Carib Scope

分类： business

  • Prime Minister: Wealth Management Must Empower Ordinary Citizens, Not Only the Affluent

    Prime Minister: Wealth Management Must Empower Ordinary Citizens, Not Only the Affluent

    Prime Minister Gaston Browne has articulated a transformative vision for wealth management, positioning it not as an exclusive service for affluent individuals but as a critical tool for national economic empowerment. Speaking at the launch of a strategic financial initiative, Browne emphasized that true financial planning enables ordinary citizens to protect earnings, build economic security, and develop resilience against unforeseen economic disruptions.

    The Prime Minister challenged conventional perceptions by framing personal financial decisions as fundamental contributions to national progress. He argued that when citizens transition from passive observers to active participants in economic growth through informed investing, they simultaneously strengthen both individual prosperity and collective national development.

    A central theme of Browne’s address focused on intergenerational responsibility. He asserted that authentic national advancement requires current generations to build sustainable systems that provide future citizens with opportunities rather than burdens. The Prime Minister characterized strategic investments—whether in financial markets, entrepreneurial endeavors, or personal assets—as essential components of a long-term vision for enduring family legacies marked by stability and prosperity.

    Browne specifically endorsed the ACB Invest Programme, developed by Antigua Commercial Bank, as a strategic alignment with government efforts to broaden economic participation. He expressed confidence that this initiative would enable more citizens to transform savings into investments, convert investments into sustainable growth, and ultimately translate that growth into widely shared prosperity across Antigua and Barbuda.

  • SEOB waarschuwt: economische stabiliteit kwetsbaar ondanks sterke reserves

    SEOB waarschuwt: economische stabiliteit kwetsbaar ondanks sterke reserves

    Suriname faces a complex economic landscape characterized by contrasting strengths and vulnerabilities, according to the latest assessment from the Suriname Economic Oversight Board (SEOB). While the nation maintains robust international reserves reaching $1.6 billion—providing approximately 7.5 months of import coverage—this financial buffer exists alongside concerning macroeconomic challenges that threaten long-term stability.

    The economy demonstrated concerning stagnation in June 2025, with the Monthly Economic Activity Index showing zero growth. This performance primarily resulted from a sharp contraction in gold production and exports, affecting both large-scale and small-scale mining operations. Reduced processing capacity and inferior ore quality contributed to the sector’s decline, which overshadowed positive developments in trade, insurance, hospitality, and restaurant services.

    Inflation continues to present significant headwinds, reaching 11.9% year-over-year in October 2025. Concurrently, the Surinamese dollar depreciated by 0.5% against the US dollar and 0.4% against the euro during the same period, further escalating import costs and diminishing purchasing power for citizens.

    Most alarmingly, government debt has surged to 88.8% of GDP, substantially exceeding the statutory benchmark of 60%. To address immediate liquidity constraints, authorities issued international bonds worth $1.6 billion in the fourth quarter of 2025, carrying interest rates between 8.0% and 8.5%. This debt management strategy extends maturities on existing obligations and postpones principal repayments until after 2028, when oil revenues are anticipated to materialize.

    The SEOB warns that this approach carries substantial risks. The economy remains highly susceptible to fluctuations in oil and gold prices, inflationary pressures, and exchange rate volatility. Additionally, the absence of a fully operational Savings and Stabilization Fund increases vulnerability to potential Dutch Disease effects, where future oil revenues could inadvertently crowd out other critical sectors including agriculture and manufacturing.

    Transparency concerns have emerged regarding the allocation of the newly acquired debt, with no detailed expenditure plan presented to stakeholders. The oversight board emphasizes that clear communication regarding interest and repayment obligations is essential for maintaining confidence among both citizens and international investors.

    The SEOB recommends implementing strict fiscal discipline, enhancing anti-corruption mechanisms, and operationalizing crucial institutions including the Savings and Stabilization Fund. Additionally, the board advocates for a comprehensive five-year government financial plan featuring expenditure ceilings and debt sustainability targets.

    Economic diversification beyond extractive industries represents another critical recommendation, with emphasis on developing agriculture, fisheries, agro-processing, services, and eco-tourism sectors to foster sustainable growth and export diversification. Only through consistent policy implementation, transparency, and institutional strengthening can Suriname responsibly leverage anticipated oil revenues and secure lasting economic stability.

