Carib Scope

分类： business

  • In war, we’re on our own

    In war, we’re on our own

    Amid escalating geopolitical tensions between the United States and Venezuela, the Insurance Brokers Association of Trinidad and Tobago has issued a stark warning to businesses: standard insurance policies provide no coverage for war-related damages. The December 11 advisory emphasized that catastrophic and unpredictable nature of conflict losses makes them fundamentally uninsurable through conventional means.

    The association’s executive board member Navin Dookeran acknowledged that while brokers can explore specialized foreign insurers for potential coverage options, the global insurance market universally struggles with pricing war risk premiums due to the inherent unpredictability of conflict-related losses.

    This warning carries particular significance for Trinidad and Tobago, where historical precedents demonstrate the devastating financial impact of civil unrest. The 1990 attempted coup by Yasin Abu Bakr resulted in over $1 billion in losses from looting and property destruction, mirroring similar insurance claim denials following the 1970 Black Power demonstrations. Legal test cases including the Nahous and Grell-Taurel actions ultimately confirmed insurers’ exemption from covering conflict-related losses.

    The current geopolitical climate presents additional economic vulnerabilities beyond direct physical damage. Should Trinidad and Tobago be classified as a high-risk zone due to proximity to US-Venezuela tensions, the country could face substantial increases in shipping and aviation insurance costs. This scenario echoes post-9/11 developments when the FAA expanded its Aviation War Risk Program after private insurers canceled policies following massive claims.

    Specialized coverage options like Bumbershoot policies exist for commercial maritime war risks, but these remain niche products with limited accessibility. The insurance industry’s position reflects the harsh economic reality that war creates fundamentally unquantifiable risks that challenge the very foundations of insurability.

  • Digicel Christmas caravan connects with communities

    Digicel Christmas caravan connects with communities

    Digicel has launched an expansive Christmas initiative across Trinidad, deploying a mobile Community Pop-Up Caravan to deliver festive surprises and genuine connections throughout the holiday season. The telecommunications giant is transforming the traditional corporate giveaway into a moving celebration that brings Santa Claus and his helpers directly to communities, markets, and main roads.

    The caravan initiative represents a significant investment in community engagement, with over $700,000 in prizes and weekly giveaways being distributed to surprised recipients. Gifts range from practical groceries and Christmas hams to electronic devices and seasonal treats, creating unexpected moments of joy for customers throughout December.

    Security measures have been implemented to ensure Santa’s safety during his nationwide appearances, with officers accompanying the caravan during its travels across Trinidad. This attention to safety underscores the company’s commitment to executing a seamless and secure community engagement operation.

    Beyond the mobile caravan, Digicel has converted multiple flagship and dealer locations into festive hubs where customers can experience live entertainment, holiday treats, and interactive activities. The Spin the Wheel giveaway stations and appearances by popular influencers add to the celebratory atmosphere at these transformed retail spaces.

    The Christmas Runs on Real Connections campaign represents a strategic approach to holiday marketing that emphasizes authentic engagement over traditional advertising. By bringing the celebration directly to communities rather than waiting for customers to visit stores, Digicel is creating memorable brand experiences that blend corporate generosity with genuine human connection.

    This initiative demonstrates how telecommunications companies are increasingly leveraging experiential marketing strategies to build customer loyalty and community goodwill during peak holiday seasons.

  • Ex-worker, companies ordered by court to pay Ansa Bank $40m

    Ex-worker, companies ordered by court to pay Ansa Bank $40m

    In a landmark ruling with significant implications for Trinidad and Tobago’s financial sector, the High Court has mandated over $40 million in damages, interest, and costs be paid to Ansa Bank Ltd following a sophisticated fraudulent loan scheme. Justice Frank Seepersad delivered the decisive judgment on December 15, culminating a complex case that exposed critical vulnerabilities in banking oversight.

    The court found former business development officer Dwayne Rojas at the heart of an elaborate conspiracy that defrauded the institution of approximately $30 million over two and a half years. Evidence revealed Rojas systematically processed fraudulent vehicle loan applications supported by fabricated employment letters and falsified documentation. The scheme involved collusion with multiple auto dealerships that presented non-existent luxury vehicles as collateral, including purported Lexus, Range Rover, BMW, and Jeep models that were actually lower-end vehicles or commercial trucks.

    Justice Seepersad ordered Rojas to pay $16.5 million in damages, while five corporate defendants faced substantial judgments: Ceylon Marketing Ltd ($6.3 million), Joalex Auto Ltd ($11.8 million), Miva Import Export Consultancy Ltd ($4.1 million), Diamond Conceptions Company Ltd ($389,923), and It’s A Deal Ltd ($837,313). Each entity additionally faces prescribed costs ranging from $27,221 to $131,934.

