Carib Scope

分类： business

  • Tourism and Airport Leaders Sign Agreement to Make Caribbean Air Travel Stronger and More Connected

    Tourism and Airport Leaders Sign Agreement to Make Caribbean Air Travel Stronger and More Connected

    In a significant move to enhance regional integration, the Caribbean Tourism Organization (CTO) and Airports Council International – Latin America and the Caribbean (ACI-LAC) have established a formal partnership through a Memorandum of Understanding. The agreement was finalized during the inaugural CTO Air Connectivity Summit held this Tuesday, marking a new chapter in cross-sector collaboration.

    The non-binding framework establishes a comprehensive cooperation structure focused on improving air access infrastructure, developing institutional capabilities, and fostering sustainable tourism growth across CTO member nations. The partnership recognizes that synergistic alignment between aviation infrastructure and tourism development is critical for the Caribbean’s economic future.

    CTO Secretary-General and CEO Dona Regis-Prosper emphasized that “this partnership reflects a shared understanding that the future of Caribbean tourism depends on stronger collaboration between aviation and destination stakeholders.” The agreement enables both organizations to function as regional thought leaders, advancing joint research initiatives, policy discussions, and advocacy efforts on priority areas including sustainability, resilience, and competitive positioning.

    Collaborative activities outlined in the agreement encompass jointly hosted conferences, executive education programs, professional development workshops, and technical training initiatives. The partners will also conduct cooperative studies on air connectivity patterns, share industry intelligence, and develop pilot programs aligned with strategic priorities.

    ACI-LAC Director General Rafael Echevarne noted that “air connectivity is a cornerstone of Caribbean development, linking our islands to each other and to the world. This Memorandum of Understanding with CTO strengthens collaboration between airports and tourism stakeholders, enabling more coordinated approaches to planning, policy dialogue and capacity building.”

    The framework will remain active for an initial three-year period, serving as a platform for sustained coordination and targeted initiatives designed to enhance regional connectivity and destination competitiveness throughout the Caribbean basin.

  • Guyana to lead Caribbean economic growth, despite declining oil price

    Guyana to lead Caribbean economic growth, despite declining oil price

    Despite projections of declining global oil prices, Guyana is positioned to spearhead unprecedented economic growth across the Caribbean region according to the World Bank’s latest Global Economic Prospects report. The South American nation’s ongoing oil boom is expected to propel subregional expansion to 5.2% in 2026, accelerating to 6.6% in 2027—figures that dramatically outpace regional averages when excluding Guyana’s extraordinary performance.

    The World Bank forecasts crude prices to decline from $69 per barrel in 2025 to an average of $60 in 2026, a trend attributed to weakening global trade and economic slowdowns in major economies. This price softening coincides with anticipated supply increases from OPEC+ and United States shale production, creating what the report describes as “substantial excess supply” in global oil markets.

    Remarkably, Guyana’s economy demonstrates exceptional resilience against these headwinds. The government projects overall growth at 16.2% with non-oil sector expansion reaching 10.8%, even with a conservative oil price estimate of $59 per barrel. This growth dichotomy highlights the country’s successful economic diversification alongside its hydrocarbon development.

    The report further notes that industrial metal prices may find support from green energy demand, partially offsetting sluggish industrial and manufacturing activity globally. Global oil consumption is expected to grow by approximately 0.7 million barrels per day in 2026—roughly half the pre-pandemic average growth rate.

    Regarding regional developments, the World Bank acknowledges it is too early to assess macroeconomic implications from recent political changes in neighboring Venezuela. Since the military ousting of President Nicolas Maduro in January, the United States has been directing Venezuela’s oil sales at market prices while implementing legal reforms to attract major energy investments. US Secretary of State Marco Rubio recently informed CARICOM leaders that Venezuela is now channeling oil revenues toward government payroll and healthcare, potentially positioning the country as a future contributor to Caribbean energy security.

  • Wijnerman: US$ 265 miljoen extra nodig voor financiële stabiliteit

    Wijnerman: US$ 265 miljoen extra nodig voor financiële stabiliteit

    The Government of Suriname has successfully expanded its 2035 bond issuance by $265 million, a strategic financial maneuver designed to address urgent debt obligations while creating fiscal space for critical public investments. Finance and Planning Minister Adelien Wijnerman confirmed the operation, characterizing it as a deliberate choice in the nation’s financial strategy.

    This bond expansion carries an interest rate of 8.5% and attracted both existing and new international investors, reflecting continued market confidence in Suriname’s economic trajectory. Minister Wijnerman emphasized that the successful placement resulted from targeted financial operations within international capital markets.

