Carib Scope

分类： business

  • Alberg nieuwe directeur van SAIL: Focus op herstel visverwerking en export

    Alberg nieuwe directeur van SAIL: Focus op herstel visverwerking en export

    Suriname American Industries Ltd (SAIL NV) has ushered in a new era of leadership with the formal appointment of Ifuel Alberg as its Managing Director. The ceremonial presentation, held today, positions Alberg as the executive tasked with revitalizing the financially distressed state-owned enterprise.

    In his inaugural address, Alberg expressed both pride and determination in accepting the leadership role. He characterized his appointment as a pivotal new beginning for an organization many had considered beyond redemption. “My fundamental objective is to restore perspective and viability to SAIL, for the enterprise itself and for its dedicated workforce,” Alberg declared.

    A cornerstone of his revival strategy involves resuscitating the company’s fish processing operations. Alberg emphasized the critical need to return to SAIL’s traditional operational model, which encompasses in-house processing, domestic sales, and direct export channels. “Reestablishing this integrated chain is absolutely essential for achieving a sustainable recovery,” he stated in comments disseminated by Suriname’s Communication Service.

    The new director also highlighted significant external challenges, particularly geopolitical tensions involving Venezuela. These have disrupted the supply chain for key species like red snapper, partly due to SAIL’s dependency on fishing vessels affiliated with the Venezuelan state enterprise NOA (Nueva Organización de Atunes).

    Beyond operational restart, Alberg pledged to bring greater organization to Suriname’s fish sales sector. While acknowledging everyone’s right to livelihood, he stressed that all commercial activities must adhere to stringent hygienic and orderly standards. As a certified enterprise, SAIL intends to play an active role in guaranteeing healthy and safe fish products for Surinamese consumers.

    To achieve this, Alberg plans to forge robust collaborations with the Fish Inspection Institute, the Ministry of Agriculture, Animal Husbandry and Fisheries, and other relevant stakeholders.

    Looking ahead, Alberg outlined ambitious two-year goals: first, to firmly reestablish SAIL’s presence in the domestic market, followed by resuming independent export operations. “SAIL must reclaim control over its production and export functions,” the director asserted, committing to keep the public informed through timely and transparent updates. “We invite all stakeholders to participate in the regrowth and redevelopment of SAIL.”

    The appointment ceremony was attended by District Commissioner Glenda Kranenburg, representatives from various state-owned enterprises, and members of the Board of Commissioners, led by Chairman Gordon Touw Ngie Tjouw.

  • Digita Global invests $75 million in new production studio

    Digita Global invests $75 million in new production studio

    Digital Global Marketing (DGM) has significantly advanced Jamaica’s creative infrastructure with the inauguration of Studio D, a cutting-edge multimedia production facility representing a $75-million strategic investment. This development follows the company’s previous $100-million investment in Enigma, a collaborative co-working and ideation space launched last year.

    CEO Kemal Brown characterized the new facility as a transformative ecosystem designed to address longstanding gaps in Jamaica’s production landscape. “We’ve created a globally relevant, professionally equipped environment where professionals can ideate, produce, and finalize their work without logistical constraints,” Brown stated in interviews with Jamaica Observer publications.

    The facility emerges in response to sustained market demand for professional production services. Brown noted that DGM has consistently received requests for photoshoots, video production, and podcasting facilities, prompting the investment that serves both internal operations and external clients.

    Strategically located along Mountain View Avenue in Kingston, the 1,000-square-foot facility features soundproofed production areas, professional lighting systems, dedicated editing bays equipped with high-performance Mac Studio and iMac systems, and client-friendly lounge spaces. Studio D operates in synergy with Enigma as part of ‘The Creative Collective’—an integrated pipeline where concepts develop at Enigma and transition to production execution at Studio D.

    The studio offers unprecedented flexibility through dual operational models: a self-driven approach where clients bring their own equipment and teams, and a full-service model where DGM provides comprehensive production support including professional cameras, lighting, microphones, and technical setup.

    Beyond production services, Studio D incorporates a retail component offering professional equipment sales, including cameras, storage media, computing devices, and accessories essential for content creators.

    As a subsidiary of Digital Global Group (DGG), DGM continues expanding its portfolio across marketing, digital transformation, and content production services. Brown indicated openness to further strategic expansion, including potential acquisitions, noting the company’s position to serve global clients while remaining attentive to market opportunities that align with their strategic objectives.