  • Dominican Republic achieves highest historical value in mining exports to exceed US$2.59 billion in 2025

    Dominican Republic achieves highest historical value in mining exports to exceed US$2.59 billion in 2025

    The Dominican Republic’s mining industry achieved unprecedented export performance in 2025, reaching a historic high of $2.59 billion according to official data from the Central Bank. This remarkable figure represents a substantial 52% increase compared to 2024’s $1.71 billion and a 20% growth over 2021’s previous record of $2.16 billion.

    Energy and Mines Minister Joel Santos revealed that the final quarter of 2025 was particularly impressive, generating $825.9 million in mining exports—a 67% surge from the same period in 2024. The quarterly performance also showed strong sequential growth, improving by nearly 14% over the July-September period.

    Gold emerged as the dominant commodity driving this export boom, with significant contributions from silver and copper. The mining sector now accounts for over 40% of the nation’s total exports, underscoring its critical role in the Dominican economy.

    The sector simultaneously demonstrated robust foreign investment appeal, attracting $556.3 million in Foreign Direct Investment (FDI) during the first three quarters of 2025. This investment inflow constituted approximately 14% of the country’s total FDI, with the broader energy and mining sectors collectively capturing about 40% of all foreign capital entering the Dominican Republic.

    Minister Santos attributed these achievements to strategic government initiatives focused on investment strengthening and institutional development. Beyond traditional mining, the sector witnessed diversification through the growth of artisanal mining, particularly larimar—which gained international recognition with its “Larimar Barahona” Denomination of Origin from the World Intellectual Property Organization.

    Significant progress was also made in rare earth exploitation in Pedernales province and substantial social development initiatives, including a RD$20 billion community investment program in Cotuí. The government advanced modernization efforts for Mining Law 146-71, with plans to present updated legislation to the National Congress in early 2026.

  • Barnacle Point Plant Marks Second New Water-as-a-Service® Desalination Facility, Delivering additional 2 Million Gallons per Day

    Barnacle Point Plant Marks Second New Water-as-a-Service® Desalination Facility, Delivering additional 2 Million Gallons per Day

    Antigua and Barbuda has significantly enhanced its freshwater infrastructure with the official commissioning of the Barnacle Point seawater reverse osmosis (SWRO) desalination facility. This marks the second major desalination plant inaugurated on the island within a single year, developed through a strategic public-private partnership between the Antigua Public Utilities Authority (APUA) and multinational provider Seven Seas Water Group (SSWG).

    The new facility boasts a substantial production capacity of 2 million imperial gallons per day (IMGD), strategically positioned to serve growing communities throughout the island’s northwestern corridor. Its location adjacent to APUA’s existing Ivan Rodrigues desalination plant enables efficient integration with established infrastructure, optimizing operational synergy and resource allocation.

    This project represents the second implementation under the innovative Water-as-a-Service® (WaaS®) agreement signed between APUA and SSWG in March 2024. Combined with the previously commissioned Ffryes Beach plant, which became operational earlier in 2025, the two facilities collectively provide up to 3 IMGD of reliable, high-quality drinking water to Antiguan residents. The Barnacle Point plant commenced actual water production in November 2025.

    Government officials have emphasized the national significance of this infrastructure development. The Honourable Melford Nicholas, Minister of Information, Communication Technologies, Utilities, and Energy, stated that the facility plays a critical role in strengthening water supply for one of Antigua’s most vital service areas. He highlighted the project as demonstrating the government’s unwavering commitment to addressing longstanding water challenges through resilient, sustainable, and future-focused infrastructure.

    APUA CEO John Bradshaw emphasized the operational advantages, noting that the plant significantly advances water security while enabling the utility to better respond to growing demand. He particularly noted the project’s reflection of APUA’s commitment to building local technical capacity and praised the efficient partnership with Seven Seas Water Group.

    Henry Charrabé, CEO of Seven Seas Water Group, expressed pride in supporting APUA and serving the people of Antigua. He highlighted how the Barnacle Point plant demonstrates the effectiveness of the WaaS® model in delivering dependable water supply while maximizing existing infrastructure investments.

