Carib Scope

分类： business

  • New Arajet route connects Punta Cana with Rosario, Argentina

    New Arajet route connects Punta Cana with Rosario, Argentina

    DOMINICAN REPUBLIC – Caribbean aviation leader Arajet has unveiled ambitious expansion plans with the establishment of a new direct air corridor connecting Punta Cana International Airport (PUJ) with Rosario, Argentina (ROS), marking a significant enhancement in transcontinental air travel infrastructure. Scheduled to commence operations on June 16, 2026, the route will feature three weekly flights utilizing the airline’s modern Boeing 737 MAX fleet.

    This strategic move elevates Rosario to Arajet’s third Argentine destination, substantially strengthening the carrier’s footprint in the Southern Cone region. The expansion propels Arajet’s international network to over 28 destinations spanning 15 countries across North, Central, and South America. The Rosario connection will provide passengers with seamless access to Arajet’s Punta Cana hub, facilitating convenient transfers to 13+ international destinations including major North American cities (Miami, Orlando, New York), Latin American capitals (Lima, Cancún), and Caribbean hotspots (Kingston).

    Airline executives emphasized that this development aligns with Arajet’s core mission of delivering affordable air travel options without compromising service quality or operational punctuality. ‘This new route represents our commitment to bridging Latin American communities through accessible air transportation,’ stated an Arajet spokesperson during the announcement ceremony.

    To stimulate initial demand, the airline launched a limited-time promotional offer providing 25% discount on base fares using booking code ‘Vamos ROS’. The promotional window runs from December 18-26, 2025, for travel between June 16, 2026 and March 21, 2027. Industry analysts note this expansion reflects growing demand for Caribbean-South American connectivity and demonstrates the Dominican Republic’s emerging role as a strategic aviation hub in the Western Hemisphere.

  • A separate currency market: a means or an end to stabilizing the economy?

    A separate currency market: a means or an end to stabilizing the economy?

    Cuba has launched a groundbreaking monetary reform initiative establishing three official exchange rate segments as part of a comprehensive strategy to address critical macroeconomic challenges. The Central Bank of Cuba confirmed the implementation of this multi-tier system designed to gradually converge toward a unified exchange rate while stimulating foreign currency earnings through exports.

    The newly structured framework creates distinct segments with varying exchange mechanisms: Segment I maintains the current 1:24 rate for exporting entities; Segment II introduces a 1:120 rate for certain foreign income generators; while Segment III establishes a floating exchange rate for individuals and non-state management forms. This phased approach represents a significant departure from previous monetary policy and aims to create a legal, transparent exchange market accessible to both state and non-state actors.

    According to Ian Pedro Carbonell Karell, Director of Macroeconomic Policy at the Central Bank of Cuba, these reforms address the country’s urgent need to organize foreign currency flows through formal banking channels. “These changes give legal access to foreign currency to many actors who did not have it until now and who resorted to the informal market,” Karell stated, emphasizing the measure’s role in combating speculation and volatility.

    The reform specifically incentivizes export-oriented enterprises by allowing them to exchange retained foreign currency at Segment III’s more favorable floating rate, potentially increasing their Cuban peso earnings. This designed advantage aims to strengthen Cuba’s export sector—the nation’s primary foreign currency generator—while supporting essential population needs through central treasury revenues.

    For non-state management entities, the reforms introduce unprecedented access to foreign currency for investment and restocking purposes, though purchasing power will be limited to 50% of average gross income reflected in fiscal accounts. The banking system will expand exchange services nationwide, with 41 branches currently operational and more planned as market consolidation progresses.

    Authorities acknowledge that eliminating Cuba’s illegal currency market will require time and sustained implementation. The success of these measures ultimately depends on their ability to generate increased foreign currency liquidity and translate into tangible improvements in Cuban citizens’ quality of life amid prolonged economic challenges.

  • Centrale Bank haalt SRD 400 miljoen uit de economie via nieuwe spaarcertificaten

    Centrale Bank haalt SRD 400 miljoen uit de economie via nieuwe spaarcertificaten

    The Central Bank of Suriname has initiated a new issuance of Central Bank Certificates (CBCs) aimed at temporarily withdrawing SRD 400 million from circulation. This monetary policy intervention seeks to regulate money supply and maintain economic stability by encouraging both individuals and businesses to deposit funds with the central bank, effectively reducing liquidity in the open market.

