At news time tonight, the Belize Chamber of Commerce is meeting to consider a draft resolution on the Chamber’s position in regards to the business climate in Belize, the method of government’s acquisition and the rule of law. The resolution is under discussion by its membership and while it’s yet to be approved, it calls […]
In a matter of hours today, government passed new legislation to re-nationalize Belize Telemedia Limited. The controversial move was coupled with the pronouncement that Government would go further by seeking to pass an additional constitutional amendment that would ensure that government owns a majority stake in utilities. Prime Minister Dean Barrow’s move to rush the […]
But back to the business of the day; Prime Minister Dean Barrow, in his opening speech, admitted that the three Court of Appeals Judges declared that the nationalization law that the government passed in 2009 was unconstitutional, so they went back to fix the law. Dean Barrow “As Honorable Members know, the Court of Appeal […]
The new law would have to be tested once again in the court, adding to the growing number of legal challenges and proceedings that will have to be paid for by taxpayers. The recent court ruling, a declaratory judgment, proved that the first nationalization was null and void, for all intents and purposes, it never […]
The Prime Minister spoke at length of what the government would do about the country’s utility companies. In a bold statement, the PM made it clear that his vision for the country is one in which the government controls water, electricity and telecommunications. Barrow announced that he would amend the constitution again to entrench the […]
But Belize Electricity Limited, Telemedia, and Belize Water Services Limited are not the only utility providers. There is also SMART, the second telecommunications company and BECOL which, according to B.E.L.’s website, provided over fifty percent of the electricity generated for 2010. News Five asked the PM if these providers are also up for legislative consideration. […]
As you know, from very early the Chamber of Commerce took a position in respect of the process used for government’s acquisition of private property. They have raised the question of who will pay the hundreds of millions in costs to compensate the investors in B.T.L. and B.E.L. Will taxes have to go up? Will […]
The Prime Minister went at lengths to explain that the bill would fix defects in the 2009 acquisition law. The Court of Appeal found that government did not provide evidence to prove the acquisition for public purpose and in the renationalization the PM is gambling that he can now make the acquisition hold together. The […]
Belize Electricity Limited was acquired by the government last Monday when the government declared it wanted to prevent blackouts since the company was bankrupt and unable to meet payments to suppliers. At the time, the Prime Minister singled out BELCOGEN saying that one of the “tipping points” for B.E.L.’s acquisition was because a debt to […]
The ongoing Telemedia fiasco has picked up traction within the international press. The prestigious Economist publishes an article called “Back to the Drawing Board” on its website detailing the legal drama that has unfolded in the wake of a judgment by the Court of Appeal last Friday. The Economist chronicles the background of Telemedia; up […]
The Belize Chamber of Commerce spoke out against the repercussions of the government nationalization of Belize Electricity Limited. Foreign Investment Confidence in Belize is underscored by the Standard and Poor’s report of a possible downgrading on its charts. The Heritage Foundation, which publishes the yearly Economic Freedom and Growth Index in conjunction with the Wall […]
Earlier in the newscast, the Prime Minister criticized the Chamber of Commerce for their position that is contrary to the government’s, on Monday’s hasty expropriation of the Belize Electricity Limited. The debate continues on the airwaves and Senator Godwin Hulse, who represents BCCI in the National Assembly, took the couch on our morning show today. […]
Hulse also commented on statements made to the effect that it was necessary to take back B.E.L. from foreigners. The senator says he finds it sad that the conversation went from ensuring reliable power to racist remarks. Senator Godwin Hulse, Representative, B.C.C.I. “I don’t think anybody in this country would dispute the fact or argue […]
The Chamber’s Vice President of Services, Israel Marin, was also on this morning’s Open Your Eyes. He responded to government’s statement which questioned the loyalty of Chamber Executives and its President, Kay Menzies. That statement said that “the Chamber has never made official disclosure of the fact that its president was a Board Member of […]
The Belize Chamber of Commerce has had its say and today, the Belize Business Bureau fired off a release expressing similar sentiments against the expropriation of Belize Electricity Limited. The Bureau cites three reasons why it is gravely concerned about the takeover. Firstly, the public debt, which is already at eighty-five point eight percent of […]
The B.E.L. nationalization has been picked up by several international organizations whose perceptions help investors decide whether or not the country is stable enough to pump cash. They also serve as advisories to lending agencies that can help the country in hard times. Currently, Moody’s Investors Service has marked Belize at B-three, a level lower […]
Locally, the private sector, through the Belize Chamber of Commerce and Industry has lashed out against the expropriation of Belize Electricity Limited. But the ink was hardly dried on the orders for the government’s takeover of B.E.L. when an international organization threatened that Belize could get a black eye on its credit rating. Standard & […]
When they started out in 2003 the Unit Trust Corporation of Belize Limited didn’t foresee a weak economy. So after eight and a half years, the business, which is a subsidiary of the Trinidad and Tobago Unit Trust Corporation, will be closing down. At the closing of the fund which was on June tenth, there […]
In other news of a financial nature, Standard and Poor’s, an international credit rating agency, released its 2011 report on Wednesday. Credit ratings are an evaluation of a country’s ability to meet its debt obligations in full and within the prescribed time. They also heavily influence the decisions of investors and investment bankers. So how […]
Cabinet met today in Belmopan. One of the issues that it dealt with was a loan of fourteen million dollars, recommended by the investment committee of the Social Security Board to a company Nature Fresh Belize Limited, which was formed after Fresh Catch, owned by the Mena Group, went into receivership. According to a Cabinet […]
Government’s proposed take-over of Belize Electricity Limited has been in the headlines since last week. But how will the government come up with the money to buy Fortis’ majority shares (seventy percent) in the utility company? Government has been making pre-payments of four million dollars monthly for its utility bill, covering a period up to […]
The Ministry of Economic Development and Consumer Protection today announced an increase in the controlled price of flour. The new retail price per pound of La Gitana household flour is now ninety cents in Belize City. In Belmopan and Orange Walk, the price is ninety-one cents while in San Ignacio, Dangriga and Corozal, it’s ninety-two […]
Even while the big news out of the Prime Minister’s press conference on Wednesday had to do with B.E.L., there was other information in respect of economic activity. The P.M. presented a glowing report saying that petroleum is expanding and that new wells will come on stream at Never Delay. Jose Sanchez, Reporting Even without […]
While the P.M. had to respond to many burning issues, his quarterly opened with news about the economy. The Statistical Institute of Belize is still preparing the official data but the P.M. gave an outline of the state of major industries. The oil industry is pumping more barrels of oil and preparing for oil well […]
Butane importers have been meeting with government officials over the past few days, demanding a massive hike in the controlled price. The importers say that acquisition costs have increased by fourteen dollars since the start of the year and they want the market price go up by that amount. Today the Ministry of Economic Development […]