    Seven Seas Water Group, headquartered in Tampa and Houston with operations across the Americas, brings extensive expertise with over 220 water and wastewater treatment plants in its portfolio. The company’s WaaS® model has been successfully deployed for more than two decades, demonstrating proven capabilities in project execution, financing, and operations.

  • Lower gas prices for January 2026

    Lower gas prices for January 2026

    The Government of Grenada has announced substantial reductions in petroleum product prices across the nation, effective Sunday, January 18, 2026. This price adjustment represents a significant economic relief measure for consumers and businesses throughout Grenada, Carriacou, and Petite Martinique.

    Substantial price decreases have been implemented across most fuel categories. Diesel prices will experience the most dramatic reduction, dropping by $1.98 from $14.33 to $12.35 per imperial gallon. Gasoline prices will decrease by $0.33 to $13.49, while kerosene will see a $0.96 reduction to $9.57 per imperial gallon.

    For liquefied petroleum gas (LPG), commonly known as cooking gas, the changes vary by container size and location. The standard 20 lb cylinder price remains unchanged at $40 in Grenada and $49 in Carriacou and Petite Martinique. However, 100 lb cylinders will decrease by $13.05 to $209.55 in Grenada and $232.55 in the sister islands. Bulk LPG prices will drop by $0.10 per pound to $2.20 across all territories.

    The Ministry of Finance confirmed that petroleum product prices for gasoline, diesel, and kerosene have now been fully harmonized throughout the state, fulfilling commitments made by the Finance Minister during the 2023 Budget Speech. These new retail prices were calculated based on average actual cost, freight, and insurance rates for the period December 15, 2025, to January 14, 2026.

    As price-controlled commodities, retailers are strictly prohibited from varying the stated prices. Consumers are encouraged to report any instances of overpricing to the Price Control/Consumer Affairs Unit at 435-1459. The Ministry maintains its commitment to monitor petroleum prices and intervene if they exceed the $17 threshold.

  • ‘You won’t recognise Jamaica’

    ‘You won’t recognise Jamaica’

    Jamaica’s economic landscape is undergoing a radical transformation as significant investments shift beyond traditional commercial hubs, with KFC’s new $350-million restaurant in Morant Bay, St Thomas, signaling this strategic decentralization. Industry Minister Aubyn Hill declared during Saturday’s opening ceremony that this development represents a broader national shift that will make Jamaica “unrecognizable” within three years.

    The Morant Bay location—KFC’s 43rd islandwide and the inaugural business at the newly constructed Morant Bay Urban Centre—has created over 50 local jobs. Minister Hill emphasized that this investment demonstrates deliberate economic decentralization, spreading opportunity beyond Kingston to position communities like Morant Bay as new commercial centers. “This is a kind of development that suggests to others that this place is changing,” Hill stated, predicting accelerated development as banks and other businesses follow KFC’s lead.

    Mark Myers, Managing Director of Restaurants of Jamaica, revealed the strategic thinking behind selecting Morant Bay: “This opening reflects a deliberate decision to invest in communities beyond Kingston where opportunity continues to emerge. We saw an opportunity to be part of something transformational.” Myers announced additional locations already planned for Salem (St Ann) and Negril (Westmoreland), reinforcing the company’s commitment to rural expansion.

    Beyond physical infrastructure, Myers highlighted KFC’s human impact—the brand now employs over 2,000 Jamaicans nationwide, with many building long-term careers. The company’s 50-year presence in Jamaica has grown alongside the nation’s development, creating what Myers described as “a culture, opportunity, and sense of belonging our people have helped to build.”

    Minister Hill, drawing on his international experience, concluded with an optimistic forecast: “There’s an opportunity here. In three years you will not recognise this Jamaica… with the kind of investment that we have, you won’t recognise this place, including you won’t recognise St Thomas.”

  • Central Bank seeks to postpone CL Financial hearing

    Central Bank seeks to postpone CL Financial hearing

    Trinidad’s High Court has been requested to postpone a landmark lawsuit against former CL Financial executives following the parliamentary submission of a long-awaited commission of enquiry report into one of the Caribbean’s most devastating financial collapses.

