Atlantico Weekly

Archive for the ‘Surinam’ Category

Surinam news update, January 31st

In Airports, Banking, Economy, Infrastructure, Investments, Ports, Surinam, Tourism, Travel on January 31, 2010 at 1:03 pm

FINANCE

Surinam insurance company Self Reliance announced it will take over Clico-Surinam, another local insurance company that was hit hard by the global crisis. The bail-out by Self Reliance was made possible with financial support from the Surinam Ministry of Finance and the Central Bank of Surinam (DWT).

PORTS

A trio of local banks, DSB-bank, Hakrinbank and RBTT will loan an amount of 28 million SRD to Surinam Port authority NV Havenbeer. This sum is needed to co-finance a second phase of the expansion and improvement of Paramaribo’s Nieuwe Haven Terminal (DWT).

AIR TRAVEL

SLM, Surinam Airways, is considering hiring a second Airbus A340-300 for the expansion of its route Paramaribo-Amsterdam and the development of new routes to the US, Canada and Europe (DWT).

The South Atlantic in 2010

In Agriculture, Angola, Banking, Brazil, Cape Verde, Economy, Elections, Infrastructure, Investments, Mining, Oil, Politics, Real estate, Security, South Africa, Surinam, Tourism on December 20, 2009 at 7:30 pm

Season’s greetings to all readers of Atlantico Weekly!

Atlantico Weekly is proud to present a short forecast for Brazil, Cape Verde, Angola, South Africa and Surinam in 2010.

Read The South Atlantic in 2010

COMING SOON: The South Atlantic in 2010

In Angola, Brazil, Cape Verde, Economy, Panama, Politics, South Africa, Surinam on December 6, 2009 at 5:05 pm

Atlantico Weekly announces its own assessment of political and economic developments in the South Atlantic democratic hemisphere: Angola, Brazil, Cape Verde, Panama, South Africa and Surinam. Watch this, it’s coming soon!

Surinam news update, November 1st

In Economy, Foreign Trade, Hotels, Investments, Mining, Oil, Surinam, Tourism, Travel on November 1, 2009 at 10:17 pm

A private initiative for the development of Paramaribo’s waterfront received approval from the Surinam government. The Riverside Harbour Village, as the project is known, includes a marina, a new hotel as well as commercial space and a promenade. Though the project still needs some additional financing, the backers, who hail from Surinam, Curacao and the Netherlands, think the Village will be ready by 2015. The project is worth 46 million Euros in investment (De Ware Tijd).

The Surinam Planning Dept annouced economic growth is expected to drop from 5% this year ot just 1% in 2010. The Dept. blames this disappointing outlook among other things on diminishing exports of oil and bauxite (De Ware Tijd).

In a new publication “Best in 2010″ Lonely Planet travel guide recommends Surinam for the top places to go to in 2010 (Reuters).

Surinam news update, August 9th

In Economy, Elections, Oil, Politics, Surinam on August 9, 2009 at 10:21 am

POLITICS

The Megacombinatie, an alliance of several political parties and personalities carefully built around the National Democratic Party of Desi Bouterse, the former military strongman of Surinam, suffered a setback after a party led by wealthy businessman Dilip Sardjoe left the group, nine months ahead of the national elections.

OIL

The final decision on the expansion of the Staatsolie refinery will be taken by the end of 2009, when new market data will be taken into account.  Surinam’s proven oil reserves are estimeated at 80 million barrels, while future finds are to be expected (DWT).

ECONOMY

Surinam with 2.5 % growth for 2009 is expected to be the fastest in the Caribbean, followed by Belize with 1 % and Trinidad and Tobago with 0.8 %. Most Caribbean countries have entered in recession, according to ECLAC (DWT).

Surinam news update, July 26th

In Economy, Foreign Trade, Surinam, Tourism, Travel on July 26, 2009 at 11:36 am

Trade between the US and Surinam reached a total value of USD 3.5 billion over teh last ten years. Imports from the US were USD 2.1 billion worth and exports a mere USD 1.4 billion (DWT).

Surinam’s Movement for Ecotourism (Mets) and Blue Wing Airways started operating  flights to Albina in eastern Surinam, reducing a strenuous car journey of 2,5 hours to just 30 minutes flying time. Mets hopes to open up new markets among the Marron communities scattered over central and eastern Surinam (DWT).

New figures from Surinam’s National Statistics Bureau ABS show inflation down with 3.4 % in the twelve months from July 2008 till July 2009 (DWT).

Surinam news update, July 18th

In Agriculture, Airports, Banking, Economy, Foreign Trade, Infrastructure, Investments, Surinam on July 19, 2009 at 10:06 am

DEBTS & INVESTMENTS

By eliminating its debt with Brazil, Surinam is positioning itself for better international credit reatings. Surinam now has B+ rating, but is aiming now for BBB, which would make it easier to borrow funds for its development with international capital markets and which would make the country more attractive to investors.

The Netherlands and Surinam have agreed to allocate remaining Dutch development funds to pay up for Surinam’s debts with Brazil. As these early payments in effect will result in a larger Surinam national budget, the government now is planning to use these funds for large infrastructural projects, such as bridges, road rehabilitation, as well as the upgrading of the national airport at Zanderij to A-1 status.

MICRO FINANCING

Finatrust de Trustbank NV is expected to book 6 % more profits for 2008 compared to the previous year.  With a market share of around 5 % in Surinam’s banking sector, this small 20-year old bank mainly caters to “non-bancables”, people who are normally not welcome at other banks.

