Carib Scope

分类： business

  • Why 2025 was the best year in history for the ultra-wealthy

    Why 2025 was the best year in history for the ultra-wealthy

    The year 2025 has marked an extraordinary pinnacle in global wealth accumulation, with billionaires experiencing unprecedented financial growth driven by technological innovation and strategic market movements. According to Forbes, this historic surge has been propelled by skyrocketing AI valuations, landmark public offerings, and the continued dominance of tech magnates like Elon Musk.

    A remarkable trend emerged in youth entrepreneurship as prediction markets platform Polymarket achieved a $9 billion valuation, temporarily granting 27-year-old founder Shane Kaplan the title of world’s youngest self-made billionaire. This record was swiftly surpassed weeks later when AI enterprise Mercor secured funding at a $10 billion valuation, elevating its three 22-year-old co-founders to become the youngest billionaires in history, overtaking Mark Zuckerberg’s previous milestone.

    The competition extended to female billionaires as Taylor Swift’s reign as youngest self-made female billionaire since 2023 ended when 30-year-old Scale AI co-founder Lucy Guo claimed the title in April. Shortly thereafter, 29-year-old former Brazilian ballerina Luana Lopes Lara achieved billionaire status following her startup Kalshi’s $11 billion valuation.

    Throughout 2025, wealth creation occurred at an astonishing pace of approximately one new billionaire daily, totaling over 340 newcomers from diverse regions including the United States, China, India, Russia, and unexpectedly from smaller nations like Saint Kitts and Nevis and Albania. The global billionaire count now stands at 3,148 individuals—a 50% increase from five years prior—with collective wealth reaching $18.7 trillion, representing a $10 trillion growth since 2020. The average billionaire net worth climbed to $5.9 billion.

    This concentration of wealth has translated into significant political influence. In the United States, 135 billionaires contributed substantially to the 2024 presidential election, funded inauguration ceremonies, and participated in White House renovation projects. Several have assumed governmental roles, constituting the wealthiest administration in American history. Notable appointments include Jared Isaacman leading NASA and Czech agricultural entrepreneur Andrej Babiš becoming prime minister, signaling a new era of billionaire governance.

    Elon Musk demonstrated the most dramatic wealth expansion, commencing the year with $421 billion and successively breaking the $500, $600, and $700 billion barriers by December. His fortune grew by $333 billion through Tesla and SpaceX valuations—exceeding the total net worth of Larry Page, the world’s second-richest person. Similarly, Oracle co-founder Larry Ellison achieved the largest single-day wealth gain in recorded history on September 10 when Oracle shares surged 36%, adding nearly $100 billion to his net worth within 24 hours.

    The artificial intelligence sector proved particularly fertile for billionaire creation. Founders of large language model companies, including DeepSeek, Anthropic, and CoreWeave, joined the billionaire ranks alongside entrepreneurs providing AI infrastructure such as data centers, GPUs, cloud services, and specialized tools. Wealth generation extended beyond AI to cryptocurrency firm Circle, design platform Figma, ballistic protection manufacturers, satellite technology companies, and AI-driven gaming enterprises.

    Total new billionaire wealth reached $876 billion within twelve months, with approximately 40% originating from American entrepreneurs. However, this wealth wave spanned 32 countries, including Albania where Samir Mane became the nation’s first billionaire. Two-thirds of new billionaires are self-made, featuring eleven under age 30—a global record—while the remainder inherited fortunes, including heirs to Jim Irsay, Giorgio Armani, and the Medline family.

    Most notably, billionaire wealth has demonstrated remarkable resilience. Eighty-five percent of billionaires maintained their status from the year’s beginning, with four-fifths entering 2026 with net worth equal to or exceeding their 2025 valuations, confirming that the era of extreme wealth concentration is not merely continuing but accelerating.

