Supreme Ventures Ltd (SVL), a leading gaming and financial services group based in Jamaica, announced on Tuesday that it has successfully restored 60% of its lottery terminals following the disruption caused by Hurricane Melissa last week. The hurricane forced an unprecedented suspension of its flagship Cash Pot draws, resulting in a significant decline in sales. Executive Chairman Gary Peart revealed in an interview with the Jamaica Observer that operations were halted for two days due to the storm’s impact, with sales still down nearly 50% compared to pre-hurricane levels. Despite the challenges, Peart expressed optimism about the company’s recovery, noting that terminals in severely affected areas like St Elizabeth are being reactivated at an impressive pace. The rapid restoration is crucial for SVL, which generates approximately $150 million daily in gaming revenue. The hurricane also tested SVL’s financial resilience, but the company’s recent $5-billion bond issuance has bolstered its ability to weather the crisis. Peart emphasized SVL’s ongoing strategic pivot from gaming to technology, highlighting the success of its fintech ventures, including Evolve microfinance, ChargeUp phone credit, and remittance services. For the nine months ending September 30, SVL reported a net profit of $1.84 billion, surpassing its full-year 2024 target. Peart attributed this success to cost containment, revenue growth, and strategic diversification. Looking ahead, SVL is eyeing international expansion, particularly in Ghana, where it already operates, and is actively pursuing lottery licenses worldwide. Peart remains confident about the company’s future, anticipating significant revenue growth by 2026 as its digital fintech products gain regulatory approval and scale. SVL’s commitment to shareholders is evident in its latest interim dividend payout of 18.94 cents per share, totaling $499.55 million, representing 92% of its third-quarter net profit.
分类： business
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PriceSmart opening two new Jamaican clubs in 2026
PriceSmart Inc (PSMT), a Nasdaq-listed retail giant, has unveiled plans to significantly expand its footprint in Jamaica by opening two new warehouse clubs in 2026. The new locations will be situated in Montego Bay, St. James, and on South Camp Road in Kingston, effectively doubling the company’s store count in the country. This strategic move aligns with PriceSmart’s broader growth strategy across the Caribbean and Central America.
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General Accident Insurance to acquire Trinidad-based Beacon Insurance
In a strategic move to bolster its regional presence, General Accident Insurance Company (Jamaica) Limited, under its parent company Musson Jamaica, has acquired 100% of Beacon Insurance Company Limited. The announcement, made on Wednesday, marks a significant milestone for both entities, with the transaction poised to reshape the insurance landscape across the Caribbean.
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Forex: $161.90 to one US dollar
KINGSTON, Jamaica — The United States dollar demonstrated a notable uptick in value against the Jamaican dollar on Wednesday, November 5, closing at $161.90, marking a 20-cent increase from the previous trading session. This data was released in the Bank of Jamaica’s daily exchange trading summary, highlighting the continued volatility in currency markets. Meanwhile, the Canadian dollar experienced a slight decline, ending the day at $115.11, down from $115.82. Similarly, the British pound also saw a marginal decrease, closing at 211.10 compared to its previous rate of $211.80. These fluctuations underscore the dynamic nature of global currency exchanges, influenced by a myriad of economic factors and market sentiments. The strengthening of the US dollar against the Jamaican currency could have implications for trade, inflation, and consumer purchasing power in the region.
