Carib Scope

分类： business

  • Financing gap holding back women entrepreneurs, Caribbean leaders told

    Financing gap holding back women entrepreneurs, Caribbean leaders told

    Caribbean economic development is being severely constrained by systemic gender inequality in business financing, regional leaders were warned at a major EU-Caribbean Parliamentary Assembly forum in Antigua and Barbuda. Isiuwa Iyahen, Deputy Representative of UN Women’s Caribbean Multicountry Office, delivered a stark assessment that gender disparities represent a fundamental development challenge rather than a peripheral social issue.

    The high-level forum, building on discussions from last year’s Fourth International Conference on Small Island Developing States (SIDS), revealed that women-owned businesses receive approximately ten times less financing than male-owned enterprises. While women own 40% or more of micro, small and medium-sized enterprises (MSMEs) across many Caribbean nations and dominate vital sectors including tourism, hospitality, retail, and creative industries, they face severe financial exclusion.

    Alarming data presented at the assembly showed medium- and long-term loans to women-led enterprises average just US$156,000 compared to US$1.5 million for male-owned businesses. This financing gap persists despite women’s central role in economies where MSMEs account for over half of GDP and employment. Limited access to collateral continues to restrict women’s ability to formalize operations, expand businesses, and enter export markets.

    Iyahen characterized this disparity as ‘active marginalisation of women’s economic potential’ and emphasized that barriers often dismissed as social concerns—including unpaid care burdens, financial exclusion, and personal safety issues—actually function as direct economic constraints affecting trade participation. The International Finance Corporation estimates women-led MSMEs globally face a US$1.7 trillion financing gap, with Caribbean women particularly disadvantaged in accessing trade finance and export guarantees.
    Delegates heard that higher interest rates and tighter lending conditions disproportionately affect women entrepreneurs, who are overrepresented in small or new businesses that financial institutions typically perceive as high-risk. When liquidity contracts and microfinance providers scale back operations, women-owned enterprises are typically the first affected.

    The forum called for gender-responsive macroeconomic policies that deliberately measure and address financing disparities, alongside strengthened support for women’s leadership in economic strategy development. The European Union received commendation for existing regional partnerships promoting decent work, equal pay, and entrepreneurship, though participants acknowledged the Caribbean continues to struggle with slow regional integration and persistent inequalities that limit women’s full economic participation.

  • U.S. veterans file US$1M lawsuit over medical tourism project in Jarabacoa

    U.S. veterans file US$1M lawsuit over medical tourism project in Jarabacoa

    Two decorated US Army veterans have initiated legal proceedings in Dominican courts against local entrepreneur Gerineldo de los Santos Martínez, alleging fraudulent activities and breach of trust involving over $1 million in investments for a proposed medical and eco-wellness tourism complex in Jarabacoa.

    Alfredo Antonio Cordero Camacho and Terry Wayne Wheat Jr., co-founders of Veterans Community Care Abroad (VCCA), assert that their business partner failed to honor contractual commitments essential for their project’s expansion. VCCA, which has successfully operated healthcare clinics in Bávaro and Punta Cana since 2022, provides comprehensive medical services to US veterans residing in or visiting the Dominican Republic.

    Court documents reveal the plaintiffs suffered substantial financial losses due to multiple contractual violations, including incomplete construction work, suspected structural defects, unfulfilled investment obligations, and the critical failure to transfer approximately 50,000 square meters of land valued at RD$170 million (roughly $2.8 million). This land was intended as Martínez’s contribution to their joint venture developing the specialized medical complex.

    The ambitious project envisioned combining advanced healthcare facilities with eco-friendly accommodations and wellness retreats, leveraging Jarabacoa’s mountainous terrain and temperate climate to create an optimal environment for physical rehabilitation and psychological recovery programs.

    Despite making scheduled payments in both Dominican pesos and US dollars, and initiating preliminary development work, the veterans claim their partner never completed the agreed-upon land transfers or construction, effectively halting the project’s progression. The plaintiffs emphasized their legal action seeks accountability and investment protection rather than casting aspersions on the Dominican Republic’s overall investment climate. The case remains active in Dominican judicial proceedings.

