Prime Minister Gaston Browne of Antigua and Barbuda has revealed that one or two offshore banks in the country may face liquidation due to persistent difficulties in maintaining correspondent banking relationships. Speaking on the Browne and Browne Show on Pointe FM, Browne highlighted that these institutions have struggled to secure or retain international correspondent partners, which are essential for processing cross-border transactions. This challenge has been exacerbated by increasingly stringent global banking regulations. Browne emphasized that the issue is not isolated to Antigua and Barbuda but is part of a broader trend affecting small financial centers worldwide, a phenomenon often referred to as ‘de-risking.’ The government is closely monitoring the situation and collaborating with the Financial Services Regulatory Commission (FSRC) to safeguard depositors and ensure compliance with international standards. Despite these challenges, Browne reassured that the domestic banking system remains stable, with local banks maintaining robust correspondent relationships and strong liquidity positions. The prime minister reiterated the country’s commitment to upholding the integrity of its financial sector while navigating these global pressures.
分类： business
-
SunEye Security Services Denies Claim of Unpaid Wages
SunEye Security Services has firmly refuted claims that it failed to pay its employees’ salaries and statutory deductions. The company’s legal representative has dismissed the allegations as unfounded, asserting that all employees have signed payment sheets confirming receipt of their wages. To substantiate their stance, SunEye Security Services has provided copies of these signed records to Antigua Newsroom, reinforcing their position that the accusations are entirely false. The company remains committed to transparency and compliance with labor regulations, emphasizing its dedication to fair treatment of its workforce. This development comes amidst heightened scrutiny of corporate practices in the region, underscoring the importance of accurate reporting and accountability in the business sector.
-
ABIA Launches BRIDGE Facility to Fund Green and Digital Projects for Caribbean MSMEs
The Antigua and Barbuda Investment Authority (ABIA) has unveiled the BRIDGE Facility, a groundbreaking funding initiative designed to empower micro, small, and medium-sized enterprises (MSMEs) across the Caribbean. This program, spearheaded by the Caribbean Export Development Agency and backed by the European Union under the Global Gateway initiative, seeks to drive the region’s transition toward sustainable and digitally advanced business models. The BRIDGE Facility offers substantial financial support for projects focused on green transition and digital transformation. MSMEs can secure up to EUR 100,000 for initiatives in renewable energy, sustainable agriculture, circular economy, blue economy, and green technologies. Additionally, up to EUR 50,000 is available for projects in e-commerce, automation, cybersecurity, digital products, and supply chain digitization. A key requirement for applicants is to contribute at least 40% of the project cost, ensuring commitment and long-term sustainability. Interested businesses are encouraged to review the full guidelines, complete the application form, and utilize the provided budget templates available on the Caribbean Export Development Agency’s website. The deadline for submissions is November 9, 2025, at 11:59 PM AST. For further inquiries, contact [email protected]. This initiative marks a significant step in fostering economic resilience and innovation in the Caribbean, aligning with global efforts to combat climate change and embrace digital advancements.
-
You NEED It, We BUILD It
In the bustling world of home improvement and custom furniture, Mr. Kevon Dennis stands out as a trusted craftsman dedicated to transforming living spaces. Specializing in a wide array of custom-built furniture, including kitchen cupboards, pantries, clothes closets, vanities, chest of drawers, and bed frames, Mr. Dennis ensures every piece is tailored to meet the unique needs of his clients. With a commitment to quality and customer satisfaction, his workmanship promises a ‘Job Well Done every time.’ Clients can reach out to Mr. Dennis via phone at 1 869-764-4795 or through email at Kevvon7@icloud.com. His mission is simple yet profound: to deliver exceptional craftsmanship that exceeds expectations and enhances the functionality and beauty of every home.
-
Inposdom handles over 500,000 international shipments in first half of 2025
Santo Domingo – The Dominican Postal Institute (Inposdom) has reported significant milestones in the first half of 2025, processing over 500,000 international shipments, moving 2.75 million items, and handling more than 246 metric tons of goods. These achievements underscore Inposdom’s expanding role in the Dominican Republic’s e-commerce and export logistics sectors. The United States, Europe, and the Virgin Islands emerged as the primary destinations, with the U.S. accounting for the majority of shipments. Key exports included vehicle parts, artisanal products such as tobacco and beauty items, and electronic equipment, including cell phone components. Shipments to the U.S. alone surpassed 200,000 kilograms, reflecting a consistent upward trend in Dominican exports. Erick Guzmán, Director of Inposdom, revealed that the postal service now supports over 18,000 active users, with more than 45,000 citizens utilizing its services nationwide this year. Guzmán attributed this growth to the sector’s recovery and enhanced operational efficiency. To optimize underutilized postal facilities, Inposdom is partnering with public institutions to transform these spaces into multi-service centers. A notable collaboration with the Government Office of Information and Communication Technologies (OGTIC) has led to the establishment of GOB Points within postal offices, enabling citizens to access essential public services such as passport renewals and certificate issuance without additional rental costs.
