A mid-afternoon bomb threat at the Atlantic Bank headquarters on Freetown Road earlier today threatened to cancel a high level meeting between representatives of Banco Atlantida and stakeholders in the sugar industry. Shortly before two o’clock employees of the bank, which was already closed for business, were informed that an explosive device had been planted […]
You’ve heard a lot about Trusts on this newscast including the BNE Charitable Trust which has donated to several community development projects. Today the Treaty Charitable Trust (TCT) launched the Belizean National Leadership Fund. The initiative, which promises to set the bar on donations and charity in Belize, intends to do so when its parent […]
Millions of dollars, at the last count, more than thirteen, are owed to the Sales Tax Department and they are cracking down on businesses that are in the red. In July a number of established businesses were issued with committal warrants for failure to pay. Well, today the Sales Tax took well-known attorney Lionel Welch […]
Three of the country’s largest suppliers of Liquid Petroleum Gas (LPG) are still on strike. Belize Western Energy Limited (BWEL), Gas Tomza Limited and Zeta Gas Limited have not been retailing to distributors since last Friday. Today, the managers of three importers should have met with the government to discuss a price adjustment that they […]
There is a shutdown of butane gas companies in Belize City and around the country. Since Friday Gas TOMZA, BWEL and ZETA Gas have not been supplying gas to distributors in all districts. Their employees have been sent home until there is a resolution to the shutdown that is having an effect on consumers. The […]
There is a countrywide shutdown of butane from three of the country’s largest suppliers of Liquid Petroleum Gas (LPG). Since Thursday, supplies of LPG have been systematically dwindling by mandate of Belize Western Energy Limited (BWEL), Gas Tomza Limited and Zeta Gas Limited. Jose Mai the General Manager of BWEL told News Five via phone […]
The government will meet with the Central American Group of importers during the course of next week to arrive at an amicable solution. However, GOB reiterates that it will not contemplate any price increase with any individual or grouping until there is full compliance with its regulations. BWEL’s manager disagrees. But how much of an […]
The Global Competitiveness Report (GCR), published annually by the World Economic Forum, assesses how productively a country uses available resources to provide high levels of prosperity to citizens. The 2011–2012 report has been released and for the first time, Belize was included as one of the one hundred and forty-two major and emerging economies. But […]
There are now five expressions of interest for a buyout of the Belize Sugar Industries Limited, which is threatened by foreclosure if it doesn’t pay a debt to ING Bank by the end of the month. Earlier this week the Belize Sugar Cane Farmers Association announced that it had secured financing from the Sterling Group […]
Belize exports bananas to Fyffes; the first fruit brand in the world and arguably one of the most important fresh produce companies in Europe. But banana production is under threat after two nights of thunderstorms battered the country’s banana belt. That means that exports from the south of Belize to Fyffes’ headquarters in Ireland and […]
The Belize sugar Cane Farmers on Monday disclosed that they had secured financing to acquire the controlling shares in the Belize Sugar Industries Limited. They also said that B.S.I. had not provided them with the pertinent documentation to complete the buyout package and they asked government to intervene. The issue was discussed in today’s Cabinet […]
The Belize Sugar Industries (B.S.I.) has until the end of September to pay at least thirty million dollars in debt that matures with the ING and FirstCaribbean Banks. Time is running out and a strategic investor has still not been secured to prevent insolvency. The Prime Minister is on record to say that the ninety […]
According to Ortega, while financing can be secured the problem is that the owners of the shares are not willing to sell to them. The B.S.C.F.A. claims it still does not have all the data to complete their buy-out package. They are asking the government to intervene. Alfredo Ortega “We have our technical team working […]
The Belize Chamber of Commerce and Industry (BCCI) on Monday issued a statement on the proposed sale of the Belize Sugar Industries. According to the BCCI, considerable reform is needed for the industry to survive and “the status quo is not an option.” The Honduras based Banco Atlantida has tabled a ninety million dollar proposal […]
With the deadline fast approaching for B.S.I. to make good on a thirty million dollar debt to ING International Bank, there is pressure on the government and industry stakeholders to find a way out. But according to Alpuche, taxpayers should not have to pick up the tab nor should there be special conditions or government […]
Details are emerging on the proposal by the Belize Sugar Cane Farmers Association (B.S.C.F.A.) to purchase majority interests in the Belize Sugar Industries (B.S.I.). Currently, executives of the B.S.C.F.A. are out of the country shopping for potential financing since the deadline to pay ING over thirty million dollars is fast approaching at the end of […]
Weighing in today on the Banco Atlantida proposal for a buyout of Belize Sugar Industries Limited was the Belize Chamber of Commerce and Industry (BCCI). It issued a press release saying that it recognizes the need for comprehensive reform and new investment. The BCCI says it supports the move to have the industry privately owned […]
A ten day visit by the International Monetary Fund ended on Thursday and a statement has been released by the Mission Chief for Belize, Gerardo Peraza. It starts with the news that in comparison to other Caribbean countries, Belize has weathered well the global economic crisis. The IMF reports an increase in the country’s output […]
On June twenty-first international financial services company Standard & Poor’s lowered Belize’s credit rating to a B minus following government’s acquisition of B.E.L. and its re-nationalization of Telemedia. Compensation to the Fortis Group, the previous owner of B.E.L. has not been paid, nor has government paid the previous owners of B.T.L. since acquiring the company […]
The Embassy of the United States of America launched the tenth annual Made in the U.S.A. Exhibition this morning at the Fifth Floor of the Radisson Fort George Hotel’s Villa Wing in Belize City. The exhibition showcases a variety of private sector entities that offer American products, services, and investments in Belize. The goal of […]
The fluidity of a situation to change is well known to the Belize Sugar Industries. Although the factory has been diligently working to satisfy local market and cross border trade, the income has had little to stave off its own stormy weather in the form of a twenty million dollars debt to ING and millions […]
For over sixty years, credit unions have been the go-to lending institutions for low income families in the country. With the introduction of the Belize Rural Finance Program, the members of the Belize Credit Union League now offer additional services to the residents of rural communities. Since its implementation in February 2010, the program has […]
On Tuesday, the Government of Belize in collaboration with the European Union, launched its three year National Cattle Sanitary Plan. The aim is to test all cattle in the country for diseases and by extension, develop a national livestock registry for the exportation of cattle to Mexico and other countries. The work on the project […]
The deadline for the financially embattled Belize Sugar Industries Ltd. to meet its debt obligations to ING and First Caribbean International Bank is inching closer. The cash-strapped company is in the red to the tune of approximately twenty-nine million U.S. dollars to ING alone and there is a degree of uncertainty whether it will be […]
The reduction in Belize’s credit ratings by Standard & Poor’s has been attributed to government’s recent acquisition of B.E.L. that is heavily indebted to its creditors. Compensation to Fortis, the previous owner of B.E.L. has not been paid and in the case of Telemedia, the other utility that has been nationalized twice, that debt is […]