    The newly acquired funds will be allocated across a comprehensive portfolio of socially impactful and economically transformative projects. Key investment sectors include healthcare infrastructure, educational enhancement, digital transformation of government services, energy security, agricultural development, food security programs, support for small and medium enterprises, development of construction-ready land parcels, and youth development initiatives.

    The administration clarified that upon taking office, it inherited substantial deferred payment obligations requiring immediate attention, while anticipated revenues from production activities had not yet fully materialized. This bond extension serves as a bridge mechanism to maintain financial stability without postponing essential investments.

    This financial strategy represents a dual approach: addressing immediate societal needs while simultaneously strengthening the structural growth capacity of Suriname’s economy. The government positions this bond expansion as a significant step toward achieving macroeconomic stability paired with targeted investments that establish foundations for sustainable economic development.

    Minister Wijnerman is scheduled to provide detailed explanations regarding the bond expansion and fund allocation during an upcoming press conference.

  • Newmont en vakbond bereiken akkoord over nieuwe tweejarige CAO

    Newmont en vakbond bereiken akkoord over nieuwe tweejarige CAO

    After fifteen months of intensive negotiations, Newmont Suriname and the Newmont Workers’ Organization (N.W.O.) have successfully concluded a new two-year Collective Labor Agreement (CLA), marking a significant milestone in labor relations within Suriname’s mining sector.

    The breakthrough agreement, finalized on Thursday, includes a substantial 7% wage increase effective January 2026, representing one of the most significant compensation adjustments in recent years. Beyond base pay improvements, the parties have modified special wage adjustment mechanisms and introduced an innovative ‘Special Savings Plan’ at the union’s initiative. This additional savings vehicle complements existing pension arrangements and aims to enhance employees’ financial resilience through expanded saving opportunities.

    Shirley Sowma-Sumter, Director of External Relations & Country Manager for Newmont Suriname, emphasized that the agreement transcends conventional wage discussions. “This represents our commitment to investing in our workforce, supporting our communities, and ensuring Newmont continues making positive economic contributions to Suriname,” she stated.

    Union leadership expressed equal satisfaction with the outcome. N.W.O. Chairman Joel Panka acknowledged that the agreement properly recognizes employee dedication while ensuring fair compensation, workplace stability, and enhanced safety protocols.

    The Merian operation, which celebrates ten years of commercial production later this year, remains a cornerstone of Suriname’s economy. Newmont management highlighted the mine’s critical role in national infrastructure development and employment generation. The company stressed that ongoing operational optimization, risk management, and improved investment conditions remain essential for maintaining the mine’s competitiveness and profitability throughout the next decade.

    Both parties agree that this agreement establishes a foundation for stable labor relations and the continuation of responsible mining operations that benefit both workers and the national economy.

  • GuySure kost bijna US$ 300.000 per maand: activiteiten gaan normaal door

    GuySure kost bijna US$ 300.000 per maand: activiteiten gaan normaal door

    Despite independent investigations revealing that GuySure holds no legal subsidiary status with state-owned mining company Grassalco, operations in Guyana continue uninterrupted. Since the suspension of CEO Wesley Rozenhout on January 12 alone, over US$13,000 has been expended on business trips and participation in an energy conference, with monthly expenditures nearing US$300,000.

    Information obtained by Starnieuws indicates that GuySure’s activities persist unabated despite ongoing investigations initiated by the Board of Commissioners. The company’s shares are held by five natural persons, including the suspended Rozenhout.

    Personnel deployments to Guyana continue every two weeks to conduct operations at GuySure’s leased port facility in Georgetown. Currently, only one Guyanese employee operates locally, with the majority of work being performed by Surinamese staff. Prior to recent controversies, minimum five personnel would travel per shift, though this has been reduced to two or three individuals per deployment since January.

    Ten employees have been dispatched to the neighboring country since mid-January at a cost of approximately US$13,000, excluding US$50 per diem allowances for each worker. Additionally, US$4,600 was spent leasing a booth at Guyana’s energy conference. Although participation was formally under Grassalco’s banner with adjusted promotional materials, the decision to proceed was made due to prior reservations. Sources indicate final costs exceeded initial projections.

    Monthly financial obligations extend beyond personnel expenses, including US$243,000 (excluding VAT) for port facility rentals and US$8,000 for two residential properties. Combined with other operational costs, monthly expenditures surpass US$300,000.

    GuySure operates at a significant deficit, with previously reported figures showing approximately US$9 million in expenditures against merely US$2 million in revenue. Current crushed stone prices also fail to meet earlier calculated benchmarks.

