Amid escalating operational costs and tightening cash flows, the Jamaica Business Development Corporation (JBDC) has issued a critical warning to micro, small, and medium-sized enterprises (MSMEs) in Jamaica. The agency emphasized the importance of recognizing and addressing early signs of financial distress to avert bankruptcy. This advice was highlighted during the JBDC’s recent Virtual Biz Zone webinar, titled ‘Debt Alarm: Identifying the Signs of Financial Distress,’ which was conducted in partnership with the Office of the Government Trustee (OGT). The session aimed to equip entrepreneurs with actionable strategies to detect and mitigate financial vulnerabilities before they escalate into business collapse.
分类： business
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Reflections on the national budget
As the budget debate in Trinidad and Tobago’s Parliament concludes, the fiscal measures announced by Finance Minister Davendranath Tancoo have come under scrutiny. While initially perceived as fair to the average citizen, the budget has revealed itself to be largely a continuation of past policies, lacking the bold reforms needed to steer the nation toward economic stability and growth. The government’s revenue projections remain heavily reliant on optimistic assumptions about oil and gas prices, the country’s primary income sources. This approach has drawn criticism for its failure to address systemic issues and its reliance on short-term fixes. Key concerns include rising tax burdens on consumers, ineffective tax collection mechanisms, and the absence of a clear strategy to diversify the economy beyond energy. The proposed reforms to the National Insurance Scheme also face skepticism, given the challenges posed by an ageing population and declining workforce participation. Critics argue that the budget lacks strategic direction, offering little insight into plans for critical sectors such as housing, education, agriculture, and national security. The financial burden, as in previous years, will likely fall on consumers, while escalating public debt threatens to burden future generations. Amid these challenges, the author advocates for the implementation of site value taxation, a system that could distribute the tax burden more equitably, promote economic diversification, and stimulate broad-based prosperity. This approach, phased in over several years, could correct imbalances in land, labor, and capital values, fostering a more inclusive and sustainable economy. While the current budget represents a missed opportunity for transformative change, the adoption of innovative fiscal policies could pave the way for a brighter economic future for Trinidad and Tobago.
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CGC tightens oversight as Jamaica prepares to open first casino
Jamaica is gearing up to inaugurate its first casino, located at the Princess Grand Jamaica Hotel in Hanover, marking a significant milestone in the nation’s economic transformation. The Casino Gaming Commission (CGC) is spearheading efforts to establish Jamaica as a regional leader in integrity, transparency, and investor confidence through a robust regulatory framework. This initiative aligns with international best practices and aims to ensure the sustainable growth of the casino gaming industry.
Cleveland Allen, CEO of the CGC, emphasized the commission’s commitment to building a foundation rooted in accountability and respect for the law. ‘Our primary responsibility is to create systems that protect investors, operators, employees, and the public while ensuring transparent and fair financial management,’ he stated.
In recent months, the CGC has accelerated its regulatory evolution by modernizing licensing, monitoring, and compliance systems. Advanced digital tools have been adopted to enhance due diligence and operational transparency. A pivotal aspect of this effort is the strategic partnership with the Financial Investigations Division (FID), formalized through a Memorandum of Understanding (MOU). This collaboration aims to detect and disrupt illicit financial activities, particularly money laundering risks associated with casino operations.
Dennis Chung, chief technical director at the FID, highlighted the significance of the MOU, stating, ‘This agreement strengthens our ability to identify and disrupt illicit financial flows, safeguarding the integrity of Jamaica’s financial system.’
The CGC’s initiatives are closely aligned with Jamaica’s broader tourism investment strategy, which focuses on attracting high-value visitors and promoting luxury resort developments with strong local linkages. Minister of Tourism Edmund Bartlett underscored the role of casino gaming as a new frontier in Jamaica’s tourism development, emphasizing the importance of responsible expansion and sustainable growth.
In addition to regulatory oversight, the CGC is placing a strong emphasis on responsible gaming and public education. Allen reiterated the commission’s commitment to fostering an informed public that understands the opportunities and responsibilities associated with casino gaming. ‘We aim to ensure that the industry grows safely and inclusively, benefiting all stakeholders,’ he added.
The Princess Grande Jamaica resort in Green Island, Hanover, will host the country’s first casino, setting the stage for a new era in Jamaica’s economic and tourism landscape.
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GB businesses claim decline since Celebration Key opened
The unveiling of Carnival’s $600 million Celebration Key cruise port in East Grand Bahama has triggered a dramatic downturn for local businesses and tour operators, with some reporting visitor declines of up to 90 percent. This sharp reduction in foot traffic and bookings has left many enterprises grappling to remain viable, prompting urgent discussions with tourism stakeholders and government officials, including Deputy Prime Minister and Minister of Tourism, Investment, and Aviation Chester Cooper.
