Carib Scope

分类： business

  • Top 5 online scams in the Caribbean

    Top 5 online scams in the Caribbean

    The Caribbean has witnessed an alarming surge in digital fraud between 2020 and 2025, as criminals exploit the rapid shift to online services and weak cybersecurity measures. What began as simple scams, such as requests for mobile top-ups, has evolved into sophisticated multi-million-dollar operations involving cloned websites, deepfakes, and cryptocurrency. Financial institutions have struggled to keep pace, leaving individuals and businesses vulnerable to increasingly complex cybercrimes.

    According to the Bank of Jamaica, internet banking fraud skyrocketed by 890% since 2020, with losses surpassing JMD$800 million (US$5 million) by the end of 2023. Similarly, the TT Police Service reported TT$3 million (US$440,000) in online fraud losses in the last fiscal year, while Guyana’s Financial Intelligence Unit identified G$100 billion (US$478 million) in suspected fraudulent proceeds. Experts caution that these figures likely underestimate the true scale of the problem, as only 15% of fraud victims globally report such incidents.

    The Caribbean’s digital transformation has outpaced its cybersecurity infrastructure, creating a fertile ground for fraudsters. Criminals exploit weak cyber-defenses, slow investigations, and limited public awareness to execute their schemes. Below are the top five online scams currently plaguing the region, along with tips to identify and avoid them:

    1. **Investment and Forex Scams**: Fraudsters lure victims with promises of guaranteed profits through forex trading, crypto arbitrage, or private investment clubs. They create fake dashboards and testimonials to appear legitimate, only to disappear once funds are deposited.

    2. **Banking and Card Fraud**: With the rise of digital banking, card and account fraud have surged. Scammers send fake texts or emails impersonating banks to steal login credentials or redirect funds.

    3. **Social Media Impersonation Scams**: Hackers take over social media accounts to impersonate friends or family, requesting urgent financial assistance for fabricated emergencies.

    4. **Fake News and Media-Brand Scams**: Fraudsters create fake news articles featuring local journalists or businesspeople to promote bogus investment platforms, tricking victims into sharing personal and financial information.

    5. **Business Email and Corporate Scams**: Small and medium-sized enterprises are targeted through Business Email Compromise (BEC) schemes, where criminals impersonate suppliers or executives to reroute payments.

    The situation is exacerbated by massive data breaches across the region, with telecoms, retailers, and government portals hacked, exposing sensitive customer information. These breaches provide scammers with the tools to craft highly personalized and convincing attacks.

    To combat this growing threat, experts urge individuals and businesses to remain vigilant, verify requests before sending money, and report suspicious activity promptly. Reporting fraud to local authorities, financial regulators, and online platforms can help prevent repeat scams and protect others from falling victim.

    As the Caribbean’s digital economy continues to expand, so too do the risks. Staying informed and proactive is essential to safeguarding financial security in an increasingly digital world.

  • Gas prices up $1, diesel up $1

    Gas prices up $1, diesel up $1

    KINGSTON, Jamaica — Motorists across Jamaica are bracing for a significant increase in fuel prices starting Thursday, November 13, as announced by Petrojam, the nation’s sole oil refinery. The latest ex-refinery costs indicate a $1.00 rise in both grades of gasoline. Specifically, 90-octane gasoline will now cost $106.38 per litre, while 87-octane will be priced at $100.74 per litre. Additionally, automotive diesel fuel will be sold at $111.83 per litre, and ultra-low sulphur diesel will see a price of $117.95 per litre. Kerosene, a crucial fuel for many households, will be available at $119.14 per litre. Propane liquid petroleum and butane liquid petroleum will also experience price adjustments, with propane at $67.78 per litre and butane at $76.00 per litre. It is important to note that these prices are exclusive of mark-ups by marketing companies and retailers, which will further increase the final cost to consumers. This price hike is expected to have a ripple effect on various sectors, including transportation and manufacturing, potentially leading to increased costs of goods and services across the island.

