Carib Scope

分类： business

  • WATCH: Kingston Gateway attracting strong interest, say developers

    WATCH: Kingston Gateway attracting strong interest, say developers

    KINGSTON, Jamaica – A landmark commercial development in Jamaica’s capital is generating unprecedented market enthusiasm, with developers reporting a near sell-out scenario following its inaugural open house event.

    The Kingston Gateway Commercial and Warehouse Complex, a joint venture between Proven Properties Limited and SAJE Logistics, represents a US$13 million investment strategically positioned within the industrial corridor of Marcus Garvey Drive. The state-of-the-art facility held its first public showing on Sunday, February 8, 2026, attracting substantial interest from potential tenants and investors.

    Spanning 112,000 square feet of premium rentable space, the complex features 22 warehouses constructed to international standards. The architectural design predominantly incorporates two-storey structures, with several units equipped with specialized loading docks to accommodate diverse logistical requirements.

    Aisha Campbell, Chief Executive Officer of Proven Properties Limited, expressed considerable satisfaction with the project’s rapid progression. “We are excited that 10 months after breaking ground, we have advanced this development, and what you are looking at here is the result,” Campbell stated during the event.

    The development team reported exceptional market response, with twelve units already reserved prior to the open house. Campbell characterized the interest as “phenomenal” and projected near complete occupancy following the event. “More people are coming in, and by the end of the day we really believe that we will be nearly sold out,” she added.

    The open house attracted prominent figures from Jamaica’s business community, including Trevor Riley of SAJE Logistics, Christopher Nakash (Board Chairman of PROVEN Properties), and Andre Rochester, Vice President of the Shipping Association of Jamaica, who were observed in detailed discussions about the facility’s potential impact on Kingston’s industrial landscape.

    Sales representatives, including Natalie Sawyers from PROVEN Properties, engaged with prospective clients throughout the event, providing detailed consultations about the available commercial spaces and their specifications.

  • Barita feels the chill as market-driven gains fade

    Barita feels the chill as market-driven gains fade

    BARITA Investments Limited experienced a notable shift in its financial performance for the fiscal year ending September 30, 2025, with profits declining from approximately $3.8 billion to just over $3 billion. This contraction primarily stemmed from a substantial cooling in market-driven gains, particularly investment revaluation and trading income, which plummeted by nearly 40% compared to the previous year.

    The diminished earnings underscore a significant transition in the company’s revenue composition. While valuation-led profits receded, Barita demonstrated robust growth in its fundamental operations. Fee and commission income expanded by 12%, while net interest income surged by more than 70%, reflecting enhanced yields and strategic balance-sheet management. This performance recalibration highlights the company’s evolving dependence on recurring revenue streams rather than favorable market movements.

    Operational efficiency showed marked improvement despite the earnings decline. Cash flow generation strengthened significantly, with operating activities swinging to a solid inflow following previous outflows. This enhancement resulted from rigorous working-capital management and a substantial contraction in the loan portfolio, which decreased by over one-third.

    Barita’s balance sheet continued its expansion trajectory, with total assets growing 5% to nearly $150 billion, primarily driven by increases in pledged assets and receivables. The funding structure remained heavily reliant on repurchase agreements and borrowings—characteristic of primary dealership operations. Equity levels remained stagnant due to dividend distributions and valuation adjustments in investment reserves.

    The company’s dividend policy has drawn increased scrutiny as payouts reached approximately $3 billion, effectively absorbing nearly all annual earnings. This capital allocation strategy has limited retained earnings growth, creating a tension between shareholder returns and balance-sheet flexibility amid changing market conditions.

    The comprehensive income statement reflected market volatility, turning negative as realized investment losses surpassed unrealized gains. These movements demonstrate the inherent unpredictability of mark-to-market accounting during periods of market normalization.

    Barita’s annual report filing experienced delays due to postponed completion of audited financial statements, with resubmission expected in early March. While not uncommon for financial institutions with complex balance sheets, such delays attract heightened attention during periods of market sensitivity.

    The overall financial picture indicates not distress but rather a strategic transition. As market tailwinds diminish, Barita’s future performance will increasingly depend on operational execution, pricing discipline, and risk management rather than valuation gains—a development that signals a return to fundamental performance metrics across the securities sector.

