Carib Scope

分类： business

  • Keston Howell named new BATT executive director

    Keston Howell named new BATT executive director

    The Bankers’ Association of Trinidad and Tobago (BATT) has unveiled Keston Howell as its newly appointed executive director, marking a significant leadership transition for the nation’s premier banking organization. Howell assumes the role following Kelly Bute-Seaton’s decade-long tenure, bringing with him an impressive three-decade career within the financial services industry.

    According to an official association release, Howell’s extensive background includes senior executive positions across major financial institutions. His professional portfolio demonstrates particular strength in industry development, evidenced by his active participation in key sector bodies such as the Securities Dealers Association of TT (SDATT) and the Association of TT Insurance Companies (ATTIC).

    BATT’s statement emphasized that Howell’s cross-sectoral experience has cultivated a comprehensive understanding of the financial services ecosystem, establishing him as a recognized proponent of transparent, consumer-focused banking practices. His advocacy for responsible financial services has positioned him as a respected voice within Trinidad and Tobago’s banking community.

    The association outlined Howell’s mandate to spearhead strategic initiatives aimed at enhancing public engagement and advancing financial literacy nationwide. His leadership will focus on driving economic revitalization efforts, championing business-friendly solutions, and accelerating the digital transformation of Trinidad and Tobago’s financial infrastructure.

    BATT further noted that Howell remains dedicated to ensuring the banking sector’s continued contribution to national development, with emphasis on sustainable economic growth, technological innovation, and long-term financial stability for all citizens. His appointment signals the association’s commitment to modernizing financial services while maintaining consumer protection as a central priority.

  • Angostura launches 420 rum drink in Suriname

    Angostura launches 420 rum drink in Suriname

    Trinidad-based spirits manufacturer Angostura Holdings Ltd has achieved a significant milestone in its regional expansion strategy with the inaugural shipment of its premium ready-to-drink rum beverage, 420, to Suriname. The December 12 shipment marks the latest market entry for the product that has been rapidly gaining traction across the Caribbean basin.

    During a media conference at the House of Angostura warehouse in Laventille, Group Chairman Gary Hunt characterized the Suriname launch as a strategic evolution in the company’s product portfolio. “While our iconic bitters and award-winning rums remain the foundation of our global reputation, 420 signals Angostura’s deliberate entry into the ready-to-drink segment,” Hunt stated, emphasizing the company’s adaptation to consumer preferences for convenience, quality, and flavor integration.

    The 420 beverage has demonstrated remarkable market performance since its April launch, exceeding commercial expectations and expanding to multiple territories including Antigua, Barbados, British Virgin Islands, Dominica, St. Lucia, Grenada, St. Kitts, and St. Vincent. Hunt attributed this success to the product’s resonance with contemporary Caribbean consumers, particularly millennials and Generation Z demographics who increasingly favor ready-to-drink formats.

    Angostura is leveraging its centuries-old blending expertise to capitalize on emerging market trends. “We are utilizing our master blenders’ capabilities, knowledge, and know-how to develop superior products that deliver better vibes and better taste,” Hunt explained, highlighting the company’s commitment to innovation-driven commercial strategy.

    Feature speaker Sean Sobers, Minister of Foreign and Caricom Affairs, endorsed Angostura’s approach as exemplary for regional manufacturers seeking to maintain industry relevance. “By leveraging new demands and markets, Angostura continues to place local goods on foreign shelves while exploring investment attraction and global business connection strengthening,” Minister Sobers remarked.

    The government official further emphasized the importance of commercial diplomacy, noting ongoing efforts to recalibrate overseas missions to complement strategic ministerial plans. This recalibration occurs in collaboration with the local business sector to address Trinidad and Tobago’s specific trade and investment requirements through enhanced public-private partnerships.

    The company’s expansion initiative has already demonstrated tangible financial impacts, with Angostura’s nine-month consolidated financial report for the period ending September 30 attributing three percent domestic growth to the successful introduction of its ready-to-drink product line.

