分类: business

  • RFHL records US$89m in first quarter profits

    RFHL records US$89m in first quarter profits

    Republic Financial Holdings Limited (RFHL) has demonstrated robust financial performance in its first fiscal quarter, reporting substantial growth across key metrics. Chairman Yashmid Karamath revealed the Group achieved $89 million in profit attributable to equity holders for the three-month period ending December 31, marking a significant $7 million (8.9%) increase compared to the $82 million recorded during the same period in the previous financial year.

    The financial institution’s total assets reached $19.6 billion as of December 31, representing a $1.1 billion (6%) expansion over December 2024 figures. This asset growth was primarily driven by increased lending activity across RFHL’s subsidiary network, despite persistent economic headwinds in certain operational markets.

    Karamath attributed the strong quarterly results to ‘steady core earnings, supported by stable asset quality and disciplined cost management.’ He emphasized the Group’s ‘robust capital and liquidity positions’ which provide a solid foundation for sustained future expansion.

    Reflecting this positive performance, RFHL’s board declared a quarterly interim dividend of $0.08 per share, maintaining the same distribution rate as the previous year. The dividend will be payable on February 27, 2026, to shareholders of record as of February 13, 2026.

    Regarding strategic direction, Karamath highlighted the Group’s continued advancement of key initiatives focused on strengthening operational efficiency, enhancing customer experience, and investing in digital transformation capabilities. ‘We remain focused on sustainable growth,’ he stated, ‘ensuring that innovation and expansion align with our long-term value creation objectives and our commitment to sound governance.’

    The Chairman expressed gratitude to RFHL management and staff for their professionalism and dedication, and thanked shareholders for their ongoing trust. He also acknowledged the contributions of former Chairman Vincent A. Pereira, recognizing his ‘exemplary leadership, commitment and outstanding service to the Board and the organisation during his tenure.’

  • BTL Warns Former Union Leader Over Protest Comments

    BTL Warns Former Union Leader Over Protest Comments

    Belize Telemedia Limited (BTL) has escalated tensions with labor representatives by issuing a formal cease-and-desist warning to former union leader Emily Turner. The telecommunications company alleges that comments made by Turner during a Belize Communications Workers for Justice (BCWJ) press conference could be interpreted as encouraging operational interference with BTL’s infrastructure.

    In a strongly worded legal communication dated January 30, 2026, BTL asserted that Turner’s remarks might inspire actions that could disrupt network operations and service delivery. The company emphasized that any compromise of its systems would jeopardize essential public services, violate legal obligations, and cause significant commercial harm.

    The confrontation stems from recent comments about ‘pulling plugs’ on BTL operations, which company executives interpreted as potentially incendiary. BTL’s letter demands immediate cessation of such rhetoric and threatens formal legal proceedings should the behavior continue.

    In response, both Turner and Michael Augustus—another former Belize Communication Workers Union president—vehemently denied advocating infrastructure damage. Augustus characterized the company’s response as disproportionate, stating: ‘There is nothing about destroying infrastructure—something we built. We are into new houses. Why would we destroy our new house?’

    Turner, who dedicated 24 years to BTL, expressed disappointment at the allegations: ‘I started when I was only twenty-seven years old. There is no way I want to destroy that.’ She described the legal warning as ‘an overreaction from a very scared executive team.’

    BCWJ leadership maintains that their comments were misinterpreted, emphasizing their historical role in building the company’s infrastructure and their commitment to preserving rather than damaging corporate assets. The union representatives suggest the company’s aggressive stance reflects executive anxiety rather than factual grounds for legal action.

  • New Support Program Boosts Belize’s Sugar Industry

    New Support Program Boosts Belize’s Sugar Industry

    Facing an existential crisis driven by escalating production costs, diminishing yields, and mounting climate pressures, Belize’s historic sugar sector is receiving a critical intervention. The Belize Sugar Industry (BSI) has unveiled AgGrowPro, a comprehensive support program designed to reverse the exodus of cane farmers through strategic operational modernization.

    The initiative arrives as numerous family-owned farms stand abandoned, with many traditional growers transitioning to alternative sectors such as cattle ranching. BSI’s Country Manager, Mac McClachlan, expressed deep concern over the proliferation of substandard, low-yield cane fields that have become economically unviable for harvesting. “It’s very disappointing to see the number of cane fields that have just been abandoned,” McClachlan stated, characterizing the situation as a “real travesty” of wasted land and effort.

