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Secretary-General’s remarks at press conference upon arrival in Kingstown Airport, Saint Vincent and the Grenadines

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29 February 2024

Ladies and gentlemen of the media,

Let me first of all, express my deep gratitude to Prime Minister Gonsalves for having invited me to participate in this CELAC Summit and to intervene in the opening session. But this visit goes beyond the participation in a Summit. It’s a visit in which I would like to pay a few tributes and to express a deep solidarity.

The first tribute is to Latin America and the Caribbean as a continent of peace, in a world where we see a proliferation of wars and conflicts of all kinds. Today, I was shocked to know that, in another episode of the war in Gaza, 100 people that were queuing to receive humanitarian aid were killed.

I think that a situation like this would require an effective independent investigation to detect how it was possible and those responsible for it. And at the same time, there is the reported number of more than 30,000 civilians that have died in Gaza since 7 October, making it an unprecedented number of civilians killed in a conflict since I have been Secretary-General.

Now, in this context, to see Latin America and the Caribbean as a continent of peace, and to see that when a problem arises, and recently we had one with two neighbours, Guyana and Venezuela, there is a mediator that emerges and is able to bring the parties together and to avoid a conflict. And so, I want to pay tribute to Prime Minister Gonsalves for his permanent role, always very attentive to any possibility of conflict, and his engaged, active and effective mediation, as I also have seen in relation to his very strong commitment to the solution of the problems in Haiti.

And paying tribute to him, I want to pay tribute to the courage, the resilience and the solidarity of the people of Saint Vincent and the Grenadines. When the volcano exploded, and when this island and its population faced the dramatic tragedy, I could witness the way this country was able to mobilize everything. The solidarity of the people, the courage of the people, the determination of the people – that is something that is an example for all of us, everywhere. And once again, I want to express my enormous appreciation for what was done in the immediate response and in the reconstruction that followed.

But I also want to express a deep solidarity to the countries of Latin America and the Caribbean. Many of the economies of the continent are in deep trouble. When COVID-19 devastated the world, the truth is that developed countries, like mine, in the European Union, were able to print money in large quantities, to support their people and to support their economies.

Countries in Latin America and the Caribbean, the overwhelming majority could not print money because, if they would have to print money, their currencies would suffer enormously. And so, they had to borrow in order to solve the problems of their people and their economies after COVID-19. And we see now so many economies in this continent drowning in debt, and we see that an unfair, ineffective, and outdated international financial architecture has proven unable to support these countries in this moment of distress. To make things worse, with the war in Ukraine and with other impacts, prices went up, interest rates went up. The impact on their economies has been terrible. But many of the economies of the region are middle-income countries, and middle-income countries have no access to concessional funding, and they have no access to debt relief that is effective.

It’s time for a reform or our international financial institutions. It’s time for a new Bretton Woods movement in which developing countries can see an international financial system able to address the enormous challenges that they face.

And the last word of solidarity is for Small Island Developing States. They are on the front lines of the fight against climate change. They are the ones that suffer more with the impacts of climate change, and they have not contributed to climate change. But even not having contributed to climate change, they are also on the front lines of adopting the measures of mitigation to reduce emissions that are, of course, very limited from the beginning, but to show their solidarity with the world. And it is absolutely essential that there is not only a much bigger ambition in relation to the reduction of emissions. And that is essentially a responsibility of the G20 countries that represent 80 per cent of the emissions. But we need much more climate justice. Which means much more finance available at reasonable cost for adaptation and mitigation for developing countries, and in particular for Small Island Developing States.

And so, this is the moment to recognize that countries of Latin America and the Caribbean that have been victims of an unfair international financial system, and that many of them in particular are victims of a runaway climate change, have the right to claim for the reforms that are necessary in order to create the conditions for their governments to be able to act providing their peoples with the response to the needs that need to be addressed. Because it is absolutely unacceptable that lack of investment in education, or in housing, or infrastructure, is the price paid for an unfair international financial system in the moment of a global multiplication of wars and conflicts that represents the threat to international peace and security.

Question: We live in a hemisphere that has a lot of different issues and also we have various types of organizations at various levels? How do you see CELAC playing a particular role including those issues in the hemisphere?

Secretary-General: I’ve always been supportive of integration. Economic integration, political integration, as the key instrument for regions to be able to allow their countries to cooperate more strongly and cooperating more strongly to be able to better defend the interests of their people. So I believe that CELAC is an extremely important tool to push for a progressive economic and political integration in the Latin American and Caribbean world.

Question: July 6, 2023 you spoke on two issues. And you mentioned that to address the problem in Haiti a budget of about $720 million was needed, but at the time of your address in Trinidad and Tobago only 23 percent of that financing was collected. How much of that financing has been collected and how much is needed to bring peace to Haiti?

Secretary-General: I think that in Haiti we need three things. First: we need effective, political progress for a political solution.

Second: we need a security system that allows to end domination of the gangs and the criminality that is destroying the country. And I hope that an international force for which I fought will be able to soon be in Haiti, but we also need much more international support from the humanitarian and economic point of view.

