Scotiabank has announced the appointment of Jabar Singh as the new Country Head for the Dominican Republic and the Caribbean, effective January 1. Singh, a seasoned leader with over two decades of experience, has held various senior roles within the bank since joining in 2009. His career spans corporate and investment banking, commercial banking, and wholesale banking across Canada, the Dominican Republic, Chile, and Colombia. Notably, as President and CEO of Scotiabank Colpatria, Singh played a pivotal role in driving growth, transformation, and client engagement excellence. Recognized for his customer-centric leadership and inclusive culture-building, Singh has a proven track record in executing complex mergers and acquisitions, expanding market share, and strengthening governance. In his new role, Singh will oversee operations in the Dominican Republic and the broader Caribbean region, including The Bahamas, Barbados, Cayman, Guyana, Jamaica, Trinidad and Tobago, and Turks and Caicos. Additionally, he will manage Scotiabank’s equity interests and strategic partnerships with Davivienda in Colombia and Central America, and with Maduro & Curiel (MCB) in the Dutch Caribbean. Francisco Aristeguieta, Group Head of International and Global Transaction Banking, praised Singh’s leadership and strategic vision, emphasizing his commitment to community engagement and business performance. Singh expressed his enthusiasm for the new role, highlighting his focus on driving sustainable growth and building on the bank’s strong foundation. Scotiabank, with assets of approximately $1.4 trillion, is one of the largest banks in North America and has been a key player in the Caribbean since 1889, serving over 1.7 million customers with a robust infrastructure of 970 ATMs, 140 branches, and 7,000 employees.
分类： business
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19-year-old turns lunch money into boutique business
At just 19 years old, Dashia Moxey has already carved out a remarkable path as a multifaceted entrepreneur, balancing her growing clothing boutique, multiple side businesses, and law studies. Her journey began in high school, where she saved her lunch money to fund her first venture—a skincare line. This initial step laid the foundation for her entrepreneurial spirit, which later expanded to include locs hairstyling, candied fruit sales, and eventually the opening of Astra Boutique in February 2024, just months after graduating from Temple Christian High School.
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JBG CRISIS DEEPENS
Jamaica Broilers Group (JBG) has reported a staggering $7.2 billion net loss for the fiscal year ending May 3, 2025, following the discovery of significant accounting irregularities in its US operations. The irregularities necessitated a restatement of prior financial results, leading to a massive write-down of intangible assets, goodwill, and biological assets, which severely impacted the company’s equity. The restatement erased billions from the company’s stated equity, resulting in a consolidated group loss despite a $2.5 billion net profit from its core Jamaican operations, which include the Best Dressed Chicken and Hi-Pro Ace brands. The US subsidiaries, however, reported a net loss of $9.1 billion, completely offsetting the gains from Jamaica. The financial turmoil triggered a breach of the company’s debt covenants, prompting its auditor, PricewaterhouseCoopers (PwC), to highlight a ‘material uncertainty’ about the group’s ability to continue as a going concern. The consolidated balance sheet now shows liabilities exceeding assets, with negative equity of $10.03 billion and total borrowings of $42.5 billion. The company’s directors have implemented a survival plan, including detailed cash flow forecasting and cost control measures, while engaging in ongoing discussions with financial institutions. The scandal, centered on inflated asset values and hidden debts in the US operations, led to the departure of the entire US management team, including Stephen Levy, the brother of Group President and CEO Christopher Levy. PwC issued a qualified opinion on the financial statements, citing insufficient evidence regarding the completeness of the accounting irregularities. The restatement erased $22 billion from the company’s historical profits, revealing that the previously reported earnings never existed. The company’s liquidity position is precarious, with current liabilities of $63 billion significantly exceeding current assets of $28.5 billion. Despite the crisis, the core Jamaican operations remain profitable, with a 33% rise in operating profit to $2.12 billion in the latest quarter. However, the impending $40 billion restatement looms over the company’s future. The scandal has severely impacted investor confidence, with the stock price plummeting 35.75% since the start of the year. The company’s ability to renegotiate terms with lenders and stabilize its US operations will determine its survival.
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The National Bank of Dominica awarded 2025 ECCU Distinguished Bank of the Year
The National Bank of Dominica Ltd. (NBD) has achieved a remarkable milestone by securing top honors in three major categories at the 2025 ECCU Bank of the Year Awards. The ceremony, held in St. Kitts, saw NBD being recognized for its Technological Innovation, Customer Service, and the coveted ECCU Bank of the Year Award. This achievement underscores the bank’s commitment to excellence and innovation in the financial sector.