    AgGrowPro offers a multi-faceted approach including advanced farm management techniques, technical assistance, and crucial mechanization support. The program provides financial flexibility with seven-year repayment terms, allowing farmers to benefit from immediate productivity gains. Additionally, BSI is exploring land lease arrangements with struggling growers as part of the comprehensive rescue package.

    The program has received full endorsement from Prime Minister John Briceño, who praised the initiative as “a wonderful and great program” that addresses the industry’s fundamental transformation needs. Briceño emphasized the critical shift from manual harvesting to mechanized processes, requiring redesigned fields with proper drainage slopes and longer rows to accommodate modern equipment.

    Industry leaders anticipate AgGrowPro will stabilize national sugar production levels while protecting agricultural livelihoods that have sustained Belize’s rural communities for generations. The success of this intervention could determine the long-term viability of one of Belize’s most historically significant agricultural sectors.

  • Chasing Dreams, Creating Community: The Sol Clay Story

    Chasing Dreams, Creating Community: The Sol Clay Story

    In an inspiring entrepreneurial narrative, Belizean creative Landee Longsworth has transformed pandemic isolation into a thriving jewelry business and community movement. The founder of Sol Handmade Clay Jewelry recently shared her five-year journey with reporter Sabreena Daly, revealing how a leap of faith during COVID-19 quarantine evolved into a meaningful enterprise.

    Longsworth’s brand name ‘Sol’—Spanish for sun—draws inspiration from her mother’s affectionate nickname ‘Sunshine.’ What began as experimental curiosity with polymer clay has grown into a distinctive jewelry line featuring intricate designs inspired by Belizean flora and fauna, including Scarlet Macaws, hibiscus varieties, and Monstera Leaves.

    The entrepreneurial path required significant courage, with Longsworth initially balancing her creative venture alongside full-time employment before committing fully to her business ambitions. She credits her mother Denise as her foundational support system, noting how she dedicated weekends to assisting with pop-up events despite maintaining her own professional responsibilities.

    Beyond creating wearable art, Longsworth has cultivated what she affectionately calls her ‘solshines’—a community of supporters who have become integral participants in her journey. This connection has inspired her latest initiative, ‘Clay and Connection,’ which brings creative workshops directly to customers’ chosen venues, fostering hands-on artistic experiences.

    Reflecting on her unexpected entrepreneurial evolution, Longsworth acknowledges the challenges of self-teaching business fundamentals like accounting and taxation. Despite the obstacles, she expresses profound gratitude for the growth achieved and wishes she had trusted her capabilities sooner. Her story stands as testament to how passion, family support, and community building can transform creative curiosity into sustainable enterprise.

  • Belmopan Businesses Say Trade Licence Fees Went Up

    Belmopan Businesses Say Trade Licence Fees Went Up

    Business owners in Belmopan are raising concerns over unexpected increases in trade licence fees for 2026, directly contradicting official government assurances that costs should have remained unchanged. The discrepancy emerges despite a December 2025 announcement that postponed implementation of the new Trade License Act of 2024, which was designed to establish a revised licensing framework for both urban and rural enterprises.

    Under the postponed system, only businesses operating within town and city jurisdictions were slated to pay licensing fees, while rural enterprises were to maintain their fee exemption status. However, multiple business proprietors have reported receiving inflated bills, creating confusion and financial strain.

    Oscar Mira, Belmopan Area Representative and Minister of Home Affairs, acknowledged the erroneous fee increases, confirming they were not implemented intentionally. Minister Mira attributed the error to administrative confusion regarding the legislative status of the new licensing regime, which failed to pass Senate approval and therefore cannot be legally enforced.

    The minister confirmed he is collaborating with the Belmopan City Council to rectify the situation, ensuring trade licence fees revert to previous levels. Additionally, officials are conducting a comprehensive review of affected accounts to identify discrepancies and process reimbursements to businesses that were overcharged.

