分类: business

  • OWOS-voorzitter haalt uit naar EBS-directeur: Situatie was slechts een kwestie van tijd

    OWOS-voorzitter haalt uit naar EBS-directeur: Situatie was slechts een kwestie van tijd

    A severe leadership crisis has erupted at Energiebedrijven Suriname (EBS), the national energy company, with union representatives accusing General Director Brunswijk of authoritarian management practices and procedural violations. Marciano Hellings, President of the OWOS trade union, revealed that tensions within the company’s executive leadership had been building for months before reaching a breaking point.

    According to Hellings, the general director has created a toxic work environment characterized by intolerance for dissent and consistent disregard for established protocols. “He determines what must be done with little respect for existing agreements and procedures,” Hellings stated in an interview with Starnieuws. The situation has deteriorated to the point where it has affected not only union relations but also caused significant friction within the Board of Commissioners.

    The union leader detailed multiple concerning practices under Brunswijk’s leadership, including withheld promotions and periodic salary increases, intimidation tactics, threats of suspension, and termination notices. Hellings also reported instances of workplace polarization, alleging that the director actively pits employees against one another as part of his management strategy.

    Of particular concern is the stalled collective labor agreement negotiations for 2025. Despite a ruling from the Mediation Council in January, management has failed to formalize the agreement. Hellings warned that continued inaction could lead to organized labor actions from the unionized workforce.

    Hellings has called upon President Simons, as representative of the company’s shareholder, to intervene decisively. The union president questioned Brunswijk’s fundamental competency to lead the organization, citing missing strategic plans, overdue annual reports, and personnel appointments that allegedly bypassed standard procedures.

    The current Board of Commissioners has received some praise from Hellings for their willingness to address the issues, unlike previous boards that avoided confrontation. However, the union maintains that only presidential intervention can resolve the deepening institutional crisis at the vital energy provider.

  • Trinidadian Businessman Defends Name After Scam Accusations

    Trinidadian Businessman Defends Name After Scam Accusations

    A contentious dispute has erupted in San Ignacio between local vendors and Trinidadian entrepreneur Irwin Denis following the abrupt postponement of a promised Food and Soca Tour event. Approximately sixty small business owners who paid between fifty and one hundred dollars per booth for participation now allege financial misconduct, while Denis maintains the cancellation resulted from unforeseen business complications rather than fraudulent intent.

    The controversy originated in December when Denis, formerly affiliated with the Island Run Delivery app franchise, initiated planning for a multi-day festival designed to promote local commerce through digital platform integration. Vendors were guaranteed exposure through a system where attendees would purchase goods exclusively via the application. However, the event encountered severe turbulence when Denis indefinitely postponed the festival without providing alternative dates or immediate refunds.

    Howard Keaton, proprietor of Mecha’s and listed as an official sponsor, expressed profound confusion regarding the event’s collapse. “The absence of rescheduled dates immediately raised red flags,” Keaton stated, emphasizing the lack of transparency surrounding the cancellation. Further investigations revealed that neither Falcon Field nor Victor Galvez Stadium—initially proposed venues—had received formal booking requests, deepening suspicions among participating vendors.

    Denis attributes the cancellation to financial constraints exacerbated by his severed relationship with Island Run Delivery. According to his account, the parent company terminated his franchise access due to outstanding fees, demanding six months’ advance payment for service restoration. This development, Denis claims, undermined the event’s core objective of promoting the very platform that withdrew support.

    In response to mounting pressure, Denis has committed to reimbursing all vendors by month’s end and developing an independent application to bypass third-party platform fees. He further announced intentions to host rescheduled events with waived participation fees for affected vendors, though skepticism prevails among the business community.

    Flora Choc of Flora’s Kitchen and Catering Service revealed that vendors have consulted legal authorities, receiving recommendations to pursue civil litigation if refunds remain unresolved. This collective grievance has catalyzed the organization of an alternative vendor-led event, the “Bounce Back Bazaar,” demonstrating diminished confidence in Denis’s proposals.

    Keaton advises enhanced due diligence for businesses engaging with unfamiliar promoters, stressing verification of business registration, physical addresses, and banking credentials before financial commitments. Meanwhile, Denis has issued public apologies, characterizing the incident as an unintended consequence of corporate disputes rather than deliberate deception.

  • Susana Vanzie Named Interim CEO of National Bus Company

    Susana Vanzie Named Interim CEO of National Bus Company

    The Belizean government has officially launched the National Bus Company, marking a significant transformation of the country’s public transportation system. Susana Vanzie, renowned co-founder of the modern Floralia bus service, has been appointed as interim Chief Executive Officer for an initial three-month probationary period. Her performance during this trial phase will determine whether she assumes the role permanently.

