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So, the hardest hit sector is the tertiary sector which accounts for the production activities of hotels, and restaurants, as well as wholesale and retail, and crude materials, personal goods, among others. According to the S.I.B., the sector remains the most severely impacted by COVID-19. The eighteen point six contraction of this sector resulted largely […]
Written on December 9, 2020 | Posted in
Economy,
People & Places |
Comments Off on Tertiary Sector Reels from Lack of Productivity – Tourism Takes a Hit!
During today’s press briefing the Statistical Institute also shared findings from the Labour Force Survey of September 2020. We’ll tell you a bit more about those findings later in the newscast, but we take a look firstly at the impact of COVID-19 on the labour force. The S.I.B. says that between March and August 2020, […]
Written on December 9, 2020 | Posted in
Economy,
People & Places |
Comments Off on COVID-19 Forced Almost 40K People Out of Jobs!
The government wants the Corozal Free Zone to reopen before Christmas. That is the plan, but the plan comes with a price which the stakeholders at the Free Zone will have to pay. Minister of Agriculture, Food Security and Enterprise Jose Mai, accompanied by officials from the Ministry of Health and Wellness met with the […]
Written on December 9, 2020 | Posted in
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People & Places |
Comments Off on Will the Corozal Free Zone Re-open Before Christmas?
The Statistical Institute of Belize’s Labour Force Survey for September 2020 puts the unemployment rate at thirteen point seven percent. Before we get into the details of this figure –we look at the big picture as presented by the S.I.B. Considering the impact of COVID-19 that has shutdown the tourism industry – leaving thousands jobless […]
Written on December 9, 2020 | Posted in
Economy,
People & Places |
Comments Off on Unemployment Rate is 13.7 % for September 2020
A closer look at the labour force figures by sex show that males stood at sixty percent. When analyzed by areas, eighty-two thousand are in urban centers while eighty-six thousand, five hundred and forty-two are in rural communities and make up fifty-one percent. The level of joblessness by sex shows females are at seventeen percent […]
Written on December 9, 2020 | Posted in
Economy,
People & Places |
Comments Off on A Closer Look at the Labour Force Figures!
There is a new Board of Directors at Belize Telemedia Limited headed by former Business Senator Mark Lizarraga as chairman. The recently constituted executive includes six directors, as well as a corporate secretary. They are Marconi Leal Junior, Jermie Usher, Jose Urbina, Denise Courtenay, Michael Bowen and Eric Eusey. B.T.L.’s corporate secretary is Melissa Balderamos-Mahler. […]
Written on December 8, 2020 | Posted in
Economy,
Featured |
Comments Off on A New B.T.L. Board of Directors, but Net Vasquez Still Has to Pay
The contract signed between Net Vasquez and B.T.L. which came into effect back in mid-January was endorsed by Marconi Leal Junior, in his capacity as Acting Chief Sales and Marketing Officer on behalf of the company. Leal has since been appointed as Chief Executive Officer in the Ministry of Public Utilities. He has also been […]
Written on December 8, 2020 | Posted in
Economy,
Featured |
Comments Off on Is Marconi Leal Junior’s Appointment on B.T.L. Board of Directors a Conflict of Interest?
With a new B.T.L. executive also comes a new structure and administration of the company. According to Chairman Lizarraga, an internal audit department will be answerable to the board of directors via an internal audit committee. That body, in the case of the Net Vasquez investigation, will determine whether criminal charges should be pursued against […]
Written on December 8, 2020 | Posted in
Economy,
Featured |
Comments Off on Internal Audit Committee to be Established at B.T.L.
Does B.T.L. still maintain a competitive edge over other service providers in the country, despite a dismal economic performance? The chairmanship of the company is being assumed at a time when B.T.L.’s profitability is being called to question. So how will a new board help to change the course of the company and steer it […]
Written on December 8, 2020 | Posted in
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Featured |
Comments Off on Charting a New Course for B.T.L.
