Caribbean Insight
The Caribbean Council's Flagship Fortnightly Publication
Caribbean Insight is The Caribbean Council’s flagship fortnightly publication. Our comprehensive publication offers the latest in news, analysing business and political developments across the region.
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Lead Articles Featured on Caribbean Insight
Friday 9th October 2026
Royal Caribbean Group has agreed to acquire a 50% stake in Sandals Resorts International for US$3bn, creating a major Caribbean tourism joint venture linking cruise and all-inclusive resort businesses.
The transaction, announced on 23 September, will give Royal Caribbean exposure to Sandals and Beaches Resorts’ 20-property portfolio across Jamaica, The Bahamas, St Lucia, Grenada, Barbados and other Caribbean destinations. The deal is expected to close in early 2027, subject to regulatory approvals and customary conditions.
The agreement values Sandals at more than US$6bn, according to reports cited by Reuters, and represents a forward EBITDA multiple of about 10 times. Royal Caribbean said the investment is expected to be accretive to earnings next year.
Royal Caribbean Chairman and CEO Jason Liberty said the transaction advances the group’s strategy of broadening its vacation offerings beyond cruises. “We have been building a vacation platform that brings joy to millions of people around the world and creates meaningful relationships that last with our guests,” Liberty said.
“Our partnership with Sandals and Beaches Resorts is an important next step on that journey, bringing together two iconic leading vacation companies to further strengthen and grow one of the most admired resort portfolios in the world,” he added.
Royal Caribbean already operates Royal Caribbean International, Celebrity Cruises and Silversea, alongside private destinations and a developing river-cruise business. The Sandals investment extends that strategy into land-based all-inclusive vacations and could allow the group to capture a larger share of travellers’ spending across cruises, resorts and destination experiences.
Sandals Executive Chairman Adam Stewart will remain in his role and continue overseeing the long-term growth strategy of the Sandals and Beaches brands. The joint venture will be governed by a board under the shared leadership of Stewart and Liberty.
Stewart said the transaction represented a major milestone for the company founded in Jamaica by his father in 1981. “My father, Gordon ‘Butch’ Stewart, founded Sandals Resorts with the belief that a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality… Today is proof of how far that vision can go,” he said.
Stewart argued the partnership would enable Sandals to accelerate growth while retaining its Caribbean identity. “Together, we will introduce more guests to Sandals and Beaches Resorts while creating even more extraordinary experiences for those who have made our resorts part of their lives for decades,” he said. Existing bookings, loyalty programmes and resort operations are expected to continue without disruption.
Royal Caribbean has secured committed debt financing from Morgan Stanley to fund the US$3bn investment. Bloomberg reported on 7 October that Morgan Stanley was seeking other banks to purchase portions of the financing. The 364-day loan carries an interest rate of 1.125 percentage points above the Secured Overnight Financing Rate and is expected eventually to be replaced with longer-term debt, potentially including bonds.
The financing underscores the scale of the transaction. For Sandals, the partnership provides access to Royal Caribbean’s global customer base, distribution network and financial resources while preserving the existing leadership structure.
The companies are also expected to explore cross-selling, broader distribution and deeper engagement across their respective vacation businesses. That could give Royal Caribbean access to travellers who favour all-inclusive resort stays, while introducing Sandals and Beaches to more of the cruise group’s international customers.
Stewart said future growth would not change Sandals’ regional focus. “As we continue to grow, we will remain true to what has always defined us: delivering authentic vacations that exceed expectations while creating opportunities for our team members, travel advisor partners and the communities we call home,” he said.
The deal creates one of the Caribbean tourism sector’s most significant ownership partnerships in recent years, linking Royal Caribbean’s cruise, private-island and destination businesses with Sandals’ established resort network and providing both companies with a larger platform for expansion across the global vacation market.
Source: Caribbean Insight – Volume 48, Issue 18
Friday 25th September 2026
Digicel is moving to concentrate its operations and investment more heavily on the Caribbean after agreeing to sell its El Salvador business, as part of a restructuring focused on markets where it sees stronger long-term growth prospects.
The company has signed a definitive agreement to sell Digicel El Salvador to General International Telecom El Salvador SA de CV (GITES).
The transaction, for which no purchase price was disclosed, is expected to close during the first half of 2027, subject to regulatory approvals and customary closing conditions.
The deal will further reduce Digicel’s footprint outside the Caribbean and the Guianas. El Salvador is its only remaining market outside the Caribbean basin, meaning that once the transaction is completed, the company’s operations will be concentrated on the Caribbean, Guyana, Suriname and French Guiana.
“Over the past year, we have been executing a clear strategy to build a stronger Digicel and position the company for long-term growth,” said Group Chief Executive Officer Marcelo Cataldo.
