分类: business

  • Face the pressure

    Face the pressure

    As Trinidad and Tobago navigates a fragile, transitional economic period marked by rising business failures and persistent systemic headwinds, two leading regional chamber of commerce presidents are calling on local enterprises to hold out through 2026, framing 2027’s incoming gas sector monetization as the likely turning point for broader economic recovery.

    Kiran Singh, president of the Greater San Fernando Chamber of Commerce, laid out this rallying cry in comments this week, pointing to upcoming large-scale gas projects — including Shell’s Dragon and Manatee fields and other regional energy initiatives led by major international energy firms — as the catalyst that will unlock broader growth once they begin production and revenue generation.

    “Our members are excited about the projected increase in gas supply in the coming years and its vital role in stimulating economic recovery. Developments such as the Dragon and Manatee fields and other regional gas initiatives by Shell and other international energy corporations are essential to economic recovery,” Singh stated.

    Singh’s remarks come on the heels of a recent *Express* report documenting a rising wave of business branch closures and operational restructurings across the country, driven by a broadly contracting domestic economy. Acknowledging that the benefits of new gas development are still 18 months out, Singh stressed that the immediate priority for local private sector operators is simply to endure ongoing economic pressures to reach that turning point. “The responsibility of the private sector is to survive 2026, knowing that next year we will start to benefit from the monetisation of said gas fields,” he said.

    He outlined the multiple overlapping challenges currently squeezing local businesses: growing competition from digital online retailers, depressed consumer spending amid broader economic weakness, and a persistent shortage of foreign exchange that has crippled import-reliant sectors. “The shortage of foreign exchange continues to severely impact import-dependent businesses, limiting their ability to restock inventory and maintain operations. Additionally, increases in taxes and regulatory burdens have compounded these difficulties, particularly for sectors such as retail, hospitality and manufacturing,” Singh explained.

    To prevent further unnecessary business failures before the gas sector gains materialize, Singh called on the government to roll out targeted, immediate support measures in the upcoming mid-year fiscal review. These include expanded, more equitable access to foreign exchange for small and medium-sized enterprises (SMEs), targeted fiscal relief for the ecotourism sector, and broad regulatory reforms to cut red tape and simplify doing business. “The Minister of Finance can use the upcoming mid-year review to devise fiscal measures to address these concerns,” he said. “The SME sector should have more equitable access to foreign exchange. There is a need for targeted fiscal relief in the ecotourism sector, particularly for small and medium enterprises, including temporary tax adjustments or incentives to encourage business continuity and investment.”

    Singh emphasized that while long-term macroeconomic recovery plans are important, short-term support is critical to stopping further business collapse. He called for cross-stakeholder collaboration between government, the private sector, and civil society to build practical, timely solutions that respond to on-the-ground economic realities. “Economic recovery must be inclusive and responsive to the realities on the ground,” he noted.

    Baldath Maharaj, president of the Chaguanas Chamber of Industry and Commerce, offered a complementary perspective, framing the current period as a complex, delicate economic transition rather than a single solvable crisis. Maharaj noted that Finance Minister has to navigate overlapping challenges, including post-pandemic global supply chain volatility, unstable global energy markets, and a structural foreign exchange gap where the country only generates roughly 70% of the foreign currency it needs annually.

    Maharaj pointed out that the wave of traditional business closures is being partially offset by the emergence of new enterprises, mostly in the fast-growing digital economy. But he added that these new small digital firms have not yet grown large enough to replace the tax revenue and jobs lost from shrinking traditional enterprises, creating a near-term gap that policymakers must address. “These new openings often represent a shift toward the digital economy. The challenge for the State is that these new, smaller entities do not yet have the tax base or employment capacity of the larger, older firms that are reducing their operations,” he explained.

