Carib Scope

分类： business

  • Arajet receives 16th aircraft, named ‘Pico Diego de Ocampo’

    Arajet receives 16th aircraft, named ‘Pico Diego de Ocampo’

    SANTIAGO, DOMINICAN REPUBLIC – Dominican ultra-low-cost airline Arajet has marked a major milestone in its regional growth trajectory, bringing its 16th commercial aircraft to Cibao International Airport in the country’s northern region. The new jet, which joins the carrier’s growing fleet, has been christened “Pico Diego de Ocampo” in a nod to one of the nation’s most ecologically vital protected areas.

    Pico Diego de Ocampo Natural Monument, the namesake of the new aircraft, is a protected conservation site that plays a critical role in safeguarding northern Dominican Republic’s native biodiversity and freshwater reserves, a choice that reflects the airline’s connection to the country’s natural and cultural heritage.

    This latest fleet expansion is a core component of Arajet’s aggressive long-term growth strategy, which centers on deepening air links between the Dominican Republic and markets across North, Central, and South America. Beyond the current fleet growth, the carrier has publicly announced ambitious plans to launch permanent, scheduled commercial operations out of Cibao International Airport by 2027. That expansion milestone will be supported by the delivery of nine additional new aircraft over the next 24 months, laying the infrastructure for increased service out of the northern hub.

    Senior company leadership emphasized that the steady growth of Arajet’s fleet is directly tailored to address skyrocketing passenger demand for affordable air travel to and from the Dominican Republic. They also noted that expanding the fleet will further cement the nation’s status as the preeminent aviation and travel hub in the Caribbean region, attracting more visitors and transit traffic to the island.

    Officials from Cibao International Airport echoed that optimism, welcoming the new aircraft and framing the expansion as a transformative win for the northern Dominican Republic. They highlighted that increased air connectivity out of the airport will drive higher tourist arrivals, create new local job opportunities, and stimulate broad-based economic development across the entire northern corridor of the country.

  • Forex: $158.44 to one US dollar

    Forex: $158.44 to one US dollar

    KINGSTON, Jamaica — In a quiet start to June trading on the Caribbean island, the United States dollar maintained its value against the Jamaican dollar through the close of business Monday, official data from the Bank of Jamaica shows. The central bank’s daily trading summary pegged the closing exchange rate for the greenback at 158.44 Jamaican dollars, marking no significant shift from recent trading levels. While the US currency held its ground, two other major global currencies retreated against the Jamaican dollar during the same session. The Canadian dollar closed at 114.47 Jamaican dollars, a pullback from its prior close of 117.19. The British pound also saw a downward adjustment, ending the trading day at 211.34 Jamaican dollars compared to its previous closing mark of 214.58. The daily trading update comes as small open economies like Jamaica regularly track shifts in major global currency valuations, which impact cross-border trade, tourism revenue, and import costs for domestic consumers and businesses.

  • COMMENTARY: The Caribbean Airline Realignment: A Financial Analysis

    COMMENTARY: The Caribbean Airline Realignment: A Financial Analysis

    The Caribbean region’s airline industry has entered a period of profound transformation, as carriers across the area navigate shifting market dynamics, post-pandemic recovery pressures, and evolving tourist demand to reshape their operational and financial footprints. For decades, the Caribbean airline sector has been a cornerstone of the region’s tourism-reliant economy, connecting island nations, supporting local hospitality industries, and facilitating the movement of millions of visitors each year. But the 2020 global travel collapse delivered an unprecedented shock to carriers, leaving many with depleted cash reserves, massive debt loads, and urgent need for structural change.

    In the wake of the crisis, a wave of realignment has swept through the industry, encompassing mergers between smaller regional carriers, strategic partnership agreements with larger international airlines, route network overhauls, and targeted cost-cutting restructuring initiatives. Financial analysis of these moves reveals key trends: carriers are prioritizing high-demand tourist routes between major gateway airports and popular vacation islands, while scaling back underperforming inter-island services that have long struggled with low load factors. At the same time, many carriers are renegotiating aircraft leasing agreements and pursuing government-backed financial support to shore up their balance sheets.

