Carib Scope

分类： business

  • Jamaica Broilers secures full $24-b local refinancing

    Jamaica Broilers secures full $24-b local refinancing

    Jamaica Broilers Group has successfully concluded a comprehensive $24 billion (JMD) refinancing arrangement, a strategic move that fully addresses its local debt obligations and restructures its financial framework. The completed financing package, which surpasses the previously disclosed $15 billion figure, was finalized with a consortium of three major Jamaican financial institutions: National Commercial Bank (NCB) Group, CIBC Caribbean, and Bank of Nova Scotia Jamaica Limited.

    The necessity for this extensive refinancing emerged after the company encountered breaches on multiple loan covenants during the 2024/25 financial year. These breaches were primarily triggered by delays in finalizing audited accounts, which consequently prevented the company from obtaining essential year-end waivers from its lenders. Ian Parsard, Group Senior Vice-President for Finance and Corporate Planning, clarified the situation during the company’s recent Annual General Meeting, emphasizing that despite the covenant issues, all Jamaican lenders demonstrated significant cooperation throughout the process.

    This new financing structure represents a fundamental shift from the company’s previous debt management approach. It replaces a series of individual loan agreements with five different lenders with a unified inter-creditor agreement. This consolidated framework establishes a common set of covenants for all participating banks and, most critically, fully resets all past covenant breaches. Furthermore, the refinancing transitions the company’s borrowing from unsecured to secured facilities, backed by recently updated asset valuations.

    A pivotal outcome of this arrangement is the dramatic improvement in the company’s liquidity and debt maturity profile. The $24 billion facility has enabled Jamaica Broilers to reclassify this entire amount from short-term to long-term liabilities. This maneuver effectively resolves the previous imbalance where current liabilities significantly exceeded current assets. The package also facilitated the early retirement of bonds that were not scheduled to mature until 2027.

    The financing is priced at prevailing market rates. The NCB component, comprising a $6.4 billion loan and $8.7 billion in multi-tranche bonds, carries interest rates linked to the weighted average Treasury bill yield, currently translating to approximately 10%. The bonds specifically carry rates between 10.75% and 11%. CIBC Caribbean and Scotiabank largely maintained their existing rates, with CIBC applying a modest one-percentage-point adjustment.

    Parsard assured shareholders that the debt servicing costs, while substantial, are not an impediment to future dividend distributions. The company’s dividend policy, which targets payouts equivalent to 20% of after-tax profits, will continue to be guided by profitability rather than the size of the debt package.

    The refinancing was bolstered by a major asset revaluation conducted in the first half of the 2025/26 financial year. This revaluation, which focused on the group’s land and buildings, added over $50 billion to its asset values. This appreciation propelled stockholders’ equity to approximately $32 billion as of November 1, 2025, a remarkable recovery from a deficit position at the end of the prior fiscal year.

    While the Jamaican refinancing is complete, negotiations with the company’s US banking syndicate are still ongoing. Parsard noted that the total group debt is roughly evenly split between Jamaica and the United States, with the newly secured $24 billion JMD facility (approx. US$150 million) refinancing the Jamaican portion, while US debt stands at approximately US$120 million. He characterized the relationship with US lenders as “uncommonly very, very supportive,” despite the absence of a final written agreement.

    The company’s operational performance for the six months ending November 1, 2025, showed resilience with group revenue reaching $50.3 billion and a net profit of $1.2 billion, even after absorbing a $379 million net loss in the second quarter. The Jamaican operations were a strong contributor with a segment result of $3.6 billion, while the US segment continued to navigate significant cost and pricing pressures.

  • Greene Says Barbuda’s Development Targets High-End Tourism, Not Mass Market

    Greene Says Barbuda’s Development Targets High-End Tourism, Not Mass Market

    In a strategic move to redefine its economic future, the government of Barbuda is deliberately steering its development trajectory towards an exclusive, high-value tourism model. This approach, as articulated by officials, explicitly rejects the conventional mass-market tourism strategy embraced by many Caribbean destinations. The vision centers on creating a sustainable and luxurious niche, targeting discerning travelers seeking privacy, exclusivity, and premium experiences rather than high-volume, low-margin visitor traffic.