-
Dominican Republic leads Latin America in low inequality and steady economic growth
The Dominican Republic has emerged as a regional leader in economic performance and social development, according to a recent report by the Economic Commission for Latin America and the Caribbean (ECLAC). Over the past decade, the country has maintained an impressive average economic growth rate of 5%, significantly outpacing the regional average. This robust growth has been accompanied by substantial reductions in poverty, with the poverty rate dropping to 18.2% and extreme poverty to 4.9%. Additionally, the Dominican Republic achieved the lowest inequality index in Latin America, with a Gini coefficient of 0.39 by 2023.
The findings were detailed in the ECLAC report titled ‘Strengthening Protection to Eradicate Poverty and Advance Towards Inclusive Social Development in the Dominican Republic,’ which was presented to President Luis Abinader. Alberto Arenas de Mesa, Director of ECLAC’s Social Development Division, outlined three key policy priorities for the country: expanding and modernizing the social protection system, promoting labor inclusion for women, youth, and informal workers, and strengthening social institutions through comprehensive legislation and enhanced intersectoral coordination.
Dominican economic authorities project continued growth, with national GDP expected to increase by 3.5% this year, followed by a 5% rise in 2024. These projections solidify the Dominican Republic’s position as the largest economy in the Caribbean and the seventh-largest in Latin America. The country’s sustained economic momentum and commitment to inclusive development serve as a model for the region.
-
Bus Consolidation Committee Moves Forward with National Transport Reform
The National Bus Consolidation Pro Tempore Advisory Committee is making significant strides in establishing the Consolidated National Bus Company, a transformative public-private partnership aimed at modernizing Belize’s transportation infrastructure. During a pivotal meeting on October 3, the committee reviewed progress and outlined the next steps in this ambitious transition.
Officials revealed that the new entity has already secured a commanding 71 percent of the national market share, thanks to commitments from existing bus operators. Financial audits of these operators are currently in progress, with an opening balance sheet anticipated by mid-November. This financial groundwork will be instrumental in determining equity participation and shaping the company’s financial projections.
Stakeholder consultations have gained momentum, engaging a diverse array of participants, including bus operators, financial institutions, and international partners. These discussions are centered on fostering transparency, inclusivity, and gathering critical insights as the sector moves toward consolidation.
The implementation timeline remains firmly on track, with the Consolidated National Bus Company slated to commence operations on January 1, 2026. The rollout will introduce enhanced safety standards, upgraded and new terminals, and the phased introduction of modern buses over the next two to three years.
The committee underscored that this initiative is not a nationalization effort but a strategic public-private partnership designed to bolster public transportation and align Belize with global sustainable development goals.
The committee comprises representatives from key entities, including the Ministry of Infrastructure Development and Housing, the Statistical Institute of Belize, the University of Belize, the National Trade Union Congress of Belize, the Ministry of Economic Transformation, the Attorney General’s Ministry, the media, bus operators, commuters, the business community, and the United Nations Development Programme (UNDP).
-
Caribbean Development Bank hosts 22nd annual meeting for Independent Accountability Mechanisms Network
The Caribbean Development Bank (CDB) is co-hosting the 22nd Annual Meeting of the Independent Accountability Mechanisms Network (IAMNet) in Barbados from October 6 to 9, 2025. This prestigious event, organized in collaboration with the Inter-American Development Bank’s Independent Consultation and Investigation Mechanism (MICI) and the Office of the Compliance Advisor Ombudsman (CAO) of the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency, has drawn nearly 70 accountability professionals from development finance institutions worldwide. Attendees include representatives from the World Bank, Asian Development Bank, European Bank for Reconstruction and Development, and other global financial entities. IAMNet, established to foster cooperation among independent accountability bodies, aims to promote best practices in addressing complaints related to development projects, particularly those concerning environmental and social impacts. CDB President, Mr. Daniel Best, emphasized the importance of accountability in development finance, stating, ‘As development challenges grow more complex, strong accountability frameworks become even more critical.’ The conference agenda addresses pressing issues such as the stagnation of Sustainable Development Goals progress, declining aid budgets, and climate-related disasters. Key topics include IAM policy reviews, safeguarding mechanisms for complainants, accountability in climate projects, technological innovations, and strategies to combat retaliation. A dedicated session on October 8 will focus on capacity building for civil society organizations, early conflict resolution, and strengthening collaborations between IAMs and development advocates. Mr. Best highlighted the critical role of accountability in the Caribbean, noting, ‘In the Caribbean, accountability isn’t a luxury; it’s a matter of survival.’ Since 2015, CDB has maintained the Office of Integrity, Compliance, and Accountability, ensuring institutional integrity and ethical practices through its Projects Complaints Mechanism and whistleblowing procedures.