    Acknowledging that the government is working to balance fiscal sustainability with private sector growth amid competing pressures, Maharaj said policy responses must be carefully tailored to fit the country’s constrained fiscal and currency context. He argued that non-cash interventions, particularly cutting bureaucratic red tape that slows both business openings and closures, offer a low-cost way to speed up the transition to a more diversified economy. “If we can reduce the time and cost it takes for a new business to become fully compliant and operational, we can accelerate the rate at which these new openings begin to meaningfully contribute to the GDP,” he said.

    Looking ahead, Maharaj echoed Singh’s view that upcoming gas developments are critical to medium-term growth, but stressed that these projects face significant geopolitical and technical hurdles that complicate timely market entry. He framed the current wave of business closures as a painful but inevitable part of the country’s shift away from overreliance on traditional economic models toward a more diversified future. “The financial state of the economy is one of staged recovery. We are moving away from total dependence on historical models and toward a more diversified future. The closures we see today are, in many ways, the painful friction of that transition,” he said.

  • IDAC: 97.8% of tourists to Dominican Republic arrive by air

    IDAC: 97.8% of tourists to Dominican Republic arrive by air

    At the 2026 Miami International Tourism Tradeshow, a top Dominican aviation official has underscored the irreplaceable role of air transport in powering the Caribbean nation’s thriving tourism and broader economic landscape. The Dominican Institute of Civil Aviation (IDAC) has released new data showing that nearly 98 percent — 97.8% to be precise — of all international tourists entering the Dominican Republic reach the country via commercial air travel, a statistic that paints a clear picture of aviation’s centrality to the national economy.

    IDAC Director General Igor Rodríguez Durán, who presented the findings during the industry event, emphasized that this overwhelming dependence on air connectivity confirms the strategic priority of expanding and improving air access for the Dominican Republic’s tourism sector. For a small island nation heavily reliant on international visitor spending, robust air links are not just an infrastructure convenience — they are a foundational driver of growth, job creation, and global visibility.

    Rodríguez noted that participation in major global tradeshows like the 2026 Miami event is a direct investment in advancing that strategic goal. The gathering brings together key players from across the global tourism and aviation ecosystems, including senior airline executives, leading international tour operators, and other major industry stakeholders, creating a critical space for relationship-building and collaboration. By engaging with these partners directly, the Dominican government aims to strengthen existing air routes, attract new direct flight connections, and solidify the country’s standing as one of the most competitive, accessible, and attractive travel destinations in the entire Caribbean region.

  • Renaissance Jaragua announces US$10.5 million renovation plan

    Renaissance Jaragua announces US$10.5 million renovation plan

    One of Santo Domingo’s most iconic hospitality landmarks is set for a major transformation, as the Renaissance Santo Domingo Jaragua Hotel & Casino has announced a $10.5 million investment initiative that will roll out over the next 24 months. The ambitious upgrade project reaffirms Marriott International’s long-term confidence in the Dominican Republic’s tourism sector and its dedication to upholding global premium hospitality standards for both leisure and business travelers.

    The renovation program covers a wide range of property improvements, starting with comprehensive upgrades to the property’s sports and wellness amenities. Guests can expect fully refurbished existing tennis courts, brand-new padel courts to meet growing demand for the popular racket sport, and a revamped Tennis Club facility. The on-site ZUI Spa and fitness center will also undergo a full gut renovation, outfitted with cutting-edge modern exercise and treatment equipment to elevate the wellness experience.

    Beyond recreational spaces, the initiative includes a full interior redesign of the popular Sol Bar, enhancements to the hotel’s pool and surrounding outdoor event spaces, and preliminary planning for upcoming overhauls of the property’s event halls, conference meeting rooms, and all 300 of its existing guest rooms. A large share of the total investment has been allocated to critical structural updates, including comprehensive repairs, waterproofing, sealing, and fresh exterior painting to restore the building’s iconic façade.

    The hotel management also noted that ongoing improvement work will continue at the on-site La Fiesta Theater, a venue that has already received $500,000 in separate prior upgrades. All structural modification and safety work is being carried out in close coordination with local Dominican authorities to ensure full compliance with regional building and public safety standards. At its core, the investment is designed to reinforce the Jaragua Hotel’s standing as one of the capital’s top competitive and culturally significant travel destinations, positioning it to attract more international visitors and support the Dominican Republic’s growing tourism economy for years to come.

