Carib Scope

分类： business

  • Cane Farmers Call for Tax Cuts After BSI Incentives

    Cane Farmers Call for Tax Cuts After BSI Incentives

    Belize’s sugarcane producers are advocating for expanded fiscal support following the government’s approval of a decade-long incentive package for the Belize Sugar Industries (BSI). While applauding the initiative and improved stakeholder engagement under Dr. Osmond Martinez, the Junior Minister for the sugar industry, farmers contend that assistance must extend beyond the milling operations to ensure the entire sector’s viability.

    The Progressive Sugar Cane Producers Association has formally requested tax exemptions and concessions on essential agricultural inputs. These include fuel, lubricants, tractor components, and truck parts, which have seen dramatic price increases since the COVID-19 pandemic.

    Cosme Hernandez, General Manager of the Association, acknowledged the minister’s successful efforts in unifying the four major farming associations with the mill. However, he emphasized the severe financial strain on producers, noting that production costs have tripled in some cases since the pandemic. Hernandez revealed that the previous break-even point of fifty dollars per ton of cane has been rendered obsolete, pushing many farmers into operational losses despite the new incentives for the milling sector.

    The Association has presented these concerns directly to Minister Martinez, initiating collaborative discussions to develop relief mechanisms that address the critical challenges facing agricultural producers. This development highlights the complex interdependencies within agricultural supply chains and the need for comprehensive policy approaches that support both processing industries and primary producers.

  • New Minsa Plant in Spanish Lookout Promises Jobs

    New Minsa Plant in Spanish Lookout Promises Jobs

    In a significant stride toward economic self-sufficiency, Country Foods has inaugurated a state-of-the-art Minsa corn flour production facility in Spanish Lookout, Belize. The $2.8 million investment represents a strategic response to pandemic-era supply chain vulnerabilities and rising food costs.

    The new plant, operating under the ‘TAZTY’ brand, boasts an impressive daily production capacity of thirty tons—nearly double Belize’s current national consumption. This substantial output is designed to satisfy domestic demand while simultaneously creating export opportunities for Central American markets.

    Prime Minister John Briceño heralded the opening as a testament to Spanish Lookout’s reputation as an economic trailblazer. “This facility positions us not only to meet local demands but to tap into export markets,” Briceño stated during the grand opening ceremony. “The entire country looks at Spanish Lookout as leaders in manufacturing.”

    The project’s conception emerged during the COVID-19 crisis when food import dependencies became critically apparent. Heinrich Weibe, Chief Executive Officer of Country Foods, emphasized the company’s commitment to quality and local production: “Every step of our journey has been driven by a shared vision to offer a healthy, authentic, locally produced alternative that is one hundred percent corn.”

    Notably, the facility addresses Belize’s substantial import burden—the nation imported over five million pounds of Minsa valued at more than four million dollars in 2024 alone. By localizing production, the operation will conserve foreign exchange reserves while supporting agricultural stakeholders.

    Community leader Norman Reimer praised the investment as a cornerstone of national food security, while Area Representative Orlando Habet highlighted the plant’s advanced manufacturing technologies and sustainable practices. The operation is expected to generate substantial employment opportunities while providing stable demand for local corn producers.

    Consumers can anticipate TAZTY products appearing on retail shelves nationwide imminently, marking a new chapter in Belize’s agricultural industrialization and food sovereignty efforts.

  • HRMAB: Barbadian workers should benefit from Bill

    HRMAB: Barbadian workers should benefit from Bill

    Amid parliamentary deliberations on Barbados’ Economic Diversification and Growth Fund Bill, the Human Resource Management Association of Barbados (HRMAB) has emphasized the critical need for equitable distribution of high-level management positions for local professionals. HRMAB President Tisha Peters, while acknowledging her organization’s ongoing review of the proposed legislation, articulated concerns that workforce implications risk being overshadowed by broader economic and political debates.