  • Equity fights licence revocation in court

    Equity fights licence revocation in court

    In a dramatic escalation of regulatory enforcement, Barbados’ Financial Services Commission (FSC) has revoked the operating license of Equity Insurance Company Ltd following a damning investigative report that confirmed systemic violations of insurance regulations. The decisive action prohibits the insurer from writing new policies or renewing existing ones, though existing contracts will remain valid through a one-year runoff period.

    The regulatory confrontation stems from the FSC’s August 2025 intervention when it assumed control of Equity Insurance and appointed restructuring specialist Craig Waterman from PricewaterhouseCoopers SRL to manage operations. Waterman’s comprehensive assessment, submitted to regulators, validated initial findings that the company had committed serious breaches of the Financial Services Commission Act, Insurance Act, and international best practices.

    In an unexpected countermove, Equity Insurance has initiated legal proceedings (Claim No. CIV1497/2025) against the financial watchdog, challenging both the license revocation and the commission’s earlier seizure of control. The company had previously submitted written objections and an independent assessment by Compass Advisory Services Inc. in efforts to prevent regulatory action.

    The FSC maintained that its enforcement actions were applied “effectively and proportionately” after proper consultation with the Finance Minister. Regulators emphasized that the measures were necessary to address ongoing threats to consumer interests and restore operational integrity within the insurance sector.

    Founded by Managing Director Francis Pounder and operating from Collymore Rock, St Michael, Equity Insurance now faces a critical juncture as it navigates both regulatory sanctions and legal challenges. The commission has outlined appeal procedures available to aggrieved financial institutions within 30 days of notification, reaffirming its commitment to equitable treatment throughout enforcement processes.

  • National Bus Company Set for March Merger

    National Bus Company Set for March Merger

    Belize’s transportation sector is poised for a significant transformation as the newly registered National Bus Company prepares to commence operations on March 1st. The consolidation brings together seventeen formerly independent bus operators under a single corporate entity, representing a major restructuring of the country’s public transportation system.

    According to Transport Minister Dr. Louis Zabaneh, the ownership structure will see the participating operators collectively holding a thirty-nine percent stake valued at $19.4 million. The government will maintain a controlling forty-five percent share worth $22 million, while institutional investors including insurance companies and the Social Security Board will acquire the remaining fifteen percent, representing $7.05 million in shares.

    The merger represents a substantial consolidation from thirty-one independent operators to fifteen remaining entities, with the seventeen merging companies operating as one unified corporation. Minister Zabaneh emphasized that this structural overhaul is expected to generate considerable benefits through economies of scale, particularly through bulk purchasing power that will reduce fuel costs for the existing diesel bus fleet.

    A more significant operational cost reduction is anticipated when the company begins transitioning to electric buses between March 1st and the end of August. This shift to electric vehicles is projected to dramatically decrease the company’s operating expenses while modernizing Belize’s public transportation infrastructure.

    The initiative has not achieved universal participation, with several northern operators opting to remain outside the consolidated company. Minister Zabaneh acknowledged that the door remains open for future participation, noting that reasons for non-participation vary from prudent caution to outright political opposition, with some UDP-affiliated operators explicitly refusing to support the government-led initiative.

  • Operators Face Tougher Standards, Terminal Fees

    Operators Face Tougher Standards, Terminal Fees

    The Ministry of Transport is implementing rigorous new operational standards and introducing terminal rental fees as part of a comprehensive restructuring of the bus transportation sector. This development coincides with the formation of the National Bus Company, which represents a significant consolidation initiative within the industry.

    Transport CEO Chester Williams emphasized the mandatory nature of these changes, stating, “I anticipate that certain operators may struggle to comply with the forthcoming conditions. However, their inability to meet these standards falls outside our jurisdiction. Those who fail to comply will face the full consequences as prescribed by legislation. Enhancing our operational benchmarks is imperative—maintaining the status quo is no longer viable.”

    During recent discussions, questions emerged regarding the executive leadership structure of the newly established company. Dr. Louis Zabaneh, Minister of Transport, provided clarification on the implementation timeline: “The company has been formally incorporated with an interim single director. Subscription agreements are being finalized for operator signatures scheduled throughout this week. We anticipate convening a general assembly on the 27th to elect the board of directors, who will subsequently appoint the management team.”

    The National Bus Company is slated to commence operations on March 1st, at which point all road service permits will transition to company ownership. Anna Loague has been appointed as interim sole director pending the election of a complete board, overseeing the initial phase of this transformative industry consolidation.

