Carib Scope

分类： business

  • Exports Plunge 68% as Sugar Shipments Vanish

    Exports Plunge 68% as Sugar Shipments Vanish

    Belize’s export economy experienced a severe contraction in December 2025, with official data revealing a dramatic 68.2% decline in domestic export earnings compared to the same period in 2024. The Statistical Institute of Belize reported total exports plummeted to $24.5 million from $77.0 million the previous year, marking the most significant monthly downturn of the year.

    The collapse was predominantly driven by the absence of bulk sugar shipments, which accounted for a staggering $49.9 million reduction in earnings. While December 2024 had seen substantial sugar exports totaling $52.4 million, the same month in 2025 recorded merely $2.5 million in sugar revenue. This timing discrepancy in major shipments was identified as the primary factor behind the drastic year-over-year comparison.

    Multiple export sectors faced parallel declines. Molasses exports deteriorated by $2.7 million, alcoholic beverages decreased by $1.4 million, and citrus products fell by $1.1 million due to reduced orange concentrate sales. Animal feed and marine products also registered declines of $1.0 million and $0.3 million respectively, with the latter attributed to weaker lobster tail sales.

    Amid the widespread downturn, banana exports emerged as a notable bright spot, increasing by $2.4 million to reach $9.0 million. Smaller gains were observed in cattle and pineapple concentrate exports, which rose by $0.5 million and $0.4 million respectively.

    The export contraction manifested across key international markets. United Kingdom revenues collapsed by $49.8 million, directly mirroring the sugar shipment absence. The United States market declined by $4.7 million, while CARICOM countries saw a $1.9 million reduction. Conversely, exports to the European Union increased by $3.6 million supported by banana sales, and Mexico recorded a $0.7 million gain from stronger cattle exports.

    For the full year 2025, Belize’s total domestic exports reached $390.0 million, representing a $74.0 million (16.0%) decrease from 2024. The annual decline was again led by sugar, which dropped $68.6 million due to both reduced quantities and less favorable pricing. Several traditional export commodities including molasses, citrus products, and alcoholic beverages contributed to the annual downturn.

    Partially offsetting these losses, marine products rose by $9.2 million, bananas increased by $6.9 million, cattle exports climbed by $4.3 million, and crude soybean oil gained $3.0 million. The data indicates that while December’s extreme contraction resulted primarily from shipment scheduling anomalies, the broader annual decline reflects more fundamental challenges including reduced export volumes and weaker global prices across multiple commodity sectors.

  • U.S. grants presidential permit for Puerto Rico–Dominican Republic submarine power cable

    U.S. grants presidential permit for Puerto Rico–Dominican Republic submarine power cable

    The Trump administration has granted crucial authorization for a landmark energy project that will establish the Caribbean’s first submarine power interconnection between Puerto Rico and the Dominican Republic. This presidential permit approval represents a significant milestone for one of the region’s most ambitious infrastructure initiatives.

    While the U.S. Department of Energy has yet to issue formal notification, the Caribbean Transmission Development Company (CTDC) has confirmed receiving essential ‘no objection’ clearances from both the State and Defense Departments. An official public announcement is scheduled for February 17 in the Dominican Republic, with anticipated attendance from Dominican President Luis Abinader, Puerto Rico Governor Jenniffer González, and U.S. government representatives.

    The proposed submarine cable will enable bidirectional electricity transmission of up to 700 megawatts, substantially enhancing energy security for both territories. In the Dominican Republic, the connection will integrate with a newly developed natural gas power plant specifically designed for this project, while in Puerto Rico, it will interface with the electrical grid via the Mayagüez substation.

    Despite the regulatory progress, CTDC faces several implementation challenges including finalizing power purchase agreements with the Puerto Rico Electric Power Authority, securing fuel supply contracts, obtaining environmental approvals in both jurisdictions, and raising approximately US$2.5 billion in project financing.

    The company targets January 2031 for operational status. Initially, the interconnection will address Puerto Rico’s energy demands, with long-term potential to facilitate solar energy exports from Puerto Rico to the Dominican Republic. Upon completion, this project will join over 160 similar cross-border power connections currently operating between the United States, Canada, and Mexico, marking a transformative development in Caribbean energy infrastructure.

  • How Uber’s pricing ranks against its competitors

    How Uber’s pricing ranks against its competitors

    The recent introduction of Uber’s ride-hailing services in Saint Lucia has ignited a polarized public discourse, pitting convenience advocates against supporters of local transportation providers. This controversy has prompted an empirical investigation into how the global platform’s fare structure measures against established domestic alternatives.

