Carib Scope

分类： business

  • Why oil prices are soaring despite record reserve release

    Why oil prices are soaring despite record reserve release

    LONDON, United States (AFP) — In an unprecedented move, major global economies have coordinated the largest strategic petroleum reserve release in history, yet the action has proven insufficient to stabilize turbulent oil markets. Despite the International Energy Agency’s announcement of a 400-million-barrel drawdown on Wednesday, crude prices surged past $100 per barrel on Thursday as fresh Iranian attacks on energy infrastructure and fears of prolonged conflict continued to roil markets.

    The coordinated effort, designed to mitigate the impact of Middle East hostilities on energy supplies, sees the United States contributing 172 million barrels—approximately 40% of its current reserves—to be released gradually over three months. However, analysts immediately questioned the adequacy of this response given the scale of production disruptions emanating from the Persian Gulf region.

    According to ING bank commodities strategists, the reserve release falls ‘far short of the supply losses we are seeing from the Persian Gulf.’ Current estimates indicate global crude production has declined by at least 8 million barrels daily, with an additional 2 million barrels of petroleum products offline.

    The situation has been exacerbated by a new wave of Iranian retaliatory strikes targeting critical energy infrastructure across the Gulf region. Bahrain reported attacks on fuel tanks in Muharraq, while drones struck storage facilities at Oman’s Salalah port. Saudi Arabia confirmed intercepting drones targeting its Shaybah oil field. These attacks have effectively halted shipping through the Strait of Hormuz—a critical passageway that normally facilitates approximately one-fifth of global crude shipments.

    Market anxiety is further compounded by the prospect of an extended conflict. While U.S. officials have suggested a potential near-term resolution, Iran has warned of a protracted engagement that could ‘destroy’ the world economy. The IEA has characterized the situation as ‘creating the largest supply disruption in the history of the global oil market,’ with no clear timeline for de-escalation or restoration of normal shipping operations.

  • Stella Global Realty to host “Sip and See” wealth summit

    Stella Global Realty to host “Sip and See” wealth summit

    KINGSTON, Jamaica — Stella Global Realty Ltd is poised to host an innovative wealth creation summit titled ‘Sip & See’ from March 27-29 at the Paradisiac venue in Richmond. The event, orchestrated by author and brokerage owner Tiffany Gray, aims to revolutionize property investment perspectives across the Jamaican diaspora.

    Gray characterized the intensive preparations as a ‘masterclass in Stella speed,’ emphasizing the event’s meticulously planned execution. ‘When our guests arrive at Paradisiac, they won’t merely attend a property viewing—they’ll witness the crystallization of their financial future,’ Gray stated. The undertaking reflects her belief that transformative achievements demand extraordinary effort, noting her satisfaction stems from creating an enduring legacy.

    The summit specifically targets dismantling perceived barriers within Jamaica’s real estate landscape. Gray articulated her mission to replace ‘remittance anxiety with wealth synchronization’ by debunking ownership myths and eliminating procedural delays. Her vision enables investors—whether joining from London or Kingston—to depart with both confidence in securing Jamaican properties and sophisticated wealth-building strategies.

    Registration trends indicate strong interest from overseas Jamaicans, particularly across the United States and United Kingdom. This follows the company’s productive 2025 initiatives that included community rebuilding efforts after Hurricane Melissa.

    Looking toward 2026, Gray announced plans to establish ‘educational authority’ in real estate investment. ‘Our mandate is democratizing wealth building through property,’ she explained. ‘We’re transitioning dreamers into strategists by providing data-driven tools that transform hard-earned capital into sustainable, high-yield legacies.’

    The three-day summit is offered at US$99, with early registrants qualifying for discounts exceeding 50%. Prospective attendees can enroll via stellaglobalrealty.com’s events section, social media channels @stellaglobalrealtyja, or by direct phone consultation at 876-671-7379.

  • $165-B CARNIVAL BOOM

    $165-B CARNIVAL BOOM

    Jamaica’s Carnival has demonstrated extraordinary economic prowess, with Tourism Minister Edmund Bartlett revealing the 2025 event generated a staggering $7.7 billion in direct expenditure and an overall economic impact of $165.7 billion. This represents a remarkable 48% revenue increase compared to 2024 figures, signaling the event’s growing significance within Jamaica’s tourism landscape.

    During a media briefing at Jamaica Pegasus hotel in New Kingston, Bartlett emphasized the symbiotic relationship between entertainment and tourism, noting that Carnival has evolved into a powerful economic engine. The festival has not only returned to pre-pandemic performance levels but has substantially exceeded them, with 2024 having generated $4.42 billion in direct spending and $95.4 billion in total economic impact.

