Carib Scope

分类： business

  • Olieprijzen stijgen naar hoogste niveau in weken

    Olieprijzen stijgen naar hoogste niveau in weken

    Global crude oil markets delivered a historic jump on Wednesday, with prices climbing more than 6% to close at their highest levels in weeks, driven by escalating fears of prolonged Middle Eastern supply disruptions following stalled negotiations between the United States and Iran. A larger-than-expected drawdown in U.S. commercial oil and fuel inventories further amplified upward price momentum, compounding already tight market conditions.

    June Brent crude futures, the global benchmark for oil prices, notched an eighth consecutive day of gains on Wednesday, settling up $6.77, or 6.1%, at $118.03 per barrel — its highest closing level since March 31. In post-market trading, the benchmark extended its rally to hit $120 per barrel, a threshold not crossed since June 2022. U.S. West Texas Intermediate (WTI) crude futures for the same delivery month rose $6.95, or 7%, to settle at $106.88 per barrel, the highest peak since April 7.

    Market anxiety deepened after a White House official confirmed that former U.S. President Donald Trump has asked domestic oil producers to outline mitigation strategies for a potential months-long closure of Iranian ports by U.S. sanctions. Calculations from Reuters show the ongoing geopolitical conflict centered on Iran has already cut off more than $50 billion worth of crude oil from global markets. “An extended port blockage would worsen existing supply disruptions and push prices even higher,” warned Yang An, a senior analyst at Haitong Futures.

    Data from the U.S. Energy Information Administration (EIA) added further fuel to the rally, reporting that U.S. crude inventories fell by more than 6 million barrels last week. That drawdown far outpaced the 200,000 barrel decline analysts had forecast. Both gasoline and distillate fuel stockpiles, a category that includes diesel, also dropped more sharply than predicted. The inventory declines sparked fresh concerns over potential shortages in the world’s largest fuel consumer just as the summer peak driving season, a period of historically high fuel demand, gets underway. Analysts at RBC Capital Markets noted that growing seasonal summer demand paired with ongoing supply restrictions will likely provide additional upward support for oil prices in coming weeks.

    In another development that underscores the severity of current supply chain disruptions, the Abu Dhabi National Oil Company (ADNOC) has notified some customers that it may shift loading of two crude grades to ports outside the Persian Gulf next month, as the Strait of Hormuz, one of the world’s most critical energy chokepoints, remains closed, according to sources and a document reviewed by Reuters. The prolonged closure of the strait, through which roughly 20% of global oil trade passes daily, has already placed severe pressure on global oil and gas supplies.

    Beyond immediate supply disruptions, investors are also assessing the long-term market impact of the United Arab Emirates’ (UAE) decision to withdraw from OPEC. Callum Macpherson, head of commodities at Investec, noted that most analysts expect little near-term market impact, as Middle Eastern producers are projected to maintain maximum output levels to capitalize on high prices.

    However, research firm Wood Mackenzie warned that the UAE’s exit marks the most significant rupture in OPEC’s decades-long history, and increases the risk of global oversupply that could push oil prices lower starting in 2027. Simon Flowers, chief analyst at Wood Mackenzie, explained that the departure will have minimal impact on 2026 market dynamics even if the Strait of Hormuz reopens, but after that point, losing one of OPEC’s most productive members will make it far harder for the cartel to balance global markets, amplifying risks of oversupply and downward price pressure.

    Amid widespread geopolitical and economic uncertainty, gold has also emerged as a standout asset for investors. On April 30, 2026, gold settled at $4,541 per troy ounce, marking a 44% increase from April 2025 and hitting an all-time record high. The sharp rally is widely attributed to growing geopolitical tensions, persistent inflation concerns, and broad global economic uncertainty. Top Wall Street banks are split on how high prices can go: analysts from JPMorgan and Bank of America project gold will climb toward $5,000 per troy ounce by the end of 2026, while strategists at UBS and Deutsche Bank forecast prices could surge above $6,000 per ounce this year.

