Carib Scope

分类： business

  • Cheapside vendors report mixed sales as rising costs bite

    Cheapside vendors report mixed sales as rising costs bite

    Christmas shopping at Bridgetown’s Cheapside Market reveals a tale of contrasting fortunes this holiday season, with persistent inflation and tightened consumer budgets creating uneven trading conditions for local vendors. While foot traffic remains consistent, purchasing patterns show marked changes from previous years as shoppers grapple with elevated food prices.

    Multiple vendors report experiencing volatile business cycles, attributing the instability to sharp increases in produce costs—particularly for imported vegetables. Nadine Prince, one market operator, detailed how essential items like sweet peppers, flavor peppers, and local tomatoes have reached unprecedented prices, with some climbing to $12 per pound. This inflationary pressure has forced both sellers and customers to reconsider their purchasing habits, resulting in smaller transactions and quicker shopping trips.

    Consumer behavior has shifted noticeably, with shoppers prioritizing essential herbs and peppers over traditional root vegetables like yams and potatoes. Afua Merson observed that while sales haven’t collapsed completely, customers are making more calculated purchases, often adjusting their budgets to secure necessary items despite financial constraints.

    Amid the general trend of restrained spending, some vendors report more positive outcomes. Angela Greene described steady sales leading into Christmas, noting that success largely depends on stocking high-demand products that align with current consumer preferences.

    The overarching narrative emerging from the market underscores how macroeconomic pressures are reshaping festive traditions, with both vendors and customers demonstrating adaptability in the face of economic challenges while maintaining gratitude for continued community support.

  • Port Castries set for busy Post-Christmas cruise arrivals

    Port Castries set for busy Post-Christmas cruise arrivals

    The island nation of Saint Lucia is witnessing an extraordinary influx of maritime tourism as its peak cruise season culminates during the holiday period. Travelers from colder northern climates are flocking to the Caribbean destination, seeking its renowned warm weather and tropical hospitality.

    Port authorities in Castries reported a remarkable succession of vessel arrivals between December 22 and 25. The maritime parade commenced with MSC Virtuosa, carrying 6,334 passengers, on December 22nd. The following day witnessed five simultaneous arrivals: Viking Sea (930 passengers), Silver Spirit (540), Queen Elizabeth (2,547), Celestyal Crystal (1,200), and Seabourn Ovation (604). Christmas Eve brought three additional ships: Valiant Lady (2,770), Wind Surf (310), and Ilma (448). Christmas Day maintained the momentum with four vessels: Norwegian Epic (4,428 passengers), Costa Fascinosa (3,780), Le Bellot (184), and Evrima (293).

    The maritime activity continues unabated through the New Year’s transition. December 26th anticipates five arrivals: Norwegian Sky (2,004 passengers), Brilliance of the Seas (2,501), Silver Shadow (382), Royal Clipper (227), and AIDAperla (3,400). December 27th will see the exclusive Sea Cloud II, accommodating merely 96 passengers. December 28th concludes the intensive period with three vessels: Seven Seas Mariner (700 passengers), Zuiderdam (2,272), and a return visit from Royal Clipper (227 passengers).

    This substantial maritime traffic represents a significant economic opportunity for local businesses, tourism operators, and the broader hospitality sector, highlighting Saint Lucia’s growing prominence as a premier Caribbean cruise destination.

  • Suriname kan doorbreken op snelgroeiende kokosmarkt

    Suriname kan doorbreken op snelgroeiende kokosmarkt

    Suriname stands at the threshold of an extraordinary economic opportunity as global demand for coconut products surges while traditional producing nations face climate-induced production declines. Agricultural experts revealed during a recent debate hosted by the newly established Association of Agronomists in Suriname (VAS) that the international coconut market, expanding at approximately 10% annually, presents a strategic window for the South American nation.

    The unprecedented growth in coconut water consumption, particularly across North American markets, coincides with production challenges in major Asian and Caribbean coconut-growing regions affected by climate volatility. This supply-demand imbalance creates ideal conditions for Suriname to establish itself as a reliable supplier.

    Ricardo Vriesde, an experienced coconut producer with fifteen years in the industry, emphasized the timing advantage: “Current investors can tap into markets actively seeking new suppliers. New plantations require five to six years to become productive, giving countries with existing coconut stocks like Suriname significant competitive leverage.”

    VAS President Soedeshchand Jairam stressed the need for comprehensive stakeholder engagement, including government participation, to implement timely strategic actions. The association, founded in July 2025, aims to consolidate fragmented expertise into concrete policy and innovation frameworks.

