Carib Scope

分类： business

  • Buying local is more than national pride, President Burton tells Parliament

    Buying local is more than national pride, President Burton tells Parliament

    In a targeted address to Parliament during the presentation of the 2026-2027 national budget, Dominica’s President Her Excellency Sylvanie Burton has issued a urgent call to action, urging all Dominican residents to prioritize supporting domestic enterprises and locally manufactured goods. Framing the shift in consumer behavior as far more than a symbolic gesture of national loyalty, President Burton positioned the push for local consumption as a foundational strategy to reinforce the Caribbean nation’s long-term economic security and systemic resilience against external disruptions.

    Burton explained that every intentional choice to source goods from domestic producers, patronize Dominican-owned businesses, or invest in homegrown talent generates a multiplier effect that keeps critical financial resources circulating within Dominica’s borders, while opening new socioeconomic opportunities for local citizens. A key benefit of expanding domestic production, she argued, is reduced exposure to volatile global market fluctuations and cross-border supply chain disruptions that have increasingly threatened small island developing economies in recent years.

    To illustrate the government’s commitment to strengthening local productive capacity, Burton highlighted the ongoing rehabilitation of the National Abattoir, a critical agricultural infrastructure project first damaged beyond regular operation when Hurricane Maria struck the island in 2017. The facility is currently undergoing a complete rebuild to meet modern food safety and processing standards. Upon completion, Burton said the upgraded abattoir will deliver multiple interconnected benefits: it will boost the competitiveness of local livestock farming, cut Dominica’s reliance on expensive imported meat products, generate new direct and indirect jobs for rural communities, and cement the agricultural sector’s role as a core driver of inclusive national development.

    The president stressed that the work of building a robust local economy does not fall exclusively on consumers. While she encouraged citizens to adjust their purchasing habits to prioritize domestic offerings, she also issued a clear expectation that Dominican producers must maintain high standards of quality, keep their products accessible to a broad range of consumers, and compete effectively with imported alternatives on both price and value. “The most sustainable form of patriotism is one that benefits both producer and consumer,” Burton emphasized.

    She added that when local goods consistently deliver reliable quality and fair value, consumers will naturally choose them not out of a sense of obligation, but because they represent the most competitive option on the market. Scaling up support for local businesses and domestic production, Burton concluded, will put Dominica on a path toward greater shared prosperity, systemic economic resilience, and long-term national self-reliance.

  • Fonseca Reserves Comment on BTL-Speednet Deal

    Fonseca Reserves Comment on BTL-Speednet Deal

    A controversial $80 million proposed acquisition of Speednet Communications Limited by Belize Telemedia Limited (BTL) has entered a new phase of uncertainty, with Minister of Education Francis Fonseca declining to publicly weigh in on the deal until the full Cabinet receives an official briefing on the transaction.

    Fonseca, a senior member of the national government, confirmed that his current understanding of the proposal is limited exclusively to media reporting. “What I know so far is just what has been reported in the media. I expect that at our next Cabinet meeting we will receive a briefing on the matter. So I will reserve my public comments until we have received a briefing on the matter,” the minister stated in a press interaction.

    The acquisition proposal moved a step forward earlier this week, when BTL’s board of directors approved the plan to purchase 100% of Speednet’s issued share capital by an 8-2 vote on Tuesday. But the vote immediately sparked strong pushback from organized labor leaders, who argue the deal was rushed through the approval process without meaningful public consultation.

    Critics have raised two key red flags that have dominated ongoing discourse: inconsistent public valuation figures for the transaction, and lingering confusion over how Annisa Perdomo, the BTL board representative for the Social Security Board (SSB), cast her vote on the proposal. Fonseca acknowledged the widespread uncertainty surrounding these points, admitting that “there are legitimate concerns and questions that remain.” The minister added that he expects the government to respond to these outstanding issues “appropriately and respectfully” once it has full access to official details. Despite acknowledging the validity of the concerns, Fonseca declined to address any specific questions directly, repeating that he will wait for formal Cabinet briefing before sharing any public stance.