“This transaction is another step in that strategy, allowing us to sharpen our focus on the Caribbean and concentrate our resources and investment behind markets where we have strong positions and see significant opportunities for growth,” he added.
Digicel plans to direct additional resources towards subsea connectivity, fibre expansion, network capacity, technology and customer experience across the region.
“We are incredibly optimistic about Digicel’s future in the Caribbean,” Cataldo said, adding that the company is “investing in our networks, technology, products and customer experience, and we intend to continue building on the progress we have made to deliver greater value for our customers and communities across the region.”
The decision also forms part of Digicel’s effort to improve its balance sheet following a major debt restructuring and refinancing programme.
In April, the company repriced an approximately US$648mn term loan due in 2032, lowering the interest rate by 0.75 percentage points. That followed a US$100mn voluntary debt repayment. Digicel also completed a refinancing that included an upsized US$1.99bn senior secured notes offering due in 2032.
Fitch Ratings said the El Salvador sale would not affect Digicel’s credit rating, noting that the market contributes less than 5% of consolidated revenue and that the transaction is not expected to materially reduce the company’s approximately US$2.67bn debt burden as of June 2026.
Fitch recently upgraded Digicel to B+ with a stable outlook, citing improving financial performance and continued deleveraging. The ratings agency expects adjusted gross leverage to decline to 3.7 times earnings in fiscal 2027 from 3.9 times in fiscal 2026, while net leverage is projected to improve to about 3.1 times from 3.4 times.
Digicel reported approximately US$1.8bn in revenue and adjusted earnings before interest, taxes, depreciation and amortisation of US$710mn for the financial year ended March 2026. Fitch expects adjusted EBITDA to rise to between US$730mn and US$740mn in fiscal 2027, supported by modest growth in business-to-business and fixed operations.
The El Salvador transaction continues a longer-term contraction in Digicel’s international footprint. In 2022, the group sold its Pacific operations to Telstra, exiting Papua New Guinea, Fiji, Samoa, Tonga, Vanuatu and Nauru. Those operations had generated US$431mn in revenue and US$233mn in EBITDA in the year ended March 2021.
GITES already operates in El Salvador through the former Telefónica Movistar business, acquired in 2022. Its proposed acquisition of Digicel will therefore require regulatory review and could lead to further consolidation of the Salvadoran telecommunications market.
Earlier in September, Digicel appointed former Telefónica executive Salvador “Salva” Hierrezuelo as group chief business officer, bringing more than 20 years of experience across Latin America.
Digicel currently operates across 25 markets and serves about 9mn customers through mobile, broadband and business services. With the El Salvador sale, the company is signalling that its next phase of growth will be centred firmly on the Caribbean, where it intends to deepen investment.
Source: Caribbean Insight – Volume 48, Issue 17
Friday 11th September 2026
The Government of Jamaica has returned to the international capital markets with a US$1bn unsecured bond issue as part of a broader strategy to restructure external debt, extend maturities and provide additional financing for the 2026/27 Budget.
According to offering documents filed with the United States Securities and Exchange Commission (SEC), approximately US$600mn of the proceeds is intended to finance a tender and exchange offer for existing global bonds.
The remaining US$400mn will be available for general budgetary purposes, with the new bond expected to be listed on the Euro MTF Market of the Luxembourg Stock Exchange.
The Government simultaneously launched an offer to repurchase portions of three outstanding international bonds with a combined face value of approximately US$2.33bn. These comprise US$837.53mn outstanding on notes due in 2028 carrying a 6.75% coupon, US$250mn in bonds due in 2036 at 8.50%, and US$1.24bn due in 2039 at 8.00%.
“The Invitation is part of a broader programme of Jamaica to proactively manage its external public debt,” the Government said.
The tender opened on 2 September and was scheduled to close on 9 September, with settlement expected by 17 September. Participation is voluntary and the Government can determine how much of each bond series it will accept if tenders exceed the amount allocated for repurchases.
Citigroup Global Markets and Scotia Capital are serving as dealer managers and joint lead underwriters, with Investor meetings started on 3 September 2026.
The transaction is intended to reduce refinancing risks by replacing portions of existing debt with a new instrument carrying a longer maturity. One report indicated that the new bond could mature in 2037, although final pricing details, including the coupon, had not initially been disclosed.
Jamaica undertook a similar liability-management exercise in October 2023, spending US$237.4mn to redeem securities with a nominal value of US$233.2mn. That transaction accompanied the country’s first Jamaican-dollar-linked international bond, valued at about US$300mn, which carries a 9.625% interest rate and matures in November 2030.
The latest borrowing comes amid weaker-than-budgeted fiscal performance during the opening months of 2026/27. Central government revenue and grants for April to July were approximately US$2.23bn, 8% below budget, despite around US$113.8mn in new taxes introduced for the fiscal year.