  • Imbert: 26% drop in First Citizens shares frightening

    Imbert: 26% drop in First Citizens shares frightening

    Former Finance Minister Colm Imbert has expressed deep concern over the significant 26% drop in the share price of First Citizens Group Financial Holdings (FCGFH) since April 28. In a post on X on November 11, Imbert described the situation as ‘sinister,’ suggesting potential market manipulation. He emphasized that despite FCB’s consistent earnings growth, the share price plummeted from $42 to $31 within six months, a decline he deems inexplicable without external interference. Speaking at the PNM’s weekly media conference on November 13, Imbert highlighted the impact on small investors, particularly pensioners, who have seen substantial losses in their investments. He urged authorities to investigate the matter, pointing out unusual trading patterns involving small volumes of shares that have caused significant price drops. According to the TT Stock Exchange, FCGFH shares closed at $33.75 on November 13, down from $41.90 on April 28. Finance Minister Davendranath Tancoo dismissed Imbert’s concerns, stating there was ‘nothing worthy of comment.’ Meanwhile, FCGFH Chairman Shankar Bidaisee and Acting CEO Jason Julien have yet to provide detailed responses, with Julien assuring stakeholders of the Group’s commitment to creating sustainable value.

  • Grenada MSMEs benefit from UBEC Business Development Workshops

    Grenada MSMEs benefit from UBEC Business Development Workshops

    The Organisation of Eastern Caribbean States (OECS) Commission is actively bolstering the capabilities of Micro, Small, and Medium Enterprises (MSMEs) in key sectors such as fisheries, marine tourism, and waste management. This initiative is part of the Unleashing the Blue Economy of the Caribbean (UBEC) Project, which aims to enhance the operational efficiency and grant application success of MSMEs through a series of practical, skills-based training workshops. The first two sessions, focusing on Grant Proposal Writing and Effective Record-Keeping, have already been completed, providing participants with essential tools for business management and growth. The training series continues throughout November and December, offering both in-person and hybrid sessions on topics such as financial management, continuity planning, marketing, and more. These workshops are designed to strengthen the resilience and competitiveness of MSMEs within the Blue Economy, enabling them to apply for grant funding ranging from US$5,000 to $25,000 under the UBEC Regional MSME Matching Grants Programme. The application deadline for grant funding is Friday, 21 November 2025, at 11:59 pm. MSMEs are encouraged to take advantage of these training opportunities to enhance their business skills and secure funding for expansion, innovation, and sustainability efforts.

  • China International Import Expo breekt records en sluit succesvol af

    China International Import Expo breekt records en sluit succesvol af

    The 8th China International Import Expo (CIIE), held in Shanghai, concluded on November 10 with a record-breaking $83.5 billion in intended trade deals, marking a 4.4% increase from the previous year. This announcement was made by Wu Zhengping, Deputy Director of the CIIE Bureau, during a press conference following the six-day event. The expo, which featured 4,108 participating companies and a total exhibition area of 367,000 square meters, set new benchmarks in both scale and participation. Among the exhibitors were 290 Fortune 500 companies and 180 multinational corporations that have participated in all eight editions of the CIIE. This year, 461 new products, technologies, and services were introduced, slightly surpassing the 450 innovations showcased in 2024. Participating companies have already secured contracts for approximately 80,000 square meters of exhibition space for the 9th CIIE, scheduled for November next year. The CIIE serves as a vital platform for multinational companies to showcase advanced technologies and exchange ideas to better adapt to the rapidly evolving Chinese market. Wu Zhengping emphasized that China is not only a vast consumer market but also a partner that values collaboration and innovation. Senior representatives from participating companies, such as Jorg Buchheim of the German Webasto Group and Andreas Renulf of Hexagon AB, highlighted the importance of the CIIE in gaining insights for future innovations and praised China’s market dynamics and openness to new technologies. The expo also reflects China’s efforts to further open its economy, as noted by Jacky Zou of KPMG China, who referenced the recent 15th Five-Year Plan (2026–2030) promoting institutional openness and international trade rules. The event demonstrated growing confidence among international investors in China, with Bill Winters, CEO of Standard Chartered, emphasizing the positive impact of China’s ongoing openness and economic growth on global cooperation. China’s vast domestic market continues to be a powerful driver for international trade and consumption, with opportunities for American companies in sectors ranging from technology and agriculture to specialized products like ginseng, pet food, and wine. The expansion of China’s visa-free policy has facilitated an influx of foreign tourists, further stimulating consumption. During the CIIE, China Daily launched the International Communication Initiative to promote exports to China and shopping in China, aiming to enhance the visibility of the Chinese market globally and foster collaboration. According to data from Chinese customs, imports in October rose by 1.4% year-on-year, marking the fifth consecutive month of growth. Improved tax refund and consumption policies in China are stimulating both domestic consumers and foreign visitors, as noted by researcher Chen Jianwei of the University of International Business and Economics in Beijing. International companies like Pernod Ricard and Tapestry Inc. are investing heavily in expanding their presence in China, driven by increasing demand for premium products and the dynamism of the Chinese market. These optimistic sentiments align with China’s policy goals to strengthen the national market and sustainably stimulate economic growth, as outlined in the recent communique of the Central Committee of the Communist Party of China. For many foreign visitors, shopping in China is more than just consumption; it is a cultural experience where tradition and innovation converge, as reported by China Daily’s Rochelle Beiersdorfer.

