Carib Scope

分类： business

  • Massy Group’s revenue increased 6% to US$650m

    Massy Group’s revenue increased 6% to US$650m

    Massy Group has demonstrated formidable financial strength in its first-quarter results for the period ending December 31st. The conglomerate announced a 6% year-on-year revenue increase, reaching US$650 million, signaling a powerful start to its fiscal year.

    The Board of Directors, encouraged by these results, declared an interim quarterly dividend of TT$3.54 per share. This decision reflects confidence in the company’s sustained profitability and commitment to shareholder returns.

    Financial metrics showed impressive gains across key performance indicators. EBITDA (earnings before interest, taxes, depreciation, and amortization) surged by 12% to US$79 million, while profit after tax from continuing operations climbed 9% to US$33 million. Correspondingly, earnings per share from continuing operations rose by 9% to US$0.02.

    Segment performance revealed diversified strength throughout Massy’s portfolio. The integrated retail division, encompassing Massy Distribution and Massy Stores retail outlets, grew revenue by 4% to US$400 million, maintaining its position as the Group’s largest contributor. This growth was fueled by volume expansion, enhanced merchandising strategies, and continued improvements in customer experience.

    The gas products segment recorded a 10% year-on-year EBITDA increase to US$21 million, while the motors and machines portfolio achieved a remarkable 17% third-party revenue growth to US$200 million compared to the prior-year quarter.

    President and CEO James Mc Letchie acknowledged shareholder support and expressed optimism about Massy’s strategic direction. Despite acknowledging challenges including inflationary pressures, foreign exchange constraints, and competitive market dynamics, Mc Letchie emphasized the company’s focus on executing its long-term strategy through consistent performance, strengthened governance, responsible capital allocation, and sustainable growth investments.

  • PM Says Order and Cleanliness Essential to Luxury Tourism

    PM Says Order and Cleanliness Essential to Luxury Tourism

    In a strategic address at the World Government Summit in Dubai, Antigua and Barbuda’s Prime Minister Gaston Browne unveiled a comprehensive national policy linking environmental management and public order directly to economic competitiveness in the luxury tourism sector. Browne asserted that sustaining high-value tourism requires deliberate measures against urban disorder and environmental neglect, positioning his government’s crackdown on illegal vending and littering as essential economic interventions rather than mere regulatory actions.

    The Prime Minister articulated that destinations competing in the premium tourism market can no longer treat environmental stewardship as optional. ‘We cannot sustain a luxury product in an environment of disorder, disrepair and filth,’ Browne stated, emphasizing that cleanliness and urban order fundamentally impact visitor confidence and national credibility. This approach reflects the growing consumer preference for eco-conscious travel, with tourists increasingly selecting destinations demonstrating authentic sustainability practices and responsible management of natural and cultural assets.

    Browne detailed ongoing initiatives including urban redevelopment programs in St. John’s and surrounding areas, framing these efforts as part of a broader tourism sector reset. The government’s multifaceted strategy combines infrastructure enhancement, stringent environmental management, and governance standards improvement. Browne warned that destinations failing to address disorder and environmental degradation risk obsolescence in an increasingly competitive global market, presenting Antigua and Barbuda’s comprehensive approach as a necessary adaptation to evolving tourism dynamics.

    The Prime Minister further identified national civic pride as a central component of tourism competitiveness, arguing that environmental discipline and public responsibility shape international perceptions of the twin-island nation. This repositioning strategy aims to transform Antigua and Barbuda into a premier luxury destination by aligning physical infrastructure, community spaces, and environmental standards with the expectations of discerning global travelers.

  • VES kritisch over verlaging goudroyalty: Regering beloont illegaal gedrag

    VES kritisch over verlaging goudroyalty: Regering beloont illegaal gedrag

    The Association of Economists in Suriname (VES) has expressed strong opposition to the government’s recent decision to reduce royalty rates on gold exports from small-scale mining operations. Secretary Swami Girdhari characterized the policy shift as fundamentally flawed, arguing that it effectively rewards illegal gold smuggling activities rather than combating them.

    President Jennifer Simons defended the measure during a radio interview on ABC Actueel, explaining that the royalty reduction from 5.5% to 4.5% aims to discourage gold smuggling by easing the financial burden on legitimate mining operators. The administration believes lower rates will incentivize compliance with tax obligations.

