Carib Scope

分类： business

  • US airlines step up as Spirit winds down

    US airlines step up as Spirit winds down

    On an early Saturday morning in Washington D.C., budget carrier Spirit Airlines—famous for its signature bright yellow aircraft—announced an immediate end to all global operations, ending last-ditch negotiations with creditors and the White House that failed to secure a financial lifeline for the struggling airline.

    The sudden collapse came on the heels of a dramatic spike in jet fuel prices triggered by regional tensions in the Middle East. In a formal statement, Spirit confirmed all flights were canceled effective immediately, that customer service operations would cease, and that the company had begun the process of winding down its entire business. The low-cost carrier emphasized that it would honor its commitment to issuing refunds to passengers with unused tickets.

    Founded in 1992 as one of the first budget airlines in the United States, Spirit had carried 28 million domestic and international passengers between February 2025 and January 2026, according to federal transportation data. But the company had teetered on the edge of insolvency for years, entering bankruptcy protection first in November 2024 and again in August 2025. As recently as late February, leadership announced a tentative debt restructuring agreement that raised hopes it would exit bankruptcy by early summer.

    Those hopes quickly unraveled just days later, when military conflict between the U.S.-Israel coalition and Iran led to the closure of the Strait of Hormuz, a critical global chokepoint for oil shipments. The disruption sent jet fuel prices skyrocketing, worsening Spirit’s already precarious financial position. Last-minute talks between company representatives, major creditors, and the Trump administration broke down in the overnight hours before the shutdown announcement, after creditors rejected the terms of a proposed government-backed bailout that would have given the White House an ownership stake in the reorganized company.

    In the wake of the shutdown announcement, major U.S. air carriers including American Airlines, Delta Air Lines, United Airlines, and JetBlue Airways moved quickly to launch emergency assistance for thousands of passengers who woke Saturday to find their booked Spirit flights had been canceled. The competing carriers introduced deeply discounted “rescue fares” for stranded travelers, and announced plans to add extra flights or swap in larger aircraft on routes where Spirit held a large market share.

    Beyond supporting stranded passengers, major airlines also moved quickly to offer employment to Spirit’s roughly 7,500 workers, who were left jobless by the sudden shutdown. Union leaders representing Spirit pilots and ground staff harshly criticized the collapse of the rescue deal, noting that the brunt of the fallout would fall on frontline workers and their local communities, not corporate boardrooms.

    “ The pain of this decision will not be felt in boardrooms. It will be felt by pilots, flight attendants, mechanics, dispatchers, and ground crews, and by the families and communities that depend on them,” the Air Line Pilots Association said in a statement responding to the shutdown.

    U.S. Transportation Secretary Sean Duffy defended the Trump administration’s handling of the crisis during a Saturday press conference at Newark Liberty International Airport, insisting that President Trump had pushed aggressively to find a path to keep Spirit operating. Duffy pinned ultimate responsibility for the collapse on creditors, who refused to accept the administration’s bailout terms, and added that the federal government did not have unallocated funds available for a half-billion dollar industry bailout. He also blamed the prior Biden administration for blocking a proposed merger between Spirit and JetBlue in March 2024, a move Duffy said left Spirit weakened and unable to absorb subsequent market shocks.

    For many passengers, the shutdown has already upended long-planned travel. Sixty-year-old Florida resident Ramon, who had been scheduled to fly to Honduras this week to visit family, told AFP he and his son saw early reports of Spirit’s financial trouble but declined an earlier refund offer because replacement tickets on other carriers cost $1,000 per passenger, far more than they could afford. The pair now plans to wait for their Spirit refund before rebooking travel for early June.

    Industry analysts say Spirit’s shutdown will have long-lasting impacts on U.S. air travel. Bradley Akubuiro, a crisis management expert at Bully Pulpit International, noted that while the sudden spike in fuel prices was the immediate trigger for Spirit’s collapse, the carrier had been in a fragile financial position for years. More importantly, Akubuiro said, the loss of Spirit removes one of the most powerful sources of downward pressure on airfares across the U.S. market, a shift that could lead to higher average ticket prices for all travelers in coming months.

