Carib Scope

分类： business

  • Bouwprijzen blijven stijgen: bijna 15 procent hoger dan een jaar geleden

    Bouwprijzen blijven stijgen: bijna 15 procent hoger dan een jaar geleden

    Suriname’s construction sector continues to face significant cost pressures as latest data reveals persistent price increases throughout 2025. According to preliminary statistics released by the General Bureau of Statistics (ABS), the Construction Price Index (BPI) climbed by 1.4% in the fourth quarter of 2025 compared to the previous quarter. More strikingly, when measured against the same period in 2024, construction prices have surged by 14.6%.

    The BPI, which tracks average price fluctuations across a fixed basket of 107 construction goods and services categorized into 16 major groups, collects pricing data from approximately fifty monitoring points across Paramaribo and Wanica. The index covers residential buildings, utility structures, and civil engineering works, providing a comprehensive overview of the construction industry’s cost dynamics.

    Quarterly analysis demonstrates a consistent upward trajectory throughout 2025, with the overall index climbing from 1154.2 in Q1 to 1249.0 by year’s end. The third quarter proved particularly volatile, registering a sharp quarterly increase of 5.4% and pushing year-over-year inflation to 15.2%.

    Labor expenses constitute the most substantial cost component within the index, representing 41.73% of total weighting. Unlike other categories, labor costs maintain a constant share without separate price monitoring. Other significant cost drivers include steel and concrete works (13.50%), paving works (13.35%), and masonry and pouring works (12.38%).

    This sustained inflationary trend poses considerable challenges for housing affordability and infrastructure development. Elevated material and operational costs directly impact both private and public sector construction initiatives, potentially delaying new projects and renovations across the nation.

  • Former CDB President Dr Warren Smith Dies

    Former CDB President Dr Warren Smith Dies

    The Caribbean Development Bank (CDB) community is grieving the passing of its fifth President, Dr. William Warren Smith, who died on January 30, 2026. The distinguished Jamaican development practitioner led the regional financial institution from 2011 to 2021, steering it through a decade of significant global and regional challenges.

    Dr. Smith’s transformative leadership saw CDB strengthen its position as a crucial partner for Caribbean nations, particularly in mobilizing resources for sustainable growth and resilience building. His presidency emphasized climate resilience, disaster risk management, and innovative financing mechanisms that enabled Caribbean states to better withstand natural disasters and external economic shocks.

    Beyond his technical contributions, Dr. Smith was remembered as a principled leader who championed good governance, sound economic management, and institutional strengthening as foundations for inclusive development. Current CDB President Daniel M. Best described his predecessor as “a mentor and guide” who demanded excellence while maintaining an unwavering belief in the Bank’s regional mission.

    Dr. Smith’s service earned him numerous honors, including Jamaica’s Order of Distinction (Commander Class). The Bank announced plans to work with his family on arrangements to celebrate his life and contributions, with a condolence book available at its Wildey Headquarters starting February 2, 2026.

    The CDB leadership extended heartfelt sympathies to Dr. Smith’s wife, family, and colleagues, recognizing his legacy as both an institutional builder and a dedicated advocate for Caribbean development.

  • Suriname en China zetten stap richting verlichting schuldenlast

    Suriname en China zetten stap richting verlichting schuldenlast

    In a significant diplomatic and financial development, Suriname and China have solidified their economic partnership through the signing of a supplementary framework agreement on concessional loans. The ceremony, held at Suriname’s Ministry of Foreign Affairs, International Business, and International Cooperation (BIS) on Friday, marks a pivotal step in restructuring Suriname’s debt obligations while creating fiscal space for sustainable development initiatives.

    The agreement was formally executed by Suriname’s Foreign Minister Melvin Bouva and Chinese Ambassador Lin Ji, with Finance and Planning Minister Adelien Wijnerman presiding as witness. This strategic financial arrangement emerges as both nations commemorate five decades of diplomatic relations, highlighting their continued commitment to mutual respect, equality, and mutually beneficial cooperation.

    Ambassador Lin Ji emphasized that the framework establishes a robust foundation for addressing debt-related challenges, enabling Suriname to alleviate fiscal pressures, reallocate resources toward development projects, and bolster international confidence in its economic stability. The agreement reflects China’s ongoing support for Suriname’s economic sovereignty and long-term prosperity.

    Minister Wijnerman underscored the framework’s role in providing structural clarity and shared understanding for future financial cooperation phases. The arrangement demonstrates both nations’ dedication to sustainable and responsible financial engagement, with long-term planning aligned with Suriname’s national development objectives.