  • Easter Visitors Up, But How They Arrived Has Changed

    Easter Visitors Up, But How They Arrived Has Changed

    As one of the peak travel periods of the year, the 2026 Easter holiday brought incremental but notable growth to Belize’s tourism sector, alongside striking changes in how visitors enter the country, new official data reveals. Figures compiled by Belize’s Ministry of Immigration, Governance and Labor show that total arrivals over the Easter weekend hit 24,520, marking a 5.5% increase compared to the same holiday period in 2025. Beyond the top-line growth, however, the data documents clear evolving travel patterns that signal shifting preferences among holidaymakers visiting the Central American nation.

    The most dramatic shift has been a growing preference for air travel over land entry. Arrivals at Philip Goldson International Airport, Belize’s main air gateway, saw a 37% year-over-year jump, rising from just over 6,300 visitors in 2025 to nearly 8,800 this Easter. This double-digit surge points to strengthening consumer demand for international travel to Belize, as more tourists opt to fly directly into the country for peak holiday getaways rather than crossing overland from neighboring countries.

    When it comes to land border crossings, the data tells a divergent story across Belize’s two main entry points. The western border with Guatemala at Benque Viejo del Carmen recorded a strong 28% rebound in arrivals, reversing previous declines and drawing far more overland travelers this year. In sharp contrast, the northern border crossing at Corozal, which connects Belize to Mexico, saw a steep 24% drop in holiday traffic. When combining figures from both border posts, total land crossings dipped slightly overall, revealing two key trends: a general decline in overland travel to Belize for Easter, and a clear shift in overland routes away from Mexico and toward Guatemala during the holiday travel rush.

    Breaking down arrivals by traveler type also highlights the tourism sector’s solid performance this year. While returning residents still account for the largest share of total entries into Belize, their numbers declined marginally year-over-year. The biggest gain came from international leisure tourists, who arrived in far greater numbers: tourist entries jumped nearly 25%, adding more than 2,000 additional visitors to the 2026 Easter tally, a clear indicator of a robust holiday season for Belize’s tourism industry. Smaller travel segments, including business trips, employment-related travel and official government travel, also saw slight incremental gains that contributed to the overall growth in total entries.

    Taken together, the latest arrival figures confirm that Easter travel to Belize is undergoing a quiet transformation. More visitors are choosing to fly in rather than cross by land, overland travelers are shifting between border crossings based on origin and route preferences, and overall visitor numbers continue a steady upward climb. These changes offer key insights for Belize’s tourism stakeholders as they adapt to evolving travel habits during one of the busiest travel windows of the year.