  • Jags Aviation expands to Suriname, eyes Brazil

    Jags Aviation expands to Suriname, eyes Brazil

    On May 1, 2026, Guyana-based domestic carrier Jags Aviation marked a major milestone in its regional expansion strategy, launching scheduled charter services between Guyana and Suriname while advancing plans to connect to northern Brazil through high-level diplomatic discussions.

    Operated under Jags Aviation’s MidasSur Aviation Charter Service brand, the new cross-border route will run three weekly flights between Eugene F. Correia International Airport (OGL) outside Georgetown, Guyana’s capital, and Eduard Alexander Gummels Airport (EAX) in Paramaribo, Suriname’s capital. Flights are scheduled for every Monday, Wednesday, and Friday. A key advantage highlighted by MidasSur is that EAX’s central location puts travelers within closer reach of Paramaribo’s city center compared to alternative airports, cutting post-arrival travel time for both business and leisure passengers.

    The expansion push does not stop at Suriname. Just three days before the Suriname route launched, a senior delegation from BK Group — the parent conglomerate of Jags Aviation, led by Executive Chairman Brian Tiwarie — held a strategic meeting with Brazil’s Ambassador to Guyana Maria Cristina de Castro Martins, along with the embassy’s Minister Counsellor and Commercial Attache. The meeting was coordinated by the World Trade Centre Georgetown (WTCG), with WTCG Executive Director Wesley Kirton also in attendance. The delegation included senior BK Group representatives Miguel Benjamin, Andre Budhan, Reagan Richards, and Roberto Pele.

    During the courtesy and strategy call, the two sides outlined a series of planned collaborative business projects between Brazil’s private sector and BK Group. At the top of the agenda was Jags Aviation’s proposal to launch the first direct air connection between the two countries, with an initial route linking Guyana to Boa Vista, the capital of Brazil’s northern Roraima state. Brazilian embassy officials expressed a welcoming stance toward the initiative and committed to coordinating with relevant Brazilian government agencies to move the approval and launch process forward.

    Following the talks, Tiwarie extended an open invitation to the Brazilian embassy delegation to tour Jags Aviation’s operational hub at Eugene F. Correia International Airport in Ogle. In a reciprocal gesture, Ambassador Martins offered to facilitate an industry visit for BK Group representatives to Embraer, Brazil’s world-renowned commercial and military aircraft manufacturing giant, opening the door to potential future equipment partnerships for the growing airline.

    The dual moves mark a significant step forward for regional air connectivity in the Guiana Shield, a fast-growing economic zone that has seen a surge in cross-border trade and investment in recent years, particularly following Guyana’s massive oil discoveries that have drawn increased regional and global business activity.

  • Layou woman with vast experience in business, law heads Invest SVG

    Layou woman with vast experience in business, law heads Invest SVG

    St. Vincent and the Grenadines’ national investment promotion body Invest SVG has announced a landmark leadership transition, naming homegrown global finance expert Anna C. Young as its eighth executive director. Young’s appointment marks the start of a transformative new chapter for the agency, expanding its core mission far beyond traditional foreign direct investment outreach to incorporate three key new priorities: boosting local export and trade growth, unlocking capital from the country’s global diaspora, and strengthening the nation’s profile as a top-tier destination for international financial services investment.

    A native of Layou, St. Vincent and the Grenadines, Young’s professional roots stretch back to local media and public service early in her career. She got her start in the workforce as a news reporter at NBC Radio, collaborating with some of the nation’s most prominent media figures, including industry veterans Chester Connell, Nichole Hadaway, and the late Glen Jackson and Nina Maloney. From 1992 to 1995, she also served as an information cadet at the Government Information Service, the public communications body now reorganized as the Agency for Public Information.

