Carib Scope

分类： business

  • PLH advances Barbuda projects with focus on training and environmental protection

    PLH advances Barbuda projects with focus on training and environmental protection

    The PLH Group is charting a progressive course for its development initiatives on the island of Barbuda, placing significant emphasis on two core pillars: comprehensive local workforce training and rigorous environmental protection protocols. This dual-focused strategy aims to ensure that the ambitious projects not only boost economic prospects but also foster sustainable growth and ecological stewardship.

    Central to this approach is the creation of specialized training programs designed to equip Barbudan residents with high-value skills in construction, hospitality, and environmental management. This initiative is poised to generate long-term employment opportunities and empower the local community, enabling them to actively participate in and benefit from the island’s development trajectory.

    Concurrently, PLH has committed to implementing a robust framework for environmental conservation. This includes measures to protect fragile coastal ecosystems, preserve native wildlife habitats, and integrate green building standards across all developments. The group is collaborating with environmental experts and local conservation bodies to minimize the ecological footprint of its operations, ensuring that natural beauty and biodiversity are maintained for future generations.

    The integrated model of prioritizing both human capital and environmental integrity represents a modern paradigm for responsible development in sensitive island regions, balancing economic advancement with unwavering commitments to community and conservation.

  • LVV levert zaaizaad en zoekt lagere rente voor rijstboeren

    LVV levert zaaizaad en zoekt lagere rente voor rijstboeren

    The Ministry of Agriculture, Animal Husbandry and Fisheries (LVV) has initiated a multi-faceted intervention program to revitalize Suriname’s declining rice industry. In a significant move, Nickerie rice farmers will receive 3.5 tons of high-quality seeds from the Anne van Dijk Rice Research Center (ADRON) this season, aimed at boosting paddy yields amid persistent sector challenges.

    Concurrently, Agriculture Minister Mike Noersalim is negotiating with financial institutions for reduced interest rates and repayment flexibility for heavily indebted farmers. This coordinated effort addresses the critical imbalance between production costs averaging SRD 700 per bale and consistently lower purchase prices offered by buyers—a fundamental weakness crippling the sector’s sustainability.

    The intervention extends beyond immediate relief through strategic collaboration with the Inter-American Development Bank (IDB) to strengthen ADRON’s research capabilities and seed development programs. Additional focus areas include reducing operational expenses, particularly energy consumption for irrigation systems.

    Statistical trends reveal a concerning production decline: from approximately 100,000 tons in 2020 to a mere 38,000 tons in 2022, attributed to extreme weather patterns and pandemic-related disruptions. Although 2024 saw a modest recovery to 46,000 tons, production remains substantially below historical levels.

    A comprehensive 25-point action plan, formalized through a memorandum of understanding with processors and farmer organizations, outlines short and medium-term measures. These include maintenance and modernization of critical irrigation infrastructure such as the Wakay pumping station and Nickerie distribution system.

    The ministry’s ultimate objective transitions the sector from intermittent subsidies toward economically sustainable rice production, enhancing farmer resilience against climate variability and market price fluctuations.

  • Night Work Keeps VC Bird Airport Runway Project on Schedule

    Night Work Keeps VC Bird Airport Runway Project on Schedule

    Antigua’s V.C. Bird International Airport is undergoing a transformative $55-million airfield rehabilitation, with construction teams implementing night operations to maintain project timelines. Airport authorities confirm the strategic nighttime work has become essential for phase four progression, particularly in milling and paving the runway’s foundational core.

    Operations Manager Rex Daly emphasized the critical nature of these extended hours, stating, ‘Our crews maintain continuous nocturnal operations to ensure compliance with our completion schedule.’ While the landing segment will be fully operational for the peak Christmas travel season, the take-off section requires additional development time.

    Significant progress is evident with approximately 9,000 tonnes of asphalt already deployed, enabling smooth aircraft landings during holiday operations. The displaced threshold for Runway 07, crucial for take-off operations, is scheduled for post-holiday commencement in early 2026.

    Joseph Samuel, Director of Operations at the Airports Authority, detailed the current focus on subsurface preparation: ‘Present activities establish the foundational integrity, with accelerated surface course work planned for early 2026.’ The authority maintains confidence in their contractual partnership with ACON and Avia NG to deliver the project according to established timelines.

    The comprehensive rehabilitation targets September 2025 for airfield completion, with full runway expansion finalized by November 2026. This infrastructure enhancement ensures compliance with international aviation safety protocols and operational standards, positioning V.C. Bird International Airport as a modernized Caribbean aviation hub.