After nine months of dormancy, the Corozal Free Zone is set to reopen just in time for the Christmas shopping season. On Wednesday, Minister of Agriculture, Food Security and Enterprise, Jose Abelardo Mai, along with representatives from the Ministry of Health and Wellness, met with the Chamber of Commerce for the Corozal Free Zone. While […]
Written on December 4, 2020 | Posted in
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Featured |
Comments Off on Corozal Free Zone Prepares to Reopen Before Christmas
Vice Chairman of the Corozal Free Zone, Anil Hotchandani has also chimed in on the proposed reopening of the free zone in the days ahead. He says that while strict measures will be put in place upon the resumption of business, adhering to the new protocols is mandatory to ensure the safety of customers, as […]
Written on December 4, 2020 | Posted in
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Featured |
Comments Off on Adhering to Protocols is Important for CFZ Reopening
In emphasizing the need to safeguard public health, Minister Mai says that the measures to be implemented within the commercial free zone will be more stringent than it is for Belizeans to move around in other parts of the country, including Orange Walk Town. Jose Abelardo Mai, Minister of Agriculture, Food Security & Enterprise […]
Written on December 4, 2020 | Posted in
Economy,
Featured |
Comments Off on Free Zone to be Safer than Orange Walk Town
While it has been announced that neighboring Chetumal will also be transformed into a commercial free zone to generate much needed economic activity in that part of Mexico, there are questions concerning the possible effects such a move would have on our local economy, including revenue generated at the Corozal Free Zone. Anil Hotchandani, […]
Written on December 4, 2020 | Posted in
Economy,
Featured |
Comments Off on CFZ to Benefit from Chetumal also Becoming a Free Zone
Contrary to previous reports in other areas of the media regarding the purported shortage of foreign exchange on the local market, a check with the relative parties has proven otherwise. News Five has been made to understand that Caribbean Investment Holdings Limited, the parent company of Belize Bank, is not relying on the local banking […]
Written on December 4, 2020 | Posted in
Economy,
Featured |
Comments Off on No Foreign Exchange to be Used
The Belize City Council is only operating on forty percent of its revenue. That’s because their revenue stream has dried up significantly due to COVID. Today, Mayor Bernard Wagner told the press that although they have been experiencing tough times, the belt-tightening has been teaching them valuable lessons. As the City Council goes into what’s […]
Written on December 3, 2020 | Posted in
Economy |
Comments Off on COVID-19 and the Dwindling City Revenues
The merger of the Belize Bank Limited and the Bank of Nova Scotia limited is a done deal. This was first confirmed via a cabinet press release two days ago. On Thursday, however, the Central Bank of Belize issued a press statement in which it states that the board was guided in its decision by […]
Written on November 27, 2020 | Posted in
Economy,
Featured |
Comments Off on Scotiabank to Operate as “Belize Bank Corporation Limited” During Transition Period
Prime Minister John Briceño and his cabinet today confirmed that the merger between Belize Bank Limited and the Bank of Nova Scotia Limited has been approved. The confirmation was sent via a press release which says that Governor of the Central Bank Ambassador Joy Grant informed the PM Briceño that at a meeting held on […]
Written on November 25, 2020 | Posted in
Economy,
People & Places |
Comments Off on Belize Bank and Scotia Bank Merger Gets the Go Ahead
As of November nineteenth, there has been a change in fuel prices at fuel pumps. The prices for premium gasoline and diesel registered an increase, while regular gasoline took a dip. Premium fuel increased by twenty-nine cents and is now being sold at nine dollars and forty-nine cents per gallon. Diesel went up by seventeen […]
Written on November 20, 2020 | Posted in
Economy |
Comments Off on Changes at the Pump; Regular Gas Down by 25 Cents
As the Briceño administration settles into office, the dire economic situation facing Belize is coming to light. On Tuesday, Briceño received briefings by senior officials at the Ministry of Finance and the Central Bank of Belize. Late this evening, PM Briceño issued a statement on the very alarming state of the economy. For months, government […]
Written on November 18, 2020 | Posted in
Economy,
Featured,
People & Places,
Politics |
Comments Off on PM Briceño on Economic State of Affairs
Details are beginning to emerge on the charges made to the B.T.L. corporate credit card by its former chairman, Net Vasquez. These were racked up generally for personal matters and not for company business. When it came to public attention, Vasquez resigned and the former government appointed Allan Slusher to lead the probe at B.T.L. […]
Written on November 18, 2020 | Posted in
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Comments Off on Former B.T.L. Chair Racked Up $859,197 in Credit Card, Fuel, and Insurance
According to Briceño, if he becomes the next Prime Minister several things will change, especially as it relates to the COVID-19 restrictions. He says that there must be greater relaxations and he is promising to re-open the Corozal Free Zone in time for Christmas. John Briceño, Leader, P.U.P. “There is going to be jubilation […]
Written on November 10, 2020 | Posted in
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Comments Off on Briceño Says he Will Re-Open the Free Zone in time for Christmas
The Public Utilities Commission on Thursday announced its final decision in respect of the 2020 Full Tariff Review Proceeding for B.E.L. In January of this year, B.E.L. made a submission for a Full Tariff Review Proceeding, recommending an increase in the mean electricity rate from forty-one cents per kilowatt-hour to forty-five cents per kilowatt-hour. The […]
Written on October 30, 2020 | Posted in
Economy,
Miscellaneous,
People & Places |
Comments Off on P.U.C. Chairman Explains New Electricity Rates
The Public Service Union is calling on thousands of public officers to wake up the sleeping giant and fight any government that attempts to fire public officers to reduce the wage bill. After years of being dormant, the beast of the P.S.U. has begun mobilizing after U.D.P. Leader Patrick Faber and P.U.P. Leader John Briceño […]
Written on October 29, 2020 | Posted in
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Comments Off on P.S.U. Withdraws “Election Go-Slow” Threat, Calls for No Retrenchment
According to Henry, Leader of the Opposition John Briceño has agreed to meet and discuss the P.S.U.’s concerns. He says, however, that U.D.P. Leader Patrick Faber has failed to answer the letter. Henry says this is a disrespect to the thousands of public officers. Gerald Henry, President, P.S.U. “We are left with one opinion […]
Written on October 29, 2020 | Posted in
Economy,
Featured |
Comments Off on P.S.U. President Says Patrick Faber Disrespected Public Officers
According to Henry, additional contract officers are currently being added to the wage bill. He says that the government is being insensitive to the sacrifices that public officers are making and calls on the Financial Secretary to remember his directive to the ministries with regards to cost saving measures. Gerald Henry, President, P.S.U. “The […]
Written on October 29, 2020 | Posted in
Economy,
Featured |
Comments Off on More Contract Officers Being Hired During COVID-19 Pandemic