    However, the VES maintains that this approach represents a dangerous precedent. Girdhari emphasized that “gold smuggling constitutes a criminal offense that damages society. Entrepreneurs engaged in such activities should face prosecution and punishment, not accommodation.” The association further notes the contradiction between this policy and the government’s stated principle that those with greater resources should bear heavier fiscal responsibilities.

    The economists highlight additional inconsistencies with the government’s 2026 draft budget, which specifically calls for strengthened tax collection policies, enhanced monitoring mechanisms, and sector-specific approaches to improve compliance within the gold industry. “By reducing royalties now, the government undermines its own announced policy agenda,” Girdhari stated.

    The VES recalls that the previous administration’s recovery plan initially proposed increasing royalties from 2.75% to 7.5%, though ultimately settled at 5.5%. This historical context demonstrates the considerable influence of gold industry lobbying efforts, which appear to persist within the current government structure.

    Notably, international gold prices have more than doubled in recent years, currently exceeding USD 155,000 per kilogram, while production costs have remained relatively stable. This market dynamic generates substantial profits—even windfall gains—for gold operators, making royalty compliance economically feasible without reduction measures.

    The association concludes that smuggling represents an economic crime requiring stringent enforcement rather than concessionary policies. Girdhari posed a rhetorical question: “If retailers suddenly stopped paying value-added tax, would the government reduce VAT rates? If entrepreneurs ceased income tax payments, would those taxes be lowered accordingly? Equal justice must apply to all.”

  • DP World selects Dominican Republic for its largest regional logistics hub

    DP World selects Dominican Republic for its largest regional logistics hub

    DUBAI – In a significant development for Caribbean trade infrastructure, Dominican President Luis Abinader convened with Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, at the logistics behemoth’s Jebel Ali headquarters. The high-level discussion, a centerpiece of the President’s agenda during the World Governments Summit, centered on the firm’s landmark commitment to establish its most extensive logistics center in Central America and the Caribbean within the Dominican Republic.

    DP World’s strategic decision is underpinned by the nation’s robust economic stability, attractive investment policies, and its pivotal geographic positioning. The envisioned project transcends conventional port operations, encompassing a major expansion of the adjacent free trade zone. This holistic approach is designed to create a multifaceted logistics ecosystem aimed at drawing new international enterprises, fostering job creation, and stimulating productive domestic linkages.

    As a global leader handling an estimated 30 million containers per year via its extensive network of ports and supply chain solutions, DP World’s deepened investment signals strong confidence in the region. The company already operates the critical Port of Caucedo, a regional terminal currently undergoing a transformative $760 million capacity enhancement to evolve into a full-service logistics platform. This new hub represents a further escalation of these long-term expansion objectives.

    Preceding the official meeting, President Abinader undertook a comprehensive tour of DP World’s state-of-the-art facilities, gaining firsthand insight into the operational technologies, innovation frameworks, and management paradigms that cement the company’s status as an international trade leader.

  • SSB Board Requests More Information Before Speednet Vote

    SSB Board Requests More Information Before Speednet Vote

    In a significant development for Belize’s telecommunications sector and national economy, the Social Security Board (SSB) has postponed its decisive vote on Belize Telecommunications Limited’s (BTL) proposed acquisition of Speednet. The much-anticipated meeting, which was strategically moved from Belize City to Belmopan on February 5, 2026, to circumvent potential protests by United Democratic Party (UDP) supporters, concluded without a resolution. Board directors conducted a comprehensive review of the preliminary transaction details, paying particular attention to the potential ramifications for the social security fund and broader economic implications. Following extensive deliberations, the board determined that insufficient information was available to reach an informed decision. Officials emphasized that the deferral signifies no approval has been granted at this juncture, with the board requesting additional documentation and analysis before reconsidering the multimillion-dollar telecommunications merger that has generated substantial concern among workers and social security contributors nationwide.

  • Former BTL Workers Ramp Up Pressure for Severance

    Former BTL Workers Ramp Up Pressure for Severance

    Belize City, Belize – Former employees of Belize Telemedia Limited (BTL) have intensified their campaign for severance payments allegedly owed for decades, creating a significant corporate standoff. The Belize Communications Workers for Justice (BCWJ), representing over 170 former telecom workers, staged renewed protests outside BTL headquarters this week.