    According to Minister Bouva, the agreement consolidates three existing concessional loans into a single structured facility with modified terms, representing a comprehensive approach to careful debt management and enhanced debt sustainability. This consolidation will generate additional fiscal space, support macroeconomic stability, and safeguard developmental targets.

    The signing ceremony signifies a new chapter in bilateral cooperation based on mutual trust and strategic partnership. Both nations expressed appreciation for their constructive collaboration, noting that the agreement contributes to sustainable development and mutual economic benefit while strengthening international financial cooperation paradigms.

  • High Court blocks Banks DIH Holdings from capping voting rights of shareholders

    High Court blocks Banks DIH Holdings from capping voting rights of shareholders

    In a significant judicial intervention, Guyana’s High Court has issued an interim injunction preventing Banks DIH Holdings Inc from implementing a contentious resolution that would cap shareholder voting rights at 15% of issued share capital. The ruling by Justice Sandil Kissoon, delivered on January 30, 2026, suspends the controversial measure pending full adjudication of a legal challenge brought by two prominent stock brokerages.

    The legal action was initiated by Guyana Americas Merchant Bank Inc and Beharry Stockbrokers Limited following the November 2025 adoption of ‘New By-law 8’ by Banks DIH’s board of directors. This proposed amendment sought to impose a strict 15% limitation on both share ownership and voting rights, a move that Justice Kissoon determined effectively arrogated to the company the power to invalidate votes exceeding this threshold.

    Represented by legal counsel Stephen Fraser, the plaintiffs successfully obtained an interlocutory injunction that restrains Banks DIH’s leadership from presenting, tabling, or putting to a vote any resolution seeking to confirm or implement the disputed by-law during its scheduled Annual General Meeting or any subsequent adjournment. The court further mandated the immediate suspension of By-Law Eight’s operational and legal effects pending final determination of the proceedings.

    The judicial order specifically prohibits the company from disregarding, discounting, or refusing to count votes attached to ordinary shares based on the alleged 15% limitation. Additionally, Banks DIH is barred from initiating any investigative actions, divestment requests, or sale processes purportedly authorized under the new by-law, including those related to ‘acting in concert’ provisions or beneficial ownership aggregation.

    The substantive case, filed on January 27, seeks permanent judicial relief including a declaration that the by-law is unlawful and void. The plaintiffs argue that the measure effectively circumvents Guyana’s statutory takeover and change-of-control protections established under Part XI of the Securities Industry Act, potentially depriving shareholders of mandatory offer rights and control premium opportunities.

  • Kuwait and Saudi Funds co-financing Project Polaris

    Kuwait and Saudi Funds co-financing Project Polaris

    Grenada has finalized a significant financial agreement to advance its flagship healthcare infrastructure initiative, Project Polaris, with the Organisation of the Petroleum Exporting Countries (OPEC) Fund. A $30 million loan agreement was formally signed between Grenada’s Finance Minister, Dennis Cornwall, and the OPEC Fund for International Development in January 2026.

    This funding represents the initial disbursement within a broader $60 million financing framework established in December 2025, specifically designated for the construction of a new national hospital. This facility will serve as the centerpiece of the ambitious Hope Vale Medical City development planned for Calivigny, St. George.

    The Kuwait Fund for Arab Economic Development (KFAED) and the Saudi Fund for Development are acting as co-financiers for this substantial financial package. The project’s execution falls under the purview of the Ministry of Housing and Community Development (MoHCD).

    Of the total EC$825 million authorized under Grenada’s 2025 Loan Authorisation Bill, nearly half (EC$405 million) is allocated to this transformative medical complex. The government plans to raise these funds through various financial instruments, including loans, bonds, and promissory notes.

    The formal signing ceremony occurred at the Panama Convention Centre on January 29, 2026, coinciding with the Latin America and the Caribbean International Economic Forum. Grenada’s delegation was led by Minister Cornwall and included key project figures such as Project Sponsor Ambassador Andrea St Bernard and financial advisor Damian Dolland.

    All financial agreements ratified under the 2025 Loan Authorisation Act will be formally presented to Grenada’s Parliament for legislative approval, ensuring transparent governance of the project’s substantial funding.

  • Sugar Slump Drags Exports at Year’s End

    Sugar Slump Drags Exports at Year’s End

    Belize concluded 2025 with a significantly expanded trade imbalance, according to newly released data from the Statistical Institute of Belize. The nation’s economic portrait revealed a stark contrast between surging import expenditures and collapsing export revenues during the critical December trading period.

