KINGSTON, Jamaica — In response to the imminent threat posed by Hurricane Melissa, Scotia Group has announced the temporary closure of all its facilities, including Scotiabank branches, Scotia Insurance offices, Scotia Investments, and Scotia Protect. The shutdown will be in effect on Monday, October 27, and Tuesday, October 28, to ensure the safety of both staff and customers. The financial conglomerate has assured the public that it will provide updates on reopening plans once the storm has subsided and a thorough assessment of operational readiness has been completed. Additionally, customers are being cautioned to anticipate potential delays in online transfers during this period. Scotia Group has urged its clients to take precautionary measures, such as safeguarding critical financial documents, identification cards, and bank cards, to mitigate the impact of the hurricane.
分类： business
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‘Welcome Stamp’ remote work visa brings millions in foreign exchange revenue
Barbados’ innovative Welcome Stamp visa program, launched in 2020 during the COVID-19 pandemic, has proven to be a significant economic boon, generating approximately $6 million in foreign exchange revenue over its first three years. Introduced by Prime Minister Mia Mottley, the initiative aimed to offset the decline in tourist arrivals by attracting high-income professionals to work remotely from the island.
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From graduate to game-changer: Kieron Savoury’s digital growth journey
Kieron Savoury’s career trajectory is a testament to the transformative power of Liberty Latin America’s Graduate Programme. What began as an entry-level opportunity has evolved into a dynamic career spanning multiple Caribbean islands, significant product launches, and measurable contributions to digital growth across the region. Today, as the Senior Specialist in Digital Growth overseeing Barbados, the Cayman Islands, and Curaçao, Kieron exemplifies the programme’s mission to cultivate innovative, collaborative, and purpose-driven leaders.
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Public excluded from FTC hearings on energy tariff, confidentiality requests
The Fair Trading Commission (FTC) of Barbados has opted to conduct hearings regarding Renewstable Barbados’ (RSB) application for a renewable energy tariff and confidentiality requests exclusively through written submissions, effectively barring public access to the proceedings. This decision, revealed by Barbados TODAY, was formalized in two procedural orders issued by the FTC. These orders outline the process for document submissions, requests for additional information, and set strict deadlines for all parties involved. RSB, a joint venture between Hydrogène de France (HDF Energy) and Rubis Caribbean Holdings Inc., seeks approval for its proposed tariff rate to supply clean energy to the Barbados Light and Power Company (BLPC). The company has also requested that certain proprietary and commercially sensitive data within its application remain confidential. The $350 million hybrid renewable energy power plant, slated for construction at Harrow Plantation in St Philip by March 2025, will integrate advanced technologies, including hydrogen power, to deliver 24-hour renewable energy. The plant’s solar photovoltaic component, with a capacity of 50MW, will become Barbados’ largest solar installation, significantly surpassing BLPC’s existing 10MW Trent’s facility. A four-member commission panel, chaired by Senior Counsel Tammy Bryan, has been appointed to oversee the case. Opposing parties were given until 4 p.m. on Friday to submit objections to RSB’s confidentiality request, with RSB required to respond by the following Friday. The FTC emphasized that further procedural directions may be issued as needed. Strategic Adviser Aidan Rogers explained that the procedural orders establish guidelines for the consultation process and address confidentiality concerns. He noted that the FTC will decide on RSB’s confidentiality request and tariff application in due course. Veteran utility intervenor Ricky Went submitted his response to the confidentiality request just before the deadline.
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Belize Yet to see Migrants from Free Movement Agreement
Nearly a month after the implementation of CARICOM’s Free Movement of Persons agreement across Belize, Barbados, Dominica, and St. Vincent and the Grenadines, the anticipated influx of migrants has yet to materialize. The agreement, which officially took effect on October 1, 2025, was designed to foster regional integration and strengthen ties among member states. However, Belize has not seen a single official settler under this initiative so far. Critics had expressed concerns about potential economic strain, but the government remains steadfast in its belief that the agreement will ultimately benefit the region. Tanya Santos, CEO of Belize’s Ministry of Immigration, provided an update on the initiative, highlighting that while some individuals from Barbados have visited Belize, none have stayed permanently or sought employment. Santos emphasized Belize’s welcoming nature and expressed confidence in the smooth integration of future migrants. The ongoing regional summit in San Pedro has also facilitated positive feedback from visitors, with some expressing a sense of belonging in Belize. Despite the slow start, officials remain optimistic about the long-term benefits of the agreement for all participating countries.