    The Central Bank formally sought an adjournment of its protracted legal battle against former CL Financial chairman Lawrence Duprey and other directors, citing the need to thoroughly analyze the newly released Colman Report. This 676-page investigative document, laid before Parliament on January 16, 2026, details the catastrophic 2009 collapse that necessitated a massive government bailout exceeding $28 billion.

    Attorney Elena Araujo, representing the Central Bank, communicated to Justice Robin Mohammed that claimants require until January 26 to review the voluminous report and assess its implications for the ongoing proceedings. The lawsuit, originally filed in 2011, alleges severe mismanagement and financial misconduct within Colonial Life Insurance Company (Trinidad) Ltd and its parent conglomerate CL Financial.

    Attorney General John Jeremie revealed the staggering scale of the financial disaster, noting that beyond the direct bailout costs, an additional $3-4 billion was incurred in legal and administrative expenses. The report concludes that the rescue operation created a significant long-term burden on public finances, constraining government spending on infrastructure and social services for years.

    Despite over a decade of investigations and hundreds of millions in professional fees, no criminal charges have resulted from the collapse. Jeremie indicated the state would seek to terminate costly civil proceedings that have failed to deliver meaningful outcomes.

    The trial, which commenced earlier this month, involves allegations that CL Financial executives operated without proper governance, using policyholder funds to finance personal lifestyles and private companies. The conglomerate’s failure threatened national economic stability and wiped out millions in investor savings.

    Former Central Bank governor Ewart Williams is among dozens of witnesses expected to testify in what was anticipated to be a month-long trial before the report’s emergence delayed proceedings.

  • Image Plus names Steven Lewis as new chairman

    Image Plus names Steven Lewis as new chairman

    Jamaica’s premier diagnostic imaging provider, Image Plus Consultants Limited operating as Apex Radiology, has commenced a meticulously planned leadership transition after three decades under its founding leadership. This strategic move aims to ensure operational continuity while propelling the publicly-traded healthcare enterprise into its next growth chapter.

    Dr. Karlene McDonnough, the visionary founder and longstanding Chairperson, will step down from her executive leadership position effective February 28, 2026. Her remarkable tenure witnessed the company’s evolution from a private startup to a Jamaica Stock Exchange-listed healthcare powerhouse currently generating annual revenues surpassing $1 billion. While relinquishing her chairmanship, Dr. McDonnough will maintain her board presence as an executive director and continue providing specialized expertise as lead consultant radiologist for nuclear medicine services.

    The corporate transition announcement expressed profound gratitude: “The entire IPCL family wishes to convey our heartfelt appreciation to Dr. McDonnough for her vision, unwavering support, and selfless leadership over the years. We extend our warmest wishes for God’s abundant blessings as she begins her well-earned semi-retirement.”

    Assuming the chairman role effective March 1, 2026 will be Dr. Steven Lewis, currently serving as deputy chairman since November 2024. With over two decades of institutional knowledge dating back to his initial joining as consultant radiologist in 2003 and board membership since 2010, Dr. Lewis brings extensive operational and governance expertise to the leadership position.

    This leadership evolution occurs amidst both operational challenges and strategic expansion initiatives. Recent quarterly results reveal resilient performance with Q3 FY2026 revenues reaching $277.2 million—the strongest quarterly achievement thus far in the financial year—despite operational disruptions from Hurricane Melissa that reduced patient volumes, particularly in regions outside Kingston.

    Nine-month financials show revenues of $803.3 million, reflecting a 3.9% year-over-year decrease, while pre-tax profits declined to $33.1 million from $41.6 million in the comparable prior period. Management attributed these contractions to reduced scan volumes and hurricane-related impacts, though strategic cost containment measures helped maintain stable gross margins and modestly reduced administrative expenses.

    Concurrently, the company has advanced its expansion strategy through the $69.8 million acquisition of The Woman’s Place diagnostic imaging operations. This transaction, comprising 75% cash payment with remainder deferred until October 2026, establishes Apex Radiology’s specialized mammography services platform. The acquired unit already contributed over 8% of total scan volume within its first operational month, with intangible assets valued at $49.4 million recognized through this acquisition.

    Future growth remains prioritized, with management indicating advanced negotiations for a second acquisition anticipated to be finalized in Q4 FY2026. Concurrently, the ongoing construction of the 33 LMR facility promises enhanced operational capacity and improved patient throughput upon completion in 2026.