  • Tobago awaits Blue Wave Harmony’s arrival

    Tobago awaits Blue Wave Harmony’s arrival

    Tobago’s business community is preparing for a strategic maritime transition as the newly acquired MV Blue Wave Harmony cargo vessel prepares to dock at Scarborough port on January 18, replacing the outgoing MV Cabo Star whose lease concludes on January 12.

    Curtis Williams, President of the Tobago Chamber of Industry and Commerce, indicates that while most enterprises maintain sufficient inventory levels to withstand potential supply chain interruptions, particular concerns emerge within the food and beverage sector regarding temperature-sensitive commodities. “These businesses will be monitoring the situation very closely,” Williams confirmed to Business Day, noting that many distributors have strategically stockpiled approximately four weeks’ worth of inventory as a protective measure.

    The TT Inter-Island Transportation Company Ltd has implemented comprehensive contingency protocols utilizing existing vessels including the APT James, T&T Spirit, and Galleons Passage to ensure uninterrupted service during the transition period. Official communications guarantee that sea bridge services will continue without disruption, with significant enhancements expected following the new vessel’s commissioning.

    MV Blue Wave Harmony, registered under Panamanian jurisdiction, represents a substantial upgrade over its predecessor with dimensions measuring 175 meters in length and 30 meters in width, compared to the Cabo Star’s 158.37-meter length and 25.32-meter width. The modern vessel, two years junior to the retiring ship, promises improved operational safety, reduced transit times, and enhanced reliability according to the National Infrastructure and Development Company Ltd (NIDCO).

    The advanced vessel features 73 passenger cabins with private bathroom facilities, a 142-seat self-service restaurant, luxury lounge and entertainment center, and improved accessibility through passenger elevators. With capacity for approximately 125 freight units—a significant increase from the Cabo Star’s 90-trailer limit—the ship boasts enhanced refrigeration capabilities for perishable goods and pharmaceuticals, along with certified dangerous cargo transportation supported by specialized ventilation and safety systems.

    NIDCO confirms that the absence of scheduled dry-docking in 2026 will ensure uninterrupted operations throughout the year. Additionally, the vessel’s upgraded facilities and expanded service offerings are expected to generate local employment opportunities through concessionaire agreements and service provider engagements, thereby increasing regional economic participation.

  • Barita to acquire JN Fund Managers in $4.2 billion deal

    Barita to acquire JN Fund Managers in $4.2 billion deal

    Jamaica’s financial sector is poised for significant consolidation following regulatory approval of Barita Investments Limited’s landmark acquisition of JN Fund Managers Limited. The Financial Services Commission’s no-objection clears the path for Barita’s parent company, Cornerstone Financial Holdings Limited, to execute its most ambitious expansion move yet—a transaction valued at approximately $4.2 billion that will create Jamaica’s largest asset manager with combined assets under management exceeding $500 billion.

    The acquisition represents a strategic pivot for both institutions. For vendor Jamaica National Group, the sale concludes a necessary divestment strategy following three consecutive years of aggregated losses totaling $8.54 billion. The group has characterized the asset sales as a means to “cauterise the financial bleed” and bolster its core banking subsidiary.

    Barita’s aggressive expansion comes amid concerning financial indicators. The acquirer reported a 21% decline in consolidated net profit to $3 billion for the twelve months ending September 2025, alongside a 15% reduction in net operating revenue. The company’s balance sheet shows significant reliance on short-term funding, with repurchase agreements comprising 79% of its $114.58 billion total liabilities. Adding to the complexity, Barita has delayed publication of its audited financial statements until January 2026.

    The premium valuation—approximately 140% of Barita’s most recent annual net profit and significantly above JNFM’s stated equity of $3.19 billion—suggests the price reflects strategic positioning rather than the target’s financial performance. JNFM itself reported a net loss of $568.05 million for the year ending March 2024, with operating revenue plummeting 63% due to impairment losses.

    The transaction occurs within broader industry consolidation trends. Cornerstone recently entered a strategic partnership with Proven Management Limited, with Bank of Jamaica Governor Richard Byles indicating this likely involves Cornerstone acquiring a stake in PML. This expansion strategy has included both successes, such as Cornerstone’s $3.67 billion stake sale to the National Insurance Fund, and setbacks including a terminated acquisition attempt of Clarien Group Limited.