    The policy underscores a commitment to environmental preservation and cultural integrity. By limiting the scale of development, Barbuda aims to protect its pristine natural assets—including its famous pink sand beaches and fragile coral reefs—which are the very foundation of its appeal. This selective development model is positioned not merely as an economic decision but as a holistic strategy for sustainable growth. It seeks to ensure that the benefits of tourism directly support local community development and infrastructure projects, fostering a more resilient and self-determined economy for the island’s residents.

    This pivot to high-end tourism represents a significant differentiation from its sister island, Antigua, and signals Barbuda’s intent to carve out a unique and prestigious identity within the competitive Caribbean tourism market. The long-term goal is to build a globally recognized brand synonymous with unrivaled quality and responsible stewardship.

  • India en EU bereiken baanbrekende handelsdeal: tarieven worden flink verlaagd

    India en EU bereiken baanbrekende handelsdeal: tarieven worden flink verlaagd

    In a landmark move reshaping global trade dynamics, India and the European Union have finalized a comprehensive trade agreement after two decades of negotiations. The pact, signed at Hyderabad House in New Delhi with Indian Prime Minister Narendra Modi, European Commission President Ursula von der Leyen, and European Council President Antonio Costa in attendance, represents one of the most significant trade liberalization efforts between the major economies.

    The agreement eliminates or substantially reduces tariffs on 96.6% of EU exports to India by value, projected to save European businesses approximately €4 billion ($4.75 billion) in import duties. Conversely, the EU will eliminate tariffs on 99.5% of Indian imports within a seven-year framework, covering key Indian export sectors including seafood, leather goods, textiles, chemicals, rubber, base metals, and jewelry.

    Prime Minister Modi hailed the agreement as “the mother of all deals” that will “create tremendous opportunities for India’s 1.4 billion people and millions of Europeans.” European Commission President von der Leyen characterized the pact as a “historic step” and emphasized that this marks “just the beginning” of enhanced EU-India economic cooperation.

    The breakthrough comes amid shifting global trade alignments, accelerated by recent U.S. imposition of 50% tariffs on certain Indian goods and broader trade tensions under the Trump administration. The agreement notably excludes several agricultural products including soybeans, beef, sugar, rice, and dairy from tariff reductions.

    The pact dramatically opens protected Indian market segments, with automobile tariffs dropping from as high as 110% to 10% over five years, benefiting European manufacturers including Volkswagen, Renault, Mercedes-Benz, and BMW. Immediately upon implementation, tariffs on 250,000 vehicles annually valued above €15,000 will drop to 30-35%.

    Similarly, alcohol tariffs will see substantial reductions: wine tariffs falling immediately from 150% to 75% with a gradual reduction to 20%, while spirits tariffs will drop to 40%. Additional reductions apply to European machinery, electrical equipment, chemicals, and iron and steel products.

    The EU has committed to providing flexibility regarding the Carbon Border Adjustment Mechanism (CBAM), its carbon tax regime affecting steel, cement, electricity, and fertilizers effective since January 1. Additionally, the EU will provide India with €500 million in financial support over the next two years to reduce greenhouse gas emissions.

    Bilateral trade between India and the EU reached $136.5 billion in the fiscal year ending March 2025, slightly exceeding India’s trade with both the United States ($132 billion) and China ($128 billion). The agreement is expected to double EU exports to India by 2032.

    Following a five-to-six month legal review period, full implementation of the agreement is anticipated within one year, marking a significant reconfiguration of global trade partnerships during a period of increasing geopolitical realignment.