    The newly established seven-member board of directors represents a blend of governmental oversight and industry expertise. Chaired by Ministry of Transportation director Anna Loague, the board includes fellow ministry director Jeaneane Neil, Senator Elena Smith, educator Miriam Paz from the Ministry of Education, and three prominent operators: Jamie Williams from James, Sergio Chuc from West Line, and Mr. Codd representing northern smaller operators.

    Transport Minister Dr. Louis Zabaneh addressed several critical aspects of the transition. Regarding employment security for terminal staff, he acknowledged initial communication failures that caused anxiety among public service workers. The minister clarified that employees have a six-month transition period to decide between remaining in government service or applying for positions with the new company, with appropriate training provided for those who transition.

    Private operators who opted not to join the national system raised concerns about competitive disadvantages, specifically requesting equivalent duty breaks and fuel tax relief granted to the National Bus Company. Minister Zabaneh emphasized that these incentives were exclusively available to participants in the consolidated national system, and non-participating operators must comply strictly with existing service permit regulations.

    The ministry also announced forthcoming stricter enforcement against overcrowded buses with standees, identifying this as both a safety hazard and a systemic issue rooted in cash collection practices. The new approach will involve better route management and bus allocation to eliminate dangerous overcrowding while maintaining service efficiency.

    The National Bus Company represents Belize’s most ambitious public transportation reform, aiming to create a unified, modernized system that balances operational efficiency, passenger safety, and fair labor practices.

  • HRCU Makes Capital City Debut After Years of Planning

    HRCU Makes Capital City Debut After Years of Planning

    After years of strategic development, the Holy Redeemer Credit Union (HRCU) has achieved a significant milestone with the inauguration of its premier branch in Belize’s capital city of Belmopan. The grand opening ceremony, held on Saturday, marked the culmination of extensive planning and represented a tribute to the institution’s late former president, Fred Smith, whose visionary leadership catalyzed this expansion.

    The newly constructed Fred Smith Building now serves as HRCU’s operational hub in the capital, featuring modern banking facilities across its first two floors while incorporating an investment portfolio through third-floor rentals. The inauguration ceremony gathered community leaders, HRCU executives, and numerous members to celebrate both the architectural achievement and the legacy of the man who inspired it.

    Acting Manager Clement Usher reflected on Smith’s dedication, noting his unwavering commitment to operational excellence and member service. Vice President Dr. Carol Babb, a prominent figure in Belize’s financial education landscape, credited Smith with personally recruiting her to contribute her expertise to the credit union’s educational initiatives eight years ago.

    With assets exceeding $720 million, HRCU demonstrates robust financial health as it expands its geographical footprint. President Wendy Castillo outlined ambitious growth targets, projecting a 10% annual increase in membership from Belmopan’s existing base of 2,800 members. The strategic location eliminates the previously necessary journey to Belize City for Cayo District residents, who collectively maintain $47 million in savings and $8 million in loans with the institution.

    Credit Committee Member Jermaine Hyde emphasized the significance of bringing HRCU’s comprehensive service portfolio to the capital region, particularly highlighting the benefits of financial stability through savings. Member Service Representative Chanel McCulloch noted that the new branch addresses an eleven-year demand from Cayo-based members who previously faced logistical challenges accessing services in Belize City.

    This expansion represents more than physical growth—it embodies HRCU’s commitment to enhancing financial accessibility, strengthening community economic foundations, and continuing Fred Smith’s legacy of empowering members through financial services across western Belize.

  • HRCU Opens Its Doors in Belmopan Branch

    HRCU Opens Its Doors in Belmopan Branch

    In a significant development for financial accessibility in western Belize, Holy Redeemer Credit Union (HRCU) has officially inaugurated its first branch in Belmopan, effectively ending the arduous journey to Belize City for thousands of its members. The strategic establishment, situated within the newly constructed Fred Smith Building, marks a pivotal moment for the financial institution’s expansion strategy.

    For numerous years, members residing in the Cayo District and surrounding western regions faced considerable travel inconveniences to access essential banking services exclusively available in Belize City. This new facility now positions comprehensive financial services directly within the capital’s central hub, dramatically improving convenience for the local membership base.

    The branch’s location holds profound symbolic significance, serving as a tribute to the late former president Fred Smith, who vigorously advocated for the credit union’s expansion into Belmopan. Acting Manager Clement Usher reflected on Smith’s enduring legacy, noting his unwavering dedication: ‘During his presidency, he maintained a constant presence at the office to ensure seamless operations. He was fundamentally committed to excellence, consistently ensuring we performed to the best of our capabilities.’