    “Global food demand escalates while production systems face mounting pressure from climate change and diseases,” Jairam noted. “As an agriculturally potential-rich nation, we cannot afford inefficient knowledge utilization.”

    The consensus emerged that coconuts represent not merely a traditional crop but a strategic commodity for Suriname’s agricultural future. The historical production center of Coronie district, renowned for its ideal soil composition and coastal microclimate, is poised for revitalization following a period of decline partly caused by international aversion to coconut oil.

    Vriesde highlighted the coconut palm’s economic versatility: “This isn’t called the ‘tree of life’ without reason. Every component from root to leaf holds commercial value.” Beyond conventional products like oil, water, and milk, waste streams offer opportunities in cosmetics, medicinal applications, and personal care products.

    Despite promising prospects, the sector confronts challenges including scarce quality planting materials, inadequate financing, labor shortages, and limited research capacity. Innovative solutions like tissue culture technology, capable of generating hundreds of plants from a single embryo, show promise but require targeted policy support and collaborative implementation.

    According to industry analysis, strategic investments in coconut cultivation could significantly contribute to rural income growth and sustainable community development. The debate also featured insights from fruit, vegetable, cassava, rice, livestock, and fisheries sectors regarding structural constraints and market potential.

  • Ex-managing director wins wrongful dismissal claim but ordered to return $215k

    Ex-managing director wins wrongful dismissal claim but ordered to return $215k

    In a landmark employment ruling, the High Court has delivered a complex judgment that simultaneously condemned both a medical company’s wrongful termination practices and its former director’s financial misconduct. Justice Jacqueline Wilson presided over the contentious case between The Surgical Specialist Centre Ltd and its ex-managing director Elizabeth Kelly, revealing a troubling pattern of informal financial management within the organization.

    The court determined that while Kelly must reimburse $215,724.05 for unauthorized payments from company accounts, her 2022 dismissal was legally unjustified. The case emerged from the complete deterioration of both professional and personal relationships between Kelly and Dr. Alan de Freitas, fellow director and equal shareholder in the medical facility established in 2016.

    Justice Wilson’s examination uncovered that the company’s financial operations lacked formal structure, with both principals routinely utilizing corporate funds for personal expenses without clear guidelines or consistent application. This informal approach to financial management ultimately undermined the company’s allegations of fiduciary breach against Kelly.

    “Both parties have admitted to using company funds for personal expenses,” Justice Wilson noted in her judgment, emphasizing that the absence of defined financial protocols and employment contracts complicated the determination of contractual breaches.

    The court awarded Kelly $120,000 in damages for wrongful termination—equivalent to six months’ salary—though this amount will be deducted from her required repayment to the company. Additionally, both parties were assigned reciprocal cost payments, with Kelly ordered to pay $41,358 in prescribed costs while the medical center must pay $27,000 toward her counterclaim.

    Legal representation saw Naline Sharma and Andrea Goddard advocating for Surgical Specialist Ltd, while Jean Louis Kelly and Natalie King represented the former managing director. The case highlights the critical importance of establishing formal financial controls and employment agreements within corporate structures, particularly when personal relationships intersect with business operations.

  • Guyana’s non-oil sector registers growth of more than 7%

    Guyana’s non-oil sector registers growth of more than 7%

    GEORGETOWN, Guyana — Guyana’s economic transformation continues to accelerate as new government data reveals a remarkable 13.8% expansion in the non-oil sector during the first half of 2025. This exceptional performance, described by officials as unprecedented by global standards, demonstrates the South American nation’s successful economic diversification strategy.

    Tourism, Industry and Commerce Minister Susan Rodrigues characterized the growth figures as extraordinary, emphasizing that such expansion percentages represent world-class economic performance. The broader economy maintained its robust trajectory with 7.5% overall growth, marking the fifth consecutive year of sustained economic expansion across multiple sectors.

    The non-oil growth was driven by significant advancements across diverse industries including agriculture, tourism, trade and infrastructure development. Minister Rodrigues highlighted the government’s commitment to building an “extremely diversified” economic foundation that reduces dependency on single industries while creating multiple growth engines.

    The administration’s development strategy focuses on ensuring that economic prosperity reaches all citizens regardless of geographical location, background, ethnicity, religion or political affiliation. This inclusive growth model will be implemented through various governmental agencies including the Small Business Bureau, Guyana National Bureau of Standards, Guyana Tourism Authority and the Competition Consumer Affairs Commission.

