Carib Scope

分类： business

  • JN Bank appoints interim managing director

    JN Bank appoints interim managing director

    KINGSTON, Jamaica—JN Bank Limited announced a significant leadership transition as Managing Director Leesa Kow concludes her 22-year tenure with the institution on March 31. Keith Levy, the current chairman, will assume the role of interim managing director while the mutual-owned society conducts a search for a permanent successor.

    Kow’s departure marks the end of a distinguished career that began in 2003 and culminated in her appointment to lead JN Bank in July 2022. Her exit coincides with the bank’s remarkable financial performance, having reported $1.2 billion in pre-tax profits for the nine-month period ending December 2025—more than double the $581.93 million recorded for the full fiscal year ending March 2025.

    In an official statement, Kow reflected on her journey: “Working at JN has been the privilege of my professional life. I came here in 2003 and was given opportunities I could not have imagined by people who believed in me before I had earned it. I am proud of what we built together.”

    Levy brings substantial banking expertise to his interim role, with over 25 years of international banking experience including positions at Bank of America and Credit Suisse. He has served as a director of JN Financial Group since July 2022 and as chairman of JN Bank since December 2024. JN Group CEO Earl Jarrett expressed confidence in Levy’s capabilities, noting his “sound perspective on key financial initiatives” and deep understanding of the bank’s mission.

    This leadership change occurs amid broader restructuring within JN Group, which has included divesting interests in JN General Insurance and JN Fund Managers while reducing exposure to its UK banking operations. The group is implementing a turnaround strategy focused on capital strength, sustainable profitability, and disciplined cost management, with projections indicating an 80% reduction in consolidated net losses for the March 2026 fiscal year.

    Kow’s departure represents the latest in a series of C-suite changes across Jamaica’s commercial banking sector, following recent leadership transitions at National Commercial Bank Jamaica Limited and CIBC Caribbean Bank (Jamaica) Limited.

  • United Oil & Gas completes seabed survey offshore Jamaica

    United Oil & Gas completes seabed survey offshore Jamaica

    KINGSTON, Jamaica — United Oil & Gas Plc (AIM: UOG) has successfully concluded an extensive three-phase seabed geochemical exploration initiative within its Walton-Morant licence area, located offshore Jamaica. This strategic operation represents a critical step in the company’s ongoing efforts to de-risk the asset and bolster its technical portfolio ahead of advanced partnership discussions.

    The comprehensive programme was executed without safety incidents and included three core components: a multibeam echosounder survey covering 1,189 line kilometres of seabed, heat flow probe measurements across both the Walton and Morant geological basins, and a targeted piston coring campaign. Samples were successfully retrieved from all 42 pre-selected locations on the ocean floor.

    The collected sediment cores are now scheduled for shipment to TDI-Brooks International laboratories in the United States. There, they will undergo detailed geochemical analysis to detect the presence of thermally derived hydrocarbons—key indicators of potential petroleum systems. Initial findings from the laboratory are anticipated within the next several weeks.

    Upon receipt, these new geochemical datasets will be integrated with the company’s existing seismic and geological information. This synthesis is expected to significantly enhance the technical evaluation of the licence’s prospectivity. Positive outcomes could substantially strengthen the data package presented to potential partners, as United Oil & Gas advances negotiations regarding a future offshore drilling campaign.

    Brian Larkin, Chief Executive Officer of United Oil & Gas, described the completion of the survey as a pivotal operational milestone. He emphasized that the forthcoming laboratory results will be instrumental in refining the company’s subsurface understanding and strategic planning for the high-potential Jamaican asset.

    United Oil & Gas maintains a diversified portfolio, including a development asset in the United Kingdom and this high-impact exploration licence in Jamaica. The company is publicly traded on the AIM, a sub-market of the London Stock Exchange.

  • CIBC Caribbean to end GBP cheques and bank drafts from March 31

    CIBC Caribbean to end GBP cheques and bank drafts from March 31

    KINGSTON, Jamaica — CIBC Caribbean has announced the discontinuation of all British pound-denominated cheque and bank draft services effective March 31, marking a significant transition toward digital banking solutions. This strategic decision comes in response to both the declining use of paper-based instruments and the withdrawal of correspondent banking support for GBP cheque processing.