Tax collections were approximately US$134.5mn below projections, including an estimated US$83.7mn shortfall in corporate taxes. Expenditure, meanwhile, was about US$2.44bn, 6% below budget. The Government consequently recorded a fiscal deficit of approximately US$210.9mn, compared with a budgeted deficit of about US$194.9mn.
Overall financing nevertheless benefited from stronger loan receipts, which reached approximately US$824.2mn and were about twice the amount budgeted.
The Government’s prospectus also highlighted continuing economic risks following Hurricane Melissa, which caused significant damage in October 2025. “The effects of this natural disaster may continue to adversely affect the development and performance of key sectors of the country’s economy,” stated the prospectus. It also warned that geopolitical conflicts and volatility in international energy markets could increase domestic costs and affect growth, inflation and government revenues.
Despite these risks, tourism continues to provide important foreign-exchange support. Jamaica welcomed 2.34mn visitors and earned US$2.5bn from tourism through August 2026, although the sector continues to operate with reduced hotel capacity following Hurricane Melissa.
Regional sovereign borrowing provides some indication of recent market conditions. Trinidad and Tobago refinanced a US$1bn bond in January at 6.50% for 10 years and subsequently issued a US$800mn, 12-year bond carrying a 6.20% coupon.
For Jamaica, the final pricing of the new instrument will determine the extent to which the transaction lowers borrowing costs while extending the maturity profile of its external public debt.
Source: Caribbean Insight – Volume 48, Issue 16
Friday 31st July 2026
Trinidad and Tobago-based conglomerate ANSA McAL Group has secured approval for up to US$500mn in financing from IDB Invest and the Japan International Cooperation Agency (JICA).
The agreement marks the largest financing commitment ever made by IDB Invest in the Caribbean, providing a significant boost for regional manufacturing, logistics and supply chain development. The financing forms part of a new strategic partnership between IDB Invest, the private-sector arm of the Inter-American Development Bank (IDB) Group, and ANSA McAL, one of the Caribbean’s largest and most diversified conglomerates. The initiative is expected to expand industrial capacity, strengthen regional supply chains and support long-term economic growth across the Caribbean.
The overall financing package totals US$500mn, with an initial commitment of US$200mn. This first tranche comprises US$150mn from IDB Invest—split between a US$100mn term loan and a US$50mn revolving credit facility—and US$50mn from JICA through its Trust Fund Achieving Development of Latin America and the Caribbean (TADAC).
The funding will finance investments in manufacturing, logistics, recycling, distribution and supply chain infrastructure, with the companies stating that the projects are expected to create quality employment opportunities while improving the competitiveness and resilience of productive sectors throughout the region.
For Trinidad and Tobago, the investment is expected to support efforts to diversify the economy beyond the energy sector by stimulating productive investment and strengthening regional trade links. The partnership is also intended to improve access to international capital and strategic relationships for future projects.
IDB Invest Chief Executive Officer James Scriven said the investment reflects the institution’s belief that regional integration is essential to improving the Caribbean’s economic competitiveness. “The Caribbean’s future competitiveness depends on thinking beyond individual markets and investing in regional businesses that connect the region,” he said, adding that “by supporting investment in manufacturing, logistics, distribution, and supply chains, this financing helps strengthen the productive links that underpin regional growth.”
ANSA McAL Group Chief Executive Officer Anthony Sabga III described the financing as a vote of confidence in both the company and the wider Caribbean private sector. “This partnership reflects confidence in ANSA McAL, in the strength of Caribbean enterprise, and in the opportunities that exist within our region… The financing will support investments that expand capacity, strengthen our operations, and enhance the competitiveness of the businesses we have built over the last 145 years,” said Sabga.
He added that the company was “proud to partner with IDB Invest in advancing initiatives that contribute to economic development, job creation, innovation, and opportunity throughout the Caribbean.”
Beyond providing capital, the agreement includes technical collaboration between IDB Invest and ANSA McAL in areas including circular economy solutions, digital transformation, sustainability reporting and energy efficiency. According to the partners, these programmes will support the group’s investment strategy while promoting knowledge sharing and reinforcing its long-term commitment to responsible growth.
The transaction also aligns with IDB Invest’s Originate-to-Share model, which seeks to mobilise greater volumes of private capital into strategic development sectors across Latin America and the Caribbean.
The financing announcement follows another significant milestone for ANSA McAL after the company received strong investment-grade ratings from Caribbean Information and Credit Rating Services Limited (CariCRIS).
CariCRIS assigned ANSA McAL initial issuer credit ratings of CariAA on the regional scale and ttAA on the Trinidad and Tobago national scale, both with a Stable Outlook, reflecting expectations that the group will maintain strong profitability, healthy debt servicing capacity and solid financial performance over the next 12 to 15 months.