  • Antigua and Barbuda Rated ‘Largely Compliant’ in Global Forum Tax Transparency Peer Review

    Antigua and Barbuda Rated ‘Largely Compliant’ in Global Forum Tax Transparency Peer Review

    The Global Forum on Transparency and Exchange of Information for Tax Purposes has released a new series of peer review assessments, evaluating five jurisdictions’ adherence to international tax transparency standards. The newly published reports cover Antigua and Barbuda, Benin, Cabo Verde, Palau, and Seychelles, with two representing reassessments of previously reviewed nations.

    These evaluations, formally adopted by Global Forum members after December 2025 approval, demonstrate the continuing evolution of global tax transparency efforts. Benin, Cabo Verde, and Palau underwent Phase 1 reviews focusing exclusively on their legal and regulatory frameworks due to their limited practical experience with information exchange upon request (EOIR). All three jurisdictions were found to have generally adequate frameworks in place, though each requires specific improvements. Their Phase 2 reviews, assessing practical implementation, are scheduled to commence by 2028.

    Antigua and Barbuda and Seychelles received combined assessments evaluating both legal frameworks and practical implementation. Both jurisdictions earned an overall rating of ‘Largely Compliant’ with EOIR standards, reflecting significant progress since their previous evaluations.

    The broader context reveals encouraging trends: among 129 jurisdictions completing second-round EOIR peer reviews since 2016, 90% achieved ‘Compliant’ or ‘Largely Compliant’ ratings, while only 2% received ‘Non-Compliant’ designations.

    Jurisdiction-specific findings indicate substantial progress alongside ongoing challenges. Antigua and Barbuda demonstrated remarkable improvement through administrative dissolution of approximately 13,200 International Business Companies and voluntary dissolution of another 3,500 entities. The jurisdiction also enhanced accounting record availability by mandating local storage requirements.

    Benin’s assessment revealed a generally established legal framework despite deficiencies in beneficial ownership coverage and limitations in information access from anti-money laundering obliged entities.

    Cabo Verde’s framework was found generally adequate though hampered by professional secrecy provisions and incomplete beneficial ownership requirements.

    Palau’s framework requires enhancement regarding information availability, particularly concerning beneficial ownership documentation for entities without ongoing relationships with obligated persons.

    Seychelles showed significant progress since its 2020 review but must improve response rates for accounting information requests and strengthen supervision of nominee arrangements.

    The Global Forum continues to serve as the primary multilateral body ensuring global adherence to tax transparency standards through monitoring, peer review processes, and extensive capacity-building programs supporting effective cross-border information sharing.

  • CBvS-verslag 2025: Economie groeit beperkt; druk overheidsfinanciën en inflatie neemt toe

    CBvS-verslag 2025: Economie groeit beperkt; druk overheidsfinanciën en inflatie neemt toe

    Suriname’s economy demonstrated modest expansion during the second quarter of 2025, though significant vulnerabilities persist due to mounting inflationary pressures, deteriorating fiscal balances, and an increasingly precarious debt situation. According to the Quarterly Report 2025 released by the Central Bank of Suriname (CBvS), the economy grew by 0.6%, representing a slight deceleration compared to the same period in 2024.

    The growth was primarily driven by performance in trade, transportation, and hospitality sectors. Conversely, industrial production, mining operations, and agricultural activities contributed negatively to economic output. This decline was largely attributable to reduced gold production and diminished round timber harvesting during the period.

    Inflationary pressures reemerged as a critical concern, with quarter-end inflation reaching 3.6% while average inflation stood at 2.4%. The depreciation of the Surinamese dollar, coupled with increased costs for food, transportation, water, and cooking gas, served as primary drivers of price increases. Adverse weather conditions, including persistent rainfall, further exacerbated food price inflation. The central bank anticipates continued inflationary pressure throughout the third quarter of 2025, with recent data indicating a rise from approximately 10% at end-December to 11.4%.

    Fiscal metrics revealed concerning developments as government revenues totaled SRD 12.8 billion against expenditures of SRD 15.2 billion, resulting in an overall budget deficit of SRD 2.4 billion. The primary deficit reached SRD 782.5 million. While revenue generation improved through enhanced tax collections, expenditure growth outpaced revenue increases—primarily fueled by personnel costs, subsidy programs, and election-related spending. Temporary purchasing power measures for civil servants and pensioners significantly contributed to this expenditure growth.

    The national debt burden escalated to SRD 140.6 billion, equivalent to 95.8% of GDP according to national definitions. Notably, over 80% of this debt is denominated in foreign currencies, creating substantial exposure to exchange rate fluctuations.

    In response to these challenges, the CBvS implemented significant interest rate reductions during the quarter to manage high financing costs. While OMO rates declined substantially, the transmission to lower commercial lending rates remained limited. Simultaneously, excess liquidity within the banking system increased markedly, complicating monetary policy implementation.