  • Bouwprijzen blijven stijgen: bijna 15 procent hoger dan een jaar geleden

    Bouwprijzen blijven stijgen: bijna 15 procent hoger dan een jaar geleden

    Suriname’s construction sector continues to face significant cost pressures as latest data reveals persistent price increases throughout 2025. According to preliminary statistics released by the General Bureau of Statistics (ABS), the Construction Price Index (BPI) climbed by 1.4% in the fourth quarter of 2025 compared to the previous quarter. More strikingly, when measured against the same period in 2024, construction prices have surged by 14.6%.

    The BPI, which tracks average price fluctuations across a fixed basket of 107 construction goods and services categorized into 16 major groups, collects pricing data from approximately fifty monitoring points across Paramaribo and Wanica. The index covers residential buildings, utility structures, and civil engineering works, providing a comprehensive overview of the construction industry’s cost dynamics.

    Quarterly analysis demonstrates a consistent upward trajectory throughout 2025, with the overall index climbing from 1154.2 in Q1 to 1249.0 by year’s end. The third quarter proved particularly volatile, registering a sharp quarterly increase of 5.4% and pushing year-over-year inflation to 15.2%.

    Labor expenses constitute the most substantial cost component within the index, representing 41.73% of total weighting. Unlike other categories, labor costs maintain a constant share without separate price monitoring. Other significant cost drivers include steel and concrete works (13.50%), paving works (13.35%), and masonry and pouring works (12.38%).

    This sustained inflationary trend poses considerable challenges for housing affordability and infrastructure development. Elevated material and operational costs directly impact both private and public sector construction initiatives, potentially delaying new projects and renovations across the nation.

  • Former CDB President Dr Warren Smith Dies

    Former CDB President Dr Warren Smith Dies

    The Caribbean Development Bank (CDB) community is grieving the passing of its fifth President, Dr. William Warren Smith, who died on January 30, 2026. The distinguished Jamaican development practitioner led the regional financial institution from 2011 to 2021, steering it through a decade of significant global and regional challenges.

    Dr. Smith’s transformative leadership saw CDB strengthen its position as a crucial partner for Caribbean nations, particularly in mobilizing resources for sustainable growth and resilience building. His presidency emphasized climate resilience, disaster risk management, and innovative financing mechanisms that enabled Caribbean states to better withstand natural disasters and external economic shocks.

    Beyond his technical contributions, Dr. Smith was remembered as a principled leader who championed good governance, sound economic management, and institutional strengthening as foundations for inclusive development. Current CDB President Daniel M. Best described his predecessor as “a mentor and guide” who demanded excellence while maintaining an unwavering belief in the Bank’s regional mission.

    Dr. Smith’s service earned him numerous honors, including Jamaica’s Order of Distinction (Commander Class). The Bank announced plans to work with his family on arrangements to celebrate his life and contributions, with a condolence book available at its Wildey Headquarters starting February 2, 2026.

    The CDB leadership extended heartfelt sympathies to Dr. Smith’s wife, family, and colleagues, recognizing his legacy as both an institutional builder and a dedicated advocate for Caribbean development.

  • Suriname en China zetten stap richting verlichting schuldenlast

    Suriname en China zetten stap richting verlichting schuldenlast

    In a significant diplomatic and financial development, Suriname and China have solidified their economic partnership through the signing of a supplementary framework agreement on concessional loans. The ceremony, held at Suriname’s Ministry of Foreign Affairs, International Business, and International Cooperation (BIS) on Friday, marks a pivotal step in restructuring Suriname’s debt obligations while creating fiscal space for sustainable development initiatives.

    The agreement was formally executed by Suriname’s Foreign Minister Melvin Bouva and Chinese Ambassador Lin Ji, with Finance and Planning Minister Adelien Wijnerman presiding as witness. This strategic financial arrangement emerges as both nations commemorate five decades of diplomatic relations, highlighting their continued commitment to mutual respect, equality, and mutually beneficial cooperation.

    Ambassador Lin Ji emphasized that the framework establishes a robust foundation for addressing debt-related challenges, enabling Suriname to alleviate fiscal pressures, reallocate resources toward development projects, and bolster international confidence in its economic stability. The agreement reflects China’s ongoing support for Suriname’s economic sovereignty and long-term prosperity.

    Minister Wijnerman underscored the framework’s role in providing structural clarity and shared understanding for future financial cooperation phases. The arrangement demonstrates both nations’ dedication to sustainable and responsible financial engagement, with long-term planning aligned with Suriname’s national development objectives.

