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Now that a deal to pay Fortis seventy million dollars plus thirty-three point three percent of shares has been sealed by G.O.B., was the acquisition of B.E.L. in the best interest of Belize?

And tonight’s question is: now that a deal to pay Fortis seventy million dollars plus thirty-three point three percent of shares has been sealed by G.O.B., was the acquisition of [...]

PUP Disagrees with GOB’s Fortis Settlement

On Monday Prime Minister Dean Barrow announced a settlement with Fortis on the arbitrary 2011 acquisition of that company’s shares in B.E.L.  G.O.B. will be paying seventy million dollars to [...]

G.O.B. to Pay Fortis $70 Million for B.E.L.

The Government of Belize has gotten rid of one albatross which has been hanging around its neck since June 2011. That’s when government nationalized Belize Electricity Limited, seizing seventy percent [...]

Fortis Receives 33.3% Shareholdings in B.E.L.

The Prime Minister says he is confident that the new and improved relationship will work out, and if it doesn’t, there is a clause which allows Fortis to sell its [...]

Special Session of Cabinet to Discuss Fortis Settlement

The matter of the settlement was taken to Cabinet in special session this morning, and will go before the House on Wednesday and the Senate on Thursday.  The Governor General [...]

…CCJ to be Notified of Settlement

According to the Prime Minister lawyers for both parties are currently notifying the CCJ of the settlement so where litigation is concerned, the matter is done. The prime minister acknowledged [...]

Cost of Living Decreases By 1%

More Creole women are gainfully employed than Creole men. Unemployment figures improved slightly and the cost of living is down marginally when compared to the same period last year. Those [...]

Workshop Held to Bridge the Trade Divide

Mexico is one of Belize’s important trading partners, especially as it relates to agriculture and fisheries products. The trade and investment arm of the government, BELTRAIDE, is planning to increase [...]

SIB Says Imports Up…Unemployment Down!

The Statistical Institute of Belize held a press conference this morning at the Lecture Hall of the Central Bank Building where the July 2015 External Trade Bulletin, the Consumer Price [...]

Chamber Looking for Answers in B.O.A. De-risking

For the past few weeks, we have been reporting about the Bank of America severing ties with banks in Belize. Since then, Heritage Bank has been put on notice that [...]

BPOs and Employment in Belize

Employment in Belize has been a hot-button issue for the public and private sector. Approximately forty percent of the country is poor and the unemployment rate is just as dismal. [...]

Public and Private Sectors Meet for Economic Dialogue

The private and public sectors met today in what was being dubbed as an economic dialogue.  While a majority of the session was closed to the media, we were able [...]

Is Belize Facing Danger of Bankruptcy?

An article entitled “Seven Countries Near Bankruptcy” was published on August eighth listing Belize, along with Jamaica, Argentina, Belarus, Greece, Venezuela and Ukraine, as countries in precarious financial state and [...]

Former PM Blames G.O.B. for Bank of America Severing Ties

Two major banks in Belize – one local and the other international – have lost their correspondent banking relationship with Bank of America. It’s a serious blow for customers who [...]

Heritage Bank and FirstCaribbean Asset Acquisition is Private Commercial Transaction

The pending sale of CIBC FirstCaribbean’s assets to Heritage Bank Limited remained the topic of conversation within the financial sector for the better part of last week.  While CIBC’s corporate [...]

P.M. Says There’s No Question of Difficulties with Belize as Banking Jurisdiction…

The arrangement between CIBC FirstCaribbean and Heritage Bank is a private transaction brought about largely by the former’s shortfall in recent fiscal cycles.  As such, government is not directly involved [...]

…but Larger Jurisdictions are Determined to Destroy Offshore Sector in Smaller Countries

While CIBC FirstCaribbean and Heritage Bank are working to formalize the sale of assets, another offshore institution operating from Belize is yet to secure a correspondent bank.  As we’ve reported [...]

BML and CitCo Back in Court Over Partially Paid Judgment

This time last year, the staff of Belize Maintenance Limited (BML) was protesting in front of City Hall; garbage was strewn across the street and the protestors were arrested by [...]

Mayor Bradley Says There’ll Be No Residential Garbage Fee…

According to Bradley the Council has paid off what was outstanding to BML in terms of compensation for terminating the contract. He is not considering implementing a proposed ten dollars [...]

…But What About Trade Licenses?

Mayor Bradley also discussed the issue of trade licenses. Some Belize City businesses are reportedly thinking of moving outside of the Old Capital’s boundaries to Ladyville and Hattieville which are [...]

Business As Usual at FirstCaribbean Despite Looming Sale to Heritage Bank

A formal announcement confirmed on Monday that CIBC FirstCaribbean’s local assets were being acquired by Heritage Bank Limited, a move that will change the banking landscape locally. But the acquisition [...]

Central Bank Governor Says Transition Should be Seamless

But will the transfer of FirstCaribbean’s assets affect its existing clients and what does the sale mean for the banking sector?  That’s what we asked Central Bank Governor, Glen Ysaguirre, [...]

Acquisition of FCIB Means Growth for Heritage But What About Employees?

The purchase of FirstCaribbean’s resources sets the stage for Heritage Bank to expand its operations across the country and with that growth comes a need for additional human resources.  According [...]

Atlantic International Remains Without Correspondent Bank

There is other news in the financial sector which is also affecting banking transactions overseas in the offshore industry. Atlantic International Bank, which formally severed ties with Bank of America [...]

CIBC First Caribbean is Sold to Heritage Bank

There is big financial news tonight. CIBC First Caribbean Bank which was hit by robbers last week today informed it’s management and staff that it was selling out it assets [...]