  • The CCIO issues an appeal : «Faced with the emergency, inaction is no longer an option»

    The CCIO issues an appeal : «Faced with the emergency, inaction is no longer an option»

    Amid a rapidly worsening security and logistics crisis in one of Haiti’s most critical economic corridors, the Chamber of Commerce and Industry of the West (CCIO) has issued an urgent appeal, warning that continued inaction will carry catastrophic human and economic consequences for the entire country.

    The crisis is unfolding across a strategic area bounded by National Road 1, Route 9, and the perimeter of Toussaint Louverture International Airport – a hub that connects key industrial operations, trade routes, and the country’s primary international gateway. The CCIO’s warning comes after three of Haiti’s largest private companies – Brasserie de la Couronne, Barbancourt Distillery, and Brasserie Séjourné – issued their own joint statement highlighting the growing threat to their operations in the region.

    Beyond the immediate risks to industrial sites, warehouses, and critical transport infrastructure, the CCIO emphasizes that the crisis is first and foremost a humanitarian emergency. Thousands of workers, their families, and entire local communities in the area now live in daily fear, facing constant uncertainty over their safety and livelihoods. Every job placed at risk in this strategic zone pushes another vulnerable household deeper into precarity, the chamber notes. When operations are halted, working parents lose the income they need to feed their children, cover school fees, pay for medical care, and maintain even the most basic stability in a country already grappling with systemic crisis.

    The impact of continued instability in this zone extends far beyond the private sector, affecting every layer of Haitian society. As a core economic artery for the Port-au-Prince metropolitan area, a full collapse of activity here would disrupt national supply chains, cut critical public revenue, eliminate thousands of formal jobs, and fray already fragile social cohesion across the country.

    The CCIO stresses that no credible plan to stabilize the Haitian capital can succeed without prioritizing the security and restoration of this vital corridor. Allowing a permanent lawless zone to take root just steps from the country’s main international airport would not only inflict severe long-term damage on Haiti’s already struggling national economy, but also condemn tens of thousands of local citizens to even harsher living conditions.

    To address the emergency, the CCIO has laid out four clear demands for Haitian authorities. First, it calls for immediate security interventions to protect workers, residents, and the broader local population. Second, it urges authorities to prioritize urgent rehabilitation of damaged critical road infrastructure – a prerequisite for any effective law enforcement deployment in the area. Third, it calls for measures to protect ongoing economic activity, preserve existing jobs, and prevent a further escalation of social vulnerability across the region. Finally, the chamber demands the establishment of a formal public-private consultation framework to enable continuous monitoring of the crisis and the development of long-term sustainable solutions.

    Reaffirming its commitment to collaborative problem-solving, the CCIO says it stands ready to contribute constructively to any technical or institutional initiative focused on protecting this strategic zone, upholding the dignity of affected families, and preventing what it warns could become a major humanitarian and economic catastrophe.

  • Grind on: Portvale resumes after latest disruption in troubled sugar crop

    Grind on: Portvale resumes after latest disruption in troubled sugar crop

    After yet another unplanned interruption that extended a string of crises through one of the most chaotic sugar harvests in recent Barbados history, grinding operations at Portvale Sugar Factory have officially restarted. The Barbados Energy and Sugar Company (BESCO), the entity currently managing milling operations under the island nation’s restructured sugar industry, confirmed the resumption in an official statement released to the public this Wednesday, noting that the pause was triggered by an unexpected mechanical malfunction that factory engineering teams have now fully resolved.

    “The Barbados Energy and Sugar Company is pleased to announce the resumption of grinding operations at the Portvale Sugar Factory following a brief pause due to a mechanical failure,” the statement read. “The temporary halt occurred after one of the mills experienced a malfunction, prompting immediate intervention by the factory’s engineering team.” According to BESCO, the specialized repair crew worked nonstop through the disruption to limit downtime for the entire harvest, with technicians putting in round-the-clock shifts to return the affected mill to full working capacity as fast as possible.

