Carib Scope

分类： business

  • Staff rally support as super value owner airlifted to U.S.

    Staff rally support as super value owner airlifted to U.S.

    The Bahamian business community has mobilized in support of Rupert Roberts, founder and owner of the nation’s largest all-Bahamian food retail chain Super Value, following his medical emergency over the weekend. According to company president Debra Symonette, staff responded “almost immediately” after learning of Roberts’ urgent need for blood donations, demonstrating the deep loyalty he commands within his organization.

    While Symonette declined to specify Roberts’ medical condition, she confirmed the prominent businessman has been transferred via air ambulance to Mayo Clinic in Rochester, Minnesota, where he remains under intensive care. Social media platforms were flooded with appeals for blood donors throughout the weekend as news of his health crisis spread rapidly throughout the islands.

    The Super Value president described staff as “very optimistic” about Roberts’ recovery, noting that employees across the retail chain have rallied together with a team in place to maintain operations while regularly receiving updates on his condition. “We’re just praying for him and hoping that everything will turn out for the best,” Symonette stated, emphasizing that Roberts is “very much loved by his staff.”

    Beyond his retail empire, Roberts has been a pivotal figure in Bahamian commercial development for decades. He previously served as chairman of Commonwealth Bank Limited from 1984 to 1992 following the bank’s Bahamianisation, overseeing a period of remarkable expansion. Under his leadership, the institution relocated its headquarters to East Bay Street, established new branches in Oakes Field and Marsh Harbour, and achieved unprecedented growth with total assets soaring by over 700 percent to exceed $125 million while net income tripled from $1.3 million to $4 million during his tenure.

  • BOJ to launch finance-based game for children

    BOJ to launch finance-based game for children

    KINGSTON, Jamaica — In an innovative move to advance financial literacy among youth, the Bank of Jamaica (BOJ) has announced the April launch of ‘Money Quest,’ an online educational game specifically designed for primary school students in grades four through six. The initiative represents a strategic effort to embed essential financial skills early in the national education framework.

    Dr. Andre Murray, Head of the Financial Inclusion Unit at BOJ, unveiled the project during the central bank’s Quarterly Monetary Policy Report press conference held Tuesday at its downtown Kingston auditorium. He detailed that the game integrates core financial principles with existing academic curricula, including the Primary Exit Profile (PEP) syllabus, transforming complex concepts into an engaging adventure-based format.

    ‘Money Quest is engineered to merge financial knowledge with problem-solving in a dynamic, interactive environment, making the acquisition of these vital skills both enjoyable and memorable,’ Dr. Murray stated. The development follows extensive beta testing with a diverse range of schools across Jamaica, leveraging the pedagogical power of play to instill lifelong financial habits and confidence.

    The project is a cornerstone of the central bank’s broader mission to cultivate a financially capable generation. Dr. Murray articulated a vision where Jamaican youth approach money management not as an intimidating academic subject, but as an essential life skill mastered with curiosity and control. This initiative, alongside the televised series ‘Common Cents,’ aims to strengthen public trust in and access to the nation’s financial system.

    Ultimately, the BOJ believes that foundational financial education will empower citizens to make stronger economic choices, contributing to family prosperity, national economic growth, and greater societal resilience. ‘Money Quest’ was developed in collaboration with Database Technologies Limited.

  • ExxonMobil launches US$100 million science, tech, math initiative for Guyana

    ExxonMobil launches US$100 million science, tech, math initiative for Guyana

    In a landmark move for educational development, global energy giant ExxonMobil has unveiled a comprehensive decade-long initiative valued at US$100 million to revolutionize Science, Technology, Engineering, and Mathematics (STEM) education throughout Guyana. The announcement was formally made by ExxonMobil Chairman and CEO Darren Woods during a high-profile dinner event at the Guyanese State House, the official presidential residence, on Monday evening.

    The ambitious program, designed to span ten years, will fundamentally reshape Guyana’s educational infrastructure by implementing multiple strategic projects targeting both students and educators. Central to the initiative is the establishment of an extensive teacher training framework for secondary-level mathematics and science instruction, developed through a collaborative partnership with Guyana’s Ministry of Education and the University of Guyana.

    A cornerstone of the project involves creating a nationwide network of specialized STEM centers dedicated to hands-on learning experiences for teenagers and young adults. The inaugural facility is scheduled for construction at the University of Guyana’s Turkeyen Campus in Georgetown, with completion targeted for the 2028-2029 timeframe. This center will emulate a successful model previously observed by Guyanese President Irfaan Ali during his visit to Houston, Texas, last year.

    President Ali emphasized the critical importance of adhering to the 2028 completion deadline during his address, noting that trainer and facilitator development would commence almost immediately. The president highlighted that situating the center within a university environment would provide younger students with early exposure to campus life while significantly elevating the quality of STEM education nationwide.