  • Fee-free access, security limits for BiMPay – Central Bank

    Fee-free access, security limits for BiMPay – Central Bank

    In a major push to expand access to secure digital financial services across the Caribbean island nation, the Central Bank of Barbados has formally launched its long-awaited instant payment infrastructure, BiMPay, a 24/7 platform that enables fee-free transfers and transactions for most personal and small business users. Announced via an official public statement on Tuesday, the new system is engineered to process domestic money transfers in fewer than 10 seconds at any time of day, eliminating the constraints of traditional banking hours that have long slowed down peer-to-peer and commercial transactions. For individual users, the cost structure is designed to remove common barriers to digital payment adoption: no fees will be charged regardless of the transaction type, whether users are splitting a bill with friends, paying for everyday retail goods, or sending funds to family. Users can also choose their preferred access point, accessing the service through their existing bank’s mobile banking application or a standalone, account-linked BiMPay e-wallet tailored for simplified use. Small business owners will also see significant cost savings under the policy: any enterprise with annual revenue falling below a set threshold will not face transaction charges, matching the zero-fee structure extended to personal users. For larger commercial entities, however, transaction fees will apply, with each participating financial institution given autonomy to set these costs based on the specific banking agreements it holds with its business clients. Technically, the BiMPay infrastructure is built to support single transactions as large as BDS $500,000, though the Central Bank noted that individual and business customer limits will be set by their respective banks and credit unions. These custom limits are calibrated to each customer’s unique risk profile, balancing transaction flexibility with fraud prevention protocols. A key priority driving the system’s design is expanding financial access to the estimated segment of the Barbadian population that remains unbanked or underbanked, lacking access to traditional full-service bank accounts. For this group, the BiMPay e-wallet offers a streamlined onboarding process that requires far less documentation than a standard bank account, opening the door to digital financial participation for those without formal proof of address or credit history. To maintain compliance with global anti-money laundering and counter-terrorism financing (AML/CFT) regulations, however, the Central Bank has put in place targeted receiving caps for these simplified e-wallet accounts. Under the rules, simplified e-wallet users can receive a maximum of BDS $750 per day, BDS $2,500 per month, and BDS $30,000 per year. There are no additional restrictions on spending beyond these receiving limits, meaning users can spend any balance held in their e-wallet freely once funds are deposited. Central Bank officials emphasized that these caps were intentionally crafted to strike a deliberate balance between two core goals: expanding broad access to digital financial tools, and upholding rigorous security and regulatory standards. This framework ensures that even Barbadians without traditional banking documentation can join the formal digital economy, while mitigating the risk of illicit activity that comes with simplified onboarding processes. Inclusivity stands as the foundational pillar of the entire BiMPay project, the Central Bank stressed. By eliminating cost barriers for ordinary citizens and creating a low-barrier entry point for those without extensive formal documentation, the system is designed to ensure every resident of Barbados has the opportunity to leverage the speed and convenience of digital payments. Ultimately, the initiative aims to close the long-standing gap between traditional brick-and-mortar banking services and the fast-growing modern digital economy, making instant, reliable digital transactions accessible to the entire population of Barbados.

  • Jumby Bay Island vacancy: Assistant Director of Engineering, Island Services

    Jumby Bay Island vacancy: Assistant Director of Engineering, Island Services

    Jumby Bay Island Company, Ltd., the developer and operator of an exclusive private residential island community and luxury resort in Antigua and Barbuda, has announced an opening for a senior leadership position: Assistant Director of Engineering for Island Services (Infrastructure & Operations). Built on a foundation of thoughtful long-term stewardship and detail-focused daily management, the company prioritizes preserving the island’s high-end living standards and elite guest experience, with a service-driven culture centered on meeting the needs of homeowners, visitors, and internal team members alike.

    The newly opened role operates as a senior strategic position, tasking the successful candidate with supporting the Director of Engineering in overseeing all island-wide infrastructure, mechanical systems, and marine operations. The company is seeking a demonstrated leader capable of building high-performing teams, driving measurable improvements in productivity and operational efficiency, and upholding rigorous financial management standards. As the principal deputy to the Director, the Assistant Director will own the development and execution of preventive maintenance strategies for the island’s residential properties, collaborate cross-functionally with other department leads, and step in to lead the department during the Director’s absences to maintain uninterrupted operations.

    Key responsibilities for the position include serving as the core liaison between executive engineering leadership and frontline operational teams to ensure strategic directives are carried out seamlessly. The role also requires developing and implementing departmental budgets, capital expenditure plans, and maintenance frameworks aligned with the company’s long-term cost efficiency and operational goals. Additional core duties include leading team-building initiatives focused on employee development, succession planning, and performance management that balance operational targets with team productivity and morale; overseeing the mechanical engineering, maintenance, and marine teams to ensure on-time delivery, quality control, and full adherence to global health and safety standards; managing all property maintenance services for contracted residences, including direct liaison with homeowners, daily supervision, and both preventive and reactive maintenance work; delivering in-house maintenance for company-owned assets and standing by for 24/7 emergency response; and leading hurricane preparedness and response planning for all island residential properties and service departments.