    This latest stoppage is far from an isolated incident for the 2026 crop harvest. Since the season got underway, production has been repeatedly knocked off schedule by a toxic combination of industrial unrest and recurring mechanical failures. The first major shutdown hit in mid-March, when workers represented by the Unity Workers Union (UWU) walked off the job for three full days to protest unresolved disputes over union recognition and substandard working conditions. While operations resumed after that strike, intermittent closures have continued, fueled by both lingering labor tensions between union leadership and BESCO management and persistent mechanical issues across aging milling infrastructure.

    Local cane farmers who supply the Portvale facility have already voiced growing frustration over the cascading impacts of repeated stoppages. Many producers have reported significant delays in getting their harvested cane accepted for processing, forcing costly disruptions to their own harvesting and logistics schedules as the standoff between labor and management drags on.

    In a separate but related development announced Wednesday, the Congress of Trade Unions and Staff Associations of Barbados (CTUSAB) confirmed that the Sugar Industry Staff Association (SISA) has finally secured official recognition as the exclusive bargaining unit for BESCO’s managerial staff. The milestone ends a years-long campaign for recognition that stretches back to the earliest stages of the country’s sugar industry restructuring process.

    CTUSAB General Secretary Dennis De Peiza clarified to reporters that SISA is not involved in the ongoing labor dispute disrupting Portvale operations, which is limited exclusively to the UWU and the Barbados Workers Union, the two labor bodies representing non-managerial workers at the facility. “I can assure you that SISA is not part of the ongoing dispute with the sugar industry body at Portvale, that’s a matter which directly relates to the Unity [Workers] Union and the Barbados Workers’ Union, which are the two bodies that have interests there,” De Peiza said. “I can say without any contradiction… SISA is a recognised body, and that issue does not in any way concern SISA at this time.”

    The current management structure for Barbados’ sugar industry dates back only to January 15, 2024, when two newly formed cooperatives – Agricultural Business Company Ltd (ABC) and BESCO – took over full responsibility for sugar cultivation, milling, and sales after the government transitioned operations away from the former state-owned Barbados Agricultural Management Company (BAMC).

    In closing its Wednesday statement, BESCO extended gratitude to all workers, farmers, and industry partners for their patience and flexibility through the repeated disruptions, and reaffirmed the company’s confidence that it will still meet all production targets for the 2026 harvest. “BESCO assures stakeholders and the public that, despite the short interruption, sugar production for the 2026 Crop has been progressing well,” the company said.

  • Belize Growth Forecast Rises to 2.5% in 2026

    Belize Growth Forecast Rises to 2.5% in 2026

    Against a backdrop of widespread economic slowdown across Latin America and the Caribbean, Belize has emerged as an outlier with an upgraded growth projection for 2026, new data from the UN’s Economic Commission for Latin America and the Caribbean (ECLAC) shows. The latest revised estimates put Belize’s economic expansion at 2.5% for 2026, a notable acceleration from the 1.6% growth forecast for 2025.

    This upward revision marks a rare bright spot in the region’s economic outlook. Of the 33 distinct economies tracked across Latin America and the Caribbean, only a small share are expected to see growth pick up in 2026, while 24 face projected slowdowns. The broader regional average growth forecast for 2026 currently sits at just 2.2%, dragged down by a combination of persistent headwinds that are damping activity across most of the area.

    According to ECLAC’s analysis, multiple interconnected factors are dragging on regional performance. Sluggish growth in private household consumption has failed to provide the economic lift seen in post-pandemic recovery periods, while persistent upward pressure on inflation continues to erode purchasing power for consumers across the region. On the global front, mounting geopolitical tensions, elevated international oil prices, and a broad slowdown in cross-border trade have created a challenging external environment that most economies in the region are struggling to navigate.

    The slowdown is also spilling over into regional labor markets. ECLAC projects that employment growth across Latin America and the Caribbean will ease to around 1.1% in 2026, down from 1.5% recorded in 2025.

    While Belize’s accelerating growth projection stands out against this subdued regional trend, ECLAC has emphasized that significant downside risks remain for all economies across the region, including Belize itself. Volatile global financial conditions, ongoing upward pressure on energy and food commodity prices, and deep-rooted structural economic vulnerabilities that many countries have not addressed could all constrain stronger performance in the second half of 2026 and into 2027.

