Carib Scope

分类： business

  • FSC seeks court order to liquidate troubled insurer

    FSC seeks court order to liquidate troubled insurer

    In a decisive regulatory move, the Financial Services Commission (FSC) has petitioned the High Court to initiate liquidation proceedings against Equity Insurance Company Limited. The financial regulator contends that the insurer’s rapidly deteriorating fiscal health presents an escalating threat to both policyholders and broader market stability.

    The legal action follows the court’s prior authorization to revoke Equity Insurance’s operating license, which empowered the FSC to assume managerial control. This initial intervention came in response to what regulators identified as multiple violations of insurance industry regulations.

    FSC Chief Executive Warrick Ward revealed that subsequent developments have ‘substantially’ intensified the company’s risk profile. These include newly emerged financial vulnerabilities and the consequent collapse of the insurer’s reinsurance arrangements, exacerbating a well-documented history of non-compliance with statutory requirements.

    ‘After providing Equity with multiple opportunities to address its deficiencies,’ Ward stated, ‘the Commission has determined that court-supervised liquidation represents the most appropriate mechanism for orderly resolution. This course of action aligns with our mandate to safeguard policyholder interests and maintain financial market stability.’

    Equity Insurance has mounted a vigorous defense, alleging the regulator violated principles of natural justice in handling its case. The company maintains it had committed to addressing operational shortcomings identified in an assessment report and was actively implementing corrective measures when regulatory intervention halted this remediation process.

    The High Court has scheduled further proceedings for March 25, when both parties will present additional arguments regarding the proposed liquidation.

  • GDB hosts successful tax compliance workshop in Carriacou

    GDB hosts successful tax compliance workshop in Carriacou

    More than 40 business operators from Carriacou gained essential taxation knowledge through a comprehensive compliance workshop organized by the Grenada Development Bank (GDB) in partnership with the Inland Revenue Division (IRD). The event, held on March 3rd at Hillsborough’s Mermaid Conference Room, provided practical guidance on fundamental tax principles, accurate tax calculation methods, and proper filing preparation techniques.

    The workshop featured Khalene Emmons, Tax Inspector from the Inland Revenue Department, who conducted an interactive demonstration of Grenada’s innovative digital tax platform, GTAX. Participants received live walkthrough instruction on electronic registration, return filing, and payment processing through the government’s online portal.

    GDB General Manager Royston Cumberbatch emphasized the critical importance of maintaining precise financial records during his presentation. He detailed how systematic documentation of sales receipts, invoices, and expense logs enables business owners to accurately track financial activities, compute tax obligations correctly, and avoid penalties associated with filing errors or delays.

    Cumberbatch explained that enhancing financial literacy among entrepreneurs represents a core component of the bank’s developmental mandate. “Many small enterprises encounter taxation challenges primarily due to procedural uncertainty or inadequate record-keeping practices. These educational initiatives aim to demystify compliance requirements while providing business owners with both the confidence and practical tools needed to strengthen their operational management,” he stated.

    Attendees praised the workshop’s interactive format and expert guidance, with one participant noting: “The session provided exceptional clarity on previously confusing taxation aspects. I now possess a substantially improved understanding of tax computation and GTAX platform utilization.” Another business owner described the training as “perfectly timed and immensely beneficial,” adding that the step-by-step approach delivered actionable knowledge for maintaining organizational compliance.

    The workshop constituted part of GDB’s broader outreach initiative to Carriacou and Petite Martinique, designed to enhance engagement with sister island businesses and communities. The program included extended consultations with Petite Martinique entrepreneurs regarding financing opportunities, business support services, and financial management strategies.

  • Grenadian women making waves across the region with Sandals Resorts

    Grenadian women making waves across the region with Sandals Resorts

    The 2013 inauguration of Sandals Resort at Grenada’s Point Salines marked a transformative moment for the island’s hospitality sector, generating unprecedented employment opportunities and career pathways for local talent. This development proved particularly impactful for recent graduates of T A Marryshow Community College, whose professional journeys would eventually span multiple Caribbean nations within the Sandals portfolio.

    Onika Phillip, originally from Chantimelle, St Patrick, commenced her career as a restaurant server at Sandals Grenada after completing the Tourism and Hospitality Management programme. “That inaugural professional experience proved invaluable,” Phillip reflected. “It instilled discipline, communication proficiency, teamwork dynamics, and personal accountability while mastering restaurant operations and multitasking requirements.”