  • Arthur Lok Jack reflects on life, leadership, legacy at The Writers Centre

    Arthur Lok Jack reflects on life, leadership, legacy at The Writers Centre

    Prominent Trinidad and Tobago business leader Arthur Lok Jack captivated audiences at The Writers Centre on January 10th during an insightful discussion about his newly published memoir, “Beyond Borders.” The event, which was open to the public free of charge, drew a diverse crowd comprising readers, aspiring entrepreneurs, students, and cultural enthusiasts.

    During the conversation moderated by seasoned journalist Franka Philip, Lok Jack delved into the profound personal and professional experiences that shaped his remarkable career. He recounted his childhood in St. James, the early emergence of his ambition, and the core values that propelled the growth of iconic Caribbean brands including Sunshine Snacks, Charles Chocolates, Universal Cereals, and Devon Biscuits.

    The business magnate emphasized universal business principles, stating, “Anybody can do business. The principles remain the same, no matter how sophisticated the business.” He shared transformative life experiences, including his courageous battle with leukemia, highlighting how family and community support during challenging times fundamentally influenced his leadership philosophy.

    The discussion expanded to broader themes explored in his memoir, addressing entrepreneurship beyond mere profit, creating institutions with lasting impact, and the critical responsibility leaders bear in investing in human development and education. Lok Jack encouraged attendees to pursue extensive reading and learn from the experiences of established business leaders.

    He also reflected on his significant contributions to Caribbean business education through The UWI-Arthur Lok Jack Graduate School of Business and the global expansion of the Associated Brands Group of Companies, which he founded and led as chairman and CEO. His international business expertise includes former directorships with Consolidated Biscuits (Malta) and Sunshine Snacks (Malta).

    Copies of “Beyond Borders” were available for purchase through Paper Based Bookshop, with all proceeds benefiting The UWI-Arthur Lok Jack Graduate School of Business. The event concluded with a powerful message that true success transcends business achievements, measured instead by lives impacted and legacies created.

  • Trinidad and Tobago tourism: Beyond cruise ship numbers

    Trinidad and Tobago tourism: Beyond cruise ship numbers

    Recent media reports questioning Trinidad and Tobago’s tourism vitality due to fluctuating cruise arrivals have sparked industry debate. However, a ground-level perspective reveals a sector undergoing profound transformation rather than decline. The traditional tourism landscape has fundamentally shifted from large corporate dominance to an ecosystem of agile, digitally-native operators leveraging platforms like Viator, TripAdvisor, and Google to connect directly with global travelers.

    This digital revolution has created significant gaps in official statistics. Visitors now routinely book private cultural tours, local guides, and complete Carnival experiences through direct digital channels—economic activities that remain largely invisible to conventional tracking systems. The accommodation sector mirrors this transformation, with Airbnb and Booking.com enabling stays in guest houses from Paramin to beachfront cottages in Tobago, all occurring outside traditional measurement frameworks.

    Three distinctive visitor profiles illustrate this new reality: a American seeking 48-hour stress relief through cultural immersion, a Ukrainian spiritual traveler selecting Trinidad as his sanctuary, and a dedicated birther pursuing rare hummingbird species. Perhaps most significantly, transit tourism has emerged as a substantial category, with layover passengers booking four-hour tours with local cuisine between flights at Piarco International Airport—experiences completely absent from overnight stay statistics.

    The sector has diversified into specialized niches including culinary tourism (focused on doubles, roti, and pelau), extended Carnival stays, heritage root-tracing, birdwatching expeditions, and medical/wellness visits. These experience-driven travelers demonstrate higher spending commitment and resilience compared to traditional cruise passengers.

    The critical challenge lies in perception management. While government investment in aggressive destination marketing remains essential, equally crucial is curbing self-defeating narratives that undermine Trinidad and Tobago’s global competitiveness. The nation’s authentic cultural assets—from steelbands to calypso storytelling—represent precisely what modern discerning travelers seek. Rather than decline, the sector demonstrates evolution toward its true potential, measured inadequately with outdated metrics. The world stands ready to discover Trinidad and Tobago’s unique offerings—the question remains whether local stakeholders can align behind a unified promotional vision.