Caribbean Money

  Tropical Battery Company Limited nearly doubled its gross operating revenue to J$1.61 billion, a 99.5 per cent year-over-year increase for the first quarter ended December 31, 2024. However, overall net profit fell by 50.9 per cent to J$35.5 million, primarily due to a 569.5 per cent rise in finance costs, significantly affecting bottom line. This was mainly driven by increased debt servicing expenses, which aligned with ongoing expansion strategy. Management indicates that this debt will be paid down considerably by the cash raised from the upcoming secondary public offering, targeted to close before March 31, 2025, management stated. Management noted that while “overall sales performance was impressive, Rose Batteries' sales were below budget due to the cyclical impact of the U.S. election cycle.” The company is nevertheless optimistic about its lines of business which are developing in tandem with market trends. The global energy storage market is projected to expand from U...

GraceKennedy Limited (GK) has announced leadership changes at GraceKennedy Money Services (GKMS) as part of its ongoing succession plan and strategic talent development and deployment. Effective April 1, 2025, Margaret Campbell will assume the role of Chief Executive Officer (CEO) of the GKMS Group. Campbell, who has worked with GKMS for over 25 years, has served as its Chief Operating Officer (COO) since 2020. She joined GKMS in 1996 and has held several leadership roles during her tenure including, Financial Controller, Chief Financial Officer (CFO), and Country Manager for GKMS Jamaica. A Fellow Certified Chartered Accountant, Campbell also holds an MBA in Finance from the University of Manchester and serves on several GK subsidiary boards. She is also the current President of the Jamaica Money Remitters Association. Frank James, Group CEO of GraceKennedy, expressed confidence in Campbell’s leadership, stating, “Margaret has demonstrated strong leadership and an unwavering commitmen...

Zhavargo Jolly, Minister of Tourism, Agriculture, Fisheries, Environment and Gaming welcomed this week a team of agriculture and agribusiness consultants to the Turks and Caicos Islands as they began groundwork for the Agro-Park development in Kew, North Caicos. The initiative is a step forwards strengthening food security, boost local food production, and reduce reliance on imports. Three members of the ten-person consultancy team—Dr. Seepersad (Agribusiness/Economics and Project Management Expert), Dr. Mohayadeen (Agronomist), and Mr. Christopher Rivas (Geomatics Engineer)—arrived this week and will be based in North Caicos as they conduct site assessments and strategic planning. “The development of this Agro-Park in Kew is a game-changer for agriculture in the Turks and Caicos Islands,” said Minister Jolly. “This is about more than just farming—it’s about creating a modern agricultural ecosystem that provides opportunities for local farmers, strengthens our economy, and ensures o...

Minister of Agriculture and Fisheries Floyd Green indicates that the island's nine agro parks has made the country self-sufficient in many sectors and has also boosted exports. Currently, there are nine Agro Parks run in association with private investors. Products grown include onion, escallion, pepper, assorted fruits and vegetables, yam, ginger, hay, sorghum and other crops at Plantain Garden River in St. Thomas, Amity Hall in St. Catherine, and Ebony Park in Clarendon. Other agro parks are located at Yallahs in St. Thomas; Hill Run in St Catherine; Ebony Park in Clarendon and New Forest/Duff House on the border of Manchester and St. Elizabeth where the main crops being cultivated are condiments, tubers, fruits and vegetables. Two other parks at Meylersfield in Westmoreland and Etingdon in Trelawny . Crops produced on each Agro park today vary, but the main categories of crops being produced include vegetables, condiments, roots and tubers, spices, and tree crops. The Mi...

