Carib Scope

分类： business

  • Hill highlights Caribbean investment opportunities at CAF International Economic Forum

    Hill highlights Caribbean investment opportunities at CAF International Economic Forum

    Jamaica’s Minister of Industry, Investment and Commerce, Senator Aubyn Hill, has positioned the Caribbean as an increasingly attractive hub for sustainable capital, championing the nation’s economic discipline as a model for regional growth. The declaration was made during a high-level panel at the CAF International Economic Forum: Latin America and the Caribbean 2026 in Panama City.

    Participating in the ‘Economic Development Opportunities for the Caribbean’ discussion, Minister Hill detailed the strategic pillars making Jamaica a premier investment destination. He underscored the country’s internationally recognized fiscal management, which has successfully maintained manageable debt levels. ‘Government spending is strategically channeled into investments that build future resilience and fuel long-term economic expansion,’ Hill stated.

    Highlighting institutional strengths, the Minister pointed to Jamaica’s independent central bank, absence of currency controls, and robust legal frameworks. He emphasized a national commitment to advancing education, information technology, and skills development as critical components for sustainable development.

    The ministerial delegation, including Prime Minister Andrew Holness and Finance Minister Fayval Williams, engaged in pivotal talks with CAF President Sergio Diaz-Granados. These discussions yielded substantial progress on near-term and long-range financial collaboration, signaling deepened ties with the Development Bank of Latin America and The Caribbean.

    Beyond multilateral negotiations, Minister Hill conducted numerous bilateral meetings with financial and infrastructure firms from Panama, Europe, and the Middle East. The forum also facilitated business-to-business networking sessions, connecting Jamaican ICT and manufacturing executives with potential partners across Latin America to expand their commercial footprint.

  • TT Chamber calls for phased approach to gas price hike

    TT Chamber calls for phased approach to gas price hike

    Trinidad’s business sector is bracing for significant economic disruption as the National Gas Company’s (NGC) 77% price increase for commercial and industrial natural gas takes effect January 31. The Trinidad and Tobago Chamber of Industry and Commerce (TT Chamber) has urgently called for a phased implementation approach, warning that the abrupt hike threatens both domestic price stability and international export competitiveness.

    In a January 29 statement, the TT Chamber emphasized that manufacturers have historically relied on favorable natural gas pricing arrangements to support economic diversification efforts. The organization cautioned that the sudden price escalation could trigger widespread consumer price increases while undermining companies’ operational viability. Particularly concerning are potential ripple effects on electricity and water subsidies, which the chamber describes as “critical” to maintaining competitive positioning in regional and international markets.

    Trinidad Cement Limited (TCL), a major construction sector stakeholder, has confirmed impending cement price adjustments in response to the energy cost surge. General Manager Gonzalo Rueda Castillo identified natural gas as a critical manufacturing input, noting that the company has already absorbed substantial cost increases in raw materials, packaging, and general inflationary pressures. TCL stated that while it opposes the gas price increase and continues seeking alternative solutions, a price revision becomes “unavoidable” to ensure business continuity and market supply.

    The TT Chamber revealed that the manufacturing sector consumes approximately 1.5% of NGC’s total gas production, supporting over 100 manufacturers that employ thousands of Trinidadians. The business advocacy group proposed a coordinated policy framework including tiered pricing based on consumption levels, progressive utility metering systems, and rules-based subsidy adjustments tied to global energy market fluctuations.

    Emphasizing the need for transparent national dialogue, the chamber warned that Trinidad faces “broader and unavoidable structural adjustment challenges” in its historically subsidized economy. While acknowledging the government’s revenue needs, businesses urged measures that would minimize economic strain on both enterprises and consumers while protecting employment and export-led growth strategies.

  • Imports outstrips exports for Jan-Sept 2025

    Imports outstrips exports for Jan-Sept 2025

    Jamaica’s economic landscape for the first three quarters of 2025 reveals a deepening trade imbalance, with the nation’s import expenditures significantly outpacing its export revenues. Official data released by the Statistical Institute of Jamaica (STATIN) paints a clear picture of this challenging trend.