  • Ministry of Agriculture provides free white potato seeds to farmers for upcoming season

    Ministry of Agriculture provides free white potato seeds to farmers for upcoming season

    The Dominican Ministry of Agriculture, Fisheries, Blue and Green Economy has officially initiated the 2025/26 white potato cultivation period ahead of schedule, marking a significant advancement in the nation’s agricultural calendar. This strategic move follows the recent arrival of a specialized seed shipment containing 1,160 bags of premium potato varieties—Desiree and Spunta—recognized for their proven success in local growing conditions.

    Prior to distribution to agricultural stakeholders, the imported seeds will undergo rigorous quality assessment and disease screening by the Plant Quarantine Unit of the Division of Agriculture. These protective measures ensure that only certified disease-free planting materials reach Dominican farmers. The ministry anticipates releasing these validated seeds for commercial acquisition by mid-November 2025.

    Comprehensive pricing structures and support packages—encompassing seed provisions, agro-chemicals, essential inputs, tilling services, and transportation logistics—will be formally announced in the coming days. The established planting window spans December 2025 through January 2026, with harvest operations projected to commence approximately 90-110 days post-planting, targeting March-April 2026.

    Agricultural authorities emphasize the economic viability of white potato cultivation, highlighting its rapid growth cycle and sustained market demand. Director of Agriculture Keian Stephenson has publicly encouraged farming communities and cooperative members to pre-register with Extension Officers or local Farmer Service Centers to secure access to essential resources and technical support throughout the production cycle.

    The ministry’s initiative aims to capitalize on optimal growing conditions while stimulating domestic production capacity. Officials urge interested agricultural producers to leverage this strategic opportunity to enhance both crop yields and farm revenue through participation in the accelerated planting program.

  • Multi-Million Dollar CMC Redevelopment to Create Hundreds of Jobs, Minister Says

    Multi-Million Dollar CMC Redevelopment to Create Hundreds of Jobs, Minister Says

    The government has announced a major strategic investment to transform the recently acquired former Kent’s Club property into a national agricultural headquarters. Minister Smith revealed to Parliament that over $9 million has been allocated to secure the five-acre site, which will be developed into a comprehensive agricultural hub serving farmers, processors, and consumers nationwide.

    The redevelopment plan includes construction of state-of-the-art cold-storage and dry-storage facilities, enabling the Central Marketing Corporation (CMC) to purchase bulk produce directly from local farmers and distribute to the public from the new location. Existing structures on the compound will undergo significant upgrades while additional facilities will be constructed to support expanded operations.

    A cornerstone of the new complex will be a purpose-built agro-processing facility designed to support local producers in developing and marketing value-added goods. The minister highlighted artisanal products including wines, jams, specialty breads, and processed foods typically created by small businesses as primary beneficiaries of this initiative. The broader agro-industrial support center will be situated within Kasada Gardens.

    Minister Smith emphasized that the revitalized CMC aims to strengthen domestic food systems rather than compete with private retailers. Addressing opposition criticism, he cited a Cabinet-commissioned customs study revealing CMC’s import volumes are ‘minuscule’ compared to major supermarkets, representing merely ‘a drop in the bucket’ of total imports.

    The corporation’s dual mandate focuses on supporting local agricultural producers through guaranteed purchases while simultaneously working to reduce living costs for vulnerable households. Smith underscored CMC’s critical role in ensuring low-income families maintain access to quality proteins and fresh produce, characterizing the organization as an essential social tool for improving nutritional outcomes and affordability.

    This redevelopment initiative follows a remarkable financial turnaround for CMC. When the current administration took office in 2014, the corporation was reportedly insolvent, burdened by debt, and struggling to meet payroll obligations. Today, CMC maintains millions in reserves—a transformation attributed to strategic Cabinet decisions and effective leadership from management and the board.