    Rodrigues emphasized that the current expansion represents just the initial phase of Guyana’s comprehensive development plan, with further economic diversification and inclusive growth initiatives planned for the coming years.

  • Rum price hike sends Ponche a Creme, black cake prices soaring

    Rum price hike sends Ponche a Creme, black cake prices soaring

    A significant increase in alcohol duties has cast a shadow over Trinidad and Tobago’s holiday season, severely impacting the production and pricing of traditional Christmas delicacies. Finance Minister Davendranath Tancoo’s October announcement of a 100% customs duty hike on rum and spirits has created ripple effects throughout the beverage and culinary industries.

    The controversial tax policy has particularly affected two beloved seasonal specialties: black cake and ponche a creme. These alcohol-dependent treats have become substantially more expensive to produce, forcing artisans and small businesses to make difficult decisions. Dawn Ramkissoon-Ali, proprietor of Aurora Fine Delights, exemplifies this trend, choosing to completely withdraw ponche a creme from her seasonal offerings rather than impose dramatically higher prices on customers.

    Industry-wide adaptation strategies have emerged in response to the economic pressure. Some enterprises, like Cake Zone operated by Amrika Singh, implemented moderate price increases while leveraging temporary price reductions from Angostura Holdings Limited. Others employed creative workarounds—Kathy Collins of Copa de Leche resorted to alternative rum brands, while Shirley Roban utilized pre-tax alcohol purchases through advanced fruit soaking.

    The cost escalation extends beyond alcohol inputs. Producers report concurrent price increases in essential ingredients including dairy products, eggs, and even packaging materials. Olatunde Celestin of Tunde’s Treats noted that condensed milk prices have risen approximately 38% over five years, compounding the financial challenges.

    Despite these economic headwinds, consumer loyalty has remained remarkably resilient. Established customer bases have demonstrated understanding and continued support, prioritizing quality and tradition over moderate price increases. This consumer dedication has provided crucial stability for small businesses navigating the challenging economic landscape while maintaining Trinidad’s cherished Christmas culinary traditions.

  • NGC’s $1B LOSS; chairman defends sweeping cuts, blames past mismanagement under PNM

    NGC’s $1B LOSS; chairman defends sweeping cuts, blames past mismanagement under PNM

    Gerald Ramdeen, Chairman of Trinidad and Tobago’s National Gas Company (NGC), has publicly justified sweeping budget cuts implemented by the state-owned energy giant. Framing the measures as essential corrective action, Ramdeen attributed the need for austerity to years of financial mismanagement under the previous People’s National Movement (PNM) administration.

    While NGC reported a substantial $1.6 billion profit for 2024, Ramdeen insisted this figure requires critical contextual analysis. He revealed that the company’s average return on assets stood at a mere 1.6% over the past five years, with return on equity averaging 2.7%—figures he characterized as profoundly inadequate for a national asset valued at $43 billion. More strikingly, the chairman disclosed that concealed within the headline profit was a catastrophic $1 billion loss accumulated by three foreign entities established under the preceding government.

    “The record of the NGC and its subsidiaries under the PNM reveals facts that are stubborn things,” Ramdeen stated, directly challenging former energy officials to publicly account for the vanished billion dollars.

    The chairman accused the previous administration of transforming NGC from a gas company into what he derisively termed the “National Grants Company,” alleging it served as an indiscriminate funding source for activities far beyond its core energy mandate. This fiscal indiscipline, he claimed, persisted over nine years and resulted in NGC declaring unprecedented after-tax losses of $316.2 million in 2020 and $1.3 billion in 2023.

    In response, NGC’s current board has implemented drastic reductions across community, educational, and cultural programs for 2025. Internal budget documents reveal the elimination of numerous initiatives, including:

    – The complete defunding of the $3.8 million i2A youth development program serving fenceline communities
    – Termination of steelband sponsorships affecting Couva Joylanders, La Brea Nightingale, and Tobago’s Steel X Plosion
    – Discontinuation of $7.45 million in sports sponsorships, including the popular “Right on Track” athletics program
    – Elimination of support for the Bocas Lit Fest, Trinidad’s premier literary festival
    – Reduction in human and social development funding by $1.375 million

    These cuts have ignited substantial public backlash and political controversy. Opposition MP Stuart Young condemned the reductions as an “unjustifiable and unforgivable assault on our culture,” particularly emphasizing the cultural significance of steelband funding. Pan Trinbago president Beverley Ramsey-Moore described the move as “a devastating blow” executed without consultation.