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Caribbean Export offers up to EUR€100 000 in co-financing for Saint Lucian SMEs
Saint Lucia has unveiled a groundbreaking co-financing initiative designed to empower small and medium-sized enterprises (SMEs) in their journey toward green transition and digital transformation. The Building Resilient Innovation for Digital & Green Enterprises (BRIDGE) programme, spearheaded by the Caribbean Export Development Agency (Caribbean Export) with backing from the European Union’s Global Gateway initiative, offers co-financing of up to €100,000 to eligible SMEs. This initiative aims to bolster innovation and resilience in the region’s business landscape. To ensure local businesses can capitalize on this opportunity, Caribbean Export will host a capacity-building session titled ‘Expanding Access to Finance’ on October 27 at Coco Palm, Rodney Bay, starting at 9:00 a.m. The session will feature interactive discussions, providing participants with practical insights into financial services and products tailored for micro, small, and medium enterprises (MSMEs). Attendees will explore diverse financing options, including commercial banking, credit unions, microfinance, equity financing, and grant opportunities. Additionally, a past grant beneficiary will share their experience, offering valuable perspectives on the application process and the transformative impact of funding. The event will also introduce the EU-funded BRIDGE Grant Facility, detailing its application process, eligibility criteria, and priority areas such as support for women and youth-led businesses, digital transformation, and green transition. Caribbean Export’s broader goal is to enhance SME competitiveness and export readiness across the region. The sessions will equip participants with essential skills for crafting effective grant proposals, covering topics such as the grant lifecycle, key components of successful applications, and practical writing techniques.
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Afgetreden RvC meldt: SRD 49 miljoen tegoed op Staat bij bestuurswisseling
In a significant leadership transition, the outgoing Board of Commissioners (RvC) of Surzwam N.V. officially handed over control to the newly appointed Board during a special meeting held on Thursday. The ceremony, attended by both Boards, marked the formal transfer of documents, financial records, and responsibilities. Pertap Bissumbhar, the outgoing Chairman, passed the financial and administrative documents to his successor, John Lecton, the new President-Commissioner. Key documents included the annual accounts, with the 2024 report still in draft form, a summary of debtors and creditors revealing Surzwam N.V.’s receivables of approximately SRD 49.5 million from the State and SRD 1.5 million from private debtors, and outstanding obligations worth around SRD 5 million, including SRD 920,000 in unpaid salaries and emoluments over the past three months. The outgoing RvC emphasized that both the previous and current governments were timely informed about the company’s precarious financial situation. Additionally, a detailed report on the ‘Winti Wai’ project, executed in collaboration with the presidential task force “Development Winti Wai & Pontbuiten,” was handed over. The project, which involved maintenance work on the Pararivier, was 80% completed, achieving an estimated 50% cost savings for the government. The remaining 20% was executed via a pontoon due to limited accessibility from the riverbank. An updated inventory list, including equipment acquired in October 2020, was also provided, along with correspondences regarding two land applications, one of which has already been allocated to a third party, against which Surzwam N.V. has formally objected. The outgoing RvC noted that plans to commence sand extraction (fill and sharp sand) have been delayed due to a lack of resources, impacting this and other projects.