    Import spending surged to US$5.7 billion between January and September, marking a 3.6 percent increase from the US$5.5 billion recorded in the corresponding period of 2024. This upward trajectory was primarily fueled by a substantial 13.3 percent rise in purchases of raw and intermediate goods, coupled with a 10 percent jump in consumer goods acquisitions.

    In a contrasting development, the nation’s export sector experienced a contraction. Total export earnings fell by two percent, dropping to US$1.3 billion from the previous year’s US$1.4 billion. A sharp 10.7 percent decline in the value of mineral fuel shipments was identified as the principal driver behind this downturn.

    An analysis of Jamaica’s international trade partnerships shows the United States, China, Brazil, Japan, and Nigeria as its top five import sources. Expenditure on goods from these nations reached US$3.5 billion, a 6.8 percent increase from 2024’s US$3.3 billion, largely due to heightened imports in the ‘chemicals’ category.

    Conversely, the primary destinations for Jamaican exports were the United States, the Russian Federation, Iceland, the Netherlands, and Canada. However, revenues from these key markets fell by 3.0 percent to US$946.7 million, a decrease predominantly caused by reduced export values of ‘crude materials’.

  • Foton picks up new pickup

    Foton picks up new pickup

    Foton Jamaica has officially entered the full-size pickup segment with the grand launch of its flagship model, the Tunland V9, at its Oxford Road showroom on January 24. The introduction marks a strategic expansion for the brand into a premium and previously underserved sector of the Jamaican automotive market.

    Under the theme of ‘dominance,’ the V9 makes a significant visual statement with dimensions that align more closely with North American trucks than traditional compact pickups. Jhanelle Wagstaffe, Senior Sales Manager at Foton, expressed strong enthusiasm for the model’s arrival, stating it “speaks dominance, presence, versatility” and is an “excellent addition” to the existing lineup.

    Technologically, the Tunland V9 is engineered as a powerhouse. It features a sophisticated drivetrain combining a 2.0-litre turbo-diesel engine with a 48-volt mild-hybrid system. This configuration is designed to deliver robust performance and enhanced fuel efficiency through electric torque assistance and energy recovery. Power is managed by a standard eight-speed automatic transmission and a capable four-wheel-drive system complete with a locking rear differential and multiple off-road modes.

    A key differentiator from competitors is its rear suspension. Departing from the conventional leaf-spring design typical for work-focused trucks, the V9 employs a multi-link coil setup, which Foton claims provides a notably smoother ride and superior handling without sacrificing utility.

    The vehicle is built for dual purposes: serious work and premium comfort. It boasts a spray-coated bed capable of handling a full pallet and payloads up to one tonne, alongside a formidable 3.5-tonne towing capacity. Practical work features include integrated side steps and a damped tailgate with an auxiliary step.

    Inside, the V9 transitions into a luxury cabin. It is outfitted with powered leather seats, ambient lighting, a 12.3-inch digital driver’s cluster, and a massive 14.6-inch touchscreen infotainment system supporting Apple CarPlay. This screen also serves as the display for a standard 360-degree camera with a built-in dash-cam. Safety is addressed with six airbags and a suite of collision warning systems, while driving aids like Adaptive Cruise Control and Hill Descent Assist enhance both on and off-road experiences.

    The Tunland V9 now sits atop the Foton range in Jamaica, joining the compact G7 pickup, Miler truck, and C-series buses. With the smaller G7 already receiving a favourable market response, company executives are optimistic that the V9 will achieve similar success, appealing to both commercial buyers seeking a heavy-duty workhorse and individuals desiring a refined, luxurious daily driver.

  • Agro-Industrial Park at Diamonds to Launch Immediately, Cabinet Says

    Agro-Industrial Park at Diamonds to Launch Immediately, Cabinet Says

    The government of Antigua and Barbuda has issued an immediate directive to commence construction on the Diamonds Estate Agro-Industrial Park, declaring the initiative a critical component of the nation’s strategy to enhance food security and economic stability. The urgent mandate was delivered by Maurice Merchant, Director General of Communications in the Prime Minister’s Office, during a recent Cabinet briefing.