    Industry analysts note that the realignment is not without risks. Increased consolidation could reduce competition on some routes, leading to higher airfares that may deter price-sensitive travelers, a key demographic for the Caribbean tourism sector. On the other hand, proponents argue that streamlined operations and stronger financial footing will enable remaining carriers to invest in better service quality and more sustainable operations, including the gradual transition to more fuel-efficient aircraft that align with the region’s climate goals. Looking forward, the success of these realignment efforts will depend on how carriers balance financial stability with the need to keep air travel accessible, supporting the broader economic recovery of the Caribbean region.

  • Heritage’s $570m offshore contract under scrutiny

    Heritage’s $570m offshore contract under scrutiny

    A nearly $571 million offshore energy infrastructure contract, set to be awarded by Trinidad and Tobago’s state-linked Heritage Petroleum Co. Ltd. via a closed limited bidding process, has become the center of growing scrutiny from seasoned energy industry insiders, who question the compliance and fairness of the procurement strategy.

    The contract in question covers the delivery of a specialized offshore production and compression facility, designed to process hydrocarbons from the company’s West/Southwest Soldado fields. Rather than opening bidding to all qualified suppliers globally, Heritage has opted for a limited process that excludes international vendors entirely, granting pre-qualification to just three local companies: TOSL Engineering, Namalco Construction Services Limited, and Anti-Corrosion Technical Services Limited (ACTS).

    Internal company documents obtained by the Sunday Express confirm the total contract value is pegged at $570,611,800, with a tender submission deadline set for the end of May 2026. Per the internal document outlining procurement strategy, Heritage plans to enter a five-year lease agreement for the facility, aligning with the firm’s long-term strategy of outsourcing core operational capacity instead of building in-house capabilities. TOSL Engineering already holds an existing contract with Heritage for a Mobile Offshore Production Unit (MOPU) at the same fields, a deal that has been extended twice and is currently set to expire in March 2026; the company is now seeking an additional one-year extension to March 2027 while a new provider is finalized.

    Industry observers have raised multiple red flags about the process, starting with its deviation from standard open bidding requirements outlined in local public procurement law. Section 5.1 of Trinidad and Tobago’s Public Procurement and Disposal of Public Property Regulations mandates that open bidding must be used by public bodies unless the complexity of the project or specific market conditions make an alternative method more likely to deliver best value for money. Insiders argue no such compelling justification has been made public for this half-billion-dollar contract.

    Critics also point to unusually fast pre-qualification approvals that deviate from standard industry timelines. One insider noted that one pre-qualified applicant had its submission approved just one hour and 28 minutes after it was received, while a second was approved within seven days. Standard evaluations that assess financial stability, technical capability, and health, safety and environment (HSE) compliance typically take four to six weeks to complete, leading to questions about whether the required due diligence was actually conducted.

    Further concerns center around the lack of experience of two of the pre-qualified local firms, ACTS and Namalco, which insiders say have no proven track record of delivering large-scale offshore production and compression facilities. More critically, industry sources say Heritage artificially narrowed the eligible supplier pool by excluding major international vendors that have documented expertise in this specialized sector. Market research compiled by observers identifies multiple global firms, including Canada’s Compass Energy, Singapore’s Grander Energy and Aurora Maritime, and the UK’s Aquaterra Energy, all of which have the capability to deliver the project. These international companies were not invited to participate at all.

    Insiders question whether Heritage properly conducted global market soundings to identify all capable suppliers before restricting the bid list to three local entities. For a contract of this size and strategic importance, observers say the decision to limit bidding runs counter to the legislative mandate that prioritizes open competition to secure the best value for public funds.

    “For a contract worth hundreds of millions of dollars over five years, a legitimate question arises: Why were only three local companies invited when the offshore production and compression market is demonstrably international?” one senior insider noted. “That question becomes even more pressing if there is no evidence that only three suppliers worldwide were capable of performing the work.”