    The high-level event, broadcast via delayed livestream on the president’s official Facebook platform, gathered government ministers, private sector representatives, senior military and police officials, ExxonMobil executives, and diplomatic personnel from the United States Embassy.

  • China roept VS op tot opheffing Trump-tarieven na vernietigend vonnis Supreme Court

    China roept VS op tot opheffing Trump-tarieven na vernietigend vonnis Supreme Court

    In a landmark decision with global trade implications, the US Supreme Court has struck down significant portions of former President Donald Trump’s unilateral tariff policies, prompting China to demand complete elimination of the remaining trade barriers. The 6-3 ruling determined that Trump exceeded his statutory authority when imposing tariffs under a 1977 trade law, dealing a substantial political blow to his controversial trade agenda that disrupted international commerce.

    China’s Commerce Ministry announced it is conducting a comprehensive assessment of the ruling’s consequences while formally urging Washington to abolish all remaining tariffs. “There are no victors in trade conflicts, and protectionism leads nowhere,” the ministry stated, emphasizing the mutual damage caused by trade wars.

    The development comes as the US prepared to implement new 15% global import levies this Tuesday, measures designed to remain effective for up to 150 days with certain product exemptions. China’s Foreign Ministry indicated it would vigilantly monitor potential alternative American measures, including trade investigations that might circumvent the court’s decision. “China will resolutely defend its interests,” a spokesperson affirmed.

    International responses have been measured yet concerned. The European Union stressed the importance of predictable and fair trade rules, with a European Commission spokesperson noting: “We are monitoring developments closely and remain committed to an open, equitable trading system beneficial to all parties.”

    Japan, a key trade partner to both nations, warned of possible further escalation. Canada, similarly affected by US tariffs, advocated for constructive dialogue through multilateral forums. The World Trade Organization reiterated the critical importance of maintaining stable, rules-based international trade frameworks.

    The ruling represents a pivotal moment in global trade politics, where judicial oversight, political interests, and economic strategies intersect. The coming months will prove crucial in determining the direction of world trade amid rising protectionist tendencies.

  • Coastal Pressures Rise as Perez Drives Airport Plan

    Coastal Pressures Rise as Perez Drives Airport Plan

    BELIZE – Amid ongoing coastal management challenges, Belizean officials are propelling forward with ambitious infrastructure development plans for Ambergris Caye. Andre Perez, Area Representative for Belize Rural South, confirms significant progress on a multimillion-dollar international airport project designed to transform the island’s economic landscape.

    The northern air facility, currently in advanced planning stages, aims specifically to capture the high-end private jet market. Perez emphasizes the project’s economic rationale, drawing parallels to successful fixed-base operations in the Bahamas. The strategy centers on attracting affluent travelers seeking convenience and efficiency, with projected customs and immigration clearance times under twenty minutes.

    Infrastructure development has reached critical milestones with funding secured through international partnerships, including IDB approval. Land acquisition adjacent to Social Security properties is complete, and technical designs meet international aviation standards. The blueprint calls for a 7,000-8,000 foot runway capable of accommodating larger aircraft like ATRs with 40-passenger capacity—addressing current limitations of San Pedro’s existing infrastructure.

    Perez projects construction commencement within three years, positioning the airport as both a luxury travel gateway and solution to regional transportation bottlenecks. The development forms part of broader infrastructure improvements including road networks, sewer systems, and water management facilities.

    This initiative proceeds alongside ongoing coastal management efforts by the Ministry of Blue Economy, which continues to address sargassum seaweed influx and dredging concerns affecting Belize’s shoreline communities.

  • Expect higher prices as shipping fees become ‘permanent burden’ – BMA, BCEN

    Expect higher prices as shipping fees become ‘permanent burden’ – BMA, BCEN

    Consumer and manufacturing groups in Barbados have issued a joint alert regarding the transformation of temporary shipping surcharges into permanent cost burdens, warning of imminent price increases for essential goods. The Barbados Manufacturers’ Association (BMA) and Barbados Consumer Empowerment Network (BCEN) revealed on Monday that peak season surcharges (PSS) originally designed for seasonal demand fluctuations have effectively become perpetual additions to freight costs.

    According to the organizations, what began as limited-period charges for holiday season shipping demand has evolved into a continuous five-month surcharge period immediately followed by General Rate Increases (GRI), creating an unbroken cycle of escalating transportation expenses. This structural change in shipping pricing directly impacts production costs and consumer prices throughout the Barbadian economy.

    BCEN emphasized that these increased freight charges inevitably transfer to consumers through higher prices for food, household items, building materials, and daily essentials. Meanwhile, the BMA warned that the compounding effect of extended surcharges and subsequent rate increases is eroding the competitiveness of local manufacturers operating in an already challenging economic environment.