    Emphasizing the administration’s serious commitment, Merchant stated that the Gaston Browne government views food security as an utmost national priority. This sense of urgency has been magnified by recent global disruptions to shipping lanes and international supply chains, exposing vulnerabilities in the nation’s food import dependency.

    The planned Agro-Industrial Park is designed to tackle deep-rooted structural deficiencies within the domestic agricultural sector. Key challenges targeted include significant post-harvest losses, a lack of value-added processing capabilities, and overall supply chain inefficiencies. The facility will concentrate on cultivating priority crops such as cassava, sweet potatoes, tomatoes, peppers, onions, and various legumes.

    Implementation will emphasize the adoption of advanced agricultural technologies, including modern irrigation systems for efficient water use, mechanization, and sophisticated post-harvest management techniques. A core objective is to boost local processing and value-addition, enabling domestically grown produce to displace a substantial portion of food imports while simultaneously creating improved market pathways for local farmers.

    This project is not standalone but rather a pivotal element of a broader governmental strategy. This comprehensive plan includes initiatives to ramp up local production volumes, supply essential equipment to farmers, and reduce duties and taxes on crucial agricultural inputs. Further operational details regarding implementation and access for farmers and agri-businesses are anticipated to be released as project work gets underway.

  • St Kitts Travel Tuesdays return with nonstop flights and round-trip fares from USD 288  – WIC News

    St Kitts Travel Tuesdays return with nonstop flights and round-trip fares from USD 288  – WIC News

    The St. Kitts Tourism Authority has strategically relaunched its ‘Travel Tuesdays’ promotion, offering competitively priced nonstop flights to enhance accessibility to the dual-island nation. Effective January 27, 2026, and continuing every Tuesday, the initiative provides round-trip fares beginning at just $288 USD on key regional and international routes.

    Tourism officials emphasize that direct air connectivity serves as a critical catalyst for visitor growth, particularly during peak travel seasons when passengers prioritize efficiency and convenience. The promotion specifically targets both Caribbean regional travelers and visitors from the United States, positioning St. Kitts as an easily accessible destination.

    Multiple airline partners are participating with limited-time offers: WINair offers a $288 round-trip between Bridgetown, Barbados and St. Kitts (February 7-14); American Airlines provides a $299 fare from New York’s JFK International (February 21-28); Caribbean Airlines connects Antigua and St. Kitts for $299 (April 20-27); and WINair’s additional $316 option links Dominica to St. Kitts (February 9-15).

    The intentionally restricted booking windows are designed to create urgency and accelerate decision-making among potential visitors. Through its official social media channels, the Tourism Authority encouraged immediate action, stating: ‘If you’ve been awaiting the optimal moment to plan your next journey, this is it. Nonstop flights significantly enhance accessibility to St. Kitts.’

    Industry stakeholders confirm that such targeted promotional mechanisms effectively convert traveler interest into confirmed bookings, supporting overall tourism growth and economic development for the destination.

  • Antigua and Barbuda welcomes more than 10,000 cruise passengers in single day

    Antigua and Barbuda welcomes more than 10,000 cruise passengers in single day

    Antigua and Barbuda experienced a significant boost in cruise tourism activity as six vessels carrying thousands of visitors docked across multiple ports. Official data from Antigua Cruise Port revealed approximately 10,300 passengers and 3,800 crew members arrived in St John’s, Falmouth, and Barbuda, marking one of the busiest days for the dual-island nation’s tourism sector.

    The MSC Virtuosa, the largest vessel in the fleet, accounted for nearly half of all passengers with 5,149 travelers and 1,684 crew members. It was accompanied by the Valiant Lady (2,577 passengers), Brilliance of the Seas (2,229 passengers), and three smaller luxury vessels—Star Flyer, SeaDream 2, and Le Ponant.

    Tourists engaged in extensive exploration of local attractions, including historical heritage sites, pristine beaches, and retail districts. Many participated in organized tours and authentic cultural experiences, generating substantial revenue for local businesses and tour operators.