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SVG can now export fresh produce to UK, EU via AIA
Argyle International Airport (AIA) has officially attained RA3 certification in collaboration with the British High Commission in Kingstown, marking a significant milestone in its operational capabilities. RA3, which stands for Regulated Agent – Third Country, is a designation under UK aviation security regulations that allows AIA to function as a regulated agent for cargo destined for the United Kingdom and the European Union. This certification eliminates the need for transhipment or additional screening at intermediary airports, enabling direct exports of fresh produce, flowers, and agricultural goods to the UK. Geoffrey Patton, the resident British commissioner, emphasized the transformative impact this will have on trade between St. Vincent and the Grenadines and the UK, opening new pathways for economic collaboration. Josette Greaves, CEO of AIA, highlighted that the certification underscores the airport’s compliance with stringent UK and EU aviation security standards for cargo screening, handling, and transportation. She expressed gratitude to Brian Abbott of World AVSEC, an independent validator of Vincentian heritage, for his instrumental role in securing the certification. Greaves also urged AIA staff, passengers, and stakeholders to maintain high security standards, emphasizing that the airport’s rigorous screening protocols are designed to ensure safety while facilitating milestones like the RA3 certification. A press release from AIA reiterated that these measures are not intended to inconvenience travelers or businesses but to uphold security and enable seamless trade operations.
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Tancoo: Build wealth, don’t depend on NIS
Finance Minister Dave Tancoo has issued a stark warning about Trinidad and Tobago’s rapidly aging population, emphasizing its profound implications for the country’s economic stability. Speaking at the TT Stock Exchange’s Capital Markets and Investor Conference in Port of Spain on October 24, Tancoo highlighted the urgent need for reforms to the National Insurance System (NIS) and initiatives to mobilize domestic capital. He revealed that the proportion of citizens aged 65 and older has surged from 5% in 1980 to over 11% today, with projections indicating it will exceed 26% by 2060. This demographic shift, he cautioned, threatens the sustainability of the NIS, which is already paying out more in benefits than it collects in contributions. Tancoo warned that without immediate action, the National Insurance Fund could be depleted by 2032, leaving thousands of retirees without support. To address this, the government plans to increase NIS contribution rates by 3% in 2026 and 2027, gradually raise the retirement age starting in 2028, and deepen the country’s capital markets. Tancoo also announced the launch of a $1 billion National Investment Fund bond and a state-sponsored Real Estate Investment Trust (REIT) to encourage domestic investment and unlock value in public assets. These measures, he stressed, are essential to ensuring financial security for retirees and fostering long-term economic growth.
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Suriname zet koers naar nationale local content-roadmap
Suriname has taken a significant step toward establishing a unified national strategy for local content development in its energy sector through the Local Content Conference 2025. Organized by the Suriname Energy Chamber (SEC), the three-day event brought together a diverse range of stakeholders, including government officials, parliamentarians, State Oil Company, Energy Authority Suriname (EAS), private sector representatives, labor unions, international oil companies like TotalEnergies, and global partners. The conference aimed to create a cohesive national vision and definition for local content development, with the goal of finalizing a National Local Content Roadmap within months. This roadmap is expected to lay the foundation for a sustainable, inclusive, and diversified economy, ensuring that Surinamese businesses, workers, and communities benefit from the growth in the energy industry. SEC Chairman Orlando Olmberg emphasized the importance of this initiative during the plenary sessions, highlighting TotalEnergies’ $1.5 billion commitment to local content within the GranMorgu project (Block 58) and Afreximbank’s $5 billion facility to strengthen local enterprises for future large-scale projects. These international commitments underscore Suriname’s position at a historic juncture. Vice President Gregory Rusland called for collaboration across all sectors to further develop the energy industry, stressing the government’s responsibility to create a robust and inclusive local content policy. Full support was expressed by both the government and parliament, with Oil, Gas, and Environment Minister Patrick Brunings emphasizing the need for aligned policy, legislation, and execution. National Assembly Chairman Ashwin Adhin announced plans to develop legislation and establish a special committee to oversee the process. Foreign Affairs Minister Melvin Bouva highlighted the importance of local technical capacity, market-aligned education, and transparent social and financial conditions as the foundation for sustainable trust. The conference, which began with a networking event at the Marriott Hotel, included plenary sessions, workshops, and panel discussions at the Assuria High-Rise Building. Follow-up steps include the establishment of a National Local Content Commission, tasked with presenting a policy proposal within three to four months. This conference marks the beginning of a collaborative effort to embed local content as a cornerstone of Suriname’s future economic development.