    BMA Executive Director Shardae Boyce explained the manufacturing sector’s vulnerability: ‘Many local manufacturers import raw materials and machinery since not every input can be sourced locally. When shipping carriers impose sudden and unregulated surcharges, it directly increases our production costs with limited absorption capacity.’

    Both organizations stressed they don’t oppose legitimate cost recovery by shipping providers but called for greater transparency, proportionality, and accountability in how surcharges are structured and applied to Caribbean shipping routes. They specifically urged the new Mottley administration to introduce budgetary mechanisms in the upcoming April 1 financial plan that enable government-manufacturer collaboration to lower prices on locally produced goods.

    The groups plan to meet with the Fair Trading Commission, government ministries, and Barbados Port Inc. to seek clarity and constructive dialogue. They also encouraged shipping firms to engage openly with interest groups on developing fairer and more transparent freight pricing structures for small island economies.

  • Instability in Cuba and Venezuela redirects tourism to Dominican Republic and Mexico

    Instability in Cuba and Venezuela redirects tourism to Dominican Republic and Mexico

    Recent geopolitical turbulence in Cuba and Venezuela has triggered a significant reconfiguration of Caribbean tourism flows, with travelers increasingly favoring destinations perceived as more secure and stable. Industry reports confirm that the Dominican Republic and Mexico’s Riviera Maya are emerging as primary beneficiaries of this regional shift.

    According to Carlos Garrido, President of the Spanish Confederation of Travel Agencies (CEAV), both nations are functioning as ‘refuge’ destinations, absorbing redirected tourist demand while experiencing consequent price increases. Toni Chaves, President of the Riviera Maya Hotel Association, acknowledged that uncertainty in other Caribbean markets may have contributed to robust demand in the Mexican Caribbean, though he characterized this influence as marginal within broader structural tourism transformations.

    Chaves elaborated that the ongoing industry transformation preferentially advantages destinations demonstrating superior air connectivity, operational reliability, enhanced safety perceptions, substantial hotel capacity, competitive pricing, and strategic backing from tour operators in source markets—all areas where the Riviera Maya maintains strong competitiveness.

    The Dominican Republic’s tourism sector is experiencing unprecedented growth, having recorded 11.6 million visitors in the previous year. This historic achievement represents a remarkable 37.8% increase compared to 2022, solidifying its status as one of the Caribbean’s premier tourism destinations.

    Conversely, Cuba’s tourism industry continues its precipitous decline, concluding the year with merely 1.8 million international visitors—its lowest arrival figures since 2002. This represents a dramatic fall from its 2018 peak of 4.7 million visitors. The sector’s collapse has been accelerated by U.S. sanctions implemented during the Trump administration, compounded by Cuba’s severe economic and energy crises and diminished air connectivity.

    At January’s FITUR tourism fair, Cuban Tourism Minister Juan Carlos García attributed the sector’s challenges primarily to the U.S. economic embargo. Executives from Meliá Hotels International confirmed that growing instability has further deteriorated an already challenging situation, acknowledging the redirection of bookings from Cuba toward Mexican and Dominican properties. The hotel group has consequently reduced room availability in Cuba this month, aligning operations with current occupancy levels and supply constraints.

    Venezuela is simultaneously navigating what industry leaders describe as an exceptionally complex period. The Federal Aviation Administration’s November advisory urging extreme caution when flying over Venezuela and the southern Caribbean prompted multiple international airlines to suspend or reduce operations. According to César Gutiérrez, President of the Spanish Federation of Territorial Associations of Travel Agencies (Fetave), the tourism slowdown stems less from diminished tourist interest and more from operational challenges and compromised air connectivity, further reinforcing the regional pivot toward more stable destinations.

  • FTC alerted to SurePay’s new 30-cent over-the-counter payment fee

    FTC alerted to SurePay’s new 30-cent over-the-counter payment fee

    A proposed convenience fee by bill payment processor SurePay (Barbados) has ignited a significant consumer rights debate, drawing scrutiny from the nation’s fair trade regulator. Effective March 16, the company plans to implement a VAT-inclusive 30-cent charge on all over-the-counter cash and cheque bill payments, a move it attributes to escalating operational costs associated with handling physical currency and processing cheques.

    The Barbados Consumer Empowerment Network (BCEN) has formally petitioned the Fair Trading Commission (FTC) to conduct a comprehensive review of the fee’s fairness, necessity, and proportionality. BCEN Executive Chair Maureen Holder articulated deep concerns that the seemingly nominal charge would disproportionately impact vulnerable demographics, including seniors, low-income households, and individuals with limited digital access. Holder emphasized that for these groups, counter services are not a premium convenience but an essential utility, and layering additional fees exacerbates existing financial strains from rising living costs.