    For its part, BTL has framed the acquisition as a transformative strategic move for Belize’s telecommunications sector. The company describes the buyout as a “bold investment in the country’s digital future,” arguing that consolidating the two operators will eliminate wasteful duplication of telecom infrastructure. BTL claims the freed-up resources will be redirected to three key priorities: expanded technology upgrades across the sector, improved connectivity for rural communities, and more reliable service for all consumers.

    The company has also moved to ease fiscal concerns, confirming that it will not take on new debt to fund the $80 million purchase and will not request additional capital contributions from SSB for the transaction.

    Despite the board’s initial approval, the deal is far from finalized. Under BTL’s governance procedures, the finalized Share Purchase Agreement will have to return to the company’s board of directors for a second round of review and final approval before the transaction can be completed.

  • Kurt Menal Appointed CEO of VC Bird International Airport

    Kurt Menal Appointed CEO of VC Bird International Airport

    VC Bird International Airport, the primary air gateway serving Antigua and Barbuda, has announced a key leadership change with the appointment of Kurt Menal as its new chief executive officer. The announcement, which was made public by the airport’s governing board earlier this week, marks a new chapter for the facility as it looks to advance ongoing expansion and modernization initiatives.

  • Hakrinbank verkoopt 18% belang in DSB via openbare inschrijving

    Hakrinbank verkoopt 18% belang in DSB via openbare inschrijving

    Suriname-based financial institution Hakrinbank has announced plans to sell nearly 18 percent of its existing stake in De Surinaamsche Bank (DSB) via a public digital offering, opening a new opportunity for both domestic and international investors to acquire shares in one of the country’s established banking players. The offering, which includes 6,775,859 currently held DSB shares corresponding to 17.96% of DSB’s issued and fully paid share capital, will run for three weeks starting August 10 through August 31, with no new shares being issued by DSB as part of this transaction. All shares included in the offering are currently owned outright by Hakrinbank, marking a strategic portfolio adjustment rather than a capital raising move for DSB itself.

    In a statement accompanying the offering announcement, Hakrinbank explained that the decision to divest the stake comes as part of a regular strategic review of its entire investment portfolio. The bank emphasized that the divestment is intended to allow Hakrinbank to reallocate resources and focus more intently on its own core business priorities and long-term strategic objectives. Importantly, the institution stressed that the sale does not reflect any negative judgment on DSB’s current financial standing, operational performance, or future growth prospects.

    The public offering is open to both individual private investors and institutional corporate investors from Suriname and across the globe, so long as all participants meet the published offering terms and comply with relevant local legal and regulatory requirements. Unlike traditional fixed-price offerings, Hakrinbank has opted for an open bidding structure, with no set minimum or maximum price per share. When the offering opens on August 10, the current trading price of DSB shares on the Suriname Stock Exchange will only be listed as a reference point, and investors are free to submit bids either above or below this benchmark price.

    Once the offering window closes at 4:00 PM local time on August 31, all submitted bids will be evaluated in accordance with the pre-published eligibility and allocation rules. Shares will be allocated starting from the highest qualifying bids received. In the event that total investor demand exceeds the number of shares available in the offering, Hakrinbank will implement either a proportional allocation system or another weighted distribution model to fairly distribute shares. The bank also noted that submitting a bid does not guarantee an allocation of shares to any participant.

    The digital subscription portal for the offering will go live on August 10, the same day the offering opens. From that date forward, all relevant offering documents including the official subscription form, full terms and conditions, and additional background information will be available to interested investors via Hakrinbank’s official website and its authorized communication channels.

  • Dominican Republic and Mexico explore greater industrial cooperation and investment opportunities

    Dominican Republic and Mexico explore greater industrial cooperation and investment opportunities

    Speaking at an industry gathering in Santo Domingo, Dominican Republic’s top diplomat has laid out a clear vision for expanded economic collaboration between his country and Mexico, centered on leveraging complementary industrial strengths to unlock shared global market opportunities.