    International visitors demonstrated significantly increased spending patterns, with overseas revellers averaging US$5,320.89 per person in 2025—a substantial rise from US$3,209 per person the previous year. This resulted in total direct spending reaching approximately US$23.6 million ($3.76 billion). The event’s appeal was particularly evident among first-time visitors, with 78.7% indicating they traveled specifically for Carnival, while an impressive 87.7% of repeat visitors cited the festival as their primary motivation.

    Bartlett highlighted that Carnival’s expanding influence has played a crucial role in Jamaica’s broader tourism recovery following Hurricane Melissa’s devastation in October. The sector has rebounded dramatically, currently reaching approximately 75% of projected visitor arrivals in the post-storm months. Bartlett projected full recovery by winter, extending into 2027, with current figures surpassing initial projections.

    The minister credited entertainment-driven events like Carnival and the recently concluded Lost in Time Festival for fueling tourism’s resurgence. With an extensive calendar of parties culminating in the April 12 road parade, Carnival continues to transform Kingston into an economic hub, generating increased demand for accommodation, transportation, food services, and creative talent across the island.

  • Tropical Battery accelerates global expansion with investments in renewables and battery solutions

    Tropical Battery accelerates global expansion with investments in renewables and battery solutions

    KINGSTON, Jamaica — Amid rapidly growing worldwide demand for sustainable energy infrastructure, Tropical Battery Company Limited is aggressively pursuing international market development through a multifaceted growth strategy. The Jamaican-based energy solutions provider is executing a calculated expansion plan combining organic growth, strategic acquisitions, and enhanced operational capabilities across the Caribbean Basin and United States.

    The company’s transnational advancement gained significant momentum in 2023 with its investment in KAYA Energy Group, a established Dominican Republic-based solar photovoltaic engineering, procurement and construction firm with fifteen years of industry experience. This acquisition marked a substantial enlargement of Tropical Battery’s footprint within the Spanish-speaking Caribbean renewable energy marketplace.

    This strategic integration has fundamentally transformed the company’s service capabilities, enabling vertically integrated design, engineering and installation services throughout the region. The merger has diversified Tropical Battery’s renewable energy portfolio while strengthening its comprehensive service delivery framework.

    Daniel Melville, Chief Operating Officer of Tropical Battery, emphasized the strategic vision behind these moves: “Our international expansion strategy has always been about more than geographic reach. By integrating strategic partners like KAYA and Rose Batteries, we are building a global energy ecosystem that combines deep regional expertise with innovative technology. This positions us to serve evolving customer needs worldwide, from renewable energy projects in the Caribbean to specialized battery solutions in the United States and beyond.”

    Melville further elaborated on the operational advantages: “The integration of KAYA into our renewable operations not only expands our service offering but also strengthens our ability to deliver comprehensive energy systems that are engineered, installed and supported over the full life of the asset.”

    The company’s expansion continued into 2024 with its entry into the United States market through the acquisition of Rose Electronics Distributing Company, operating as Rose Batteries. This strategic move establishes Tropical Battery’s presence in the specialized battery solutions market of the United States, complementing its Caribbean renewable energy operations and creating a diversified global energy services portfolio.

  • Trinidadian chef promoting Caribbean food tourism with pimento sauce

    Trinidadian chef promoting Caribbean food tourism with pimento sauce

    Trinidad and Tobago-based entrepreneur Shaun Alexander is spearheading a culinary movement to position Caribbean cuisine on the global stage through his innovative Island Spiritt Pimento Sauce. As founder of Island Spiritt and co-founder of Foodie Nation Limited, Alexander has developed a strategic approach to food marketing and tourism that showcases the region’s diverse cultural heritage.

    Alexander’s signature sauce represents a departure from conventional Caribbean condiments that emphasize intense heat. Instead, his creation focuses on delivering complex flavor profiles characterized by depth, balance, and versatility. The product is crafted from fully ripened pimento peppers that develop their signature red color and maximum flavor potential when allowed to mature on the tree, combined with natural ingredients including ginger, garlic, and the traditional Caribbean herb chadon beni.

    The concept emerged from Alexander’s recognition of the Caribbean’s underutilized potential in food tourism. “We’re blessed with excellent food that represents a fusion of multiple ethnicities and cultures,” Alexander explained during the Jamaica Food and Drink Festival. He observed that developed nations have long utilized culinary experiences as strategic marketing tools, noting that tourists allocate substantial portions of their travel budgets to dining experiences.

    Through Foodie Nation Limited, Alexander engages in international promotion of Caribbean cuisine while developing authentic products that allow global consumers to experience regional flavors without traveling to the islands. His pimento sauce serves as both a flavor enhancer that complements rather than overpowers dishes and as an ambassador for Caribbean culinary traditions.