    Import figures soared by 17.7% year-over-year to reach $271.4 million in the final month of 2025. This substantial increase was propelled by several major capital acquisitions including a sailing catamaran, aircraft engine, and commercial kitchen equipment. Concurrently, the country experienced notable spikes in fuel imports alongside increased purchases of fertilizers, processed food items, and steel coils.

    The export sector presented a dramatically different narrative, with earnings plummeting 68.2% from the previous December. Revenue crashed from $77 million in December 2024 to a mere $24.5 million one year later. This devastating decline was predominantly driven by the complete absence of bulk sugar shipments during the period, representing a nearly $50 million loss. Other traditional export commodities including molasses, citrus products, and marine goods similarly recorded diminished returns. Bananas emerged as the sole positive performer, climbing to $9 million in export value.

    Geographic trade patterns underwent notable shifts throughout December. Export earnings from the United Kingdom deteriorated substantially, while sales to the United States, CARICOM nations, and Central American partners also declined. Conversely, shipments to European Union markets showed improvement primarily due to banana exports, and trade with Mexico expanded following increased cattle sales.

    For the entirety of 2025, Belize’s import total reached $2.91 billion, remaining virtually unchanged from 2024 levels. Meanwhile, annual exports contracted by 16% to $390 million. The sugar sector again dominated this annual decline, though marginal relief was provided by marine products, bananas, beans, and cattle exports.

  • ExxonMobil mulls working in Stabroek Block nearer Venezuela

    ExxonMobil mulls working in Stabroek Block nearer Venezuela

    ExxonMobil is evaluating potential hydrocarbon exploration in the contested Stabroek Block near Venezuela’s maritime border, citing improved regional security conditions following significant political developments in Caracas. CEO Darren Woods revealed during the company’s Q4 2025 earnings call that reduced Venezuelan naval patrols could create a “more friendly environment” for operations in previously inaccessible zones.

    The strategic reconsideration follows dramatic changes in Venezuela’s political landscape, including the recent capture and extradition of former President Nicolas Maduro to face narcotics and weapons charges in the United States. Interim President Delcy Rodriguez’s administration has demonstrated increased cooperation with international partners, implementing legislative reforms designed to attract foreign energy investment.

    Historical tensions have previously prevented exploration in the border-adjacent areas, with Venezuelan naval forces expelling seismic research vessels in both 2013 and 2018. The current force majeure status—implemented due to security concerns—has effectively paused operational timelines, which Woods characterized as providing strategic flexibility rather than hindering development.

    The International Court of Justice’s pending ruling on the validity of the 1899 Arbitral Tribunal Award represents a critical determinant for future activities. This legal proceeding, addressing the longstanding Guyana-Venezuela border dispute, will substantially influence ExxonMobil’s operational decisions in the region.

    Despite these geopolitical complexities, ExxonMobil continues achieving exceptional production levels in Guyana, currently extracting approximately 875,000 barrels daily across four Floating Production Storage and Offloading vessels. This output exceeds initial investment projections by 100,000 barrels, demonstrating remarkable operational efficiency.

    With the Stabroek Block exploration license expiring in late 2027, the company is conducting comprehensive seismic analysis and leveraging data from development wells to identify optimal drilling targets. Woods indicated the company would make strategically informed decisions regarding block relinquishment based on geological assessments and opportunity evaluations.

  • Rising Rents and Healthcare Costs Push Inflation Up

    Rising Rents and Healthcare Costs Push Inflation Up

    Belize concluded 2025 with persistent inflationary pressures as escalating housing and medical expenses drove a 0.3% year-over-year consumer price increase in December, according to the Statistical Institute of Belize. The latest economic data reveals concerning trends for household budgets despite some relief in transportation and food categories.

    Key inflationary drivers included substantial hikes in rental accommodation costs and medical services. The liquefied petroleum gas market witnessed significant pressure, with standard 100-pound cylinders rising by $4.43 to reach $129.76. Healthcare services registered across-the-board increases, encompassing both professional consultation fees and pharmaceutical products.

    The hospitality sector contributed to inflationary trends with marked increases in restaurant pricing and accommodation services. These upward movements were partially mitigated by declining transportation costs, primarily attributable to reduced fuel prices throughout the closing month of 2025.

    Contrary to broader trends, the food category demonstrated modest deflation with notable price reductions in vegetable products including tomatoes, cucumbers, and carrots. Regional analysis revealed substantial disparities in inflation rates across municipalities, with San Pedro Town experiencing the highest inflation at 1.4% while Independence Village recorded deflation at -0.4%.