    Candidates applying for the role must meet a set of strict competency and experience requirements. Essential competencies include a proven track record of measurable improvements in team performance, such as higher preventive maintenance compliance, reduced equipment downtime, and lower overall maintenance costs; a history of successfully developing internal technical leaders and building actionable succession plans; strong commercial acumen including experience with budgeting, cost reduction initiatives, procurement optimization, and labor efficiency; hands-on leadership experience with computerized maintenance management systems (CMMS) and consistent delivery against key performance indicators including preventive maintenance completion rates, mean time to repair, and backlog reduction; sound practical technical judgment for assessing risk and evaluating contractor work on remote island infrastructure; a consistent record of delivering maintenance projects on scope, on schedule, and on budget; and effective stakeholder and crisis management skills paired with a clean record of health and safety compliance.

    Mandatory experience requirements include prior work experience in remote private island operations or similarly isolated settings, with previous assignments in the Caribbean required for all candidates. Applicants must have a minimum of 8 years of progressive engineering leadership experience overseeing teams of 20 or more employees, either directly or indirectly. They also need at least 5 years of hands-on experience working with electrical systems and water/wastewater treatment plant operations, 5 years of experience managing construction projects and capital programs, and 5 years of facilities management experience in high-end residential or luxury resort environments leading medium-sized teams. Preferred qualifications include proficiency with maintenance and remote operations systems such as CMMS, condition monitoring tools, and PLC/SCADA systems, strong technical software skills including advanced Excel and Word proficiency, experience collaborating with procurement, finance teams and external vendors on contract management and project delivery, a technical diploma or degree in an engineering-related field (or equivalent professional experience), relevant industry certifications, and existing familiarity with Antigua & Barbuda’s local laws and regulatory frameworks.

    The opportunity offers the rare chance to build a meaningful impact in a one-of-a-kind remote island environment for professionals committed to excellence and collaborative teamwork. Applications for the position must be submitted by April 30, 2026. Interested candidates must send application materials via email to [email protected] with “Assistant Director of Engineering, IS” included in the subject line of the message. The company notes that only shortlisted candidates meeting the role requirements will receive acknowledgment and further consideration. This posting carries a standard disclaimer that NOW Grenada is not liable for any opinions, statements or content shared by third-party contributors, and invites users to report any abusive content via official channels.

  • Chamber survey highlights business concerns over rising costs

    Chamber survey highlights business concerns over rising costs

    Against a backdrop of ongoing global economic volatility, the Grenada Chamber of Industry & Commerce (GCIC) has recently released findings from a member survey designed to measure how shifting international conditions are rippling through the Caribbean nation’s local business ecosystem. The survey specifically focused on three key pressure points: international shipping expenses, prices for imported goods, and the general operating climate for domestic enterprises.

    The results paint a clear picture of mounting strain across Grenada’s business community. A large share of responding firms reported that they are already facing sharp increases in the cost of imported inputs and finished goods, which has compressed profit margins across multiple sectors. Beyond immediate financial pressure, businesses have also voiced deepening anxiety about further price hikes in the months ahead. Top concerns raised by participants include spiraling fuel and energy costs, broad-based inflation, persistent global supply chain disruptions, and an expected pullback in consumer discretionary spending as household budgets tighten.

    Following the survey’s identification of shipping costs as a primary pain point, GCIC leadership initiated direct discussions with shipping companies that service Grenada. Those conversations confirmed that carriers already implemented an approximate 8.5% rate increase in March, and a second additional hike is scheduled for April. Chamber analysts note, however, that some of the overall cost increases reported by local businesses may stem from other intermediate points along the supply chain, not just carrier rate hikes. These additional contributing factors include price increases from overseas suppliers, elevated fuel and logistics fees, higher insurance premiums, and other international operational charges.

    GCIC has emphasized that the survey accurately captures the on-the-ground perceptions and lived experiences of local businesses, as well as the projected shipping rate increases that have been confirmed for the coming month. Crucially, the Chamber stresses that the concerns raised by the business community are not abstract: they directly tie to the rising overall cost of doing business in Grenada, which in turn drives upward pressure on the country’s cost of living for ordinary households.