    The dispute centers on severance entitlements that date back to 1994, when BTL transitioned to a contributory pension scheme. Despite a ruling from the Caribbean Court of Justice supporting the workers’ claims, compensation remains unresolved. Protest organizers Emily Turner and Michael Augustus, both former union presidents, delivered a clear ultimatum to management: prioritize worker settlements over corporate expansion plans, including the proposed Speednet acquisition.

    Financial estimates of the liability vary considerably. While BTL Chairman Markhelm Lizarraga has cited approximately $14 million, the BCWJ contends the actual figure could approach $50 million due to accumulating obligations. The situation is further complicated by revelations that BTL may have spent over $20 million on legal fees fighting these severance claims – potentially exceeding the settlement amount itself.

    Adding to the tension, protesters expressed disappointment with the current Communication Workers Union’s silence regarding their cause. Turner noted that despite formal requests for support, the union has remained observant rather than actively supportive. Augustus, who helped revitalize the union during his leadership, emphasized their determination to avoid returning to what they characterize as previous eras of union complacency.

    Authorities have limited planned protest activities, denying permission for demonstrations scheduled for February 6th – the same day BTL promised to deliver a response regarding the severance payments. The developing situation highlights ongoing tensions between corporate ambitions and worker rights in Belize’s telecommunications sector.

  • New Artisan Market Boosts Community Tourism in San Pedro

    New Artisan Market Boosts Community Tourism in San Pedro

    San Pedro Town has inaugurated a new artisan market, marking a significant advancement in Belize’s community-based tourism strategy. The facility, officially opened on February 5, 2026, represents a collaborative effort between local government and national tourism authorities to create sustainable economic opportunities while celebrating local culture.

    Mayor Wally Nuñez emphasized the market’s role in showcasing local talent and creating genuine opportunities for residents. “This project reflects the power of partnership,” Nuñez stated during the opening ceremony, acknowledging support from the Belize Tourism Board and government ministers.

    Tourism Minister Anthony Mahler contextualized the development within broader infrastructure improvements, noting that previous tourism facilities had significant deficiencies. “Most projects we’ve worked on over the last two and half to three years have been community-based initiatives like this one,” Mahler explained, highlighting the integration of local communities into the tourism economy.

    Area Representative Andre Perez detailed additional infrastructure developments accompanying the market project, including nearly seven miles of paved streets, a rebuilt bridge that was near collapse, and a forthcoming hospital serving Ambergris Caye and neighboring Caye Caulker. Perez stressed the importance of sustainable growth amid rapid development, stating that while the town is “playing catchup with infrastructure, we’re coming along.”

    The artisan market represents a strategic shift toward experiential tourism that benefits local residents directly. Rather than conventional tourism development, officials described the approach as prioritizing people, culture, and sustainability—what they term “growing tourism the right way.” The market provides space for artisans to sell authentic Belizean crafts and souvenirs while ensuring economic benefits remain within the community.

    This initiative forms part of a comprehensive infrastructure improvement program designed to enhance the visitor experience while distributing tourism revenues more equitably among local residents. Officials view the project as a model for future community-based tourism development throughout Belize.

  • Four Seasons Resort Nevis welcomes Mahmoud Mohamed as new Resort Manager

    Four Seasons Resort Nevis welcomes Mahmoud Mohamed as new Resort Manager

    Four Seasons Resort Nevis has announced the strategic appointment of Mahmoud Mohamed as its new Resort Manager, marking a significant leadership enhancement for the Caribbean’s premier luxury destination. The appointment, effective February 2026, brings a hospitality veteran with over two decades of experience at globally recognized five-star properties to the Nevis leadership team.

    Mohamed’s extensive career includes notable tenures at multiple Four Seasons properties worldwide, beginning at Four Seasons Hotel Cairo at First Residence where he mastered luxury service fundamentals. His selection for the prestigious Manager in Training Program at Four Seasons Hotel Las Vegas demonstrated early recognition of his leadership potential. Subsequent roles at Four Seasons Resort Whistler and Four Seasons Hotel Houston further developed his expertise in high-volume resort operations.