  • Hotel Projects to Create 500 Full-Time Jobs as New Resorts Rise Across Antigua, Minister Says

    Hotel Projects to Create 500 Full-Time Jobs as New Resorts Rise Across Antigua, Minister Says

    Antigua and Barbuda’s tourism sector is experiencing a significant expansion with multiple luxury hotel projects underway, poised to create substantial employment opportunities and enhance the nation’s hospitality infrastructure. According to Tourism Minister Charles ‘Max’ Fernandez, these developments reflect robust investor confidence in the dual-island nation’s tourism appeal.

    Minister Fernandez, addressing parliament during the Budget Debate, revealed that the ongoing construction of several high-end resorts will generate over 500 permanent positions in the hospitality sector alongside approximately 300 temporary construction jobs. This employment surge comes as the country responds to increasing visitor numbers that necessitate expanded accommodation options.

    Three major projects are leading this development wave. The Nikki Beach resort is currently under construction, adding to the island’s premium luxury offerings. Simultaneously, the Moon Gate property is scheduled to open in 2026, introducing new capacity in the boutique luxury market segment. Perhaps most significantly, the Marriott Hotel project at Yepton’s has already commenced construction, with Minister Fernandez extending an invitation to opposition parliamentarians to witness the progress firsthand.

    ‘The Marriott Hotel development will substantially increase our room inventory to match growing visitor demand,’ Fernandez stated, emphasizing how these projects collectively represent critical infrastructure investments.

    The minister further noted that these developments coincide with increased air connectivity from key markets including the United States, United Kingdom, Germany, and Italy. This synergistic growth in both accommodation capacity and transportation access positions Antigua and Barbuda to sustainably expand its stayover visitor numbers.

    Fernandez characterized these investments as strengthening both the tourism product and the broader economy, describing the hotel pipeline as a fundamental pillar for the sector’s long-term development strategy. The combination of private sector confidence and strategic infrastructure development signals a transformative period for the nation’s tourism industry.

  • New $3M Food Court Planned for VC Bird Airport in 2026, Minister Announces Further Upgrades

    New $3M Food Court Planned for VC Bird Airport in 2026, Minister Announces Further Upgrades

    Antigua and Barbuda’s Tourism Minister Charles ‘Max’ Fernandez has unveiled a comprehensive modernization strategy for VC Bird International Airport, announcing over $8 million in immediate infrastructure investments set to commence in 2026. The ambitious upgrade program aims to elevate passenger experience and position the nation as the Caribbean’s premier aviation hub.

    During the recent Budget Debate, Minister Fernandez detailed specific projects including construction of a new EC$3 million food court on the terminal’s lower level, significant parking facility enhancements to international standards, and a complete US$5 million reconstruction of the Signature Fixed-Base Operation (FBO) for private aviation users.

    In a notable development for luxury travel, Fernandez announced a partnership between JetEx and Diplomatic Solutions to establish a new premium FBO facility, signaling intensified investment in Antigua’s high-end aviation market. These immediate projects form part of a broader master plan that includes future expansion capabilities for three additional jet bridges to accommodate larger aircraft and increased passenger volumes.

    Minister Fernandez emphasized the strategic importance of these investments: ‘These enhancements are crucial for maintaining our competitive edge and achieving our aspiration to become number one in the Caribbean tourism market.’ The modernization effort extends beyond terminal improvements to include concurrent runway rehabilitation, digital infrastructure upgrades, and staffing reinforcement to support anticipated growth in air traffic and passenger numbers.

    The comprehensive approach addresses both current operational needs and future capacity requirements, representing a significant commitment to infrastructure development that aligns with the nation’s expanding tourism profile and economic ambitions.

  • Public investment window coming for Renugen’s $45M family island energy projects

    Public investment window coming for Renugen’s $45M family island energy projects

    NASSAU, BAHAMAS – Bahamian citizens are poised to participate directly in the nation’s clean energy transformation as Renugen Pro Limited prepares to offer public investment opportunities in its $40-45 million micro-grid initiative starting early next year. This strategic development aligns with the Davis administration’s accelerated efforts to modernize the country’s historically challenged power infrastructure through innovative public-private collaborations.