  • Over 7,500 cruise passengers expected in Antigua and Barbuda today

    Over 7,500 cruise passengers expected in Antigua and Barbuda today

    Antigua and Barbuda experienced a substantial economic windfall today as two major cruise vessels disembarked over 7,500 passengers at Heritage Quay. The Norwegian Epic and AIDAperla delivered a combined total of 7,673 visitors alongside approximately 2,500 crew members, creating unprecedented activity along the capital’s waterfront.

    The massive influx of visitors generated immediate commercial benefits as passengers dispersed to duty-free shopping outlets, organized tours, taxi services, and local restaurants. Tourism officials characterized the economic impact as particularly valuable for small and medium-sized enterprises that rely heavily on visitor spending.

    Adding to the day’s cruise sector activity, the luxury sailing vessel Royal Clipper is scheduled to arrive later at Falmouth Harbour with an additional 227 passengers. Industry stakeholders emphasize that such large-scale arrivals demonstrate the critical importance of cruise tourism to the dual-island nation’s economy.

    Tourism authorities noted that these coordinated arrivals create mutually beneficial scenarios: visitors gain memorable vacation experiences while local communities receive meaningful economic stimulation. The successful docking operations and passenger management highlight Antigua and Barbuda’s growing reputation as a premier Caribbean cruise destination capable of handling substantial tourist volumes while delivering quality visitor experiences.

  • Two New Abattoirs to Be Operational Within 18 Months, PM Says

    Two New Abattoirs to Be Operational Within 18 Months, PM Says

    Prime Minister Gaston Browne announced a significant advancement in national food security infrastructure this Saturday, revealing that two state-of-the-art abattoirs are slated to become operational within the next 12 to 18 months. The declaration was made during his appearance on Pointe FM’s ‘Browne and Browne’ programme, marking a pivotal step in the government’s strategy to bolster domestic agricultural capabilities.

    Critical equipment for the new processing facilities has already been dispatched, and funding for the necessary civil engineering projects has been formally approved. This development is a core component of a comprehensive agricultural expansion initiative designed to modernize the nation’s entire food supply chain. The programme encompasses a multi-faceted approach, including the procurement of heavy-duty farming machinery, enhancements to water storage systems, and the implementation of climate-resilient practices such as night farming to mitigate the impacts of rising temperatures.

    Prime Minister Browne emphasized that this strategic investment is directly tied to empowering local farmers and scaling up domestic livestock production. The modern abattoirs are engineered to safely and efficiently process increased agricultural output, thereby creating a more resilient and self-sufficient market. By upgrading this critical infrastructure, the government aims to dramatically curtail the nation’s dependency on imported food products, which is a persistent vulnerability.

    Furthermore, the initiative is projected to elevate national food safety protocols and stimulate economic growth within the agricultural sector. The Prime Minister directly linked the project to the broader, urgent goal of combating food insecurity, positioning these facilities as foundational infrastructure for a more secure and sustainable food future for Antigua and Barbuda.

  • Willoughby Bay Next for Airbnb Investment After Pensioners Beach Sell-Out

    Willoughby Bay Next for Airbnb Investment After Pensioners Beach Sell-Out

    Antigua and Barbuda’s government is advancing plans to replicate its successful locally-owned Airbnb investment model at Willoughby Bay, Prime Minister Gaston Browne announced during his weekly radio appearance on Pointe FM’s ‘Browne and Browne’ programme. This expansion initiative follows the complete sell-out of investment lots at the pioneering Pensioners Beach development.

    The Prime Minister revealed that overwhelming domestic interest has exhausted all available parcels at Pensioners Beach, demonstrating robust demand among Antiguans and Barbudans seeking entry into the short-term rental market. ‘The Pensioners Beach lots are fully sold out,’ Browne stated, characterizing the response as evidence of widespread public enthusiasm for tourism investment opportunities.

    This innovative approach represents a strategic shift in tourism development policy, prioritizing citizen participation through land development initiatives and targeted concessions. The model deliberately facilitates broader economic inclusion by enabling ordinary citizens to own income-generating tourism assets, rather than concentrating investment opportunities among large external operators.