Established in 2024, the ECCU Distinguished Bank of the Year Award aims to celebrate financial institutions that demonstrate strategic foresight and innovative business practices. This year’s competition was particularly intense, with seven commercial banks submitting a total of 34 entries. Over 3,000 members of the public participated in the online voting process, reflecting widespread engagement and interest.
In addition to its three wins, NBD was also a finalist in all six award categories, including Corporate Social Responsibility, Financial Education and Empowerment, and Support for Micro, Small, and Medium Enterprises (MSMEs). This broad recognition highlights the bank’s comprehensive approach to banking and its dedication to serving the community.
NBD’s victory in the Technological Innovation category is a testament to its ongoing efforts to revolutionize digital banking in Dominica. By introducing modern solutions that enhance accessibility, convenience, and security, the bank has positioned itself as a leader in the digital transformation of the financial sector. The Customer Service Award further cements NBD’s reputation for providing attentive, professional, and customer-centric service.
The ECCU Bank of the Year Award, the most prestigious honor of the night, recognizes NBD’s overall leadership, strategic vision, and consistent delivery of excellence. The bank’s statement expressed pride in this achievement, noting that it reflects NBD’s extensive contributions to financial stability, community empowerment, and innovation-driven progress.
As NBD celebrates these accolades, it remains committed to expanding its services, promoting financial inclusion, supporting national progress, and fostering the growth of communities and businesses within Dominica and the broader region.
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Antigua and Guyana Agree on Food Import Plan to Cut Cost of Living
In a strategic move to alleviate the rising cost of living, the governments of Antigua and Barbuda and Guyana have inked a collaborative agreement to streamline food imports. The initiative aims to secure affordable fruits, vegetables, and other essential produce for local markets, directly benefiting consumers. The decision emerged from high-level discussions between Antigua and Barbuda’s Prime Minister Gaston Browne and Guyana’s President Irfaan Ali during the COP30 conference in Belize. Maurice Merchant, Director General of Communications, announced that Agriculture Minister Anthony Smith Jr. has been tasked with coordinating efforts with Guyana to implement the plan. ‘This initiative will enable us to source food items at reduced rates, leading to tangible price reductions once fully operational,’ Merchant stated during a recent Cabinet media briefing. The partnership underscores the government’s broader strategy to enhance food security and mitigate the impact of global market fluctuations on local prices. Currently, nearly 90% of Antigua and Barbuda’s food imports originate from North America, a dependency that has left the nation vulnerable to external economic shifts. By diversifying supply sources within the CARICOM region, the agreement seeks to stabilize food costs and ensure long-term affordability for consumers. This effort complements earlier Cabinet decisions to reduce tariffs on essential food items, including fresh produce, canned proteins, and infant foods.
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Republic posts record US$329 million profit
Republic Financial Holdings Limited (RFHL) has announced a record-breaking profit of US$329 million for the fiscal year ending September 30, 2025, marking a significant increase of US$29 million (9.7%) compared to the previous year’s US$300 million. This milestone underscores the earnings available to shareholders and reflects the company’s robust financial health. Chairman Vincent A. Pereira credited this exceptional performance to sustained loan growth, enhanced operational efficiency, and prudent risk management. Pereira emphasized that the past year was characterized by strong performance, disciplined execution, and meaningful progress, even in the face of a challenging global and regional economic landscape. The Board of Directors declared a final dividend of US$0.58 per share, bringing the total annual dividend to US$0.90 per share, a 5.3% increase from the previous year. Pereira highlighted RFHL’s solid capital and liquidity positions, which provide a strong foundation for continued growth and innovation across its sixteen countries of operation. The company has also prioritized strategic initiatives such as improving customer experience, accelerating digital transformation, and embedding sustainability and governance into its operations. Additionally, RFHL has demonstrated a strong commitment to social impact through various community investment programs, focusing on youth development, small business growth, and building inclusive economies. Looking forward, Pereira expressed confidence in the group’s ability to navigate global uncertainties and market volatility, reaffirming its strategic focus on delivering sustainable value to shareholders, exceptional service to customers, and fostering a culture of integrity, innovation, and inclusion.