    The financial institution urges clients holding GBP cheques or drafts to present these instruments at any branch before the deadline to ensure proper encasement or deposit processing. After March 31, these paper-based payment methods will no longer be accepted or processed by the bank.

    Deepa Boucaud, Executive Director of Personal and Business Banking, emphasized that electronic payments have emerged as the global benchmark for financial transactions, offering superior security protocols, accelerated processing speeds, and enhanced reliability. This operational shift aligns CIBC Caribbean with international banking standards and contemporary financial practices.

    Customers will maintain full capability to send and receive British pound payments through wire transfers via the bank’s digital platforms, including online banking services and mobile applications. These electronic alternatives provide strengthened security measures, real-time transaction tracking, and considerably faster settlement times compared to traditional paper instruments.

    The bank has committed to providing comprehensive support for elderly customers and others requiring assistance with the transition to electronic transfer systems. Branch personnel will offer personalized guidance to help clients adapt to wire transfer procedures as the primary alternative to discontinued draft services.

    CIBC Caribbean maintains operations across ten Caribbean nations with approximately 2,700 employees staffing 41 branches and offices. The institution reported substantial assets totaling US$13 billion alongside a market capitalization of US$1.7 billion, underscoring its significant presence in the regional banking sector.

  • RJR Gleaner unit secures court approval for restructuring; seeks suspension of two radio licences

    RJR Gleaner unit secures court approval for restructuring; seeks suspension of two radio licences

    KINGSTON, Jamaica – Radio Jamaica Limited (RJL) has secured judicial authorization to implement a comprehensive corporate restructuring plan that will merge multiple subsidiaries into a unified entity. The Supreme Court of Judicature of Jamaica formally sanctioned the arrangement on February 19, involving five key subsidiaries: Multimedia Jamaica Limited, Independent Radio Company Limited, Gleaner Online Limited, Reggae Entertainment Television Limited, and Jamaica News Network Limited.

    The court-approved scheme will become legally effective upon filing the official order with the Registrar of Companies. This strategic consolidation will result in all five entities being amalgamated under the RJL corporate umbrella, with the parent company assuming complete control over their combined assets, liabilities, and ongoing operations.

    This organizational transformation is designed to streamline the media group’s corporate architecture and enhance operational coherence across its diverse multimedia platforms. The restructuring received crucial regulatory endorsement when Jamaica’s Broadcasting Commission issued a favorable recommendation on February 27, specifically supporting proposed license modifications for Independent Radio Company to be presented to the Minister of Information.

    Concurrently, RJL has initiated discussions with both the Broadcasting Commission and Spectrum Management Authority regarding temporary suspension of broadcast licenses and allocated spectrum for two of its radio stations: Power 106FM and HITZ 92FM. This request aims to create operational flexibility to address significant transmission infrastructure challenges exacerbated by Hurricane Melissa’s impact.

    During this potential suspension period, RJL will concentrate technical resources on optimizing transmission coverage and service quality at its flagship stations, Radio Jamaica 94FM and FAME 95FM. The company is simultaneously conducting strategic evaluations regarding the long-term viability of both HITZ 92FM and Power 106FM, with divestment possibilities for one or both stations under serious consideration.

    RJL maintains a dominant position in Jamaica’s media landscape through its diversified portfolio encompassing free-to-air television broadcasting, cable television channels, radio stations, and integrated print/digital news platforms. The company’s shares are publicly traded on the Jamaica Stock Exchange under the ticker symbol ‘RJR’.

  • Roberts Roberts healing in healing in hospital

    Roberts Roberts healing in healing in hospital

    NASSAU, BAHAMAS – Rupert Roberts, the 88-year-old founder and visionary behind the Super Value grocery chain, has provided a positive health update from his hospital room at the renowned Mayo Clinic in Rochester, Minnesota. In an exclusive communication with Tribune Business, the esteemed businessman confirmed his successful transition out of intensive care as he continues treatment for pneumonia, expressing unwavering optimism about both his personal recovery and the future trajectory of his enterprise.