    Browne emphasized that expanding local ownership in tourism constitutes a fundamental component of the government’s economic empowerment agenda. The Willoughby Bay project will mirror Pensioners Beach’s framework, utilizing similar mechanisms to encourage community-level investment in hospitality infrastructure.

    The Prime Minister directly linked this initiative to the burgeoning significance of Airbnb accommodations within the broader tourism sector, noting that platform-based rentals offer relatively accessible entry points for local investors seeking to benefit from the nation’s tourism economy.

  • Chinese Zijin Gold breidt wereldwijd uit met overname van Canadese Allied Gold

    Chinese Zijin Gold breidt wereldwijd uit met overname van Canadese Allied Gold

    Chinese mining giant Zijin Mining Group has unveiled plans to acquire Canadian miner Allied Gold Corporation in a landmark cash transaction valued at approximately C$5.5 billion (US$4.02 billion). The strategic move signals Zijin’s continued global expansion efforts, strategically timed during a period of unprecedented gold prices that have significantly enhanced profitability across the mining sector.

    The acquisition comes as gold prices maintain record-breaking levels driven by global economic uncertainties and increased demand for safe-haven investments. These market conditions have made gold mining companies particularly attractive to investors while accelerating industry consolidation trends.

    Under the agreement terms, Zijin will pay C$44 per share, representing a 5.4% premium over Allied Gold’s recent closing price. The announcement immediately triggered a nearly 4% surge in Allied’s premarket trading activity in U.S. markets. Allied Gold CEO Peter Marrone emphasized that the transaction delivers “significant value for shareholders” while highlighting the scale of the company’s African gold portfolio.

    The transaction, expected to finalize by late April 2026, occurs against the backdrop of improving Canada-China trade relations. Both nations recently reached preliminary agreements to reduce import tariffs on electric vehicles and canola oil while committing to further diminish trade barriers and enhance strategic cooperation.

    Zijin, ranking among the world’s largest gold producers with operations across nine countries, demonstrated strong market performance following its Hong Kong listing last year, bolstered by the sustained gold price rally. The company maintains significant presence in Suriname through its ownership of Rosebel Gold Mines, one of the country’s largest gold operations that plays vital role in the Surinamese economy.

    The acquisition agreement includes a termination clause requiring Allied to pay Zijin C$220 million if the deal fails under specified conditions. This move exemplifies broader industry trends where major producers expand their portfolios through strategic acquisitions of long-life assets rather than exclusively investing in new mine development.

  • Finance Ministry proposes licensing requirement for cruise ship casinos

    Finance Ministry proposes licensing requirement for cruise ship casinos

    The Dominican government has initiated a groundbreaking regulatory move targeting the cruise tourism sector by introducing comprehensive licensing requirements for vessel-based casinos. The Ministry of Finance and Economy has unveiled a draft resolution mandating that first-class cruise ships featuring gambling facilities must obtain official authorization to operate within Dominican territorial waters for durations exceeding six hours.

    This pioneering regulatory framework comes in response to the substantial growth in cruise tourism, with official statistics revealing 788 cruise vessels transporting over 2.8 million passengers visited the Caribbean nation in 2025. The proposed legislation specifically addresses vessels with passenger capacities exceeding 2,000 individuals, subjecting them to identical regulatory standards applied to land-based casinos in premium hotels. The initiative primarily aims to combat potential financial crimes, including money laundering operations and terrorist financing activities that could originate from maritime gambling establishments.

    Under the proposed regulatory structure, cruise ship casino operators must secure licenses through the Directorate of Casinos and Gambling, supported by a substantial performance bond equivalent to RD$20 million. The licensing fee structure operates on a tiered system: vessels accommodating 2,000-3,499 passengers face a RD$1 million fee, while those with 3,500+ passenger capacity require RD$1.5 million. Each license permits exclusively one gaming facility per vessel, remains non-transferable between operators, and maintains validity for five-year terms. License renewal costs are established at 50% of the original fee amount.