    The sauce is produced through natural fermentation processes without preservatives or artificial additives, maintaining authenticity while ensuring quality. Alexander emphasizes that despite its vibrant appearance, the pimento pepper itself is not spicy but serves primarily to enhance and deepen flavors in various culinary applications.

    With plans to expand distribution to Jamaica in the coming months, Alexander’s initiative represents a growing trend of culinary entrepreneurship that transforms traditional foodways into marketable products while preserving cultural authenticity and promoting regional economic development through food tourism.

  • Regering en bedrijfsleven bespreken economische impact wereldwijde ontwikkelingen

    Regering en bedrijfsleven bespreken economische impact wereldwijde ontwikkelingen

    President Jennifer Simons of Suriname convened a crucial meeting with top business representatives on Tuesday to address the mounting economic challenges stemming from international market volatility. The high-level discussion focused on developing strategic measures to mitigate the adverse effects of rising costs and global uncertainties on national production and state revenues.

    In attendance were key figures from Suriname’s most influential business associations: the Surinamese Business Association (VSB), the Association of Surinamese Manufacturers (ASFA), and the Association for Small and Medium Enterprises in Suriname (AKMOS). The dialogue centered on analyzing the global economic climate and its specific implications for Surinamese production sectors, alongside the financial stability of both corporations and government coffers.

    VSB Chairwoman Rekha Bissumbhar highlighted the severity of the situation, noting that escalating oil prices and international transportation disruptions have significantly driven up costs for goods and production. “Global developments are affecting us all,” Bissumbhar stated. “With oil prices soaring and transportation to Suriname becoming increasingly challenging, we must collaboratively devise solutions to maintain uninterrupted production.”

    The meeting addressed Suriname’s rising production costs and living expenses triggered by worldwide inflation. Participants explored various containment strategies, including sourcing alternative input materials to curb price increases. Discussions also examined how different economic sectors could contribute to stabilizing state revenues during this period.

    Beyond existing key industries, emphasis was placed on economic diversification through sectors such as agro-industry, tourism, aviation, mining, and oil and gas. Particular attention was given to small and medium-sized enterprises (SMEs) in agriculture and agro-processing, with proposals to create enhanced incentives for scaling operations and achieving greater self-sufficiency.

    Business leaders unanimously agreed that close cooperation between government, private sector, and civil society organizations is essential to navigate current economic challenges and foster sustainable development.

  • Barbados positioned as hub as interCaribbean expands regional network

    Barbados positioned as hub as interCaribbean expands regional network

    InterCaribbean Airways has strategically positioned Barbados as a central hub in its network expansion with the weekend launch of new direct flight routes to three Caribbean destinations. The airline inaugurated scheduled services from Grantley Adams International Airport to Sint Maarten’s Princess Juliana International Airport (twice weekly), Tortola’s Terrance B. Lettsome International Airport (three times weekly), and Trinidad and Tobago’s Piarco International Airport (four times weekly), effective March 8.

    The inaugural flights were met with ceremonial welcomes across all destinations, with government officials and tourism leaders emphasizing the transformative potential of enhanced regional connectivity. Graham Clarke, Barbados Tourism Marketing Inc.’s Director for the Caribbean, highlighted how direct flights significantly improve visitor experiences by eliminating lengthy layovers that previously diminished travel quality.

    Sint Maarten’s Director of Tourism May Ling Chun underscored the importance of intra-Caribbean exploration, particularly amid global geopolitical tensions and economic uncertainties. “This moment reminds us of something very important: the Caribbean must continue to strengthen itself from within,” Chun stated during celebration events.

    The expansion brings substantial economic implications beyond tourism. British Virgin Islands Premier Natalio Wheatley noted that over 70% of their workforce originates from the southern Caribbean, while also highlighting frequent visa-related travel to Barbados. The territory recorded its highest arrivals at 1.2 million visitors last year, with interCaribbean ranking among the top carriers alongside American Airlines.

    InterCaribbean founder Lyndon Gardiner emphasized the trade opportunities arising from regular scheduled flights to Trinidad and Tobago, identifying the nation as one of the Caribbean’s most significant trading partners for manufactured goods, food, and beverages. Emmanuel Baah, Deputy General Manager at Trinidad and Tobago’s Airports Authority, reinforced that enhanced connectivity creates pathways for increased investment and trade exploration across the region.

    With over 30 years of regional operation, interCaribbean now serves 24 destinations across 18 Caribbean countries, employing more than 600 people as one of the Caribbean’s largest indigenous carriers.

  • $2.3m ‘VAT fraud’

    $2.3m ‘VAT fraud’

    Three defendants from Tobago have been formally committed to stand trial in the High Court following a judicial ruling that found sufficient evidence of their alleged involvement in a major Value Added Tax (VAT) fraud scheme totaling approximately $2.3 million. The accused parties include businessman Richie Habib, businesswoman Yolande Clarke, and their company Habib International Ltd.