    Beyond the Four Seasons brand, Mohamed served as Director of Rooms at both Fairmont Hotel Vancouver and the Forbes Five Star-rated Fairmont Pacific Rim, acquiring additional experience in complex luxury environments. His educational background includes a Bachelor’s Degree in Hotel Management from Cairo University and completion of the General Manager Program at Cornell University, equipping him with both theoretical knowledge and practical leadership capabilities.

    General Manager Avi Phookan emphasized the strategic alignment of Mohamed’s appointment: “Mahmoud brings an exceptional blend of operational excellence, multi-cultural exposure and genuine warmth. These are qualities that align beautifully with the spirit of Nevis as we enter an exciting new era of guest experience and community partnership.”

    Mohamed’s leadership philosophy centers on empathy, anticipatory service, and creating meaningful guest experiences that resonate with the Nevisian tradition of warmth and hospitality. In his new capacity, he will oversee all operational divisions of the resort while playing a key role in representing the property in local government, residential, and community affairs.

    The appointment signals Four Seasons Resort Nevis’s commitment to strengthening its leadership team as it advances into a new phase of elevated guest experiences, enhanced community partnerships, and modern Caribbean luxury offerings.

  • Belize Tourism Sector Surpassing Pre-COVID Benchmarks

    Belize Tourism Sector Surpassing Pre-COVID Benchmarks

    Belize’s tourism sector has achieved a remarkable recovery, now exceeding pre-COVID performance benchmarks according to latest data from the Belize Tourism Board. Both overnight stays and cruise arrivals have not only rebounded but surpassed previous records, signaling a robust resurgence in the Central American nation’s vital tourism economy.

    Evan Tillett, Director of Tourism at the Belize Tourism Board, revealed the sector’s strategic approach to this success. “We have been focusing more strategically on our marketing, putting significant effort into granular targeting based on comprehensive data analysis,” Tillett explained. This data-driven marketing strategy has been complemented by continuous infrastructure development within the tourism ecosystem.

    The statistics demonstrate impressive growth trajectories. Cruise arrivals for 2025 showed an 8.1% increase compared to 2024 figures, while overnight tourism grew by approximately 1%. Most significantly, 2024 established a new national benchmark with 547,000 overnight visitors—the highest in Belize’s history—with 2025 projections reaching 551,000.

    The positive trend continues into 2026, with January figures showing a marginal but meaningful increase over January 2025—59,173 visitors compared to 59,095. This sustained growth reflects the effectiveness of Belize’s strategic tourism initiatives.

    Concurrently, the government is emphasizing community-based tourism development as exemplified by San Pedro’s new artisan market. This project represents a conscious effort to distribute tourism benefits more broadly across local communities while maintaining sustainable development principles. Industry leaders highlight this dual approach of quantitative growth and qualitative community enrichment as central to Belize’s tourism strategy moving forward.

  • Despite City Strain, Entrepreneurship Flourishes

    Despite City Strain, Entrepreneurship Flourishes

    BELIZE CITY – Amidst the challenges of rapid urbanization and overburdened infrastructure, Belize City is experiencing a remarkable surge in entrepreneurial activity that is fundamentally transforming its economic landscape. Despite persistent issues with road networks, drainage systems, and urban planning, municipal authorities report a significant increase in business registrations, approaching nearly three thousand active trade licenses.

    Mayor Bernard Wagner revealed that the current count of approximately 2,976 active trade licenses represents a substantial increase from the 2,554 recorded when his administration assumed office. This growth trajectory coincides with approximately 17,000 registered properties within the city limits, indicating a vibrant expansion of commercial activity.

    The pandemic era served as a critical catalyst for this economic transformation, according to Mayor Wagner. “This growth may have been triggered by necessity,” he explained. “When COVID-19 emerged, numerous residents faced job losses and subsequently ventured into entrepreneurial pursuits, many of whom never returned to traditional employment.”

    Statistical analysis demonstrates that small-scale enterprises, particularly family-operated ‘mom and pop’ businesses, constitute the overwhelming majority of these new ventures. This trend underscores a fundamental shift in the city’s economic dynamics, with a growing preference for self-employment and business ownership among residents.

    As urban expansion continues both physically and economically, municipal leadership now faces the complex challenge of balancing entrepreneurial encouragement with sustainable development. The administration must address infrastructure limitations while simultaneously fostering an environment conducive to continued business growth and economic diversification.