Commenting on the ratings, Sabga said that “ANSA McAL has built a business founded on resilience, disciplined growth and a commitment to creating long-term value.” He added that the company had strengthened its position through its 2X Agenda by investing in its businesses, improving operational efficiency, expanding its regional footprint and enhancing competitiveness.
CariCRIS said its assessment reflected ANSA McAL’s diversified portfolio, consistent revenue growth, strong capitalisation, healthy liquidity, sound corporate governance and sustainability practices, as well as the group’s expanding regional operations, which have strengthened foreign currency earnings and improved resilience amid foreign exchange constraints and broader global economic pressures.
Founded in 1881, ANSA McAL employs approximately 6,000 people, operates across more than 30 markets in 10 territories and maintains interests spanning the automotive, beverage, construction, distribution, financial services, media, packaging, real estate, services and utilities sectors. The latest financing is expected to further strengthen its regional expansion strategy while supporting broader Caribbean economic development.
Source: Caribbean Insight – Volume 48, Issue 15
Friday 17th July 2026
Trinidad and Tobago has successfully raised US$800mn through a sovereign bond issue in the US market, securing what the Government has described as a landmark financing transaction that attracted exceptionally strong investor demand.
According to the Ministry of Finance, the 12-year bond was oversubscribed by approximately 400%, representing the highest level of investor demand achieved by Trinidad and Tobago since its first benchmark-sized international bond issue in 2013.
More than 150 institutional investors from the US, UK, Europe and the Caribbean participated in the offering, alongside strong demand from domestic institutional investors.
The notes were priced with a 6.20% coupon, with the Government highlighting that the transaction achieved a negative new-issue concession, indicating investors did not require an additional pricing premium to participate.
“This bond has repriced Trinidad and Tobago’s yield curve and is a clear reflection of investor confidence in the country’s credit story which was presented by a government team during a two-day roadshow this week,” said the Government.
The investor roadshow was led by Finance Minister Davendranath Tancoo, Energy Minister Roodal Moonilal and Central Bank Governor Larry Howai following months of engagement with international investors. The Government also pointed to investor outreach undertaken over the previous year, including a non-deal roadshow in Washington, DC, and an investor roadshow in New York, where officials presented the country’s macroeconomic outlook, fiscal consolidation strategy and medium-term growth agenda.
The ministry described the transaction as Trinidad and Tobago’s first international sovereign bond with a 12-year tenor, extending beyond the country’s traditional 10-year issuance profile. Officials said the longer maturity better aligns with the country’s debt maturity structure while securing more favourable pricing than comparable government bond issues over the past decade.
The proceeds will primarily be used to refinance 4.50% notes maturing in August 2026, with the remaining funds supporting general budgetary requirements. Commenting on the transaction, Tancoo said the bond reflected renewed international confidence in the country’s economic direction.
“Today, Trinidad and Tobago has attracted stronger investor interest at a lower coupon interest rate, on more favourable terms, for a longer period and in a more volatile economic and financial environment. This is a clear indication of global confidence in the policy direction and future prospects of Trinidad and Tobago,” he said.
The Minister also argued that government policies aimed at expanding the non-energy economy while revitalising the energy sector had strengthened investor confidence and improved the country’s economic outlook.
Despite the successful issuance, several economists urged policymakers to look beyond the strong investor demand and consider the increasing cost of external borrowing.
Economist Jamelia Harris noted that while the oversubscription demonstrated investor appetite, the coupon rate reflected a much higher cost of borrowing than Trinidad and Tobago faced a decade earlier. “The demand for a bond is important, but even more important is the returns investors are asking for, that is, the price of the bond,” Harris said.
She observed that the Government issued a US$1bn 10-year bond in 2016 at a 4.5% coupon, followed by another US$500mn issue in 2020 at the same rate. By comparison, a US$750mn bond issued in 2024 carried a 6.40% coupon, a US$1bn issue earlier this year was priced at 6.5%, while the latest bond carries a 6.20% coupon over 12 years.
Harris warned that rising interest costs would substantially increase the country’s future debt servicing burden and stressed that government borrowing should primarily finance investments capable of generating economic growth rather than recurrent expenditure.
She also called for a comprehensive long-term debt management strategy, cautioning that increasing debt service costs could reduce resources available for healthcare, education and other public services.
Economist Ronald Ramkissoon similarly emphasised that external borrowing must ultimately be repaid in foreign currency. “We are increasing our external debt. We have to remind ourselves that this has to be repaid in foreign exchange. We have to ensure that we are doing the kinds of things to earn foreign exchange that we will be able to service these loans,” he cautioned.