  • ECLAC Projects Robust 4.0% Growth for Antigua and Barbuda in 2026

    ECLAC Projects Robust 4.0% Growth for Antigua and Barbuda in 2026

    Against a backdrop of moderating economic momentum across Latin America and the Caribbean, the Economic Commission for Latin America and the Caribbean (ECLAC) has released updated projections that position Antigua and Barbuda as a standout performer in 2026, with a projected 4.0% annual economic expansion.

    The latest forecast builds on an estimated 5.0% growth for the twin-island nation in 2025, highlighting the unexpected resilience of its tourism-reliant economy at a time of mounting global economic uncertainty. Unlike many of its regional peers, Antigua and Barbuda is set to maintain solid growth even as ECLAC has revised down the broader regional outlook for 2026, cutting projections to an average of just 2.2% growth across Latin America and the Caribbean amid a increasingly difficult international operating environment.

    ECLAC’s analysis shows that growth will decelerate in 24 of the region’s 33 individual economies, marking a broad-based slowdown across the bloc. Antigua and Barbuda’s 4.0% projected expansion puts it nearly double the regional average, cementing its status as one of the Caribbean’s strongest-performing small island economies.

    The commission attributes the region-wide slowdown to a confluence of persistent external pressures. Heightened geopolitical frictions across major global powers have created widespread market uncertainty, while stubbornly elevated inflation and tighter global financial conditions continue to constrain business and consumer activity. Persistently high oil and food prices have kept inflationary pressures stickier than many policymakers anticipated, while slowing growth in the world’s largest economies and sluggish global trade expansion have cut into external demand for regional exports. Meanwhile, major central banks have kept monetary policy comparatively tight, leaving borrowing costs restrictive for both governments and private businesses across the developing world.

    The Caribbean sub-region paints an even more uneven picture, ECLAC notes. Aggregate Caribbean growth is projected to hit 5.6% in 2026, but that headline figure is skewed dramatically by the rapid oil-driven expansion of Guyana. When Guyana is removed from the calculation, underlying growth across the rest of the Caribbean falls significantly, highlighting the deep divergence in economic trajectories across Caribbean nations.

    Looking beyond short-term projections, ECLAC has warned that structural challenges continue to hold back long-term prosperity across the whole region. These persistent constraints include limited potential for sustained long-term growth, widespread vulnerability to external economic and climate shocks, and soft domestic demand in multiple major economies. To counter these headwinds, the commission says that boosting productive investment, lifting labor and business productivity, and building greater economic resilience to external shocks will be critical to delivering sustained, inclusive growth in the coming years.

    For Antigua and Barbuda, the 4.0% 2026 growth projection signals that the nation is on track for continued macroeconomic stability, even as global headwinds and regional slowdown trends create ongoing challenges that policymakers will need to navigate.

  • Latin America and the Caribbean Will Grow 2.2% in 2026

    Latin America and the Caribbean Will Grow 2.2% in 2026

    New updated economic projections from the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) have trimmed the 2026 average growth outlook for the region’s economies to 2.2%, a slight downward adjustment from the 2.3% forecast published in December 2025. The revision comes as the global operating environment has grown far more challenging than analysts anticipated at the end of last year, marked by escalating geopolitical frictions, tighter-than-expected global financial conditions, and a renewed surge in inflationary pressures across the world.

    ECLAC’s analysis notes that this slowdown in economic momentum will be felt across nearly the entire region. Of the 33 economies tracked in the report, 24 will see growth decelerate in 2026, while only seven are projected to register an acceleration in output. If the forecast holds, the region will mark four consecutive years of growth hovering around 2.3%, a trend that underscores deep-rooted low growth capacity across Latin America and the Caribbean.

    The degradation of the global external landscape stands out as the primary driver of the lower forecast. Between January and April 2026, rising geopolitical tensions and ongoing conflict in the Middle East have amplified uncertainty across global financial and commodity markets, stoking widespread volatility. Most notably, the average price of West Texas Intermediate (WTI) crude oil in the first three weeks of April 2026 was 74% higher than the average recorded in December 2025. This sharp jump has fanned broad global inflationary pressures and pushed up production and transportation costs for economies around the world, including those in the Latin American and Caribbean region.