  • Major Caribbean insurance merger announced as General Accident and Beacon join forces

    Major Caribbean insurance merger announced as General Accident and Beacon join forces

    In a landmark corporate maneuver, General Accident Insurance Company (Jamaica) Limited (JSE: GENAC) and Beacon Insurance Company Limited have announced their merger, aiming to create a dominant insurance entity across the Caribbean. The strategic acquisition, finalized on October 31, 2025, by Musson (Jamaica) Limited, General Accident’s parent company, will see Beacon Insurance operate as a subsidiary under General Accident, pending regulatory approvals. This merger is poised to significantly bolster General Accident’s market reach, particularly in Trinidad and Barbados, while expanding its footprint into new territories such as Dominica, Grenada, St. Kitts, St. Lucia, and St. Vincent. With annual gross written premiums surpassing J$32 billion, General Accident’s influence continues to grow. Despite the merger, Beacon will maintain its operational independence under its established brands in Trinidad and Barbados, with its current leadership, including CEO Christopher Woodhams, remaining intact. Woodhams will report directly to Sharon Donaldson, Group CEO of General Accident, and will oversee operations for both brands in Trinidad. Additionally, Christian Hadeed, a director of Beacon, alongside Woodhams, will join the board of General Accident, with the Hadeed family becoming minority shareholders in the newly formed entity. Gerald Hadeed, founder of Beacon, expressed confidence in the merger, highlighting shared insurance principles and a commitment to client service. P.B. Scott, Chairman of General Accident, lauded the partnership, emphasizing the potential to create a robust platform across the Caribbean and enhance service delivery for clients of both companies.

  • Barbados deepens UK trade links amid push into new industries

    Barbados deepens UK trade links amid push into new industries

    Barbados is intensifying its efforts to attract British investment in renewable energy, space technology, and the creative industries, aiming to establish itself as a hub for emerging sectors amid shifting global economic dynamics. Speaking at the sixth annual UK Trade Mission to Barbados Business Forum, Minister of Economic Affairs and Investment Kay McConney highlighted the growing interest from UK investors, which now extends beyond traditional sectors like tourism and financial services. McConney emphasized the need to adapt to evolving global realities, citing World Bank data that predicts a doubling of energy investment demand in developing countries by 2035. Barbados’ economy has shown robust growth, with 17 consecutive quarters of expansion, as reported by the Central Bank in September 2025. To foster a business-friendly environment, Bridgetown has modernized public systems, digitized services, and implemented reforms to enhance efficiency and transparency. McConney stressed the mutual benefits of UK-Barbados partnerships, including job creation, skills transfer, and access to new market opportunities. British interest spans diverse industries such as financial services, ICT, agro-processing, renewable energy, construction, and manufacturing. Emerging opportunities in education, the blue economy, and innovation-driven fields like space technology and film were also highlighted. British High Commissioner Simon Mustard underscored the importance of strengthening trade and investment links amid global challenges, including geopolitical tensions and economic uncertainties. He encouraged collaboration in renewable energy, digital transformation, and small business development. UK-Barbados trade grew by 9% in the past year, reaching over $1.59 billion, with the UK targeting high-growth sectors like clean energy, advanced manufacturing, and creative industries. Mustard projected a 2.7% growth rate for Barbados in 2025, driven by tourism, construction, renewable energy, and digital transformation. He praised Barbados’ skilled workforce, strong legal framework, and commitment to innovation, positioning it as an ideal partner for the UK in building future industries.