    Moving forward, GCIC says it will maintain close monitoring of the evolving situation, maintaining ongoing dialogue with member businesses, shipping agents, and other key industry stakeholders. The organization also plans to engage the Government of Grenada to discuss potential policy interventions that could mitigate cost pressures for both businesses and consumers. GCIC reaffirmed its longstanding commitment to collaborating across the public and private sectors to address emerging economic challenges in a timely, constructive manner that protects the interests of local enterprises and households alike.

  • Did Belize Become “The Spot” for Easter?

    Did Belize Become “The Spot” for Easter?

    As travelers across the globe plan their Easter getaways, Belize has emerged as a fast-growing destination, official new data from 2026 confirms. The Central American nation has recorded a notable uptick in holiday visitor arrivals, with figures released by the Ministry of Immigration, Governance and Labour revealing shifting patterns in how tourists enter the country.

    Total inbound arrivals for the 2026 Easter period hit 24,520, marking a 5.5% increase compared to the 23,240 visitors recorded in 2025, according to the ministry’s official report. Among all entry routes, air travel posted the most dramatic growth, signaling a broader shift in Belize’s tourism landscape. Philip Goldson International Airport, the country’s main air gateway, welcomed 8,735 arrivals this year, up from 6,366 in the same holiday period last year – a 37% year-over-year surge. The ministry noted that this sharp jump reflects broader strengthening of tourism inflows to Belize, alongside a growing reliance on air access for international and regional visitors.

    Trends at Belize’s land border crossings, however, showed mixed outcomes across different checkpoints. Crossings at the western Benque Viejo del Carmen checkpoint, which connects Belize to Guatemala, saw a robust 28.4% increase in arrivals over the Easter holiday. In contrast, entries through the northern Corozal checkpoint bordering Mexico dropped sharply by 23.7%. When combining all land border entry points, the overall volume of arrivals dipped only slightly compared to 2025.

    Beyond the overall arrival numbers, tourist-specific arrivals climbed by 24.6% year-over-year, underscoring Belize’s growing appeal as a top Easter holiday destination. The ministry’s analysis tied the shifting land border trends to changing regional travel patterns. It explained that the data points to a clear shift, with fewer northern crossings from Mexico and increased visitor traffic crossing over from Guatemala during this year’s Easter holiday period. Industry analysts expect this growing momentum for Belize’s Easter tourism to drive further investment in air infrastructure and hospitality services in the coming years.

  • Gas tax under fire

    Gas tax under fire

    A sustained surge in global crude oil prices, driven by regional disruption in the Middle East’s Strait of Hormuz, has triggered a cumulative $21 to $22.50 increase in fuel prices at Jamaica’s state-owned sole refinery Petrojam over just five weeks, pushing industry leaders and top business figures to pressure the Jamaican government for an immediate cut to the special consumption tax (SCT) on petroleum products.

    Data from Petrojam’s April 1 pricing breakdown shows that for a gallon of 87 octane gasoline priced at $172.3828, SCT charges account for more than 31 percent of the final pump price, with $37.7761 in base SCT and an additional $15.6712 in ad valorem SCT applied to the ex-refinery base price of $118.9355. This disproportionate tax burden has drawn sharp criticism from Christopher Berry, Executive Chairman of leading investment firm Mayberry Group, who argues that skyrocketing energy costs are squeezing household budgets and eroding competitiveness across every sector of the Jamaican economy.

    Berry made the call during an April 2 virtual investor briefing hosted by Mayberry Investments, noting that the heavy SCT levy ripples through daily life for Jamaican consumers, appearing in higher electricity bills as well as direct fuel costs, with low- and middle-income families unable to absorb the extra expenses. His appeal comes as Jamaica navigates its second major external economic shock in just six months: after Hurricane Melissa caused extensive damage to western Jamaica and disrupted the key winter tourism season, the Middle East supply disruption has sent shockwaves through global commodity markets.