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UN’s Food and Agriculture Organization wraps-up cocoa mission to Dominica, St Lucia, St Vincent-Grenadines, and Grendada
The Food and Agriculture Organization of the United Nations (FAO) recently concluded a comprehensive mission across four Caribbean nations—Dominica, Saint Lucia, Saint Vincent and the Grenadines, and Grenada—from August 6 to August 26, 2025. The initiative, led by FAO’s Cocoa Market Analysis Specialist, Mr. Gustavo Ferro, aimed to assess the current state of the region’s cocoa industry and identify pathways for sustainable development and enhanced global market positioning. Funded through FAO’s Regular Programme Funds, the project aligns with the broader goal of strengthening the specialty cocoa sector in the Caribbean. Cocoa is recognized as a key driver for bolstering local economies, supporting rural communities, and accessing premium fine-flavor markets. During the mission, FAO explored strategies to improve productivity and competitiveness, emphasizing sustainable growth for the Eastern Caribbean’s cocoa industry. Initial findings revealed that, despite variations among the four nations, the region’s network of smallholder farmers could become more competitive through improved coordination, group aggregation, and efficient logistics. The revival of the sector, driven by initiatives like bean-to-bar chocolate production, artisanal cocoa products, and traditional cocoa tea, coupled with the region’s thriving tourism industry, highlights significant prospects for origin branding, agro-tourism connections, and niche markets. Mr. Ferro engaged with various stakeholders, including Ministries of Agriculture, producer associations, cooperatives, exporters, chambers of commerce, and private processing firms. He also visited farms and processing sites to evaluate production practices, post-harvest handling, and quality control systems. Discussions with Permanent Secretaries and technical staff provided comprehensive insights into each country’s cocoa sector. The mission is expected to produce detailed situational analyses for each nation, identifying strengths, gaps, and opportunities along the cocoa value chain. These reports will contribute to a regional roadmap aimed at elevating the Caribbean’s positioning in the fine and flavor cocoa markets. A comprehensive report and presentation will be shared at the upcoming Subregional Dialogue and Validation Workshop in Trinidad and Tobago in November 2025. Mr. Ferro expressed optimism about the feedback received, particularly highlighting Dominica’s potential for specialized marketing due to its rich biodiversity and agroforestry systems. He also praised Saint Lucia’s modest production base, Grenada’s distinctive fine-flavor cocoa, and Saint Vincent and the Grenadines’ resilience in preserving its cocoa heritage. Jennifer Pascal, President of the North East Cocoa Producers Cooperative in Dominica, shared her enthusiasm for the renewed energy and strong potential of the industry. Looking ahead, FAO will collaborate with the Cocoa Research Centre at the University of the West Indies to host a Subregional Dialogue on the Specialty Cocoa Sector, bringing together stakeholders to validate findings, exchange best practices, and develop a strategic roadmap for sustainable growth and improved global competitiveness.
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APNU asks parliament to stop using ‘oil money’ for regular spending
In a significant move to ensure fiscal responsibility, the opposition party A Partnership for National Unity (APNU) has proposed an amendment to the Natural Resources Fund Act (NRF) in Guyana. The amendment, introduced by APNU parliamentarian Dr. Terrence Campbell, aims to restrict the government from utilizing oil revenues for recurrent expenditures. Instead, it advocates for the funds to be allocated towards development and disaster-related projects, ensuring transparency and sustainability. Dr. Campbell, who also serves as the opposition’s representative on the NRF’s Investment Committee, has previously voiced these concerns publicly and initiated legal proceedings in the High Court. The proposed changes would explicitly prohibit the use of fund revenues for regular government spending and mandate their allocation exclusively for infrastructure, development projects, and initiatives promoting an inclusive green economy, as well as essential projects mitigating the impacts of major natural disasters.
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NH International: Three major projects underway
NH International (Caribbean) Ltd., a Trinidad-based construction firm, is marking its third decade of impactful work in Saint Lucia, with three major developments currently in progress across the island. Since its initial partnership with Saint Lucia in the early 1990s, the company has been instrumental in delivering landmark infrastructure projects, including the Castries Multi-Storey Carpark, Bordelais Correctional Facility, and the Bank of Saint Lucia’s Bridge Street branch. Its early contributions also featured the construction of the Terminal Building at Hewanorra International Airport, marking one of its first ventures outside Trinidad and Tobago. Today, NH International’s portfolio spans the justice, commercial, and aviation sectors, representing hundreds of millions of dollars in investment. One of its most significant ongoing projects is the EC$143 million Halls of Justice in Castries, a landmark public sector initiative designed to centralize civil, criminal, and family courts under one roof. This project, executed under a Build-Own-Lease-Transfer (BOLT) arrangement, will see the government leasing the complex for 12 years before assuming ownership. The multi-storey facility will feature 14 courtrooms, judges’ chambers, and a law library, with NH International prioritizing the use of local subcontractors and tradespeople. Prime Minister Philip J. Pierre hailed the project as a long-overdue enhancement to the justice system. Meanwhile, in Gros Islet, Phase 1A of the Rodney Bay City Centre is underway, a mixed-use commercial development that will house Republic Bank’s northern offices, retail outlets, restaurants, and a waterfront boardwalk. The US$19.4 million project, slated for completion by mid-2025, aims to revitalize Rodney Bay as a commercial and social hub. Additionally, NH International is collaborating with Aeronav Canada to construct a new 100-foot air traffic control tower at Hewanorra International Airport, part of a broader redevelopment plan to enhance aviation safety and align with international standards. Over the past 30 years, NH International has consistently engaged local talent, providing training and employment opportunities, solidifying its role as a key foreign contractor in Saint Lucia’s development.