  • Food prices lead January inflation rise in Dominican Republic

    Food prices lead January inflation rise in Dominican Republic

    The Dominican Republic’s Central Bank has reported a 0.4% monthly inflation rate for January, elevating the annual inflation figure to 4.98%. This sustained inflationary pattern continues to operate within the institution’s established target corridor of 4.0% ± 1.0% for an unprecedented 32nd consecutive month.

    The primary catalyst for January’s price escalation emerged from the food and non-alcoholic beverage sector, which experienced a 0.68% increase and contributed nearly half (45.7%) of the overall monthly inflation. Significant supplementary pressures originated from restaurants and hotels (1.13%), education services (1.79%), miscellaneous goods and services (0.34%), and housing costs (0.26%).

    A notable mitigating factor arrived through transportation expenses, which declined by 0.28% during the same period, providing partial counterbalance to the overall Consumer Price Index ascent.

    Monetary authorities highlighted core inflation—excluding volatile components such as food items, fuels, regulated services, alcohol, and tobacco—which maintained a year-on-year rate of 4.89%. This metric, closely monitored by policymakers for underlying inflation trends, demonstrates the economy’s persistent but controlled inflationary environment. The annual inflation closure at 4.95% for 2025 confirms the Dominican Republic’s continued macroeconomic stability within its targeted parameters.

  • New sugar minister vows urgent action amid crop uncertainty

    New sugar minister vows urgent action amid crop uncertainty

    Barbados’ newly appointed Minister of Agriculture, Dr. Shantal Munro-Knight, has declared the resolution of the sugar industry’s mounting challenges as an immediate priority, following revelations about the uncertain status of the 2026 crop season and operational preparedness of the island’s sole processing facility. This development emerges against a backdrop of conflicting assessments from industry participants and growing apprehension regarding Portvale Factory’s capacity to commence operations.

    Recent investigative reporting uncovered substantial doubts about the impending harvest timeline, with planters represented by Barbados Sugar Industries Ltd (BSIL) advocating for a mid-February start. Conversely, the Sugar Industry Staff Association (SISA) and informed sources indicate that the mill remains unprepared for operation this month, exacerbating uncertainties surrounding the nation’s historically significant sector.

    The sugar industry’s precarious condition became politically charged during recent electoral campaigns. Kemar Stuart of the New National Party (within the People’s Coalition for Progress) accused governing authorities of obscuring the sector’s true financial and operational condition. Meanwhile, Democratic Labour Party agriculture spokesperson Amoy Gilding-Bourne characterized the industry as being ‘in limbo’ following the apparent collapse of a crucial partnership arrangement with the cooperative entity previously designated to manage operations.

    Gilding-Bourne highlighted additional ambiguities concerning the ownership and control of Barbados Energy and Sugar Company (BESCO) and Agricultural Business Company Ltd (ABC)—two entities established during the 2023 restructuring initiative.

    In response to these challenges, Dr. Munro-Knight has adopted a methodical approach centered on consultation and information gathering. During her swearing-in ceremony at CARIFESTA House, the minister emphasized that her initial priority involves convening with agricultural stakeholders to comprehensively assess the situation. She stated that understanding completed Estimates and the forthcoming Budget process remains essential for fully grasping the industry’s current state.

    The minister confirmed that multiple stakeholders have already requested meetings, and she intends to prioritize listening to all concerned parties before determining the appropriate course of action. While the traditional harvest commencement window approaches, Dr. Munro-Knight affirmed that any official announcement regarding the 2026 crop will follow thorough consultations with industry representatives.

    The resolution of current uncertainties may ultimately depend on these preliminary engagements, as the government endeavors to stabilize an industry that retains significant cultural and economic importance despite persistent operational and structural challenges.

  • IICA signs agreement with Costa Rican gov’t to bolster country’s agriculture industry

    IICA signs agreement with Costa Rican gov’t to bolster country’s agriculture industry

    Costa Rica has forged a landmark alliance with the Inter-American Institute for Cooperation on Agriculture (IICA) to revolutionize its agricultural sector through a comprehensive modernization strategy. The formal agreement, signed between the Ministry of Agriculture and Livestock (MAG) and the hemispheric organization, centers on implementing a groundbreaking Payment for Results (PfR) program backed by $140 million in funding from the World Bank and International Fund for Agricultural Development (IFAD).