    The oil price shock has been compounded by rising global food prices, a simultaneous growth slowdown in the region’s largest trading partners — including the euro area, China, and India — and a general cooling of international trade. The World Trade Organization (WTO) projects that the volume of global goods and services trade will expand by just 2.7% in 2026, down from a 4.7% expansion in 2025. Against this backdrop of persistently higher inflation and softening trade prospects, the world’s major central banks have adopted more cautious monetary policy stances, keeping financial conditions significantly tighter than were forecast at the end of 2025.

    Beyond global headwinds, muted domestic aggregate demand is also acting as a drag on regional growth. The largest constraint on expansion remains underwhelming private consumption. While fixed investment has shown early signs of a nascent recovery, growth in capital spending remains moderate across most of the region’s economies. A slowdown in activity that emerged in the second half of 2025, particularly in the region’s largest economies, has carried over into 2026, extending the trend of weak performance.

    As economic activity cools, job growth across the region is also expected to moderate. ECLAC projects regional employment will grow by roughly 1.1% in 2026, down from 1.5% growth in 2025. At the same time, imported global inflation is pushing up domestic price levels across the region: the median inflation forecast for 2026 now tops 3%, up from 2.4% in 2025. South American economies are disproportionately affected by this trend, facing continued pressure from exchange rate volatility and higher costs for imported inputs and transportation.

    The report also highlights sharp heterogeneity in economic performance across different countries and subregions. In total, just nine economies are projected to grow by 4% or more in 2026, eight will see growth between 3% and 4%, 13 will expand at a rate below 3%, and three economies are expected to contract.

    Broken down by subregion, South America is forecast to grow 2.4% in 2026, down from 2.9% growth in 2025, with most economies in the subregion seeing deceleration. Central America will see a slight easing of growth to 2.2% in 2026 from 2.3% in 2025, a result dragged down by expected contractions in Cuba and Haiti; excluding those two economies, the subregion’s average growth would tick up to 3.9% from 3.8% in 2025. The English- and Dutch-speaking Caribbean is projected to hit 5.6% growth in 2026, a tiny uptick from 5.5% in 2025, driven almost entirely by strong expansion in Guyana; excluding Guyana, the subregion’s average growth would fall to 1.2% from 2.0% in 2025.

    ECLAC warns that significant downside risks remain to the current forecast, and any materialization of these risks could lead to further downward growth revisions. Key risks include the persistence of restrictive global financial conditions, continued inflationary pressure from elevated energy and food prices, ongoing volatility in international commodity and financial markets, widespread vulnerability to external shocks, and persistent weak domestic demand across much of the region. In some economies, long-standing structural weaknesses including external financing constraints, limited fiscal and monetary policy space, and fragile institutional frameworks could further drag on performance.

    The current economic landscape lays bare the core structural challenges holding the region back: persistently low trend growth, excessive exposure to global external shocks, and an urgent need to strengthen domestic growth engines. ECLAC emphasizes that expanding mobilization of both domestic and external resources, paired with improvements in governance, will be critical to advancing policy frameworks that boost investment, lift productivity, and strengthen macroeconomic resilience amid an increasingly uncertain global environment.

  • Companies Office of Jamaica to launch mobile application

    Companies Office of Jamaica to launch mobile application

    KINGSTON, Jamaica — Jamaica’s government-run business registration agency, the Companies Office of Jamaica (COJ), is putting the finishing touches on a new mobile application set to roll out later this year, a development designed to reshape how local and diaspora-based business owners interact with the agency by boosting accessibility and cutting down on administrative wait times.

    The upcoming launch marks the latest milestone in the COJ’s multi-phase digital transformation initiative, a long-term strategy focused on modernizing public service delivery for Jamaica’s business community, agency CEO and Chief Registrar Shellie Leon outlined during a Thursday Think Tank session hosted by the Jamaica Information Service (JIS).