    Foreign Minister Roberto Álvarez made his remarks at a working luncheon hosted by the Dominican-Mexican Chamber of Commerce and Investment (Cadomex), where he framed the Dominican Republic’s growing manufacturing output as a strategic asset that can reshape bilateral commercial and investment ties for long-term mutual benefit.

    Álvarez argued that the combination of Mexico’s well-established industrial base, extensive regional supplier network, and decades of global manufacturing experience, paired with the Dominican Republic’s agile, fast-growing manufacturing sectors, favorable geographic position near major North American markets, preferential trade access to dozens of global economies, consistent macroeconomic stability, and ongoing institutional improvements, creates a uniquely favorable landscape for scaling up bilateral economic engagement.

    A core part of Álvarez’s proposal is deeper supply chain integration between the two nations. He explained that weaving Mexican raw materials, manufactured components, and specialized industrial processes into Dominican production lines would boost the global competitiveness of goods from both countries, creating new pathways for the two nations to jointly enter and serve fast-growing international markets that neither could access as effectively working independently.

    Beyond trade and manufacturing, the foreign minister emphasized that the decades-long bilateral relationship between the Dominican Republic and Mexico is rooted in deep mutual trust and diplomatic maturity. This solid foundation, he said, creates space to expand cooperation into other high-priority strategic areas, including tackling shared regional environmental challenges such as the widespread economic and ecological damage caused by massive sargassum blooms across the Caribbean.

    Álvarez also highlighted Mexico’s already significant economic footprint in the Dominican Republic, noting that Mexico ranks among the country’s top sources of foreign direct investment. Cumulative Mexican investment in the Dominican Republic has surpassed $3 billion, spread across major operating firms including Claro Dominicana, Bepensa, Sigma Alimentos, and The Palace Company.

    In closing, the minister credited the private sector as a central driving force behind the strengthening of bilateral ties, noting that business leaders have been instrumental in developing cross-border supplier networks, fostering innovative industrial partnerships, and building durable economic connections between the two countries. He closed by issuing a call to private sector leaders from both nations to engage actively in shaping and advancing the next phase of the Dominican-Mexican economic partnership.

  • Grupo Ramos founder Román Ramos Uría dies at 84

    Grupo Ramos founder Román Ramos Uría dies at 84

    The pioneering founder of Grupo Ramos, the man who revolutionized the Dominican Republic’s modern retail landscape, Román Ramos Uría, passed away Wednesday at the age of 84. His family and the leading retail conglomerate confirmed the news in an official public statement.

    Ramos Uría was born in October 1941 in the small town of Pola de Allande in Asturias, Spain. He migrated to the Dominican Republic when he was just 18 years old, laying the groundwork for what would become a decades-long legacy of business transformation in his adopted nation. In 1963, he joined the iconic local retailer La Sirena as a staff member, and only two years later, amid the upheaval of the 1965 April Revolution, he purchased the store entirely. That purchase marked the starting point of the Grupo Ramos empire that would come to dominate the country’s retail sector.

    As head of the growing company, Ramos Uría introduced a series of groundbreaking industry changes that upended traditional retail practices in the Dominican Republic. He brought self-service shopping models, transparent fixed pricing, and innovative new store concepts that had not been widely adopted in the country before. Under his direction, the company launched multiple successful branded chains, including the popular supermarket chain Super Pola, discount retailer Aprezio, and the upscale shopping center brand Multiplaza. What began as a single store grew into one of the largest retail groups in the nation, currently supporting more than 10,000 direct jobs across the Dominican Republic, boosting local economic growth and employment access for thousands of families.

    In 2005, Ramos Uría made the decision to step down from his role as executive president of Grupo Ramos, passing the leadership mantle to his daughter Mercedes Ramos. He did not step away from the business entirely, however, continuing to serve as chairman of the board of directors. In this capacity, he remained actively involved in guiding the company’s institutional growth and building sustainable, long-term governance frameworks that would carry the firm into future generations.

    Beyond his far-reaching impact on the Dominican business world, Ramos Uría was widely celebrated for his personal commitment to core values of integrity, humility, and dedicated hard work. He was also a consistent supporter of social development initiatives across the country, partnering with prominent non-profit organizations including Fe y Alegría, a global education movement for marginalized communities, Sanar una Nación, a local public health and community support group, and UNICEF’s work in the Dominican Republic.