David Wallace, owner of Pirate’s Cove Zipline and Water Park, acknowledged the long-term potential of Celebration Key for Grand Bahama but emphasized the unforeseen economic strain on independent operators. He revealed that visitor numbers at his attraction have plummeted in the past two months. Previously, Carnival’s ships docking at Freeport Harbour brought hundreds of tourists daily, but now, only a fraction of that number arrives from Celebration Key. Wallace stressed that while the current influx is better than nothing, it is insufficient to sustain operations.
Before Celebration Key’s opening, Carnival’s ships visited Freeport Harbour approximately 15 times monthly, delivering around 350,000 passengers annually. The new port, however, will host Carnival ships 40 times weekly, with over 2,000 annual calls and an estimated 2.5 million passengers. Many local businesses expanded in anticipation of this growth but have instead faced significant declines.
In response, a coalition of business owners, tour operators, transportation providers, and straw vendors convened to strategize on attracting more visitors and addressing the challenges posed by Celebration Key. Wallace highlighted the group’s investments and their desire to coexist with the new port. Meetings were held with Grand Bahama Port Authority president Ian Rolle, Grand Bahama Chamber of Commerce president Dillon Knowles, and government officials, including Deputy Prime Minister Chester Cooper and Minister Ginger Moxey.
Among the proposals raised was the suggestion for Carnival to continue docking some ships at Freeport Harbour to boost local business activity. Additionally, efforts are underway to collaborate with the government, Promotion Board, and cruise line to promote attractions like Port Lucaya Marketplace, the Straw Market, and Garden of the Groves.
Knowles noted that while Carnival is bringing millions of passengers to Grand Bahama, most are choosing to remain within Celebration Key, leaving external businesses with drastically reduced foot traffic. He emphasized the need for immediate action to encourage passengers to explore the wider island. Recommendations included improving marketing efforts, making transportation from Celebration Key more accessible, and ensuring tour operators have better access to the port.
Despite the challenges, Knowles expressed optimism that the situation would improve as the novelty of Celebration Key wanes. However, he stressed the urgency of addressing the current struggles faced by local businesses, stating that even a small portion of Carnival’s passengers could significantly benefit the island’s economy.
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Jamaican airports generate over $9 billion in revenue
Jamaica’s two major international airports, operated by Grupo Aeroportuario del Pacífico (GAP), reported an estimated $60.64 million in revenue during the third quarter of 2025. This financial performance was driven by the processing of 1.77 million passengers across both facilities. Sangster International Airport (SIA), managed by MBJ Airports Limited, saw a 9% revenue increase to $41.46 million, largely attributed to higher aeronautical service fees, including passenger, landing, and bridge fees, which rose 9% to $26.25 million. Passenger traffic at SIA grew by 7.7% to 1.24 million, recovering from the impact of Hurricane Beryl in the previous period, though it remained below the 1.31 million passengers recorded in Q3 2024. Operating expenses for both airports surged by 22% ($10.24 million) due to increased concession fees, improvement costs, and depreciation charges. Despite this, SIA’s operating profit improved by 1.7% to $13.17 million, with EBITDA rising 2.5% to $17.64 million. GAP’s quarterly report highlighted a 200-basis-point decline in the operating income margin for Jamaican airports to 43.3%, or 52.5% excluding concession asset improvement costs. Operating profit increased by $23.04 million (11.5%) compared to Q3 2024, while net profit rose by $38.25 million (36%). However, comprehensive income fell by $8.73 million (6.2%) due to foreign currency translation losses. Over the first nine months of 2025, Jamaican airports generated $178.14 million in revenue, with MBJ Airports reporting a 14.6% increase to $126.25 million. Operating profit surged by $118.52 billion (19.7%) despite a 17.9% rise in expenses. GAP plans $203.30 million in investments to enhance both airports between 2026 and 2030, supported by newly approved aeronautical rate increases. SIA’s rates will rise from $17.38 in 2026 to $19.07 in 2030, while Kingston’s rates will increase from $38.18 to $60.10. GAP remains optimistic about Jamaica’s long-term tourism growth, citing planned hotel expansions and increased tourist arrivals.
