Earlier this week we reported on the significant drop in employment and thousands are now jobless even as prices go up as the economy remains in recession. Figures released recently by the Statistical Institute of Belize, show that exports have dropped by at least forty-three percent and only twenty one million dollars worth of goods […]
‘How di Krismus di come?’ It’s a favourite question of the press at this time of the year for consumers darting in and out of the shops looking for top deals. But if you ask the shopkeepers themselves, they’ll tell you it has been a rough 2016, and they hold little hope for what is […]
Figures were released today by the Statistical Institute of Belize that confirm a gloomy economy picture in this fashion: exports are down, prices are up and thousands have joined the unemployment lines. According to SIB, for the third quarter of 2016, production by the main industries declined by more than twenty percent. News Five’s Isani […]
It takes two to three years for a viable project to evolve, from start to fruition…but any mega project, if financial backative is unavailable locally, needs foreign direct investments. This in most instances allows for both public and private sector entities to thrive because of the foreign exchange benefits to a government. The implementation of […]
Commuters, as well as some bus owners across the country are equally incensed, following a recent adjustment in bus fares which has since come into effect. In September, bus operators from the west proceeded to arbitrarily adjust the cost of tickets to and from certain destinations along their routes. The general complaint among operators was […]
What do Belizean businesses want most for Christmas, other than good sales? That would be an ease with taxes. In these hard times, every penny counts for businesses of all kinds. Belize City Mayor Darrell Bradley has been a consistent proponent of trade license and ease of business reform, and today he had an update […]
The Prime Minister disclosed two weeks ago that the superbond is being renegotiated for the third time because the economy had underperformed. There were not much details available, but today, we spoke with the Special Advisor to the Coordinating Committee of Bondholders via phone. Charles Blitzer says that stockholders are uneasy going into a third […]
As requested by the Government of Belize, representatives of key holders of the U.S. Dollar 2038 Bonds, the Superbond, have agreed to form a committee to discuss the restructuring of the more than five-hundred-and-thirty-million U.S. dollar package. A statement on behalf of the bondholders notes that the restructuring completed in 2013 has provided more than […]
Competitiveness in this digital age is to understand the virtue of ICT – information and communications technology…That’s what the Belize Trade and Investment Development Service (BELTRAIDE) is providing entrepreneurs and small businesses with to market their business through the internet. A second annual conference got underway today at the Biltmore Plaza. News Five’s Duane Moody […]
For as long as Belizeans can remember, the exchange rate peg has been at two Belize dollars to one U.S. dollar. The Government has tried mightily to keep it that way, but a number of local financial experts are starting to utter one of those dreaded “D” words – devaluation. So could a Belize dollar […]
Prime Minister Dean Barrow; Financial Secretary Joseph Waight, and Economic Ambassador Mark Espat returned from New York City over the weekend having laid the groundwork for the possible negotiations for restructuring the multi-billion dollar debt package, following two previous restructurings in a decade. The three-man team met with Citigroup Global Markets Incorporated and Cleary Gottlieb […]
Batting away reminders that his party, when in Government, packaged seventeen original loans to form the Superbond and that much of that debt has still not been paid, P.U.P. leader John Briceño laid the blame on the current administration for squandering multiple opportunities to fix the state of affairs through sustained economic growth, citing the […]
Prime Minister Barrow, accompanied by Financial Secretary Joseph Waight and Economic Ambassador Mark Espat, returned from a working visit to New York on Saturday, following a series of meetings with G.O.B.’s legal and financial advisors in the United States. The three-man team met with Citigroup Global Markets Incorporated and Cleary Gottlieb Steen and Hamilton seeking […]
Ambassador Mark Espat, who will meet with bondholders directly, outlines three possible outcomes. While it is too early to determine any figures and dollar amounts, Espat says that the formation of a creditor committee is pending. Mark Espat, Economic Ambassador “I think there are only three possibilities in that regard. There is the coupon […]
The government said last week that the economy is in dire straits and is severely underperforming. With the proposed restructuring of the existing debt, there is anticipation that a tax increase may be on the table in 2017 budget. Prime Minister Dean Barrow “We’re both in this and stuck with the arrangement which sees […]
Meanwhile Standards and Poors is expected to downgrade Belize in its credit rating from a ‘B’ to a C.C.C. plus. The downgrade is due to government’s inability to meet financing requirements which are impaired by fiscal and external funding, reduced foreign exchange reserves and loss of correspondent banking relationships. S and P also projects government […]
Belize awaits the return of Prime Minister Dean Barrow on Saturday from New York City, where he urged bondholders tied to the 2038 Bond or “Superbond Three point O” to come together to listen to Belize’s pitch for a further restructuring of the multi-billion dollar debt package. The Barrow administration conceded in a press release […]
Both Heredia and Foreign Minister Wilfred Elrington concede that the issue of the Super Bond restructuring did not come up during the last meeting of the Cabinet. While Elrington admits to being in the dark on the latest round of talks, he is confident that the outcome of the negotiation will be favorable to Belize. […]
Prime Minister Dean Barrow traveled to New York City earlier this week. The visit has to do with the super bond in light of the ailing economy. The PM is hoping to meet with individual holders or possibly a committee of holders of Belize’s U.S. Dollar Bonds due in 2038. These meetings are expected before […]
If you are looking for a job, there is a internet service that can make it happen because a new online job search engine is being launched. Employ Me Belize is a website that links employers or companies to potential candidates. By simply logging on to the website, persons looking for employees will be connected […]
Compensation for Belize Telemedia Limited has been scheduled in two payments, the first of which was initially disbursed on July eighth. We say initially because that sum was returned to the Government of Belize when the Caribbean Court of Justice ruled in favor of Dunkeld and the B.T.L. Employees Trust. Both entities are part of […]
The FIU signed a memorandum of understanding with the Income Tax Department on Wednesday. As we told you, it is to facilitate the share of information across the two entities to fight anti-money laundering, tax evasion and terrorist financing. And under the new leadership of Kent Clare the FIU will be embarking on some big […]
The FIU and Income Tax Department signed a Memorandum of Understanding this morning to help domestic cooperation in the fight against money laundering, and countering the financing of terrorism and tax evasion. It is expected that the MOU will enhance existing partnerships and implementation of policies. News Five was at today’s signing. Kent Clare, […]
And while it has only been a matter of days since Kent Clare was appointed the new Director of the FIU, he told the media today that he has hit the ground running. Although he has been transitioning into his new position, he spoke with the media about some of his initial observations on what […]
And so, where does the FIU fit in following the signing of the United Nations Convention against Corruption on December ninth? In some corners it is believed that with the signing of the Convention there will be redundancies as it relates to the FIU’S combating financial crimes. Today, Clare told the media that he believes […]