    Many industry experts argue that a far more appropriate and legally compliant approach would have been open bidding paired with a pre-qualification process to shortlist only technically and financially capable vendors. This model would preserve broad competition, ensure transparency, and deliver the best value for money, which is the core requirement of public procurement law in the country. Without a robust, documented justification for restricting competition, insiders warn the current procurement process violates Heritage’s legal obligations to conduct bidding in a transparent, fair, and non-discriminatory manner, leaving the entire award vulnerable to formal legal challenge under the 2015 Public Procurement and Disposal of Public Property Act, as amended. Heritage has so far defended its decision to use limited bidding, but has not released a public justification for excluding international suppliers or for deviating from the open bidding requirement.

  • Diaspora-investeringen in Suriname centraal tijdens bijeenkomst in Nederland

    Diaspora-investeringen in Suriname centraal tijdens bijeenkomst in Nederland

    A new collaborative initiative is opening up fresh financing pathways for Surinamese nationals living in the Netherlands who aim to invest in property back home. During the “Building, Renting, Housing and Investing in Suriname” event held Friday in Hoofddorp, the Surinaamse Postspaarbank (SPSB) and Sur Estate Group of Companies signed a formal partnership agreement designed to drive diaspora investment into Suriname’s real estate sector.

    Organized jointly by Sur Estate Group of Companies and the Diaspora Instituut Nederland (DIN), the in-person gathering brought together roughly 50 diaspora entrepreneurs, prospective investors and other stakeholders with an interest in Suriname’s property market. This event served as a follow-up to a well-attended webinar hosted earlier this year, which saw overwhelming interest from the Surinamese diaspora community based in Europe.

    Suriname’s ambassador to the Netherlands Ricardo Panka attended the event, where attendees discussed the wide range of opportunities for investment, entrepreneurship, infrastructure development and residential expansion across Suriname. Through a series of expert presentations and interactive roundtable discussions, participants covered key topics ranging from large-scale real estate development and rental market opportunities to entrepreneurship support, tax regulation and compliance, and modern construction technical standards.

    The highlight of the one-day gathering was the official signing of the partnership between SPSB and Sur Estate Group. The agreement paves the way for the launch of the Diaspora Housing Program, a tailored financing initiative created exclusively for Surinamese people living abroad who want to invest in residential and commercial real estate projects in their home country.

    According to the program’s founders, the initiative is intended to deepen the Surinamese diaspora’s engagement with the country’s ongoing economic development. The program will prioritize support for residential construction and broader real estate projects, with key developments already planned in Suriname’s Wanica District.

    During his opening remarks at the event, Ambassador Panka emphasized that prospective investors must prioritize thorough preparation and market research before committing capital to Suriname. He encouraged all interested members of the diaspora to seek out reliable, up-to-date information and take deliberate, concrete steps to pursue viable investment opportunities.

    Event organizers also announced that a cohort of participating investors and stakeholders will travel to Suriname in June to attend the annual Suriname Energy, Oil & Gas Summit (SEOGS), where they will have the opportunity to evaluate on-the-ground investment opportunities and inspect active projects across the country.

    DIN chair John Brewster noted that the role of the global Surinamese diaspora has undergone a notable shift in recent years, moving away from traditional community-focused engagement toward active, large-scale economic participation. Brewster highlighted that this shifting dynamic creates new openings for sustainable long-term investment that can drive inclusive, continued economic growth across Suriname.

  • Note on Monetary Policy, BRH 2nd Fiscal Quarter 2025-2026

    Note on Monetary Policy, BRH 2nd Fiscal Quarter 2025-2026

    Against a backdrop of soaring global energy costs, intensifying geopolitical friction, persistent inflation, and widening fiscal gaps, the Bank of the Republic of Haiti (BRH) has released its highly anticipated second quarter monetary policy note for fiscal year 2025-2026, laying out a comprehensive snapshot of recent economic performance, key policy interventions to stabilize macroeconomic and financial conditions, and forward-looking projections for the months ahead.