    The newly operational branch currently serves approximately 2,800 members from the Belmopan area, with leadership expressing ambitious growth targets. President Wendy Castillo outlined the institution’s forward-looking vision, indicating objectives for sustained annual membership growth of approximately ten percent. This expansion not only enhances service delivery but also stimulates local economic activity through improved financial inclusion.

  • Hakrinbank boekt SRD 438 miljoen winst en versterkt financiële positie in 2024

    Hakrinbank boekt SRD 438 miljoen winst en versterkt financiële positie in 2024

    Suriname’s Hakrinbank has demonstrated robust financial health in its 2024 fiscal year, achieving a net profit of SRD 438 million while significantly strengthening its capital position. The institution’s solvency ratio climbed to 22.3%, substantially exceeding the minimum requirement set by the Central Bank of Suriname.

    The solvency ratio, which measures a bank’s capital adequacy and financial buffer capacity, showed notable improvement from its 2023 level of 20.3%. Shareholders unanimously approved the 2024 financial statements during Monday’s general meeting, reflecting confidence in the bank’s strategic direction.

    CEO Rafiek Sheorajpanday attributed this success to the bank’s sustained investments in human resources, digital transformation, governance frameworks, and risk management systems. The core banking business experienced substantial growth alongside an expanding credit portfolio, with positive trends continuing into 2025 and 2026 according to management forecasts.

    Financial Director Coenraad Valk confirmed the accuracy of previous projections, noting that the credit business recovery was driven by increased investment activity and improved margins. Board Chair Sharmila Jadnanansing highlighted four strategic priorities guiding the bank’s oversight: good governance, financial strength, human capital development, and digital advancement.

    A significant development occurred with the reduction of the Surinamese government’s shareholding in Hakrinbank, which resulted in substantial oversubscription during the share sale—a strong market endorsement of the bank’s future prospects. This move also ensures compliance with the country’s Banking and Credit Supervision Act.

    The shareholders approved the reappointment of commissioners Simone Oostwijk and Montague McLeod, while welcoming new commissioners Amisha Dewdath and Veditam Bishoen, pending regulatory approval from the Central Bank.

    On the commercial front, Deputy Director Claire Wydh announced continued digitalization investments, including enhancements to the mobile banking application and the November 2025 pilot launch of a corporate banking platform. The Mopé application is undergoing customer-experience based improvements. Additionally, Hakrinbank joined other local financial institutions in signing a sustainability protocol for inclusive financing on February 20.

    As the bank approaches its 90th anniversary this year, it emphasizes its historical role as Suriname’s premier business bank. The 2024 annual report underscores the institution’s commitment to digital innovation and service simplification.

  • San Ignacio Vendors Cry Foul After Promoted Festival Falls Apart

    San Ignacio Vendors Cry Foul After Promoted Festival Falls Apart

    Small business owners in San Ignacio are facing significant financial setbacks following the abrupt cancellation of a heavily promoted culinary and music event. The ‘Food and Soca Tour,’ scheduled for March 7-9, 2026, has been indefinitely postponed, leaving over sixty vendors who paid participation fees ranging from $50 to $100 without immediate recourse for reimbursement.

    The event organizer, Trinidadian promoter Irwin Denis—previously associated with the Island Run Delivery app franchise—marketed the festival as a major platform for local business promotion through the digital delivery service. Vendors who invested in the opportunity now find themselves in financial limbo after Denis declared that all funds had been exhausted in preliminary event preparations.

    Complications emerged when vendors raised concerns about venue modifications and questioned whether proper official approvals had been secured. Despite these issues, local authorities have indicated that the dispute may fall under civil jurisdiction rather than criminal misconduct.

    In response to allegations of fraudulent intent, Denis maintains that unforeseen financial constraints necessitated the postponement. He has publicly committed to reimbursing all affected vendors once his organization stabilizes its finances. Nevertheless, many small business operators describe the situation as a devastating blow, with some expressing skepticism about ever recovering their investments.

    The broader implications for vendor participation in externally-organized promotional events remain uncertain. This incident highlights the vulnerabilities small businesses face when engaging with third-party promoters and underscores the importance of financial safeguards in event planning partnerships.

  • Vendors highlight mounting pressures from rent, taxes and unpredictable spending

    Vendors highlight mounting pressures from rent, taxes and unpredictable spending

    Small enterprises in St. Lucia are confronting an escalating operational crisis characterized by unsustainable overhead costs and unpredictable revenue streams, according to extensive testimonies from local vendors. The fragile island economy presents unique challenges that threaten the survival of passionate entrepreneurs despite apparent market demand.