    The case centers on allegations that between August 2016 and December 2021, the defendants conspired to defraud the Tobago House of Assembly (THA) by issuing 65 invoices that improperly included VAT charges. According to court documents, Habib International Ltd. was not registered under the Value Added Tax Act during the period in question, making the company ineligible to collect VAT payments.

    Prosecutors assert that the scheme involved the fraudulent use of a VAT registration number belonging to Springer Property Development Ltd., which was utilized with Clarke’s permission. The prosecution contends that while VAT was collected from the THA on these invoices, the funds were never remitted to the Board of Inland Revenue (BIR), effectively cheating the public revenue system of $2,361,801.14.

    The case came to light following an investigation by Rawle Sookhoo of the BIR’s Criminal Tax Investigation Unit, who initiated proceedings after receiving reports of fraudulent invoicing practices targeting the THA. During a virtual hearing on March 2, Master Kimitria Grey reviewed the documentary evidence and determined that the State had established a prima facie case sufficient to warrant a full trial.

    All three defendants remain on bail with surety set at $800,000 pending the commencement of High Court proceedings scheduled for September 18. The prosecution is being handled by special prosecutor Evans Welch representing the BIR, while the defendants are represented by senior counsel Gilbert Peterson, attorney Dawn Pallackdarrysingh, and attorney Criston J. Williams.

  • TDC Home and Building Depot (Nevis) Stocktaking Closure Notice

    TDC Home and Building Depot (Nevis) Stocktaking Closure Notice

    TDC Home and Building Depot, a prominent retail outlet located at Pinney’s Industrial Estate in Nevis, has issued an official notice regarding a temporary operational pause for its annual inventory assessment. The facility will be completely closed to the public on Saturday, March 14th, 2026, to facilitate comprehensive stocktaking procedures.

    During this physical closure, the company emphasizes that its digital commerce platforms will remain fully operational. Customers can continue to place orders for home improvement and construction materials through the official online portal at shoptdcgroup.com. Additionally, bill payment services will remain accessible via the secure payment gateway at pay.tdcgrouplimited.com, ensuring uninterrupted financial transactions for existing accounts.

    The retail establishment is scheduled to resume normal operations on Monday, March 16th, 2026, maintaining its standard business hours. TDC management has formally expressed regret for any potential inconvenience this necessary inventory process might cause to their customer base, acknowledging the importance of maintaining regular service availability while emphasizing the necessity of periodic inventory management for maintaining stock accuracy and service quality.

  • PM Outlines Fiscal Outlook for 2026–27

    PM Outlines Fiscal Outlook for 2026–27

    In a comprehensive address to the House of Representatives, Prime Minister John Briceño presented Belize’s fiscal outlook for the 2026-2027 financial year, highlighting both significant economic achievements and ongoing challenges. With two weeks remaining before the new fiscal cycle begins, the Prime Minister delivered an extensive analysis spanning one hour and forty minutes, covering critical aspects of the nation’s economic landscape.

    The government’s expenditure for the concluding 2025 fiscal year reached approximately $1.68 billion, representing 24.1% of Gross Domestic Product. Education received the largest allocation, followed closely by national security investments. Belize’s economy demonstrated robust performance with 1.9% growth in 2025 and projected expansion of 2.3% for the upcoming year.

    Employment metrics reached historic milestones, with unemployment plummeting to a record low of 2%. Remarkably, 98% of job seekers successfully secured employment, driven primarily by growth in service industries and tourism sector expansion. The Belize dollar maintains its stable 2:1 peg against the US currency, supported by substantial Central Bank reserves exceeding $1.1 billion and commercial bank external assets totaling $737.5 million.

    Despite these positive indicators, the administration acknowledges persistent challenges regarding cost of living pressures. Inflation decreased significantly to 1.1% in 2025 from previous highs of 6.3% in 2022, yet household budgets continue experiencing strain across the nation.

    The debt portfolio presents a substantial challenge at $4.676 billion, equivalent to 66.6% of GDP. External obligations constitute 64% of this amount ($2.984 billion), while domestic debt accounts for the remaining 36% ($1.692 billion). The government has allocated over $300 million for debt servicing in the coming year, including $189.1 million in interest payments and $140 million toward principal reduction.

    For the 2026-2027 budget, projected revenues approach $1.8 billion, marking a 10% increase from the previous year. Expenditure is set at $1.92 billion, with $1.296 billion allocated to recurrent spending and $606.8 million designated for capital investments—the highest capital allocation in the nation’s history. Public service wages and pensions constitute 60% of recurrent expenditure at $780 million, representing 11.7% of GDP and ranking among the region’s highest public sector compensation ratios.