    Beyond transportation fuel, the spike in oil derivatives has driven up costs for critical agricultural inputs, most notably fertilizer, where a third of global seaborne fertilizer trade has been cut off by the crisis. For the manufacturing sector, higher fuel prices deliver a dual blow: rising liquified natural gas (LNG) and electricity costs push up production expenses, while higher diesel prices increase the cost of transporting finished goods to market. Richard Pandohie, CEO of Seprod Limited, one of Jamaica’s largest manufacturing and distribution conglomerates, warned in a recent Television Jamaica interview that while overall food availability will remain stable, widespread affordability will become a major challenge as price hikes filter through to grocery shelves.

    As of the most recent Monday trading session, global crude benchmarks have seen dramatic double-digit gains: Brent crude has risen 82 percent to $113.19, while West Texas Intermediate (WTI) has climbed 99 percent to $115.52. The unusual inversion of WTI trading above Brent, a reversal of the typical market dynamic where Brent carries a premium due to water transportation costs, signals that markets are pricing in persistent supply delivery risks. Other emerging economies across the Indo-Pacific have already moved to address the energy crisis: India and Vietnam have cut fuel taxes and excise duties on petrol and diesel to cushion consumer impact, while Bangladesh, Nepal, and Sri Lanka have implemented emergency measures including reduced business operating hours and national holidays to conserve energy.

    Jamaica has a recent precedent for targeted intervention during energy price shocks: in 2022, then Finance Minister Dr. Nigel Clarke rolled out a $2 billion targeted support package for vulnerable households, alongside a 20 percent electricity subsidy for Jamaica Public Service (JPS) customers using up to 200 kilowatt-hours per month between April and July. Berry argues that in the current crisis, cutting SCT is a necessary step to prevent broad economic damage, even with the near-term impact on government revenue. “Although the higher SCT on increased fuel prices offsets some of the government’s negative cash flows, the damage to the overall economy far outweighs that revenue gain,” Berry said, urging policymakers to immediately reduce fuel taxes to avoid long-term harm.

    Under Petrojam’s current pricing framework, the refinery adjusts product prices every Wednesday to align with changes in the US Gulf Coast reference price, which has risen 67 percent between February 27 and March 27 to hit $3.043 per gallon. A built-in cap limits weekly price movements to a maximum $4.50 increase or decrease, meaning the refinery must absorb excess costs when global prices spike sharply. Up to the week of March 27, Minister of Information and Technology Daryl Vaz confirmed that Petrojam has already absorbed $795 million (US$5 million) in unabsorbed price increases, and warned that the government may need to draw on the consolidated fund or net international reserves (NIR) to cover these costs. The refinery already posted a US$28.66 million net loss in the 2025 fiscal year ending March, and is projected to record a US$9.63 million net loss for the 2027 fiscal year.

    Vaz told Nationwide News Network that he has already briefed Finance Minister Fayval Williams on the situation, and that the government’s top priority is minimizing disruption to the broader economy. On the supply side, Vaz emphasized that while Petrojam sources most crude from Brazil, Ecuador, and Colombia, and purchases finished products on the open market primarily from the United States, the refinery holds four weeks of stock on hand and has secured written commitments from all suppliers guaranteeing no disruptions to deliveries, eliminating near-term supply shortage risks.

    Despite the clear benefits for consumers, a cut to SCT carries significant fiscal risks for the Jamaican government. Fuel SCT collected through Petrojam is a major revenue stream for the government, generating $45.3 billion in annual revenue. For the 2025 fiscal year, Petrojam collected US$225.82 million in SCT, with projections of US$247.49 million for 2026 and US$284.63 million for 2027, based on an average crude acquisition price of US$80.19 per barrel. The government is already projecting a $134.6 billion deficit for the 2026 fiscal year and a $190.7 billion deficit for the current fiscal year, with Williams’ 2027 budget including $18.04 billion in new taxes for the upcoming fiscal year and an additional $15.6 billion for the following year, a reflection of lingering fiscal damage from Hurricane Melissa.