    According to Minister Bouva, the agreement consolidates three existing concessional loans into a single structured facility with modified terms, representing a comprehensive approach to careful debt management and enhanced debt sustainability. This consolidation will generate additional fiscal space, support macroeconomic stability, and safeguard developmental targets.

    The signing ceremony signifies a new chapter in bilateral cooperation based on mutual trust and strategic partnership. Both nations expressed appreciation for their constructive collaboration, noting that the agreement contributes to sustainable development and mutual economic benefit while strengthening international financial cooperation paradigms.

  • High Court blocks Banks DIH Holdings from capping voting rights of shareholders

    High Court blocks Banks DIH Holdings from capping voting rights of shareholders

    In a significant judicial intervention, Guyana’s High Court has issued an interim injunction preventing Banks DIH Holdings Inc from implementing a contentious resolution that would cap shareholder voting rights at 15% of issued share capital. The ruling by Justice Sandil Kissoon, delivered on January 30, 2026, suspends the controversial measure pending full adjudication of a legal challenge brought by two prominent stock brokerages.

    The legal action was initiated by Guyana Americas Merchant Bank Inc and Beharry Stockbrokers Limited following the November 2025 adoption of ‘New By-law 8’ by Banks DIH’s board of directors. This proposed amendment sought to impose a strict 15% limitation on both share ownership and voting rights, a move that Justice Kissoon determined effectively arrogated to the company the power to invalidate votes exceeding this threshold.

    Represented by legal counsel Stephen Fraser, the plaintiffs successfully obtained an interlocutory injunction that restrains Banks DIH’s leadership from presenting, tabling, or putting to a vote any resolution seeking to confirm or implement the disputed by-law during its scheduled Annual General Meeting or any subsequent adjournment. The court further mandated the immediate suspension of By-Law Eight’s operational and legal effects pending final determination of the proceedings.

    The judicial order specifically prohibits the company from disregarding, discounting, or refusing to count votes attached to ordinary shares based on the alleged 15% limitation. Additionally, Banks DIH is barred from initiating any investigative actions, divestment requests, or sale processes purportedly authorized under the new by-law, including those related to ‘acting in concert’ provisions or beneficial ownership aggregation.

    The substantive case, filed on January 27, seeks permanent judicial relief including a declaration that the by-law is unlawful and void. The plaintiffs argue that the measure effectively circumvents Guyana’s statutory takeover and change-of-control protections established under Part XI of the Securities Industry Act, potentially depriving shareholders of mandatory offer rights and control premium opportunities.

  • Kuwait and Saudi Funds co-financing Project Polaris

    Kuwait and Saudi Funds co-financing Project Polaris

    Grenada has finalized a significant financial agreement to advance its flagship healthcare infrastructure initiative, Project Polaris, with the Organisation of the Petroleum Exporting Countries (OPEC) Fund. A $30 million loan agreement was formally signed between Grenada’s Finance Minister, Dennis Cornwall, and the OPEC Fund for International Development in January 2026.

    This funding represents the initial disbursement within a broader $60 million financing framework established in December 2025, specifically designated for the construction of a new national hospital. This facility will serve as the centerpiece of the ambitious Hope Vale Medical City development planned for Calivigny, St. George.

    The Kuwait Fund for Arab Economic Development (KFAED) and the Saudi Fund for Development are acting as co-financiers for this substantial financial package. The project’s execution falls under the purview of the Ministry of Housing and Community Development (MoHCD).

    Of the total EC$825 million authorized under Grenada’s 2025 Loan Authorisation Bill, nearly half (EC$405 million) is allocated to this transformative medical complex. The government plans to raise these funds through various financial instruments, including loans, bonds, and promissory notes.

    The formal signing ceremony occurred at the Panama Convention Centre on January 29, 2026, coinciding with the Latin America and the Caribbean International Economic Forum. Grenada’s delegation was led by Minister Cornwall and included key project figures such as Project Sponsor Ambassador Andrea St Bernard and financial advisor Damian Dolland.

    All financial agreements ratified under the 2025 Loan Authorisation Act will be formally presented to Grenada’s Parliament for legislative approval, ensuring transparent governance of the project’s substantial funding.