    Her career trajectory accelerated dramatically through Sandals’ innovative Task Force Programme, which deploys team members across regional resorts to reinforce operational standards and cultural integration. A six-month assignment at Sandals Royal Bahamian in 2019 served as Phillip’s pivotal breakthrough, culminating in her promotion to restaurant hostess—her initial leadership position.

    “Opportunities frequently present themselves once in a lifetime,” Phillip advised aspiring professionals. “I embraced the challenge, adapted to requirements, and submitted applications. That experience fundamentally expanded my capabilities and prepared me for managerial responsibilities.”

    By 2025, Phillip had ascended to Senior Restaurants Manager at Sandals Royal Curaçao, overseeing nine distinct dining establishments. Rodrigo Maza Gama, Director of Food and Beverage at the resort, characterized her as “naturally charismatic in inspiring and connecting with team members, consistently exceeding expectations through determined leadership.”

    Simultaneously, Ashley Gittens of Belmont, St George, launched her hospitality career as a Club Sandals agent despite limited industry knowledge. “During interviews, management recognized my potential and invested substantially in training development,” Gittens acknowledged.

    Her participation in two task force assignments—at Sandals Royal Bahamian and Beaches Turks and Caicos—prompted a strategic decision to pursue advanced education. In 2019, Gittens temporarily paused her corporate advancement to complete a Bachelor’s Degree in Tourism Management with specializations in destination branding and sustainability at HZ University of Applied Sciences in the Netherlands.

    “The task force initiative solidified my educational aspirations,” Gittens explained. “Collaborating with regional excellence professionals inspired both academic and career development.” Despite multilingual fluency in German and Dutch creating international opportunities, she ultimately returned to Caribbean hospitality, rejoining Sandals as Club Sandals Manager at the newly operational Sandals Dunn’s River in Jamaica.

    Melissa Dauvergne, Hotel Manager at Sandals Dunn’s River, commended Gittens as “gracious, intelligent, and resilient—embodying the definition of a powerful woman refined through unwavering dedication to excellence.”

    Both executives emphasize proactive career management for emerging professionals. Phillip recommends actively “requesting opportunities, training, promotions, and understanding industry dynamics with intentional development planning.” Gittens concurs, advising perseverance: “Continue pursuing objectives diligently while maintaining openness to unforeseen opportunities.”

    The parallel journeys demonstrate how corporate investment in local talent development, combined with structured mobility programmes, can cultivate leadership excellence while strengthening regional hospitality integration.

  • Jaecoo completes model line-up with J7

    Jaecoo completes model line-up with J7

    Oxford Road, Jamaica – Omoda | Jaecoo officially unveiled the highly anticipated Jaecoo J7 compact SUV at their Oxford Road showroom on Saturday, February 28, 2026, marking the completion of the brand’s initial model offerings for the Jamaican market.

    The J7’s introduction follows the brand’s February 7 launch event where the model was notably absent from display. Courtney Smith, Sales Manager at Omoda | Jaecoo, explained to Jamaica Observer’s Auto magazine: ‘While our brand launch was successful, we recognized the J7’s crucial position within our model portfolio. Organizing a dedicated showcase allowed us to properly demonstrate the vehicle’s versatility, comprehensive trim options, and competitive pricing structure.’

    Priced from $6 million, the J7 arrives in three distinct configurations: Comfort, Luxury, and Plug-in Hybrid (PHEV). The lineup offers both front-wheel drive (Comfort and PHEV) and all-wheel drive (Luxury) variants to suit diverse driving preferences.

    Powertrain options showcase advanced engineering with the Comfort and Luxury trims featuring a 1.6-liter turbocharged four-cylinder engine generating 186 horsepower, paired with a seven-speed dual-clutch transmission. The technological standout is the PHEV variant, combining a 1.5-liter turbocharged engine with an electric motor powered by an 18.3kWh battery. This hybrid system delivers an impressive 342 horsepower with a claimed total range of 1,200 kilometers, including 90 kilometers of pure electric operation.

    The PHEV model includes a home charger and supports DC fast charging via CCS2 port at 40kW, enabling a 20-minute recharge time. The vehicle also features intelligent regenerative charging during operation.

    True to Jaecoo’s tech-forward philosophy, the J7 boasts numerous premium features including distinctive vertical chrome waterfall grille design, retractable door handles, full LED lighting, and standard leather upholstery across all trims. Advanced safety and driver assistance systems come standard.

    Interior technology ranges from 13.2-inch to 14.8-inch portrait touchscreen infotainment systems, complemented by an eight-speaker Sony audio system and 10.25-inch digital instrument cluster. Premium amenities include ambient lighting, head-up display, wireless charging, powered tailgate, panoramic sunroof, and 19-inch alloy wheels.