    The proposed legislation, which allocates $225 million from the Consolidated Fund over three years, aims to attract qualifying international companies that commit to creating substantial employment opportunities domestically. To qualify, enterprises must demonstrate significant offshore presence while pledging to generate at least 100 sustainable jobs for Barbadians maintained over seven years, alongside compliance with national tax obligations.

    Peters specifically highlighted the association’s focused interest on ensuring that forthcoming hotel developments and investment projects incorporate balanced representation of local and expatriate talent across all organizational tiers. “The focus should prioritize an equitable mix of domestic and international expertise at every employment level,” Peters stated. “We must see Barbadian managers advancing into leadership roles—without these opportunities, we cannot achieve genuine equitable distribution.”

    This position emerges against a backdrop of scholarly and professional skepticism. Notable critics including economist Jeremy Stephen, Professor Troy Lorde, Professor Don Marshall, and attorney Tricia Watson have questioned the bill’s capacity to drive meaningful economic diversification. Watson particularly warned against potential inequities stemming from insufficient oversight mechanisms for local workforce inclusion.

    Prime Minister Mia Mottley has addressed transparency concerns by committing to regulatory requirements mandating ministerial accountability to Parliament when deviating from advisory committee recommendations. This amendment seeks to strengthen governance frameworks while maintaining the bill’s core objective of stimulating foreign exchange earnings and sustainable economic growth through monitored private sector investments.

    The ongoing discourse reflects deeper tensions between foreign investment attraction and domestic capacity building, positioning workforce equity as a pivotal component in Barbados’ economic development strategy.

  • Cuba works on recovering the National Power Grid

    Cuba works on recovering the National Power Grid

    Cuba’s national energy authority has reported a significant yet insufficient recovery in its power generation capacity. Recent efforts have successfully restored 422 megawatts (MW) to the distributed generation network, elevating its total operational capacity beyond the 1,000 MW threshold. Concurrently, an additional 228 MW has been brought back online within the centralized generation system.

    A major stride in renewable integration has been achieved with the synchronization of 778 MW of new capacity from 41 photovoltaic solar parks. These installations are now playing a pivotal role in the national grid, contributing more than 30% of Cuba’s total electricity generation during peak sunlight hours.

    Despite these advancements, government officials acknowledge the persistence of a severe energy crisis. The national power system continues to operate under extreme duress, grappling with an average daily generation deficit ranging between 1,500 and 1,700 MW. The situation has deteriorated further in recent days, with the shortfall exceeding 2,000 MW.

    This critical power deficit has resulted in service disruptions occurring throughout the day and night, creating widespread public dissatisfaction and inflicting substantial damage to economic activity. Authorities attribute the ongoing crisis primarily to generation instability and a critical shortage of fuel supplies for distributed generation units. Approximately 1,000 MW of potential generation capacity remains unavailable due to these fuel constraints, highlighting the deep-rooted challenges facing Cuba’s energy infrastructure.

  • NAGICO Insurances upgraded to A- (Excellent) by AM Best

    NAGICO Insurances upgraded to A- (Excellent) by AM Best

    In a significant development for the Caribbean insurance sector, NAGICO Insurances has received a substantial credit rating upgrade from globally recognized agency AM Best. The Group’s Financial Strength Rating has been elevated from BBB+ to A- (Excellent), positioning the company among the top-tier insurance providers in the region.

    The upgraded rating reflects AM Best’s comprehensive evaluation of NAGICO’s reinforced balance sheet, consistently enhanced operational performance, rigorous risk management protocols, and successful implementation of its strategic vision across diverse Caribbean markets. This assessment acknowledges the insurer’s strengthened financial resilience and disciplined business approach.

    For policyholders, business partners, and regulatory authorities, the A- designation serves as an independent validation of NAGICO’s capacity to honor its commitments, particularly crucial in a geographic area susceptible to natural disasters and economic fluctuations.