    Global and regional economic projections from the International Monetary Fund, published in April 2026, frame the challenging global context in which Haiti’s economy operates. The IMF estimates global growth will hit 3.1% for the full year 2026. The United States is projected to grow by 2%, with inflation holding at 3.3%, unemployment at 4.3%, and benchmark policy rates ranging between 3.50% and 3.75%. The Eurozone faces far slower growth, penciled in at just 0.1%, with 2.6% inflation, 6.2% unemployment, and a 2% deposit facility rate. Across Latin America and the Caribbean, regional growth is projected at 2.2%, with neighboring Dominican Republic outperforming at 4% annual growth, 4.63% inflation, and a 5.25% policy rate.

    Domestically, Haiti’s economic landscape remains deeply troubled, the report confirms. Economic activity contracted by 1.1% in the first quarter of the current fiscal year, with all three major sectors posting underperformance: the primary sector shrank by 4%, the secondary sector by 2.3%, and the tertiary sector by 0.3%. The ongoing security crisis has driven widespread displacement, with nearly 1.45 million Haitians registered as displaced persons as of February 24, 2026. Between March and June 2026, an estimated 5.83 million Haitians face acute food insecurity. Annual inflation hit 20.6% in March 2026, exacerbated by a government-announced fuel price increase implemented on March 31 of that year.

    On the public finance front, BRH data shows the government collected 54.7 billion Gourdes in tax revenue over the quarter, with total available resources reaching 102.8 billion Gourdes. Net treasury bill issuance hit 40.9 billion Gourdes, while recorded budget expenditures totaled 61.3 billion Gourdes. Overall total disbursements reached 113.7 billion Gourdes, leaving a significant overall budget gap. A portion of this deficit was financed via 19.12 billion Gourdes in advances from the BRH. In the external sector, the country recorded $160.83 million in exports against $1.19 billion in imports, resulting in a trade deficit of $1.03 billion for the quarter.

    Looking ahead, BRH warns that Haiti’s economic trajectory remains vulnerable to a cascade of overlapping shocks, rooted in both the nation’s ongoing precarious security situation and the potential spillover effects from escalating geopolitical conflicts in the Middle East. Against a backdrop of global oil market disruptions, the government’s pump price adjustment—while slightly revised downward in early May 2026, after the end of the quarter under review—still risks further stoking inflationary pressures. Higher fuel costs drive up transportation expenses, which flow directly to higher prices for nearly all other consumer goods and services across the economy. Additionally, ongoing volatility in the Middle East threatens to increase Haiti’s total oil import bill, putting additional downward pressure on the country’s already strained foreign exchange market.

    In response to deepening shocks and persistent economic uncertainty, BRH has committed to rolling out targeted policy measures to preserve core economic activity, aligned with its institutional mandate. The central bank’s policy priorities will focus on restoring macroeconomic balance and safeguarding the stability of Haiti’s financial system. To support these efforts, the International Monetary Fund’s recent extension of the Staff-Monitored Program (SMP) through June 2027 will provide critical institutional backing, creating a credible policy framework and ensuring continuity of disciplined macroeconomic management.

    Beyond short-term stabilization, BRH has reaffirmed its long-term commitment to revitalizing Haiti’s domestic productive sector through targeted support mechanisms for strategic industries. Key initiatives include a restructuring of banking services to expand access to financial inclusion for residents and businesses in provincial cities, and scaled-up support for Haitian small and medium-sized enterprises (SMEs), particularly those owned and led by women. The Booster PME III program stands as a flagship effort to deliver on this commitment.

  • Sea Bridge Ferries Raises Fares Effective June 1

    Sea Bridge Ferries Raises Fares Effective June 1

    After holding ticket prices steady for six years, regional ferry operator Sea Bridge Ferries has officially announced that it will implement a fare adjustment starting June 1, 2026, a change driven by unrelenting upward pressure on fuel and general operational expenses.