    The central bank’s outlook remains cautious, emphasizing that without structural reforms and improved expenditure management, inflationary pressures, debt accumulation, and budgetary constraints will persist through subsequent quarters. CBvS officials underscored the critical importance of fiscal discipline and economic stability, particularly as the country approaches the post-IMF program period.

  • Government Hits Pause on BTL–Speednet Talks

    Government Hits Pause on BTL–Speednet Talks

    The Belizean government has instituted a temporary suspension of negotiations concerning the proposed acquisition of telecommunications provider Speednet by Belize Telemedia Limited (BTL). Prime Minister John Briceño mandated the pause in response to mounting public scrutiny and concerns surrounding the potentially market-altering deal.

    Michel Chebat, Minister of Public Utilities, clarified that this intervention represents a strategic delay rather than an outright termination of proceedings. The government’s objective is to ensure meticulous adherence to legal protocols while expanding opportunities for civic engagement and transparent dialogue.

    Despite the formal negotiation hiatus, consultation processes will persist through both public forums and internal deliberations within BTL and the Social Security Board. Minister Chebat emphasized that any prospective acquisition must undergo rigorous evaluation by the Public Utilities Commission (PUC), the autonomous body regulating Belize’s telecommunications sector.

    The PUC has concurrently initiated an independent assessment to determine whether BTL constitutes a dominant market force, with preparations underway to implement corresponding consumer protection regulations. Critical factors including market competition, service quality, pricing structures, and long-term industry sustainability will undergo comprehensive examination throughout this regulatory review.

    Minister Chebat reaffirmed the government’s commitment to prioritizing consumer interests and national welfare, stating: ‘The people of Belize must be the ultimate beneficiaries. This process will be guided by transparency, fairness, and due process.’ The government maintains that respecting the integrity of established regulatory frameworks remains paramount throughout this temporary suspension period.

  • BCCI Reiterates Firm Rejection of BTL Acquisition

    BCCI Reiterates Firm Rejection of BTL Acquisition

    The Belize Chamber of Commerce and Industry (BCCI) has escalated its resistance to Belize Telemedia Limited’s proposed acquisition of Speednet, declaring that fundamental concerns regarding legal, policy, and economic implications remain entirely unaddressed. Following a recent high-level meeting with BTL representatives, the chamber concluded that the transaction, as proposed, presents unacceptable risks to the nation’s economic landscape.

    In a strongly-worded statement issued on February 6, 2026, BCCI President Giacomo Sanchez articulated multiple grounds for opposition. The chamber emphasized that Belize’s current regulatory framework lacks modern competition and merger control legislation, creating significant legislative hurdles that must be resolved before any market consolidation of this magnitude can be considered.

    The valuation methodology presented for the acquisition has come under particular scrutiny, with the BCCI demanding independent verification of the figures, especially given the involvement of public funds and exposure of the Social Security Board. “Where public trust and financial security are concerned, independent validation is not merely advisable—it is absolutely essential,” Sanchez asserted.

    Beyond financial transparency, the chamber expressed deepening concerns about perceived politicization of the process and potential conflicts of interest, calling for a completely transparent procedure that is beyond reproach. The BCCI is advocating for a comprehensive national dialogue to examine the acquisition’s potential effects on market competition, service reliability, consumer pricing, and the broader business environment before any further progression of the deal.

  • PM Says BTL Acquisition Boosts Underserved Areas

    PM Says BTL Acquisition Boosts Underserved Areas

    BELIZE CITY – Prime Minister John Briceño has forcefully countered opposition from the Belize Chamber of Commerce and Industry regarding Belize Telemedia Limited’s proposed acquisition of Speednet. The escalating debate centers on the valuation methodology and strategic benefits of the telecommunications merger.

    Briceño characterized the Chamber’s position as deliberately overlooking the broader strategic picture, emphasizing that BTL’s primary interest lies in acquiring Speednet’s substantial customer cash flow rather than physical assets. The Prime Minister articulated that market saturation makes customer migration between providers virtually cost-free since both companies offer identical services.

    Technical valuation was conducted by Moore Global, an international accounting firm with headquarters in Brazil, which determined the acquisition represents sound financial logic. Briceño highlighted significant infrastructure advantages, particularly the transfer of Speednet’s tower network that would enable BTL to rapidly expand telecommunications coverage into currently underserved regions like Toledo District.