    Kyria Ali, Chief Executive Officer of NAGICO Insurances, expressed considerable pride in this achievement, stating: “This AM Best rating upgrade represents an independent endorsement of our financial robustness and strategic management. For our clients throughout the Caribbean and France, it confirms the trust they have placed in our ability to support their families and businesses during critical moments.”

    The A- (Excellent) rating from AM Best, a specialized insurance industry rating agency, signifies exceptional capital strength, sustained financial improvement, prudent underwriting standards, and a viable long-term business strategy. This classification establishes NAGICO as a premier insurance group with demonstrated stability and reliability.

    Operating effectively in the Caribbean demands exceptional resilience and forward-thinking risk management. NAGICO has established its credibility through billions of US dollars in claims payments following natural catastrophes, including hurricanes and volcanic eruptions. Recent strategic investments in reinsurance protection, governance frameworks, and talent acquisition have further strengthened its operational foundation.

    Imran McSood Amjad, Executive Chairman of NAGICO Insurances, emphasized: “Our region faces distinctive challenges from climate vulnerabilities to economic instability. This rating enhancement mirrors the deliberate actions taken by our leadership to fortify the Group’s financial position, governance structures, and risk mitigation capabilities.”

    The rating improvement represents a collective accomplishment involving NAGICO’s employees, partners, and stakeholders throughout its operational network. It highlights the Group’s dedication to sustainable expansion, robust governance, and consistent value delivery to clients and partners.

    Looking forward, NAGICO remains committed to leveraging technological advancements to enhance customer experiences, introducing innovative insurance products, and contributing to regional development initiatives.

    Established in 1982, the NAGICO Group delivers comprehensive property, casualty, life, and health insurance solutions across 32 locations in the Caribbean and Metropolitan France.

  • Six-part finance literacy book series for children launched by Dominican finance company

    Six-part finance literacy book series for children launched by Dominican finance company

    In a significant advancement for early childhood education, Finance Focus Inc. has introduced an innovative financial literacy book series specifically designed for young learners in Dominica and the Eastern Caribbean region. The six-part collection, titled “Making Sense of Dollars – Money Lessons for Little Learners,” represents a pioneering approach to teaching fundamental money management skills through culturally relevant content and engaging storytelling.

    The series made its official debut on December 6, marking what educators are calling a transformative moment in financial education for Caribbean youth. The curriculum addresses the critical need for early financial literacy, positioning money management as an essential life skill comparable in importance to reading and mathematics.

    Currently available are the first two installments: “Earn It – Work, Earn and Play” introduces children to the concept that money is earned through effort, creativity, and responsibility, while “Save It – The Power to Plan” emphasizes the importance of saving, patience, and goal-setting. Both books feature vibrant illustrations, Caribbean-inspired characters, and incorporate actual Eastern Caribbean currency to create practical, familiar learning experiences.

    The comprehensive series will expand with four additional titles releasing progressively: “Spend It” will focus on thoughtful spending choices, “Share It” will teach generosity and community values, “Grow It” will introduce basic investment concepts, and “Borrow It” will cover responsible borrowing practices.

    Created by financial educator Luana Laurent, the series emerged from recognizing that money habits typically form by age seven. Laurent emphasizes proactive financial education, stating: “Financial literacy should not begin after mistakes are made, it should begin before they are possible. These books exist to interrupt that cycle and give our children the clarity, confidence, and calm we wish we had earlier.

    The books are accessible through multiple channels including Amazon Store, Kindle platforms, and locally through ShopDM & Jay’s Bookstore, with availability beginning December 22. Laurent envisions the series becoming an educational staple throughout Dominica and the Eastern Caribbean, ultimately contributing to building a more financially resilient and empowered society.

  • Digicel first Caribbean company to be accredited under CIPS Corporate Ethical Procurement & Supply Kitemark

    Digicel first Caribbean company to be accredited under CIPS Corporate Ethical Procurement & Supply Kitemark

    In a landmark achievement for Caribbean corporate governance, Digicel Group has been honored with the prestigious Chartered Institute of Procurement & Supply (CIPS) Corporate Ethical Procurement & Supply Kitemark—becoming the first Caribbean organization to receive this globally recognized accreditation. The distinction was formally presented during the inaugural CIPS Caribbean Conference and Awards ceremony at Trinidad’s Hyatt Regency last week, where Digicel’s procurement team accepted the award.