    In a public statement released to customers this week, the company confirmed that it has not modified its pricing structure since 2020, choosing to absorb the bulk of rising industry costs internally over the past half-decade to keep its cross-water service accessible and affordable for regular commuters, leisure travelers, and commercial clients alike. But according to the announcement, ongoing volatility in global energy markets paired with steady increases in other overhead costs from labor to vessel maintenance have finally made a price adjustment unavoidable.

    Under the newly revised pricing framework, a single one-way passenger ticket will be priced at $155, broken down into a $140 base fare and a separate $15 fuel surcharge to offset energy costs. For passengers opting for round-trip travel, the total cost will come to $275, consisting of a $250 base fare and a $25 fuel surcharge.

    Sea Bridge Ferries emphasized that the decision to raise fares is partially rooted in broad global supply chain disruptions and shifting market conditions that have pushed up costs across fuel production, processing, and distribution networks — impacts that have rippled through nearly every transportation and logistics sector worldwide.

    The company framed the fare hike as a modest adjustment, noting that leadership made a deliberate effort to minimize the increase passed on to customers while still securing the long-term viability of its service. “We recognize that any change to pricing can create inconvenience for our passengers, and we worked diligently to make this adjustment as fair and limited as possible,” the company said in its official announcement.

    Sea Bridge Ferries added that the additional revenue generated by the fare increase will be critical to upholding the high safety standards, operational efficiency, on-time reliability, and passenger comfort that its customers expect, ensuring the service can continue operating consistently into the future. The new pricing structure will go into effect on Monday, June 1, 2026.

  • Prime Minister Says YIDA to Invest Additional US$100M in Antigua and Barbuda

    Prime Minister Says YIDA to Invest Additional US$100M in Antigua and Barbuda

    In a major announcement that promises to boost the economic trajectory of Antigua and Barbuda, the nation’s Prime Minister has confirmed that China-based YIDA is set to inject an additional US$100 million into new development projects across the twin-island Caribbean nation. This fresh capital injection marks the next phase of YIDA’s long-term investment partnership with Antigua and Barbuda, building on previous commitments that have already supported infrastructure, tourism, and job creation initiatives across the country.

    Industry analysts note that the new investment comes at a critical moment for Antigua and Barbuda, which has been working to expand its non-tourism economic sectors and strengthen its resilience following global economic volatility. The Prime Minister highlighted that the $100 million will be allocated across high-priority projects, including upgrades to transportation infrastructure, expansion of hospitality facilities, and development of mixed-use commercial spaces that are expected to draw more international visitors and business activity to the islands.

    Local business leaders have welcomed the commitment, noting that the new investment will create hundreds of temporary construction jobs and dozens of permanent full-time positions across multiple sectors once projects are completed. It also reinforces Antigua and Barbuda’s reputation as an attractive destination for foreign direct investment in the Caribbean, signaling ongoing confidence from international developers in the nation’s long-term economic outlook. Government officials have added that they will work closely with YIDA representatives to ensure transparent project implementation and that all developments align with the country’s national sustainable development goals.

  • Guadeloupe Ferry Brings More Than 360 Visitors to Antigua and Barbuda

    Guadeloupe Ferry Brings More Than 360 Visitors to Antigua and Barbuda

    Antigua and Barbuda has opened its doors to hundreds of travelers from across the Caribbean this month, marking a key milestone in the island nation’s push to revitalize regional tourism. Among the latest arrivals were more than 360 visitors from Guadeloupe, who completed their journey to the twin islands via a direct ferry service earlier this week, officials from the Antigua and Barbuda Tourism Authority confirmed.

    This wave of regional visitors is not a random influx: it is the direct outcome of a sustained, long-term strategy by the destination’s tourism leadership to deepen travel integration across the Caribbean and strengthen transportation and people-to-people connections between neighboring island states. Images released publicly by the tourism authority capture warm, welcoming moments, with local officials greeting incoming guests before they set off to explore island attractions, join cultural activities, and attend curated events across Antigua and Barbuda during their stay.