    Supplementary operational provisions include annual fees ranging from RD$600,000 to RD$800,000, determined by the quantity of active gaming tables. The regulation further restricts vessels to 15 annual entries into Dominican waters, imposing an additional RD$15,000 charge for each extra entry. All financial obligations will be directed to the National Treasury, with annual adjustments reflecting Consumer Price Index fluctuations. The draft resolution currently remains open for public consultation, inviting stakeholder feedback before final implementation.

  • AIRD calls on CAASD to halt water rate adjustment citing disproportionate hike

    AIRD calls on CAASD to halt water rate adjustment citing disproportionate hike

    SANTO DOMINGO – The Association of Industries of the Dominican Republic (AIRD) has issued a formal demand for the immediate suspension of a drastic water and sewerage tariff adjustment implemented by the Santo Domingo Water and Sewerage Corporation (CAASD). The industrial group has condemned the measure as both disproportionate and unjustified, citing staggering increases of up to 400% imposed on the industrial sector without prior consultation.

    In an official statement, the AIRD voiced profound concern regarding the detrimental economic impact of the escalated fees. The association is urgently appealing to authorities to undertake a comprehensive review of the decision, insisting that any such policy must adhere to fundamental principles of legality, transparency, and inclusive public dialogue with all affected productive sectors. The organization leveled strong criticism at the CAASD for its failure to engage in preliminary discussions and for proceeding in the absence of published technical studies to rationally justify the substantial hike.

    Mario Pujols, Executive Vice President of the AIRD, articulated the association’s readiness to collaborate with officials in developing equitable and balanced solutions. However, he emphasized that any modifications to utility tariffs must be predictable, implemented gradually, and firmly grounded in sound legal and technical analysis. Pujols highlighted a critical operational concern: the abrupt enforcement of the new rates, devoid of any transitional period, severely disrupts the financial planning and budgetary frameworks of companies. This timing is particularly problematic as numerous businesses had already finalized and approved their financial budgets for the upcoming year, 2026.

    Furthermore, Pujols raised a significant alarm over the creation of a substantial pricing disparity between domestic industries and companies operating within free trade zones. He argued that this discrepancy severely undermines the competitiveness of local manufacturers and establishes a regime of discriminatory treatment. Concluding his remarks, the executive called for enhanced transparency and the application of consistent, fair criteria in water and sewerage tariff policies across the nation, warning that the ultimate burden of such measures is inevitably passed on to industrial costs and, consequently, consumer prices.

  • WIOC to Increase Refundable Deposits on New LPG Cylinders from Feb. 1

    WIOC to Increase Refundable Deposits on New LPG Cylinders from Feb. 1

    Effective February 1, 2026, The West Indies Oil Company Ltd. (WIOC) will implement increased refundable deposits for new liquefied petroleum gas (LPG) cylinders, attributing the adjustment to inflationary pressures affecting supplier costs. The company clarified that this change exclusively impacts new cylinder acquisitions while maintaining current refill pricing structures.

    In an official communication, WIOC detailed how escalating manufacturing, procurement, and international shipping expenses have necessitated this financial adjustment. The revised deposit framework maintains the 20-pound cylinder deposit at $100 with a $32 refill charge, keeping the total new cylinder cost at $142. However, 25-pound composite cylinder deposits will rise from $125 to $150, coupled with a $40 refill fee, creating a new total of $190. The most significant change affects 100-pound cylinders, where deposits increase from $250 to $275 alongside a $155 refill cost, resulting in a $430 total investment.

    Crucially, WIOC emphasized that existing customers remain unaffected unless they purchase additional cylinders. The company’s Friars Hill Road facility and authorized distributors will implement these changes uniformly. WIOC expressed appreciation for public understanding while reaffirming its dedication to delivering safe, reliable, and economically viable LPG services throughout the region.