    St. Lucia Times conducted a comparative analysis of Uber and two prominent local services—Allez and Tropicab—assessing pricing across distinct travel corridors. The evaluation examined both a short-distance journey from Castries’ Derek Walcott Square to Baywalk Shopping Mall and an extended route spanning from Vieux Fort Plaza to Pigeon Island Causeway. All comparisons utilized standard multi-passenger vehicle options across platforms, with quoted prices reflecting pre-confirmation estimates.

    Notably, Uber currently displays fares exclusively in US dollars rather than the Eastern Caribbean currency used by local operators. Using a conversion rate of EC$2.7 to US$1, the short route analysis revealed Uber’s price of US$27.16 (approximately EC$73) positioned it between competitors—exceeding Tropicab’s EC$54.17 while nearly matching Allez’s EC$72.

    The long-distance assessment demonstrated similar competitive alignment: Uber’s quoted US$121.47 (roughly EC$328.28) slightly surpassed Allez’s EC$317 while exceeding Tropicab’s EC$275. These figures represent base estimates subject to potential adjustment per company policies regarding route variations and dynamic pricing factors.

    From user experience perspectives, all three applications provided streamlined interfaces with transparent pre-ride pricing and minimal registration requirements. Despite Uber’s newcomer status in the Saint Lucian market, its pricing strategy demonstrates deliberate calibration to existing market conditions rather than disruptive undercutting.

  • Economy faces pivotal test after year of stability, economist warns

    Economy faces pivotal test after year of stability, economist warns

    While Barbados has achieved remarkable macroeconomic stability, a leading economist cautions that these gains have not yet translated into broad-based improvements for workers and households. Professor Troy Lorde, Dean and Acting Director of the University of the West Indies’ Shridath Ramphal Centre, analyzed the 2025 Economic Review, revealing both significant achievements and underlying vulnerabilities.

    The review demonstrates substantial progress with real GDP growth of 2.7%, inflation slowing to 0.7% on a 12-month moving average, a primary surplus of 3.3% of GDP, and international reserves holding at approximately $3 billion—equivalent to 27.4 weeks of import cover. These indicators reflect sustained fiscal discipline and favorable external conditions that have supported economic recovery.

    However, Professor Lorde emphasized that statistical improvements don’t necessarily equate to shared prosperity. The decline in unemployment to 6.6% partially reflects demographic shifts including increased retirements and higher school enrollment rather than robust job creation alone. This distinction matters for understanding true labor market conditions.

    Similarly, while inflation control appears impressive, Lorde noted this achievement stemmed primarily from external factors like lower international oil prices and falling freight costs rather than domestic productivity gains or increased competition. Recent point-to-point inflation rose to 1.7% by November, with essential categories like housing, utilities, insurance, and food experiencing heightened price pressures that disproportionately affect lower-income families.

    Tourism continues driving growth but reveals concerning market concentration. Arrivals from the United Kingdom declined nearly 6%, while recovery patterns show increasing reliance on US markets, heightening exposure to American economic conditions and policy decisions.

    Debt reduction presents another complex picture. The debt-to-GDP ratio declined to 94.6%, but this improvement reflected GDP rebasing—which mechanically lowers ratios by updating economic measurement—alongside strong nominal growth and maintained fiscal surpluses. Meanwhile, gross financing needs rose sharply as the government undertook early repayments of Eurobonds and IMF obligations, with debt service increasing to 12.9% of GDP.

    Professor Lorde clarified that GDP rebasing represents improved measurement rather than sudden economic expansion, warning against misinterpretations that might overstate actual performance. External risks including geopolitical uncertainty, trade policy shifts, and weather-related shocks remain significant threats to stability.

    The central challenge, according to Lorde, has evolved from achieving stabilization to converting this stability into higher productivity, rising wages, and greater economic resilience—a more demanding phase that now confronts policymakers, businesses, and households alike.

  • PM Says BPO Paid Out Over $150 Million in Annual Salaries

    PM Says BPO Paid Out Over $150 Million in Annual Salaries

    Prime Minister John Briceño has announced a dual-focused approach to Belize’s burgeoning Business Process Outsourcing (BPO) sector, pledging aggressive action against fraudulent operations while defending the industry’s substantial economic contributions. The government’s renewed vigilance follows investigative reports by News Five revealing sophisticated credit card scams originating from within call center operations.

    Briceño emphasized the necessity of pursuing scammers targeting both domestic and international victims with equal determination. “I agree with you 100% that we need to go after anyone that’s scamming, not only our citizens, but people outside of Belize from these BPOs,” the Prime Minister stated during his interview with News Five.

    The crackdown initiative gains urgency amid concerns about legislative adequacy. Businessman Lee Mark Chang previously received police confirmation that existing laws, including the 2021 Electronic Funds Transfer Act, lack sufficient enforcement mechanisms despite victims retaining the right to file formal complaints.

