Carib Scope

分类： business

  • Shipping industry not passing on increased charges to importers – Shipping Association

    Shipping industry not passing on increased charges to importers – Shipping Association

    The Shipping Association of Guyana (SAG) has publicly refuted allegations from the Georgetown Chamber of Commerce and Industry (GCCI) regarding unmet meeting requests, while simultaneously revealing that maritime operators are absorbing significant operational cost increases without passing them to importers.

    SAG President Komal Singh addressed the situation Sunday, explaining that shipping lines and wharf operators face mounting challenges with substantial financial implications. These include port congestion causing cargo offloading delays and extended processing times for US dollar wire transfers from local agents.

    ‘All additional costs incurred cannot be passed to anyone since they already collect freight from customers,’ Singh told Demerara Waves Online News, noting that shipping companies bear these growing financial burdens independently.

    The association characterized GCCI’s claims of ignored meeting requests as ‘reckless and ill-informed.’ Official correspondence reveals that SAG responded to GCCI’s November 26, 2025 letter proposing two December meeting dates and expressing willingness to accommodate alternative dates. According to SAG, no response was ever received from the chamber.

    Despite these tensions, SAG highlighted successful collaboration with Trinidad and Tobago authorities to reduce shipping delays at Port of Spain, where vessels now experience improved loading slot availability.

    The association reaffirmed its commitment to dialogue, announcing plans to extend another formal meeting invitation to GCCI in hopes of fostering constructive engagement rather than public disputes.

  • RO en Melkcentrale verkennen samenwerking rond afname lokaal fruit

    RO en Melkcentrale verkennen samenwerking rond afname lokaal fruit

    The Surinamese Ministry of Regional Development and Melkcentrale Paramaribo (MCP) have initiated strategic discussions to establish a collaborative framework for sourcing fruits from indigenous farmers. This development aligns with MCP’s ambitious plan to establish a juice processing facility that would utilize locally grown produce.

    Minister Miquella Huur, accompanied by her technical team, conducted an official working visit to MCP’s facilities to discuss potential synergies. During the meeting, MCP Director Monché Atompai presented the company’s operational activities and outlined their planned projects, with particular emphasis on the proposed juice manufacturing plant.

    The dairy processing giant has expressed firm commitment to systematically purchasing fruits from small-scale agricultural producers in Suriname’s interior regions. This initiative dovetails perfectly with the Directorate of Agricultural Development Interior’s primary objective of creating sustainable market opportunities for indigenous farmers.

    These negotiations represent a significant extension of the Ministry’s ongoing efforts to promote agricultural development in Suriname’s hinterlands. Both parties have agreed to continue and intensify these collaborative discussions in the coming weeks to formalize the partnership structure. The proposed collaboration could substantially boost economic opportunities for rural communities while supporting domestic food processing capabilities.

  • PM Feels Vindicated by Global Ports Deal After Opposition Criticism

    PM Feels Vindicated by Global Ports Deal After Opposition Criticism

    Prime Minister Gaston Browne has publicly defended Antigua and Barbuda’s cruise port concession agreement with Global Ports Holding, revealing significant financial benefits following years of substantial private investment. The arrangement, once criticized as disadvantageous to the nation, has transformed the port’s economic trajectory from loss-making to revenue-positive operation.

    Appearing on Pointe FM’s ‘Browne and Browne’ program Saturday, the Prime Minister detailed the comprehensive financial turnaround. Global Ports Holding has injected over $80 million into modernizing port infrastructure while simultaneously clearing approximately $21 million in inherited government debt that previously burdened the facility.

    The concession agreement has fundamentally altered the government’s financial responsibilities, transferring major capital expenses from public coffers to private management. This shift has positioned the government as a net revenue earner rather than bearing continuous operational losses. Additionally, passenger head taxes have increased to between $3-$4 per cruise passenger, generating amplified revenue streams as tourist numbers recover post-pandemic.

    Prime Minister Browne emphasized that enhanced facilities and expanded berthing capacity have substantially boosted the nation’s competitiveness within the Caribbean cruise industry. The agreement contains a reversion clause ensuring all port assets will return to government control after the 30-year concession period, characterizing the arrangement as a long-term infrastructure investment rather than a permanent transfer of assets.