    According to Leon, one of the app’s core value-added features is its automated reminder system, which will proactively alert registered companies about upcoming annual return filing deadlines, and notify business name holders when their registrations are up for renewal. This functionality is intentionally built to help business owners stay current with their statutory regulatory requirements, reducing the risk of penalties or compliance gaps that often stem from forgotten deadlines.

    Beyond deadline alerts, the platform will also introduce full real-time document status tracking. Users who submit registration or compliance materials to the COJ will be able to monitor the progress of their requests directly through their mobile devices, eliminating the need for phone calls or in-person check-ins to get updates.

    For customers who still need to visit COJ physical offices for in-person support, the app will offer a pre-arrival service ticket booking feature. By reserving a spot in the queue before arriving, visitors will cut down on potentially lengthy wait times, creating a smoother, more efficient experience for both local entrepreneurs and casual visitors.

    Leon emphasized that these new mobile features directly respond to feedback collected from COJ customers over the years, who have repeatedly flagged long wait times and limited on-the-go access to services as top pain points. The app is not intended to replace the COJ’s existing suite of online services, but rather to complement them. Currently, the agency’s online portal already allows users to complete a wide range of transactions remotely, including new business registration, annual return filing, business name renewal, business closure, and multiple other administrative services. The mobile app extends this functionality by putting these tools in a more accessible, phone-native format.

    This shift to mobile-first service delivery, Leon noted, aligns with the COJ’s broader mission to adapt to changing consumer behavior and meet users where they already are—on their mobile devices. By expanding service access through modern, widely used digital channels, the agency aims to remove unnecessary barriers for business owners across Jamaica and beyond.

    The new tool is expected to deliver particular value for Jamaican diaspora members who need to manage business operations remotely, Leon added, encouraging all stakeholders to explore the app once it goes live. An official launch date will be shared publicly by the COJ in the coming months, as the agency completes final testing and preparation.

  • Jamaican influencers call out pressure for immediate ROI from brands

    Jamaican influencers call out pressure for immediate ROI from brands

    The global influencer marketing space has long prioritized speed and viral performance, but a group of top Jamaican content creators and industry professionals are challenging the dominant expectation of immediate return on investment (ROI) from brand collaborations. At a recent major regional marketing conference, they called on local and international brands working with Caribbean creators to shift from quick, one-off campaigns to relationship-driven, long-term partnership strategies.

    Speaking during a panel discussion at the IMPACT x Mystique marketing conference held Thursday at Kingston’s AC Hotel, prominent Jamaican lifestyle creator Rushane “RushCam” Campbell drew a sharp analogy to criticize brands’ rushed expectations. He compared the pressure to deliver instant sales to being asked to carry water in a basket, noting that the common demand to move dozens of product units immediately after a single post does not align with how influencer marketing actually works.

    Campbell’s perspective was echoed by Khadine “Miss Kitty” Wilkinson, a veteran media personality with more than 20 years of experience partnering with leading brands. Wilkinson pushed back against the idea that one-size-fits-all metrics should be the only benchmark to determine whether a campaign delivers value for money. She emphasized that organic influence builds gradually, noting that audience trust and purchasing decisions often take months or even years to mature, rather than delivering instant results like a microwave meal. Too many brands write off a campaign as a failure if they do not see a massive immediate sales jump, she argued, ignoring the slower, more sustainable impact of consistent influencer alignment.

    Singer-turned-content creator Tami Chin Mitchell reinforced the panel’s shared stance by referencing the well-known Marketing Rule of 7, which holds that potential customers need an average of seven interactions with a brand before making a purchase. Quipping that for Jamaican consumers the number is closer to 17, she drew laughter from the audience while underscoring the need for extended brand exposure to drive conversions.

    Panel moderator Naomi Garrick, a personal branding coach and the head of Garrick Communications, added that local Jamaican brands regularly come to her seeking quick marketing fixes, often requesting one-off posts or two-week short campaigns. Garrick said she consistently warns these brands that such rushed strategies are ultimately a waste of money. While short campaigns may generate temporary buzz, they fail to deliver sustained results, she explained. Meaningful impact and accurate performance measurement only come from longer-term collaborations that allow influence to develop over a broader time frame, rather than quick, superficial hits, she added.