While the successful bond issue demonstrates that Trinidad and Tobago retains strong access to international capital markets despite a challenging global financial environment, economists caution that market access alone is not a measure of fiscal success.
The higher cost of borrowing and the country’s growing external debt burden mean that the long-term value of the transaction will ultimately depend on how effectively the proceeds are used to strengthen economic growth, expand foreign exchange earnings and improve fiscal sustainability.
As the Trinidad and Tobago refinances existing obligations and funds its budget, policymakers will face increasing pressure to ensure that today’s borrowing delivers tangible economic returns capable of supporting tomorrow’s debt repayments.
Source: Caribbean Insight – Volume 48, Issue 14
Friday 3rd July 2026
Grand Bahama is emerging as one of the Caribbean’s largest investment destinations, with more than US$3.5bn in public and private sector projects either underway or in advanced planning as the Bahamian government pushes ahead with an ambitious strategy to transform the island into a regional hub for tourism, trade, logistics and industry.
Speaking during the 2026/27 Budget Debate, Prime Minister Philip Davis described Grand Bahama as a model of national progress, pointing to a surge in tourism, major infrastructure investments and a pipeline of developments expected to reshape the island’s economy over the next several years.
According to Davis, visitor arrivals to Grand Bahama increased by 91.2%, surpassing 1mn visitors and making it the fastest-growing destination in The Bahamas. He also highlighted reforms in the island’s energy sector following the government’s acquisition of the Grand Bahama Power Company, which has resulted in lower electricity bills for many consumers.
The Prime Minister praised Grand Bahama Minister Ginger Moxey for driving the island’s transformation, stating that she is “transforming the old symbols of stalled development. The International Bazaar and Royal Oasis into a future Afro-Marketplace,” while also advancing housing initiatives, neighbourhood renewal and employment programmes.
At the centre of the island’s investment drive is the US$827mn redevelopment of the Grand Lucayan Resort by Concord Wilshire Capital. The mixed-use project will feature a new 550-room Hilton-branded hotel and casino, expanded family accommodations, a second casino linked to a cruise resort, a mega-yacht marina, more than 20 restaurants and international retail facilities.
Demolition at the Grand Lucayan site began in April after months of speculation over the project’s future. Concord Wilshire Chief Executive Officer Richard Bosworth dismissed reports that the development had stalled. “We want to be very clear: the redevelopment of the Grand Lucayan Resort is moving forward,” he declared.
The redevelopment is expected to receive a significant boost from MSC Cruises, which plans to acquire approximately 20 beachfront acres within the resort to develop the MSC Beach Club, an exclusive destination for passengers travelling on MSC Cruises and Explora Journeys vessels.
Concord Wilshire President Nate Sirang said the cruise-focused developments would become a major catalyst for economic activity. “Together, the MSC Beach Club and the Ancient Waters Cruise Resort are projected to welcome more than 1mn guests annually,” Sirang said. “Combined with the activation of the Mega Marina and Casino Resort, this development will generate substantial economic activity, create meaningful employment opportunities… and will serve as the cornerstone for the long-anticipated revitalisation of the Lucayan property.”
Beyond the Grand Lucayan redevelopment, MSC Cruises has committed US$450mn to develop a new cruise port at Freeport, featuring a dedicated pier, terminal, beach club and retail village. A further US$50mn will be invested in harbour infrastructure upgrades, while plans also include facilities capable of accommodating larger XL-class cruise ships as Grand Bahama targets 4mn annual cruise passengers by 2028.
MSC’s wider investment programme in The Bahamas, including upgrades to Ocean Cay MSC Marine Reserve and the development of a second private island destination, is approaching US$1.5bn and is expected to create more than 1,000 jobs.
Royal Caribbean is also positioning itself to become a major investor in Grand Bahama. The cruise company has reportedly completed the acquisition of the long-closed Xanadu Beach Hotel for approximately US$30mn and is close to finalising the purchase of adjoining properties to create a 28-acre private beach destination for its passengers.
According to the Central Bank of The Bahamas, Royal Caribbean and Celebrity Cruises have already received government approval to acquire a 40-acre site for a US$348mn recreational and entertainment development. The project would complement the company’s partnership with MSC in expanding Freeport Harbour while creating another private cruise destination on the island.
A Royal Caribbean spokesperson said the company continues evaluating opportunities in The Bahamas. “We are always assessing our portfolio and continue to explore future projects to offer the best vacation experiences for our guests and drive economic growth in the communities we visit,” said the statement.
The investments align with the Davis Administration’s broader vision of positioning Grand Bahama as the country’s principal gateway for regional commerce. “Grand Bahama will become the gateway to the Caribbean for trade, tourism, and investment,” read an excerpt from this year’s Throne Speech.