    To build specialized expertise for her career, Young migrated to the United States to pursue advanced higher education, going on to accumulate an impressive academic and professional profile across multiple continents. She holds a Bachelor of Science in finance from Alabama A&M University in the U.S., and a Master of Science in project analysis, finance and investments from the University of York in the United Kingdom. She later completed legal studies at UWE Bristol Law School, and was admitted to the Bar of England and Wales by one of the UK’s most prestigious professional Inns of Court, Gray’s Inn. Young also holds accreditation as a civil and commercial mediator from the leading global alternative dispute resolution body ADR Group.

    Over more than 20 years working internationally, Young has built a distinguished track record in finance and corporate strategy across top global financial institutions. She held a key leadership role as Assistant Vice President of Finance at Bank of America Merrill Lynch, where she worked with a specialized team focused on addressing and reducing regulatory risks stemming from federal policy mandates. Prior to that, she held multiple progressive roles at American Express, including Senior Investment Manager, Pricing and Marketing Capabilities Manager, and Senior Financial Analyst, leading cross-functional revenue growth projects and supporting C-suite strategic decision-making. Early in her global career, she worked as an investment analyst at Lehman Brothers, supporting senior banking teams with core financial analysis and due diligence.

    A graduate of St. Vincent Girls’ High School, Young says her connection to her home country has remained central to her professional and personal identity throughout her years abroad. “I am proud to be a Vincentian,” she shared in comments following her appointment. “My passion for excellence blossomed at an early age, being a product of the St. Vincent Girls’ High School before pursuing other endeavours in my education and career.”

    Reflecting on her return to take up the new role, she added: “after living abroad for so many years and gaining most of my professional experience overseas, nothing brings me greater joy than returning home to share my knowledge with my Vincentian people. There is so much potential for growth, and with the amazing team at Invest SVG, we are uniquely poised for greatness. I am humbled to serve my country.”

    Young succeeds Glen Beache, a former tourism minister whose tenure with the agency concluded in December 2024.

  • Petrobras stopt olie-export naar VS in eerste kwartaal

    Petrobras stopt olie-export naar VS in eerste kwartaal

    A dramatic shift in global crude oil trade flows has taken shape in the first three months of 2026, as Brazil’s state-owned energy giant Petrobras has completely halted all crude oil and product exports to the United States. This sudden disruption is a direct consequence of the sweeping market changes sparked by the ongoing conflict in Iran, which has upended traditional supply chains and shifted demand patterns across the globe.

    The most notable realignment of trade routes has left China as Petrobras’ overwhelmingly dominant export market. During the first quarter of 2026, China absorbed roughly 62% of all crude oil exported by the Brazilian energy major, cementing its position as the company’s core trading partner. This marks a sharp jump from the first quarter of 2025, when China accounted for just 33% of Petrobras’ total exports. A key driver behind this surge in purchases was the prolonged closure of the Strait of Hormuz, a critical global chokepain for oil shipments that connects the Persian Gulf to international markets. In March alone, Chinese buyers snapped up record volumes of Brazilian crude to offset lost supply from Middle Eastern exporters.

    India has stepped into the role of Petrobras’ second-largest customer, taking roughly 15% of the company’s total exports in the first quarter, up marginally from 14% in the same period a year earlier. Petrobras has publicly framed India as a “strategic market”, highlighting the South Asian nation’s status as the world’s second-largest importer of seaborne crude oil, a key position that creates long-term growth opportunities for Brazilian exports.

    This dramatic expansion of exports to China and India has come at the expense of other key regional markets. The rest of Asia saw its share of Petrobras exports plummet from 28% in Q1 2025 to just 8% in the first three months of this year. Alongside the full halt to US exports – which previously held a 3% share of Petrobras shipments – exports to Europe also fell sharply, dropping from 19% a year earlier to just 8% in the most recent quarter.