    The CIPS Kitemark represents the gold standard in ethical procurement, serving as an international benchmark for organizations demonstrating exemplary supply chain integrity and ethical sourcing practices. This accreditation follows rigorous independent auditing that verified Digicel’s compliance with global best practices in procurement ethics and transparency.

    Arshad Ali, Digicel’s Director of Group Procurement, Supply Chain & Real Estate, commented on this milestone: ‘This accreditation fundamentally reflects our business ethos. It signifies the substantial advancements we’ve made in institutionalizing ethical, transparent, and accountable procurement processes across the Group. Moreover, it reinforces our dedication to elevating standards for responsible sourcing and supply chain governance throughout the Caribbean region.’

    For customers and business partners, the Kitemark provides tangible assurance of Digicel’s commitment to ethical operations throughout its supply network. The company’s procurement decisions incorporate both commercial viability and ethical considerations, ensuring every business interaction maintains rigorous standards of integrity and accountability.

    Michael Watson, Chief Compliance and Cyber Security Officer at Digicel Group, emphasized the broader implications: ‘This recognition underscores Digicel’s unwavering dedication to ethical business practices and the continuous improvement of our ethics and compliance programs. It assures our customers, suppliers, and partners that Digicel adheres to the highest ethical standards in all operations.’

    The achievement positions Digicel among an elite group of organizations worldwide that have demonstrated excellence in ethical procurement practices, potentially setting new industry standards for corporate responsibility and supply chain management in the Caribbean business landscape.

  • GraceKennedy eyes full control of Tastee Cheese producer

    GraceKennedy eyes full control of Tastee Cheese producer

    KINGSTON, Jamaica — In a landmark corporate maneuver, Jamaican conglomerate GraceKennedy has finalized an agreement to purchase New Zealand-based Fonterra Co-operative Group’s entire stake in Dairy Industries (Jamaica) Ltd (DJIL). This acquisition grants GraceKennedy complete, 100 percent ownership of the manufacturer responsible for Jamaica’s iconic Tastee Cheese brand, effectively concluding a nearly three-decade formal joint venture between the two entities.

    While specific financial details remain confidential, this transaction represents a significant consolidation of local ownership over a pivotal segment of Jamaica’s food industry. The commercial relationship between GraceKennedy and Fonterra dates back to the 1980s, with their partnership formally structured under a joint venture agreement established in 1996.

    Frank James, Group Chief Executive Officer of GraceKennedy, emphasized the strategic importance of this acquisition. He stated that the move is a direct reflection of DJIL’s consistent performance and substantial market value. “This strategic acquisition enables us to capitalize on existing momentum, accelerate business expansion, and reinforce our dominant position within the dairy sector,” James commented.

    Andrea Coy, Chief Executive of GraceKennedy Foods, provided further insight, clarifying that while ownership is transitioning entirely to GraceKennedy, the company intends to maintain its commercial ties with Fonterra. Coy acknowledged the long-standing partnership’s success, noting, “This collaboration has generated immense value over many years. We anticipate continued cooperation with Fonterra in areas where mutual commercial benefits exist.”

    DJIL, established in 1964, commenced its cheese processing operations in 1968 and has since carved out a unique niche in the Caribbean market. It holds the distinction of being the sole manufacturer in Jamaica and the broader Caribbean region that produces canned processed cheese, primarily under its flagship Tastee Cheese label.

    The company’s diverse product range, which services both local and regional consumers, extends beyond canned cheese to include vacuum-sealed cheese and cheese spreads under the Tastee brand, yogurt marketed under the “This Is Really Great” brand, and Anchor brand powdered milk.