    Commercial rental expenses emerge as the most significant financial burden, typically ranging from two to five times higher than residential rates. Landlords frequently demand substantial upfront payments including two-to-three-month deposits plus first month’s rent. The fixed nature of these payments creates particular hardship during seasonal downturns such as post-Christmas periods or rainy seasons, with tenants possessing minimal protection against sudden rent increases.

    Taxation and regulatory compliance present additional layers of financial pressure. Business owners must navigate a complex web of mandatory payments including business registration fees, trade licenses, Inland Revenue filings, Value Added Tax (where applicable), National Insurance contributions, import duties, customs service charges, and environmental levies. These fixed costs persist regardless of profitability, creating particular strain during periods of low income.

    Import dependency compounds operational challenges for creative industries and retail sectors. Approximately 98% of materials required by artisans and manufacturers must be imported, subjecting businesses to shipping fees, customs duties, service charges, brokerage fees, port handling costs, and storage charges. In numerous instances, these ancillary fees surpass the actual value of imported goods, forcing vendors to either raise consumer prices or accept diminished profit margins.

    The digital marketplace and periodic events have become essential survival mechanisms for many entrepreneurs. Social media platforms enable product promotion and order generation, while organized events by institutions like CDF, Export Saint Lucia, and the Ministry of Commerce provide crucial sales opportunities. This event-driven revenue model creates unpredictable cash flow patterns, with vendors experiencing extended sales droughts followed by intense demand bursts during cultural celebrations like Independence and Jounen Kweyol.

    Customer spending patterns reflect broader economic pressures on the island. While consumer intention to support local businesses remains strong, practical purchasing power is constrained by high living costs, rising utility expenses, and stagnant wages. The tourism sector provides some relief through souvenir purchases, with visitors often preferring authentic artisan products over mass-market alternatives.

    Beyond financial pressures, business owners face significant personal strain from extended working hours, multifaceted role requirements (including marketing, accounting, and production), and constant pricing justification. Many operators supplement business income with personal savings or secondary employment to maintain operations during cash flow shortages.

    The collective testimony reveals an entrepreneurial ecosystem where passion and product quality are insufficient guarantees against structural economic challenges. Vendors have suggested potential mitigation measures including government concessions on imported materials and enhanced support mechanisms to address the fundamental imbalance between fixed costs and variable revenues.

  • African Export–Import Bank raises Caricom financing ceiling to US$5 billion

    African Export–Import Bank raises Caricom financing ceiling to US$5 billion

    The African Export-Import Bank (Afreximbank) has substantially elevated its financial commitment to the Caribbean Community (CARICOM), raising its financing ceiling from $3 billion to $5 billion. This strategic enhancement was unveiled during the 50th Regular Meeting of the Conference of Heads of Government of CARICOM in Basseterre, St. Kitts and Nevis, marking a significant step in fortifying economic collaboration between Africa and the Caribbean. The bank has set an ambitious target to fully deploy this augmented financial capacity within the next three to four years. This expanded initiative is founded upon a robust foundation of over $750 million already disbursed across the region and an active pipeline exceeding $2 billion in transactions currently being executed. The financing is strategically directed towards stimulating value-added production within pivotal sectors such as agriculture and natural resources. Concurrently, it will bolster critical infrastructure development, encompassing power generation and distribution networks, roadways, trade centers, and international conference facilities. A diverse portfolio of projects has been earmarked for development, including the establishment of healthcare facilities in Barbados, Guyana, and Grenada; targeted tourism investments in Barbados, Grenada, the Bahamas, and Antigua and Barbuda; and the development of agro-processing and logistics infrastructure across multiple CARICOM member states. Furthermore, Afreximbank is extending credit lines and specialized on-lending facilities tailored for small and medium-sized enterprises (SMEs) to financial institutions in Suriname, St. Lucia, Grenada, and Dominica. In a coordinated effort with the Eastern Caribbean Central Bank (ECCB), the institution has pledged support for a comprehensive regional development strategy. This strategy aims to double the size of the eastern Caribbean economy within a ten-year framework, with concentrated investments in infrastructure, agricultural modernization, and enhanced processing capabilities. Reinforcing its long-term presence, Afreximbank reaffirmed its plans to establish a permanent African Trade Centre in Bridgetown, Barbados. Work is also progressing on the creation of a dedicated Caribbean Eximbank, designed to mobilize long-term development finance for the region. The institution also expressed strong support for the ongoing development of the CARICOM Payment and Settlement System (CPSS), a mechanism inspired by the successful Pan-African Payment and Settlement System (PAPSS) launched in 2022 to facilitate seamless cross-border trade using local currencies. Headquartered in Cairo, Afreximbank is a premier pan-African multilateral financial institution with a three-decade-long history of financing and promoting both intra- and extra-African trade. It has been instrumental in driving industrialization and fostering regional economic integration, notably through its support for the implementation of the African Continental Free Trade Area (AfCFTA). As of December 2024, the bank reported formidable financial strength with total assets and contingencies surpassing $40.1 billion and shareholder funds standing at $7.2 billion. It maintains investment-grade credit ratings from leading agencies including GCR, Moody’s, China Chengxin International Credit Rating, and the Japan Credit Rating Agency. The Afreximbank Group encompasses the bank itself, the Fund for Export Development in Africa (FEDA) as its equity impact investment arm, and AfrexInsure, its insurance management subsidiary.

