Carib Scope

分类： business

  • Boutique Hotel Peperpot breidt uit met luxe Citrushuis in Commewijne

    Boutique Hotel Peperpot breidt uit met luxe Citrushuis in Commewijne

    Suriname’s hospitality landscape has welcomed a significant enhancement with the inauguration of Citrus House, a luxurious 20-room extension at Boutique Hotel Peperpot in Meerzorg. The new facility, which commenced operations on Friday, represents a strategic response to growing demand for upscale accommodation options in the Commewijne district.

    This expansion seamlessly integrates modern amenities with the tranquil, green surroundings of the historic Peperpot area, offering guests an immersive experience that balances contemporary comfort with environmental serenity. The development marks a pivotal advancement in Suriname’s tourism infrastructure, targeting both domestic and international travelers seeking premium lodging experiences.

    General Manager Jerry A-Kum emphasized that the project transcends mere capacity increase. “We are not simply adding rooms but creating an entirely new dimension of comfort and experiential travel,” he stated. “This initiative strengthens our service portfolio while making tangible contributions to Suriname’s tourism growth trajectory.”

    The Citrus House development reflects Boutique Hotel Peperpot’s commitment to elevating the nation’s tourism standards through infrastructure enhancement. By preserving the area’s distinctive character while introducing sophisticated accommodations, the establishment positions itself as a catalyst for high-quality tourism development in the region.

    This investment demonstrates the hotel’s dedication to providing memorable, high-caliber experiences that align with Suriname’s evolving tourism ambitions, potentially setting new benchmarks for hospitality excellence in the Caribbean nation.

  • Savings accounts are the most sought-after financial product by foreign migrants in the Dominican Republic.

    Savings accounts are the most sought-after financial product by foreign migrants in the Dominican Republic.

    A comprehensive study conducted by the Superintendency of Banks reveals significant patterns in financial product usage among foreign migrants residing in the Dominican Republic. The research, titled “Towards an Inclusive and Sustainable Financial System 2025,” demonstrates that savings accounts constitute the most widely utilized financial instrument within this demographic, with 83% of surveyed migrants maintaining such accounts.

    Credit and debit cards represent the second most popular financial product, utilized by 54% of the migrant population, while checking accounts follow at 44% penetration. The study emphasizes that migrants form a crucial component of the national workforce and economic framework, yet encounter substantial obstacles in accessing formal financial services.

    Key barriers identified include documentation requirements, institutional trust factors, and limited familiarity with conventional financial instruments. The research methodology incorporated migrant respondents as 7% of its total sample size, with gender distribution nearly equal at 51% male and 49% female participants. Notably, 24% of surveyed migrants reported lacking Dominican identity cards.

    Venezuelan and Haitian nationals predominated among respondent demographics, with 90% residing in urban centers—particularly Greater Santo Domingo (38%) and northern regions (21%). Income analysis revealed 94% of migrants earn below 50,000 pesos monthly, indicating pronounced concentration in lower-income brackets.

    The publication highlights that migrants face particularly stringent verification processes, with 48% reporting additional documentation requirements when applying for financial products. Despite these challenges, 77% of migrants expressed complete confidence in their primary financial institutions.

    While financial institutions have initiated inclusion mechanisms—including simplified banking products, basic accounts, and reduced-cost remittance programs—the study concludes that these initiatives currently maintain limited reach within migrant communities. Researchers stress that understanding financial behaviors and perceptions is fundamental to designing effective policies that foster economic integration and social inclusion within the Dominican financial landscape.

  • Zachary Harding faces questioning in SSL fraud saga

    Zachary Harding faces questioning in SSL fraud saga

    Zachary Harding, the former Chief Executive Officer of Stocks and Securities Limited (SSL), is now undergoing formal questioning by Jamaican authorities in connection with the island’s largest financial fraud scandal. This development starkly contrasts with his January 2023 public declaration of having “clean hands” when the scandal first emerged.

    On December 27, 2025, Harding presented himself to detectives from the Financial Investigations Division (FID) and the Counter-Terrorism and Organised Crime Investigation Branch (C-TOC) of the Jamaica Constabulary Force. According to official statements, the interrogation focuses on “reasonable suspicion of breaches” spanning multiple financial regulations including the Bank of Jamaica Act, Securities Act, Banking Services Act, and Companies Act.

    The investigation intensified with coordinated dawn raids conducted by FID, C-TOC, and the Major Organised Crime and Anti-Corruption Agency (MOCA) targeting former SSL directors’ premises in St. James and St. Andrew. These operations resulted in three arrests: former SSL directors Hugh Croskery and Sarah Meany, plus Dermot Meany who faces separate firearms charges.