  • Linger president-commissaris EBS en Felicia Zerp CFO

    Linger president-commissaris EBS en Felicia Zerp CFO

    PARAMARIBO – Suriname’s national electricity provider NV Energiebedrijven Suriname (EBS) has implemented a comprehensive leadership overhaul effective December 24th, following an extraordinary Shareholders’ Meeting convened at the utility’s headquarters. The restructuring introduces a newly constituted Board of Commissioners and appoints a fresh Chief Financial Officer.

    Minister David Abiamofo of Natural Resources, acting as authorized representative for the State of Suriname as majority shareholder, formally executed the appointments. The proceedings were supervised by NH Energy Director Valerie Lalji, with EBS General Director Leo Brunswijk and other senior management personnel in attendance.

    The revamped Board of Commissioners now features Dean Linger as President-Commissioner. The board’s composition includes Jonathan Wesenhagen, Jerrel Macintosch, Subhash Goerdat, Leon Brunings, and Madhavi Bholasingh. Notably, former President-Commissioner Kenneth Profijt returns to the board as a regular member. This reorganization sees the departure of Clifton Lienga and Radha Rosiek from the supervisory body.

    Simultaneously, Felicia Zerp assumes the role of Chief Financial Officer, succeeding Leslie Rahan who concludes his tenure on December 31st upon reaching retirement age.

    Minister Abiamofo addressed significant challenges confronting the energy sector during the assembly, emphasizing the critical need for financing new electricity generation capacity and accelerating the transition toward sustainable energy solutions. He further stressed the societal importance of establishing fair and transparent electricity pricing structures.

    The newly inaugurated Board of Commissioners has received immediate directives to conduct a comprehensive quick-scan assessment. This preliminary evaluation aims to provide crucial insights into EBS’s current financial viability and operational performance metrics. Minister Abiamofo concluded proceedings by expressing formal appreciation for the contributions of outgoing commissioners and retiring CFO Leslie Rahan.

  • CDB and the government of Canada announce historic $27.5 million funding to upgrade Belize’s power infrastructure

    CDB and the government of Canada announce historic $27.5 million funding to upgrade Belize’s power infrastructure

    In a landmark financial collaboration, the Caribbean Development Bank (CDB) and the Government of Canada have unveiled a comprehensive $27.53 million funding package to revolutionize Belize’s electricity infrastructure. The initiative, designated as the Power VIII Project, represents the most substantial financial arrangement ever extended by CDB to Belize Electricity Limited (BEL) and marks the first instance of non-sovereign, unsecured financing provided by the development bank.

    The innovative funding structure comprises a $24.2 million loan drawn from CDB’s Ordinary Capital Resources, complemented by a $3 million grant from its Special Funds Resources. This financial backing receives additional support through Canada’s Supporting Resilient and Green Energy (SuRGE) Initiative, demonstrating international commitment to sustainable energy development in the Caribbean region.

    Alexander Augustine, Portfolio Manager at CDB, emphasized the strategic importance of this venture: “The Bank is proud to support Belize’s transition to a smarter, more climate-resilient grid. This project directly aligns with our priorities for digital infrastructure, energy security, and climate resilience. BEL has demonstrated the institutional maturity and financial capacity required for non-sovereign-guaranteed financing.”

    The ambitious three-year implementation plan will see the nationwide deployment of 115,000 advanced smart meters, supported by cutting-edge communication systems and data analytics capabilities. This technological overhaul will enable enhanced real-time monitoring, improved outage management, precise voltage regulation, accurate billing systems, and seamless integration of renewable energy sources, particularly solar power.

    Ricardo Martin González, Canada’s Chargé d’Affaires to Belize, affirmed his nation’s commitment: “Canada is pleased to support Belize’s efforts to modernize its electricity grid through this important partnership. By contributing through the SuRGE initiative, we’re helping advance cleaner, more reliable, and climate-resilient energy infrastructure that will benefit communities across the country.”