    The medical emergency began when Mr. Roberts was suddenly stricken with a severe case of pneumonia in Nassau, necessitating urgent blood transfusions. This prompted an immediate and heartfelt response from the Bahamian community, as Super Value employees and citizens alike rallied to donate blood after appeals circulated on social media platforms.

    From his hospital bed, Mr. Roberts extended profound gratitude for the overwhelming support, acknowledging both the critical blood donations and the countless prayers offered for his recuperation. Social media channels were inundated with supportive messages from across the nation, including numerous testimonials from current and former staff members.

    Medical procedures conducted by Dr. Duane Sands, former Minister of Health and Mr. Roberts’ personal physician, were crucial in stabilizing the businessman’s condition. Dr. Sands performed a critical intervention by extracting approximately 64 ounces of fluid from Mr. Roberts’ lungs, enabling his safe transport via air ambulance to the Mayo Clinic for specialized treatment.

    Looking forward, Mr. Roberts anticipates returning to The Bahamas within approximately ten days, contingent upon medical confirmation that the pneumonia has been fully eradicated. During his remaining time at the clinic, he is expected to undergo a scheduled replacement of his heart pacemaker—a procedure previously discussed with his medical team.

    Despite his advanced age, which he humorously dismissed by referring to himself as ‘still young,’ Mr. Roberts articulated strong confidence in the continued success of Super Value under the leadership of President Debra Symonette, who has managed daily operations for the past five years. He also highlighted the increasing involvement of his grandchildren, Patrick and Paige Waugh, signaling a thoughtful succession plan for the family business.

    In a significant business development, Mr. Roberts revealed ambitious modernization plans for Super Value’s warehouse facilities, noting that the company is currently ‘operating in the Stone Age.’ The comprehensive upgrade project aims to double weekly shipping container capacity from 250 to 500 units, effectively catapulting logistics operations into the 21st century.

    Mr. Roberts’ legacy extends beyond the supermarket industry. As the former chairman of Commonwealth Bank Limited from 1984 to 1992, he presided over a period of remarkable growth following the bank’s Bahamianization. Under his stewardship, the institution relocated its headquarters, expanded its branch network, and achieved an extraordinary 700 percent growth in total assets, surpassing $125 million while increasing net income from $1.3 million to $4 million during his tenure.

  • Energy prices soar on Iran war fallout, stocks slide

    Energy prices soar on Iran war fallout, stocks slide

    Financial markets worldwide experienced significant turbulence on Monday as escalating military actions in the Middle East triggered dramatic shifts across multiple asset classes. The intensification of regional conflict following Iran’s attacks on Qatari energy facilities sent shockwaves through global trading floors, creating a classic risk-off environment characterized by plunging equities and surging safe-haven assets.

    European natural gas markets witnessed unprecedented volatility, with benchmark prices skyrocketing over 50% after QatarEnergy, the state-run energy corporation, announced production halts at two major liquefied natural gas processing bases damaged during the hostilities. This supply disruption coincided with crude oil futures surging nearly 9% as market participants grew increasingly concerned about potential long-term disruptions to energy shipments through the strategically vital Strait of Hormuz, where approximately 20% of global seaborne oil transits.

    The equity selloff manifested across major indices worldwide. Wall Street’s opening bell saw the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each drop between 1.1-1.5%, mirroring substantial losses in European bourses where Frankfurt’s DAX and Paris’s CAC 40 declined over 2.3%. Asian markets similarly retreated, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index closing down 1.4% and 2.1% respectively.

    Investors demonstrated a pronounced flight to safety, boosting the US dollar nearly 1% against major currencies while gold prices climbed 2.6% to $5,382.60 per ounce. Market strategists observed that participants were seeking shelter in traditional safe havens amid growing geopolitical uncertainty, though noted the absence of full-scale panic suggesting investors remain uncertain about the conflict’s potential long-term economic consequences.

    Sector performance revealed stark divergences. Airline stocks suffered severe losses as carriers canceled numerous flights and Dubai’s aviation hub experienced operational disruptions. British Airways parent IAG dropped 5.6%, Air France-KLM fell 7.9%, while Qantas and Singapore Airlines each declined approximately 5%. Conversely, energy majors and defense contractors enjoyed substantial gains, with Shell rising 2.7%, TotalEnergies climbing 4.6%, and defense specialists BAE Systems and Palantir Technologies advancing 6.3% and 4.7% respectively.