    Against this shifting trade landscape, Petrobras has ramped up domestic production significantly. The company’s total domestic oil output climbed roughly 16% year-over-year to hit 2.58 million barrels per day in Q1 2026. Total combined sales of oil, natural gas, and refined products also rose around 12% from a year earlier, reaching 3.22 million barrels per day over the period.

    Global oil markets have remained highly volatile in recent weeks, driven entirely by growing supply uncertainty stemming from the US-Iran conflict. At the opening of trading on Thursday, US West Texas Intermediate (WTI) crude climbed 41 cents, or 0.43%, to hit $105.50 per barrel, after hitting an intraday peak of $110.93 earlier in the session – the highest price recorded since April 7. By market close, however, WTI had pulled back to settle at $105.07 per barrel, a drop of $1.81, or 1.69%, from the previous session.

    Despite the day’s volatile price swings, both WTI and global benchmark Brent crude are on track to notch their fourth consecutive monthly gain. This sustained upward trend reflects widespread market concern that the ongoing conflict in Iran could disrupt global oil supplies for an extended period, keeping upward pressure on prices through the coming months.

  • Grenada advances Canadian tourism market strategy through high-impact Toronto mission

    Grenada advances Canadian tourism market strategy through high-impact Toronto mission

    The Grenada Tourism Authority (GTA) has successfully wrapped up a week-long strategic market development mission in Toronto, Canada, marking a major step forward in expanding the Caribbean destination’s footprint in one of its most valuable international source markets. The trip centered on coordinated engagement with travel industry stakeholders, media outlets and airline partners, designed to drive long-term visitor growth and strengthen Grenada’s reputation as a premium leisure getawasy.

    Led by GTA CEO Stacey Liburd, the delegation included Sekou Stroude, GTA’s Director of Sales for Canada, and Marketing Executive Melinda Telesford. The core priorities of the mission were deepening existing strategic industry partnerships, unlocking new opportunities for expanded air connectivity, and solidifying Grenada’s standing in Canada’s fast-growing luxury and experiential travel segments.

    One of the most significant outcomes of the mission was productive strategic talks with Canadian carrier WestJet. The two sides explored extending the airline’s existing seasonal direct service to Grenada, currently running from December to April, to an expanded November-to-May schedule. A longer operating window would drastically improve travel accessibility for Canadian visitors looking to plan trips outside the traditional winter peak. Discussions with WestJet Vacations also made progress on expanding the range of pre-packaged Grenada travel offerings, which will boost the destination’s visibility and increase booking conversion rates across the Canadian market.

    Liburd noted that the Toronto mission was part of GTA’s deliberate, targeted strategy to reinforce Grenada’s market position in Canada. “Through strategic airline discussions, trade engagement and media outreach, we are expanding awareness while creating clear pathways for increased visitation and sustained growth,” she said during the trip.

    The GTA delegation also took part in Virtuoso On Tour Toronto 2026, an industry event connecting luxury travel suppliers with top global advisors, an opportunity that further elevated Grenada’s luxury travel profile. During the event, the delegation held one-on-one consultations with more than 80 elite travel advisors, gaining direct access to professionals who cater to high-value international travelers. GTA also sponsored an industry dinner for event attendees, which included a detailed destination presentation by Liburd, immersive curated experiences highlighting Grenada’s unique culture and natural attractions, and a prize giveaway sponsored by three of Grenada’s top luxury resorts: Calabash Grenada, Six Senses La Sagesse and Silversands Grenada.

    To expand consumer awareness, the GTA carried out a targeted media outreach program that connected the delegation with 20 leading Canadian travel journalists and social media influencers. The engagement already yielded immediate coverage, including a feature in major Canadian travel industry publication Travelweek, with additional national consumer coverage expected in coming months. Liburd also made a live appearance on CHCH Morning Live, a popular Ontario morning television show, extending Grenada’s reach to millions of general consumer viewers across the province.

    Stroude emphasized that the wide-ranging engagements across trade, media and airline partners confirm that underlying demand for Grenada travel in the Canadian market remains strong. “The relationships strengthened during this mission position us to drive both immediate bookings and long-term market growth, particularly within the luxury and experience-driven segments,” he explained.