    The Prime Minister addressed critics directly, noting that objections frequently overlook both the massive scale of private investment and the port’s precarious financial condition preceding the agreement. He maintained that the partnership has successfully modernized critical national infrastructure while simultaneously stabilizing public finances, declaring the arrangement ‘extremely well’ for the country’s economic interests.

  • PM Signals Possible Extension for Shell Beach Investment Deadline

    PM Signals Possible Extension for Shell Beach Investment Deadline

    Antigua and Barbuda’s government is considering extending the January 30 deadline for investment proposals in the Shell Beach development project following unexpectedly strong public interest. Prime Minister Gaston Browne revealed during his weekly appearance on Pointe FM’s ‘Browne and Browne’ program that both the government and the National Asset Management Company (NAMCO) are evaluating the possibility of prolonging the submission period.

    Browne emphasized that the substantial response from potential investors has prompted authorities to reconsider the original timeline. ‘Given the level of interest, we may have to extend it,’ the Prime Minister stated, referring to the current cutoff date for project proposals.

    The National Asset Management Company, which oversees the evaluation process, is currently assessing both formal submissions and general public response to determine whether an extension would facilitate broader participation. Browne highlighted that the primary objective remains ensuring inclusive investment opportunities, particularly for ordinary citizens of Antigua and Barbuda.

    The Shell Beach initiative represents a strategic effort to expand local involvement in tourism-related investments through innovative accommodation models similar to Airbnb platforms. The project offers both beachfront and inland lots complemented by government concessions to stimulate domestic investment in the tourism sector.

    Any final decision regarding deadline adjustments will be formally communicated through NAMCO, which maintains responsibility for managing the entire proposal evaluation process. The potential extension demonstrates the government’s commitment to balancing administrative timelines with public accessibility, particularly when encountering substantial citizen engagement.

  • Tancoo: US$1b bond shows investor confidence

    Tancoo: US$1b bond shows investor confidence

    Trinidad and Tobago has successfully issued a ten-year unsecured sovereign bond worth US$1 billion at a 6.4% interest rate, signaling robust international investor confidence in the nation’s economic direction. Finance Minister Davendranath Tancoo announced the bond offering, which was immediately oversubscribed by 2.5 times upon its January 22 launch, demonstrating substantial market demand.

    The transaction, managed by financial giants J.P. Morgan and Bank of America, attracted over 140 unique orders from top-tier accounts. Minister Tancoo emphasized that this represents the largest bond transaction for the Republic in the past decade and generated the most substantial order books in five years at US$2.4 billion, despite recent negative ratings outlooks from credit agencies.

    This new bond issuance serves to refinance a 2016 bond acquired under former Finance Minister Colm Imbert. Tancoo criticized the previous administration’s management of the funds, alleging insufficient repayment planning. The current bond, governed by New York laws, offers superior terms and benefits compared to its predecessor.

    Key achievements highlighted include a 20 basis point compression from initial price thoughts to launch, extension of the external debt maturity profile from 4.1 to 6.3 years, and full addressing of the August 2026 external bond maturity. The transaction priced at 54.6 basis points tighter than the original 2016 issuance.

    Notably, Trinidad and Tobago’s bond outperformed comparable Caribbean nations’ offerings. The Bahamas (BB- rating) issued a ten-year bond at 8.25%, Barbados (B+ rating) at 8%, and the Dominican Republic’s twelve-year bond at 6.9%.

    To meet financial commitments, the government plans to address an estimated $10 billion tax gap and leverage energy sector revenues through partnerships with major energy companies including EOG, ExxonMobil, bpTT, Shell, and Perenco. Additionally, Gulf States and China have expressed interest in investing in the government’s Revitalisation Blueprint, featuring 11 major infrastructural projects over the next decade.

  • Coco Velvet International appoints Stephanie Sirju as GM

    Coco Velvet International appoints Stephanie Sirju as GM

    Coco Velvet International Fashion & Model Management has undergone a significant leadership restructuring following the severe health deterioration of its founder, Christopher Nathan. The company has officially appointed Stephanie Sirju as its new General Manager and Fashion Director, effective immediately.