    Market analysts will closely monitor Barita’s ability to execute the complex integration, realize projected synergies, and manage its leveraged balance sheet amid Jamaica’s post-Hurricane Melissa economic recovery. The deal signals a transformative shift in Jamaican finance toward leveraged acquisition strategies and privately-held conglomerate models, potentially reshaping the sector’s competitive dynamics for years to come.

  • After Maduro extracted, Delcy upgraded in Caracas…Uncertain times for TT energy

    After Maduro extracted, Delcy upgraded in Caracas…Uncertain times for TT energy

    The dramatic extraction of former Venezuelan President Nicolas Maduro by US special forces on January 3 has sent shockwaves through Trinidad and Tobago’s energy sector, creating unprecedented uncertainty about the future of critical cross-border gas projects. The early morning operation that resulted in Maduro and his wife Cilia Flores facing criminal charges in New York has fundamentally altered the geopolitical landscape for TT’s energy security.

    According to former energy minister Kevin Ramnarine, the political transformation in Venezuela has cast doubt on the fate of the Dragon and Coucina-Manakin gas projects, both vital components of TT’s energy infrastructure. “The uncertainty surrounding these projects is greater than it has ever been,” Ramnarine stated, highlighting that Venezuela possesses approximately 200 trillion cubic feet of natural gas, much located near TT’s maritime boundaries.

    The situation intensified when US President Trump announced on January 6 that interim Venezuelan authorities led by Delcy Rodríguez—Maduro’s former deputy—would release up to 50 million barrels of sanctioned oil worth approximately $2 billion. Trump declared the proceeds would be controlled by his administration “to benefit the people of Venezuela and the United States.”

    The geopolitical turmoil compounds existing challenges for TT’s energy sector. Venezuela owns over 70% of energy assets in the Loran-Manatee fields and complete control of Dragon gas resources. The previous Venezuelan government’s termination of all energy arrangements with TT in December had already increased pressure on the local market, which suffers from protracted natural gas shortages causing de-industrialization and job losses.

    Energy Chamber CEO Dr. Thackwray “Dax” Driver identified six critical issues for industry sustainability, noting that Venezuelan gas imports represent just one component. Other priorities include streamlining approval processes, fiscal reform, carbon reduction investments, decreasing gas use in electricity generation, and developing small marginal gas fields.

    Meanwhile, positive domestic developments emerged as Touchstone Exploration reported promising drilling results from the Carapal Ridge-3 well, marking the first drilling in the area in 17 years. The discovery of over 1,000 feet of net sand containing oil and natural gas-bearing Herrera sand has been welcomed by Energy Minister Dr. Roodal Moonilal and Minister Ernesto Kesar as supporting government efforts to bring additional natural gas to market.

    As stakeholders monitor Venezuela’s evolving political situation, the energy sector remains hopeful that new opportunities might emerge for cross-border collaboration, potentially positioning Trinidad as an energy services hub for future Venezuelan offshore developments.

  • NPICTT partners with TSTT as digital payments now a reality

    NPICTT partners with TSTT as digital payments now a reality

    Trinidad and Tobago has entered a new phase of digital transformation with the National Payment and Innovation Company (NPICTT) and telecommunications provider TSTT announcing a groundbreaking strategic partnership on Wednesday. This collaboration represents the first operational implementation of the country’s national payments infrastructure, moving from theoretical development to live consumer-facing services.

    The partnership achieves two significant milestones simultaneously: TSTT becomes the inaugural organization to process live payments through NPICTT’s national payments platform while also adopting Nobis as its official electronic Know Your Customer (eKYC) solution. This dual implementation signals a tangible shift in how public services will be delivered digitally across the nation.

    Dr. Nigel Fulchan, Chairman of NPICTT, emphasized the importance of this development: “TSTT’s onboarding as the first live payment-processing client demonstrates that our platform is fully operational and production-ready. This partnership illustrates how shared national infrastructure can strategically modernize service delivery across the state.”

    Through this integration, TSTT will serve as the premier payment-processing client on the NPICTT platform, establishing itself as the official online payment channel for customer bill payments across all its brands and services. Customers will now access digital payment infrastructure that is locally owned, nationally governed, and designed for scalability across government entities.

    TSTT’s Acting CEO Keino Cox highlighted the strategic importance: “This partnership allows TSTT to accelerate our digital transition in a structured and secure manner. By adopting the national payments platform and NOBIS through the Innovation Centre, we enhance customer experience while maintaining robust governance and compliance.”