    GraceKennedy, a diversified multinational with extensive interests in food production and financial services, has indicated that the transaction’s finalization is now subject to the satisfactory completion of standard closing conditions customary for deals of this nature.

  • Miami conference spotlights Bahamas investment opportunities

    Miami conference spotlights Bahamas investment opportunities

    The Bahamas has been prominently showcased as a prime investment destination for real estate, tourism, and sustainable development during a major Caribbean-focused investment conference held in Miami this month. The Agency Bahamas organized its annual ‘Exploring the Caribbean Conference’ under the theme ‘Gateway to Growth: Investing in the Future of the Caribbean,’ attracting over 100 developers, investors, and industry professionals from across the region.

    The conference served as a strategic platform to expand development pipelines and investment opportunities specifically within The Bahamas. Key discussion areas included real estate development, tourism infrastructure, financial services, digital transformation, and sustainable investment practices.

    Danny Lowe, Founder and Managing Partner of The Agency Bahamas, noted the growing international interest in Caribbean real estate, particularly within stable jurisdictions. ‘This highly successful conference enabled participants to reimagine existing opportunities and identify new pathways for growth,’ Lowe stated, emphasizing The Bahamas’ continuing appeal for lifestyle-oriented and long-term investments.

    Public sector representatives detailed the nation’s investment framework during the event. Phylicia Woods-Hanna, Director of Investments, highlighted The Bahamas’ investor-friendly environment, supported by robust institutions and clear policy directives. ‘Through the Bahamas Investment Authority, we function as a one-stop-shop to simplify investment processes, evaluate major tourism and commercial projects, and assist both Bahamian and international investors in streamlining business operations,’ Woods-Hanna explained.

    Jonathan Lord, Regional Manager of Yachting and Sports at the Ministry of Tourism, Investments and Aviation, identified yachting and sports tourism as emerging growth sectors with significant potential. ‘These represent powerful verticals where The Bahamas possesses natural advantages and considerable untapped potential,’ Lord noted.

    The event also featured contributions from regional officials and private-sector leaders, including ministers from Turks and Caicos and executives from The Agency’s Caribbean operations. Organizers confirmed the conference reinforced The Bahamas’ status as a leading investment destination and supports ongoing initiatives to promote Bahamian real estate and development opportunities in global markets.

  • KFC Black River reopens seven weeks after Melissa

    KFC Black River reopens seven weeks after Melissa

    In a significant step toward recovery, the KFC outlet in Black River, Jamaica, has fully resumed commercial operations seven weeks after Hurricane Melissa devastated the island’s southwestern region. Operated by Restaurants of Jamaica (ROJ), the location had been functioning exclusively as a emergency meal production center in the immediate aftermath of the late October storm, distributing thousands of free meals to affected residents.

    Despite returning to normal customer service, the restaurant continues its humanitarian mission by donating an additional 1,000 meals daily to support families, emergency shelters, and essential workers throughout the ongoing recovery period. This effort is part of ROJ’s broader national feeding initiative, which has provided over 75,000 meals across multiple parishes since the hurricane made landfall on October 28.

    The Black River facility has emerged as a critical distribution hub for St. Elizabeth, one of the hardest-hit areas. Floyd Green, Minister of Agriculture and Fisheries and local Member of Parliament, praised the operation during a recent site visit, noting that most meals are prepared by team members who themselves suffered hurricane-related losses. “Having this level of support coming directly from within St. Elizabeth makes a real difference on the ground,” Green observed, highlighting the program’s community-based approach.

    ROJ Marketing Director Tina Matalon described the reopening as symbolizing both recovery and ongoing commitment, with the location now serving a dual purpose of commercial operations and sustained relief efforts. Restaurant Manager Gaylen Skervin expressed profound pride in her team’s resilience, noting that many staff members experienced severe trauma and property loss yet consistently reported to work. For these employees, the restaurant has become a sanctuary—a place of purpose and stability amid widespread devastation.