    In an emotional media release, Nathan disclosed his recent diagnosis of metastasized prostate cancer that has aggressively spread to multiple areas including his groin, spine, and ribs. The condition has resulted in paralysis from the chest downward, rendering him unable to continue his operational duties. “I am no longer able to work. I am actually paralysed from my chest down,” Nathan stated in the official communication.

    The succession plan brings Sirju, a University of Hawaii fashion program graduate, to the forefront of the organization. Despite the leadership change, Nathan will maintain ownership and continue serving as a consultant, providing guidance from behind the scenes during this transitional period.

    The company has assured clients and stakeholders that all services will continue uninterrupted across both divisions. The fashion management division continues to offer comprehensive support including event management, project coordination, lookbook production, and fashion shoot supervision for editorials, catalogues, magazine features, and digital platforms. Additionally, the company remains active in fashion show production, while the model management division continues its operations without disruption.

    Nathan emphasized that this strategic succession ensures the company’s continuity under new leadership while maintaining its established standards and service quality.

  • Tancoo: Businesses can find ways to absorb gas hike

    Tancoo: Businesses can find ways to absorb gas hike

    Trinidad and Tobago’s Finance Minister Davendranath Tancoo has characterized the impending 76% natural gas price increase for light industrial customers as a strategic opportunity for business optimization rather than merely a cost burden. The controversial adjustment, scheduled to take effect at month’s end, will elevate rates from US$3 to US$5.30 per MMBtu for state-owned NGC’s commercial clients.

    During a January 25 press briefing at the United National Congress headquarters in Chaguanas, Minister Tancoo addressed concerns raised by the TT Manufacturers’ Association regarding potential nationwide economic repercussions. Rather than viewing the hike as purely inflationary, the minister framed it as a catalyst for operational improvements within the business sector.

    “This situation presents a challenge for enterprises, including TTMA members, to critically examine their operational capabilities,” Tancoo stated. “There exists now a compelling incentive to enhance efficiencies and streamline processes to prevent passing additional costs to consumers.”

    The minister defended NGC’s pricing strategy as a necessary correction after years of substantial government subsidies. He revealed that light industrial users had been receiving natural gas at rates “substantially lower” than those paid by heavy industrial sectors and far below actual extraction costs.

    “While logically any input cost increase affects final product pricing, we’re establishing a more realistic price range,” Tancoo explained. “The adjustment specifically aims to align light industrial rates closer to both industrial customer prices and actual production expenses.”

    Tancoo emphasized that even with the implemented increase, Trinidad and Tobago’s manufacturers would maintain a competitive advantage within the Caribbean region regarding energy costs. The minister acknowledged inevitable objections but stressed the long-term necessity of moving away from subsidized pricing models toward market-reflective rates that accurately represent the value of the national resource.

  • Energy Chamber chair promises review of STOW, governance

    Energy Chamber chair promises review of STOW, governance

    In a significant address at the 2026 TT Energy Conference held at Hyatt Regency on January 26, Energy Chamber chairperson Mala Baliraj announced comprehensive reviews of both the controversial Safe To Work (STOW) program and the organization’s governance framework. Baliraj committed to substantive changes following mounting criticism from both members and government officials.

    “We have committed to reflect, review and make changes as needed,” Baliraj stated during her opening remarks, acknowledging the STOW program had effectively created barriers for certain companies rather than enhancing safety standards as intended. She noted this concern had been consistently raised by membership and echoed in previous chamber addresses throughout 2025.

    The chairperson emphasized the chamber’s dedication to collaborative engagement with all stakeholders, particularly government entities. “Our intention is always to work towards a collaborative approach with all of our stakeholders,” she explained. “We hope to be able to reposition and create a space for open and structured engagement with the government that supports the best outcomes for the sector.”

    Regarding governance reforms, Baliraj highlighted the diverse composition of the chamber’s approximately 400 members, which range from global corporations to micro enterprises. She stressed the necessity of maintaining a transparent governance framework that prevents dominance by any particular interest group while reflecting the membership’s breadth.