Indeed, the humanitarian appeal of last year was insufficiently funded. We just launched a new humanitarian appeal and I hope that this time the world will understand that the people of Haiti are suffering so much that at least in the minimum of the minimum that corresponds to the basic needs – there is an effective response of the international community.

That is my strong appeal. But that will not replace the need for a political solution and the need for establishment of security.

Question:  You were talking about Haiti. I wanted to ask about the CARICOM Summit. They arrived with a date for elections on 2025. What’s your opinion about this?The second question is related to climate justice that you were talking about and this need for a reform of the financial system. Is this going to be one of the main issues during the CELAC Summit to talk about? How is it possible to work with them?

Secretary-General: First of all, in relation to Haiti, there was some progress with the constitution of the presidential council, with the checks and balances that were established and with the scheduling of the elections. The problem that we need to be absolutely sure is solved is implementation. And that things are not postponed or that things, or that nobody is dragging his or her feet.

So, we absolutely need now to move quickly in the implementation of what was decided because let’s be clear, you can put as many police forces as possible in Haiti [but] if there is no political solution, the problem will not be solved.

It is not for me to define the agenda of CELAC. But two things I can guarantee – these two issues will be raised by me very clearly in my intervention tomorrow.

And, when we talk about climate justice, we are still waiting for a meaningful availability of resources for the loss and damage fund.

We need much more than what was promised. We need a clarification of how the adaptation funding will double, and commitment that should emerge of making 50 per cent of international funding on climate for adaptation. We need to clarify once and for all how the $100 billion that developed countries have promised per year are implemented.

And we need to do the reforms in the way international financial institutions work – both the need to increase their capital level and the need to change their business model in order to be able to mobilize much more resources and to attract private capital at reasonable cost for support of developing countries in climate action.

Question: Over the years, a number of resolutions have been passed by the United Nations Security Council. How much of a hinderance towards achieving peace in a number of regions, the latest is what’s happening in Gaza, how much of a hinderance is the veto power of the five permanent members of the UN Security Council?

Secretary-General: The geopolitical divides that unfortunately have been aggravating in the recent times have transformed the veto power into an effective instrument of paralysis of the action of the Security Council.

In a world where those geopolitical divides would not exist, probably things would be easier. I remember the 1990s in which there were not many vetos.  But the truth is, in the present situation, with the deep divides that we that we are witnessing among the main powers, the veto power became, indeed, an instrument of paralysis of the Security Council, and an instrument that limits its capacity to address the crisis, the dramatic crises we are facing.

One example. I’ve been claiming for months that we need a humanitarian ceasefire in Gaza, as we need the immediate and unconditional release of hostages. Until now it was not possible to have the Security Council adopt this position. And when one sees the incident that I mentioned – about 100 people that were killed – we see how important this humanitarian ceasefire [would be.] 

There are, of course, negotiations that are taking place and I wish success for those negotiations – to be possible to have the release of a number of hostages, to be possible to have an interruption in the fighting – but I am totally convinced that we need a humanitarian ceasefire and we need the unconditional and immediate release of hostages and that we should have a Security Council able to achieve these objectives.

ENDS

Caribbean News

The $3 Billion Handshake

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By Deandrea Hamilton | Editor

 

September 28, 2026 – Wall Street initially flinched at the $3-billion handshake. But in a matter of days, it was smoother sailing.

Perhaps the bigger Caribbean business story is not what Sandals Resorts International is getting from the deal. It is who is writing the cheque — and what that says about what Gordon “Butch” Stewart built.

As reports of Royal Caribbean Group’s Sandals deal circulated Tuesday, RCL shares plunged 6.14 percent from Monday’s $250.25 close to $234.89, on sharply elevated trading.

When the agreement became official Wednesday — approximately $3 billion for a 50 percent equity interest in Sandals and Beaches Resorts — shares slipped another 1.95 percent to $230.30 and touched $222.22 intraday. Investors were digesting both the size of the investment and committed debt financing secured through Morgan Stanley.

But by Thursday, RCL rebounded 3.77 percent, with shares continuing their recovery Friday to finish the week around $243. Analysts were also looking ahead: JPMorgan reportedly raised its RCL price target from $345 to $394, while Citi placed the company on a 90-day positive catalyst watch.

And just who is RCL?

Royal Caribbean Group is a global vacation giant, publicly traded on the New York Stock Exchange with a market value of roughly $65 billion. Its portfolio includes Royal Caribbean International, Celebrity Cruises and Silversea, alongside private destinations and an expanding vacation platform.

So when a company of that scale commits $3 billion for only half of Sandals and Beaches Resorts, the transaction puts a striking financial marker on one of the Caribbean’s greatest home-grown hospitality success stories.

The deal, expected to close in early 2027, creates a 50-50 partnership with the Stewart family and takes Royal Caribbean deeper into the all-inclusive resort business.