    Tourism authorities attribute this surge to growing confidence in Antigua and Barbuda’s appeal as a diverse cruise destination. Strategic investments in port infrastructure and strengthened partnerships with major cruise lines have been instrumental in attracting both large-scale and boutique vessels. This coordinated approach has resulted in a consistent increase in port calls throughout the current season.

    As the islands anticipate an exceptionally busy tourism period, cruise arrivals continue to serve as a vital economic engine, creating employment opportunities and sustaining livelihoods across various communities.

  • Wereldwijde aandelen stijgen, goud bereikt nieuw record

    Wereldwijde aandelen stijgen, goud bereikt nieuw record

    Global financial markets experienced broad-based gains on Thursday, propelled by robust corporate earnings optimism while gold prices shattered records for the ninth consecutive session, breaching the $5,500 per ounce threshold. The simultaneous surge in oil prices, driven by escalating geopolitical tensions between the United States and Iran, further fueled market momentum.

    European equities demonstrated strength with the Euro STOXX 600 index advancing 0.5%, primarily driven by rising oil and precious metal prices. Major European exchanges in the United Kingdom, Spain, and France posted gains, while Germany’s DAX index declined 0.9% following disappointing economic data releases.

    Market participants continue to rely on strong corporate earnings to maintain equity attractiveness amid diminishing expectations for Federal Reserve rate cuts before summer. The Federal Reserve maintained current interest rates during Wednesday’s meeting, emphasizing a “clearly improving” economic outlook. Chairman Jerome Powell remained silent regarding his future as Fed governor following his scheduled departure as chair in May.

    Deutsche Bank analysts suggest the Powell-led Fed may have implemented its final rate cut, with increasing balance between risks regarding additional reductions this year.

    Wall Street’s attention centered on Apple, with JPMorgan anticipating quarterly results exceeding expectations due to strong iPhone 17 demand and moderating cost increases. S&P 500 and Nasdaq futures edged higher despite Microsoft’s disappointing figures, offset by Meta’s upgraded revenue and investment projections for 2026.

    Gold surged 2.2% to approximately $5,594 per ounce, achieving nearly 28% monthly gains. Silver similarly benefited, climbing above $120 per ounce. This precious metal rally contributed to a 3% increase in European basic materials indexes, reaching levels unseen since May 2008.

    Oil prices reached four-month highs following President Trump’s warnings to Iran regarding potential attacks absent nuclear agreement progress. Brent crude advanced 2.5% to $70.11 per barrel, while U.S. crude rose 2.6% to $64.83 per barrel.

    Asian markets remained largely stable, with exceptions including South Korea’s 0.6% gain, bringing monthly advances to an impressive 23%. Taiwan’s technology exchange has climbed nearly 13% since January’s commencement.

    Microsoft shares declined 6.5% amid investment profitability concerns, while Meta’s after-hours trading surged 8% following raised 2026 revenue and investment guidance.

    The U.S. dollar faced continued pressure due to policy uncertainty and expanding national debt. The dollar index registered 96.36 against currency baskets, nearing Tuesday’s four-year low of 95.57. Despite U.S. officials advocating for dollar strength, European leaders expressed concern over the decline, with the European Central Bank suggesting a strong euro might justify rate reductions. The euro gained 0.2% to $1.1979, while the dollar weakened against the Swiss franc and Japanese yen.

  • Central Bank cautions against sweeping VAT cuts

    Central Bank cautions against sweeping VAT cuts

    The Central Bank of Barbados has issued a stark warning against implementing sweeping reductions to the nation’s 17.5% Value Added Tax (VAT), cautioning that such untargeted fiscal measures could undermine economic stability while failing to deliver meaningful assistance to populations most severely impacted by rising living costs.

    Governor Dr. Kevin Greenidge articulated the Bank’s position during a Wednesday press conference reviewing the country’s 2025 economic outlook. His comments directly addressed campaign promises from opposition parties contesting the February 11 general election, who have pledged significant VAT reductions as a primary mechanism for addressing cost-of-living pressures should they form the next government.