    During a comprehensive briefing at the Office of the Prime Minister, Renugen executives outlined substantial progress on hybrid energy systems combining solar power, battery storage, and natural-gas generation currently under development for Cat Island, Long Island, and San Salvador. These projects, governed by a 25-year power purchase agreement with the government, promise to revolutionize grid reliability, cost efficiency, and environmental sustainability across all three islands.

    Lamore Bingham, Operations Manager for Renugen Pro, emphasized the company’s national character: “We are a Bahamian-led organization established in partnership with Wilkem Tech and Roswall Development. These micro-grids perfectly support the government’s vision for delivering stable, modern, and sustainable power throughout The Bahamas. Upon completion, island residents and businesses will benefit from reduced outages, decreased reliance on imported fuels, and a cleaner energy infrastructure capable of supporting future economic expansion.”

    Bingham confirmed that preliminary phases including land clearing, geotechnical surveys, and initial engineering have been finalized, with equipment specifications now being locked in. The hybrid systems are designed as comprehensive replacements for aging diesel plants that have powered the islands for decades.

    Canadian technical partner Roswall Development, through CEO Dan Roscoe, highlighted the systems’ engineering resilience against intensifying hurricane seasons while ensuring uninterrupted power supply. “Battery technology is fundamentally transforming electricity production,” Roscoe stated. “When integrated with solar generation, they create an exceptionally reliable and clean power source. Natural gas serves as our contingency safeguard to guarantee full operational resilience during storms and peak demand periods.”

    Each island’s system has been custom-designed according to its unique energy requirements: one megawatt solar capacity for Cat Island and San Salvador, and three megawatts for Long Island. System modeling incorporated seasonal consumption variations, including energy spikes during cultural events like regattas and homecoming celebrations.

    With front-end engineering approaching completion, project financing through Leno Bahamas has reached advanced stages. Roscoe confirmed: “Early next year, we will publicly announce investment opportunities allowing Bahamians direct participation in these transformative projects. The combined value across all three islands approximates $40-45 million.”

    Equipment acquisition will commence following financial close, with on-island construction scheduled for late 2026. Renugen anticipates full commissioning of all micro-grids by 2027, with the company retaining operational and maintenance responsibilities throughout the project’s 25-year lifespan. Roscoe concluded: “We take pride in supporting governmental efforts to modernize energy infrastructure while enhancing reliability and affordability across our Family Islands. This represents a pivotal moment that will deliver tangible benefits to residents, businesses, and the broader national economy.”

  • Minister Bharrat: Maak local content sterk, maar sluit de deur niet voor investeerders

    Minister Bharrat: Maak local content sterk, maar sluit de deur niet voor investeerders

    Guyana’s Minister of Natural Resources Vikram Bharrat has offered strategic counsel to neighboring Suriname regarding local content policy formulation for emerging oil economies. Speaking with Starnieuws during a Production Sharing Agreement signing with Ghana’s Cybele Energy, Minister Bharrat emphasized the critical balance between national development and investor attraction.

    “The best advice I can give Suriname in its pursuit of local content policy is to create well-considered legislation applicable to national development while keeping doors open for investors,” stated Minister Bharrat. Guyana has transitioned from basic local content policies to comprehensive legislation mandating foreign companies to hire Guyanese citizens and contractors while implementing skills transfer programs.

    Senior Petroleum Advisor Bobby Gossai, present at the PSA signing ceremony at Pegasus Hotel, highlighted that attracting foreign investors remains a priority in multinational negotiations. “Corporate capabilities must align with our national conditions,” Gossai explained. “During negotiations, we ensure companies understand our established timelines and investment focus areas for coming years.”

    The negotiation process for agreements like PSA requires companies to recognize the Guyanese government’s dual responsibility to both corporate partners and society. Extensive development has gone into Guyana’s fiscal policy for oil and gas, including 10% royalty fees, 10% taxes, cost recovery mechanisms, and profit sharing arrangements.

    Guyana has secured seven Foreign Direct Investment contracts since beginning its transformation into one of the world’s fastest-growing economies. Following over 30 oil discoveries since 2015, four sites are currently operational with two additional sites expected within two years. The seven FDIs include Liza Phase 1 (2017), Liza Phase 2 (2019), Payara (2020), Yellowtail (2022), Uaru (April 2023), Whiptail (April 2024), and Hammerhead (September 2025).