    The Prime Minister addressed concerns regarding Social Security Board investments, noting the institution currently receives merely two percent returns on its BTL investments – a rate insufficient to recoup initial capital. Briceño briefly acknowledged his family’s involvement in the matter before redirecting focus to the national development benefits, including accelerated telecom deployment in rural communities where service provision was previously economically unfeasible.

  • Proposed Telecom Takeover Divides Belize’s Business Leaders

    Proposed Telecom Takeover Divides Belize’s Business Leaders

    A contentious telecommunications acquisition proposal has created a significant rift within Belize’s business leadership, exposing divergent perspectives on national economic strategy. The planned takeover of Speednet by Belize Telemedia Limited (BTL) has prompted contrasting responses from the country’s premier business organizations.

    The Belize Business Bureau has thrown its support behind the merger, asserting that market consolidation would generate substantial economic benefits. According to their analysis, the unified entity could achieve profitability projections approaching $50 million within a three-year timeframe through operational efficiencies and enhanced market positioning.

    In opposition, the Belize Chamber of Commerce and Industry has raised multiple concerns regarding the transaction’s structure. Their reservations encompass legal compliance issues, potential consumer impacts, valuation methodology of the $80 million purchase price, and possible conflicts of interest involving the Social Security Board’s investments.

    Arturo Lizarraga, President of the Belize Business Bureau, provided detailed justification for their supportive stance. He contextualized the current $80 million offer for Speednet’s one-third market share against the historical $650 million investment in BTL that acquired two-thirds market dominance. Lizarraga emphasized that market consolidation would immediately address revenue erosion in services like international roaming, which has declined from $15 million to approximately $5 million annually due to competitive undercutting between the two providers.

    The proposal’s financial structure involves no initial cash outlay, featuring a 4.5% interest rate during the due diligence period, with intended repayment through operational profits generated by the acquired entity. Proponents argue this approach serves national interests by ensuring BTL’s sustainability and improving returns for shareholders, including public institutions.

  • Belize Business Bureau Urges PUC Oversight in BTL Merger

    Belize Business Bureau Urges PUC Oversight in BTL Merger

    The Belize Business Bureau has expressed conditional support for Belize Telemedia Limited’s proposed acquisition of Speednet, emphasizing that regulatory oversight must be strengthened to protect consumer interests. While acknowledging potential benefits for shareholders, Bureau President Arturo Lizarraga warned that without robust price controls, the merger could create a telecommunications monopoly detrimental to consumers.

    Lizarraga highlighted the critical role of Belize’s Public Utilities Commission (PUC) in determining the merger’s approval, noting that the decision ultimately rests with regulatory experts rather than public opinion or business groups. Drawing parallels to previous utility monopolies in butane and electricity, he criticized what he perceived as inconsistent responses from business organizations regarding different monopoly formations.

    The Bureau president specifically called for comprehensive legislation to guide price control mechanisms, arguing that mere statutory instruments would be insufficient to prevent potential price gouging. Lizarraga emphasized that while the merger appears financially promising for stakeholders, the government must establish a regulatory framework similar to those governing Belize Electricity Limited (BEL) and other utilities to ensure fair pricing and service quality.

    The development comes as the PUC completes its study phase and moves toward a decision regarding the proposed telecommunications consolidation, which would significantly reshape Belize’s digital infrastructure landscape.

  • PM Briceño Backs Workers’ Severance Claim Against Telemedia

    PM Briceño Backs Workers’ Severance Claim Against Telemedia

    In a significant development for labor rights in Belize, Prime Minister John Briceño has publicly endorsed the severance claims of former Belize Telemedia employees, asserting they present a compelling legal case. The Prime Minister’s intervention comes amid ongoing negotiations between the telecommunications company and the Belize Communications Workers for Justice union.

    Briceño emphasized that statutory limitations should not apply to severance payments, particularly when workers were previously informed they were ineligible for compensation. “I don’t believe there exists a statute bar for your severance pay, especially when you were explicitly told you couldn’t receive it,” Briceño stated during recent remarks.

    The Prime Minister revealed that Telemedia’s board was convening to address the matter, indicating high-level corporate engagement with the dispute. Briceño maintained that regardless of legal complexities, the company bears responsibility to compensate its former workforce. “Some way has to be found to pay those people,” he insisted, acknowledging his comments might generate controversy given his non-legal background.

    This endorsement represents a substantial boost for the labor union’s prolonged campaign for financial restitution, potentially establishing important precedents for worker compensation claims throughout Belize’s private sector.