    The certificate offering, available through commercial banks from December 15 to December 22, carries a 16.5% annual interest rate with a six-month maturity period. In cases of oversubscription, the available amount will be distributed proportionally among all participants. Application forms are available at commercial banks and can also be downloaded from the Central Bank’s official website.

    This move represents a strategic shift in monetary policy following the conclusion of Suriname’s IMF program. The current interest rate of 16.5% is notably lower than rates during the IMF program period, reflecting the central bank’s adjusted approach to economic management. Simultaneously, authorities are developing a new monetary framework and preparing for the issuance of Treasury bills as complementary measures.

    The dual-purpose initiative not only provides a secure investment vehicle for citizens and corporations but also serves as a mechanism for the central bank to better balance economic conditions and stabilize foreign currency demand. By temporarily absorbing excess liquidity, the central bank aims to create a more controlled monetary environment while offering attractive returns to investors.

  • Chamber warns of supply chain risks amid rising Venezuela-US tensions

    Chamber warns of supply chain risks amid rising Venezuela-US tensions

    Business authorities in Barbados are raising alarms about potential regional economic fallout from escalating geopolitical tensions between Venezuela and the United States. The Barbados Chamber of Commerce and Industry (BCCI) has identified this developing situation as a significant threat to Caribbean supply chains, potentially triggering increased costs and operational delays throughout the region.

    BCCI President Paul Inniss expressed particular concern during a recent press briefing at the organization’s Deighton Road headquarters. ‘As a chamber representing business interests, we must view any tension involving our trading partners with serious concern,’ Inniss stated. ‘This represents one of several strategic risks that require careful consideration and contingency planning.’

    The chamber has proactively begun advising its membership on business continuity strategies, highlighting vulnerabilities within current shipping logistics. Inniss revealed an inefficient pattern in regional trade routes: ‘Our analysis indicates many goods originate from South America, travel northward, only to subsequently return south—a circuitous routing that unnecessarily inflates costs.’

    Despite these concerns, officials downplayed immediate impacts on Barbados’ energy sector. ‘Our current import volume from Venezuela remains minimal,’ Inniss clarified, referencing two recent diplomatic engagements with Venezuelan delegations. While acknowledging global oil markets have already reacted to geopolitical announcements, he characterized potential energy impacts as ‘still in early stages.’

    Christopher Sambrano, chair of the chamber’s economic advisory committee, addressed broader implications, including effects on Trinidad’s energy imports and regional tourism. ‘The fundamental concern involves added market uncertainty,’ Sambrano noted. ‘As a business community and society, we’ve demonstrated resilience through previous global challenges and must remain adaptable.’

    Emphasizing Barbados’s identity as a peaceful destination, Sambrano expressed hope for swift resolution: ‘Visitors seek refuge in our region from global tensions. Maintaining our status as a zone of peace remains paramount to our tourism economy.’

    The BCCI continues collaborating with Barbados’ Ministry of International Trade to develop direct sourcing alternatives, aiming to mitigate potential inflationary pressures on imported goods throughout the supply chain.

  • ‘No businesses cut staff hours’ after minimum wage raise

    ‘No businesses cut staff hours’ after minimum wage raise

    Barbados enterprises have successfully absorbed recent minimum wage increases without resorting to workforce hour reductions, though concerns mount over broader economic repercussions including potential inflation acceleration. According to the Barbados Chamber of Commerce and Industry (BCCI), no member businesses have implemented reduced working schedules following the June wage adjustment that elevated national minimum rates from $8.50 to $10.50 hourly.

    BCCI President Paul Inniss confirmed during a Thursday press briefing that while labor costs have risen substantially, businesses are predominantly transferring these expenses to consumers rather than diminishing employee hours. “The feedback has been that additional costs are transferred to clients and customers,” Inniss stated, noting that security services and retail sectors have particularly felt the impact.

    The wage structure continues evolving with scheduled January increases raising national minimum wage to $10.71 (a 21-cent increase) and security guard sector rates to $11.66 hourly (a 23-cent rise). Inniss emphasized that most chamber members already compensate above minimum thresholds, affirming the organization’s commitment to ensuring “every working Barbadian should earn a liveable wage.”

    However, economic experts within the chamber caution against cyclical inflationary dangers. Christopher Sambrano, chairman of BCCI’s economic advisory committee, warned of potential “hyperinflation effect” where rising wages perpetually drive goods costs upward, creating self-sustaining inflation cycles.