    Minister Bharrat confirmed the ongoing strategy: “The intention is naturally to attract as many investors as possible” while maintaining responsible resource management and national benefit structures.

  • Foreign currency transactions: a necessary step to strengthen the national economy

    Foreign currency transactions: a necessary step to strengthen the national economy

    Cuba has enacted sweeping financial reforms through Decree Law 113, establishing a comprehensive framework for foreign currency management and allocation. This landmark legislation, published in the Official Gazette, represents a fundamental shift in Cuba’s economic policy aimed at macroeconomic stabilization and growth stimulation.

    The new mechanism allows multiple currencies to function as legal tender alongside the Cuban peso, marking a departure from previous restrictions that limited transactions to domestic currency. The reform applies to Cuban, foreign, and mixed legal entities, as well as individuals engaged in productive activities or economic transactions involving foreign currency instruments.

    Under the leadership of the Ministry of Economy and Planning (MEP) and the Central Bank of Cuba (BCC), the system will prioritize export activities, production linked to export sectors, import substitution initiatives, and other ventures that contribute to increasing foreign currency revenues. The regulations establish procedures for entities to retain significant portions of their foreign currency earnings, ensuring liquidity and operational flexibility.

    Central Bank President Juana Lilia Delgado Portal emphasized that this represents a higher-level legal regulation updating previous provisions. The framework introduces Foreign Currency Access Capacity Allocation (ACAD), authorizing economic actors who don’t generate foreign currency to purchase it from the Central Bank at official exchange rates for priority activities.

    Economy Minister Joaquín Alonso Vázquez outlined four fundamental objectives: organizing the foreign currency management system, regulating transactions based on existing accounts or ACAD allocations, defining legal access to foreign currency, and specifying which economic transactions will be conducted in foreign currency.

    The reforms are designed to stimulate export revenues rather than recirculate existing currency within the national economy. The measures also encourage import substitution, development of legal currency access mechanisms, and expansion of foreign currency-generating activities including e-commerce with international payments.

    Authorities indicate these changes represent an interim step toward establishing necessary macroeconomic conditions for eventual restoration of the Cuban peso’s convertibility in a transformed foreign exchange market.

  • Fuel Prices Remain Frozen as Inflation Heats Up

    Fuel Prices Remain Frozen as Inflation Heats Up

    In a striking economic contradiction, Belize maintains frozen fuel prices despite global oil market declines, creating a policy dilemma where the very mechanism funding social welfare programs simultaneously drives inflationary pressures. With West Texas Intermediate crude trading at $57.79 per barrel amid global supply concerns and geopolitical tensions, Belizean drivers continue paying premium prices due to government-mandated price controls.

    The Briceño administration defends this approach as fiscally necessary, arguing that fuel taxes generate $50-60 million annually critical for funding education initiatives, nutritional programs, scholarships, and National Health Insurance. Prime Minister John Briceño explicitly stated that reducing fuel taxes would create a massive budget shortfall, asking critics to identify alternative revenue sources before considering reductions.

    Statistical Institute of Belize data reveals the policy’s inflationary impact: gasoline and other fuels rank among the top inflation drivers, with household goods and services costing 1.2% more from January to October 2025 compared to the same period last year.

    The situation contains significant political irony. As Opposition Leader in 2017-2018, Briceño vehemently criticized the previous administration’s fuel taxation approach, accusing them of creating uncompetitive economic conditions and exacerbating living costs. He specifically promised during his opposition years to maintain fuel prices below $7 per gallon and reduce taxes if global prices increased.

    Now governing since November 2020, Briceño’s administration has not only maintained the price fixation policy but ceased publishing price change notifications. The Prime Minister now emphasizes achieving balance between social program funding and economic pressures, suggesting future tax adjustments might occur only after improved tax collection and economic growth provide alternative revenue streams.