But how will the significant rate reduction affect the already cash strapped utility company? One thing that could ease B.E.L.’s financial burden is a reduction in taxes, which Avery says is expected on April first. According to Avery, B.E.L.’s previous owners created the cash flow problems and now it is up to the new owners […]
The first sitting of the House of Representatives for 2012 took place this morning. The Prime Minister did not announce the date for general elections, but you can know it is not far away from the layers of generosity that he piled on. First on the agenda was the reduction of electricity rates, which seem […]
The reduction in electricity rates was tabled this morning in the House following Thursday’s initial decision by the Public Utilities Commission. The government owned Belize Electricity Limited on December first, 2011 submitted a request to drop electricity rates by three point four percent, but after reviewing factors including the utility company’s business plan and sales […]
Avery says that there are several factors that made their proposed reduction higher than B.E.L.’s application. One reason is that the utility company had gone to court to block the P.U.C. from conducting a rate review for 2009, which froze electricity rates even though the global price of oil reduced significantly. B.E.L. had challenged the […]
The prime minister has announced a number of incentives just before the March seventh municipal elections and general elections to follow. Just before news time, the Public Utility Commission (P.U.C.) released its Initial Decision on a reduction of electricity rates. And from the looks of it, it may not hurt your pocket if you turn […]
In early December news of the collapse of the rice industry up north spread like wildfire across the country. Businesses in the Mennonite community of Blue Creek were on the verge of closing their doors permanently due to a slump in domestic sales caused by importation of rice into the local market. But following the […]
It was day two at the Port of Belize today and all indications are that the flow of business was seamless following the takeover by Private Investment Limited on Thursday. The test will be this Saturday when PBL will be clearing a Caribbean Shipping Line vessel that was scheduled to arrive today but experienced a […]
In the news tonight, after weeks of speculation, a take-over of major proportions took place which puts the privately owned Port of Belize in the hands of receivers. It is one of the biggest local companies to go under. Its previous owner, businessman Luke Espat, is said to be indebted more than sixty-four million dollars […]
At the Port of Belize, the new management was securely in place. Late this afternoon, a press conference was convened where newly appointed receiver Arturo Vasquez reiterated that he will ensure a smooth transition in the day to day operations. Vasquez also addressed what Luke Espat and his attorney Arthur Saldivar claim to be an […]
Of equal interest is a collective bargaining agreement between the management of PBL and the stevedores who form the membership of the Christian Workers Union. According to Vasquez, the terms of that agreement remain intact and assurances were made that all concerned parties including the CWU will be part of any negotiation that involves the […]
The Prime Minister’s New Year’s message offered a gift to persons who owe thousands of dollars to the Belize Social Security Board (S.S.B.). The government says it will purchase from S.S.B., all mortgages at or below fifty thousand dollars. The mortgages were originally with the Ministry of Housing before they were transferred to the S.S.B. […]
The House of Representatives met in Belmopan this morning; two bills were introduced and passed, but we will have more on that later. The sitting ended by midday and we were gratefully spared of the usual theatrics. Outside the House, the Prime Minister fielded questions on a wide range of issues. In our newscast on […]
The overabundance of local currency will predictably have an adverse effect on the availability of foreign exchange, particularly U.S. dollars. The Central Bank of Belize which is the supervisory body for commercial economic activity is expected to regulate says the prime minister. Dean Barrow “I have signaled long before this last time that I believe […]
On Thursday night, the government-owned Belize Telemedia Limited held its annual general meeting; its chairman Net Vasquez declared dividends of fifteen million dollars. That translates roughly into thirteen million dollars that government will be earning on the seventy percent shares it holds. As we reported Thursday night, however, industry analysts say that the financials are […]
We start tonight’s newscast with a story on the economy. It is safe to say that at this of the year consumers traditionally spend more. But for months commercial banks are turning down fixed deposits because requests for loans have gone down considerably. The local banks fear that they will have to pay interest on […]
In the past month we have reported on turmoil within the rice industry in the north. The soaring cost of local production and the lack of demand on the domestic market have driven several producers, including Uncle John’s Rice, to close their doors permanently. But while grain growers in Blue Creek are suffering from poor […]
The annual general meeting of Belize Telemedia Limited is being held tonight at the Princess Hotel. And if you choose to believe the government appointed directors, the company’s profits for the year have increased by thirty-eight percent. That’s a whopping profit or a whopping lie. We ran the numbers by accountants versed in that industry: […]
We broke the story of the rice crisis back on November twenty-fourth. The largest producers in the rice industry from Blue Creek have seen their sales dip since last year. Uncle John has been hit so hard, it is getting out of the business. Recently, there was a lot of heat when it came to […]
The IMF country report was released late last week. It follows consultations conducted in August with Belizean officials on economic developments and policies. There are two issues that stand out in respect of social indicators. The report recognizes the high poverty rate of forty-one percent and says that despite a five point seven percent spending […]
Delegates from across the region attended the two-day seminar that also focused on Innovation in the Service Sector while looking at opportunities for the Caribbean. The Science, Technology, and Innovation (STI) Network is a network of policy makers responsible for science and technology policy in Latin American and Caribbean countries. The STI Network forums are […]
Amongst the topics discussed at the Science, Technology and Innovation Caribbean Network Series was Regional Integration. Because Belize has a unique geography and history, it is hoped that the Jewel can bridge the networks of both Caribbean and Central America. Flora Montealegre Painter, IDB Science and Tech. Division Chief “Regional integration is a priority of […]
BELTRAIDE, the investment promotion arm of the government, signed up today with the International Development Bank for a major grant as part of the Compete Caribbean Program. The forty million US dollar private sector development program is jointly funded by the IDB, the United Kingdom Department of International Development (DFID) and the Canadian International Development […]
The rice industry is reeling from problem to problem. Blue Creek rice growers have experienced a huge drop in sales by as much as fifty percent and more recently imported rice from Uruguay added to their woes. Well, tonight there is another hurdle in the industry which has to do with a new tax for […]
Will electricity rates go down just before next year’s municipal elections? Today the P.U.C. confirmed that on Thursday, the Belize Electricity Limited (B.E.L.) applied for a Full Tariff Review Proceeding to lower electricity rates for the period of July first, 2012 to June thirtieth, 2016 by three point four percent. B.E.L. will also be investing […]
The rice industry has been hit hard in the past three years. This year, growers in the south had to wait for months to finally be paid by the Belize Marketing and Development Corporation. In the south as well as in the north, silos are overflowing with the staple as sales dropped by as much […]