    In addition to industry and media events, the mission included an exclusive dinner for top travel advisors from leading Canadian agencies such as Flight Centre, U Travel and Maritime Travel. The delegation also held strategic partnership talks with Sandals Resorts to coordinate upcoming joint marketing and promotional activities across Canada.

    GTA’s work with its in-market representation partner VOX International also allowed the delegation to review performance of ongoing promotional campaigns, confirming that current initiatives have already delivered strong engagement and conversion metrics, laying a solid foundation for future growth.

    The mission concluded with a diplomatic engagement at the Grenada Consulate in Toronto, an event that aligned GTA’s tourism promotion goals with the country’s foreign service objectives as Grenada continues to expand its global profile and attract more international visitors.

  • Could Belizean Products Hit Bahamian Shelves?

    Could Belizean Products Hit Bahamian Shelves?

    What began as a routine visit to Belize’s annual National Agriculture and Trade Show has evolved into a high-stakes exploratory mission for a senior delegation of Bahamian agriculture and trade officials, with the potential to reshape regional food trade between the two Caribbean nations.

    Beyond observing the show’s exhibitions, the visiting delegation has structured its trip to dive deep into Belize’s domestic agricultural ecosystem and assess the country’s capacity to deliver export-quality goods to Bahamian markets. Early in the visit, the delegation held formal working sessions with Belize’s Minister of Agriculture Rodwell Ferguson and top agricultural ministry officials, where both sides candidly discussed shared pressing challenges: balancing cross-border food import and export flows, boosting overall farm output efficiency, and identifying actionable collaborative frameworks that benefit both economies.

    Following the policy discussions, the delegation moved into on-the-ground fact-finding, touring a range of Belize’s core agricultural production and processing facilities to gain first-hand insight into local operations. The itinerary included stops at major industry players across multiple sectors: Caribbean Processing (CPBL), famous hot sauce producer Marie Sharp’s Fine Foods, commercial grower Silk Grass Farms, the Santander Sugar Factory, and BSI’s Tower Hill processing facility. Each site visit highlighted a distinct segment of Belize’s growing agri-business sector, showcasing the range of goods the country is equipped to export at scale.

    The core strategic objective of the trip is straightforward: map out what Belize manufactures, how its products are processed to meet international standards, and identify which items are well-suited to gain consumer traction on Bahamian retail shelves. The tour is still ongoing, with additional site visits scheduled across Belize’s Stann Creek and Cayo districts before the official opening of the National Agriculture and Trade Show.

    Both sides have made clear that their engagement extends far beyond the scope of a single industry event. The ongoing bilateral discussions are laying critical groundwork for stronger, more integrated trade ties between the two countries, with the tangible outcome of seeing a wider selection of Belizean food and agricultural products available to Bahamian consumers in the near future.

  • Belize Fund Awards $643K to Boost Fisheries and Coastal Livelihoods

    Belize Fund Awards $643K to Boost Fisheries and Coastal Livelihoods

    In a landmark step toward advancing Belize’s blue economy and marine conservation goals, the Belize Fund for a Sustainable Future has announced $643,000 in new grant financing for four community-led projects that balance marine resource protection with economic opportunity for coastal populations. The funding was officially presented at the fund’s fourth annual Awards Ceremony, held April 30, 2026 in the coastal town of Dangriga, with all initiatives centered on expanding sustainable fisheries, supporting small local enterprises, and strengthening the country’s fast-growing ocean-focused economy.

    The single largest allocation, totaling $500,000, has been awarded to the Turneffe Atoll Sustainability Association (TASA), a long-standing partner of the Belize Fund. The funding will enable TASA to expand sustainable fisheries management across the Turneffe Atoll Marine Reserve through increased enforcement of conservation rules, public education for local fishing communities, and improved systematic data collection on fish populations and ecosystem health. Unlike earlier grant cycles that prioritized established conservation entities and marine protected area management, this round of funding spotlights grassroots community groups working across southern Belize to lift coastal livelihoods while protecting natural resources.