    BEL’s CEO, John Mencias, welcomed the development as a testament to the longstanding partnership between the institutions, noting that collaboration dates back to the early 1970s. The project will additionally benefit from a $330,000 SuRGE grant and $7.05 million in matching funds from BEL, creating a total investment package that signals strong confidence in Belize’s energy development trajectory.

  • CalvinAir Expands Fleet with Pilatus PC-12, Broadening Charter and Medical Airlift Services

    CalvinAir Expands Fleet with Pilatus PC-12, Broadening Charter and Medical Airlift Services

    In a strategic move to diversify its service capabilities, regional aviation leader CalvinAir Helicopters has officially integrated a fixed-wing Pilatus PC-12 aircraft into its operational fleet. This expansion marks a pivotal evolution from a purely rotary-wing service to a comprehensive air transport provider.

    The state-of-the-art turboprop, configured for eight passengers with VIP amenities, introduces unprecedented range and capacity to the carrier’s offerings. With a cruising speed of 300 mph, superior payload capacity, and enhanced operational range, the PC-12 enables CalvinAir to execute longer-distance charters and critical medical airlift missions with greater efficiency.

    CEO Mark Fleming characterized the acquisition as a transformative development. ‘Integrating the Pilatus PC-12 fundamentally enhances our service portfolio,’ Fleming stated. ‘This aircraft isn’t merely an addition; it’s a strategic asset that allows us to address longer-range corporate charter demands while simultaneously amplifying our emergency medical response capabilities across the Eastern Caribbean.’

    The aircraft’s operational value has already been demonstrated through a recent medical evacuation from Antigua and Barbuda. The PC-12 successfully transported Kimroy Williams, a local taxi driver suffering from a severe spinal condition, to Trinidad for urgent specialized surgery, a mission underscoring the aircraft’s critical role in regional healthcare logistics.

    This fixed-wing addition complements CalvinAir’s existing fleet of three luxury Airbus H130 helicopters, creating a mixed-fleet structure optimized for varied mission profiles. The company reaffirms that all operations will continue to adhere to the highest standards of safety, reliability, and customer service that define its brand.

    This fleet expansion signals CalvinAir’s commitment to addressing the growing and evolving transportation needs of both private and corporate clients, while strengthening vital emergency support infrastructure for the region.

  • Supreme Ventures in talks to sell Evolve loan portfolio to Dolla Financial

    Supreme Ventures in talks to sell Evolve loan portfolio to Dolla Financial

    KINGSTON, Jamaica – In a significant development within Jamaica’s financial sector, Supreme Ventures Limited (SVL) has confirmed preliminary negotiations regarding the strategic divestiture of its subsidiary Evolve Loan Co’s loan portfolio and select assets to microcredit specialist Dolla Financial Services Limited.

    The proposed transaction remains contingent upon securing regulatory consent from the Bank of Jamaica, the nation’s central banking authority, alongside the definitive settlement of contractual terms between the involved entities.

    SVL’s corporate communications characterize this maneuver as a sophisticated capital management strategy aimed at portfolio optimization and mitigation of concentrated credit exposure. Post-transaction execution, Evolve Loan Co is poised to transition toward an asset-light operational paradigm, centering its business model on digital service provision and loan origination capabilities rather than portfolio retention.

    Conversely, Dolla Financial Services anticipates substantial strategic benefits from this acquisition, projecting significant expansion of its microcredit market penetration and enhancement of its comprehensive lending infrastructure.

    Kenroy Kerr, Group Chief Executive Officer of Dolla Financial, emphasized the transaction’s transformative potential: “This acquisition stands to positively recalibrate our loan book through improved compositional balance, accelerated scaling opportunities, and amplified growth trajectory.”

    Notably, the arrangement includes SVL maintaining a 15% equity participation in Dolla Financial, thereby retaining financial exposure to the portfolio’s prospective performance while simultaneously realizing immediate capital reallocation benefits.

    Gary Peart, Executive Chairman of Supreme Ventures, framed the transaction within broader corporate strategy: “This disciplined capital reallocation demonstrates our unwavering commitment to shareholder value enhancement. We simultaneously fortify the group’s financial stability while preserving strategic positioning for long-term value appreciation.”