    Earlier this year, the Dominican government granted Ramos Uría citizenship through privileged naturalization, a formal recognition of his decades of contributions to the nation’s economy and his extraordinary standing as a business leader.

    In their official statement following his passing, the Ramos Fernández family and Grupo Ramos noted that Ramos Uría’s legacy will live on through the enduring values he embedded in the company, the leadership model he built, and the lasting impact he left on the entire Dominican business community. The statement also extended the family and company’s gratitude to the public for the outpouring of support and condolences they have received in the wake of his death.

  • Hilton gives Govt deadline

    Hilton gives Govt deadline

    The future of one of Trinidad and Tobago’s most prominent hospitality venues, the Hilton Trinidad and Conference Centre in Port of Spain, hangs in the balance as operator Hilton International Trinidad Ltd warns it will cease operations and lay off all 250+ employees on September 18, 2026, if a new long-term lease is not finalized with the state-owned landlord, Evolving Technologies and Enterprise Development Company Ltd (eTecK).

    In an August 4 letter addressed to staff and copied to Prime Minister Kamla Persad-Bissessar, top government ministers, and eTecK leadership, the hotel outlined the current status of months-long negotiations to extend its expiring operating agreement. While the company confirmed that productive discussions have advanced key terms, no binding final deal has been signed to date.

    “For several months, we have collaborated with eTecK and the national government to lock in a long-term operating plan for the hotel, and we have made meaningful progress,” the letter read. “At this stage, however, a final agreement remains out of reach. Without that deal, Hilton cannot continue operating the property beyond September 18, and will be unable to retain our workforce after that date.”

    Under the terms of the existing lease, eTecK is contractually obligated to take over all employment responsibilities and related obligations once the agreement expires. Hilton’s leadership noted that it operates under the assumption the state agency will fulfill this requirement, but cannot guarantee eTecK’s next steps. If eTecK declines or is unable to keep the hotel running after the lease ends, the property could shut its doors permanently, the letter warned. Alongside the update, Hilton enclosed preliminary severance payment estimates for all employees in the event of full layoffs, while confirming that staff will remain on the job receiving regular pay up to the lease expiration date unless formally notified otherwise. The company added that both Hilton and eTecK will issue a formal update on the new agreement before September 18, and eTecK will directly coordinate with staff and the union on transition planning if no deal is reached.

    The warning has triggered immediate concern from the Communication Workers’ Union (CWU), the recognized bargaining body for Hilton Trinidad staff, which is pushing for urgent clarity on the property’s future and workers’ job security. CWU Secretary General Joanne Ogeer told local outlet the Express that the union suspects broader changes are underway, following an initial briefing with hotel management. She claimed the union received information from a government source confirming the hotel is up for sale, and warned that potential layoffs would add more than 250 workers to Trinidad’s already growing unemployment rolls, which have already topped 6,000 jobless workers.

    The CWU has raised formal legal questions about the notice Hilton issued to staff, arguing it fails to meet statutory requirements under Trinidad’s Retrenchment and Severance Benefits Act. Ogeer pointed out that the notice does not confirm whether layoffs will actually occur, fails to confirm that eTecK has formally agreed to take over employment obligations, and lacks evidence of required pre-notice consultations with the union or any outlined plans to avoid or minimize retrenchment. The union is also seeking clarity on whether workers would retain their accrued service time, paid leave, gratuities, existing wages, benefits, and collective bargaining rights if eTecK takes over operations.

    Ogeer emphasized that prolonged uncertainty has fueled widespread anxiety among the workforce, with diverse personal circumstances shaping workers’ outlooks: many younger staff with mortgages and children in school rely on steady employment, while some longer-tenured workers are open to accepting a severance package. She added that the union has repeatedly called for full transparency from both hotel management and the national government, but has not received a formal response to its inquiries. The CWU stands ready to negotiate on behalf of all workers, whether they wish to retain their jobs or pursue exit terms, Ogeer said, urging the government to open formal discussions with the union and eTecK to confirm whether the property is indeed being listed for sale.

