The High Court has delivered a landmark ruling against FirstCaribbean International Bank, mandating the withdrawal of its claim against an elderly couple who guaranteed an EC $800,000 loan for their children’s business. The court found that the bank failed to ensure the couple fully understood the risks associated with the agreement. Justice highlighted that Alburn and Veronica Samuel were not advised to seek independent legal counsel before signing as guarantors for Tyrells A1 Building Centre in 2010. The judge emphasized that the parents’ relationship with their children established a “relationship of influence,” which should have prompted the bank to exercise greater caution. The court noted that FirstCaribbean provided no evidence that it adequately explained the agreement to the couple or encouraged them to obtain legal advice, rendering their guarantees invalid. While the ruling dismissed the bank’s claim against the parents, it upheld its right to recover approximately EC $3.8 million in loans from the business partnership itself. Additionally, other relatives, whose properties were used as collateral, were absolved of liability after the court determined that the bank altered the loan terms without their consent. These relatives were awarded roughly EC $96,000 in damages and EC $10,000 each for defamation due to incorrectly published auction notices. FirstCaribbean was also ordered to pay the Samuels EC $7,500 in legal costs, with an additional EC $166,000 awarded to other defendants.
分类： business
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Straughn to private sector: Seize opportunities with CAF membership
Barbadians are being encouraged to capitalize on investment opportunities across the Caribbean and Latin America as Barbados prepares to become a full member of the Development Bank of Latin America and the Caribbean (CAF). Finance and Economic Affairs Minister Ryan Straughn emphasized this vision during the introduction of the Development Bank of Latin America and the Caribbean Bill in Parliament on Tuesday. The bill, which seeks to elevate Barbados’ membership status, will unlock access to up to US$18 billion in concessional financing for the government, local businesses, and individuals. Straughn highlighted that this financial access will empower Barbadians to acquire businesses regionally and beyond, fostering economic growth and integration. He urged a shift in mindset from concerns about foreign ownership to proactive regional investment by Barbadian enterprises. Straughn also called on local credit unions to innovate and support this vision, enabling Bajan companies to expand their reach. As the smallest member of CAF, Barbados will join a prestigious group of regional economies, marking a significant milestone in its financial and economic integration with Latin America and the Caribbean.
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Barbados to join Latin American development bank as smallest full member
Barbados is poised to become the smallest full member of the Development Bank of Latin America and the Caribbean (CAF), a move that will grant the island nation access to $18 billion in loan financing. This funding will benefit not only the government but also the private sector and individuals. Finance and Economic Affairs Minister Ryan Straughn introduced legislation on Tuesday to ratify Barbados’ membership, marking its transition from Series C to Series A status. This upgrade will enhance the country’s influence in the bank’s operations and expand its eligibility for funding opportunities. CAF, headquartered in Caracas, Venezuela, is a regional development bank owned by its member countries and financial institutions. It focuses on promoting sustainable development, regional integration, and social inclusion across Latin America and the Caribbean. To achieve Series A membership, Barbados will pay over $1 million in membership dues, necessitating the repeal of existing legislation and its replacement with the new bill. Minister Straughn emphasized the strategic importance of this move, particularly as the World Bank shifts its stance on climate-related development projects under the influence of the U.S. administration. He highlighted that CAF offers greater insulation and flexibility for Barbados to secure concessional loans, especially for middle-income countries like Barbados and The Bahamas, which face unique vulnerabilities. Unlike other institutions where non-borrowing members dominate lending policies, CAF is governed primarily by its borrowing members, ensuring decisions align with their collective interests. Straughn likened CAF to a credit union for Latin America and the Caribbean, where member contributions translate into ownership and influence. He also stressed the importance of maintaining access to concessional financing during crises beyond the country’s control. CAF provides concessional loans, grants, and technical assistance for projects in infrastructure, energy, water, transport, and climate resilience, often linking financing to transformative development outcomes for the region.
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Nieuwe website moet toegang tot kapitaal voor ondernemers vergroten
The Ministry of Economic Affairs, Entrepreneurship, and Technological Innovation (EZOTI) in Suriname has officially unveiled its new digital platform, financieringswijzer.sr. Designed to assist entrepreneurs and startups, the platform aims to streamline the process of identifying funding opportunities from banks, funds, and investment programs. The launch event took place in the ballroom of the Lallarookh Building, marking a significant step toward enhancing the entrepreneurial ecosystem in the country. The platform serves as a centralized portal, enabling users to systematically explore available financial instruments tailored to their specific needs. According to EZOTI, this initiative addresses a critical barrier: the lack of accessible information on securing funding. Karishma Mathoera, Director of Entrepreneurship, emphasized the platform’s role in fostering sustainable economic growth, stating, ‘This platform makes a tangible contribution to strengthening Suriname’s entrepreneurial ecosystem.’ Entrepreneurs like Wensley Perea, CEO of AMEA Cashew & Pineapple Industry, shared their experiences in navigating funding challenges within the agricultural value chain. Ifeyinwha Bonheur, Senior Private Sector Specialist at the World Bank, highlighted the importance of collaboration among government, banks, and investors to improve access to capital for local businesses. Minister Andrew Baasaron, who officiated the launch, reiterated the government’s commitment to promoting entrepreneurship and creating sustainable employment. He noted that financieringswijzer.sr enhances transparency and equal opportunities for entrepreneurs across all districts.