  • Why roads, ports, and airports matter more than ever for Expats in the Dominican Republic

    Why roads, ports, and airports matter more than ever for Expats in the Dominican Republic

    Beyond its renowned sun-drenched beaches and relaxed Caribbean lifestyle, the Dominican Republic is undergoing a transformative infrastructure renaissance that is fundamentally reshaping the nation’s economic landscape. This strategic development initiative represents a deliberate, long-term investment in the country’s future rather than superficial improvements, creating unprecedented opportunities for expatriates, returning nationals, and international investors alike.

    The comprehensive infrastructure overhaul encompasses three critical dimensions that collectively enhance the nation’s connectivity and economic vitality. A massive highway expansion program has dramatically reduced transit times between urban centers, tourist corridors, and previously isolated secondary markets. These transportation arteries have transformed remote areas into viable locations for daily commuting, logistics operations, and residential development, effectively decentralizing growth opportunities beyond traditional urban hubs.

    The nation has simultaneously emerged as a Caribbean logistics powerhouse through strategic investments in port infrastructure. Modernized facilities at Caucedo and Haina now support robust import/export operations, manufacturing activities, and nearshoring ventures targeting the U.S. market. This enhanced maritime capacity attracts multinational corporations, entrepreneurial ventures, and foreign capital, generating employment opportunities and stabilizing local economies.

    Aviation infrastructure has received equal attention, with significant expansions at Punta Cana, Santo Domingo, and Santiago airports. These upgrades extend beyond accommodating tourist traffic to include increased cargo capacity, additional direct international routes, and modernized terminals that facilitate global connectivity. The improvements effectively bridge geographical divides, enabling seamless business travel and supporting remote work arrangements for the expatriate community.

    For those considering relocation or investment, these developments signal profound implications. The infrastructure renaissance provides expanded housing options, enhanced mobility, diversified economic opportunities beyond tourism, and improved access to services. Most significantly, it demonstrates both public and private sector confidence in the nation’s sustainable development trajectory, positioning the Dominican Republic as an emerging hub for strategic living and investment in the Caribbean region.

  • New Arajet route connects Punta Cana with Rosario, Argentina

    New Arajet route connects Punta Cana with Rosario, Argentina

    DOMINICAN REPUBLIC – Caribbean aviation leader Arajet has unveiled ambitious expansion plans with the establishment of a new direct air corridor connecting Punta Cana International Airport (PUJ) with Rosario, Argentina (ROS), marking a significant enhancement in transcontinental air travel infrastructure. Scheduled to commence operations on June 16, 2026, the route will feature three weekly flights utilizing the airline’s modern Boeing 737 MAX fleet.

    This strategic move elevates Rosario to Arajet’s third Argentine destination, substantially strengthening the carrier’s footprint in the Southern Cone region. The expansion propels Arajet’s international network to over 28 destinations spanning 15 countries across North, Central, and South America. The Rosario connection will provide passengers with seamless access to Arajet’s Punta Cana hub, facilitating convenient transfers to 13+ international destinations including major North American cities (Miami, Orlando, New York), Latin American capitals (Lima, Cancún), and Caribbean hotspots (Kingston).

    Airline executives emphasized that this development aligns with Arajet’s core mission of delivering affordable air travel options without compromising service quality or operational punctuality. ‘This new route represents our commitment to bridging Latin American communities through accessible air transportation,’ stated an Arajet spokesperson during the announcement ceremony.

    To stimulate initial demand, the airline launched a limited-time promotional offer providing 25% discount on base fares using booking code ‘Vamos ROS’. The promotional window runs from December 18-26, 2025, for travel between June 16, 2026 and March 21, 2027. Industry analysts note this expansion reflects growing demand for Caribbean-South American connectivity and demonstrates the Dominican Republic’s emerging role as a strategic aviation hub in the Western Hemisphere.

  • A separate currency market: a means or an end to stabilizing the economy?

    A separate currency market: a means or an end to stabilizing the economy?

    Cuba has launched a groundbreaking monetary reform initiative establishing three official exchange rate segments as part of a comprehensive strategy to address critical macroeconomic challenges. The Central Bank of Cuba confirmed the implementation of this multi-tier system designed to gradually converge toward a unified exchange rate while stimulating foreign currency earnings through exports.