    In a formal public statement released the same day, eTecK pushed back against fears of imminent permanent closure, confirming that lease negotiations with Hilton are in their final stages and reaffirming the government’s commitment to securing a sustainable long-term operating arrangement for the hotel. The agency noted that the current ongoing transaction was inherited by its new board and management after the original operating lease expired in 2023, and stressed that talks remain active and constructive. eTecK also reaffirmed that no decision to permanently close the hotel has been made by either the agency or the government, and noted that all Hilton Trinidad employees remain on Hilton’s payroll, with the company fully responsible for all current employment obligations.

    The Express reached out to Land and Legal Affairs Minister Saddam Hosein for comment on the dispute, but did not receive an immediate response by press time.

  • Government extends temporary relief measures to cushion rising fuel and shipping costs

    Government extends temporary relief measures to cushion rising fuel and shipping costs

    BASSETERRE, St. Kitts — In a proactive move to shield local households and businesses from persistent global economic headwinds, the Government of Saint Kitts and Nevis has greenlit an extension of its temporary cost-of-living relief program through September 30, 2026. The announcement was made official by Cabinet Secretary Dr Marcus L Natta during the July 28 Post-Cabinet Briefing.

    The relief initiative was first rolled out earlier this year as an emergency policy response to skyrocketing international fuel and shipping rates. The original price surge stemmed from prolonged geopolitical tensions in the Middle East, which have disrupted global supply chains and sent ripple effects through every corner of the global economy, driving up the cost of living for households and raising operating expenses for domestic businesses. For the period between April 30 and July 31 2026, the cabinet rolled out a package of targeted temporary fiscal adjustments designed to lower the cost of imported goods and cool inflationary pressure on fuel prices across the federation.

    After reviewing economic conditions on the advice of the Ministry of Finance, the cabinet has approved extending the full set of existing relief measures from August 1 through the end of September, with all original terms and conditions remaining unchanged. The extended package retains three core provisions: a 50 percent cut to the excise tax for qualifying gasoline, a 50 percent reduction in customs service charges for gasoline imports, and the exclusion of shipper-imposed surcharges from the base calculation for customs taxes and import duties.

    The original program was scheduled to expire on July 31, 2026. However, ongoing geopolitical shifts have kept international fuel markets volatile and shipping costs unpredictable, prolonging the inflationary pressures that weigh on consumers and business operators across Saint Kitts and Nevis. Faced with this sustained uncertainty, government officials characterized the extension as a prudent policy choice to ensure residents and enterprises continue to receive tangible, meaningful support.

    Authorities note the extended relief will deliver targeted support to both domestic consumers and business owners, sustain ongoing local economic activity, and help soften the blow of elevated global energy and logistics costs on the federation’s domestic economy. The government of Saint Kitts and Nevis reaffirmed its commitment to continuing close monitoring of global economic trends, and pledged to take timely, responsible policy action whenever necessary to protect the economic well-being of its population.

  • Regering houdt brandstofprijzen nog bevroren ondanks verlies van SRD 350 miljoen per maand

    Regering houdt brandstofprijzen nog bevroren ondanks verlies van SRD 350 miljoen per maand

    In a sudden reversal of policy, the government of Suriname has abandoned a last-minute plan to remove its temporary fuel price cap, despite the massive fiscal strain the measure imposes on public coffers. The emergency regulation costs the national treasury an estimated 350 million Surinamese dollars (SRD) each month, a burden that has already accumulated to over 1.5 billion SRD, and is on track to hit 3 billion SRD if the cap remains in place through the end of its current implementation.

    The price control policy was first introduced on March 17 this year, triggered by a dramatic spike in global crude oil prices driven by escalating conflict in the Middle East. Fearing that sudden fuel price hikes would deliver a crippling shock to household budgets and local business operations, the government imposed a legal cap on retail fuel prices: diesel is fixed at 53.27 SRD per liter, while unleaded gasoline is capped at 48.32 SRD per liter. Since the policy launched, the state has covered the gap between the regulated retail price and the higher actual market price of imported fuel.