    In scathing commentary, Justice Seepersad criticized Ansa Bank’s internal controls as “woefully wanting” and condemned the institution’s approach to litigation against junior employees. The judge dismissed claims against several former staff members—Zaria Sankar, Reyvaan Rampersad, and Kerry Ramsaroop—finding no evidence of wrongdoing. The court awarded these wrongfully sued defendants over $896,000 in costs, noting that the bank had engaged in an “ill-advised” and “bullying stance” that unfairly impacted innocent individuals.

    The ruling highlighted that senior officers who approved the questionable loans were neither sued nor called as witnesses, raising questions about accountability structures within the institution. Justice Seepersad revealed the fraud was only uncovered after a whistleblower contacted a former bank director in June 2023.

    In a significant development, the judgment has been referred to the Director of Public Prosecutions and Commissioner of Police for potential criminal proceedings against Rojas, former employee Randy Gottsleben, and the implicated dealers. Additionally, the Minister of Trade, Industry and Tourism will review whether the involved dealerships should retain their operating licenses.

    The case exposed numerous red flags ignored by the bank, including loan applications where driver’s permits were issued to 14-year-olds and employment letters containing glaring inconsistencies. Justice Seepersad characterized Rojas’s conduct as pursuing a “facinorous and opportunistic agenda,” noting evidence of regular socialization with dealership representatives that supported collusion findings.

  • South America market still strong post-Melissa, says Bartlett

    South America market still strong post-Melissa, says Bartlett

    JAMAICA — Jamaica’s tourism sector is demonstrating remarkable resilience with South American markets driving a powerful post-hurricane recovery, according to Tourism Minister Edmund Bartlett. While North American arrivals have experienced temporary adjustments, South American visitor numbers have not only rebounded but exceeded pre-Hurricane Melissa levels with a sustained 77% increase.

    Minister Bartlett, speaking during a sector update at Ocean Coral Spring Hotel following a tour of Falmouth attractions, revealed significant airlift expansions from South America. Copa Airlines has substantially increased its weekly flights to Jamaica, now operating 10 weekly flights to Montego Bay alongside 5 to Kingston—exceeding pre-hurricane capacity by two additional flights.

    “This expansion represents a strong vote of confidence in our destination’s recovery,” Bartlett stated. “Our air seats are adequately aligned with current capacity, and the sustained momentum from South American markets indicates robust demand.”

    European markets remain strong according to the Minister, with the United Kingdom maintaining particularly powerful performance. North American markets (United States and Canada) are showing signs of rebounding as room inventory increases, with full recovery anticipated by 2026.

    The destination has welcomed approximately 300,000 visitors within a short period post-Melissa, positioning Jamaica for what Bartlett describes as a “V-shaped recovery.” Attractions across the island from Morant Point along the northern coastal area are fully operational.

    Hoteliers confirm the positive trend, with Ocean Coral Spring and Ocean Eden Bay General Manager Rudy Richardson reporting strong demand pressures. “We’re currently operating at 85% of our 954-room inventory with sales teams pushing for 100% capacity,” Richardson noted. The property maintained continuous operations throughout the hurricane period with all 1,250 staff retained.

    Final touch-up works are underway across properties, ensuring rooms meet quality standards before availability. The sustained airlift expansion and strong market performance indicate Jamaica’s tourism sector is exceeding recovery expectations.

  • Jonge ondernemers krijgen structurele steun

    Jonge ondernemers krijgen structurele steun

    The Surinamese government is developing a comprehensive structural program to train and mentor young entrepreneurs, with President Jennifer Simons announcing collaborative efforts with the Inter-American Development Bank (IDB) during Saturday’s Entrepreneurship Fair & Bazaar at the Congreshall. Existing institutions have already initiated training programs as part of this national initiative.

    President Simons emphasized the critical importance of providing youth with economic development opportunities to prevent cycles of poverty. She stated that sustainable entrepreneurship requires robust support through training, skill development, and continuous guidance. “Young people must be given the space to excel in their chosen fields,” Simons declared during her address.

    The event, organized by the RUMAS Foundation under Emmy Hart’s leadership and themed ‘Dream to Goal,’ focused on promoting self-employment among young Surinamese. The president commended the organization’s efforts, describing the participation of young trainers and attendees as “encouraging and hopeful.”

    Multiple government agencies are already implementing support measures. The Foundation for Labor Mobilization & Development (SAO) has commenced training sessions, while the Foundation for Productive Work Units (SPWE) requires further strengthening. The Ministry of Youth Development and Sports has also scheduled educational activities. Additionally, the government plans to establish a specialized institute next year to guide aspiring entrepreneurs through partnerships with private sector entities and existing community organizations.