    The newly structured framework creates distinct segments with varying exchange mechanisms: Segment I maintains the current 1:24 rate for exporting entities; Segment II introduces a 1:120 rate for certain foreign income generators; while Segment III establishes a floating exchange rate for individuals and non-state management forms. This phased approach represents a significant departure from previous monetary policy and aims to create a legal, transparent exchange market accessible to both state and non-state actors.

    According to Ian Pedro Carbonell Karell, Director of Macroeconomic Policy at the Central Bank of Cuba, these reforms address the country’s urgent need to organize foreign currency flows through formal banking channels. “These changes give legal access to foreign currency to many actors who did not have it until now and who resorted to the informal market,” Karell stated, emphasizing the measure’s role in combating speculation and volatility.

    The reform specifically incentivizes export-oriented enterprises by allowing them to exchange retained foreign currency at Segment III’s more favorable floating rate, potentially increasing their Cuban peso earnings. This designed advantage aims to strengthen Cuba’s export sector—the nation’s primary foreign currency generator—while supporting essential population needs through central treasury revenues.

    For non-state management entities, the reforms introduce unprecedented access to foreign currency for investment and restocking purposes, though purchasing power will be limited to 50% of average gross income reflected in fiscal accounts. The banking system will expand exchange services nationwide, with 41 branches currently operational and more planned as market consolidation progresses.

    Authorities acknowledge that eliminating Cuba’s illegal currency market will require time and sustained implementation. The success of these measures ultimately depends on their ability to generate increased foreign currency liquidity and translate into tangible improvements in Cuban citizens’ quality of life amid prolonged economic challenges.

  • Centrale Bank haalt SRD 400 miljoen uit de economie via nieuwe spaarcertificaten

    Centrale Bank haalt SRD 400 miljoen uit de economie via nieuwe spaarcertificaten

    The Central Bank of Suriname has initiated a new issuance of Central Bank Certificates (CBCs) aimed at temporarily withdrawing SRD 400 million from circulation. This monetary policy intervention seeks to regulate money supply and maintain economic stability by encouraging both individuals and businesses to deposit funds with the central bank, effectively reducing liquidity in the open market.

    The certificate offering, available through commercial banks from December 15 to December 22, carries a 16.5% annual interest rate with a six-month maturity period. In cases of oversubscription, the available amount will be distributed proportionally among all participants. Application forms are available at commercial banks and can also be downloaded from the Central Bank’s official website.

    This move represents a strategic shift in monetary policy following the conclusion of Suriname’s IMF program. The current interest rate of 16.5% is notably lower than rates during the IMF program period, reflecting the central bank’s adjusted approach to economic management. Simultaneously, authorities are developing a new monetary framework and preparing for the issuance of Treasury bills as complementary measures.

    The dual-purpose initiative not only provides a secure investment vehicle for citizens and corporations but also serves as a mechanism for the central bank to better balance economic conditions and stabilize foreign currency demand. By temporarily absorbing excess liquidity, the central bank aims to create a more controlled monetary environment while offering attractive returns to investors.

  • Chamber warns of supply chain risks amid rising Venezuela-US tensions

    Chamber warns of supply chain risks amid rising Venezuela-US tensions

    Business authorities in Barbados are raising alarms about potential regional economic fallout from escalating geopolitical tensions between Venezuela and the United States. The Barbados Chamber of Commerce and Industry (BCCI) has identified this developing situation as a significant threat to Caribbean supply chains, potentially triggering increased costs and operational delays throughout the region.

    BCCI President Paul Inniss expressed particular concern during a recent press briefing at the organization’s Deighton Road headquarters. ‘As a chamber representing business interests, we must view any tension involving our trading partners with serious concern,’ Inniss stated. ‘This represents one of several strategic risks that require careful consideration and contingency planning.’

    The chamber has proactively begun advising its membership on business continuity strategies, highlighting vulnerabilities within current shipping logistics. Inniss revealed an inefficient pattern in regional trade routes: ‘Our analysis indicates many goods originate from South America, travel northward, only to subsequently return south—a circuitous routing that unnecessarily inflates costs.’

    Despite these concerns, officials downplayed immediate impacts on Barbados’ energy sector. ‘Our current import volume from Venezuela remains minimal,’ Inniss clarified, referencing two recent diplomatic engagements with Venezuelan delegations. While acknowledging global oil markets have already reacted to geopolitical announcements, he characterized potential energy impacts as ‘still in early stages.’

