Carib Scope

分类： business

  • Labour Dept Moves to Clarify CCJ Severance Ruling

    Labour Dept Moves to Clarify CCJ Severance Ruling

    The Belizean labor landscape faces mounting tension as conflicting interpretations of a landmark Caribbean Court of Justice ruling trigger both governmental intervention and worker mobilization. The Ministry of Immigration, Governance and Labour has moved urgently to address widespread public confusion stemming from the CCJ’s decision in Marin v. BTL, emphasizing that the ruling establishes precedent solely for the specific parties involved rather than creating universal entitlement to severance payments nationwide.

    Despite governmental assurances that existing severance regulations remain unchanged, the Belize Communication Workers for Justice (BCWJ) has intensified its campaign for compensation, alleging systematic non-compliance by Belize Telemedia leadership. The dispute has taken a decidedly personal turn as workers announced plans to demonstrate Friday at Southside Meat Shop on Albert Street West—a business owned by BTL board chairman Markhelm Lizarraga.

    BCWJ organizer Emily Turner articulated the strategic shift toward personal confrontation, stating: “We believe the chairman is behaving personally with us about paying our severance, and we must make it personal right back at him.” The decision follows collapsed negotiations that initially appeared promising when BTL indicated board approval for severance payments, only to subsequently maintain that many workers remained ineligible according to their interpretation of the CCJ ruling.

    Turner detailed the breakdown in negotiations, explaining that despite presenting good faith offers, company representatives reiterated their non-compliance stance regarding workers with over six years of service. The Labor Department continues urging both employers and employees to seek individualized legal guidance rather than presuming blanket application of the court decision, emphasizing that each case depends on specific contractual agreements and factual circumstances.

  • Estimates of Expenditure and Revenue for the financial year 2026-2027 laid in Parliament

    Estimates of Expenditure and Revenue for the financial year 2026-2027 laid in Parliament

    The Government of Barbados has formally presented its comprehensive budget for the 2026-2027 fiscal year to Parliament, initiating the legislative process for national expenditure and revenue allocation. This financial blueprint, which also includes a revised forecast for the ongoing 2025-2026 period, will undergo detailed parliamentary scrutiny starting March 2, 2026, through debates on the Appropriation Bill.

    For the current 2025-2026 financial year, the revised fiscal outlook indicates an expected cash revenue of $3,856.0 million, predominantly from tax contributions ($3,663.4 million), with the remainder from non-tax and grant sources. Total expenditure is projected at $3,939.8 million, leading to a modest deficit of $83.8 million, representing -0.5% of the estimated GDP of $16,242.8 million. A robust primary surplus of $658.4 million (4.1% of GDP) underscores a stable fiscal foundation.

    Looking ahead to 2026-2027, the government anticipates a significant revenue expansion. On a cash basis, current revenue is projected to reach $5,179.0 million, marking a substantial 34.3% increase from the revised 2025-2026 figures. Total expenditure on an accrual basis, inclusive of amortization, is set at $6,138.6 million. Converted to a cash basis (excluding amortization), this translates to $5,075.5 million, allocated between current ($4,185.7 million) and capital ($889.8 million) expenditures. This reflects a notable $766.7 million increase in current spending compared to the previous year.

    Key expenditure drivers include a significant rise in goods and services funding, set to increase by $376.2 million to $966.7 million, and a 32% jump in current transfers to $1,520.1 million. Debt servicing remains a major outlay at $1,495.9 million. Despite this, the primary balance is forecast to be a strong surplus of $817.5 million, equating to 4.8% of a projected GDP of $17,064.7 million.

