In a significant move toward digital transformation, Belize’s Financial Services Commission (FSC) introduced LicenSys, a cutting-edge digital platform aimed at modernizing licensing and regulatory processes for the non-bank financial sector. The official launch occurred on November 3, 2025, in Belmopan, marking a pivotal step in the FSC’s journey toward full digital integration. LicenSys consolidates all licensing, registration, and supervision services into a single, user-friendly online system, streamlining operations for both regulators and industry participants. The platform enables secure document submission, real-time application tracking, and expedited processing, significantly enhancing operational efficiency. Importantly, it maintains robust regulatory standards as outlined in the Financial Services Commission Act and the Securities Industry Act. Leveraging automation and data-driven tools, LicenSys aims to bolster compliance and oversight, fostering a more competitive, transparent, and accessible financial sector in Belize. Claude Haylock, the FSC’s Director General, emphasized that this launch is merely the starting point of a long-term transformation journey, underscoring the Commission’s dedication to modernization and continuous improvement. Future phases of LicenSys will introduce advanced compliance features, automated reporting, and risk-based supervision tools, ensuring Belize remains aligned with international best practices. The FSC has pledged to collaborate closely with stakeholders to maximize the platform’s efficiency and impact, adapting to the evolving demands of the financial industry.
分类： business
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U.S. Flight Cuts Threaten Belize’s Tourism Flow
Belize’s tourism sector is bracing for significant disruptions as the United States implements a 10% reduction in scheduled flight capacity across 40 high-traffic air zones. This decision, announced by the Federal Aviation Administration (FAA) on Wednesday, is a direct consequence of the ongoing U.S. government shutdown, which has left air traffic controllers unpaid since October 1. Major airports in cities such as Miami, Houston, Atlanta, Dallas, and New York—critical hubs for connecting flights to Belize—are among those affected. Airlines including United, Delta, and American are adjusting schedules and cancelling regional routes, potentially causing delays, cancellations, or unexpected rerouting for travelers heading to Belize. Reynaldo Malik, President of the Belize Hotel Association, highlighted the interconnectedness of the Belizean economy with North America, stating, ‘If North America sneezes, we’re going to catch a cold. Right now, that cold has edged up into a little bit of a serious flu.’ The Associated Press reports that these cuts could impact up to 1,800 flights and 268,000 passengers daily, with no clear resolution in sight. As of Thursday morning, over 1,600 flights within, into, or out of the U.S. had been delayed, and nearly 50 were cancelled, according to FlightAware. This development comes at a particularly challenging time for Belize, which heavily depends on U.S. tourist arrivals during the winter high season. Despite the uncertainty, Malik remains optimistic about the industry’s resilience, emphasizing the need for continuous efforts to attract visitors.
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Antigua and Barbuda’s Tax Collection at 19.1%, Lower Than Regional Average
A recent analysis by the OECD and IDB reveals stark disparities in tax collection capacities across Caribbean nations, significantly influencing their ability to fund public services. The study highlights that tax collection rates vary widely, ranging from 30.5% of GDP in Barbados to a mere 10.6% in Guyana. This gap underscores the region’s diverse economic structures and circumstances. Countries such as Jamaica (29.3%), Trinidad and Tobago (23.7%), and Belize (22.1%) exceed the regional average of 21%, while others like the Dominican Republic (13.9%) and Guyana (10.6%) lag behind. Notably, Guyana’s low tax-to-GDP ratio is attributed to its rapidly expanding oil economy, which surged by 62% in 2022. These variations directly impact public investment capabilities. Nations with higher tax revenues can allocate more resources to critical areas like climate resilience, social protection, and infrastructure development. Conversely, lower collection rates may hinder progress in these essential sectors. Another critical factor is the composition of tax revenues, with indirect taxes—primarily consumption-based—accounting for 55% of total collections. This reliance raises equity concerns, as such taxes disproportionately affect lower-income groups, regardless of their ability to pay. The findings emphasize the need for tailored fiscal policies to address these challenges and promote sustainable development across the region.
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Saint Lucia unaffected by largest BYD battery recall
Chinese electric vehicle (EV) giant BYD has initiated its most extensive recall to date, impacting over 115,000 vehicles in China. The recall stems from battery-related risks and design defects, raising concerns about vehicle safety. However, JQ Motors, BYD’s local distributor in Saint Lucia, has assured customers that models sold in the Caribbean nation are unaffected by this recall.
A spokesperson from JQ Motors emphasized the manufacturer’s rigorous notification process, stating, ‘Our models are not part of this recall. In the event of any recalls, whether safety-related or not, the manufacturer promptly informs all dealers and specifies the affected chassis numbers.’