    Campbell shared a concrete example of how long-term collaboration delivers results, pointing to his multi-year partnership with organizers of Barbados’ popular Crop Over festival. After hosting Campbell and other influencers in 2022 and inviting the group back again in 2023, the festival sold out completely in 2024, with attendance drawing visitors from across the Caribbean, Europe, North America and beyond. The multi-year investment in influencer relationships directly drove that sell-out outcome, he noted.

    “Trust time, work with people over a period of time, people who have access to great communities, build deeper roots and trust, and know that, with collaboration, it will in fact work out; don’t expect it to work in one go… things just nah fly off the shelf,” Campbell said, stressing that patience is key to unlocking meaningful, long-term returns.

    The two-day IMPACT x Mystique marketing conference, hosted by Mystique Integrated in partnership with Main Event Entertainment Group, iPrint Group and M-One Productions, concludes Friday. The event has drawn hundreds of senior marketers, content creators, C-suite executives, startup founders and media decision-makers from across the region to discuss emerging trends in marketing and influencer collaboration.

  • Celebrating a year of Excelerate Energy in Jamaica

    Celebrating a year of Excelerate Energy in Jamaica

    One full year after completing its high-stakes acquisition of New Fortress Energy’s Jamaican assets, US-based liquefied natural gas (LNG) firm Excelerate Energy gathered key stakeholders to mark the milestone at a special celebration hosted by the United States Embassy in Jamaica. The event, held April 28 at the Chief of Mission’s residence in the Jack’s Hill neighborhood of Kingston, brought together top industry leaders, senior Jamaican government officials, and diplomatic representatives to toast the company’s first 12 months of operations on the island.

    In opening remarks to guests, US Embassy Chargé d’Affaires Scott Renner framed the first year of Excelerate’s operations as more than a corporate success — it stands as a tangible strengthening of both Jamaica’s energy landscape and the decades-long bilateral partnership between the United States and Jamaica. Renner emphasized that accessible, dependable energy is the backbone of any thriving modern economy, and projects like Excelerate’s Jamaican operations deliver both expanded economic opportunity and enhanced long-term energy security for the Caribbean nation.

    Renner highlighted the depth of Excelerate’s commitment to Jamaica beyond its core corporate investments, noting the firm has already poured $1 billion into local operations and stepped up to support disaster relief efforts in the wake of Hurricane Melissa. When the storm hit, the company deployed its LNG carrier *Excelerate Shenandoah* to deliver $500,000 worth of emergency supplies to affected communities. He also noted the symbolic alignment of the milestone: Excelerate’s first anniversary in Jamaica coincides with the 250th semiquincentennial celebration of the United States, a dual milestone that reflects shared values of innovation, entrepreneurship, and cross-border collaboration between the two nations.

    “America is defined by enterprise, innovation, and shared success. But our story is not one we write alone — we walk it with partners, and Jamaica is one of our closest partners,” Renner told attendees. “This partnership extends far beyond government cooperation; it thrives in civil society, in the private sector, and in the investments businesses like Excelerate choose to make abroad.”

    For his part, Excelerate Energy President and Chief Executive Officer Steven Kobos expressed pride in the progress the company has delivered in its first year, and reaffirmed the firm’s long-term commitment to growing its footprint in Jamaica. Recalling his first meeting with Jamaican Prime Minister Andrew Holness following the acquisition, Kobos noted he had promised the prime minister that the company would prove its reliability through action, not just words.

    “We made clear when we closed this acquisition that we were in Jamaica for the long haul, and today we are reaffirming that commitment. We absolutely plan to invest additional capital into the country — this is the right place for us to grow, and we are incredibly excited for what comes next,” Kobos said.

    As a symbolic tribute to the first year of partnership, Kobos presented Jamaican Minister of Foreign Affairs and Foreign Trade Kamina Johnson Smith with a detailed scale model of the *Sequoia*, one of Excelerate’s LNG carriers. Johnson Smith spoke on behalf of Prime Minister Holness at the event, praising Excelerate’s operations as a critical catalyst for Jamaica’s ongoing transition to more sustainable, accessible energy sources.