    Minister of Planning, Economic Affairs and Development Kennedy Swaratsingh characterized the partnership as reflective of steady growth in national infrastructure development. “TSTT positioning itself as the first state-owned entity to adopt the NPICTT platform represents a milestone in creating a unified gateway for all public-sector financial interactions,” he stated.

    The partnership establishes a replicable model for government digital transformation that reduces duplication, improves efficiency, and accelerates the rollout of digital public services. NPICTT now operates as the national payments infrastructure provider, while its Innovation Centre functions as the entry point for certified digital solutions across the public sector.

    Importantly, the collaboration does not alter existing statutory or regulatory responsibilities, with TSTT maintaining full accountability for customer service delivery while NPICTT provides the shared platforms and enablement framework. This foundational partnership paves the way for additional utilities, state-owned enterprises, and ministries to adopt digital payments and secure onboarding using national infrastructure.

  • HDC commercial tenants: Poor management affecting revenue

    HDC commercial tenants: Poor management affecting revenue

    Tenants at Pleasantville Village Plaza are demanding urgent management reforms as the state-owned Housing Development Corporation (HDC) reveals staggering financial losses across its commercial portfolio. HDC Chairman Feeroz Khan disclosed that seven commercial properties, including the Pleasantville facility, generate merely $1 million annually while accumulating $10 million in maintenance costs—a tenfold deficit he called economically indefensible.

    Opened in November 2006, the Pleasantville plaza contains approximately 50 retail units (225-500 sq ft) renting from $1,300 monthly, plus a 175-seat amphitheater available for $2,500 bookings. Theoretical maximum revenue would approach $780,000 annually at full occupancy, but during a January 5 site visit, Newsday observed at least a dozen vacant units despite apparent tenant demand.

    Collin Douglas, owner of Cappadonna’s Ice Cream and an original tenant, described deteriorating conditions since the plaza’s inception two decades ago. ‘The red-tape is excessive—they demand excessive personal documentation yet fail to lease long-vacant units,’ he stated, criticizing HDC’s inadequate marketing and bureaucratic hurdles.

    Newer tenant Dale Haynes of Abalaye Spiritual and Cultural Shop revealed systemic administrative failures: management records falsely showed occupied units as vacant, while rent receipts arrived months after payment. ‘They accused us of unpaid rent until we provided proof—their internal systems need complete overhaul,’ Haynes noted, though he acknowledged strong foot traffic and community support.

    Multiple anonymous tenants reported severe infrastructural neglect, with pigeons and stray animals now dominating common areas. Community member Roxanne Cruickshank, a 50-year Pleasantville resident, emphasized the plaza’s vital role providing food, banking, and medical services, preventing travel to San Fernando.

    The financial crisis extends beyond Pleasantville. Chairman Khan, speaking at a January 4 media conference, accused the previous administration of leaving $600 million in unpaid contractor bills, a $300 million pension fund deficit, and $150 million in maintenance contracts allegedly awarded to political affiliates. Construction costs per unit reportedly surged from $500,000 to $2 million over the past decade.

    Neither former Housing Minister Camille Robinson-Regis nor Khan responded to follow-up interview requests. As HDC’s commercial operations face intensified scrutiny, longtime tenants like Douglas fear an uncertain future: ‘I depend on this plaza entirely—I have no other employment.’

  • Goddard takes aim at SUV market with Chinese vehicles

    Goddard takes aim at SUV market with Chinese vehicles

    Barbadian conglomerate Goddard Enterprises Limited (GEL) is implementing a strategic pivot toward Chinese automotive brands to counter stagnant performance in its automotive division. Despite reporting a modest 3% revenue increase to BBD$122.06 million in its automotive segment for FY September 2025, the group experienced flat sales overall, with particular weakness in its core markets of Barbados and Jamaica.

    The company’s annual report revealed a significant 55% decline in operating profit for the automotive division, dropping to BBD$2.28 million. This downturn was attributed to inventory reduction efforts, increased financing costs associated with the new GAC brand rollout, and a BBD$1.3 million property revaluation loss.

    A critical challenge identified by management was the limited product offering from legacy brands, especially in the competitive small and mid-sized SUV segments where hybrid and electric vehicles from Chinese and Korean manufacturers have gained substantial market share.

