’s Water Vision 2030 initiative. Central to this strategy are three critical infrastructure projects: construction of a new Hermitage Dam in St. Andrew, significant expansion of the Mona Reservoir’s capacity, and comprehensive upgrades to the water distribution network throughout the Kingston Metropolitan Area.

    Minister Samuda provided concrete progress updates, confirming that initial engineering phases for the new Hermitage Dam have been completed. “We anticipate finalizing transaction designs and procurement processes within the coming twelve months,” the minister declared to industry leaders.

    RAJ President Gabrielle Gilpin-Hudson characterized the infrastructure initiative as pivotal for Jamaica’s development trajectory. “We stand at the threshold of a transformative era where water infrastructure serves as the fundamental enabler for progress,” she stated. “For decades, our island’s potential in housing, agriculture, and comprehensive development has remained constrained by inadequate water access. Now we have both a viable timeline and clear implementation pathway—precisely what the market has awaited.”

    The minister additionally disclosed plans for upgrading the Soapberry sewage treatment facility to tertiary-level processing standards, supporting broader environmental objectives to restore Kingston Harbour’s ecological status as a blue-water body. Gilpin-Hudson emphasized the economic implications: “A revitalized harbor would initiate an entirely new developmental chapter for downtown Kingston, potentially positioning Jamaica among the world’s premier waterfront cities.”

    The RAJ leadership highlighted how reliable water access directly supports the Corporate Area’s evolving skyline, where multi-story residential and commercial developments require robust infrastructure. These government initiatives are viewed as essential foundations for sustainable development, affordable housing expansion, and enhanced economic vitality nationwide.

    Looking toward the future, the RAJ reaffirmed its commitment to strengthening public-private collaborations under its 60th anniversary theme: “Strengthening Partnerships for a More Efficient, Transparent and Sustainable Real Estate Sector.” Gilpin-Hudson concluded: “We remain open to collaborative engagement with all stakeholders—both private and public sectors—to advance Jamaica’s transition toward a first-world real estate market.”

    The leadership breakfast featured additional presentations from key financial and regulatory figures, including Yvett Anderson of Bank of Nova Scotia Jamaica Ltd (event sponsor), Hyacinth Picart of the National Land Agency, Andrew James of the Real Estate Board, and Dayton Wood of the Jamaica Developers Association.

  • Hogere goudprijs stuwt staatsinkomsten en internationale reserves

    Hogere goudprijs stuwt staatsinkomsten en internationale reserves

    Suriname’s Finance and Planning Minister Adelien Wijnerman announced Friday that soaring global gold prices have generated substantial revenue gains for the nation throughout 2025 and early 2026. The mineral-rich South American country has experienced measurable improvements in both mining sector revenues and international reserve levels, marking a significant turnaround in fiscal stability.

    Minister Wijnerman detailed that beyond conventional tax revenues, non-tax receipts have shown particular strength—primarily royalties and dividends from the mining industry. The international gold market’s robust performance has directly translated into increased sectoral income, contributing to a stronger governmental financial position compared to 2024. While final 2025 figures remain under processing, the minister characterized these developments as “positively transformative” for national finances.

    By January 2026, Suriname’s international reserves climbed to approximately $1.8 billion, providing import coverage for 7.8 months. This reserve accumulation stems largely from enhanced mining revenues, particularly gold exports. Minister Wijnerman emphasized that fortified reserves play crucial roles in exchange rate stabilization, meeting foreign debt obligations, and buffering against external economic shocks.

    Despite these fiscal improvements, inflation persists as a pressing concern. Annual inflation reached 11.4% in 2025, exceeding 2024’s 10% rate. The minister attributed persistent price pressures to elevated utility tariffs, rising food costs, and broader economic expense developments.

    During questioning, Minister Wijnerman corrected previous communications regarding gold royalty rates, confirming the current 5.5% levy remains effective. While a potential reduction to 4.5% remains under discussion, earlier references to 3.5% were acknowledged as erroneous.

    The minister cautioned that while elevated gold prices provide immediate fiscal breathing room, Suriname’s economy remains heavily dependent on mining revenues. She stressed that economic diversification remains imperative to reduce vulnerability to commodity price fluctuations and build sustainable long-term resilience.