-
Lasco lines up new plant for year-end sales rush
Lasco Manufacturing Limited, renowned for its iCool brand, is set to enhance its production capabilities with the installation of a new Italian processing and filling plant at its White Marl, St Catherine facility. This strategic move, expected to be operational within the next three months, aims to increase beverage output by 40%, just in time for the high-demand festive season. The initiative is part of a comprehensive $1.1 billion retooling program extending through 2026, as confirmed by Director Vincent Chen during the company’s annual general meeting. Chen emphasized that the investment is a pivotal step in driving efficiency, reducing costs, and expanding export opportunities, stating, ‘We’re not sleeping; we’re actively seeking ways to grow.’ The retooling effort comes amidst a challenging financial landscape. For the fiscal year ending March 2025, Lasco reported a modest 3% revenue increase, a significant drop from the 18.6% growth recorded two years prior. Net profit, however, edged up 8% to $2.2 billion. The first quarter of the new financial year saw a 10% decline in sales revenue to $2.92 billion, with net profit dipping to $618.3 million from $701.7 million in the previous year. Deputy General Manager Lisa Watt attributed the softer performance to local market contraction and global economic pressures. The company’s expansion strategy is designed to fortify its position in the competitive fast-moving consumer goods sector, both domestically and internationally. Last year, Lasco secured a partnership with a major US retailer, marking a significant step in broadening its distribution beyond the Caribbean diaspora. While details of the agreement remain undisclosed, executives view it as a cornerstone of their export growth strategy. Lasco’s diverse product portfolio, ranging from powdered foods to beverages, continues to drive its market presence. Watt highlighted the necessity of retooling aging equipment to enhance efficiency and asset returns, noting that the new plant will significantly boost productivity and support innovation. Despite shareholder concerns over declining revenue growth and asset returns, Watt reassured stakeholders that the retooling program, coupled with product innovation and export expansion, will restore double-digit growth. Additionally, Lasco plans to invest in compressors, pumps, and an expanded ozonation system to further reduce costs and improve quality, reinforcing its resilience against supply chain disruptions and geopolitical uncertainties. The company has allocated $1.1 billion for capital investments from 2024 to 2026, with $425 million already spent in the past fiscal year.
-
S&P revises outlook to positive on NCB
S&P Global Ratings has revised its outlook for NCB Financial Group (NCBFG) and its primary banking subsidiary, National Commercial Bank Jamaica (NCBJ), from ‘stable’ to ‘positive’. This adjustment indicates a heightened likelihood of credit rating upgrades for both entities within the next one to two years. While S&P has maintained the current ratings of ‘BB-‘ for NCBJ and ‘B-‘ for NCBFG, the shift in outlook is closely tied to Jamaica’s improved national credit rating, which was upgraded last month. The agency commended the Jamaican government for its disciplined fiscal management and debt reduction efforts, which have strengthened the country’s financial stability and its ability to support the banking sector. Additionally, S&P highlighted the resilience of Jamaica’s economy, driven by robust tourism revenues and remittances, which have bolstered foreign reserves and stabilized the Jamaican dollar. The economy is projected to grow by 2% this year, fostering a more stable environment for banks. NCBJ, Jamaica’s largest bank, was praised for its diverse service offerings, while NCBFG was recognized for its diversified business portfolio, including its ownership of a major insurance company. However, S&P cautioned that NCBJ’s non-performing loans, though manageable, remain elevated compared to pre-pandemic levels, and NCBFG’s Bermuda subsidiary carries higher-risk loans tied to tourism and construction. The agency also noted that any stagnation in Jamaica’s economic progress could revert the outlook to ‘stable’.