    The partnership was officially launched during the inauguration of MAG’s new digital single file system, with high-level participation from Costa Rican Minister of Agriculture and Livestock Víctor Carvajal Porras, Environment and Energy Minister Franz Tattenbach Capra, and IICA Director General Muhammad Ibrahim, who served as honorary witness to the signing ceremony.

    This five-year initiative represents a paradigm shift in agricultural governance, structured around eight strategic indicators that IICA will technically verify. The program’s architecture encompasses six transformative pillars: digital transformation of agricultural systems, enhanced traceability mechanisms, infrastructure modernization, implementation of Nationally Appropriate Mitigation Actions (NAMAs), development of Payment for Environmental Services (PES) frameworks, and promotion of green financing strategies.

    IICA’s role as technical partner leverages the organization’s regional expertise to ensure international standards in management, evaluation, and accountability. Director General Ibrahim emphasized the strategic importance of this collaboration, noting that ‘the transformation and modernization of the agricultural sector are essential to respond to national demands and global challenges.’ The Institute will work closely with ministries and private sector stakeholders to overcome institutional barriers and strengthen sustainable practices.

    Beyond immediate operational improvements, the agreement positions IICA as a key policy advisor in strengthening Costa Rica’s agricultural public policies. The collaboration aims to create a more innovative and resilient agricultural sector that simultaneously addresses environmental commitments and international market requirements, establishing a new benchmark for sustainable agriculture in the Americas.

  • Azizi Joseph Wins Brand-New Changan Alsvin in Townhouse Megastore Promotion

    Azizi Joseph Wins Brand-New Changan Alsvin in Townhouse Megastore Promotion

    In a remarkable conclusion to a highly publicized retail promotion, Azizi Joseph has been declared the grand prize winner of a brand-new Changan Alsvin sedan. The life-changing vehicle was awarded through an extensive marketing campaign orchestrated by Townhouse Megastore, a prominent retail chain known for its innovative customer engagement strategies.

    The promotional event, which ran for several months across multiple Townhouse Megastore locations, offered customers automatic entry with qualifying purchases. The campaign successfully drove significant foot traffic and sales volume while generating substantial brand awareness for both the retailer and Changan Motors, the Chinese automotive manufacturer producing the Alsvin model.

    Joseph’s win represents a substantial value acquisition, with the Changan Alsvin representing one of the most competitive compact sedans in its class. Featuring modern design elements, advanced technological integrations, and fuel-efficient performance capabilities, the vehicle has been gaining international market traction as an affordable transportation solution.

    Retail analysts note that such high-value promotions have become increasingly popular among major retailers seeking to differentiate themselves in competitive markets. The strategy effectively creates dual benefits: generating immediate sales boosts while building long-term customer loyalty through memorable brand interactions.

    Townhouse Megastore representatives expressed enthusiasm about the promotion’s overall success, noting that customer engagement metrics significantly exceeded expectations throughout the campaign period. The company has indicated it will likely implement similar high-impact promotions in future marketing cycles based on these results.

  • Message from Minister Lennox Andrews on current seafood export issue

    Message from Minister Lennox Andrews on current seafood export issue

    The Grenadian government has issued a decisive response to ongoing seafood export restrictions, affirming its commitment to both national economic interests and long-term marine sustainability. Addressing the nation’s fishing communities directly, officials emphasized the sector’s fundamental role in sustaining livelihoods, ensuring food security, and driving export revenue.

    In a comprehensive action plan, authorities outlined immediate measures including enhanced regulatory oversight, strengthened compliance mechanisms, and improved traceability protocols. The government is actively collaborating with international partners to expedite the restoration of full market access while simultaneously implementing support programs for affected fishers and exporters.

    Concurrent with these efforts, Grenada is accelerating initiatives to boost local value-added production and reduce dependency on imports. A strategic push to expand domestic consumption of premium locally-caught seafood—particularly the nation’s renowned yellowfin tuna—forms a key component of this economic recalibration.

    The Ministry of the Blue Economy and Marine Affairs has committed to maintaining transparent communication with industry stakeholders throughout this transitional period, emphasizing unity and decisive action as essential to navigating current challenges. The government’s position remains unequivocal: corrective measures will be implemented where necessary, systemic strengths will be reinforced, and the future of Grenada’s fisheries will be built on principles of resilience, competitiveness, and sustainability.