    During the 2023 interview with Observer Online, Harding had emphatically denied any knowledge of the fraudulent activities, stating: “I have nothing to hide. My heart is clear and my conscience is free.” He specifically claimed unawareness that Olympic champion Usain Bolt maintained an account with SSL during his tenure from September 2019 to June 2022.

    The scandal, which initially revealed the theft of approximately US$12.7 million from Bolt’s account, has expanded to encompass nearly 200 clients with total losses approaching $4 billion Jamaican dollars. To date, only former SSL wealth advisor Jean-Ann Panton has been formally charged, with her case currently progressing through the judicial system.

    Harding maintained that his resignation in June 2022 preceded the scandal’s emergence, and he had no ongoing affiliation with the company. Investigators continue forensic examination of evidence collected during recent operations while assessing potential regulatory violations.

  • Three taken into custody in relation to SSL fraud probe

    Three taken into custody in relation to SSL fraud probe

    Jamaican law enforcement agencies launched a coordinated pre-dawn operation resulting in the detention of three individuals connected to the massive financial fraud case at Stocks and Securities Limited (SSL). The multi-agency raid, executed at approximately 4:30 AM, targeted properties linked to former SSL directors as investigators intensify their probe into the billion-dollar investment scandal.

    The operation involved specialized units including the Financial Investigations Division (FID), Constabulary Financial Unit (CFU), Counter-Terrorism and Organised Crime Investigation Branch (C-TOC), and the St James Police Division, with additional support from the Major Organised Crime and Anti-Corruption Agency (MOCA). Search warrants were executed at four locations—one in Kempshot district, St James, and three addresses in St Andrew.

    Authorities confirmed the detention of former SSL directors Hugh Croskery and Sarah Meany. Croskery was apprehended at a Wickham Avenue residence where investigators confiscated electronic devices and documentary evidence. He faces potential charges under multiple financial statutes including the Bank of Jamaica Act, Securities Act, Larceny Act, and Banking Services Act.

    Simultaneously, searches at the Meany residence in Kempshot yielded SSL-related documents and electronic equipment. Sarah Meany was taken into custody on suspicion of similar financial regulatory violations during her tenure at SSL. A third individual, Dermot Meany, was arrested for firearms-related offenses after authorities discovered ammunition exceeding legally permitted quantities despite his licensed firearm status.

    In a parallel development, former SSL and Delta Partners CEO Zachary Harding presented himself for questioning at FID and C-TOC facilities accompanied by legal counsel. His interrogation focuses on potential breaches of financial regulations including the Companies Act.

    All seized evidence is undergoing comprehensive forensic analysis as authorities continue to assess additional charges. The investigation remains active with promises of further updates as this complex financial fraud case develops.

  • JN helps small business operators rise from Melissa’s ruins

    JN helps small business operators rise from Melissa’s ruins

    For over twenty years, Joan Palmer successfully operated Best Buy Gold Shop on High Street in Black River, St. Elizabeth. Her enterprise, which specialized in jewelry, small appliances, and various household goods, was completely obliterated when Category 5 Hurricane Melissa made landfall on October 28. The catastrophic storm shattered the store’s glass front, enabling powerful floodwaters from the adjacent sea and river to inundate the premises, sweeping away the majority of her inventory valued at millions of dollars.

    The devastation extended beyond her commercial enterprise. Palmer’s rented residence sustained extensive damage, resulting in the loss of personal belongings and furniture worth additional millions. The hurricane’s impact also crippled the businesses of her husband, Zepheniah, who ran a furniture operation, and her son, Damor, who operated a phone store on the same street. The collective destruction left three employees jobless and presented overwhelming challenges for the family.

    Demonstrating remarkable resilience, Palmer relocated her business approximately 25 miles away to Junction, St. Elizabeth, where her son provided space for both her and her husband to restart their ventures. The new location has begun attracting her former customer base from Black River, who now have limited shopping alternatives. Support also came from suppliers in Kingston and Montego Bay, who provided goods on credit and through donations.

    A client of JN Bank Small Business Loans (JNSBL) for nearly 25 years, Palmer sought financial assistance to accelerate her recovery. The institution responded by restructuring her existing short-term loan—extending its repayment period and increasing its value—and providing a new long-term loan to facilitate business stabilization.

    Jacqueline Jeffers, Client Relations Manager at JNSBL, emphasized the organization’s commitment to small business owners during disasters, noting that their support extends beyond mere financing to include personalized guidance and practical recovery solutions. Palmer credits her faith and the timely financial intervention for enabling her to move forward, offering encouragement to other entrepreneurs facing similar hardships to proactively seek help and persevere.

