Carib Scope

分类： business

  • 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.

  • Cane growers decry extra-regional imports threatening centuries-old sugar heritage

    Cane growers decry extra-regional imports threatening centuries-old sugar heritage

    Barbados’ centuries-old sugar industry stands on the brink of catastrophic failure as local cane farmers issue urgent warnings about market destabilization from imported brown sugar. Industry leaders report that unrestricted importation of low-cost sugar from outside the Caribbean Community (CARICOM) threatens to eliminate domestic production within months, jeopardizing agricultural stability and rural employment.

    Mark Sealy, Chairman of the Barbados Sugar Industry Limited (BSIL), expressed profound concern about licensing practices that permit distributors to bring foreign sugar into the domestic market. “We understand there is brown sugar coming from outside CARICOM and competing with local Barbados sugar,” Sealy stated. “That’s basically shooting yourself in the foot — it needs to stop.”

    The economic implications extend beyond direct sales, as sugar production remains intrinsically linked to Barbados’ rum manufacturing through molasses production and contributes significantly to food security through crop rotation practices. Approximately 25% of sugar acreage alternates with food crops, creating an agricultural ecosystem now under threat.

    Sealy emphasized the market dynamics creating unsustainable pressure: “The market for brown sugar in Barbados is between 3,500 and 4,000 tonnes. If you’re bringing in cheaper sugar from countries with lower labor and fuel costs, the factory cannot compete or sell to retailers.” This price disparity creates cash flow constraints that ultimately prevent timely payments to local farmers.

    Contrary to potential justification through supply shortages, Sealy confirmed adequate domestic inventory: “There is no shortage. The factory has sugar in storage. Allowing these imports makes no sense — distributors just want a higher margin because they can buy cheaper elsewhere.”

    The situation has drawn previous governmental concern, with Minister of Agriculture Indar Weir having previously criticized “excessive sugar imports” that undermined the “beleaguered local industry.” While the Ministry continues monitoring the situation, industry representatives await concrete intervention to prevent total sector collapse.

  • Prime Minister Presses ECAB on Long-Delayed Share Conversion Plan

    Prime Minister Presses ECAB on Long-Delayed Share Conversion Plan

    Prime Minister Gaston Browne of Antigua and Barbuda has escalated his administration’s campaign to transform the ownership structure of Eastern Caribbean Amalgamated Bank (ECAB). The government is pushing for the conversion of preference shares into ordinary shares, a strategic move designed to facilitate wider public ownership among Antiguans and Barbudans.

    In a direct appeal to the financial institution’s leadership, Browne accused ECAB’s directors and shareholders of systematically obstructing this policy initiative. “You have been frustrating this policy initiative of our government,” stated Browne, emphasizing that the conversion would enable the subsequent divestment of shares to local citizens.

    The core objective behind this persistent effort is to democratize ownership within key economic enterprises. The administration believes that broadening local participation in major institutions like ECAB will create more direct economic benefits for citizens and foster greater financial inclusion.

    Despite prolonged discussions spanning several months, the initiative has encountered significant resistance from the bank’s current leadership and shareholder base. The Prime Minister indicated that this opposition has stalled progress, necessitating continued engagement between government officials and bank representatives to break the deadlock.

    This initiative aligns with Browne’s previously stated economic philosophy that expanding domestic equity participation is fundamental to building sustainable national wealth. The government views local ownership stakes in critical financial institutions as a cornerstone for long-term economic resilience and community empowerment.

  • VES-secretaris Girdhari: Jaarrede president schetst richting, maar mist concrete uitwerking

    VES-secretaris Girdhari: Jaarrede president schetst richting, maar mist concrete uitwerking

    Suriname’s economic trajectory for 2025-2030, as outlined in President Jennifer Simons’ New Year address to the Association of Economists in Suriname (VES), presents both ambitious frameworks and substantial implementation concerns according to VES Secretary Swami Girdhari. While acknowledging the macroeconomic consistency of the presidential vision, which appropriately emphasized the crucial interconnection between fiscal policy, monetary measures, and structural reforms, Girdhari highlighted significant gaps in practical execution details.

    The address, delivered during a 45-minute presentation, successfully established broad policy contours but fell short in translating abstract concepts—including discipline, institutional strengthening, transparency, and good governance—into measurable policy choices, clear priorities, and concrete timelines. Girdhari noted that while time constraints might explain some omissions, society rightfully expects the government to provide specific operational details in the near future.