    Despite slashing cultural and social programs, the board initially retained certain Christmas commitments including a $1.5 million staff dinner and vouchers for 630 employees, though subsequent decisions significantly reduced holiday event expenditures. The company also maintained a $5,000 gift to 650 employees for NGC’s 50th anniversary celebrations.

    Ramdeen concluded that while NGC acknowledges its corporate social responsibilities, future initiatives will be executed “in a prudent and frugal manner” aligned with the company’s primary mission: gas aggregation and sales profitability for the benefit of Trinidad and Tobago’s citizens.

  • NORBROOK’S PANAMANIAN PLAY

    NORBROOK’S PANAMANIAN PLAY

    In a significant development for Panama’s fast-food sector, Platinum Brands S.A., a portfolio company of Norbrook Equity Partners Limited, has unveiled ambitious plans to launch twelve new KFC outlets nationwide. This strategic expansion, representing a capital investment exceeding $15 million, will substantially increase the brand’s presence from 46 to 58 locations.

    The expansion follows Platinum Brands’ acquisition of the KFC and Dairy Queen franchises from Franquicias Panameñas, S.A. in June 2024. After a year of intensive operational assessment and strategic restructuring, the company has secured prime locations for its growth initiative. According to Khary Robinson, Founder and Executive Chairman of Norbrook Equity Partners, the initial phase focused on strengthening business fundamentals—infrastructure, processes, and human resources—before pursuing aggressive growth. Robinson emphasized that this foundational work has positioned the venture as Panama’s fastest-growing quick-service restaurant in terms of same-store sales.

    The company has already successfully inaugurated three new restaurants in Chorrera Center, David Center, and Algarrobos, all reporting robust customer traffic and strong initial sales performance. This forms part of a broader vision to expand the combined KFC and Dairy Queen portfolio to 100 locations by 2028. The Dairy Queen brand currently operates 21 stores within the country.

    Leadership on the ground, led by CEO Juan Carlos Andrade and CFO Christian Sturla, has been instrumental in executing this measured growth strategy. Andrade highlighted that the mandate prioritized rebuilding the operational foundation over rapid expansion, with significant investments directed toward service culture, efficiency, product consistency, store modernization, and leadership development.

    The franchises have been recognized as top performers regionally, demonstrating strong same-store sales growth, improved guest satisfaction metrics, and enhanced operational efficiency. Enhancements are also underway for the Dairy Queen brand, with new locations planned for the future.

    This expansion is financed through a combination of equity and debt facilities provided by JMMB Bank (Jamaica) Limited and BAC International Corporation. Notably, JMMB Bank had previously extended a $3 million financing facility in June 2024 to facilitate the initial acquisition.

    Ownership of Platinum Brands is structured with Norbrook Restaurant Holdings Limited (a St. Lucian entity) holding a 60% majority stake. The remaining shares are distributed among Sygnus Deneb Investments Limited (20%), the Henriquez family (10%), and FirstRock Global Holdings Limited (10%).

    This investment represents the latest activity within Norbrook’s diversified private equity portfolio, which also includes recent ventures such as the rebuilding of Pure National Limited’s ice manufacturing plant, the acquisition of a majority stake in California-based Mighty Pilates by Express Fitness Limited, and the divestiture of interests in Grupo Alaska S.A. by joint venture Grupo Frontera Limited. Additionally, Norbrook’s publicly listed subsidiary, Mailpac Group Limited, continues to show strong financial performance following its acquisition of MyCart Quick Limited.

  • Audi Q2: Still the fun one

    Audi Q2: Still the fun one

    In the automotive landscape where model lines often mirror family hierarchies, Audi’s Q-series SUVs present a compelling case study. While larger models like the Q3 and above follow a predictable progression in size and purpose, the compact Q2 breaks from tradition, leveraging its position as the smallest sibling to forge a distinct identity tailored for individuality and urban agility.

    **Exterior Design: Heritage Meets Modernity**
    The Q2’s exterior immediately signals its unique character. While retaining Audi’s signature singleframe grille—though less prominent than its larger siblings—the design establishes clear familial ties. Its most distinctive feature is the C-pillar, a deliberate homage to Audi’s motorsport legacy that echoes the iconic body lines of the historic Ur-Quattro rally car. An optional decal featuring the brand’s four interlocking rings further emphasizes this prestigious lineage, blending nostalgia with contemporary style.