    Smith expressed confidence in the model’s market prospects: ‘Given the J7’s dimensions and sophisticated design language, we anticipate strong consumer response in Jamaica’s competitive SUV segment.’

  • HURRICANE HITS AIRPORT TRAFFIC sending Express Catering into loss

    HURRICANE HITS AIRPORT TRAFFIC sending Express Catering into loss

    EXPRESS Catering Limited has reported a dramatic reversal in financial performance, plunging into a quarterly net loss of US$536,680 following Hurricane Melissa’s devastating impact on Jamaica’s tourism infrastructure. The airport concessionaire witnessed a severe 40% contraction in revenue, dropping to US$2.97 million for the September-to-November quarter compared to US$4.98 million in the same period last year.

    The catastrophic storm triggered a 73% collapse in passenger traffic through Sangster International Airport in November alone, with airport operator Grupo Aeroportuario del Pacífico reporting a decline from 373,000 to just 99,100 passengers. This represented 157,000 fewer passengers overall during the quarter, fundamentally undermining the company’s operational viability.

    Chief Executive Ian Dear described the unprecedented situation: ‘We virtually had zero visitors. The only people we had were people coming in to help with the rescue and response.’ The hurricane’s damage to hotel accommodations across Jamaica’s north coast resulted in massive cancellations of stopover visitor arrivals, creating a ripple effect throughout the tourism ecosystem.

    Despite implementing aggressive cost containment measures that reduced administrative expenses by 19%, the company could only generate a minimal operating profit of US$27,979—a drastic fall from US$1.07 million in the prior period. The combination of evaporated passenger traffic and increased finance costs created perfect storm conditions for the airport food and beverage operator, which manages prominent brands including Starbucks, Auntie Anne’s, Cinnabon, Dairy Queen and Bob Marley’s One Love Restaurant.

    However, CEO Dear expressed emerging optimism as recovery patterns begin to materialize. ‘We are definitely seeing positive momentum and as it stands right now, I think every hotel room that is open in Jamaica, certainly on the North Coast, is seeing some strong, great occupancies,’ he noted during discussions with the Jamaica Observer.

    The rebuilding timeline indicates three Sandals properties will reopen in May, followed by four Royalton hotels by September and eight Hyatt properties by November. Dear highlighted that short-term rental platforms like Airbnb have partially mitigated the hotel room shortage during this transition period.

    While near-term challenges persist—with stopover arrivals projected to decline by up to 40% during the current winter season—the company’s leadership maintains robust confidence in Jamaica’s tourism recovery. Dear projected that ‘the next winter season is going to probably be our strongest we’ve ever seen in our history,’ citing expanded room capacity and new hotel developments.

    Financially, the company reported US$9.76 million in revenue for the six months to November, representing a 15% decrease year-over-year. Net profit declined approximately one-third to US$974,870 from US$1.45 million previously. Total assets remained stable at US$59.69 million with cash reserves of US$129,760.

    Strategic expansion plans involving a US$5.46-million investment in licenses and franchise rights have been temporarily deferred as management prioritizes operational stabilization. The company has invested US$92,798 in refurbishing its airport food court while maintaining strong banking relationships and lender support throughout the recovery period.

  • GK accelerates digital push to counter fall-off in remittances

    GK accelerates digital push to counter fall-off in remittances

    Confronted by shrinking profit margins within the global remittance sector, GraceKennedy Group (GK) is decisively accelerating its investment in digital platforms. This strategic pivot is a direct response to evolving consumer preferences and intensifying economic pressures, positioning digital innovation at the core of its future growth model.

    Frank James, Group Chief Executive Officer, articulated this vision during a recent investor briefing. He emphasized that digital transaction capabilities have become fundamental to the strategy of GraceKennedy Money Services (GKMS), the conglomerate’s remittance division. “We are transforming our GKMS business as digital continues to play a critical role in the future of remittances,” James stated, adding, “Digital is where the future is, and the future is now.”

    This corporate shift aligns with a definitive global trend. For the first time in 2025, industry-wide data confirms that digital remittance transactions eclipsed traditional cash-based transfers worldwide. Capitalizing on this structural change, GKMS reported a remarkable expansion of its digital operations, which grew by over 50% in 2025, building upon a 40% growth rate from the prior year. Despite this explosive growth, digital transactions still constitute only a double-digit percentage of GKMS’s total remittance volume, indicating substantial potential for further market penetration.