Butch Stewart started Sandals in Jamaica in 1981 believing a Caribbean company could compete with the world’s best.

Forty-five years later, one of the world’s biggest vacation companies is prepared to pay $3 billion just to own half of what he built.

Now that’s the handshake that does more than seal a deal — it cements a legacy.

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Caribbean News

Royal Caribbean Group and Sandals Resorts Announce Landmark Partnership to Accelerate Their Leading Vacation Experiences

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Royal Caribbean Group Investment to Advance Sandals and Beaches’ Growth and Broaden the Group’s Vacation Portfolio

Montego Bay, Jamaica and Miami, September 24, 2026 – Royal Caribbean Group (NYSE: RCL) and Sandals Resorts today announced the signing of an agreement to form a partnership in the all-inclusive resort space with a 50% investment from Royal Caribbean Group.  Building on Sandals and Beaches Resorts’ more than four decades of leadership in Caribbean hospitality, the joint venture will create new opportunities for continued resort growth while broadening the experiences across Royal Caribbean Group’s vacation platform.

The partnership brings together two of the travel industry’s most celebrated vacation companies, pairing Sandals and Beaches’ all-inclusive resort expertise with Royal Caribbean Group’s vacation platform, including industry-leading brands – Royal Caribbean, Celebrity Cruises and Silversea – a portfolio of private destinations, new river cruising offering, and an industry-first loyalty program. United in a shared history in the Caribbean and connected by a love for their communities, the companies will offer travelers an unparalleled collection of cruise, private destination and resort experiences, serving guests across more vacation occasions and establishing their undisputed leadership in Caribbean vacations.

The joint venture expands Royal Caribbean Group into an adjacent vacation category, growing its participation in the approximately $2 trillion global vacation market, and meets the growing global demand for Sandals and Beaches Resorts by accelerating their expansion. The partnership will include Sandals and Beaches’ collection of premier all-inclusive properties across the Caribbean, and the companies will explore opportunities to broaden distribution, deepen guest engagement, and make it easier for travelers to discover vacation experiences offered across both portfolios.

“For nearly 60 years, we’ve reimagined what a vacation can be, constantly expanding the ways we inspire our guests to explore, connect and create lifelong memories,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “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. 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. The Stewart family has created powerful and beloved brands, and we are honored to build on that legacy. Together, we see tremendous opportunity to expand the reach of Sandals and Beaches Resorts and continue turning the vacation of a lifetime into a lifetime of vacations.”

“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,” said Adam Stewart, Executive Chairman of Sandals Resorts and Beaches Resorts. “This partnership is the natural next step in building on that conviction. It gives us the ability to grow faster with a partner that shares our values of exceptional hospitality, long-term investment, and the power of enduring brands. 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.” Stewart added, “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. The future has never been brighter, and I know this moment would make my father incredibly proud.”

The joint venture will be governed by a board under the shared leadership of Stewart and Liberty. Stewart will maintain a leadership role in guiding the company’s long-term strategic growth as Executive Chairman of Sandals and Beaches Resorts. Existing reservations, loyalty programs, resort operations and cruise operations will continue as usual, with the partnership bringing additional resources to support future opportunities.

Under the terms of the agreement, Royal Caribbean Group will acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion, representing a forward EBITDA multiple of approximately 10x.  Royal Caribbean Group has secured committed debt financing from Morgan Stanley to fund the investment.  The transaction is expected to close in early 2027, subject to customary approvals and closing conditions, and is expected to be accretive to earnings next year.

BofA Securities and PJT Partners acted as financial advisors, and Latham & Watkins and Jones Day acted as legal advisors to the Sandals Group. Perella Weinberg Partners and Morgan Stanley acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Royal Caribbean Group.

PHOTO CAPTION: Jason Liberty, Chairman and CEO of Royal Caribbean Group, and Adam Stewart, Executive Chairman of Sandals Resorts, mark the signing of an agreement to form a landmark partnership that expands Royal Caribbean Group into the all-inclusive resort space and supports the future growth of Sandals and Beaches Resorts. The signing took place at Royal Caribbean Group’s new headquarters in Miami, with the city’s skyline in the background.

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Caribbean News

Royal Caribbean Signs US$3-Billion Deal for Half of Sandals and Beaches

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The Caribbean tourism deal first reported as a possibility on Tuesday is now a signed agreement. Royal Caribbean Group plans to pay approximately US$3 billion for a 50% stake in Sandals and Beaches Resorts, putting the value of the business at about US$6 billion. The purchase is expected to close in early 2027, subject to approvals.

Founded in Jamaica by the late Gordon “Butch” Stewart in 1981, the resort business has a presence across nine Caribbean destinations, including Jamaica, The Bahamas and Turks and Caicos. Sandals has described its workforce as nearly 20,000 people, most of them Caribbean nationals.

“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,” said Adam Stewart in the announcement carried by PR Newswire. He will remain executive chairman, while the Stewart family retains a stake. The companies say existing reservations and resort operations will continue as usual.

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