    **Interior Experience: Premium Practicality**
    Inside, the Q2 delivers a cabin that balances premium aesthetics with timeless functionality. The clean, uncluttered design ensures lasting appeal, featuring circular air vents, bright accents, and meticulously stitched leather. A thoughtful mix of materials, including soft-touch surfaces at key contact points, reinforces its upscale positioning. Despite its compact footprint, the interior feels spacious and practical, a sensation amplified by the standard sunroof that enhances the sense of volume.

    Technology integration is seamless rather than overwhelming. The Audi MMI infotainment system, while not the very latest version, operates with impressive speed and intuitive logic. Its sharp graphics are displayed across the central touchscreen and the configurable virtual cockpit, demonstrating the system’s ahead-of-its-time implementation. Connectivity is effortless via illuminated USB-C ports or wireless Bluetooth, all within a cabin that remains refined even at higher speeds.

    **Driving Dynamics: The Heart of the Experience**
    The true revelation of the Q2 emerges on the road. Initially introduced with a surprisingly capable 1-litre three-cylinder turbocharged engine producing 114bhp, the current model now features a 1.4-litre four-cylinder turbocharged powertrain generating 148bhp and 184lb/ft of torque. This significant power boost transforms the driving experience without compromising the chassis’ inherent capabilities.

    Engaging DYNAMIC mode unlocks the Q2’s exhilarating dual nature. Acceleration becomes a joyful surge as power delivers seamlessly through the seven-speed dual-clutch transmission. The suspension remains firm yet compliant, performing the characteristic Audi magic of improving stability and comfort as speed increases. It effortlessly absorbs road imperfections while maintaining sharp, confidence-inspiring handling.

    When the excitement concludes, the Q2 readily reverts to a composed daily driver, offering practical fuel economy exceeding 30 miles per gallon alongside its engaging performance.

    **Verdict: Redefining the Compact Premium Segment**
    The Audi Q2 transcends conventional expectations for small SUVs. It delivers driving dynamics that outperform many rivals while serving as a practical urban vehicle with premium quality, perfect dimensions, and appropriate technology. This combination creates an ideal entry point into the Audi Q family, offering accessible performance for drivers of varying skill levels. For those seeking a vehicle that balances everyday practicality with genuine driving pleasure, the Q2 represents a compelling choice that proudly celebrates its unique identity within the Audi lineage.

  • SoE and US/Venezuela tensions hit tourist arrivals in Tobago

    SoE and US/Venezuela tensions hit tourist arrivals in Tobago

    The picturesque shores of Tobago’s Charlotteville waterfront remained unusually tranquil during the peak Christmas season, presenting a stark contrast to the typical holiday bustle. With minimal local activity and a conspicuous absence of international visitors, the scene encapsulated the severe challenges facing Tobago’s hospitality sector.

    Tourism industry leaders have identified dual catalysts for this pronounced downturn: escalating military tensions between the United States and Venezuela, coupled with the ongoing state of emergency declaration. Reginald MacLean, President of the Tobago Hotel and Tourism Association, confirmed substantial declines in both advance bookings and actual tourist arrivals during what should be the island’s most profitable period.

    MacLean, who simultaneously serves as general manager of Blue Waters Inn in Speyside, provided concrete metrics illustrating the sector’s struggles. His establishment operated at approximately 70% capacity during the critical holiday period—a significant reduction from the complete occupancy achieved during the same timeframe in 2024.

    Industry-wide assessments confirm this pattern extends across the island. Alpha Lorde, former association president and current general manager of Mt Irvine Bay Hotel, characterized both the 2024 and 2025 Christmas seasons as ‘fairly dismal’ with no hospitality operators reporting strong performance.

    Transportation infrastructure limitations have exacerbated the situation. MacLean emphasized that constrained flight availability and reduced ferry services have created fundamental capacity constraints preventing hotel occupancy recovery.

    Industry executives have expressed frustration with governmental support levels. Despite official rhetoric about economic diversification beyond hydrocarbon dependence, tourism stakeholders perceive insufficient concrete action. Multiple attempts by Newsday to obtain comments from Chief Secretary Farley Augustine and Tourism Secretary Tashia Burris yielded no response.

    The industry’s challenges accumulated throughout 2025, beginning with an initial state of emergency, progressing through electoral transitions and governmental changes, and culminating with renewed emergency declarations and geopolitical complications. Tourism professionals maintain cautious optimism that 2026 may bring improved circumstances and renewed visitor interest to Tobago’s hospitality sector.