    President Simons highlighted that well-prepared entrepreneurs will be positioned to capitalize on emerging opportunities as Suriname’s oil and gas sector develops further. She urged young entrepreneurs to persevere and continue their education despite business challenges.

    The fair featured presentations from four entrepreneurial groups representing hairstylists, textile workers, landscapers, and pastry chefs. The Volkscredietbank (VCB) provided information about affordable loan options, while RUMAS director Hart announced new training programs for canteen management, car wash businesses, and construction sectors.

    Participant Kelvin Paiman, a hairstylist, described the event as a significant motivational boost. “My hobby has become my profession,” he stated, noting that such initiatives help eliminate doubts among youth considering business ventures.

  • Business Baddie offering support for female entrepreneurs

    Business Baddie offering support for female entrepreneurs

    A transformative entrepreneurial movement is gaining momentum in Barbados, offering a structured antidote to the isolation many women face in business. Business Baddie, a pioneering support network founded by attorney and former educator Kerrilyn Walters, provides female entrepreneurs with the practical tools and community accountability needed to transform ideas into successful enterprises.

    Established in 2021 as a modest consulting initiative, the organization has evolved into a structured membership group that deliberately maintains an intimate size—currently approximately 13 members—to ensure meaningful engagement and personalized support. Walters, who serves as Chief Business Baddie Officer, conceived the idea drawing from her previous experience running a baking business before entering the legal profession.

    The program’s core methodology centers on hands-on, practical workshops conducted monthly, covering essential business skills including marketing strategy, content creation, financial planning, budgeting, and operational scheduling. Unlike conventional seminars where participants passively receive information, Business Baddie sessions require active implementation—members literally plan their content calendars or develop marketing strategies during workshops.

    A distinctive feature of the program is its accountability partnership system, where members are paired and rotated quarterly to maintain fresh perspectives and consistent motivation. This structure ensures participants remain committed to their stated business objectives despite life’s inevitable distractions.

    The community extends beyond formal workshops through active WhatsApp communication, creating a continuous support network where members receive prompt responses to queries and challenges. This approach has demonstrated tangible results, with one member successfully transitioning from a home-based operation to establishing a standalone salon.

    While currently maintaining its boutique size, the organization welcomes women across all age groups and business development stages—from those seriously contemplating entrepreneurship to established business owners seeking growth. The group is preparing to launch its third cohort in 2026, with new initiatives to be announced at their upcoming members’ dinner at Radisson Aquatica Resort on December 14.

    Business Baddie primarily operates through its Instagram platform @businessbaddiebb, maintaining an accessible digital presence while fostering genuine, substantive connections that address the critical support gap in female entrepreneurship.

  • Saint Lucian director sees opportunity – and risk – in Netflix’s big move

    Saint Lucian director sees opportunity – and risk – in Netflix’s big move

    The entertainment industry stands at a pivotal juncture as Netflix’s ambitious pursuit of Warner Bros. Discovery threatens to reshape Hollywood’s competitive landscape. This potential acquisition, potentially the most significant in film industry history, would place iconic franchises including Game of Thrones, DC Comics, Harry Potter, and HBO’s prestigious content library under Netflix’s dominion, positioning the streaming service as an unprecedented entertainment omnipotent.

    Amidst this corporate maneuvering, independent filmmakers express both optimism and apprehension. Elijah Anatole, Saint Lucian filmmaker and founder of Artlas Studios, currently negotiating with Netflix for his project ‘Heartfall,’ provides unique perspective on the implications for global indie cinema.

    The acquisition faces substantial hurdles, including Paramount’s competing $108 billion hostile takeover bid and potential antitrust scrutiny from the Justice Department. Political considerations further complicate matters, with former President Trump’s connections to Paramount ownership potentially influencing outcomes.

    Anatole recognizes potential benefits: ‘Netflix already provides independent filmmakers access previously unimaginable through traditional studios. This merger could revolutionize content development, ownership, and global distribution paradigms.’ He cites Netflix’s promotion of African cinema as evidence of their commitment to diverse global voices.

    However, significant concerns regarding market monopoly persist. ‘The danger lies in Netflix gaining excessive market control, potentially leading to increased subscription prices and unfavorable terms for independent creators,’ Anatole cautions. ‘When alternatives disappear, acceptance becomes mandatory.’

    Contrary to hopes for enhanced development programs, Anatole believes streaming giants prioritize finished products over creator development: ‘They seek content that drives subscriptions, not philanthropic initiatives.’ The merger would intensify competition as Netflix gains Warner Bros.’ extensive content library, forcing independents to elevate their production standards.