The recall, announced by China’s State Administration for Market Regulation on October 17, includes 44,535 Tang series SUVs manufactured between March 2015 and July 2017. These vehicles are being recalled due to component design flaws that could lead to abnormal functionality. Additionally, 71,248 Yuan Pro EVs produced between February 2021 and August 2022 are being recalled over manufacturing issues related to battery installation.
This latest recall follows a separate incident in September 2024, where nearly 97,000 Dolphin and Yuan Plus EVs were recalled due to steering system faults that posed a fire risk. The consecutive recalls highlight ongoing challenges in BYD’s quality control and manufacturing processes, despite its rapid growth in the global EV market.
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GTA to host 3-Day immersive strategic session for Carriacou and Petite Martinique
The Grenada Tourism Authority (GTA) has unveiled an ambitious three-day strategic session aimed at equipping stakeholders in Carriacou and Petite Martinique for the upcoming 2025/2026 tourism season. This initiative, designed to bolster brand positioning and messaging, will also provide critical insights into the GTA’s long-term vision for 2026 and beyond. The sessions, scheduled from November 12 to 14, will feature a series of presentations and interactive discussions led by key GTA executives. The program kicks off with a visit to Petite Martinique on November 12, followed by a comprehensive presentation of the 2026 Global Strategy by GTA CEO Stacey A Liburd on November 13. Social media expert Kered Clement will lead an engaging session on leveraging digital platforms for tourism promotion. The final day, November 14, will focus on Quality Assurance and Marketing 101, presented by QA Manager Keron Moore and CMO Tornia Charles, respectively. Stacey A Liburd underscored the importance of these sessions, stating, ‘It is essential for all stakeholders to be aligned and prepared for the challenges and opportunities ahead. Our collective effort in marketing these destinations will be pivotal in positioning them on the global stage.’ The GTA’s commitment to fostering collaboration and equipping stakeholders with the necessary tools highlights its dedication to strengthening the tourism sector in Carriacou and Petite Martinique.
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General Accident Insurance to acquire Beacon Insurance
In a landmark move set to reshape the Caribbean insurance landscape, General Accident Insurance Company (Jamaica) Limited (JSE:GENAC) and Beacon Insurance Company Limited have announced their intention to merge, creating a dominant regional insurer. The transaction, finalized on October 31, 2025, sees General Accident’s parent company, Musson (Jamaica) Limited, acquiring 100% of Beacon. Pending regulatory approvals, Beacon will operate as a subsidiary of General Accident, maintaining its independent brand and leadership structure. This strategic acquisition significantly expands General Accident’s footprint, granting access to new markets in Dominica, Grenada, St Kitts, St Lucia, and St Vincent, while bolstering its presence in Trinidad and Barbados. The combined entity is projected to generate annual gross written premiums exceeding J$32 billion. Beacon’s CEO, Christopher Woodhams, will report directly to Sharon Donaldson, Group CEO of General Accident, and will oversee the merged operations in Trinidad. Additionally, Woodhams and Beacon director Christian Hadeed will join General Accident’s board. The Hadeed family, now minority shareholders in General Accident, expressed confidence in the merger’s potential to uphold Beacon’s legacy of excellence. Gerald Hadeed, Beacon’s founder, praised the alignment of values between the two companies, emphasizing their shared commitment to client service and innovation. General Accident Chairman P B Scott lauded Beacon’s management and expressed excitement about the merger’s ability to enhance service delivery across the Caribbean.
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Markets drop as valuations and US jobs, rates spook investors
Global stock markets experienced a downturn on Friday, mirroring Wall Street’s losses as investors grappled with weak US jobs data and mixed signals from the Federal Reserve regarding potential interest rate cuts. The week’s volatility culminated in a negative close, fueled by a report from Challenger, Gray & Christmas revealing that US layoff announcements reached a 22-year high last month. This marked the worst year for layoffs since 2020, when the pandemic severely impacted the labor market. Investors, relying on private data due to the ongoing government shutdown, faced heightened uncertainty about the US economy’s health. While recent private hiring data showed an increase, concerns about the labor market persisted, pressuring the Fed to consider a third consecutive rate cut in December. However, comments from Fed officials, including Cleveland Fed chief Beth Hammack and Chicago Fed boss Austan Goolsbee, suggested that another rate reduction was not guaranteed. Hammack emphasized the need to address high inflation, calling the current policy ‘barely restrictive.’ Goolsbee expressed unease about making decisions without comprehensive data during the shutdown. Wall Street’s major indexes, particularly tech-heavy Nasdaq and S&P 500, ended the day down, with tech firms bearing the brunt of the sell-off. Asian markets, including Tokyo and Seoul, also declined, while European markets showed mixed results. The recent market rally, driven by AI investments and hopes for rate cuts, has sparked concerns about overvaluation and potential corrections. Pepperstone’s Michael Brown noted the fragility of market sentiment but maintained a bullish outlook, citing robust earnings growth and a resilient economy.