  • Trinidad gov’t seeking regional and international partners to restart oil refinery

    Trinidad gov’t seeking regional and international partners to restart oil refinery

    The Trinidad and Tobago government is actively pursuing regional and international collaborations to facilitate the restart of the state-owned Guaracara oil refinery, which ceased operations in 2018. Energy and Energy Industries Minister Dr. Roodal Moonilal confirmed that the Kamla Persad-Bissessar administration is engaging in diplomatic talks with neighboring nations and potential global partners to assess the feasibility of resuming refinery operations.

    Minister Moonilal disclosed ongoing discussions with Suriname’s Energy Minister, Patrick Brunings, leveraging their experience operating a smaller refinery. The government is also maintaining active communication with Guyana and plans to utilize upcoming energy conferences in India (January) and Guyana (February) to attract international investment and technical support for the refinery project.

    This initiative follows the Interim Report from the Refinery Restart Committee, chaired by former energy minister Kevin Ramnarine, which concluded that reviving the Guaracara Refinery remains technically, commercially, and financially viable despite seven years of dormancy. Prime Minister Persad-Bissessar has characterized the facility as a “national asset with enormous potential for economic growth, employment and energy security” and has directed the Energy Ministry to evaluate restart options for Cabinet consideration.

    The development marks a significant policy shift from the previous Keith Rowley administration, which had selected Nigerian energy giant Oando PLC as the preferred bidder for leasing the refinery in March 2023. That decision was based on Oando’s substantial financial capabilities, including its US$1.5 billion acquisition of ConocoPhillips’ Nigerian assets.

    The refinery’s closure in 2018 resulted from unsustainable financial burdens, with upgrade costs ballooning from initial projections. The gasoline optimization program escalated from TT$2.45 billion to TT$12.6 billion, while other critical projects similarly exceeded budget estimates, creating an untenable debt situation for the state-owned petroleum company.

  • Dequity Capital Management calls off IPO after failing to meet minimum subscription

    Dequity Capital Management calls off IPO after failing to meet minimum subscription

    KINGSTON, Jamaica — In a significant development for Jamaica’s financial sector, Dequity Capital Management Limited has formally withdrawn its proposed initial public offering due to insufficient investor participation. VM Wealth Management Limited, the lead brokerage firm overseeing the transaction, confirmed the termination in an official communiqué released Friday.

    The public offering, which concluded its subscription period on December 18th, failed to secure the minimum investment threshold mandated by the company’s prospectus. This shortfall in investor commitment has compelled the organization to abandon its listing ambitions entirely.

    All subscription funds will be fully reimbursed to applicants through their original payment channels by January 6, 2026, though without accrued interest. As stipulated in the offering documentation, a non-refundable processing fee of J$172.50 per application will be deducted from each refund.

    VM Wealth Management characterized the decision as a measured strategy that prioritizes investor protection and responsible capital management. “This cautious approach to fundraising demonstrates our commitment to safeguarding investor interests,” the firm stated.

    This unsuccessful offering highlights the persistent challenges facing Jamaican enterprises seeking to raise capital through domestic equity markets. Despite this setback, VM Wealth Management expressed gratitude toward interested investors and reaffirmed its dedication to fostering the development of Jamaica’s capital markets ecosystem.

    The brokerage firm has established dedicated channels to address investor inquiries regarding the refund process, encouraging affected parties to contact their offices directly for assistance.

  • Forex: $159.83 to one US dollar

    Forex: $159.83 to one US dollar

    KINGSTON, Jamaica — In the final trading session of the year, the Jamaican dollar demonstrated notable strength against major global currencies. According to the latest daily exchange trading summary released by the Bank of Jamaica, the US dollar concluded trading on Tuesday, December 30, at a rate of J$159.83, marking a decrease of nine cents from previous valuations.