    In response to inquiries, FTC Chief Executive Officer Brian Reece confirmed the agency’s awareness of the emerging situation but declined to comment on any potential regulatory action. Reece stated the commission must first be guided by thoroughly grounded facts and legal principles before making any determination on the merits of the case.

    The controversy highlights a broader tension between national digitalization efforts and financial inclusivity. BCEN argues that penalizing in-person transactions creates a discriminatory two-tier system, effectively charging a premium for essential services to those who are least able to transition to digital platforms. This, they contend, runs counter to national goals of financial inclusion and consumer protection. The central demand from consumer advocates is for absolute transparency: a clear justification for the fee’s necessity, evidence that alternative cost-saving measures were explored, and safeguards against the gradual accumulation of small charges that incrementally increase the cost of living.

  • Parliament: Henderson says regulatory ECCU financial services Bill ‘late’ but necessary

    Parliament: Henderson says regulatory ECCU financial services Bill ‘late’ but necessary

    The Eastern Caribbean Currency Union is poised to establish a comprehensive regulatory framework for payment services with the introduction of the Payment System and Services Bill 2026. Dr. Vince Henderson, Minister for Foreign Affairs, International Business, Trade and Energy, praised both Finance Minister Dr. Irving McIntyre and the Eastern Caribbean Central Bank (ECCB) for presenting the groundbreaking legislation to Parliament on Monday.

    The bill represents a significant milestone in financial regulation, creating a structured licensing system for payment service providers while expanding oversight mechanisms and enhancing consumer protection protocols across member states. During parliamentary proceedings, Dr. Henderson emphasized the urgent need for such regulation, noting the region has witnessed both the emergence and instability of money transfer systems.

    “This legislative action comes at a crucial time,” Henderson stated. “Our primary objective is to establish regulatory safeguards that protect consumers and their hard-earned money as we transition toward an increasingly cashless society.”

    The minister articulated a dual-focused approach: implementing necessary consumer protections while actively fostering innovation within the financial technology sector. He highlighted the importance of developing indigenous payment solutions that reduce dependency on international corporations like Visa, MasterCard, and American Express, thereby minimizing transaction fees for local businesses and consumers.

    Henderson specifically advocated for creating regionally developed money transfer systems and mobile banking platforms that would keep financial benefits within the Eastern Caribbean economic zone. “We must evolve from mere technology consumers to becoming creators and innovators,” he asserted. “This means developing our own properly regulated financial services that attract both local and international investment while generating employment opportunities.”

    The minister further connected digital financial infrastructure to energy security, noting that reliable electricity is fundamental to electronic payment systems. He drew attention to ongoing state investments in energy projects as essential components of national development strategy, all ultimately directed toward improving living standards and creating economic opportunities for citizens.

    This legislative initiative marks a coordinated effort to modernize financial services while ensuring economic benefits remain within the Eastern Caribbean community, representing a significant step toward financial sovereignty and technological self-reliance in the region.

  • ECCB to introduce banknotes honouring Caribbean Heroes by 2027

    ECCB to introduce banknotes honouring Caribbean Heroes by 2027

    The Eastern Caribbean Central Bank (ECCB) has embarked on a transformative journey to redefine regional identity and financial modernization through two significant initiatives: a historic currency redesign and strategic financial policy adjustments.

    In a landmark decision following its 112th Monetary Council meeting, the ECCB announced the gradual replacement of Queen Elizabeth II’s portrait on EC dollar banknotes with images of Caribbean national heroes. Governor Timothy Antoine characterized this move as “a historic step toward strengthening regional identity” that will commence circulation in 2027. The phased approach ensures economic prudence by allowing newer banknotes to remain in circulation until natural wear necessitates replacement.

    Concurrently, the ECCB addressed monetary policy concerns regarding the region’s savings landscape. With excess liquidity reaching unprecedented levels—deposits across the Eastern Caribbean Currency Union (ECCU) have surpassed EC$28 billion and are growing faster than loans—the minimum savings rate remains anchored at 2%. Governor Antoine clarified that market liberalization would likely drive rates below 1%, stating definitively: “There should be no expectation that the minimum savings rate will go up.”

    Rather than promoting traditional savings, the ECCB is championing investment diversification through newly introduced financial products. Recent innovations include mutual funds and retail bond programs that have already attracted nearly 350 new investors across the currency union. The bank’s ambitious goal aims to increase regional investment participation from the current 4% to 20% within the next decade.

    These developments build upon the ECCB’s ongoing modernization efforts, including the 2024 commemorative EC$50 note celebrating Grenada’s independence anniversary and the recent EC$2 polymer banknote honoring cricket legend Sir Vivian Richards. The integration of cultural heritage with financial innovation represents a comprehensive strategy to strengthen both economic resilience and regional identity across the Eastern Caribbean.