    Three smaller grants will directly benefit local fishing cooperatives and small marine-based businesses. Barranco Botanics, a local craft producer, will use its award to scale up production of natural seaweed soaps, manufactured from locally harvested marine algae to create income for coastal residents. The Wabafu Fishermen Association secured financing to strengthen its internal organizational governance and expand outreach to promote sustainable fishing practices across its membership. In the coastal community of Hopkins, the Yugadan Fisherfolks Association will put nearly $50,000 toward professional skills training for local fishers and the development of alternative, low-impact livelihood options that reduce overreliance on overfished stocks.

    Belize Fund Executive Director Dr. Leandra Cho-Ricketts noted that the organization has made significant progress since it began awarding grants less than four years ago. All four community projects from the inaugural grant cycle, which focused on marine protected area support and ocean conservation for co-management bodies and established entities, were completed successfully within their scheduled 12-month timelines with no delays or extensions required. “We’re excited to begin working with our new grantees as we look forward to more amazing work coming out of our community grants window,” Cho-Ricketts said during the ceremony. She added that TASA’s new project is particularly notable because it centers the needs and input of the fishing communities that depend on the Turneffe Atoll Marine Reserve for their incomes, placing local stakeholders at the core of conservation action.

    Since its founding, the Belize Fund has prioritized long-term investment in local organizations and artisanal fishers to build a more resilient, inclusive blue economy that aligns with Belize’s national marine conservation targets. This latest round of grants reaffirms the fund’s commitment to a community-led model that recognizes sustainable financing as the critical link between protecting fragile marine ecosystems and supporting the coastal communities that rely on those resources for their survival and prosperity.

  • Dems raises ‘economic risks’ concerns despite growth streak

    Dems raises ‘economic risks’ concerns despite growth streak

    Even with nearly five years of uninterrupted economic expansion, Barbados remains far from insulated from growing global economic headwinds, the country’s main opposition Democratic Labour Party (DLP) has cautioned. The party highlights slowing growth momentum, overreliance on two key sectors, and unanswered questions about national fiscal strategy as the Caribbean nation prepares to enter negotiations for a new International Monetary Fund (IMF) financing arrangement.

    Last Wednesday, Central Bank Governor Dr. Kevin Greenidge announced that Barbados has recorded 20 straight quarters of positive economic growth, and also confirmed the country will soon open discussions with the IMF for a standby arrangement. This type of agreement is designed to give countries quick access to emergency funding if external economic shocks disrupt growth and stability.

    But in an official response to Greenidge’s announcement, DLP Shadow Finance Minister Senator Ryan Walters flagged what he calls a clear contradiction at the heart of the government’s economic messaging. “On one hand, officials claim the economy is performing excellently,” Walters noted. “On the other, the government is already moving to secure a contingency financing line with the IMF.”

    Walters pointed to concrete data showing a clear deceleration in growth between the first quarter of 2025 and the same period this year. While the 1.7% expansion recorded in Q1 2026 extends the unbroken growth streak, that figure marks a noticeable drop from the 2.6% growth seen in the first quarter of 2025. This slowdown, Walters argued, reinforces a long-held concern: without intentional, targeted diversification, Barbados’ economy will remain heavily exposed to external shifts, since growth is almost entirely driven by tourism and construction.

    The opposition leader warned that overreliance on these two sectors creates disproportionate vulnerability. Though tourist arrival numbers have now surpassed pre-pandemic levels, Walters said the country has not seen a corresponding rise in tourism-related foreign revenue. This indicates that average visitor spending has actually fallen, even as the government celebrates record arrival numbers. He also raised questions about the widely promoted domestic construction boom, noting that most projects appear to be funded by local financing rather than the foreign direct investment that would strengthen the broader economy.