Earlier this year, British airport operator, Manchester Airports Group (MAG) were appointed by the Government of The Bahamas to operate and develop Grand Bahama International Airport (GBIA). The UK’s largest airport group are charged with overseeing the airport’s long term redevelopment, including delivery of a new passenger terminal and upgraded infrastructure.
Alongside tourism developments, the strategy includes the Afro-Caribbean Marketplace and Logistics Centre, reforms involving the Grand Bahama Port Authority, industrial investment initiatives and infrastructure improvements designed to strengthen Freeport’s role as a regional logistics and commercial hub.
If the current pipeline of projects proceeds as planned, Grand Bahama could experience its largest wave of investment in decades, fundamentally reshaping the island’s economy, significantly expanding tourism capacity, creating thousands of jobs and reinforcing its position as one of the Caribbean’s leading centres for trade, logistics and cruise tourism.
Source: Caribbean Insight – Volume 48, Issue 13
Friday 19th June 2026
Diplomatic tensions between Trinidad and Tobago and Venezuela have intensified after Caracas accused its Caribbean neighbour of being responsible for a second major oil spill that it claims has contaminated Venezuelan waters, threatened marine ecosystems and disrupted fishing communities along its northeastern coast.
The dispute marks the latest flashpoint in an already strained bilateral relationship, with Venezuela warning that it may seek compensation and pursue action through international bodies if Trinidad and Tobago is found liable for the alleged environmental damage.
In a strongly worded statement, Venezuela’s Foreign Ministry said satellite imagery had confirmed that a hydrocarbon slick originating from Trinidad and Tobago had drifted into Venezuelan waters. The Ministry argued that the latest incident was larger than a similar spill reported in May and posed serious environmental risks.
“This event exceeds in magnitude the one that occurred in May and confirms the drift of pollutants toward Venezuelan waters,” the Venezuelan government said.
Caracas warned that the spill represented a growing threat to marine life, fishing activity and coastal communities. “There is a threat to the marine ecosystems and fishing activities and coastal communities,” said the Foreign Ministry, while demanding that Trinidad and Tobago “fully assume its responsibility by adopting immediate measures to prevent further incidents.”
The Venezuelan government further declared that it “reserves the right to take appropriate action before the competent international bodies to determine responsibility, demand any applicable compensation, and prevent the recurrence of similar events.”
Officials said state agencies had activated mitigation protocols and intensified environmental monitoring in affected coastal areas. Reports circulating on social media showed black oil-like substances coating seaweed washing ashore near Punto Guiria on Venezuela’s northeastern coast, fuelling public concern about the potential impact on tourism and fishing livelihoods.
“I am calling on the authorities, or whoever controls this, or the Government of Trinidad, to ensure that when this happens, it’s regulated or controlled as best as possible so that the tourist area of the municipality isn’t damaged any further,” said one resident, appealing for action.
Trinidad and Tobago, however, has pushed back against the allegations and says it has found no evidence supporting claims of a significant spill.
Energy Minister Roodal Moonilal said government agencies had immediately launched investigations after learning of Venezuela’s accusations. Surveillance operations involving the Air Guard, Coast Guard and drone technology were deployed to search for signs of contamination.
“The Air Guard and Coast Guard have been deployed to do reconnaissance work on the sea and with drones to determine the facts,” Moonilal told Reuters.
The minister said Trinidad and Tobago had formally requested coordinates from Venezuelan authorities to help verify the reported spill and conduct an independent assessment. He also revealed that Foreign Affairs Minister Sean Sobers had engaged directly with the Venezuelan Embassy in Port of Spain and that discussions with Venezuelan Ambassador Alvero Enrique Sanchez Cordero had been cordial and focused on information sharing.
State-owned Heritage Petroleum, which became a focal point of the controversy because of previous spill allegations, also rejected claims that a major release of hydrocarbons had occurred.
Following field inspections, vessel patrols and reviews of operational monitoring systems, the company reported no irregularities. “Currently, there is no evidence to support the presence of large amounts of hydrocarbons in the sea,” Heritage stated.
The company added that surveillance conducted alongside the Trinidad and Tobago Coast Guard had revealed “no visible slicks or marine abnormalities,” although investigations remain ongoing.
The latest accusations revive memories of earlier disputes between the two countries. In May, Venezuelan Foreign Minister Yván Gil accused Trinidad and Tobago of failing to communicate adequately following a leak at Heritage Petroleum’s Riser Platform No. 2 in the Main Soldado Field. Venezuela claimed that incident threatened mangroves, wetlands and marine biodiversity, while Trinidad and Tobago maintained the leak involved only about 10 barrels of oil and had been successfully contained.