    The budget allocates strategic investments across critical sectors, including:
    * $182.2 million subvention for the Queen Elizabeth Hospital.
    * $121.5 million for the Social Empowerment Agency.
    * $242.0 million for the Barbados Water Authority’s capital projects.
    * $116.0 million for the Barbados Defence Force.
    * $78.4 million for Special Needs grants, Pensioners, and Welfare.
    Additional provisions target long-term economic resilience, including $75.0 million for the Economic Diversification Growth Fund, $56.0 million for the Resilience and Regeneration Fund, $52.2 million for the Barbados Republic Child Wealth Fund, $23.0 million for the Smart Energy Fund, and $20.0 million to capitalize the Blue Green Bank, signaling a strong commitment to sustainable and diversified economic growth.

  • Punta Cana Airport recognized among world’s best in 2025 ASQ Customer Experience Awards

    Punta Cana Airport recognized among world’s best in 2025 ASQ Customer Experience Awards

    Punta Cana International Airport (PUJ) has once again secured its position among the world’s elite aviation hubs by winning the prestigious 2025 ASQ Customer Experience Award from Airports Council International (ACI) World. This remarkable achievement represents the ninth time the Dominican Republic airport has received this distinguished honor, having previously maintained an eight-year winning streak that now resumes.

    The airport earned top honors in the ‘Best Airports at Departures’ category for Latin America and Caribbean airports handling 5 to 15 million passengers annually. This recognition specifically acknowledges excellence in service quality as evaluated directly by travelers, making it one of the most authentic measures of passenger satisfaction in the aviation industry.

    The ASQ program stands as the global benchmark for airport customer experience measurement, utilizing real-time surveys conducted with passengers within airport facilities. The methodology ensures statistically significant data collection through randomized sampling across various locations and times, capturing genuine passenger experiences throughout their journey.

    During the 2025 evaluation period, the program gathered feedback from approximately 707,000 travelers worldwide, representing more than half of global air passenger traffic. The comprehensive data revealed increasing satisfaction levels across multiple touchpoints, including enhanced cleanliness, more pleasant terminal environments, welcoming atmospheres, superior customer service, and significant improvements in immigration and border control efficiency.

    Among only 100 airports worldwide to receive ASQ recognition this year, Punta Cana’s achievement becomes particularly notable given its sustained operational performance during a period of high passenger volumes. The airport has consistently maintained strong traffic numbers throughout the award period, even achieving weekly passenger records, demonstrating that operational excellence and customer satisfaction can coexist at scale.

  • SSB Invests $10M Contributors’ Funds in Heritage Bank Deal

    SSB Invests $10M Contributors’ Funds in Heritage Bank Deal

    The Social Security Board (SSB) of Belize has finalized a significant financial investment strategy, directing $10 million from contributor funds into a fixed-term deposit arrangement with Heritage Bank Limited. This strategic move, initially announced in December and now officially confirmed, involves monthly contributions from numerous Belizean workers and employers across the nation.

    Financial documents published in the Belize Gazette outline the specific terms of this banking agreement, revealing a two-year investment period with a fixed annual interest rate of 2.75%. This calculated financial maneuver is projected to generate approximately $275,000 in annual returns for the Social Security Fund.

    Heritage Bank Limited, the recipient institution of this substantial deposit, operates as a fully licensed domestic commercial bank under the regulatory oversight of the Central Bank of Belize. The bank has maintained a consistent record of exceeding statutory requirements for both capital adequacy and liquidity ratios, according to official statements.

    Vanessa Vellos, Communications and PR Manager for SSB, provided additional context regarding the investment decision-making process. In discussions with News Five, Vellos explained that the board’s Investment Services Department conducted thorough financial calculations before recommending this specific allocation. “The SSB maintains an investment committee that carefully evaluates our liquidity position,” Vellos stated. “Their analysis determined that this amount represented an optimal investment figure given current market conditions.”

    This investment approach follows established precedent for the Social Security Board, which has previously engaged in similar term deposit arrangements with other banking institutions. These prior investments have reportedly delivered strong returns and performed according to expectations, creating confidence within the board regarding the Heritage Bank placement.