    To build long-term resilience, Walters stressed that Barbados must reduce its dependence on tourism and construction by expanding into new high-potential sectors. He called for strategic investment in agro-processing, renewable alternative energy, and the creative economy, with a particular focus on film production, digital media, and local content development. “These sectors offer tangible opportunities to widen our economic base and build the shock resistance we need to sustain growth through global volatility,” he said.

    Beyond diversification, Walters demanded greater transparency from the ruling administration, calling on officials to provide a full, public breakdown of the latest economic data and ongoing government projects. He pointed to significant public capital allocations for delayed or underperforming projects that have not been restructured or reevaluated, noting that without clear information about public spending, it is impossible for policymakers or the public to accurately assess the long-term sustainability of current fiscal and economic trends.

    Walters also raised urgent concerns about the country’s fiscal sustainability and debt management framework. To date, he said, the government has not released a clear, credible strategy to meet upcoming debt obligations to lenders and the IMF, including an estimated $72.11 million in payments due in 2026. It remains unclear whether the government will cover these costs through existing fiscal reserves, improved tax revenue collection, or high-interest new borrowing, a path Walters called deeply concerning.

    Repeated refinancing of existing debt through new loans, he warned, will only put additional strain on the national economy. “Reliably rolling over old debt with new loans increases our exposure to global interest rate shocks, erodes international confidence in our fiscal management, and risks locking Barbados into a dangerous cycle where debt grows faster than the economy can generate the revenue needed to service it,” Walters explained.

    In closing, he emphasized that while steady headline growth is welcome, it has not translated to widespread benefits for most Barbadian households or improved public services. “Growth that comes without transparency, economic diversification, and tangible improvements to daily life and national development cannot be considered secure or sustainable for the long term,” he said.

  • Ariza Credit Union reports strong 2025 performance

    Ariza Credit Union reports strong 2025 performance

    Grenada-based Ariza Credit Union has capped another successful fiscal year with robust financial results, marking a series of notable milestones including a historic first for member benefit distribution at its 28 April Annual General Meeting hosted at the Grenada Trade Centre.

    For the 12-month period ending 31 December 2025, the member-owned financial cooperative reported an annual surplus of EC$11,183,343. After completing all statutory and mandatory reserve allocations, the institution retained EC$6,821,839 in unallocated surplus — a result that underscores its consistent financial strength, disciplined operational management, and enduring confidence from its membership base.

    In a break from longstanding convention, Ariza Credit Union distributed member returns totaling EC$2,586,609 on the same day the AGM was held, allowing attendees to access their dividends and loan interest rebates while the meeting was still in session. This innovative shift is being framed as a tangible demonstration of the cooperative’s core commitments to immediacy, full transparency, and direct value delivery to the people who own and use the institution.

    The full payout breaks down into two components: EC$1,450,578 in 5% dividends issued to holders of Equity and Qualifying Shares, and EC$1,136,031 in 3% rebates on interest members paid on loans over the fiscal year.

    Centered on the 2025 AGM theme ‘Membership Redefined: Empowering Members, Securing Our Future’, the gathering reinforced Ariza’s dual strategic focus: deepening collaborative relationships with its membership while positioning the organization for long-term, sustainable growth and systemic stability. In addressing attending members, the Board of Directors reaffirmed its ongoing pledge to prudent financial stewardship, emphasizing that the cooperative’s success must translate directly into tangible benefits for every member.

    The AGM also oversaw a series of structured leadership and governance transitions aligned with the cooperative’s bylaws. Outgoing board member Lyndonna Hillaire-Marshall, who completed two consecutive terms of service, was honored for her contributions. Two incumbent directors, Alana Twum-Barimah and Tricia St Bernard, won re-election to serve second consecutive terms on the Board. Dahelia Thomas, a former longstanding staff member of Ariza Credit Union, joined the board for her first elected term. On the institution’s Credit Committee, Desiree Stephen and Judy Pivotte were both re-elected to serve second terms.

