Today the sixty day period that the Credit Committee representing bondholders extended to the government from pursuing legal remedies has expired but restructuring negotiations continue on the five hundred and forty-four million dollar superbond. The Government of Belize issued a statement on the Central Bank of Belize website saying that it had never asked for […]
An International Monetary Fund team has concluded a visit to Belize. It has issued a good report that we note is in contrast to forecasts in the Economic and Financial Update of June 2012.The IMF statement points out that output rebound is expected despite a decline in oil production. The June report, however, states that […]
Unemployment figures are not looking too healthy so the following report will be good news for the jobless. Canada is looking to hire Belizeans. A report in the Wall Street Journal says that Actyle Group, a Saskatchewan-based recruitment firm, is looking for one hundred English-speaking “young adults” with skills in the hospitality industry to join […]
An increase of ten dollars in the price of liquid petroleum gas or butane was announced today, but it only applies to gas imported from Mexico. The new price of a hundred pound cylinder of butane in Belize City and Corozal will be one hundred and eighteen dollars while in Orange Walk it’s a hundred […]
The last press conference by Prime Minister Dean Barrow was back in August so there were numerous matters to raise when the press descended on him on Wednesday morning. The five hundred and forty-four million US dollar superbond was top on the list of questions. The PM said that the government and bondholders are miles […]
What should have been a productive meeting among members of the Public Accounts Committee to strategize a way forward, turned out to be a clerical disaster on Monday. The meeting was highly anticipated in light of an unfavorable report by Auditor General Dorothy Bradley, which highlights the fleecing of government’s finances. But before the meeting […]
According to Espat, a personal review of an audio recording of the committee’s inaugural meeting will be done on Wednesday, after which another meeting will be scheduled for December third. Espat further stated that he sought advice from government’s legal advisor, Gian Ghandi, on the matter of public attendance at the committee meeting. Ghandi, he […]
In Belmopan, the Public Accounts Committee was convened this afternoon but the meeting ended with a whimper. There was a huge hullabaloo prior to today’s meeting because of recent reports presented by the Auditor General, which show gross irregularities in government expenditure for 2010-2011. The chairman of the committee is Julius Espat, the area representative […]
In tonight’s economic indicators we look at the staggering external debt and what it says about the health of the economy. The government is engaged in the restructuring of the super bond and its inability to meet its debt obligations has brought the International Monetary Fund to Belize. In this analysis, we look at the […]
Representatives from the Caribbean Local Economic Development Program (CARILED), and the Ministry of Local Government signed a memorandum of understanding this morning at the Radisson. CARILED is a six-year multimillion dollar project in which local governments will take advantage of available resources to fuel economic growth, as well as job creation. As part of the […]
Prime Minister Dean Barrow will be holding meetings in the next few days in Miami with financial advisors on the restructuring of the super bond. On the ground here, a team from the International Monetary Fund is conducting a review of government’s capacity to meet debt obligations. And on Thursday, Prime Minister met with the […]
With the economic engine barely stuttering, the second Business Forum under the motto Partnering for Growth, opened today at Old Belize. The forum is designed to provide an opportunity for Government and the private sector in Belize to discuss ways to improve opportunities and expand jobs on all levels. At the first forum last year, […]
Belize’s first Small Business Development Center was launched today at the Radisson. The initiative is a partnership between a number of agencies, including BELTRAIDE, the Development Finance Corporation, ITVET, the Belize City Council, the Organization of American States, as well as the University of Texas at San Antonio. BELTRAIDE recently conducted multiple training exercises with […]
Another issue involving Citrus Products of Belize Limited (C.P.B.L.), Banks Holdings of Barbados and the Citrus Growers Association is over the Caribbean Pride Trademark. According to CGA Director, Denzil Jenkins, they recently received evidence that Caribbean Pride had been registered in Jamaica without their knowledge and Banks Holdings C.E.O., Richard Cozier, was confronted about it. […]
Earlier in the newscast we told you about the P.U.P.’s press conference that focused on crime and healthcare. During the Q and A session, Leader of the Opposition, Francis Fonseca fielded questions about the government’s bond negotiation with international creditors. Fonseca believes the government’s negotiation has stalled. Moreover he says that his Party has still […]
A crisis in the sugar industry was averted by the outstanding loans being paid by the new owners of the Belize Sugar Industries operation. But while the agricultural industry has closed the book on one problem, another festering situation is about to explode in the Pomona valley. The Citrus Growers Association (CGA) says the citrus […]
The CGA has also been bucking heads with C.P.B.L.’s minority shareholder, Banks Holdings of Barbados, which it says is responsible for the chaos in the industry. According to the CGA, BHL has created a situation where C.P.B.L., a hundred and sixty-five million dollar company is operating without a chairman and without proper fiduciary oversight by […]
Trouble is brewing in the Citrus Industry. For several years there has been tension within the industry between its stakeholders. The Citrus Growers Association sent a press release saying, “Growers are advised that the citrus factory illegally opened on Wednesday…while the factory did not have a license to process fruit.” Millions of dollars are at […]
A protest was held today in the south. Employees of Belize Aquaculture Limited located on the Placencia Road are angry that their terms of employment have changed to contract work, which means that they will only take home half of their usual salary. There are five hundred employees with the company, of which three hundred […]
Tonight in Economic Indicators we look at the question of inflation and how the Consumer Price Index affects Retailers. The Statistical Institute has released figures that show a relative high rate of inflation. The Consumer Price Index, a key measure of inflation released in October 2012, shows a one point seven percent increase for the […]
About one million pounds of conch are exported to the United States market per season. Combined, the conch and lobster represent as much as ninety percent of the total value of seafood exports. Aside from cuisine, the conch shell is used to produce exquisite jewelry. But there is currently a move to list the conch […]
Price inflation is a rise in prices for goods and services. Even though, inflation may seem at first like an invisible cost, it is not; and like an invisible thief, it deprives its victims of purchasing power. The entire nation is a victim of inflation and low income persons are the most affected. The recent […]
It would be logical that if oil prices are going down, the price of fuel should follow suit, but that’s not the case. In fact, of late, it is the opposite. Tonight we look at historical data of the world price per barrel of West Texas Crude; fuel acquisition costs and pump prices for the […]
As you’ve heard by now, the Investment Committee of the Social Security Board (S.S.B.) has approved a fifteen million dollar investment in the government owned Belize Electricity Limited. As soon as that came to light, attorneys for Fortis, the previous owner who is challenging the nationalization, gave notice that Fortis will be heading to court […]
Have you ever wondered why you pay such a high price for fuel at the pump? What is it that determines when the price falls and when it increases? Tonight we begin a series on the causes of the spike of fuel prices at the pump and if these are determined by prices on the […]