    Economic analysts warned that sustained energy price increases could reignite inflationary pressures and potentially derail global growth. The situation presents particular challenges for oil-importing nations, with economists noting that while OECD countries maintain strategic petroleum reserves equivalent to 90 days of consumption, prolonged supply disruptions could push crude prices above $100 per barrel with significant recessionary implications for the global economy.

  • Former Grand Lucayan employees collect final severance payouts

    Former Grand Lucayan employees collect final severance payouts

    Former employees of the Grand Lucayan Resort in Grand Bahama commenced receiving severance packages on Friday, revealing significant disparities between expected and actual compensation following the government’s redundancy decision. The termination process affects workers transitioning the property to Concord Wilshire’s $120 million redevelopment plan.

    Compensation structure provided line employees—predominantly casual or contract workers—with two weeks’ base pay, an additional two weeks’ gratuity, and accrued Christmas bonuses. This arrangement diverged sharply from employee expectations of packages calculated based on years of service, where many anticipated two weeks’ pay per year for line staff and four weeks per year for managerial positions.

    Shaneka King, a four-year contract veteran in guest services, expressed widespread disappointment: “We were looking at four weeks pay total, which would have gone to the majority of persons here.” Her testimony highlights the prevalent employment structure where approximately 85% of staff worked recurring three-month contracts requiring unpaid week-long breaks between renewals—a practice that continued throughout the government’s management tenure.

    The payout process itself faced operational challenges, with employees gathering from 9am despite distributions not commencing until 11:30am. Labor officials attended the site to facilitate National Insurance Board registrations and Job Seekers program enrollments for affected workers.

    While some employees expressed gratitude for receiving any compensation given their contractual status, others criticized the delayed proceedings and lack of union representation for temporary staff. Bartender D’vone Knowles noted, “We got slightly less, but I’ve been here for a year,” capturing the mixed sentiments among workers with varying tenure.

    Phylicia Woods-Hanna, Director of Investments, defended the redundancy exercise as “a necessary step in repositioning the property,” emphasizing that separation packages complied with the Employment Act and applicable agreements. The government is coordinating with labor departments and private sector partners to provide reemployment support across Grand Bahama’s economy.

    Payouts continue through next week, with supervisory and managerial staff scheduled to receive packages on Tuesday following Monday’s remaining line staff distributions.

  • RvC EBS: Leo Brunswijk moet schriftelijk reageren na escalatie binnen directie

    RvC EBS: Leo Brunswijk moet schriftelijk reageren na escalatie binnen directie

    The Supervisory Board of NV Energiebedrijven Suriname (EBS) has issued an ultimatum to director Leo Brunswijk, demanding a written response by Wednesday, March 4, 2026, addressing the escalating leadership crisis within the state-owned energy company. This development follows a February 27, 2026 letter obtained by DTV Express, revealing a complete breakdown in executive communications.

    The supervisory body described the situation as ‘untenable,’ citing a critical escalation on February 16 that has paralyzed management operations and halted all executive meetings. The current intervention comes after a previous warning letter dated February 24, 2026, titled ‘Conditional Participation in Executive Meetings,’ specifically addressed to Brunswijk.

    Following thorough internal consultations and examination of earlier irregularities, the Board has proposed radical governance reforms. In the interest of transparency and good governance, the current executive division of responsibilities would be temporarily suspended. All future management decisions, contracts, and commitments would require majority approval from at least three of the four executive members.

    In a significant move, the Board recommended the immediate suspension of M. Eyndhoven and S. Geerlings pending further investigation. Their continued involvement has allegedly created operational ambiguity requiring urgent resolution.

    The proposed measures include convening emergency meetings within one week between HRM departments and executive leadership to address persistent personnel issues and establish consistent employment policies. The Supervisory Board intends to observe these sessions directly. Subsequent discussions with the OWOS (likely a workers’ organization) will address the implemented measures.

    Additionally, the Board highlighted recurring concerns regarding information flow bottlenecks through the executive secretariat, proposing comprehensive evaluation and potential restructuring. Signed by President-Commissioner Dean Linger, the letter expresses confidence that these recommendations will be meticulously implemented to restore organizational stability.