    Dr. Greenidge, drawing upon his extensive experience from the International Monetary Fund, presented a detailed economic analysis questioning the wisdom of broad-based VAT cuts. He emphasized that such blanket reductions would provide financial benefits across all economic segments, including affluent demographics who don’t require assistance, rather than concentrating support where it’s most needed.

    The Governor highlighted implementation challenges, particularly the uncertain ‘pass-through effect’ where merchants and wholesalers might not fully transfer tax savings to consumers. Using automotive taxation as an example, he explained how importers could retain savings rather than reducing consumer prices, especially in economic environments where prices demonstrate downward rigidity.

    Dr. Greenidge advocated for precisely targeted policy measures instead of across-the-board reductions, stating: ‘If your objective is addressing cost of living, you must identify which specific groups you’re trying to impact. Well-designed, targeted measures for vulnerable populations deliver significantly more effective outcomes than broad fiscal changes.’

    He noted that VAT reductions typically prove most effective when the tax system is performing optimally and the objective involves stimulating productive sectors, rather than addressing immediate cost-of-living concerns. The Governor concluded that implementing monitoring mechanisms to ensure merchants pass on tax savings would likely incur administrative costs exceeding the actual benefits delivered to consumers.

  • OP-ED: The Caribbean labour market paradox – What the 2026 ILO report reveals

    OP-ED: The Caribbean labour market paradox – What the 2026 ILO report reveals

    A new report from the International Labour Organization reveals a troubling dichotomy in Caribbean and Latin American labor markets. While unemployment rates continue their downward trajectory across the region, underlying structural weaknesses are creating what experts term a “hollow victory” in employment metrics.

    The ILO’s 2026 Employment and Social Trends report indicates that beneath surface-level improvements lies a more complex reality of stagnating work quality, declining productivity, and entrenched informality. This paradox presents particular challenges for Caribbean nations, where fewer unemployed persons masks the reality that many workers remain trapped in low-productivity, informal, and insecure employment arrangements that ultimately undermine long-term economic growth and social cohesion.

    Informality persists as the region’s most stubborn challenge, with over 51% of workers across Latin America and the Caribbean engaged in informal employment since 2015—showing virtually no improvement over the past decade. The Caribbean demonstrates striking disparities, with Haiti recording 91.0% informality rates, followed by Barbados at 62.0% and Jamaica at 54.6%.

    Youth employment presents particularly alarming trends. After years of gradual improvement, the percentage of young people not in employment, education, or training (NEET) reversed its downward trend in 2024 and is projected to worsen. This development carries dual consequences: diminished lifetime earnings and employment prospects for youth, and weakened productive capacity for regional economies.

    Compounding these challenges, critical sectors including healthcare, education, and agriculture face acute labor shortages despite persistent unemployment elsewhere. This paradox stems largely from outward migration, as highly educated and skilled workers seek better compensation and working conditions in OECD countries. While migration generates benefits through remittances and skills circulation, unmanaged outflows leave essential services understaffed and weaken domestic productive capacity.

    The region’s productivity crisis reveals alarming comparative data. Between 2015 and 2025, labor productivity in Latin America and the Caribbean fell by an average of 0.4% annually, with the Caribbean alone experiencing a 0.6% decline. This contrasts sharply with global productivity growth of 1.7% and high-income countries’ 1.1% average growth during the same period.

    Addressing these challenges requires moving beyond job creation to fundamentally transform job quality. Policy priorities must include revitalizing investment, accelerating technological adoption, supporting formalization within sectors, and expanding access to quality education and training. Regional cooperation on labor mobility and skills development has transitioned from optional to essential for sustainable development.

    The CARICOM Secretariat, alongside member states and social partners, is currently developing a regional labor migration policy and action plan—a promising step toward addressing these systemic challenges. The Caribbean labor market stands at a critical crossroads, where the central question is no longer whether people are working, but whether work itself can become a genuine engine for prosperity, inclusion, and resilience.