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From Paradise to Legal Battle: Howler Jungle House Dispute Turns Ugly
Nestled in the lush rainforests of Belize’s Burrel Boom Village, the Howler Jungle House and Cabanas once symbolized a tropical paradise. What began as a modest wood cabin a decade ago has since expanded into four luxury accommodations, thanks to a partnership between local entrepreneurs Shanna and Kenny Williams and three American investors. However, this idyllic venture has now descended into a bitter legal dispute, with allegations of fraud and mismanagement at its core. The investors claim they were misled, citing inflated costs, questionable expenses, and a lack of transparency. Meanwhile, the Williamses vehemently deny these accusations, asserting their business practices were ethical and above board. As the legal battle intensifies, the future of this once-promising retreat remains uncertain.
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Regering hervat onderhandelingen met Chinalco over bauxiet West-Suriname
The Surinamese government has announced plans to renegotiate its agreement with Chinese bauxite company Chinalco, aiming to secure a more favorable deal for the nation. Acting President Gregory Rusland revealed this development during a meeting with a Chinalco delegation on November 4, 2025. A special negotiation committee will be established to revise the terms of the original agreement signed with the previous administration in November 2024. The deal, which involved a $426 million investment for a bauxite mine and related infrastructure in Apoera, West Suriname, had stalled due to strong opposition from local communities. Rusland, who had previously opposed the deal as a parliamentarian, emphasized the need for a revised agreement that ensures bauxite processing within Suriname, thereby maximizing national benefits. Chinalco’s director, Bo Qu, expressed commitment to a mutually beneficial partnership. The renewed negotiations aim to address local concerns and clarify the conditions under which the project can proceed.
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Belize Joins Global Effort to Turn Oceans Into Jobs and Income
Belize has joined a worldwide initiative aimed at transforming ocean conservation into economic opportunities. Partnering with the African Union and the Global Water Partnership, the country is actively participating in a knowledge-sharing platform centered on the Blue Economy. This innovative approach seeks to generate employment and boost income while ensuring the sustainability of marine ecosystems. The Blue Economy emphasizes responsible practices such as sustainable fishing, strategic marine planning, and innovative financing for ocean-related projects. Belize is not only contributing its own successful strategies but also gaining insights from global partners. Samir Rosado, MSP Process Lead at the Coastal Zone Management Authority and Institute (CZMAI), highlighted the vision of a healthy, resilient ocean that supports economic growth and cultural well-being for all Belizeans. This collaboration is part of a broader global network connecting ocean and water projects worldwide, with the potential to influence policies across the Caribbean and Africa. Throughout the week, officials are expected to exchange ideas, examine practical examples, and identify actionable strategies to make the Blue Economy a reality for all stakeholders.
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Solar Tours & Travel earns silver medal at Stella Awards
Solar Tours & Travel, a prominent destination management company, has been honored with a silver medal in the International and US Territories Best DMC category at the 2025 Stella Awards. This prestigious accolade, organized by Northstar Meetings Group, recognizes excellence and innovation in the meetings, incentives, conferences, and events (MICE) industry. The awards celebrated 248 global organizations for their outstanding contributions. For Solar Tours & Travel, this achievement signifies a significant milestone, as the company has advanced from its 2024 bronze medal to silver. Carmelita Xavier, CEO of Solar Tours & Travel and a 2023 Gimie’s Lifetime Award winner, expressed her elation, stating, ‘We are beyond thrilled. This recognition truly reflects the hard work, dedication, and passion our team puts into delivering exceptional experiences for our clients. We look forward to attaining gold in 2026.’ The Stella Awards honor excellence across various industry segments, including hotels, convention centers, airlines, cruise lines, and destination management organizations. This year’s winners were selected from over 10,000 votes and 1,009 nominations, evaluated based on criteria such as overall excellence, food and beverage offerings, staff professionalism, and sustainability initiatives. Shalise DeMott, senior vice president of Northstar, emphasized that the awards celebrate the consistent contributions of industry leaders who set new standards for service and innovation. Winners are nominated and voted on by event planners, followed by a rigorous review by a distinguished panel of judges.
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Barbados to join the select group of full members of CAF
Barbados is on the verge of making history as the smallest nation to achieve full membership in the Development Bank of Latin America and the Caribbean (CAF). This milestone was announced by Ryan Straughn, Minister in the Ministry of Finance and Economic Affairs, during a parliamentary debate on the Development Bank of Latin America and the Caribbean Bill, 2025. Straughn emphasized that this move would significantly strengthen Barbados’ integration into the regional development finance framework. He compared the decision to joining a credit union, highlighting that it would grant Barbados enhanced access to CAF’s decision-making processes and funding mechanisms. Barbados initially joined CAF 14 years ago under the Democratic Labour Party (DLP) administration, which secured a US$200 million financing facility with a US$15 million subscription. However, the proposed legislative amendments aim to provide Barbados with more flexibility, especially in response to the evolving global financial landscape and the shifting policies of institutions like the World Bank, which has increasingly aligned with the current U.S. administration. Once finalized, this upgraded membership will not only bolster the government’s access to CAF financing but also create opportunities for private sector entities and individual Barbadians to benefit from the bank’s development programs and investment tools.
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‘Recovery will be quicker than expected’
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.