    For tourism policymakers in the country, growing intra-Caribbean travel has moved to the top of the strategic agenda in recent years. Beyond the initial welcome, officials have reiterated their unwavering commitment to expanding cross-regional transportation networks, developing unique, tailored visitor experiences, and building long-term relationships that encourage regional travelers to return to the islands again and again. The current wave of arrivals comes as the destination continues to ramp up marketing and infrastructure investment to position itself as a top go-to spot for neighboring Caribbean residents looking for a quick getaway or extended vacation.

    Looking ahead, the Antigua and Barbuda Tourism Authority extended its gratitude to all visitors who chose the twin islands as their travel destination, and expressed measured confidence that the upward trend in regional travel will continue through the coming quarters, delivering widespread economic benefits to local communities that rely on tourism.

  • Stable Central Bank maintains interest rate at 5.25% per year

    Stable Central Bank maintains interest rate at 5.25% per year

    At its May 2026 monetary policy gathering, the Central Bank of the Dominican Republic (BCRD) has opted to maintain its benchmark reference interest rate at an annual 5.25%, leaving two other key monetary rates unchanged as well: the 1-day Repos permanent liquidity expansion facility stays at 5.75%, and the Overnight remunerated deposit rate remains fixed at 4.50%.

    This policy decision comes on the heels of a careful assessment of both domestic economic trends and shifting global monetary conditions. BCRD policymakers anchored their call on two key observations: the Dominican Republic’s economy is continuing a gradual, steady rebound, and the latest uptick in inflation can be traced directly to a supply-side shock driven by spiking global crude oil prices. Crucially, the central bank emphasized that medium-term inflation expectations remain firmly anchored around its official target of 4.0%, with a tolerance band of plus or minus 1.0%.

    To contextualize the decision, BCRD outlined the current mixed global economic landscape. The United States logged a solid 2.6% year-over-year expansion in the first quarter of 2026, with unemployment holding near full employment levels. But rising energy costs pushed U.S. inflation up to 3.8% in April, erasing recent progress on price cooling. Across the Atlantic, the Eurozone is seeing a marked slowdown in economic activity, with inflation resting at 3.0% as of the latest readings. For Latin America as a whole, regional average growth holds steady at 2.0%, and a majority of regional central banks have joined the Dominican Republic in keeping interest rates unchanged in recent meetings.

    On the domestic front, year-over-year inflation in the Dominican Republic hit 5.11% in April, a rise that can be almost entirely attributed to recent fuel price adjustments. Encouragingly, core inflation— which strips out volatile food and energy prices—remained within the central bank’s target range at 4.87%. To buffer households and businesses from the impact of rising energy costs, the national government has rolled out targeted measures, including partial fuel subsidies and expanded social assistance programs.

    Looking ahead, BCRD’s proprietary forecasting models project that inflation will fall back within the official target range by the fourth quarter of 2026, once the temporary effects of the global oil price shock fade. In positive news for broader economic performance, the country’s monthly economic activity indicator (IMAE) grew 4.0% year-over-year across the first four months of 2026, with strong gains led by the construction sector, manufacturing for free trade zones, and the key tourism industry.

    Financial metrics also paint a picture of resilience: as of the end of May 2026, the Dominican peso has appreciated by 8.0% against major currencies, while the country’s international reserves have climbed to US$15.9 billion. This reserve level is equivalent to six months of national imports, exceeding the adequacy metrics recommended by the International Monetary Fund.

    In closing, the central bank reaffirmed that the Dominican economy boasts solid underlying fundamentals and a stable, well-regulated financial system. Against a turbulent international backdrop marked by ongoing geopolitical crisis in the Middle East, BCRD reiterated its commitment to take prompt, targeted action whenever necessary to keep inflation on track toward target and preserve long-term macroeconomic stability for the nation.