    Christopher Sambrano, chair of the chamber’s economic advisory committee, addressed broader implications, including effects on Trinidad’s energy imports and regional tourism. ‘The fundamental concern involves added market uncertainty,’ Sambrano noted. ‘As a business community and society, we’ve demonstrated resilience through previous global challenges and must remain adaptable.’

    Emphasizing Barbados’s identity as a peaceful destination, Sambrano expressed hope for swift resolution: ‘Visitors seek refuge in our region from global tensions. Maintaining our status as a zone of peace remains paramount to our tourism economy.’

    The BCCI continues collaborating with Barbados’ Ministry of International Trade to develop direct sourcing alternatives, aiming to mitigate potential inflationary pressures on imported goods throughout the supply chain.

  • ‘No businesses cut staff hours’ after minimum wage raise

    ‘No businesses cut staff hours’ after minimum wage raise

    Barbados enterprises have successfully absorbed recent minimum wage increases without resorting to workforce hour reductions, though concerns mount over broader economic repercussions including potential inflation acceleration. According to the Barbados Chamber of Commerce and Industry (BCCI), no member businesses have implemented reduced working schedules following the June wage adjustment that elevated national minimum rates from $8.50 to $10.50 hourly.

    BCCI President Paul Inniss confirmed during a Thursday press briefing that while labor costs have risen substantially, businesses are predominantly transferring these expenses to consumers rather than diminishing employee hours. “The feedback has been that additional costs are transferred to clients and customers,” Inniss stated, noting that security services and retail sectors have particularly felt the impact.

    The wage structure continues evolving with scheduled January increases raising national minimum wage to $10.71 (a 21-cent increase) and security guard sector rates to $11.66 hourly (a 23-cent rise). Inniss emphasized that most chamber members already compensate above minimum thresholds, affirming the organization’s commitment to ensuring “every working Barbadian should earn a liveable wage.”

    However, economic experts within the chamber caution against cyclical inflationary dangers. Christopher Sambrano, chairman of BCCI’s economic advisory committee, warned of potential “hyperinflation effect” where rising wages perpetually drive goods costs upward, creating self-sustaining inflation cycles.

    Sambrano proposed enhanced productivity as critical mitigation strategy, advocating for operational efficiencies through improved sourcing, advanced software systems, and AI implementation. “If we can ensure employees receive comfortable compensation while incentivizing productivity, and employers leverage operational improvements, not all costs need transmission to consumers,” he explained.

    Regarding the impending January adjustment, Inniss noted the chamber’s active participation in wage negotiations through the Barbados Private Sector Association, expressing lack of surprise at government decisions while acknowledging the necessity for business evolution toward greater efficiency.

  • DSB stelt SRD 160 miljoen dividend vast na goedkeuring jaarrekening 2024

    DSB stelt SRD 160 miljoen dividend vast na goedkeuring jaarrekening 2024

    Suriname’s leading financial institution, De Surinaamsche Bank N.V. (DSB), has announced a substantial dividend distribution of SRD 160 million to shareholders during its recent General Assembly meeting. This decision coincides with the bank’s landmark 160th anniversary celebrations and follows an exceptionally profitable fiscal year in 2024.

    The bank reported impressive financial results, achieving a net profit of SRD 546.3 million for the year ending 2024. DSB’s equity capital demonstrated robust growth, climbing to SRD 3.7 billion, while its solvency ratio strengthened significantly to 27.2%, up from 24.2% recorded in 2023.

    During the assembly, management highlighted substantial improvements in operational frameworks implemented over the past 24 months. The bank has successfully enhanced its supervision protocols, governance structures, risk management systems, compliance measures, and financial reporting capabilities. Notably, DSB has produced four consecutive IFRS-compliant annual financial statements, positioning the institution to achieve its target of reporting within six months after the balance sheet date starting from 2026.

    Corporate governance developments included the reappointment of two members to the Board of Commissioners and the nomination of a new board member, pending regulatory approval from the Central Bank of Suriname. Additionally, shareholders endorsed the nomination of Raveen Koelfat as Director in the capacity of Chief Commercial Officer. Upon central bank approval, this appointment will expand the bank’s directorate team to four members.

    The Board of Commissioners and executive leadership expressed profound appreciation for management and staff contributions while acknowledging the continued trust from shareholders, clients, business partners, and regulatory authorities. DSB reaffirmed its commitment to building upon its solid foundation and clear strategic direction to further strengthen its market position in the coming years.