    The investment strategy employs a phased implementation approach through multiple tranches, preserving operational flexibility while maximizing returns on funds that would otherwise generate minimal interest income. SSB officials emphasize that the resulting investment income will directly contribute to the long-term stability of the Social Security Fund, supporting critical payment obligations including pension disbursements and sickness benefits.

    Vellos confirmed the successful finalization of the investment, noting, “The transaction has been completed and is currently progressing according to plan. We have received no objections to this investment decision.”

  • ‘Money Is Such a Heavy Topic’: Faith & Finance Opens Dialogue for Women

    ‘Money Is Such a Heavy Topic’: Faith & Finance Opens Dialogue for Women

    A transformative financial literacy event specifically designed for women successfully convened this week, bringing together over 25 participants. Organized under the banner ‘Faith & Finance,’ the gathering provided a comprehensive platform addressing longstanding barriers to financial education through direct resource access and proven strategic methodologies.

    The event was meticulously curated by Sharlene Skinner and Sergin David of Bloom Events, focusing on delivering practical knowledge across multiple financial domains. Key workshop topics included intelligent investing principles, strategic utilization of insurance products, actionable saving techniques, and real-world success case analyses. Uniquely, all financial lessons were contextualized within faith-based frameworks, redefining money management as an essential component of personal stewardship.

    Highlighting the program was a powerful keynote address by veteran business leader Alice Orie, who recounted her remarkable entrepreneurial journey beginning at age 13. Her narrative detailed how small business initiatives became survival mechanisms during her family’s financial struggles. With over four decades of business experience, Orie shared candid insights on navigating professional pitfalls, overcoming intense public scrutiny and gossip, and achieving sustained success. Her presentation extended beyond inspiration to include practical investment approaches, accessible saving methods, and the central role of faith in maintaining holistic success.

    The educational experience was further enhanced by Ashwini Singh, investment analyst at event sponsor UTC Global Balance Fund, who conducted an intensive workshop on budget decoding. Singh demonstrated practical techniques for optimizing salary allocation across expenses while creating realistic saving structures. Complementary expertise was provided by Sagicor representatives Deborah Raoul and Sherlon Leon, who elucidated how various insurance instruments could be leveraged to advance long-term financial objectives.

    The event proved particularly impactful for women primarily in their thirties and beyond, facilitating fundamental financial literacy development. Reflecting on the gathering, co-organizer Sharlene Skinner told St. Lucia Times: ‘Money remains a profoundly heavy topic. We critically need more spaces like this for understanding monetary nuances and improving our stewardship capabilities. This afternoon visibly demonstrated growing awareness and mindset shifts—precisely Faith & Finance’s purpose.’

    Bloom Events confirms this inaugural gathering represents merely the beginning of this initiative, with subsequent events already in active development stages.

  • LCB en oliebedrijven werken aan versnelling richting ‘First Oil’ in 2028

    LCB en oliebedrijven werken aan versnelling richting ‘First Oil’ in 2028

    Suriname’s Local Content Board (LCB) convened a pivotal meeting on Monday with international energy corporations, suppliers, and state-owned Staatsolie to address critical bottlenecks threatening the country’s ambitious ‘First Oil’ production target by 2028. The high-level gathering included industry giants SBM Offshore, Petronas, TotalEnergies, Chevron, Halliburton, and APA Corporation.

    The strategic dialogue established a permanent consultation framework between government authorities and private sector stakeholders, prioritizing actionable solutions for operational challenges. Key discussion points encompassed work permit processing, visa protocols, and supplemental regulations governing maritime labor and seafarers—all identified as crucial factors influencing offshore project timelines and execution efficiency.

    LCB Chairperson Lucil Drielinger-Fernandes articulated a vision where local content policies generate sustainable national value beyond mere numerical quotas. “Our focus extends beyond percentage requirements to tangible outcomes: job creation for Surinamese citizens, technological knowledge transfer, and enhanced competitiveness for domestic enterprises,” she emphasized during the proceedings.