    The cumulative annual inflation rate for 2025 reached 1.1%, reflecting sustained financial pressure on Belizean households despite some category-specific relief. Economic analysts emphasize that the persistent elevation of essential service costs continues to strain family budgets even as certain commodity markets show signs of stabilization.

  • US grants presidential permit for Puerto Rico–Dominican Republic submarine power cable

    US grants presidential permit for Puerto Rico–Dominican Republic submarine power cable

    In a landmark decision for Caribbean energy infrastructure, the Trump administration has granted presidential authorization for constructing a submarine electrical cable connecting Puerto Rico and the Dominican Republic. This approval represents a critical advancement for one of the region’s most significant energy initiatives, despite the absence of a formal notification from the US Department of Energy (DOE).

    The Caribbean Transmission Development Company (CTDC) has verified receiving essential ‘no objection’ clearances from both the US Departments of State and Defense. An official public announcement is anticipated in mid-February, with a scheduled event on February 17th in the Dominican Republic. The ceremony is expected to host Dominican President Luis Abinader, Puerto Rico Governor Jenniffer González, and representatives from the US government.

    Although the DOE’s online portal continues to display the permit application as ‘pending,’ CTDC President Rafael Vélez Domínguez confirmed the company is preparing to advance procurement processes, including issuing purchase orders for the submarine cable, upon formal completion of federal procedures.

    This transformative project will enable bidirectional electricity transmission of up to 700 megawatts, significantly enhancing energy security for both territories. The infrastructure will connect to a newly developed natural gas power plant in the Dominican Republic specifically designed for this project, while integrating with Puerto Rico’s electrical grid through the Mayagüez substation.

    Before operationalization, CTDC must finalize power purchase agreements with the Puerto Rico Electric Power Authority (PREPA), secure fuel supply contracts, obtain environmental and regulatory approvals from both jurisdictions, and arrange approximately US$2.5 billion in project financing.

    With a target operational date of January 2031, the initiative will initially supply portions of Puerto Rico’s energy demand. Long-term prospects include enabling Puerto Rico to export surplus solar energy to the Dominican Republic. Upon completion, this will mark the Caribbean’s first electrical interconnection, joining over 160 similar cross-border power links currently operating between the United States, Canada, and Mexico.

  • Goud, zilver en koper kelderen na winstnemingen en stabilisatie dollar

    Goud, zilver en koper kelderen na winstnemingen en stabilisatie dollar

    Financial markets witnessed a significant reversal in precious metals on Friday as gold, silver, and copper prices retreated sharply from their record-breaking highs earlier in the week. The sell-off was triggered by investors’ growing nervousness over diminishing expectations for aggressive U.S. interest rate cuts and a strengthening dollar.

    The market sentiment shifted dramatically following President Donald Trump’s announcement appointing former Federal Reserve governor Kevin Warsh as the new chairman of the U.S. Central Bank. This development bolstered the dollar index, which measures the currency’s value against other major currencies. Financial analysts perceive Warsh as a more rational policymaker who is less likely to implement substantial rate reductions, prompting investors to unwind their positions in precious metals.

    A stronger dollar typically makes dollar-priced commodities more expensive for holders of other currencies, potentially suppressing demand. This dynamic plays a crucial role in trading decisions for funds that track price movements through sophisticated algorithmic models.

    January had seen remarkable gains for precious metals, with gold advancing 17% and silver surging 39%. Friday’s sharp correction followed several days of relatively low trading volumes during which speculative activity had driven prices to unsustainable levels. Gold declined 4.7% to $5,143.40 per ounce after reaching a record high of $5,594.80 on Thursday. Silver experienced an even more dramatic drop of 11% to $103.40, down from its peak of $121.60.

    Independent analyst Ross Norman observed, ‘Precious metals have rediscovered gravity. Speculators are being reminded that these are markets where prices can move in both directions.’

    Copper also joined the downward trend, losing 1.1% to trade around $13,465 per ton after achieving its own record high of $14,527.50 on Thursday. Following gains of 11% in December and 6% in January, Macquarie analysts noted that the copper market remains volatile and heavily traded.

    With Chinese New Year approaching on February 16th, when China—the world’s largest consumer of industrial metals—will close trading for a week, market participants anticipate further price declines. Chinese investors are particularly keen to reduce their positions to avoid potential volatility during the holiday period.

    Tom Price, analyst at Panmure Liberum, commented: ‘Chinese investors don’t want to risk exposure in these swinging markets. Just look at what happened in merely twelve hours.’