  • Afreximbank raises CARICOM financing cap to US$5 billion to accelerate regional transformation

    Afreximbank raises CARICOM financing cap to US$5 billion to accelerate regional transformation

    In a landmark announcement at the 50th CARICOM Heads of Government Conference in Basseterre, African Export-Import Bank (Afreximbank) Executive Vice President Dr. Denys Denya unveiled a substantial expansion of the bank’s Caribbean engagement strategy. The pan-African multilateral institution has elevated its regional financing commitment from $3 billion to $5 billion for implementation over the next three to four years, signaling a profound deepening of Africa-Caribbean economic cooperation.

    This enhanced financial framework builds upon existing disbursements exceeding $750 million across the region and an active pipeline surpassing $2 billion in currently executing transactions. Dr. Denya articulated the bank’s visionary objective to fundamentally transform economic structures through strategic investments in value-added processing of agricultural outputs and natural resources. The comprehensive strategy aims to retain significant economic value within regional economies, generate sustainable wealth creation, stimulate employment opportunities, and enhance livelihoods while producing positive spillover effects on government revenues and investment landscapes.

    The bank’s multidimensional intervention strategy encompasses healthcare facility development in Barbados, Guyana, and Grenada; tourism sector enhancement across Barbados, Grenada, Bahamas, and Antigua and Barbuda; agro-processing projects and logistics infrastructure in Barbados, Guyana, Antigua and Barbuda, and St. Kitts and Nevis; plus critical infrastructure development including power generation, distribution systems, road networks, conferencing facilities, and trade centers throughout Grenada, Jamaica, Bahamas, and Suriname.

    Additional strategic initiatives include specialized financing support for banking institutions in Suriname, St. Lucia, Grenada, and Dominica—featuring SME-focused lending facilities for regional development banks; local content promotion programs in resource-rich nations to maximize value retention through entrepreneurial empowerment; development of sea and air connectivity frameworks to enhance intra-Caribbean movement of goods, services, and investments; and expansion of the Creative Africa Nexus Programme to foster cultural and creative industry development through financing, capacity building, and trade facilitation between African and Caribbean creative sectors.

    Following high-level discussions with Eastern Caribbean Central Bank leadership, Afreximbank has committed to supporting implementation of regional development strategies targeting economic doubling within a decade. This collaboration will encompass investments in infrastructure development, power generation and distribution systems, agricultural production, and processing capabilities. The bank is already facilitating African corporate expansion into the region through partnerships with entities including Access Bank, Oando, and Arise Integrated Industrial Platforms, with the latter exploring special economic zone establishment in multiple Caribbean nations.

    Dr. Denya reaffirmed commitment to developing the Afreximbank African Trade Centre in Bridgetown, Barbados, to consolidate institutional presence while advancing establishment of the Caribbean Eximbank as a transformative investment vehicle. The bank welcomed CARICOM Central Bank Governors’ decision to proceed with the CARICOM Payment and Settlement System—modeled after Afreximbank’s pioneering PAPSS system launched in 2022—which will establish a low-cost, real-time cross-border payment system utilizing local currencies to dramatically enhance regional trade integration.

    The conference, conducted under the theme “Beyond Words: Action Today for a Thriving, Sustainable CARICOM” from February 24-27, featured addresses by regional leaders, Commonwealth Secretary-General Dr. Carla Barnett, and Saudi Arabian Minister of State for Foreign Affairs Mr. Adel al-Jubeir. St. Kitts and Nevis is scheduled to host the fifth Africa-Caribbean Trade and Investment Forum (ACTIF2026) in July 2026, featuring panel discussions, business matchmaking sessions, cultural showcases, and significant agreement signings.