    Executive branches demonstrated strong commitment, with the President’s Cabinet pledging concrete implementation steps within 60 days. The Ministry of Foreign Affairs previously guaranteed cooperation to streamline administrative processes and reinforce Suriname’s investment attractiveness.

    This meeting inaugurates a structured consultation mechanism featuring regular high-frequency dialogues. The collaborative effort aims to establish a predictable regulatory environment that simultaneously accelerates energy investments and safeguards national socioeconomic interests, creating a model for resource-driven development in emerging markets.

  • Nicholls: Terminal dues critical to Caribbean postal sustainability

    Nicholls: Terminal dues critical to Caribbean postal sustainability

    Caribbean postal administrations are confronting a critical financial challenge as cross-border e-commerce drives unprecedented growth in international parcel volumes. Gregory Nicholls, Barbados’ Minister of Home Affairs and Information, has emphasized that reforming terminal dues—the system governing how postal operators compensate each other for delivering international mail—is essential for the region’s postal sustainability.

    Speaking at the Universal Postal Union–Caribbean Postal Union Remuneration Workshop in Bridgetown, Nicholls highlighted the disproportionate burden faced by small island states. These administrations grapple with elevated transportation expenses, constrained economies of scale, and complex logistics networks that strain their operational capabilities.

    “When strategically managed,” Nicholls asserted, “terminal dues systems can become powerful tools for modernization, efficiency gains, and revenue optimization rather than financial liabilities.” He warned that without proper negotiation and understanding, these systems could impose unsustainable pressure on regional postal services.

    The minister outlined a comprehensive strategy involving enhanced regional cooperation, sophisticated cost accounting mechanisms, and data-informed policymaking. He stressed the importance of continuous professional development and training investments to build institutional capacity across Caribbean postal networks.

    Nicholls reaffirmed the Barbadian government’s dedication to modernizing its national postal system while championing the cause of equitable treatment for small states within global postal policy frameworks. He urged workshop participants to approach the event as a strategic initiative to strengthen collective bargaining power and elevate service standards throughout the Caribbean region.

  • Saint Lucia pushes air service improvements at CTO summit

    Saint Lucia pushes air service improvements at CTO summit

    Saint Lucia’s government delegation is spearheading a regional push for strengthened aviation infrastructure at the Caribbean Tourism Organisation’s Air Connectivity Summit in Bermuda this week. Leading the island nation’s representation are Tourism Minister Dr. Ernest Hilaire and Saint Lucia Tourism Authority CEO Louis E. A. Lewis at the February 24th convening.

    The high-stakes assembly brings together tourism ministers, airline executives, aviation regulators, and policy architects to deliberate on the future of air transportation and its indispensable function in driving tourism economies throughout the Caribbean region and internationally. The summit’s agenda features strategic dialogues with aviation industry leaders focused on amplifying global airlift capabilities, reinforcing regional air networks, and examining aviation’s direct correlation with tourism expansion.

    Saint Lucia’s involvement highlights the administration’s dedicated emphasis on cultivating airlift alliances, refining route development methodologies, and positioning the destination for consistent growth in overnight visitor arrivals. Minister Hilaire emphasized in an official statement that ‘air connectivity remains one of the most critical pillars of tourism competitiveness,’ noting that ‘strategic airlift development is fundamental to Saint Lucia’s tourism growth and overall economic resilience.’

    CEO Lewis reinforced the collaborative nature of aviation advancement, stating that ‘air connectivity is more than routes; it is about partnerships, data-driven planning, and aligning aviation strategy with tourism demand.’ The tourism authority anticipates the summit discussions will bolster existing initiatives to improve connectivity from primary source markets while tackling the persistent challenges of intra-regional travel within the Caribbean basin.