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Lower gas prices for October 2025
The Ministry of Finance in Grenada has announced updated retail prices for petroleum products, effective from Saturday, 18 October 2025. The revised prices apply to Gasoline, Diesel, Kerosene, and Liquefied Petroleum Gas (LPG), commonly known as Cooking Gas, across Grenada, Carriacou, and Petite Martinique. Notably, Gasoline prices have decreased by $0.26 to $14.56 per imperial gallon (IG), while Diesel has seen a significant reduction of $0.94 to $13.52 per IG. Kerosene prices have slightly decreased by $0.12 to $10.31 per IG. For LPG, the 20 lb cylinder prices remain unchanged at $40.00 in Grenada and $49.00 in Carriacou and Petite Martinique. However, the 100 lb cylinder and bulk prices have increased by $3.80 and $0.05 per pound, respectively. The Ministry emphasized that these adjustments are based on the average cost, freight, and insurance rates for Gasoline, Diesel, and Kerosene, while LPG prices are derived from mean Caribbean postings (Platts) for the period 16 September to 14 October 2025. The Ministry also reiterated that petroleum products are price-controlled, and retailers must adhere to the stated prices. Consumers are urged to report any instances of overpricing to the Price Control/Consumer Affairs Unit. The Ministry continues to monitor prices and will intervene if they exceed $17 per IG.
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Facilities Consulting Limited: Multiple vacancies
Facilities Consulting Limited (FCL), a prominent provider of facilities management, maintenance, and construction services in Grenada, is actively recruiting for three key positions: Carpenter, Data Entry Clerk, and Plumber. The company, renowned for its commitment to quality and reliability, is seeking dedicated professionals to join its team in St. George’s.
**Carpenter Position**
FCL is looking for an experienced Carpenter to contribute to its maintenance and construction projects. The role involves constructing, installing, and repairing wooden structures, cabinets, and fixtures, as well as interpreting blueprints and ensuring high safety and quality standards. Candidates must have completed a recognized apprenticeship or possess at least four years of carpentry experience. Proficiency in both rough and finished carpentry, along with strong technical knowledge, is essential. The application deadline is October 30, 2025.**Data Entry Clerk Position**
The company is also hiring a detail-oriented Data Entry Clerk to manage and maintain accurate company records. Responsibilities include entering and updating data, verifying information, and generating reports. Applicants should have a minimum of five CXC subjects, including Mathematics and English, and proficiency in Microsoft Office. Strong organisational skills and the ability to work independently are crucial. The deadline for applications is October 30, 2025.**Plumber Position**
FCL is seeking a skilled Plumber to install, repair, and maintain plumbing systems. The ideal candidate will have experience with PEX and copper piping, a certification in plumbing, and a strong understanding of water supply and drainage systems. The role requires excellent problem-solving skills and the ability to work collaboratively with other team members. Applications must be submitted by October 30, 2025.Interested candidates for all positions are invited to submit their résumé and a cover letter to [email protected], specifying the role in the subject line. Only shortlisted applicants will be contacted.
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FRS Express Des Iles updated ferry schedule
H.H. V Whitchurch & Co., the operator of the FRS Express Des Iles ferry service, has released an updated schedule following a series of cancellations over the weekend. The announcement, shared on the company’s official Facebook page, assures passengers of a seamless travel experience during the upcoming World Creole Music Festival season. The company extended its appreciation to customers for their understanding and patience during the service disruptions. The revised timetable, which outlines ferry operations through the end of October, aims to restore reliability and meet the heightened demand expected during the festival period. This update comes as the company works to address operational challenges and ensure customer satisfaction.
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Trump shift could limit access to IMF, World Bank funds, expert warns
Caribbean nations may soon encounter heightened challenges in accessing financial assistance from the International Monetary Fund (IMF) and the World Bank, as the Trump administration pushes for a shift away from funding climate resilience and social development initiatives. This warning was issued by Professor Don Marshall, Director of the Sir Arthur Lewis Institute of Social and Economic Studies (SALISES) at the University of the West Indies, Cave Hill, during his analysis of recent reforms proposed by US Treasury Secretary Scott Bessent.
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Briceño’s Fortis Strategy Sparks Heated Debate in Senate
The Briceño administration’s $256 million acquisition of Fortis Belize Limited and its BEL shares has reignited a fiery debate in the Senate, with Opposition Senator Patrick Faber leading the charge against the government’s plan to divest the newly acquired assets. Faber criticized the move as reckless, questioning the expertise of the local investors Prime Minister Briceño named last Friday to manage a hydroelectric company. ‘Even if we accept the acquisition, we must reject the reckless plan to divest the very assets we have just bought,’ Faber stated. He argued that institutions like Social Security, Credit Unions, and commercial banks lack the necessary experience to run such a complex operation. Government Senator Hector Guerra countered, emphasizing the potential benefits for Belizean investors. ‘It will open doors for Belizean people, ensuring they can invest in a critical asset and expect returns,’ Guerra asserted. He highlighted the excess liquidity in the banking sector as an opportunity for broader public investment. The debate underscores the deep divisions over the government’s strategy to manage Belize’s energy assets.