The current row also follows broader political tensions that have emerged over the past year. Relations between the neighbours deteriorated after Trinidad and Tobago’s government adopted a tougher stance on Venezuelan migration and publicly supported US actions that resulted in military intervention and the capture of Venezuelan President Nicolás Maduro.
Environmental groups in Trinidad and Tobago are urging greater transparency as the dispute unfolds. Fishermen and Friends of the Sea warned that repeated reports of spills are undermining confidence in marine resources and harming fishing communities already facing declining catches and economic uncertainty.
With Caracas insisting that satellite evidence confirms the spill and Port of Spain maintaining that investigations have found no signs of contamination, the dispute appears set to test diplomatic relations between the two energy-producing neighbours while raising broader questions about environmental accountability in the Gulf of Paria.
Source: Caribbean Insight – Volume 48, Issue 12
Friday 05th June 2026
The Caribbean banking landscape is poised for one of its most significant transformations in decades following an agreement by Bermuda-based Butterfield to acquire Canadian Imperial Bank of Commerce’s (CIBC) 91.7% stake in CIBC Caribbean for approximately US$1.8bn.
The transaction, which is expected to close in the first half of 2027 pending regulatory and shareholder approvals, will create a banking and wealth management group with approximately US$29bn in assets and an expanded footprint across some of the region’s most important financial centres.
The acquisition marks a major strategic shift for both institutions. For CIBC, the sale represents the culmination of a gradual repositioning strategy that has seen the Canadian banking giant reduce its direct exposure in parts of the Caribbean over recent years. For Butterfield, it represents a bold expansion into mainstream commercial banking throughout the region.
Under the terms of the agreement, Butterfield will pay a total purchase price of US$1.794bn, consisting of US$1.091bn in cash and US$703mn in Butterfield shares. The offer values CIBC Caribbean at US$1.14 per share.
To support the acquisition, Butterfield has secured commitments for US$700mn in Tier 2 capital-qualifying subordinated debt financing, expected to be raised before closing. The bank said the combined entity should remain well above regulatory capital thresholds, with a pro forma Common Equity Tier 1 ratio above 12% and total capital above 19% at closing.
Following completion, Butterfield will launch a mandatory takeover bid for the remaining 8.3% of CIBC Caribbean shares held by minority shareholders. They will be offered equivalent economic terms and may choose to receive up to 100% of their consideration in Butterfield shares, allowing them to retain an ownership interest in the combined institution. CIBC is expected to retain an approximately 22% ownership stake in the combined entity and will have the right to appoint two directors to Butterfield’s board.
Butterfield Chairman and Chief Executive Officer Michael Collins described the transaction as a natural progression of the bank’s growth strategy. “Since Butterfield’s 2016 listing on the NYSE, we have successfully grown and enhanced profitability through bank and trust acquisitions,” Collins said. He added that, “This deal combines two storied and complementary banks, with significant local scale advantages and time-honored customer relationships in their respective core jurisdictions.”
While the Butterfield’s shares will continue to trade on the New York Stock Exchange and the Bermuda Stock Exchange, the bank intends to pursue secondary listings on the Barbados Stock Exchange, the Bahamas International Securities Exchange and the Trinidad and Tobago Stock Exchange, subject to regulatory approvals. The move is expected to increase regional investor participation, enhance share liquidity and provide Caribbean investors with greater access to ownership.
The entity will provide enhanced corporate, personal and wealth management services, stronger cross-border payment capabilities, expanded merchant banking solutions and continued investment in digital banking infrastructure. Butterfield has also pledged to maintain CIBC Caribbean’s regional headquarters in Barbados and preserve both organisations’ operational footprints across the region.
CIBC Caribbean Chief Executive Officer Mark St. Hill welcomed the transaction. “For our clients, employees and communities, this combination brings together two organisations with shared values and a common focus on relationship banking, innovating and community impact,” he noted.
The announcement has generated considerable discussion among banking executives, investors and policymakers throughout the Caribbean. Mariano Browne, Chief Executive Officer of the UWI Arthur Lok Jack Global School of Business and a former Butterfield Barbados executive, described the acquisition as a transformational move.
According to Browne, the acquisition fundamentally changes Butterfield’s market positioning. “This is really a change in Butterfield’s positioning because it now picks up both a retail and a business portfolio which spans the entire gamut of the region, and probably could make it the biggest bank in the region,” he observed.
The deal has also attracted attention from Caribbean governments. In Antigua and Barbuda, Prime Minister Gaston Browne welcomed the transaction and expressed interest in securing local participation in the new ownership structure. “We have said to them, look, we’ll give them the approval, but we would like to have some opportunity for the local banks to participate,” Browne said. He noted that Antigua Commercial Bank had already expressed interest should opportunities arise.