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David can beat Goliath: How local taxis can out-smart Uber at its own game
The arrival of Uber in Barbados has ignited a familiar debate, echoing the company’s contentious entry into markets worldwide. Local taxi operators are expressing concerns over Uber’s fare estimates, which appear to undercut government-regulated tariffs. In a small, competitive market, even minor price differences can significantly impact livelihoods. The outcome hinges on regulatory decisions, enforcement, and whether Uber’s actual pricing aligns with its online estimates. Barbados, however, is no stranger to global competition, having navigated the entry of international brands in sectors like hospitality and fast food. The local fast-food chain Chefette, for instance, successfully adapted by enhancing its family-friendly offerings rather than engaging in price wars. Similarly, the Bridgetown Port Taxi Co-Op Society Ltd has launched Zail Barbados, a local app designed to innovate and compete with Uber. Rather than focusing solely on price, local operators are exploring strategies to enhance customer experience through mobile technology. By forming service clusters, operators can pool resources to develop shared platforms offering customer profiles, loyalty rewards, and feedback systems. Additionally, operators can design experience-driven rides, such as themed tours, to transform transportation into a memorable part of visitors’ stays. For those hesitant to adopt digital platforms, joining existing local services like pickUP Barbados or Zail offers a practical compromise. While Uber’s entry poses challenges, it also presents opportunities for local operators to evolve and differentiate themselves in a rapidly changing market.
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Standard Distributors sold to digital lender Term Finance
In a significant shift in the retail and financial sectors, Standard Distributors, a prominent appliance and furniture dealer with an 80-year legacy, has been acquired by digital finance firm Term Finance (Trinidad & Tobago) Limited. The unexpected announcement marks the end of an era for the long-standing retailer, which will now relaunch as Standard Credit. Term Finance, already a key player in short-term lending across the Caribbean, will integrate Standard’s extensive hire purchase portfolio into its operations. The Trinidad-based conglomerate ANSA McAL, which facilitated the sale, confirmed that some Standard employees have been laid off, while others will be reassigned within the ANSA McAL Group. The financial terms of the deal remain undisclosed. ANSA McAL emphasized its commitment to supporting affected employees through enhanced separation packages, access to wellbeing and financial planning services, and job fairs in Trinidad and Barbados this month. Term Finance’s Chief Operating Officer, Nicholas Farah, stated that the rebranding to Standard Credit signifies the company’s entry into the high street market, aiming to preserve customer trust while introducing innovative financial solutions. Term Finance, backed by major shareholders PointWest Capital and the First Citizens Group, operates across Guyana, Jamaica, and St Lucia, and recently acquired My Finance Grenada Ltd. Customers with existing hire purchase agreements will experience a seamless transition, with no disruptions to their payment schedules.
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Invitation Of Opening Bid For A Large Venue
The Taiwan Technical Mission (TTM), operating under the Taiwan International Cooperation and Development Fund (ICDF), has issued an invitation for the opening bid of a large-scale venue in St. Kitts. The procurement, identified by job number TTMSKN251103-A, seeks a venue capable of hosting a significant event on November 29, 2025. The venue must accommodate 300 attendees and provide comprehensive services, including buffet catering, wait staff, and cleanup personnel. Additionally, the venue must have over a decade of experience in managing large-scale events and feature indoor, air-conditioned facilities. Bidders are required to possess a valid business license and demonstrate operational capabilities to supply essential equipment such as projectors, microphones, podiums, sound systems, and staging. The tender submission period runs from 8:00 a.m. on November 4, 2025, to 4:00 p.m. on November 11, 2025, with the bid opening scheduled for 10:00 a.m. on November 12, 2025, at the TTM office in Basseterre, St. Kitts. Interested parties can contact Mr. Jo Chan at +1 869 6676216 or via email at j.c.chan@icdf.org.tw or j820325@gmail.com for further details.