    “The LNG infrastructure Excelerate operates today is central to our energy transition goals. It has helped stabilize electricity generation costs for Jamaican consumers, strengthened our national energy security, and created an entirely new industrial platform that simply did not exist before this investment,” Johnson Smith explained. “This is tangible, meaningful progress, and it is a perfect example of what can be accomplished when public and private partners from aligned nations come together around a shared goal.”

    Following the formal remarks, guests enjoyed catered cuisine from celebrated Jamaican chef Oji Jaja, live music from violinist Meah Eliana, and DJ sets from Damion Haber, as attendees networked and toasted to future collaboration between Excelerate and Jamaican stakeholders. The event included representation from across Jamaica’s leading public and private sectors, with senior leaders in attendance from organizations including Sagicor Group, Grace Kennedy Group, the Development Bank of Jamaica, Jamaica Bauxite Mining Limited, the Port Authority of Jamaica, the Private Sector Organisation of Jamaica, and National Commercial Bank.

  • Hip Strip development will fall under NaRRA, says TEF head

    Hip Strip development will fall under NaRRA, says TEF head

    MONTEGO BAY, St James — One of Jamaica’s most high-profile tourist destinations, the Hip Strip — formally named Jimmy Cliff Boulevard — in Montego Bay may soon see its long-delayed revitalization accelerated through the country’s newly established post-disaster development body, the National Reconstruction and Resilience Authority (NaRRA), according to Dr Carey Wallace, executive director of the Tourism Enhancement Fund (TEF).

    Wallace shared the latest project update in an interview with Jamaica Observer on Tuesday, just hours before legislation formally creating NaRRA was approved by Jamaica’s House of Representatives. The executive director explained that the long-awaited infrastructure upgrade is eligible for inclusion in NaRRA’s project portfolio because the Hip Strip sits at the core of a larger coastal corridor marked for large-scale regional redevelopment.

    “The entire corridor stretching from Montego Bay’s port, along Bottom Road through the Hip Strip, and extending all the way to Trelawny is earmarked for major transformation under the NaRRA programme,” Wallace noted. He added that TEF has already completed critical preliminary work, including detailed designs and comprehensive underground infrastructure mapping, which will be shared to support seamless coordinated development between the two entities.

    Plans for the Hip Strip upgrade were first unveiled back in 2021 by TEF chairman Godfrey Dyer, with an initial projected budget of roughly $1 billion Jamaican dollars. The proposed upgrades are designed to dramatically improve the popular tourist corridor’s look and functionality: key planned works include burying unsightly overhead utility lines underground and constructing new purpose-built parking garages to ease chronic congestion in the area. To date, the project has advanced to the detailed design phase, with TEF holding ongoing consultations with local businesses and stakeholders along the boulevard to incorporate community input.

    The update came during an on-the-side conversation at a pep rally hosted by the TUI Care Foundation for small and medium-sized tourism enterprises across Jamaica. Wallace said that the project was among many across the country that faced minor delays after Hurricane Melissa hit, as the government shifted priority to immediate disaster relief and sector recovery, efforts that are still ongoing today.

    But he remains optimistic that NaRRA’s involvement will not only get the project back on track but deliver a more ambitious, impactful outcome than originally planned. “I know the government is moving quickly to get NaRRA operational, and this new body is designed to advance large-scale infrastructure projects like this much faster than existing frameworks. In the end, I’m expecting an even better result for Montego Bay and for Jamaica as a whole,” Wallace said.

    While he could not share a revised final budget for the revitalization, Wallace emphasized that the project will gain major benefits from NaRRA’s dedicated funding pool for post-disaster recovery and long-term climate resilience. “NaRRA has its own dedicated budget focused on recovery and building resilience. From where I stand, that means this project will end up being far more impactful than it would have been otherwise,” he explained. “With NaRRA on board, a whole host of delayed projects will not only be restarted but likely expanded. I’m confident we will deliver massive progress across the corridor within just a few years.”