    While acknowledging he hadn’t received direct complaints from Chang, Briceño confirmed awareness of concerns raised with law enforcement agencies. He called for strengthened measures to ensure successful prosecution of fraudulent operators, questioning “How is it that we can go after these scammers? And we need to go to them to the full extent of the law.”

    Concurrently, the Prime Minister highlighted the BPO sector’s critical economic role, revealing it employs over 20,000 Belizeans and distributes more than $150 million in annual salaries. Briceño expressed gratitude for the industry’s contributions, emphasizing the government’s commitment to ensuring legitimate companies “can feel safe to operate here” through enhanced regulatory oversight and enforcement protocols.

  • BEL Launches Major Solar Power Project

    BEL Launches Major Solar Power Project

    Belize has embarked on a transformative renewable energy journey with the official launch of a major solar power initiative spearheaded by Belize Electricity Limited (BEL). In collaboration with the Government of Belize and supported by the International Finance Corporation (IFC) of the World Bank Group, the project aims to develop up to 80 megawatts of utility-scale solar capacity across multiple locations nationwide.

    The groundbreaking initiative commenced with a Request for Prequalification process, inviting experienced private-sector developers to participate in constructing large-scale solar photovoltaic facilities. BEL is leading this ambitious undertaking in partnership with the Ministry of Public Utilities, Energy and Logistics, marking a significant step in the country’s transition toward clean and sustainable energy infrastructure.

    Technical and advisory support is being provided by the IFC under the World Bank Group’s Scaling Solar program, which promotes transparent and competitive renewable energy development. This assistance is funded through contributions from the Government of Japan and the Global Infrastructure Facility, ensuring international expertise and financial backing for the project.

    The solar developments will operate under an Independent Power Producer framework, where private developers will assume responsibility for designing, financing, constructing, owning, operating, and maintaining the solar facilities over a 25-year period. These independent producers will supply generated electricity directly to Belize’s national grid, creating a sustainable public-private partnership model.

    This strategic move follows recommendations outlined in Belize’s Least Cost System Expansion Plan, which addresses the nation’s growing electricity demands while prioritizing increased utilization of local renewable resources. The solar initiative directly supports Belize’s ambitious national target of achieving 75 percent renewable electricity generation by 2030, reducing dependence on imported power, and enhancing overall energy security and grid reliability.

    The prequalification process represents the initial phase of a competitive selection procedure, with only companies meeting stringent technical and financial criteria advancing to submit comprehensive proposals in subsequent stages. Complete details regarding the prequalification requirements and process are available through BEL’s official channels, with both BEL and the Government of Belize actively encouraging qualified international and domestic developers to participate in this landmark energy transformation project.

  • BOSL launches Tap to Phone payment feature for merchants

    BOSL launches Tap to Phone payment feature for merchants

    The Bank of Saint Lucia Limited (BOSL) has formally introduced its groundbreaking Tap to Phone payment technology, extending an invitation to all qualified merchants across the nation to embrace this innovative financial solution. This cutting-edge system transforms standard Android smartphones into fully functional payment terminals, eliminating the conventional requirement for separate hardware devices.

    This revolutionary payment approach enables businesses of all scales – from established storefronts to temporary pop-up venues and mobile enterprises – to process secure contactless card transactions directly through their mobile devices. The technology represents a significant advancement in financial accessibility, particularly for smaller merchants who previously faced barriers to entering the digital payment ecosystem.

    Tarbula Aimable-Amedee, Card Services Manager at BOSL, emphasized the transformative potential of this development: “Our Tap to Phone solution eliminates hardware dependencies while maintaining stringent security protocols and delivering a sophisticated payment interface that fosters commercial expansion and customer satisfaction.”

    The bank has committed to providing comprehensive onboarding assistance to ensure seamless implementation for merchants adopting the technology. This support system is designed to facilitate rapid integration and minimize operational disruptions during the transition period.

    According to official statements from BOSL, the technology addresses evolving consumer preferences for cashless transactions while simultaneously breaking down traditional obstacles that have hindered digital payment adoption. The system promises to deliver a frictionless payment experience that aligns with contemporary consumer expectations for convenience and security.

    Merchants interested in implementing Tap to Phone technology are encouraged to contact Bank of Saint Lucia representatives directly for detailed information regarding eligibility criteria, technical requirements, and implementation procedures.

  • Adam Stewart named CNW’s Businessman/Philanthropist of the Year for 2025

    Adam Stewart named CNW’s Businessman/Philanthropist of the Year for 2025

    Adam Stewart, Executive Chairman of Sandals Resorts, has received the distinguished 2025 Businessman/Philanthropist of the Year award from Caribbean National Weekly (CNW). The regional publication commended Stewart for his exceptional leadership within the hospitality sector, substantial investments in Caribbean tourism, and his comprehensive crisis management approach during a period marked by both significant accomplishments and formidable challenges.