    A primary concern centers on governmental implementation capacity. Many proposed policies echo previous administrations’ declarations, raising questions about Suriname’s institutional and human resource capabilities to actualize these plans. The VES supports the president’s stance that export-earned foreign exchange must serve the national economy through full repatriation, emphasizing that production enhancement and revenue generation capacity remain fundamental requirements.

    Although tourism and agricultural sectors were correctly identified as key economic drivers, Girdhari observed that seven months into the administration, policy execution remains disappointing with no coherent, consistent strategy yet visible. Corruption prevention also received insufficient attention according to the VES, with merely two brief mentions in the speech contrasting sharply with daily reports about potential corruption cases from the previous administration involving LVV, Grassalco, EBS, Brownsberg, timber exports, gold smuggling, and land distribution.

    Additional criticism targeted the government’s personnel management approach, where dismissing officials without proven misconduct—often while maintaining their salaries—results in financial waste and human capital underutilization. Girdhari urged creative deployment of available expertise for national development.

    Regarding anticipated oil and gas revenues, the VES acknowledges the president’s correct emphasis on preparation but questions whether Suriname’s political and institutional systems possess sufficient robustness to maintain this course long-term. Ultimately, the association stresses that the president’s central promise of systemic transformation (“Kenki a Systeem”) must begin showing visible contours through tangible actions, noting that recent months’ developments haven’t yet aligned with this commitment.

  • President plaatst landbouw centraal: Agrarische sector sleutel stabiliteit en brede welvaart

    President plaatst landbouw centraal: Agrarische sector sleutel stabiliteit en brede welvaart

    In a significant policy address at the New Year’s reception of the Association of Economists in Suriname (VES), President Jennifer Simons declared agriculture the cornerstone of her administration’s economic strategy. Speaking before a capacity audience, Simons positioned the agricultural sector as fundamental to achieving food security, price stability, employment generation, and sustainable economic development—particularly as Suriname prepares for anticipated oil revenues.

    The president articulated a paradigm shift in how agriculture should be perceived: not as a secondary industry but as a strategic pillar within the real economy. “True prosperity originates in the real economy,” Simons emphasized, identifying agriculture as the foundation for resilient and inclusive growth. Reduced dependence on food imports, she argued, would not only boost local production and create jobs but also alleviate pressure on the exchange rate.

    Simons underscored that agricultural expansion must not come at environmental expense. Suriname pursues “smart growth” that balances production with sustainable forest management and spatial planning. This approach entails more efficient utilization of existing farmland, rehabilitation of infrastructure, and strengthening agricultural institutions to achieve higher yields and improved quality per hectare. Innovation plays a crucial role, with agro-processing and integrated models like agroforestry serving as key priorities.

    The administration’s vision explicitly links agricultural development to education and vocational training. Simons stressed that secondary and higher agricultural education is indispensable for modernizing the sector, noting that sustainable growth requires well-trained farmers, technicians, and entrepreneurs. Beyond increased investment, the focus lies on smarter investment—developing knowledge, adopting modern production methods, and complying with international standards to maintain competitiveness.

    Notably, Simons positioned agriculture ahead of oil and gas in national priorities. Oil revenues should strengthen existing sectors rather than replace them, she cautioned, referencing international examples where neglect of traditional sectors led to vulnerability when commodity prices declined. “Oil offers opportunities but not certainty for a sustainable future,” the president stated, advocating for agricultural strengthening to ensure economic stability beyond the oil era.

    The success of this agricultural framework depends on policy coherence, regulatory clarity, and institutional reliability. Simons highlighted the need for predictable policies, robust infrastructure, access to financing, and market information to build confidence among farmers, investors, and consumers.

  • Call Center Workers Steal Credit Card Info, Sell to Gangs

    Call Center Workers Steal Credit Card Info, Sell to Gangs

    A sophisticated transnational cybercrime network has been uncovered, revealing how Belize-based call center employees systematically compromise US financial data and funnel it to criminal organizations. This elaborate scheme represents a significant breach of payment security protocols with direct ties to gang activity in Belize City.

