It’s no secret that Belize owes a lot of money: over a billion U.S. dollars give or take a few million. And while the recent debt restructuring will give us a few years to put our financial house in order, the only way to repay those greenbacks is to earn more or spend less, preferably […]
During this morning’s BELTRAIDE ceremony, Minister of National Development and Investment Mark Espat also took the opportunity to offer a preview of his government’s budget for the new financial year. And while Espat hints that the document will contain lots of positive vibes, the Leader of the Opposition isn’t convinced. Mark Espat, Min. of National […]
In other news from the B.T.L. front, it was hardly a surprise, but after the Government of Belize and Michael Ashcroft appointed directors of Belize Telecommunications Limited failed to show up at a board meeting called by Jeffrey Prosser, the American businessman says he’s taking his case back to the courts. According to Prosser’s local […]
The Belize Tourism Board today hosted the nation’s first ever Tourism Summit. The well attended meeting featured a strong roster of international speakers who focussed on such issues as the importance of branding, air travel capacity, controlling the cruise industry, and the question of growth versus protection of the environment. On that issue News Five’s […]
In addition to the groundbreaking in Cayo, two major initiatives by the European Union for the sugar and banana industry were formalised today in Belmopan. Signing for Belize was Prime Minister Said Musa, while newly appointed E.U. representative, Marco Mazzochi-Alemanni did the honours for the Europeans. The seven point six million dollars for the sugar […]
If the Belize government was as prudent at getting into debt as it is at getting out, then the country would be one of the most prosperous in the world. That exaggerated editorial conclusion is actually a compliment based on Belmopan’s final report on its superbond offer. In a press release, G.O.B. announced that the […]
The public hearings of the Commission of Inquiry into the Development Finance Corporation have been postponed yet again, mostly due to more legal wrangling. Co-chairs Merlene Bailey Martinez and Herbert Lord have both been served with notice that the Novelo family is asking the Supreme Court to shut down the commission. The Novelo’s are alleging […]
The Novelo brothers, Tony and David, have a beef with the D.F.C. Commission of Inquiry … and while that certainly isn’t news, what is news is that today they filed a suit in the Supreme Court to shut down the entire proceeding. According to papers lodged today, they are alleging that under statutory instrument one […]
A release from Cabinet indicates that government has now finalised its draft budget for the 2007/2008 fiscal year, which begins on April first. That budget will be presented to the House of Representatives on March second with the debate set for March fifteenth and sixteenth. According to the release, details will be discussed next week […]
The city’s delivery boys were hard at work today, but not all of them carried flowers and chocolate, because as News Five’s Janelle Chanona reports, there was no love in two letters sent by messenger this morning to the D.F.C. Commission of Inquiry. Janelle Chanona, Reporting Today, former C.E.O. of the Development Finance Corporation, Troy […]
Since the Commission of Inquiry investigating the Development Finance Corporation began last August, the thirty million dollar loan to the Novelo family has featured prominently in the line of questioning to former employees, managers, and board members. But tonight the Novelo family is eager to share their side of that story. David Novelo, Novelo Group […]
Public hearings of the Commission of Inquiry investigating the affairs of the Development Finance Corporation have been postponed until next week due to legal concerns. According to Co-Chair Merlene Bailey Martinez, the commission has decided to delay proceedings to give witnesses the right to review the relevant material before the questioning resumes. Merlene Bailey Martinez, […]
In last night’s newscast we hinted that the year end statistics released by the Belize Tourism Board may have been shaped by a certain amount of wishful thinking. For example, a figure was presented showing a four point five percent increase in total tourist arrivals. What we weren’t told, however, is that arrivals at the […]
There is more detailed news to report tonight on the cautionary replacement of credit cards in Belize. Research reveals that the compromising of the Visa and Mastercards was not isolated to one bank but involves virtually all banks that issue those cards worldwide. The security breach by a computer hacker occurred in the system of […]
Creditors continue to sign up for the new superbond created to restructure Belize’s external debt. According to a government press release, the requisite eighty-five percent of the holders of a bond issue due to mature in 2015 have opted to convert them to the terms of the superbond, which matures in 2029. That original hundred […]
The final tourism figures for 2006 are in and, not surprisingly, the Belize Tourism Board is putting its best spin forward. The good news is that overall visitor arrivals through all ports of entry rose four point five percent to reach a total of two hundred and forty-seven thousand, three hundred and twenty-five for the […]
A security breach in North America has resulted in the mass cancellation of credit cards worldwide, including Belize. The cards, both Visa and Mastercards, issued by Scotiabank in Belize, total between one hundred fifty and two hundred. The bank’s international headquarters began contacting cardholders by phone over the weekend, telling customers that their existing cards […]
Riddle me this, News 5 viewers. Why was today’s session of the D.F.C. Commission of Inquiry like a Belize City gangster style shooting? Answer: Because nobody saw or heard a thing. Janelle Chanona explains. Janelle Chanona “The day’s first witness was former Vice Chairman of the D.F.C. Board of Directors, David Courtenay. Like his former […]
The tone of the hearings conducted by the Commission of Inquiry into the Development Finance Corporation changed significantly today, as the opening testimony came not from a D.F.C. employee or client, but from an investigator hired to look at the books. News 5’s Janelle Chanona has the story. Janelle Chanona “Today Chartered Accountant Mark Hulse […]
Tonight the Musa administration is celebrating the news that in an “exceedingly rare” event, almost all of Belize’s bond holders have opted to participate in the country’s debt restructuring proposal. According to a press release issued by Belmopan, ninety-three percent of holders have agreed to exchange their existing claims for new lower-interest bonds that would […]
Minister of National Development Mark Espat and Financial Secretary Carla Barnett were at the Central Bank this afternoon to sign an agreement with the Inter-American Development Bank that would see more than a million dollars invested in making the Government more efficient. According to the I.D.B.’s Operations Specialist Harold Arzu, the initiative is part of […]
Public hearings by the commission of Inquiry into the operations of the Development Finance Corporation will continue on Thursday and Friday of this week. According to a commission release, the public hearings, held at the Belize Institute of Management in Belize City, will also convene those same two days of the following week; that is […]
Taking place in Belize City this week is the annual general meeting of CANTO, the Caribbean Association of National Telecommunications Organizations. Opening ceremonies were held Sunday night at the Radisson, with Prime Minister Said Musa delivering the main address. Prime Minister Said Musa “It is important that a body such as CANTO protects or work […]
The last three months have been tumultuous for the members of the D.F.C. commission of inquiry, but as News Five’s Janelle Chanona reports from the resumed public hearings, this morning Merlene Bailey Martinez and Herbert Lord reaffirmed their commitment to the task at hand. Today the Commission of Inquiry investigating the financial affairs of the […]
The rapid plunge in world oil prices is finally being felt in Belize. A release from government indicates that the new retail price of premium gasoline is nine thirty-nine, down thirty-five cents from the old rate of nine seventy-five. Regular is down twenty-three cents to nine thirty-three, while the price of diesel and kerosene remain […]