News Day reports that the TT Pilots Association (TTALPA) is calling on the Prime Minister to urgently intervene to settle salary increases for Caribbean Airlines (CAL) pilots, four months after the Finance Minister authorised those increases. At a press conference at Normandie Hotel, St Ann's, on February 27, TTALPA industrial relations representative Timothy Bailey said the union referred the delay in the payment of the new salaries to the Ministry of Labour after CAL failed to implement the increases. Last October, Finance Minister Colm Imbert intervened in the public dispute over pilots' wages, authorising CAL to settle negotiations for two periods –2015-2020 and 2020-2023– with four per cent offers for both periods. But Bailey said although a collective agreement was signed on December 11, to date, pilots' have been paid "only a percentage of the payment." On February 20, the union called on pilots to stop working on their days off. The union also paid for a ...

  Dolphin Cove Limited has informed the market via the Jamaica Stock Exchange that Controladora Dolphin, S.A. de C.V. (also known as Dolphin Discovery) (Mexico), which owns 90 per cent of its immediate parent company, World of Dolphins Inc, (Barbados), has initiated voluntary proceedings under Mexico’s concurso mercantil process (a corporate restructuring and insolvency procedure under Mexican law). It notes also that World of Dolphins Inc, has pledged its 79.99% shareholding in Dolphin Cove as collateral for a note purchase agreement on behalf of Controladora/Dolphin Discovery. Dolphin Cove Limited has given no guarantees or undertakings or pledged or encumbered any assets in relation to the obligations of any group enterprise or other party whatsoever. The company stated, “It is our understanding that the concurso mercantil process initially provides for a conciliation phase of up to 365 days during which Controladora may reach agreements with its creditors. If no agreement is re...

  EUreporter.co reports that the Development Bank of Jamaica on 24 February signed an Agreement with the Caribbean Export Development Agency (Caribbean Export) for the introduction of a grant funding initiative aimed at driving corporate venturing and entrepreneurial innovation. The initiative will provide grant funding for local tech entrepreneurs and innovators who have secured a partnership with corporate entities to solve challenges. The DBJ, will provide grant funding to the tech entrepreneurs and innovators of up to US$75,000 once there is a partnership established between the corporate and a tech entrepreneur. The MoU will provide local tech entrepreneurs with access to the EU-LAC Digital Accelerator which is led by TECNALIA and major international benchmark institutions such as IESE Business School, WAYRA- Telefónica, the European Business and Innovation Centre Network (EBN), the European Business Angels Network(EBAN), Expertise France, TECNALIA Ventures, Inter-American Dev...

Playa's Board of Directors has approved an agreement pursuant to which a wholly-owned subsidiary of Hyatt Hotels Corporation has commenced a tender offer for all outstanding shares of Playa for $13.50 per share in cash. Management stated, “ The Playa executive team fully supports the transaction and believes it is an incredibly attractive outcome for all Playa stakeholders." Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts reported this new offer in the company’s latest financials. He also reports that the company exceeded its forecast for the fourth quarter as demand continued to improve in the fourth quarter following the significant disruption caused by Hurricane Beryl. Favorable foreign currency exchange rates, business interruption insurance proceeds of $1.1 million and continued expense control were also meaningful contributors to the bottom line in the fourth quarter. Year Ended December 31, 2024, Results Net Income was $73.8 million compared to $53....

  Governor of the Bank of Jamaica Richard Byles has presented a positive outlook on the fiscal year coming. For fiscal 2024/25, the Bank projects that real economic activity will be in the range of -1.5 to -0.5 per cent. The Bank projects that real GDP for FY2025/26 is projected to grow in the range of 1.0 to 3.0 per cent. The projection for FY2025/26 largely reflects the anticipated recovery from the impact of Hurricane Beryl on the economy. Growth is underpinned by expansions for Agriculture, Forestry & Fishing, Electricity & Water Supply and Hotels and Restaurants. The domestic banking system remains sound, with adequate capital and liquidity. 6. The domestic fiscal policy stance continues to pose no risk to inflation over the near term. The Monetary Policy Committee (MPC) on which the Bank sits reaffirmed its commitment to maintaining low and stable inflation and will deploy the necessary tools to preserve stability. The Committee agreed that it would be prepare...