    The urgency for this digital transformation is underscored by financial realities. While decreasing transfer costs benefit consumers, they compress the revenue earned per transaction for service providers. This margin pressure adversely affected GK’s money services division in 2025, which, despite generating substantial revenue of approximately $8.3 billion, witnessed a 4% decline, attributed to these tighter margins in several key operational markets.

    The importance of remittances to regional economies remains undiminished. Inflows to Jamaica, for instance, climbed to roughly US$3.5 billion in 2025, aided by increased transfers following Hurricane Melissa. Amidst the revenue challenges, GKMS has successfully expanded its market share in critical territories including Jamaica and Guyana. The company’s proprietary digital wallet, GK One, was reaffirmed as Jamaica’s leading platform for digital remittances.

    GraceKennedy’s strategy is not solely digital. The Group is pursuing an integrated omnichannel approach, synergizing its digital advancements with a fortified physical presence. A key initiative involves optimizing its agent network through strategic alliances with major retail chains such as Courts, Cable & Wireless Jamaica (C&WJ), and Hi-Lo Food Stores. These collaborations are already yielding double-digit growth. An innovative pilot program at a Hi-Lo supermarket in Barbican offers a dedicated lane for customers to collect remittances before proceeding with their grocery shopping, enhancing convenience and blending physical with digital service delivery.

    Looking beyond remittances, GraceKennedy is refining its overarching corporate strategy to navigate a global landscape transformed by geopolitical tensions, migratory shifts, supply chain volatility, and technological disruption. James concluded that in this environment, corporate success hinges on boosting productivity, enhancing operational efficiency, and fully leveraging data and technology. “We can’t just allow the future to happen to us — we have to design the future we want to see,” he asserted. With the Group’s revenue reaching approximately $178 billion in 2025, sustained investment in technology, product development, and human capital is earmarked to fuel its long-term expansion beyond Jamaican borders.

  • Mideast war could knock 3% off Africa economies: energy regulator

    Mideast war could knock 3% off Africa economies: energy regulator

    NAIROBI, Kenya — A severe fuel supply crisis triggered by Middle East hostilities threatens to erase up to three percent of economic output across African nations if sustained, according to a leading regional energy authority. Geoffrey Aori, Chief Executive Officer of the Regional Association of Energy Regulators for Eastern and Southern Africa, issued this stark warning in an exclusive interview, highlighting widespread concern within the sector.

    Global oil markets have witnessed prices surge beyond $100 per barrel following the effective shutdown of shipping through the critical Strait of Hormuz and Iranian attacks on energy infrastructure in the Gulf. This geopolitical turmoil has severely disrupted global energy logistics.

    Aori indicated that most African economies are already projected to suffer GDP reductions between 0.5% and 1%. He cautioned that prolonged conflict exceeding one month could exacerbate these losses, potentially reaching 2-3%. The escalating fuel prices are poised to trigger cascading effects across multiple sectors, including freight logistics, docking fees, tourism, food distribution, transportation, and manufacturing operations.

    The situation is particularly dire given Africa’s inadequate fuel reserves. Most nations maintain merely 15-25 days of supply, drastically below the International Energy Agency’s 90-day strategic reserve standard. Using Kenya as an example, Aori noted its 20-day reserve capacity, with government assurances of supply through April contingent upon implementing strict rationing measures and prohibiting exports to neighboring countries.

    African governments are urged to implement immediate mitigation strategies including fuel rationing and temporary subsidies to counter inflation and currency devaluation pressures. However, Aori emphasized these are short-term solutions with limited sustainability beyond several weeks.

    The crisis should serve as a continental wake-up call, Aori stressed, advocating for accelerated investment in alternative energy sources like hydrogen and methanol, alongside expanded adoption of electric vehicles. He noted Africa’s problematic over-reliance on oil imports amid persistently volatile global conflicts.

    While initiatives to expand refinery capacity and storage infrastructure exist, projects requiring billions of dollars face implementation challenges due to competing national priorities and substantial existing debt burdens across African economies.

  • Worthy Park rum powers up Carnival 2026 with Yard Mas

    Worthy Park rum powers up Carnival 2026 with Yard Mas

    KINGSTON, Jamaica — In a significant brand alignment celebrating Jamaican heritage, premium rum producer Worthy Park Estate has entered a strategic partnership with Yard Mas Carnival for Jamaica’s 2026 Carnival season. This collaboration represents a substantial expansion of Worthy Park’s ‘Play A Worthy Mas’ initiative, elevating the rum experience for participants both during the Road March and at preparatory events.

    The alliance brings together two iconic Jamaican brands: Worthy Park, established in 2021 and operating from its distillery in Lluidas Vale, St. Catherine, has rapidly developed a diverse portfolio of authentic pot-still rums renowned for their full-bodied character and distinctive flavor profiles. Yard Mas stands as a premier carnival band known for its vibrant celebration of Jamaican culture.