    CNW’s recognition highlighted Stewart’s professional milestones in 2025, including industry accolades, announcements of multimillion-dollar expansions across his luxury all-inclusive resort brands, and an invitation to join the exclusive Wall Street Journal CEO Council. However, the publication emphasized that his influence transcended conventional business achievements.

    The defining test of Stewart’s leadership occurred in late October when Hurricane Melissa inflicted severe damage on Jamaica’s tourism infrastructure. Stewart orchestrated a transparent communication strategy with international travel advisors, partners, and staff while making an unprecedented commitment: guaranteeing full payroll continuation and Christmas bonuses for all Sandals and Beaches employees, including those at temporarily closed resorts undergoing restoration. The company additionally allocated over US$3 million in staff recovery assistance to support families impacted by the catastrophic storm.

    Under Stewart’s guidance, the Sandals Foundation achieved record levels of community involvement, delivering targeted disaster-recovery support across healthcare, livelihood restoration, and environmental conservation initiatives throughout the Caribbean region.

    In accepting the honor, Stewart expressed profound humility, stating the award represents collective effort rather than individual achievement. He credited his teams and partners for their dedication to community service and their belief in business as a catalyst for positive social change. Stewart specifically acknowledged the Sandals Foundation for creating sustainable impact through education, healthcare, disaster relief, and environmental stewardship programs.

    About Sandals Resorts: The family-owned hospitality group operates 17 adults-only, all-inclusive beachfront resorts across eight Caribbean nations. Sandals pioneered the region’s all-inclusive vacation concept, offering authentic Caribbean experiences through local cuisine, butler service, signature suites including Overwater Villas, and innovative programs like Island Inclusive dining and MINI Cooper island exploration. Through its philanthropic arm, the Sandals Foundation, the company demonstrates tourism’s transformative power on local communities.

    About Beaches Resorts: This family-focused resort brand operates three Caribbean locations specializing in all-inclusive family vacations. Beaches Resorts feature extensive dining options, water sports, live entertainment, and expansive water parks. The properties offer unique partnerships with Sesame Street characters, kids camps, teen programs, and certified nanny services, providing multigenerational family vacation experiences.

  • Dominica Youth Business Trust set for complete revamp, says Pm Skerrit

    Dominica Youth Business Trust set for complete revamp, says Pm Skerrit

    In a significant move to bolster youth entrepreneurship, Prime Minister Roosevelt Skerrit has unveiled comprehensive reforms for the Dominica Youth Business Trust (DYBT). The announcement came during a direct engagement with young citizens, signaling a government-wide commitment to empowering the next generation of business leaders.

    The centerpiece of this restructuring involves dramatically reducing interest rates on business loans to unprecedented lows of just 2-3 percent. This strategic reduction aims to eliminate financial barriers that have traditionally hindered young entrepreneurs from accessing capital. ‘We are implementing a complete revamping of the Dominica Youth Business Trust to make it more accessible to more young people in a more timely fashion,’ Prime Minister Skerrit emphasized during his address.

    Complementing these favorable lending terms, the government has allocated $5 million in dedicated funding to expand the program’s reach. This substantial financial injection will facilitate increased access to both loans and grants, providing comprehensive support for small business development across the island nation.

    Established in May 2004, the DYBT represents a collaborative model that consolidates resources from multiple institutions and donor partners. The organization’s core mission focuses on enabling Dominican youth to achieve their entrepreneurial ambitions through integrated financial, technical, and social support systems. The program distinguishes itself through its emphasis on robust training and mentorship components, ensuring participants receive holistic guidance throughout their business development journey.

    The overhauled initiative promises to accelerate the materialization of business concepts into tangible enterprises, effectively transforming innovative ideas into economic contributors for Dominica’s sustainable development.

  • Moon Gate Hotel & Spa Construction Update

    Moon Gate Hotel & Spa Construction Update

    The highly anticipated Moon Gate Hotel & Spa project is advancing steadily, with construction crews achieving several critical structural milestones. Recent site reconnaissance reveals the establishment of the foundational framework, signaling a significant leap from the initial excavation and site preparation phases. The project’s architectural vision, characterized by its fusion of minimalist luxury and organic design elements, is beginning to materialize on the skyline.

    Project developers have confirmed that the construction is adhering to its meticulously planned timeline, with key components such as the primary support structures for the main hotel building and the expansive spa wing now in place. The integration of bespoke, sustainable building materials is a focal point of the current phase, aligning with the project’s commitment to environmental stewardship and luxury wellness.

    Supply chain logistics and material procurement have been managed efficiently, mitigating potential global delays. The next phase will focus on the enclosure of the structure, installation of high-performance glazing, and the commencement of interior rough-ins. The development team emphasizes that the project remains on track for its projected opening, poised to become a new benchmark for luxury hospitality and holistic well-being upon completion.