News source Yahoo.com reports that Ukraine has agreed on the terms of a minerals deal with the United States and could sign it Friday, the two countries said, a move Kyiv hopes will lead to future security guarantees from Washington. US President Donald Trump, in part of a dramatic shift of policy that includes reaching out to Russia, has demanded that Ukraine give access to its rare earth minerals to compensate for the billions of dollars of wartime aid it received under Joe Biden. The deal would see the United States jointly develop Ukraine's mineral wealth, with revenues going to a newly created fund that would be "joint for Ukraine and America", a senior Ukrainian source told AFP on the condition of anonymity late Tuesday. The source said the draft of the deal included a reference to "security", but did not explicitly set out the United States' commitments -- one of Kyiv's prior demands for an agreement. "There is a general clause that says Amer...

 Less than a month after the government indicated that it would be selling its 20 per cent holding in TransJamaican Highway Limited held through National Road Operating and Constructing Company Limited, an offer has opened on the Jamaica Stock Exchange (JSE). On February 25, 2025, NROCC opened an invitation for applications for the purchase of up to 1,750,700,000 ordinary shares in TJH. Under the offer 1,050,420,000 ordinary shares being offered to the general public at J$3.601 or US$0.0228 per ordinary share and 700,280,000 reserved shares being offered at J$3.60 or US$0.0228 per ordinary share. A possible upsize will be offered to both segments on a pro rata basis. This offer opens at 9:00 a.m. on March 4, 2025, and will close at 4:30 p.m. on March 18, 2025. Lead broker is NCB Capital Markets with JMMB as co-broker. TransJamaican holds a 35-year concession for the East-West toll corridor in Jamaica. Revenue for 2024 was US$82.8 million, US$7.6 million up on the US$75.2 mill...

  Gordon Swaby, CEO for Edufocal Limited reports that 2024 was a year of significant challenges, as the company continued to navigate a difficult operating environment characterized by declines in revenue and profitability. Listed in 2022, the company offers e-learning services. EduFocal since listing has incorporated new subsidiaries — EduFocal Africa Inc in the USA and Edufocal Nigeria Limited — and also formed a strategic partnership with Design Privacy Limited to deliver data protection e-learning content. The company in 2024 focused on restructuring operations, diversifying revenue streams, and also “building a more resilient business model for sustainable growth.” With persisting cash flow challenges, the company is considering tapping a new equity offer as a possible solution. Revenue for the year 2024 was J$97.17 million, down significantly from J$263.54 million in 2023. This 63 per cent decrease was primarily due to the shift towards “a more predictable and resilient rev...

  A.S. Bryden and Sons Holdings Limited (ASBH) which, in a takeover bid, offered to purchase up to 51,782,469 shares in Caribbean Producers Jamaica Limited (CPJ) on the terms which included consideration of ten newly issued ordinary shares in CPJ for every 35.23 old CPJ shares sold has concluded the bid successfully. For shareholders that owned less than 35.23 CPJ shares, a cash payment of $10.50 per CPJ share was be made to such accepting shareholders. The offer was issued on January 9. Deadline was 14 days from the date of the offer. A.S. Bryden & Sons Holdings Limited is described in the offer circular as “One of the largest distributors of fast-moving consumer goods in Trinidad and Tobago. The Group represents global food, liquor, pharmaceutical, hardware, houseware and industrial equipment brands, and manufactures products under its own brands. “The Group has a large market share in Trinidad and Tobago with a smaller but growing presence in Barbados, Guyana, St. Vinc...

Key Insurance Company Limited, a subsidiary of the GraceKennedy group indicates that Don Wehby has retired from his position as a director of the Company, effective February 14, 2025.  Attorney at Law Rochelle Cameron is replacing him as Chairman of the Board of Directors, effective immediately. Key stated, “The Board wishes to express its profound appreciation to Mr. Wehby for his exceptional leadership, strategic guidance, and unwavering commitment to the Company. His vision and contributions have been instrumental in driving the Company's growth and success over the past years. The Board welcomes Ms. Cameron to her new role and looks forward to her leadership in guiding the Company's continued growth.” Key Insurance Company was incorporated in 1982. It became a subsidiary of the GraceKennedy Group in 2020, sinch which time the company has reversed a loss making position. The general insurance company operates in motor and non-motor segments offering commercial, property, ca...