    According to Worthy Park Marketing Manager Tamika West, ‘Carnival represents the most dynamic expression of our culture, creating the ideal platform for Worthy Park to demonstrate its bold authenticity. This partnership enables us to celebrate this energy while introducing our distinctive rums to both local and international masqueraders.’

    The collaboration will feature multiple experiential elements. Worthy Park rums will be served directly from Yard Mas trucks and at designated bars along the parade route. A highlight includes the debut of the Worthy Park Rum Mix, a ready-to-drink canned beverage developed with distribution partner Wisynco Group Limited. This innovation offers a refreshing 5% alcohol option while preserving the authentic taste of Jamaican rum, available in multiple tropical flavors.

    Andrew Bellamy, Managing Director of Yard Mas Carnival, emphasized the strategic nature of the partnership: ‘We deliberately align with brands that embody Jamaican craftsmanship and pride. Worthy Park’s legacy of authenticity makes this collaboration natural. Introducing their premium rum to our road march ensures participants experience something genuinely Jamaican in both flavor and spirit.’

    Beyond beverage service, the partnership will feature visual branding on Yard Mas trucks and experiential touchpoints throughout the route, integrating Worthy Park into the carnival’s vibrant atmosphere. Bellamy noted that ‘Worthy Park complements our energy with its vibrancy and gold-standard reputation.’

    This collaboration reflects a broader movement toward strengthening Jamaica’s carnival ecosystem through partnerships between leading local brands. Such alliances enhance the cultural narrative and visitor experience while positioning Jamaica’s Carnival as a unique global destination. Worthy Park brings additional credibility to this effort, having been named Rum Producer of the Year at the International Wine & Spirit Competition in both 2023 and 2025.

    The expanded activation culminates with the Carnival Road March on April 12, 2026, where Worthy Park will fully integrate into the Yard Mas experience, bringing bold flavors and authentic Jamaican energy to the festivities.

  • Cargo deliveries at Bridgetown Port impacted by Internet outage

    Cargo deliveries at Bridgetown Port impacted by Internet outage

    The Port of Bridgetown is experiencing significant operational disruptions due to a widespread internet service outage affecting its digital infrastructure. The technical failure has severely hampered cargo delivery systems, limiting operations exclusively to containers that received pre-incident clearance for release.

    Critical logistical functions have been suspended, including all delivery operations from Shed 2 and Shed 4. The port’s digital ecosystem has been particularly impacted, with online service portals and electronic payment systems at cashier stations rendered inoperative throughout the facility.

    Port authorities have issued formal apologies to shipping partners and clients affected by the service interruption. Technical teams are actively engaged with internet service providers to restore connectivity while maintenance crews work to implement contingency measures.

    The administration has committed to providing regular service restoration updates as new information becomes available. Stakeholders are advised to monitor official communication channels for the latest developments regarding the resumption of normal port operations.

  • Investors Propose $150M Mega-Yacht Marina for Fort James Harbor

    Investors Propose $150M Mega-Yacht Marina for Fort James Harbor

    A consortium of international investors has unveiled a transformative vision for Antigua’s Fort James Harbor peninsula, proposing a $150 million luxury marina and mixed-use waterfront development. The ambitious plan, presented directly to the nation’s Cabinet this week, aims to create a world-class destination while preserving the area’s historical significance.

    The project’s first phase centers on constructing a state-of-the-art mega-yacht marina designed to accommodate at least 50 luxury vessels, positioning Antigua as a premier destination for high-end maritime tourism. According to Maurice Merchant, Director General of Communications in the Office of the Prime Minister, the development team presented “an ambitious vision for transformation into a vibrant world-class waterfront community that blends heritage, tourism, recreation, and residential development.”

    Government officials emphasized that the proposal remains at a preliminary stage and must undergo comprehensive review processes, including detailed assessments by technical agencies, environmental authorities, and planning bodies. The administration has reiterated its commitment to responsible sustainable investment that stimulates economic growth while protecting historical assets.

    The development concept integrates tourism infrastructure with recreational and residential components, creating a multifaceted destination that honors the Fort James area’s unique character. This approach aligns with the government’s strategy to enhance the country’s tourism offerings while safeguarding culturally significant sites.

    Should the project advance through approval processes, it represents one of the most substantial recent investments in Antigua and Barbuda’s tourism infrastructure, potentially creating new economic opportunities while redefining the waterfront experience for visitors and residents alike.