  • Barbados ‘making significant progress’ in tax compliance

    Barbados ‘making significant progress’ in tax compliance

    Barbados has reiterated its unwavering dedication to international tax transparency and compliance standards during a pivotal meeting of the Organisation for Economic Co-operation and Development (OECD) Global Forum. The event, held at the Hilton Barbados Resort, focused on assessing the island nation’s adherence to global tax obligations. Ryan Straughn, Minister in the Ministry of Finance, emphasized Barbados’ significant strides in aligning with international tax frameworks and its resolve to uphold these standards. Straughn highlighted the critical role of tax transparency and information exchange in fostering investment and economic growth, particularly for small states like Barbados. He detailed extensive reforms undertaken to meet global requirements, enhance governance, and bolster investor confidence, which have contributed to 17 consecutive quarters of economic growth. Straughn also addressed the evolution of Barbados’ corporate tax policy, noting the reduction of corporation taxes to 5.5% in 2018 and the subsequent adjustments necessitated by the OECD’s global minimum tax of 15%, effective in 2024. He underscored the importance of tax certainty for investors, stating that Barbados is no longer a low-tax jurisdiction. Additionally, Straughn outlined ongoing efforts to modernize the business environment, including digitization initiatives by the Barbados Revenue Authority (BRA) and the Central Bank’s plans for digital payments. Revenue Commissioner Jason King reaffirmed Barbados’ commitment to international standards, highlighting the BRA’s strengthened legislative and technical capacity and its readiness to implement the Common Reporting Standard 2.0 and the crypto asset reporting framework.

  • Antigua and Barbuda Showcases Debt Reform Model at COP30

    Antigua and Barbuda Showcases Debt Reform Model at COP30

    At the High-Level Panel on Debt Sustainability and Resilient Infrastructure during COP30, Antigua and Barbuda showcased its innovative Debt Sustainability Support Service (DSSS) as a groundbreaking approach to harmonizing debt reform, climate resilience, and sustainable finance. The event, hosted at the Disaster Resilient Infrastructure (DRI) Pavilion, highlighted the urgent need for integrated solutions in Small Island Developing States (SIDS). Her Excellency Ruleta Camacho Thomas, Ambassador for Climate Change, emphasized the intertwined crises of debt and climate vulnerability in SIDS, stating, ‘Every hurricane, drought, and flood destroys infrastructure and public revenue, forcing countries to borrow more just to rebuild. This creates a debt trap that hinders investment in resilience.’ Under the Antigua and Barbuda Agenda for SIDS (ABAS), the DSSS was developed to help vulnerable economies combine debt reform, climate finance, and resilience planning. The service integrates mechanisms such as debt-for-climate swaps, climate-contingent clauses, resilience-linked bonds, and insurance-backed instruments into a unified framework. ‘The DSSS ensures that finance supports resilience, not undermines it,’ Ambassador Camacho Thomas explained. ‘It aligns fiscal policy, infrastructure investment, and climate adaptation, ensuring every dollar spent on recovery also builds long-term security.’ Antigua and Barbuda is collaborating with partners like the Coalition for Disaster Resilient Infrastructure (CDRI) to advance debt sustainability and infrastructure resilience simultaneously. The Ambassador also highlighted the role of data analytics in attracting investment, noting that while spatial and financial data can demonstrate the return on investment (ROI) of resilience, they are often misused to label SIDS as ‘high-risk.’ She called for integrating data on adaptation outcomes into financial modeling to prove the economic viability of investing in SIDS. ‘Resilience must be recognized as a financial model, not a moral appeal,’ she concluded. Antigua and Barbuda continues to lead global efforts to enhance access to sustainable finance for vulnerable economies, promoting integrated approaches that link debt management, infrastructure resilience, and sustainable growth.

  • Communicators risk being left behind by rapid AI changes – IABC president

    Communicators risk being left behind by rapid AI changes – IABC president

    The rapid progression of artificial intelligence (AI) poses a significant threat to communications professionals, who risk being marginalized unless they enhance their professional standards and unify their collective voice, warned Dr. Pamala Proverbs, President of the International Association of Business Communicators (IABC) Barbados Chapter. Speaking at a workshop titled *Human-Driven AI: Powering Communication Excellence*, Dr. Proverbs highlighted the critical challenges facing the industry.