  Newsday.co.tt :Pilots' union uses billboard to demand 4 per cent salary increase TT Airline Pilots Association (TTALPA) calls for a settlement a four per cent salary increase for 2020-2023 on a billboard on the western side of BWIA Boulevard, Piarco. - The TT Airline Pilots Association (TTALPA) says four months after the Finance Minister authorised a four per cent wage increase for pilots employed with Caribbean Airlines (CAL), the company has failed to honour this increase. The association is now urging pilots to refuse to work on their days off until the increase is implemented. In a message to its members on February 20, TTALPA said last October Finance Minister Colm Imbert intervened in the public dispute over wages for the period 2015-2020. "The minister publicly authorised CAL to settle the September 2015-August 2020 period with TTALPA with a four per cent salary increase and to offer the pilots a further four per cent salary increase for the 2020-2023 period. To date ...

Fitch Ratings has kept Jamaica’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ’BB-’, with a Positive outlook. This affirmation reflects Jamaica’s stronger governance, substantial progress in debt reduction, a robust fiscal framework, and a firm political commitment to achieving large primary surpluses. Jamaica’s debt-to-GDP ratio has decreased to an estimated 70.8 per cent in fiscal 2024/2025, down from a peak of 135.3 per cent in fiscal 2012/2013. However, the ratings are still limited by deep structural weaknesses, including a high crime rate, low productivity, weak demographics, and susceptibility to external shocks, including those related to weather. Fitch’s Positive Outlook is based on the expectation of continued improvement in debt metrics and further strengthening of the policy framework over the next few years, including measures to mitigate climate risk. Despite the economic downturn last year caused by Hurricane Beryl and extensive rain, the overall surplus in ...

newsamericasnow.com reports that Trinidad and Tobago’s energy sector is set to receive a major boost, with an estimated US$1.08 billion in capital expenditure from contracts awarded in the country’s most recent upstream licensing rounds. T&T Energy Minister Stuart Young, speaking at a local industry event, emphasized that this significant investment is expected to drive a surge in domestic upstream activity over the next five years. Shallow Water and Onshore Investments to Strengthen Energy Sector The bulk of the funding—more than US$1 billion—will come from the shallow water licensing round, with first gas production expected between 2029 and 2036, according to Minister Young. Production sharing contracts (PSCs) for these offshore blocks were awarded to: ✅ EOG Resources Trinidad – Blocks NCMA 4(a) and Lower Reverse L ✅ BP Exploration Operating – Block NCMA2 ✅ BG International – Block U(c) Meanwhile, an additional US$84.3 million will be invested in onshore developments, with cont...

magneticmedia.com reports that  RBC Royal Bank is refuting reports which suggest it will be terminating banking operations in Turks and Caicos Islands.  Ericka D. Rolle, RBC Managing Director for The Bahamas & Turks and Caicos, said: “RBC has been a proud partner of Turks and Caicos Islands for many years, and our commitment to the future growth and development of these islands remains steadfast. Our operations in Turks and Caicos Islands continue to be successful and I wish to assure our valued customers and the country in general that there are no circumstances which warrant us terminating services to this jurisdiction. To the contrary, RBC intends to expand and improve its products and services in Turks and Caicos Islands as we retain and strengthen our presence here.” In a demonstration of its continued dedication to the Turks and Caicos Islands,  Rolle, accompanied by the bank’s attorney, Mark A. Fulford of F Chambers Attorneys, and Human Resource Business Partn...