    Mervyn Lord, Chief Executive Officer of Ariza Credit Union, commented that the strong 2025 financial results and smooth governance transition reflect the inherent strength of the member-owned cooperative model, as well as the unwavering trust members place in the institution’s leadership. Moving forward, Lord noted that Ariza will remain laser-focused on expanding member value, strengthening organizational financial resilience, and supporting long-term shared prosperity for its membership and the local community it serves.

    As it enters the new fiscal year, Ariza Credit Union maintains its core commitments to building institutional resilience, fostering member confidence, and delivering sustainable, shared value to both its membership and the broader Grenadian community.

  • 420 MSMEs across 14 territories complete Project THRIVE

    420 MSMEs across 14 territories complete Project THRIVE

    Across the Caribbean region, a transformative partnership between two leading development-focused organizations has marked a major milestone in supporting small and medium-sized business growth. Republic Financial Holdings Limited (RFHL) and the Caribbean Export Development Agency (Caribbean Export) have officially wrapped up the first phase of Project THRIVE, a landmark capacity-building program tailored to unlock the export potential and strengthen the financial footing of micro, small and medium enterprises (MSMEs) operating across the Caribbean.

    Phase 1, branded as Business Capacity Building 1.0, drew 420 participating MSMEs from 14 distinct territories: Anguilla, Barbados, the British Virgin Islands, the Cayman Islands, Dominica, Ghana, Grenada, Grenada, Guyana, St Kitts and Nevis, St Lucia, St Maarten, St Vincent and the Grenadines, Suriname and Trinidad and Tobago. A standout demographic detail of the participating cohort is that 66% of all businesses are owned or led by women, a statistic that underscores both the program’s resonance with female entrepreneurs across the region and the growing ambition of women-led business communities to expand and scale. The group also represented a wide cross-section of key Caribbean industries, ranging from agriculture and agro-processing to manufacturing, retail, professional services and technology.

    Delivered by the Cloud Vision Academy, Phase 1 was structured around five targeted core modules designed to address the most pressing gaps for MSMEs looking to enter or expand in global export markets. The modules cover Business Strategy and Planning, Grant Proposal Writing, E-commerce Essentials, Export Marketing, and Cost and Financial Accounting. Each module was led by industry subject-matter experts and delivered through three interactive virtual sessions, a format that allowed participants to immediately apply new skills and frameworks to their own business operations, rather than just engaging with theoretical content.

    Participant feedback from Phase 1 has been overwhelmingly positive, with high levels of sustained engagement throughout the program and broad praise for the quality of expert facilitation and the real-world relevance of the curriculum. Building on this successful first phase, 50 participants selected from the top-performing 108 Phase 1 graduates will move forward to the program’s second stage: the Access to Finance Accelerator. This six-month intensive deep-dive development program will offer customized support including personalized business mentoring, one-on-one executive coaching, and targeted business development interventions designed to speed up growth and scale up export capacity. The Project THRIVE team will reach out to eligible participants in the coming week to share full details about the next phase of the initiative.

    Richard S Sammy, Group Vice President of Republic Financial Holdings Limited, emphasized the broader significance of the partnership and the program in remarks following the completion of Phase 1. “Project THRIVE embodies our commitment to elevating our MSMEs. We are deeply encouraged by the outstanding participation and congratulate all participants on their success. When MSMEs thrive, entire economies thrive, and together with our valued partner Caribbean Export, we look forward to advancing Phase 2 and delivering tangible impact across the region,” Sammy said.

    Damie Sinanan, Executive Director of the Caribbean Export Development Agency, echoed that sentiment, noting that the program aligns perfectly with the agency’s core mission. “Project THRIVE is precisely the kind of transformative, private-sector-led partnership that Caribbean Export was created to champion. The breadth of participation across territories — and the remarkable representation of women entrepreneurs — affirms that Caribbean businesses are ready to compete on a regional and global stage. We are proud to stand alongside Republic Bank in equipping the next generation of Caribbean exporters,” Sinanan added.