  • Recovery in sight

    Recovery in sight

    The Bank of Jamaica (BOJ) has expressed confidence that the government’s recently implemented tax package will not hinder the nation’s economic recovery trajectory in the coming year, despite concurrent fiscal expansion and massive hurricane reconstruction efforts. Governor Richard Byles addressed concerns during the central bank’s quarterly monetary policy briefing, dismissing predictions that the combined effect of increased taxation and post-Hurricane Melissa spending would suppress economic growth or trigger renewed inflationary pressures.

    While acknowledging that higher taxes typically reduce consumer demand, Governor Byles emphasized that the government’s deficit-financed reconstruction initiative would inject sufficient stimulus to counterbalance any economic drag. This perspective reflects the central bank’s growing assurance that Jamaica can successfully navigate toward recovery in 2026-27, even with the temporary suspension of fiscal rules enacted following Hurricane Melissa’s devastation in late 2025.

    The BOJ’s current projections indicate the economy will contract between 1-3% this fiscal year before rebounding to positive growth of 1-3% next year. This anticipated turnaround is expected to be driven by significant recoveries across multiple sectors including agriculture, mining, tourism, and electricity supply. Notably, the agricultural sector alone is forecast to rebound by 5-10% in the upcoming year after suffering devastating declines of 15-20% in the hurricane’s aftermath.

    Regarding inflation risks associated with increased government spending, the central bank maintains that Jamaica can manage reconstruction efforts without exceeding the 4-6% inflation target corridor over the next 12-18 months. This confidence stems from anticipated improvements in agricultural output, moderating hurricane-related price pressures, and modest exchange rate appreciation.

    The BOJ recently implemented a cautious 25-basis-point rate reduction, bringing the policy rate to 5.50%, which Governor Byles characterized as more of a directional indicator than an immediate trigger for widespread commercial lending rate reductions. He explained that major financial institutions continue to hold substantial portfolios of fixed-rate loans issued during the low-rate pandemic period, which will naturally slow the transmission of monetary policy changes to borrowing costs.

  • Keeping the house clean

    Keeping the house clean

    Jamaica has taken decisive action to protect its nascent gaming sector from organized criminal infiltration through a newly established cooperation framework between key regulatory bodies. The memorandum of understanding (MOU) signed between the Major Organised Crime and Anti-Corruption Agency (MOCA) and the Casino Gaming Commission represents a strategic move to prevent the nation’s reinstatement to the Financial Action Task Force’s (FATF) increased monitoring list.

    Colonel Desmond Edwards, Director General of MOCA, emphasized the critical importance of maintaining Jamaica’s hard-won removal from the FATF grey list in 2024 after four years of heightened scrutiny. “We don’t want to go back on the list,” Edwards stated, noting that grey list status severely diminishes a country’s appeal to international investors due to perceived high-risk categorization.

    The FATF, as the global watchdog combating money laundering and terrorist financing, places nations on its grey list when their anti-financial crime frameworks are deemed inadequate. Edwards highlighted that Jamaica’s delisting resulted from concerted efforts across multiple sectors to address systemic vulnerabilities.

    Gaming industries worldwide remain particularly susceptible to money laundering schemes, necessitating robust regulatory structures. The newly signed MOU establishes stringent protocols to prevent illicit funds from entering Jamaica’s gaming ecosystem while fostering investor confidence and public trust.

    Casino Gaming Commission Chairman Ryan Reid characterized the agreement as demonstrating Jamaica’s commitment to industry integrity. “We are putting structures in place to combat anything or any intentions they may have,” Reid stated, referencing potential bad actors seeking to exploit the emerging sector.

    Commission CEO Cleveland Allen clarified that Jamaica’s vision differs markedly from traditional gambling hubs like Las Vegas. Instead, the nation aims to integrate casino gaming as one component of a diversified tourism offering rather than establishing itself as a primary gaming destination.

    The regulatory foundation was strengthened on February 10 when Jamaica’s House of Representatives approved the Casino Gaming (General) Regulations 2025. These comprehensive rules govern administrative processes, licensee obligations, record-keeping, reporting requirements, and enforcement mechanisms to ensure transparent and orderly industry operations.