    Sambrano proposed enhanced productivity as critical mitigation strategy, advocating for operational efficiencies through improved sourcing, advanced software systems, and AI implementation. “If we can ensure employees receive comfortable compensation while incentivizing productivity, and employers leverage operational improvements, not all costs need transmission to consumers,” he explained.

    Regarding the impending January adjustment, Inniss noted the chamber’s active participation in wage negotiations through the Barbados Private Sector Association, expressing lack of surprise at government decisions while acknowledging the necessity for business evolution toward greater efficiency.

  • DSB stelt SRD 160 miljoen dividend vast na goedkeuring jaarrekening 2024

    DSB stelt SRD 160 miljoen dividend vast na goedkeuring jaarrekening 2024

    Suriname’s leading financial institution, De Surinaamsche Bank N.V. (DSB), has announced a substantial dividend distribution of SRD 160 million to shareholders during its recent General Assembly meeting. This decision coincides with the bank’s landmark 160th anniversary celebrations and follows an exceptionally profitable fiscal year in 2024.

    The bank reported impressive financial results, achieving a net profit of SRD 546.3 million for the year ending 2024. DSB’s equity capital demonstrated robust growth, climbing to SRD 3.7 billion, while its solvency ratio strengthened significantly to 27.2%, up from 24.2% recorded in 2023.

    During the assembly, management highlighted substantial improvements in operational frameworks implemented over the past 24 months. The bank has successfully enhanced its supervision protocols, governance structures, risk management systems, compliance measures, and financial reporting capabilities. Notably, DSB has produced four consecutive IFRS-compliant annual financial statements, positioning the institution to achieve its target of reporting within six months after the balance sheet date starting from 2026.

    Corporate governance developments included the reappointment of two members to the Board of Commissioners and the nomination of a new board member, pending regulatory approval from the Central Bank of Suriname. Additionally, shareholders endorsed the nomination of Raveen Koelfat as Director in the capacity of Chief Commercial Officer. Upon central bank approval, this appointment will expand the bank’s directorate team to four members.

    The Board of Commissioners and executive leadership expressed profound appreciation for management and staff contributions while acknowledging the continued trust from shareholders, clients, business partners, and regulatory authorities. DSB reaffirmed its commitment to building upon its solid foundation and clear strategic direction to further strengthen its market position in the coming years.

  • Cane Farmers Call for Tax Cuts After BSI Incentives

    Cane Farmers Call for Tax Cuts After BSI Incentives

    Belize’s sugarcane producers are advocating for expanded fiscal support following the government’s approval of a decade-long incentive package for the Belize Sugar Industries (BSI). While applauding the initiative and improved stakeholder engagement under Dr. Osmond Martinez, the Junior Minister for the sugar industry, farmers contend that assistance must extend beyond the milling operations to ensure the entire sector’s viability.

    The Progressive Sugar Cane Producers Association has formally requested tax exemptions and concessions on essential agricultural inputs. These include fuel, lubricants, tractor components, and truck parts, which have seen dramatic price increases since the COVID-19 pandemic.

    Cosme Hernandez, General Manager of the Association, acknowledged the minister’s successful efforts in unifying the four major farming associations with the mill. However, he emphasized the severe financial strain on producers, noting that production costs have tripled in some cases since the pandemic. Hernandez revealed that the previous break-even point of fifty dollars per ton of cane has been rendered obsolete, pushing many farmers into operational losses despite the new incentives for the milling sector.

    The Association has presented these concerns directly to Minister Martinez, initiating collaborative discussions to develop relief mechanisms that address the critical challenges facing agricultural producers. This development highlights the complex interdependencies within agricultural supply chains and the need for comprehensive policy approaches that support both processing industries and primary producers.

  • New Minsa Plant in Spanish Lookout Promises Jobs

    New Minsa Plant in Spanish Lookout Promises Jobs

    In a significant stride toward economic self-sufficiency, Country Foods has inaugurated a state-of-the-art Minsa corn flour production facility in Spanish Lookout, Belize. The $2.8 million investment represents a strategic response to pandemic-era supply chain vulnerabilities and rising food costs.

    The new plant, operating under the ‘TAZTY’ brand, boasts an impressive daily production capacity of thirty tons—nearly double Belize’s current national consumption. This substantial output is designed to satisfy domestic demand while simultaneously creating export opportunities for Central American markets.

    Prime Minister John Briceño heralded the opening as a testament to Spanish Lookout’s reputation as an economic trailblazer. “This facility positions us not only to meet local demands but to tap into export markets,” Briceño stated during the grand opening ceremony. “The entire country looks at Spanish Lookout as leaders in manufacturing.”