    President Jennifer Simons explained the original intent of the emergency measure in a statement released Monday. “We put this cap in place to protect society from an abrupt price jump, and simultaneously buy time to identify which sectors need targeted support,” Simons said. She noted that from the policy’s launch, the administration had always framed it as a temporary measure, with plans to phase it out once international oil prices cooled to a stable level. “We have consistently said we cannot sustain this indefinitely. We needed to wait for the right moment to lift the cap,” the president added.

    That right moment appeared to arrive just a few weeks ago, when global crude prices fell to levels that would have translated to only a modest retail price increase after lifting the cap. “At that point, we thought that ending the cap would free up 350 million SRD a month that we could redirect to give more support to civil servants and vulnerable groups in the social sector,” Simons explained. But those plans were derailed by an unexpected resurgence of volatility in global oil markets, which pushed crude prices back upward. “Then the problems started again, and oil prices rose once more,” Simons said.

    By the time the policy reversal was announced, domestic oil companies had already finalized preparations to implement the new higher retail prices. Under the planned adjustments, state-linked fuel retailer GOw2 would have raised diesel prices to 57.62 SRD per liter and gasoline to 52.24 SRD per liter. All other major fuel distributors had also completed their internal preparations to roll out the new rates, and some retail fuel outlets had already paused fuel sales in anticipation of the price change.

    Instead, the government has now ordered that current regulated fuel prices remain in place until further notice. Before any final decision to lift the price cap is made, the administration will hold broad consultations with multiple civil society and stakeholder groups to assess potential economic impacts.

    Vincent Fernandes, director of the Ministry of Finance and Planning, confirmed that the cumulative fiscal cost of the cap is projected to reach roughly 3 billion SRD based on the ministry’s latest calculations. Fernandes added that all domestic oil companies have now been officially notified of the government’s decision to cancel the planned price hike.

  • BTL Moves to Take Over Speednet in $80 Million Deal

    BTL Moves to Take Over Speednet in $80 Million Deal

    On August 4, 2026, Belize Telemedia Limited (BTL) announced that its board of directors, backed by the company’s senior leadership, has formally approved a proposal to acquire 100% of the issued share capital of rival telecommunications provider Speednet Communications Limited. Valued at an estimated $80 million, the proposed transaction is not yet final: it remains contingent on the completion of ongoing due diligence processes, further negotiations between the two firms, and a final formal review and sign-off from BTL’s board of directors before any binding share purchase agreement can be executed.

    In its official statement on the proposed deal, BTL has framed the acquisition as a transformative, forward-looking investment in Belize’s digital infrastructure and long-term digital development. Company leadership argues that merging the two operations will eliminate redundant overlapping telecom infrastructure across the country, freeing up capital that can be redirected toward critical upgrades, expanded connectivity for underserved rural communities, and overall improvements to service reliability for end consumers.

    BTL has also moved to address early financial concerns, confirming that the acquisition will be completed without taking on new debt, and that the Belize Social Security Board will not be required to commit additional capital to fund the transaction. When local outlet News Five reached out to BTL Chairman Mark Lizarraga for additional comment following Tuesday’s board meeting, Lizarraga directed reporters to the company’s published official statement.

    Despite these assurances, the proposed takeover has ignited widespread public and regulatory debate over the future of Belize’s telecommunications market. Critics and market observers have raised pressing questions that will require formal scrutiny before the deal can move forward: Will the acquisition actually deliver on promises of better, cheaper, and more reliable services for consumers, or will it further reduce competition in a market that already offers very limited choices for retail and commercial customers?

    The deal also forces a broader national conversation about market concentration in critical infrastructure sectors: How much industry consolidation is acceptable in the name of operational efficiency and technological modernization, and at what point does reduced competition start to harm the very consumers the merger is supposed to benefit? With due diligence underway, all eyes now turn to regulators and stakeholders to evaluate the long-term impacts of the proposed acquisition for Belize’s digital economy.