  • Former SSL executive in custody

    Former SSL executive in custody

    KINGSTON, Jamaica — Law enforcement authorities have taken a former high-ranking executive of Stocks and Securities Limited (SSL) into custody as part of an intensifying probe into a multimillion-dollar fraud case that has rocked Jamaica’s financial sector.

    The detention occurred during a sequence of meticulously coordinated operations conducted by a multi-agency task force across locations in St Andrew and St James. This development represents a significant escalation in the ongoing investigation into alleged financial malfeasance at SSL, which initially came under scrutiny in 2023.

    The investigative alliance comprises Jamaica’s premier financial crime units, including the Financial Investigations Division (FID), the Constabulary Financial Unit (CFU), the Counter-Terrorism and Organised Crime Investigation Branch (C-TOC), and the Major Organised Crime and Anti-Corruption Agency (MOCA). This collaborative effort underscores the seriousness with which authorities are treating the alleged financial irregularities.

    While specific details regarding the detained executive’s identity and precise allegations remain undisclosed pending formal charges, law enforcement officials have indicated that further developments are anticipated as their complex financial examination advances. The investigation continues to unravel the sophisticated mechanisms allegedly employed in what has become one of Jamaica’s most prominent financial fraud cases in recent years.

  • GraceKennedy mourns passing of business leader Mable Tenn

    GraceKennedy mourns passing of business leader Mable Tenn

    KINGSTON, Jamaica — GraceKennedy, the prominent Caribbean conglomerate, has announced with profound sorrow the passing of Mable Tenn, celebrated business pioneer and the company’s inaugural female board director. Tenn’s remarkable career spanned decades of transformative leadership and barrier-breaking achievements within Jamaica’s corporate landscape.

    Her professional association with GraceKennedy commenced in 1952 when she assumed the role of secretary to Carlton Alexander, then serving as director. Demonstrating exceptional business acumen and determination, Tenn subsequently established multiple thriving entrepreneurial ventures that would eventually be incorporated into the GraceKennedy portfolio through acquisition.

    In a historic corporate milestone, Tenn shattered the glass ceiling in 1972 by becoming the first woman appointed to GraceKennedy’s board of directors. This groundbreaking appointment established new precedents for gender diversity in Jamaican business leadership and created pathways for subsequent generations of female executives.

    Beyond her corporate legacy, Tenn made substantial contributions to Jamaica’s agricultural development initiatives and emerged as an inspirational figure for women pursuing leadership roles. Her career exemplified resilience, innovative vision, and an uncompromising commitment to excellence that transcended conventional expectations of her era.

    The GraceKennedy organization has extended heartfelt condolences to Tenn’s family, friends, and the countless individuals influenced by her extraordinary journey. The company emphasized that Tenn’s enduring impact on both corporate governance and broader Jamaican society will be perpetually honored with profound respect and appreciation.

  • Economy : Note on the monetary policy of the BRH (4th quarter 2024-2025)

    Economy : Note on the monetary policy of the BRH (4th quarter 2024-2025)

    Amid persistent global economic headwinds and domestic turmoil, Haiti’s Central Bank (BRH) has implemented a cautiously conservative monetary approach during the fourth quarter of 2024-2025. The international landscape remained constrained by ongoing geopolitical conflicts, restrictive trade measures, and diminished growth patterns, collectively exacerbating inflationary trends worldwide.

    Haiti’s internal situation presented even more severe challenges, with protracted socio-political unrest and widespread security instability severely constraining economic operations. These conditions have intensified price escalation pressures and dramatically worsened food scarcity across the nation.

    In response to these dual pressures, the BRH adopted a protective monetary strategy focused on preserving exchange rate consistency, curbing inflationary surges, and reinforcing the banking sector’s defensive capabilities. Economic metrics reveal a concerning trajectory: the Overall Economic Activity Indicator registered a 2.4% contraction during the first three quarters of the fiscal year.

    The human impact of this crisis is staggering, with official statistics indicating approximately 1.4 million internally displaced citizens and 5.7 million Haitians experiencing severe food insecurity—including one million children in critically vulnerable conditions.

    Inflation reached 31.9% annually by September 2025, representing a significant increase from the 28.4% recorded in June. This inflationary spiral stems from crippled domestic production capabilities and recurrent supply chain interruptions.

    Fiscal operations showed increased government spending (up 15.4%) alongside modest revenue growth (5.7%), while trade imbalances widened with exports declining 8.41% to $635.93 million and imports surging 10.78% to $3,642.7 million. Despite these pressures, the exchange rate remained notably stable at approximately 130.69 gourdes per U.S. dollar.