    Investigative journalists have documented a disturbing pattern where Business Process Outsourcing (BPO) sector employees circumvent Payment Card Industry Data Security Standards (PCI DSS) by smuggling mobile phones into secure facilities. These devices are used to capture and exfiltrate sensitive financial information including credit card numbers and CVV codes from American consumers.

    The stolen data has been primarily monetized through coordinated food delivery fraud targeting establishments like Chon Saan Palace restaurant. Fraudsters exploit the restaurant’s mobile application, placing orders using compromised payment credentials while avoiding detection. The establishment has suffered substantial financial losses exceeding thousands of dollars due to subsequent chargebacks when financial institutions flag fraudulent transactions.

    Evidence analysis reveals the alarming scale of this operation: 35 distinct stolen credit card numbers were utilized across 80 fraudulent transactions within a condensed timeframe. One victim, identified only by the surname True, endured $501 in unauthorized charges over just 13 days in December 2024. Similarly, another cardholder named Justice absorbed $943 in fraudulent purchases across a three-week period.

    The criminal enterprise has evolved beyond individual fraud into an organized marketplace. WhatsApp communications confirm that gang members now actively trade stolen financial data, offering complete packages including card numbers, expiration dates, CVV codes, and corresponding personal identification details. This underground economy enables secondary fraud markets where criminals purchase validated payment information for immediate misuse.

    Despite implementation of enhanced security measures including ID verification requirements, fraudsters adapted by photographing legitimate identification documents to bypass safeguards. Delivery patterns further confirm the operation’s sophistication, with orders frequently routed to known call center locations throughout Belize City.

    Law enforcement agencies including the Financial Intelligence Unit face mounting pressure to address this expanding criminal network that transcends national borders and threatens financial security for US consumers while destabilizing Belize’s growing BPO industry.

  • PM Says Consolidation Prepares BTL For Incoming Challenges

    PM Says Consolidation Prepares BTL For Incoming Challenges

    Prime Minister John Briceño has addressed mounting public apprehension regarding Belize Telemedia Limited’s proposed acquisition of SpeedNet, asserting that government oversight will safeguard consumer interests and taxpayer investments. The Prime Minister characterized the consolidation as a strategically necessary measure to fortify the national telecommunications provider against impending market challenges.

    Responding to allegations that the arrangement constitutes a corporate bailout, Briceño emphasized that such market consolidation represents standard global practice within properly regulated frameworks. “This kind of consolidation happens everywhere, all over the world,” stated Briceño. “In the United States, companies are buying up one another and everything is managed by regulation.”

    The Prime Minister highlighted the government’s substantial financial stake in the telecommunications sector, noting taxpayers have invested over $610 million for a majority share in the industry. From BTL’s operational perspective, acquiring the remaining one-third market share would generate operational efficiencies and enhance the company’s capacity to withstand future industry challenges.

    Briceño clarified that the government’s implementation of a statutory instrument serves as a regulatory pause mechanism, preventing any transaction progression until appropriate regulatory frameworks are established. The administration maintains that its primary obligation remains protecting both taxpayer funds and Social Security investments while ensuring the telecommunications company acts in its own best corporate interests.

  • Government to Introduce 12 Month Telcom Rate Freeze

    Government to Introduce 12 Month Telcom Rate Freeze

    In a decisive move addressing nationwide apprehensions over telecommunications affordability, the Belizean government has announced a comprehensive twelve-month freeze on all internet and telecommunications service rates. Prime Minister John Briceño revealed the policy on January 16, 2026, confirming the Public Utilities Commission (PUC) will implement the measure regardless of whether the proposed industry consolidation moves forward.

    The regulatory intervention comes amid public debate over potential market changes and their impact on consumer pricing. Minister Michel Chebat has directed the PUC to draft a statutory instrument (SI) formalizing the rate freeze, with signing expected imminently next week.

    Prime Minister Briceño emphasized the necessity of infrastructure investment in the rapidly evolving technology sector while affirming the government’s commitment to consumer protection. “Technology changes so it’s a lot of investment that have to take place to be able to keep up,” stated Briceño, “and that is where the Public Utilities Commission comes in.”

    The Prime Minister further indicated this action might signal a broader regulatory shift, suggesting the telecommunications sector could eventually face similar oversight mechanisms currently applied to utilities like water and energy. This development represents a significant governmental stance on market regulation amid technological advancement and corporate consolidation possibilities.