    In response, GEL has launched Guangzhou Automobile Group (GAC) vehicles across four Caribbean markets, including Jamaica through its subsidiary Fidelity Motors Limited. The rollout features both internal combustion engine models (Emkoo and Emzoom) and electric vehicles (Aion V and Aion Y).

    Alan Bayne, CEO of GEL’s automotive division, stated that the 2026 strategy will focus on accelerating GAC distribution, expanding in Jamaica, and strengthening competitiveness in SUV segments.

    The broader GEL conglomerate demonstrated stronger performance elsewhere, with consolidated revenue surging 38% to BBD$1.85 billion, driven primarily by a 93% increase in manufacturing revenue. Net profit grew 46% to BBD$76.8 million, bolstered by improved performance at Ecuador-based cocoa processor Ecuakao.

    Corporate developments include upcoming leadership changes with three directors retiring at the January 29 shareholder meeting and five new nominees proposed to join the expanded board. The company maintained its dividend payment of BBD$0.06 per share for 2025.

  • EC supports adoption of minimum tax for multinationals

    EC supports adoption of minimum tax for multinationals

    In a historic move for international fiscal policy, the Organisation for Economic Co-operation and Development (OECD) has secured approval from 145 nations for a groundbreaking global tax reform framework. The cornerstone of this agreement is the implementation of a universal 15% minimum tax rate for multinational corporations, representing one of the most significant overhauls of international tax rules in decades.

    The European Commission, serving as the executive branch of the EU, has championed the agreement as a stabilizing force for the global taxation system. According to their official statement, the framework establishes simplified regulations that ensure equity while maintaining corporate competitiveness. The Commission emphasized that the treatment safeguards effective minimum taxation for multinational enterprises while enhancing legal certainty and predictability for European businesses.

    A critical component of the agreement includes a specialized exemption mechanism designed specifically for U.S. companies, addressing Washington’s concerns that threatened to derail the entire initiative. This concession proved essential to securing broad international participation.

    Despite the widespread support, the Independent Commission for International Corporate Tax Reform has expressed reservations since 2021. The watchdog organization has consistently warned that such tax conventions disproportionately affect developing nations, which suffer greater revenue losses from tax abuses and rely more heavily on corporate income taxes for public funding.

    The OECD regards the agreement as both a major political achievement and technical milestone that establishes foundations for stability and legal certainty in the international tax landscape. This multilateral consensus follows years of negotiations and represents a coordinated effort to address tax avoidance strategies employed by large multinational corporations operating across borders.

  • LVV: Geen algemeen exportverbod: Suriname mag vis blijven exporteren naar de VS

    LVV: Geen algemeen exportverbod: Suriname mag vis blijven exporteren naar de VS

    Suriname’s seafood export industry continues its trade relationship with the United States despite temporary restrictions affecting specific fishing operations that fail to meet American marine protection standards. The Ministry of Agriculture, Animal Husbandry and Fisheries (LVV) has clarified that no comprehensive export ban exists, contrary to potential misconceptions.

    The United States enforces stringent regulations under the Marine Mammal Protection Act (MMPA), requiring exporting nations to demonstrate equivalent protective measures for marine mammals. This compliance verification process, known as ‘comparability finding,’ has been successfully obtained for most Surinamese fisheries.

    However, two specific categories face export limitations: Suriname’s coastal driftnet fishery (SK-driftnet fishery) and red snapper catches by Venezuelan vessels in Surinamese waters. American authorities identified non-compliant net lengths and insufficient mitigation measures in the SK-driftnet operations, particularly regarding bycatch prevention for marine mammals including dolphins.

    Venezuelan-flagged vessels present a separate jurisdictional challenge. As flag state, Venezuela bears responsibility for submitting comparability documentation to US authorities, but has neither applied for certification nor shared relevant information to date.

    Surinamese authorities have implemented comprehensive corrective measures including mandatory acoustic deterrent devices (pingers), adjusted net specifications meeting US standards, and enhanced electronic monitoring systems. While these measures increase operational costs, LVV is exploring financial support mechanisms through funding programs and collaborative partnerships.

    All updated compliance documentation has been submitted for American reassessment, aiming to secure full certification for the SK-driftnet fishery. Meanwhile, LVV’s Fisheries Directorate must issue Certificates of Admissibility for each US-bound shipment, verifying exclusion from prohibited categories. This additional administrative requirement will be eliminated upon successful comparability certification, streamlining future export procedures.