    Operations will continue pending government authorization to terminate activities. Rozenhout’s suspension has thus far not prompted policy changes, while legal teams examine termination consequences and relevant international obligations and conditions.

  • Unions prep for public sector pay talks

    Unions prep for public sector pay talks

    Barbados’ labor movement has formally announced its preparedness to initiate pivotal wage negotiations with the government, marking a significant development in ongoing discussions about public sector compensation. Three major labor organizations—the Barbados Workers’ Union (BWU), the National Union of Public Workers (NUPW), and the coordinating body Congress of Trade Unions and Staff Associations of Barbados (CTUSAB)—have all confirmed their operational readiness for upcoming talks.

    The BWU, while expressing commitment to constructive dialogue, has raised substantive concerns regarding prolonged delays in the government’s job regrading initiative. General Secretary Toni Moore emphasized that while her organization stands prepared for immediate engagement, the union permitted uninterrupted completion of the job evaluation process recognizing its fundamental importance to both wage structures and broader employment conditions. However, Moore explicitly noted growing concern among workers about the extended timeline, while expressing hope that the final report would meet expectations without further unnecessary delays.

    Simultaneously, the NUPW has activated its negotiation machinery through the establishment of a specialized committee tasked with developing comprehensive proposals. General Secretary Richard Greene indicated this committee would conduct a sweeping review of public service compensation, identifying both deficiencies and improvement opportunities across salary structures, allowances, and working conditions.

    CTUSAB, representing the collective voice of multiple labor organizations, is adopting a research-driven approach to the negotiations. General Secretary Dennis De Peiza revealed the organization has commissioned detailed economic research to inform their bargaining position. This methodological approach will establish evidence-based parameters for their negotiation strategy, combining ongoing service conditions with new economic data.

    The timing of these developments coincides with the government’s presentation of its 2026-27 Estimates of Revenue and Expenditure to Parliament, which outlines projected spending including public sector wage allocations, setting the fiscal context for the impending negotiations.

  • GIAB: Insurance prices not the fuel to uninsured vehicle surge

    GIAB: Insurance prices not the fuel to uninsured vehicle surge

    A significant dispute has emerged between Barbados’s insurance sector and its financial regulator regarding the root causes of uninsured vehicles on the island. The General Insurance Association of Barbados (GIAB) has publicly refuted claims made by Financial Services Commission (FSC) CEO Warrick Ward, who attributed the problem to premium affordability and structural market weaknesses. Instead, the GIAB identifies recent modifications to the vehicle registration framework as the primary catalyst.

    In a formal statement, the industry body expressed strong disagreement with the regulator’s characterization of the market. The GIAB emphasized the financial robustness of its member companies, several of which maintain AM Best ratings—a global benchmark for assessing insurers’ financial strength and claims-paying capability. The association challenged the notion that insurance premiums are prohibitively expensive, noting that rates have not kept pace with inflation over the past decade and a half.

    The core of the GIAB’s argument centers on a digital modernization initiative launched in March 2025. This new system, introduced by the Barbados Revenue Authority in collaboration with several agencies, allows vehicle owners to renew registrations online. A critical change involved removing the mandatory requirement to present proof of insurance before paying road tax, shifting the burden of compliance solely onto vehicle owners. The GIAB contends this procedural alteration, rather than affordability, explains the prevalence of uninsured vehicles.

    Official police data estimates that approximately 50,000 of the island’s 180,000 vehicles are either uninsured or untaxed, a situation industry executives say contributes to three out of every ten accidents involving uninsured drivers or unlicensed motorists.

    While FSC CEO Ward acknowledged the scale of the problem and pointed to financial inclusion challenges, reinsurance costs, and low insurance penetration as contributing factors, he clarified that enforcement falls under the police’s purview, not the FSC’s regulatory mandate.

    The GIAB concluded by asserting that its members employ risk-based pricing models and exercise due diligence before implementing any premium increases. The association has formally requested a meeting with the FSC to discuss the regulator’s concerns directly.

  • BTL Counters Union, Insists Severance Dispute Is Resolved

    BTL Counters Union, Insists Severance Dispute Is Resolved

    Belize Telemedia Limited (BTL) has publicly countered allegations from the Belize Communications Workers for Justice (BCWJ), asserting that all court-mandated severance obligations have been fully satisfied. The telecommunications provider maintains that payments ordered by the Caribbean Court of Justice have been completely disbursed, while additional settlements for qualifying former employees under Section 183 of the Labour Act are currently being processed.