    Looking forward, Haiti’s economic recovery prospects remain intimately tied to global economic developments and—most critically—domestic security improvements. The central bank has committed to continuing its supportive stance toward small and medium enterprises and productive sectors including tourism, while maintaining its dual focus on exchange rate stability and inflation containment.

  • Butcher calls for action on meat imports amid sales ‘slump’

    Butcher calls for action on meat imports amid sales ‘slump’

    Barbadian meat producers faced a challenging Christmas season despite apparent market activity, with local butchers reporting diminished sales attributed to overwhelming meat imports. Kadeem Layne of DL Prestige Farm and Meats Ltd., while acknowledging steady customer support, confirmed overall sales had declined compared to previous years during the crucial holiday period.

    The persistent influx of imported meat has created significant inventory challenges for small-scale farmers and butchers throughout Barbados. Unlike some producers who reduced output in response to market pressures, Layne maintained full production levels, resulting in substantial leftover pork inventory and live animals remaining on farms.

    A critical factor exacerbating the situation has been the termination of supermarket contracts with local producers. Layne revealed that this development has forced farmers to avoid selling at reduced prices, creating downstream challenges in funding reproduction cycles for future livestock.

    The local producer proposed two potential solutions: either reducing import volumes or establishing better coordination between importers and domestic producers. As an alternative approach, Layne suggested implementing a system where local surpluses are sold before introducing imported meats to the market.

    Contrary to assumptions about production capacity, Layne asserted that Barbados possesses sufficient livestock to meet national demand. The actual challenge lies in processing capabilities, particularly for premium cuts preferred by hospitality establishments. Tenderloins, spare ribs, and other high-end restaurant cuts require specialized processing consistency that currently creates market gaps filled by imports.

    Price instability has further complicated the landscape, with the standard pork price of $9.50 per pound undermined by occasional sales as low as $7 per pound due to oversupply pressures. Layne emphasized that such pricing is unsustainable long-term and called for enhanced support mechanisms to ensure the viability of Barbados’ local meat industry.

  • ‘Nick of time’: City retailers see late Christmas shopping surge

    ‘Nick of time’: City retailers see late Christmas shopping surge

    Barbadian retailers witnessed a dramatic uptick in holiday shopping during the final days preceding Christmas, marking a significant shift from the cautious consumer behavior that characterized most of December. According to retail managers across Bridgetown, the delayed spending surge was primarily fueled by recent pay cycles and last-minute purchasing patterns that transformed the retail landscape in the week before the holiday.

    Stacey Wharton, Operations Manager at Bridgetown Duty Free, reported a noticeable transformation in shopping activity beginning December 18th, coinciding with typical pay periods for Barbadian workers. “December commenced rather quietly, but we observed a substantial increase in business around the 18th, which aligned with most Barbadians’ payday,” Wharton noted. While activity experienced a minor dip following the initial surge, foot traffic notably intensified again from Tuesday through Christmas Eve.

    Premium fragrances and cosmetics emerged as the season’s top performers, followed closely by designer leather accessories and children’s toys. Household items including curtains, bathroom mats, and tablecloths also experienced robust demand as consumers finalized their holiday preparations. The store’s complimentary gift-wrapping service proved particularly attractive to customers, necessitating the recruitment of 80-100 additional seasonal staff to manage increased volumes.

    At FW Woolworth, Managing Director Martin Bryan characterized the season’s first half as “subdued,” with meaningful activity materializing only during the final shopping days. Bryan reported strong sales in toys, clothing, toiletry sets, perfumes, and gift-wrapping supplies, though he suggested overall traffic appeared diminished compared to previous years.

    Supply chain complications emerged as a significant challenge across the retail sector. Hiranand Thani, proprietor of The Royal Shop, described an uneven season with fewer strong shopping days than typical years. “Our primary challenge this year involved securing inventory,” Thani explained. “For certain brands where we typically receive good supply, we encountered severe shortages. If we ordered five pieces of an item, we might receive only two.”

    Thani attributed these shortages to international supply and shipping constraints affecting shipments from the United States and Asia, including complications arising from tariff structures affecting distribution channels.

    Contrasting this narrative, Eddy Abed, Managing Director of Abeds, reported exceptionally strong performance across all three locations following months of strategic preparation. “Customer traffic became exceptionally robust over the past ten days,” Abed stated, describing demand as both “strong” and “sustained.” The retailer’s early operational planning, which began in November, and a nine-month procurement strategy helped mitigate supply chain disruptions affecting other retailers.

    Despite the last-minute surge, several retailers remained cautious about declaring the season an outright success, with many opting to withhold year-over-year comparisons until completing comprehensive post-holiday analyses.