    The Caribbean nation’s currency exhibited mixed performance across other currency pairs. The Canadian dollar experienced a slight depreciation, finishing the day’s trading at J$116.36 compared to its previous close of J$116.56. Conversely, the British pound sterling weakened against the Jamaican dollar, settling at J$214.09 after previously trading at J$212.89.

    These currency fluctuations occurred during typically subdued year-end trading activity, reflecting both local economic conditions and broader global market influences. The Bank of Jamaica’s comprehensive monitoring of foreign exchange movements provides crucial data for economists, investors, and businesses engaged in international trade and financial planning.

  • Agostini Ltd’s group controller tenders resignation

    Agostini Ltd’s group controller tenders resignation

    In a significant corporate development, Trinidad and Tobago conglomerate Agostini Limited has announced the departure of Group Controller Trudy N Ramdath, effective January 5. The resignation was formally disclosed through a material change notice published by the TT Stock Exchange on December 30.

    The company’s board of directors confirmed Ramdath’s exit in compliance with Section 64(1)(b) of the Trinidad and Tobago Securities Act, 2021. The announcement, signed by Company Secretary Nadia James-Reyes Tineo and dated December 29, provided no explanation for the senior executive’s decision to step down.

    Ramdath originally assumed the group controller position on May 29, 2023, bringing with her substantial financial expertise gained over 17 years as chief financial officer at a prominent local enterprise. Her professional credentials include membership in both the Association of Chartered Certified Accountants (ACCA) and the Chartered Governance Institute.

    Agostini Limited operates as a regional conglomerate with extensive interests across three core sectors: pharmaceutical and healthcare, consumer products, and energy and industrial services. The company maintains operations in ten regional markets while exporting to over 20 additional countries, supported by a workforce exceeding 3,500 employees.

    The company’s leadership structure includes Christian Mouttet as chairman, Francois Mouttet as executive director, and Barry A Davis as chief executive officer. The board further comprises non-executive directors Reyaz W Ahamad, Wayne A Frederick, Caroline Toni Sirju-Ramnarine, Nicholas Sinanan, and Jorge Sequeira, alongside independent directors Lisa M Mackenzie, Joanna Banks, and T Nicholas Gomez.

  • JMMB TT raises $.5m for Jamaica’s disaster relief

    JMMB TT raises $.5m for Jamaica’s disaster relief

    JMMB Trinidad and Tobago has successfully mobilized substantial financial support for Jamaican communities ravaged by Hurricane Melissa through its Corporate Social Responsibility initiative. The financial institution’s Disaster Relief Fund, branded as “One Love,” has accumulated more than TT$540,000 (approximately US$80,000) through a collaborative effort involving the JMMB Group, employee contributions, and public donations from Trinidad and Tobago citizens.

    The comprehensive fundraising initiative will channel all proceeds to The Joan Duncan Foundation, the philanthropic division of JMMB Group based in Jamaica. These resources will be strategically deployed to address critical recovery needs including residential repairs, reconstruction of community centers, and restoration of essential infrastructure severely compromised by the catastrophic hurricane.

    Chantal Pereira, Country Marketing and Communications Manager at JMMB Trinidad and Tobago, emphasized the organization’s philosophical approach: “At JMMB, we fundamentally believe in community solidarity and collective support during crises. This contribution demonstrates our dual commitment to both financial empowerment and the holistic wellbeing of Caribbean communities we serve.”

    The Joan Duncan Foundation brings established expertise in educational development, community programming, and disaster response coordination. This partnership ensures targeted allocation of resources to areas of greatest need, delivering both practical assistance and renewed hope to numerous affected families throughout Jamaica.

    Hurricane Melissa, recorded as the first Category 5 hurricane to make direct landfall in Jamaica, occurred between October 21 and November 4. The storm ranks among the most intense Atlantic hurricanes in recorded history, causing widespread devastation across multiple Caribbean nations, with Jamaica and Cuba experiencing particularly severe impacts.