    Looking forward five years, Anatole predicts Netflix will dominate global entertainment while fundamentally transforming content consumption. ‘Traditional movie theaters may become obsolete as advanced home viewing technologies like VR goggles replace flat screens. COVID-19 permanently altered viewing habits, with few films achieving billion-dollar box office returns recently.’

    Despite challenges, Anatole remains hopeful the merger could stimulate creative opportunities while motivating filmmakers to enhance their craft. As a personal aspiration, he expresses desire for Netflix to revive Zack Snyder’s DC universe alongside James Gunn’s interpretation.

    Independent filmmakers like Anatole are actively shaping cinema’s future rather than observing passively. His upcoming film ‘OMYRA’ has already secured selection for the 2026 Chandler Film Festival, demonstrating indie resilience amid industry consolidation.

  • Contract met Lazard opgezegd; nog US$ 3 miljoen schuld

    Contract met Lazard opgezegd; nog US$ 3 miljoen schuld

    The Surinamese government has addressed its outstanding financial obligations to international financial advisory firm Lazard, revealing a debt exceeding $4 million accumulated under previous administration contracts. Finance and Planning Minister Adelien Wijnerman disclosed these details during a Friday press conference, confirming partial payment of $1 million with the remaining $3 million balance scheduled for settlement in the coming period.

    The debt originated from contracts initially renewed in 2023, covering advisory services related to Suriname’s debt restructuring program, particularly the resolution of the so-called final bond round. According to Minister Wijnerman, Lazard submitted invoices for services rendered between 2021 through October 2025 that remained unpaid by the former government.

    In a significant policy shift, the current administration has terminated Lazard’s contract for any new transactions associated with ongoing negotiations with bondholders. “We have formally canceled the contract and notified Lazard via official correspondence. This matter has been conclusively resolved,” Wijnerman stated, emphasizing the government’s commitment to fiscal responsibility.

    The settlement process demonstrates the new government’s approach to handling inherited financial commitments while restructuring its international financial advisory relationships. The minister’s transparency regarding the outstanding debt and its partial settlement reflects the administration’s efforts to maintain Suriname’s financial credibility despite challenges inherited from previous governance arrangements.

  • Progress on Green Hydrogen Production Plant in Colombia

    Progress on Green Hydrogen Production Plant in Colombia

    Colombian President Gustavo Petro has announced a groundbreaking green hydrogen initiative following his inspection of the Cartagena Refinery construction site. The project, leveraging newly inaugurated solar infrastructure, is projected to yield an annual production of 800 tons of green hydrogen starting April next year.

    President Petro emphasized the strategic significance of green hydrogen as a versatile energy carrier that can be transported through existing natural gas pipelines. “This development opens pathways for advanced phase exports of clean energy to global markets including Europe, the United States, and China through ammonia shipping,” he stated. The president further highlighted the dual benefit of producing green urea for domestic agriculture, enhancing both energy security and agricultural productivity.

    The announcement comes amid recognition of state-owned energy company Ecopetrol’s progressive strides in Colombia’s energy transition. However, President Petro identified a significant regulatory barrier: current legislation prohibits Ecopetrol from electricity generation for public distribution. Despite energy transition being a government priority, amending this restriction falls entirely under Congressional authority.

    “Ecopetrol must pursue legislative reform to enable commercial electricity generation,” Petro asserted, underscoring the need for regulatory modernization to align with national energy objectives.

    The green hydrogen facility, operating at five megawatts capacity, will produce premium-quality hydrogen for hydrotreating processes at the Cartagena refinery. This integration is projected to reduce carbon dioxide emissions by approximately 7,700 tons annually while simultaneously diminishing the carbon footprint of refined fuels. The project represents a crucial step toward enhancing Colombia’s energy independence and establishing the country as a participant in the global clean energy market.

  • Panama establishes foreign trade facilitation plan

    Panama establishes foreign trade facilitation plan

    In a strategic move to enhance Panama’s role in global commerce, Commerce and Industry Minister Julio Molto has announced the formation of a National Committee dedicated to overseeing the country’s international trade integration program. This newly established body will serve as a central coordinating mechanism, bringing together all relevant governmental entities and fostering collaboration with private sector stakeholders.

    Minister Molto emphasized that this coordinated approach will enable Panama’s Executive branch to function as a unified team, significantly strengthening the nation’s position within international trade networks. The initiative represents a key component of Panama’s broader economic strategy, which aims to establish the country as both a reliable and efficient hub for regional and global commerce.

    The comprehensive program is designed to generate substantial opportunities for Panamanian businesses while simultaneously providing a significant boost to the national economy. By streamlining coordination between public and private sectors, Panama seeks to optimize its logistical advantages and geographic positioning to maximize trade benefits and economic growth.