Labour representatives across the region have meanwhile focused on employee protections. The Antigua and Barbuda Workers’ Union has called for full transparency throughout the process and urged adherence to labour laws governing severance rights, continuity of service and collective bargaining arrangements.
In response, CIBC Caribbean has sought to reassure staff that “Butterfield is committed to the continuity of CIBC’s Caribbean team with existing compensation and benefits for all current CIBC Caribbean management and employees.”
Once completed, the acquisition will create one of the region’s largest financial institutions, combining Butterfield’s expertise in wealth management and offshore financial services with CIBC Caribbean’s extensive retail and commercial banking network. With approximately 2,700 employees, 41 branches and operations across 10 Caribbean countries, the new entity is expected to play a central role in shaping the future of banking, investment and financial services across the region.
Photo credit: https://www.bermuda.com/butterfield-bank/
Source: Caribbean Insight – Volume 48, Issue 11
Friday 22th May 2026
Prime Minister Philip Davis and his Progressive Liberal Party (PLP) have secured a decisive victory in the 12 May 2026 general election, marking the first time in nearly three decades that a political party has achieved consecutive election wins.
The PLP captured 33 of the 41 seats in Parliament, comfortably defeating the opposition Michael Pintard-led Free National Movement (FNM), which secured eight seats. The outcome cements Davis’ position as the first prime minister since the 1990s to retain office for back-to-back terms.
Addressing supporters in Nassau following the announcement, Davis struck a conciliatory tone. “To Bahamians who voted today but did not vote for us, I want you to know I’ve listened to you, I’ve heard you, and I want you to know that I will continue to work hard for all Bahamians,” said Davis.
The election was dominated by key socio-economic concerns, including rising cost of living, housing access, crime, immigration and healthcare. In the lead-up to the vote, the government moved to remove value-added tax (VAT) on certain grocery items, a policy that drew mixed reactions regarding its effectiveness in easing household financial pressures.
Despite the opposition’s defeat, Pintard retained his parliamentary seat and acknowledged the outcome. “The Bahamian people made their choice… In a democracy, that is the only voice that ultimately matters,” he said to supporters. Pintard also indicated that the FNM will undertake a comprehensive review of its electoral performance.
The scale of the PLP’s victory has given the Davis administration broad legislative control, but it has also reignited debate about governance structure and accountability. Within days of the election, Davis unveiled one of the largest Cabinets in Bahamian history, appointing a 28-member executive comprising 21 Cabinet ministers and seven state ministers, in addition to himself.
Defending the size of the administration, Davis argued that the scale of national challenges required expanded leadership capacity. “We also need the best hands-on deck,” he said, adding that the approach had previously enabled the government to deliver results that earned renewed public confidence. He stressed that “the task ahead is even greater” and demanded the mobilisation of all available talent.
The Cabinet includes several high-profile appointments, with Deputy Prime Minister Chester Cooper assuming responsibility for Education, Science and Technology, and Michael Halkitis as Minister of Finance. Other key portfolios include Fred Mitchell as Minister of Foreign Affairs, Michael Darville as Minister of Health and Wellness, and Glenys Hanna-Martin as Minister of Tourism.
Beyond Cabinet, the administration has completed its executive structure with the appointment of parliamentary secretaries and senators, reinforcing what officials described as a comprehensive governance framework aligned with the government’s development agenda.
However, the expanded executive has drawn criticism from the opposition, which argues that concentrating a large number of elected members within Cabinet risks undermining parliamentary oversight. Pintard contended that the arrangement limits the ability of government backbenchers to provide internal scrutiny. “It is not an appropriate situation where the majority of elected members are cabinet members because what you want is healthy, robust discussion on issues and room for disagreement,” he warned.
Pintard also raised concerns about the fiscal implications of the enlarged administration, questioning the price tag that comes with appointments, a point that could become more prominent as the government advances its policy agenda.
Deputy Prime Minister Cooper, speaking during the swearing-in of parliamentary secretaries, underscored the administration’s responsibility to deliver tangible outcomes. “Let us never forget this, we are all servant leaders. No office is above the people,” he said, adding that citizens “expect government to move with urgency, to listen, to act, and to remain close to the realities of their lives.”
Davis has signalled that his second term will be guided by a “Blueprint for Progress” focused on economic stability, infrastructure development, education reform, healthcare improvement and public safety. “Our mandate from the Bahamian people was won on our promise to complete what we started in the last term… The work begins immediately,” said Davis.
The election outcome reflects both voter endorsement of the PLP’s first-term performance and the electorate’s expectations for accelerated delivery in its second term. While the government enters this new phase with significant political capital, it also faces heightened scrutiny over governance, fiscal management and its ability to translate electoral support into measurable socio-economic gains.
Photo Credit https://www.facebook.com/myplp/
Source: Caribbean Insight – Volume 48, Issue 10