  • Nutritious Wambugu apple takes root in SVG

    Nutritious Wambugu apple takes root in SVG

    A transformative agricultural initiative is unfolding across the Caribbean as St. Vincent and the Grenadines becomes the latest nation to adopt Kenya’s innovative Wambugu apple variety. This development marks a significant shift in intercontinental agricultural cooperation, moving beyond historical paradigms to embrace knowledge exchange and technological transfer between African and Caribbean nations.

    The Wambugu apple, developed by Kenyan farmer Peter Wambugu twenty-five years ago, represents a breakthrough in fruit cultivation. Unlike traditional apples requiring cold climates, this variety thrives in tropical conditions, making it ideally suited for Caribbean agriculture. Cherio Farms, a forward-thinking agricultural enterprise in SVG, is spearheading the distribution of Wambugu saplings to experienced local farmers, signaling a new era of food sovereignty initiatives.

    Prominent agricultural experts including Kemston Cato, holder of a master’s degree in food science, and Hubert “Shaka” Williams, a seasoned farmer with decades of experience, are among the first to implement this innovative cultivation. The project also involves Roosevelt John, a pineapple specialist in Mesopotamia Valley, and Marlon da Silva, whose twenty-five years of citrus farming experience provides valuable comparative insight.

    The economic implications are substantial. SVG currently imports approximately 165,000 kilograms of apples annually at a cost exceeding EC$1 million. This initiative aims to significantly reduce that import bill while creating local agricultural value. The Wambugu apple’s nutritional profile—low-calorie, fat-free, and rich in vitamin C, dietary fiber, and antioxidants—positions it as a health-conscious alternative to imported fruits.

    Beyond economic benefits, this collaboration represents a philosophical shift in North-South relations. As Che Connell of Cherio Farms notes, this exchange emphasizes “the brains, not the bodies, the tech, not the toil” of African agricultural innovation. The project has already demonstrated success in Jamaica and Trinidad, suggesting broader regional potential.

    Looking forward, Cherio Farms envisions expanded partnerships with Taiwan’s agricultural sector and further African collaborations, potentially including apricots, strawberries, citrus, and grapes. This neo-agricultural revolution aims to achieve food sovereignty for SVG by 2030, transforming both agricultural practices and international relationships through sustainable, knowledge-based development.

  • Accountability: Luis Abinader reveals that 53% of new formal jobs in the Dominican Republic are held by women

    Accountability: Luis Abinader reveals that 53% of new formal jobs in the Dominican Republic are held by women

    SANTO DOMINGO – In a landmark address before the National Congress commemorating the nation’s 182nd Independence Anniversary, President Luis Abinader unveiled exceptional employment figures for 2025. Official data from the National Continuous Labor Force Survey (ENCFT) reveals the creation of 133,915 new jobs throughout the year, elevating the country’s total employed population to 5,139,951. Notably, the national open unemployment rate remains anchored at a historic low of 5.0%.

    President Abinader championed decent employment as the cornerstone transformative social policy of his administration. He emphasized the government’s unwavering priority to generate formal, well-compensated job opportunities, stating that each new position represents ‘peace of mind for a home’ rather than a mere statistic.

    A pivotal achievement highlighted in the report is a decisive reduction in labor informality, which dropped to a record low of 54.2%. This formalization is evidenced by several key indicators: the integration of 74,000 new workers into the Integrated Labor Registry System (SIRLA), a 3.15% year-on-year expansion in active Social Security contributors reaching 2,426,350, and a significant stride in gender equity with women securing 53% of all new formal jobs.

    The government credits this success to a synergistic strategy developed in concert with the private sector, focusing on high-growth areas such as nearshoring, logistics, advanced free zones, agro-industrial modernization, and sustainable tourism. This was supported by over 140 formalization and inspection operations. Initiatives like the ‘RD-Trabaja’ program and its ‘Tu Empleo Está Aquí’ platform further bolstered these efforts, successfully registering 12,648 individuals, with a particular focus on youth and women.

    Concluding his address, President Abinader affirmed that this robust job expansion has been paralleled by a consistent rise in workers’ real income, signaling the consolidation of a more resilient and socially equitable economy.