    The project’s conception emerged during the COVID-19 crisis when food import dependencies became critically apparent. Heinrich Weibe, Chief Executive Officer of Country Foods, emphasized the company’s commitment to quality and local production: “Every step of our journey has been driven by a shared vision to offer a healthy, authentic, locally produced alternative that is one hundred percent corn.”

    Notably, the facility addresses Belize’s substantial import burden—the nation imported over five million pounds of Minsa valued at more than four million dollars in 2024 alone. By localizing production, the operation will conserve foreign exchange reserves while supporting agricultural stakeholders.

    Community leader Norman Reimer praised the investment as a cornerstone of national food security, while Area Representative Orlando Habet highlighted the plant’s advanced manufacturing technologies and sustainable practices. The operation is expected to generate substantial employment opportunities while providing stable demand for local corn producers.

    Consumers can anticipate TAZTY products appearing on retail shelves nationwide imminently, marking a new chapter in Belize’s agricultural industrialization and food sovereignty efforts.

  • HRMAB: Barbadian workers should benefit from Bill

    HRMAB: Barbadian workers should benefit from Bill

    Amid parliamentary deliberations on Barbados’ Economic Diversification and Growth Fund Bill, the Human Resource Management Association of Barbados (HRMAB) has emphasized the critical need for equitable distribution of high-level management positions for local professionals. HRMAB President Tisha Peters, while acknowledging her organization’s ongoing review of the proposed legislation, articulated concerns that workforce implications risk being overshadowed by broader economic and political debates.

    The proposed legislation, which allocates $225 million from the Consolidated Fund over three years, aims to attract qualifying international companies that commit to creating substantial employment opportunities domestically. To qualify, enterprises must demonstrate significant offshore presence while pledging to generate at least 100 sustainable jobs for Barbadians maintained over seven years, alongside compliance with national tax obligations.

    Peters specifically highlighted the association’s focused interest on ensuring that forthcoming hotel developments and investment projects incorporate balanced representation of local and expatriate talent across all organizational tiers. “The focus should prioritize an equitable mix of domestic and international expertise at every employment level,” Peters stated. “We must see Barbadian managers advancing into leadership roles—without these opportunities, we cannot achieve genuine equitable distribution.”

    This position emerges against a backdrop of scholarly and professional skepticism. Notable critics including economist Jeremy Stephen, Professor Troy Lorde, Professor Don Marshall, and attorney Tricia Watson have questioned the bill’s capacity to drive meaningful economic diversification. Watson particularly warned against potential inequities stemming from insufficient oversight mechanisms for local workforce inclusion.

    Prime Minister Mia Mottley has addressed transparency concerns by committing to regulatory requirements mandating ministerial accountability to Parliament when deviating from advisory committee recommendations. This amendment seeks to strengthen governance frameworks while maintaining the bill’s core objective of stimulating foreign exchange earnings and sustainable economic growth through monitored private sector investments.

    The ongoing discourse reflects deeper tensions between foreign investment attraction and domestic capacity building, positioning workforce equity as a pivotal component in Barbados’ economic development strategy.

  • Cuba works on recovering the National Power Grid

    Cuba works on recovering the National Power Grid

    Cuba’s national energy authority has reported a significant yet insufficient recovery in its power generation capacity. Recent efforts have successfully restored 422 megawatts (MW) to the distributed generation network, elevating its total operational capacity beyond the 1,000 MW threshold. Concurrently, an additional 228 MW has been brought back online within the centralized generation system.

    A major stride in renewable integration has been achieved with the synchronization of 778 MW of new capacity from 41 photovoltaic solar parks. These installations are now playing a pivotal role in the national grid, contributing more than 30% of Cuba’s total electricity generation during peak sunlight hours.

    Despite these advancements, government officials acknowledge the persistence of a severe energy crisis. The national power system continues to operate under extreme duress, grappling with an average daily generation deficit ranging between 1,500 and 1,700 MW. The situation has deteriorated further in recent days, with the shortfall exceeding 2,000 MW.

    This critical power deficit has resulted in service disruptions occurring throughout the day and night, creating widespread public dissatisfaction and inflicting substantial damage to economic activity. Authorities attribute the ongoing crisis primarily to generation instability and a critical shortage of fuel supplies for distributed generation units. Approximately 1,000 MW of potential generation capacity remains unavailable due to these fuel constraints, highlighting the deep-rooted challenges facing Cuba’s energy infrastructure.