    These announcements follow intense government criticism of the chamber’s operations. Prime Minister Kamla Persad-Bissessar recently declared plans to boycott the conference, while Energy Minister Roodal Moonilal opted to attend the India Energy Conference instead. Minister Moonilal had previously condemned the STOW program at a January 22 post-Cabinet media conference, alleging the chamber was “holding businesses to ransom by having a monopoly on who can conduct business in the energy sector using health and safety as a strangling tool.”

    The TT Energy Conference continues through January 28, with these proposed reforms expected to dominate discussions among energy sector stakeholders.

  • Jamaica exits FITUR 2026 with accelerated recovery and new investment momentum

    Jamaica exits FITUR 2026 with accelerated recovery and new investment momentum

    MADRID, Spain — Jamaica has emerged from FITUR 2026 with significant advancements in its tourism sector reconstruction, marking a strategic shift from mere recovery to purposeful rebuilding. During the three-day international tourism fair, the Jamaican Ministry of Tourism secured critical partnerships, accelerated reopening timelines, and gained international recognition for its resilience leadership.

    Tourism Minister Edmund Bartlett announced Jamaica’s proactive approach to infrastructure development, stating: “We are inviting investment from CAF (Development Bank of Latin America) and private-sector partners to accelerate resilient infrastructure and a reimagined tourism product. Resilience now forms the foundation of investor confidence and community protection.”

    Key negotiations with major hotel chains Grupo Piñero and Hyatt addressed the economic impact of approximately 1,000 closed rooms in Montego Bay. Practical solutions were outlined, including skilled labor mobilization, improved import logistics, and administrative measures. Both parties agreed to prioritize earlier reopening schedules where feasible, with follow-up visits planned to confirm property-specific timelines and expansion plans.

    The most significant development occurred on the final day when UN Tourism designated Jamaica as the world’s official tourism resilience hub. This global endorsement recognizes Jamaica’s leadership in crisis preparedness and recovery management. Minister Bartlett presented the country’s recovery case, highlighting national stability and the disciplined response to Hurricane Melissa, which left 1.5 million people without basic necessities for nearly 60 days.

    Jamaica’s resilience leadership extends to the establishment of February 17 as Global Tourism Resilience Day, with observances planned next month in Nairobi, Kenya.

    Separate negotiations with Bahía Príncipe yielded a phased reopening strategy targeting 50% of room capacity (approximately 650 rooms) by May, with full restoration expected by November. Jamaica advocated for earlier openings where possible, emphasizing employment and economic benefits.

    Simultaneously, Jamaica strengthened airlift and marketing coordination with TUI, focusing on digital marketing strategies and emerging platforms. Tourism Director Donovan White emphasized: “Recovery requires both demand and supply—inventory must return, but confidence must return faster. We’ve strengthened partnerships to keep Jamaica visible and bookable as rooms come back online.”

  • St John’s cruise terminal ‘to boost jobs and local business’

    St John’s cruise terminal ‘to boost jobs and local business’

    Antigua’s tourism infrastructure is undergoing a significant transformation with the development of a new purpose-built cruise terminal, marking a pivotal shift from temporary operations to a permanent economic catalyst. This 10,000-square-foot facility, now operational, represents the initial phase of a comprehensive upland development project scheduled for full completion by July 2026.

    The terminal’s activation has already generated approximately 70 local jobs, with employment figures projected to more than double upon the project’s culmination. This growth is intrinsically linked to the planned integration of retail outlets, diverse dining facilities, and a premium day club featuring a pool. Antigua Cruise Ports General Manager Gasper George emphasized the development’s core mission: to systematically integrate local entrepreneurs into the cruise tourism ecosystem. The company has formally issued a call for Antiguan business owners to submit commercial proposals for operating stores within the complex.

    This $60 million investment, spearheaded by Global Ports Holding in partnership with the Antiguan government since 2019, is already demonstrating substantial returns. Cruise tourism metrics have surged dramatically, with the nation anticipating nearly one million passenger arrivals this year—almost double the pre-partnership figures. Government officials assert that this strategic expansion is designed to ensure that the sector’s growth directly translates into tangible improvements in living standards for citizens, creating a sustainable economic model that benefits the local community.

    The development replaces the interim market tent that previously housed homeporting operations when services commenced in 2022, signaling a new era of professionalism and capacity for the island’s cruise industry.