标签： Jamaica

MIAMI – Royal Caribbean International, the sole cruise operator with scheduled service to Haiti, has announced a significant extension of its suspension of voyages to its private destination in the Caribbean nation. The company confirmed it will halt all port calls to Labadee through the end of 2026, citing ongoing security concerns and escalating gang violence that has destabilized the country.

The decision represents a substantial extension of previous operational pauses, which had been set through April 2026. A corporate spokesperson characterized the move as “an abundance of caution” given the deteriorating security environment in Haiti, where criminal organizations continue to challenge the provisional government’s authority.

This security assessment aligns with the United States State Department’s Level 4 travel advisory – its most severe classification – which explicitly warns against all travel to Haiti. The advisory highlights prevalent armed criminal activities including kidnapping for ransom, carjackings, sexual assault, and robbery.

Labadee, Royal Caribbean’s privately leased peninsula on Haiti’s northern coast, typically offers passengers exclusive access to five secluded beaches, an 800-meter zipline course, aquatic attractions, and premium amenities. The resort maintains its own dedicated security force, though this has proven insufficient to mitigate broader regional risks that affect cruise operations.

The extended suspension through December 2026 reflects the cruise industry’s mounting concerns about passenger safety in destinations experiencing political instability and widespread violence. This operational decision will necessitate itinerary redesigns affecting numerous scheduled voyages and represents a significant economic impact to both the cruise line and local vendors who depend on tourism revenue.

KINGSTON, Jamaica—A profound transformation in leadership and corporate governance is underway at the Jamaica National Group (JN Group), forming the crucial human element behind its comprehensive strategic restructuring. This internal revolution serves as the driving force for the financial conglomerate’s pursuit of stability following three consecutive years of operational losses and a damaging negative credit outlook assessment.

The most significant leadership transition occurred in July 2025 with the retirement of Curtis Martin as Managing Director of JN Financial Group (JNFG), the organization’s pivotal subsidiary. Succeeding him in an acting capacity is Hugh Miller, whose extensive background as former Chief Treasury & Investment Officer and Head of Asset Management signals a strategic emphasis on placing financial expertise at the forefront of recovery operations.

In an official statement, JN Group openly acknowledged that previous ‘managerial shortcomings’ contributed to recent challenges, confirming that subsequent organizational changes represent core components of their remedial strategy. Beyond individual appointments, the group has implemented substantial structural reforms, including comprehensive reorganization of group boards and management architecture.

According to the CariCRIS rating report, these changes have formally redefined power dynamics and oversight mechanisms. The restructured governance framework establishes a clarified chain of command where the board of directors and its sub-committees retain ultimate responsibility. Within this new structure, the finance committee assumes primary authority for group-wide risk management, supported by specialized risk and audit units—creating a robust system of checks and balances during this precarious financial period.

The revitalized leadership team now faces a definitive twofold mandate: ensuring that billions generated from recent asset sales effectively stabilize the weakened balance sheet, while simultaneously guaranteeing that the group’s substantial $1-billion digital transformation investment dramatically reduces its unsustainable 105.6% cost-to-income ratio. Ultimately, success will be measured not by organizational charts but by achieving specific financial targets: sustained profitability, reducing the cost-to-income ratio below 65%, and more than doubling critical capital reserves to regain a stable credit outlook.

KINGSTON, Jamaica – Inflationary pressures in Jamaica experienced a significant resurgence at the close of 2025, reversing previous months of moderation as Hurricane Melissa’s enduring impact triggered sharp increases in food prices and electricity costs. The nation’s consumer inflation accelerated markedly in December, underscoring the vulnerability of small island economies to climate-related disruptions.

According to the Statistical Institute of Jamaica (Statin), the All-Jamaica Consumer Price Index (CPI) climbed by 1.3% during December, building upon November’s 2.4% advance. This consecutive monthly acceleration represents one of the most substantial back-to-back inflation movements recorded throughout the year. Director General Leesha Delatie-Budair emphasized that the December data provides the first comprehensive reflection of post-hurricane economic conditions, unlike earlier economic indicators that captured pre-storm activity.