    At a recent press conference, BTL’s Internal Legal Counsel Kileru Awich characterized the severance issue as having ‘evolved significantly’ since November 2025. The company initially limited payments to former employees within a six-year limitation period but has since expanded its position to include earlier separations. This shift in policy, according to Awich, fundamentally alters the calculation considerations, particularly regarding interest payments.

    The negotiation impasse centers on whether interest should apply to outstanding severance amounts. Chief Human Resource Officer Kendra Santos stated that while BTL maintains no legal obligation to pay interest for out-of-court settlements, the company has offered to pay interest dating from November 2025—the benchmark established in the CCJ ruling. This concession, Santos emphasized, represents a premium beyond statutory requirements and reflects the company’s commitment to equitable resolution.

    BTL strongly refutes characterizations of bad-faith negotiation, noting that their position consistently improved throughout discussions without withdrawal from the bargaining table. The company attributes the breakdown to fundamental differences in negotiation approach and expectations regarding court-equivalent settlements outside judicial proceedings.

    With direct negotiations suspended, BTL is now encouraging former employees to pursue claims individually through direct communication channels, asserting that the BCWJ’s representation is no longer necessary to access approved severance packages.

  • Imports Surge Past Quarter‑Billion Dollars

    Imports Surge Past Quarter‑Billion Dollars

    Belize’s economy demonstrated vigorous trading activity in January 2026, recording substantial growth in both import and export sectors according to the latest data from the Statistical Institute of Belize. The nation’s import expenditure surged to $271 million, marking an 11.7% increase equivalent to $28.5 million compared to January 2025, while exports climbed to $19.5 million.

    The import expansion was predominantly driven by capital investments in machinery and equipment, which escalated from $61.6 million to $76.1 million, indicating robust industrial development. Consumer goods including athletic apparel, footwear, agricultural inputs, and tobacco products contributed significantly to the import growth. However, construction materials experienced a modest decline, suggesting a temporary cooling in the building sector.

    Agricultural exports emerged as the standout performer, with banana shipments generating $7.8 million compared to $6.1 million the previous year. The pepper sauce industry achieved remarkable growth, more than doubling its export revenue. While marine products and sugar experienced slight contractions due to fluctuating global demand, the overall agricultural sector demonstrated strong competitiveness in international markets.

    Geographically, European markets dramatically increased purchases from Belize, with exports soaring from $2.1 million to $4.9 million. The United States also expanded imports, particularly conch and pepper sauces, rising from $3.5 million to $4.4 million. Conversely, CARICOM nations and the United Kingdom reduced imports, primarily reflecting decreased banana shipments to these traditional markets.

  • Belizeans Feel Slightly Better About Money, But Worry About the Future

    Belizeans Feel Slightly Better About Money, But Worry About the Future

    BELIZE CITY – Belizean consumers entered 2026 with cautiously improved economic sentiment, though underlying concerns about future prospects persist. According to newly released data from the Statistical Institute of Belize, the national Consumer Confidence Index (CCI) registered at 48.3 points in January, marking a modest 0.9% increase from December 2025’s reading.

    The marginal uplift reflects a complex economic psychology among citizens, characterized by slightly improved perceptions of current conditions alongside growing apprehension about the coming year. The sub-index measuring present economic circumstances and household financial health demonstrated notable improvement, climbing 3.8% from 43.4 to 45.1 points. This indicates more households perceived their immediate fiscal situation as strengthened compared to the previous month.

    Consumer willingness to consider major acquisitions—including real estate, vehicles, and high-value appliances—showed tentative improvement. While maintaining general caution, Belizeans demonstrated slightly greater openness to substantial purchases compared to the previous assessment period.

    However, forward-looking optimism experienced a slight contraction, declining 0.7% as respondents expressed diminished confidence in the twelve-month economic outlook. This divergence suggests consumers feel better about current conditions while growing more apprehensive about future developments.

    Regional analysis revealed significant geographic disparities. Corozal District recorded the most substantial confidence surge at 7.1%, propelled by strengthened expectations and improved present conditions assessments. Conversely, Stann Creek witnessed the sharpest decline at 13.7%, with residents reporting heightened pessimism regarding both durable goods purchases and future economic prospects.

    Ethnic demographic breakdowns showed pronounced variations, with the ‘Other’ category and Maya community registering strengthened confidence. Meanwhile, Mestizo/Hispanic and Garifuna populations reported diminished economic sentiment compared to previous measurements.

    The mixed indicators present policymakers with a complex economic landscape, requiring targeted approaches to address both immediate consumer concerns and longer-term confidence building.