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C’bean pushes for scaled-up agricultural irrigation investment at investment forum
A high-level Caribbean delegation, including Floyd Greene, Jamaica’s Minister of Agriculture, Michael James, Barbados’ Chief Agriculture Officer, and Shaun Baugh, CARICOM’s Agriculture Programme Manager, made a strong case for enhanced investment in food and agriculture at the FAO Hand-in-Hand Investment Forum 2025 in Rome, Italy, from October 14 to 16. The delegation engaged in strategic discussions with four major development banks—CAF, CDB, IDB, and the World Bank—focusing on irrigation and climate-resilient agriculture as key to boosting regional food production, reducing import reliance, and fostering sustainable employment. CAF, which has financed over $200 billion in regional projects, pledged technical assistance and pre-feasibility grants up to $1 million, while CDB reaffirmed its commitment to Jamaica, its largest shareholder, with concessional loans. The $19.2 million regional initiative aims to provide irrigation to 764 hectares, benefiting 635 families directly and 4,000 people indirectly, while aligning with CARICOM’s goal to cut food imports by 25% by 2030. Projects include irrigation ponds in Barbados, surface water networks in Jamaica, and infrastructure rehabilitation in St Vincent and the Grenadines. Minister Greene emphasized irrigation as the backbone of agricultural transformation, while James highlighted the necessity of local production. The IDB and World Bank offered diverse financing options, and private-sector partners showcased advanced irrigation technologies. This collaboration marks a significant step toward a more resilient and food-secure Caribbean.
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Central Bank of Barbados warns public of fraudulent website
The Central Bank of Barbados has issued a stern warning to the public regarding a deceptive website that mimics the Bank’s branding to defraud individuals. In an official statement released on Wednesday, the Bank identified bimpayer.pro as a fraudulent platform designed to mislead users and extract payments. The Bank emphasized that it never solicits money or payments from the public and urged citizens to avoid interacting with the site, sharing personal information, or making any transactions. The Central Bank reiterated that the only legitimate website for its national instant payment system, BiMPay, is www.bimpay.bb, accessible via the Bank’s primary website at www.centralbank.org.bb. Any other site claiming association with the Central Bank or BiMPay should be approached with skepticism. Individuals who have already engaged with the fraudulent site are advised to report the incident to the Barbados Police Service and seek guidance from the Central Bank’s Corporate Communications Unit.
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Barbados strengthening international ties to boost investment
Barbados is actively broadening its diplomatic and economic horizons to attract global investment, as the island nation shifts toward a greener and more diversified economic model. Speaking during a British trade mission to Barbados on Wednesday, Minister of Economic Affairs and Investment Kay McConney emphasized the government’s strategy to forge new partnerships across Africa, the Middle East, and Asia. This move is part of a broader effort to diversify the nation’s economic base and strengthen ties with both traditional and emerging markets. McConney highlighted that Barbados has already expanded its diplomatic relations with countries such as the United Arab Emirates, Qatar, and others, and is preparing to establish a physical diplomatic presence in India. The minister underscored that Barbados’ investment strategy is inclusive, welcoming funding from governments, private sectors, and international agencies. ‘Barbados is open for business to the entire world,’ she stated, emphasizing opportunities for all investors. While deepening ties with the United Kingdom remains a priority, McConney clarified that this is part of a comprehensive global strategy. Export Barbados CEO Mark Hill noted that UK companies are increasingly interested in Barbados’ green industrial initiatives, viewing the Caribbean as a prime location for sustainable development. Hill also highlighted the success of Barbados’ intellectual property investment program, which has attracted attention from European firms, including German companies. He projected that a $2 million increase in IP investment could yield an economic impact of $3 to $4 billion, aligning Barbados with global trends in decarbonization and innovation.
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Barbados ‘greenfield hub’ for clean, tech-driven industry
Barbados is strategically positioning itself as a prime destination for clean, technology-driven industrial investment, capitalizing on Europe’s decarbonization efforts. Mark Hill, CEO of Export Barbados, emphasized the nation’s focus on intellectual property (IP) and tax incentives to attract global investors. Speaking at the sixth annual UK Trade Mission to Barbados Business Forum, Hill highlighted the country’s shift from traditional manufacturing to IP-led growth, ensuring creators feel secure in protecting their innovations.
Barbados has introduced the Patent Box initiative, offering tax reductions from 9% to 4.5% for manufacturers operating on the island. This framework, Hill noted, positions Barbados as a global leader in IP-based tax systems, surpassing even Malta and the EU for businesses earning under $750 million annually. The government aims to increase industry’s contribution to GDP from 5-10% to 20-25% over the next decade through this IP-focused strategy.
Export Barbados has also launched the GIGA programme, fostering sustainable, high-tech industrial growth and boosting exports. The initiative aims to transform Barbados into a regional innovation leader by focusing on advanced technology and green industries. Hill underscored the importance of intellectual capital, stating that IP is the core asset of any business, attracting further investment.
As European economies transition from “brownfield” sites to “greenfield” locations, Barbados has emerged as an attractive option for affordable, modern industrial development. Hill emphasized that the future of industrialization lies in robotics, automation, cybersecurity, and data-driven processes, rather than traditional labor-intensive methods.
Barbados is also enhancing its data security infrastructure, inviting investors to build customized data systems on the island. This positions Barbados as a secure, off-grid industrial hub with robust cybersecurity frameworks and access to cutting-edge technologies, enabling rapid scalability for businesses.