The primary driver behind this inflationary spike was a 2.0% monthly increase in food prices, with particularly severe impacts on agricultural commodities. Vegetable, tuber, plantain, and pulse categories surged by 4.5%, while fruits and nuts jumped by 5.6%. These increases directly resulted from Hurricane Melissa’s disruption to agricultural production and supply chains, with the full effect taking several weeks to manifest in consumer markets.

Concurrently, housing and utility expenses exerted additional upward pressure, with the corresponding index rising 2.6% for the month. Electricity costs alone escalated by 5.4%, compounded by rising rental charges. The combination of food and housing expenditures accounted for the majority of December’s inflation outcome, intensifying concerns about household affordability and living standards.

Year-end analysis revealed that point-to-point inflation between December 2024 and December 2025 reached 4.5%, substantially higher than earlier annual lows. Food inflation emerged as the dominant contributor at 7.1% year-on-year, while housing and utilities increased by 3.5%. The restaurant and accommodation sector also experienced notable inflation at 3.9%, reflecting higher costs for meals consumed away from home.

Statin officials detailed the methodological adaptations employed to maintain data accuracy despite widespread operational challenges including damaged infrastructure, power outages, and business closures. The institution extended fieldwork periods and implemented international statistical techniques such as class-mean imputation for temporarily unavailable items, ensuring the CPI’s reliability amid difficult post-disaster conditions.

Geographic analysis indicated broadly consistent inflation patterns across regions, with the Greater Kingston Metropolitan Area recording 1.4% inflation, compared to 1.1% in other urban centers and 1.3% in rural areas. While headline inflation remains within the Bank of Jamaica’s target range, the December figures suggest mounting persistence in price pressures, particularly for essential commodities, potentially necessitating policy responses in coming months.

In a landmark financial intervention, NCB Financial Group has orchestrated a comprehensive $15.1-billion (JMD) stabilization package for the Jamaica Broilers Group (JBG), pulling the iconic agribusiness from the verge of collapse following devastating losses in its American division. The rescue financing, formally announced on Wednesday, combines substantial new credit facilities with a sophisticated multi-tranche bond restructuring designed to grant JBG the necessary liquidity and strategic time to implement a rigorous corporate turnaround.

The financial architecture of the deal involves two primary components. National Commercial Bank Jamaica Limited (NCBJ) is providing $6.4 billion in direct loans. Concurrently, NCB Capital Markets (NCBCM) has arranged a complex $8.7 billion bond issuance, with tranches extending maturities up to 14 years. Beyond capital injection, the NCB team spearheaded critical negotiations with JBG’s domestic creditors to reset financial covenants and modify existing collateral agreements, creating a more sustainable capital structure.

This crisis originated from severe accounting irregularities and operational failures within JBG’s US segment, which triggered massive financial hemorrhaging. Paradoxically, the company’s core Jamaican operations consistently remained profitable and viable, a fundamental factor that convinced NCB to back the rescue. The strength of these domestic assets, vital to national food security and employment, formed the cornerstone of the bailout decision.

Angus P Young, CEO of NCBCM, emphasized the strategic importance of the intervention, stating, ‘Our support is grounded in the strength of the company’s core Jamaican operations and the decisive corrective actions now underway.’ He noted the financing was specifically tailored to align with JBG’s unique recovery needs and capital requirements.

The entire financial package is contingent upon the execution of a strict corporate overhaul already in motion. Under the conditions of the bailout, Group President and CEO Christopher Levy is implementing a disciplined recovery strategy focused on radical governance enhancement, fortified financial controls, and direct Jamaican oversight of the troubled US operations. The company has also engaged auditors with specialized sector experience to ensure transparency.

For decades, JBG has been an indispensable pillar of Jamaica’s agricultural economy, supplying poultry, eggs, and animal feed, thereby supporting countless rural livelihoods. This rescue deal not only secures the company’s future but also serves as a powerful demonstration of NCB Financial Group’s capacity to structure and lead large-scale domestic financial stabilizations.