    For ordinary Jamaicans, the pressure is already mounting: JPS customers have already seen higher fuel surcharges added to their monthly electricity bills, while businesses are preparing to implement a higher minimum wage starting June 1. Combined with broader economic slowdown pressures, the latest fuel price hikes are set to push household and business costs even higher in the coming months, leaving the Jamaican government caught between the urgent need to relieve consumer strain and the risk of exacerbating already wide fiscal deficits.

  • Market rises but participation weakens

    Market rises but participation weakens

    The first quarter of 202X closed with positive headline returns for Jamaica’s main stock market, but beneath the surface, the rally is losing foundational strength as upward momentum becomes concentrated in an increasingly narrow group of assets and investor risk appetite pulls back.

    For the three-month period ending March 31, the Main Market index logged an overall 8.83% gain, built on strong upward movement from the earlier months of the quarter. That overall gain, however, obscured a softening trend that intensified through March: the benchmark slipped 0.18% during the final month of the quarter, erasing a portion of earlier gains and signaling the broad rally was running out of steam by quarter-end.

    Market breadth shifted sharply negative in March, underscoring the uneven nature of recent gains. Only 14 stocks posted advances, while 38 closed lower, a marked deterioration from February’s 21 gains and 32 declines. The trend confirms that market participation has steadily weakened as the quarter progressed, meaning a shrinking share of listed companies are contributing to the index’s overall growth.

    Put plainly, the headline index has moved higher, but that growth is being driven by fewer and fewer names. This narrow leadership pattern was clearly visible in the performance of the market’s top outperformers: Kingston Properties and Sagicor Real Estate X Fund notched robust double-digit gains that propped up the broader index, while the majority of other listed assets lagged far behind.

    At the same time, several widely held large-cap stocks, including Caribbean Producers, Mayberry Jamaican Equities and JMMB Group, all trended downward, highlighting how fractured investor confidence is across different segments of the market. For the full quarter, the gap between top and bottom performers widened dramatically: TransJamaican Highway and Kingston Properties led the market with gains of roughly 50%, while dozens of other stocks posted double-digit losses.

    This growing divergence between a small cohort of strong winners and a much larger group of declining stocks signals a clear shift in investor strategy: the market is becoming far more selective, with market participants concentrating capital in a handful of targeted opportunities rather than spreading investments broadly across the benchmark.

    Trading data further reinforces the trend of rising investor caution. In March, the total number of transactions climbed 17% year-over-year to 27,101, but total trading volume plummeted 70% to 321.84 million units. The aggregate value of all trades also fell sharply, dropping to $4.11 billion from $24.51 billion in the same period a year earlier.

    This data points to a clear shift in investor positioning: while more trades are being executed, investors are committing far less capital per transaction, a clear signal of growing risk aversion and a shift toward shorter-term trading strategies. The pattern also suggests many market participants are testing the waters with small, tactical positions rather than making large, long-term commitments to equities.

    The junior market segment mirrored the main market’s weak underlying performance, even with more muted overall movement. The junior market index gained 1.04% in March and posted a meager 0.21% gain for the full first quarter, showing almost no net upward momentum for the period. Within the segment, performance was similarly uneven: Jetcon Corporation and Future Energy Source Company posted gains, while Kintyre Holdings and IronRock Insurance closed lower, echoing the main market’s pattern of narrow, uneven growth.

    Taken together, the data paints a clear picture of a stock market that still shows positive headline gains, but lacks broad underlying support. This dynamic matters for future performance: narrow rallies driven by a small handful of stocks and declining average trade values are notoriously difficult to sustain over the long term, particularly if broader investor confidence fails to improve in coming months. If the current trend of weakening breadth and declining capital commitment continues, the market will likely struggle to build on its strong early-quarter gains, even if benchmark headline indices remain in positive territory.