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Is Studley Park up to the task?
Prime Minister Kamla Persad-Bissessar and Chief Secretary Farley Augustine recently celebrated the granting of an export licence to the Studley Park Quarry in Tobago, marking a significant milestone for the island’s economic autonomy. The licence, issued on November 4 at the Tobago House of Assembly Legislature in Scarborough, has been hailed as a tangible step towards reducing Tobago’s reliance on external economic support. However, questions linger about the quarry’s ability to capitalize on this opportunity and generate meaningful foreign exchange earnings. Critics argue that outdated equipment and low productivity could hinder the quarry’s ability to meet export demands consistently. Additionally, the regional market for construction materials is highly competitive, with established players dominating in terms of product quality, pricing, shipping reliability, and marketing reach. Without urgent modernization and strategic improvements, the licence may remain a symbolic gesture rather than a catalyst for economic growth. The success of this initiative now rests on the Tobago House of Assembly’s ability to address these challenges and transform potential into tangible results.
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Ansa Merchant Bank profit rises 40%
ANSA Merchant Bank Ltd (AMBL) has announced a remarkable 40% increase in profit before tax for the nine months ending September 30, 2025, reaching $180.9 million, up from $129.4 million in the same period last year. Chairman A Norman Sabga hailed the results as a testament to the bank’s robust financial performance, with group assets growing by 2.98% and earnings per share rising to $1.78 from $1.39 in 2024. The bank’s diversified operations, including banking, insurance, and mutual funds, all contributed to this impressive growth. In the banking sector, pre-tax profit rose by 12.2% to $85.8 million, while the insurance segment saw a 45% increase to $129.4 million, driven by improved underwriting and higher investment income. The mutual funds business also performed well, generating $16.4 million in pre-tax profit, up from $15.5 million in 2024. Net operating income for the period stood at $456.4 million, compared to $415.9 million the previous year, with operating profit at $180.9 million after $275.5 million in expenses. Profit attributable to shareholders surged by 33% to $152.5 million after tax. Total assets grew to $10.22 billion, with shareholders’ equity increasing to $2.74 billion and total liabilities at $7.48 billion. The group also reported net cash from operating activities of $279.8 million and held $538.9 million in cash and cash equivalents at the end of the period. Sabga attributed the strong performance to steady growth in the loan portfolio, expansion of private-wealth management services, and improved premium income in insurance operations. He expressed confidence in the bank’s continued success and commitment to delivering value to shareholders and customers.
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Rapid recovery
Flow Jamaica has successfully restored 80% of its mobile network traffic and over 40% of fixed-line services following the devastation caused by Hurricane Melissa, according to Liberty Latin America CEO Balan Nair. In major metropolitan areas, fixed-line recovery has surged to more than 80%. However, the pace of restoration remains heavily reliant on the Jamaica Public Service Company’s efforts to restore power, which has so far reached over half of its customers. Emergency connectivity via Starlink’s direct-to-cell technology has reconnected over 140,000 users in severely affected regions as the company continues to repair infrastructure and services. Nair expressed confidence in the resilience of Flow Jamaica’s employees and their commitment to restoring critical communications for customers. Despite the progress, the company anticipates negative impacts on its Caribbean financial metrics for the remainder of 2025, including reduced revenue, fewer active customers, and increased costs for equipment and property repairs. Flow Jamaica’s recovery is bolstered by a parametric weather insurance contract, which enables faster payouts compared to traditional policies, facilitating quicker funding for repairs. Nair confirmed that the hurricane triggered the insurance coverage, with a payout expected soon. While the exact amount remains undisclosed, LILA received $44 million from similar contracts in 2024. Weather derivatives, which pay out based on specific measurements like wind speed, have proven instrumental in accelerating recovery efforts. Flow Jamaica’s 2024 annual report revealed $5.545 billion in net proceeds from weather derivatives, offsetting $1.273 billion in costs from Hurricane Beryl. Additionally, the company recorded $207 million in asset impairments due to hurricane damage. Phoenix Tower International (PTI), responsible for repairing mobile tower sites under a 2023 agreement, has deployed teams to rebuild infrastructure. Nair emphasized that network recovery will align with power restoration efforts. Despite the challenges, Flow Jamaica reported a 5% revenue growth in Q3 2024, reaching $17.17 billion, with mobile services contributing 59% of total revenue. LILA’s consolidated revenue grew by 2% to $1.11 billion in Q3, though it reported a net loss of $525.9 million for the first nine months of 2024.