qsrmedia.com reports that Jamaica Blue has unveiled a major redesign of its café concept, focusing on providing a tailored experience for short, medium, and long-stay customers through the creation of dedicated zones. The company has also opened its 100th store in Australia. The new store design debuted at Perth International Airport, Terminal 1, featuring vibrant, contemporary styling with warm tones complementing the brand’s traditional blue palette. The updated design aims to improve customer flow by providing distinct areas based on the duration of customers' visits—whether they are looking for a quick takeaway, a casual sit-down, or an extended stay. The short-stay zone focuses on fast transactions, offering clear pick-up areas for grab-and-go customers. Medium-stay zones cater to customers who prefer a brief sit-down, whilst long-stay areas provide comfortable seating for those intending to spend more time at the café, such as travellers awaiting flights. Photo from Jamaica...

  Business Insider reports that Cuban President Miguel Diaz-Canel inaugurated the first of 92 solar parks on Friday as part of a Chinese-backed plan to ease hours-long blackouts across the Caribbean island nation. The park in Havana was one of 55 expected to come online this year, generating 1,200 megawatts, with the remainder opening by 2028. The Communist-run country's outdated power grid collapsed several times last year and a dire fuel shortage has made it impossible to run smaller clusters of diesel-fired generators that typically back up the system. Years of lengthy blackouts have undercut the economy and led to scattered protests among hard-pressed residents tired of a multifaceted crisis that includes scarcity of food, medicine and other basic goods. Source: Business Insider Photo: worldatlas.com. Cuba Caribbean Money Daily

Productive Business Solutions Limited (PBS) completed the acquisition of Xerox’s operations in Perú and Ecuador, thereby, management stated, increasing its footprint in Latin America. The company meanwhile reported net profit of US$8,499,000, up from US$8,025,000 in 2023 with eps being $4.51 cents for the year ended and $3.38 cents per share for the year prior. With the acquisition of 45 per cent of Trinidad Systems Limited (TSL) shares, PBS is also in the process of implementing its seventh line of business, payment methods, which is expected to expand the company’s portfolio across the region. PBS also reports the improvement of its imaging business line by adding Mimaki from Japan, the wide format segment and Etirama, from Brazil. The expansion of imaging, the company outlines “positions our group in the Flexographic market mainly used for labeling high-end applications.” Meanwhile PBS refinanced most of its debt obligations earlier in the year with CITI, extending its maturit...

    The Government of Jamaica is projecting spending of $1.3 trillion for fiscal year 2025/26. Meanwhile Pay as You Earn excludes those earning $1.5 million of less from income tax. Minister of Finance and the Public Service,Fayval Williams, made the disclosure as she tabled the Estimates of Expenditure in the House of Representatives on Thursday (February 13). The sum, which is about the same as the 2024/25 Budget, comprises recurrent expenditure of $1.197 trillion and capital expenditure of $62.595 billion. Williams said that the Budget, which is the 10th laid by the current Administration, has grown from the $580 billion tabled and approved for fiscal year 2016/2017. “This growth in our Budget over the 10 years demonstrates the underlying strength of the policies of this Government starting with the implementation of the shift away from direct, towards indirect taxation. She said Jamaica’s national Budget continues firmly in the trillion-dollar range, having crossed that ...

  Bandoolooism is a Caribbean term for corrupt practices. Your company may be involved in bandoolooism, setting itself up for censure by various bodies that test for good corporate governance and integrity before they decide to do business with you. Signs of corruption include buying random things that may be disguised as normal transactions but are intended for other destinations outside the company; unexplained expenses that are not necessarily unneeded; and also conflicts of interest between employees and the company they are doing business with. Corrupt practices also include hiring for friendship without doing the necessary due diligence required. If surprise third parties suddenly turn up for work, this may be the reason. Poor business practices also include accepting poor quality work or raw material because of the personal benefits that flow to someone; provision and acceptance of questionable invoices that may conceal corrupt payments and bribes; use of unqualified third ...