Finatrust, de Trustbank NV this year will open a new branch in north Paramaribo. The bank was recently designated as Micro-Financieringsinstituut (MFI) with the Mikro-Kredieten programma (MKP), operated by the Surinam government. Research has shown that between 35.000 and 40.000 people in and around the capital have a need for small credits.

CARICOM

Caricom has selected Surinam to house the Caribbean Health and Safety Agency (CAHFSA). This institute will focus on the standardisation of agricultural and fisheries products that are traded within the region as well as with the EU and the US. The choice for Surinam means that the country will become the scientific hub for standards for animals, fish and plants.

(DWT)

Surinam news update, July 4th

In Airports, Ghana, Surinam, Tourism, Travel on July 4, 2009 at 9:46 am

TRAVEL & TOURISM

Blue Wing Airways and Movement for Eco Tourism in Suriname (Mets) will start oerating from July a new service from Paramaribo to Albina on the French Guyana border. Albina will also serve as a mini-hub for further flights into the interior of the country (DWT).

A new  airline, Surijet, announced plans for direct flights between Paramaribo and Accra, Ghana to serve as one of the scarce direct connections between the South American and African continents. The new company hopes to attract passengers from the Caribbean for African destinations and vice versa, without the need to travel through Europe (DWT).

Surinam news update, June 26th

In Airports, Banking, Ports, Real estate, Surinam, Tourism, Travel on June 26, 2009 at 8:38 am

Surinam insurance company Self Reliance boasted pre tax profits of 4,3 million SRD for 2008, indicating a raise of 42% in profits. The company received 67 million through selling insurance and turned out 44 million in damages last year (DWT).

RBTT (Royal Bank of Trinidad and Tobago – owned by Royal Bank of Canada) announced new investments in its Surinam branch, notably in two branch offices for Paramaribo as well as bringing technologies up to the Canadian owner’s standards. The bank also reported investing much of its profit in Surinam, which it calls a “success story” (DWT).

SLM, Surinam Airways, announced further booking cooperation with foreign airlines, now introducing ticketing for Delta Airlines and Brazilian marketleader Gol-Varig. In addition to existing deals with KLM, NorthWest and Martinair, SLM now offers tickets throughout Europe as well as North and South America (DWT).

Three Surinam banks sold a total of 225 million SRD worth of  mortgages in 2008. Hakrinbank sold 110 million worth, DSB 80 million and Surichange Bank another 35 million SRD. In 2007 the total amount of sold mortgages was still at a 160 million SRD total (DWT).

NV Verenigde Surinaamse Holdingmaatschappij (VSH), a Surinam industrial holding conglomerate, reported net profits for 2008 of 3,7 million SRD. The holding company especially noted growth in its port operations and steel production, the latter partly for foreign, Caribbean customers (DWT).

Surinam news update, June 1st

In Infrastructure, Investments, Surinam, Telecom on June 1, 2009 at 8:07 am

The IDB has announced it will fund the rehabilitation of the East-West road linking Paramaribo with Albina on the border with French Guyana. The bank’s input will be USD 62 million (De Ware Tijd).

Telenamic NV, a Surinam based callcentre jointly owned by Telesur and Unamic, saw a 2008 turnover of SRD 10 million. This will set the pace for further expansion and investments for the future, Telenamic’s manager Mark de Vries announced (De Ware Tijd).

Brazil looking for allies in the South Atlantic

In Angola, Brazil, Cape Verde, Economy, Ghana, Mining, Namibia, Oil, Sao Tome and Principe, Security, South Africa, Surinam on May 22, 2009 at 5:37 pm

Brazil is trying to forge an alliance with African and South American countries to defend seabed mining rights and strategic shipping lanes in the South Atlantic.

Read the full story at Reuters

Surinam and Cape Verde have most free press

In Angola, Brazil, Cape Verde, Media, Panama, Sao Tome and Principe, South Africa, Surinam on May 5, 2009 at 10:35 am

Freedom House, a US based NGO, have published their 2009 report on international freedom of the press. Of the countries featuring in this news site, Freedom House considers Surinam (43rd place), Cape Verde, Sao Tome and Principe (both 60th) and South Africa (66th) as “free”. The organisation considers Brazil (89th) and Panama (92th) as “partly free” and Angola(132nd) as “not free”.

Read the full report and how Freedom House came to these concusions here.

Surinam news update, May 1st

In Banking, Surinam on May 1, 2009 at 8:04 pm

Hakrinbank NV closed its books for 2008 scoring 10 % net profit growht to SRD 26,3 miljoen. The bank also noted that its market share rose to 25 %.

(DWT)

Surinam news update, April 24th

In Hotels, Mining, Politics, Surinam on April 24, 2009 at 11:09 am

MINING

Glencore International AG (GI) agreed to buy Surinam bauxite and finance the founding of Alumsur, the country’s new stateowned bauxite mining company.

HOTELS

The new Marriott Courtyard hotel in Paramaribo will be inaugurated in May, adding 140 rooms on six floors to the capital’s capacity.

VENEZUELA

Venezuela’s ambassador to Surinam suddenly returned home “for a extended vacation” after Surinam President Venetiaan complained to his colleague Chavez about the Venezuelan diplomat’s alleged “meddling in Surinam’s internal affairs”.

(DWT)

Surinam news update, April 10th

In Economy, Foreign Trade, Investments, Mining, Surinam on April 10, 2009 at 8:56 am

MINING

Rains have delayed the expansion of the IamGold mining operation in Brokopondo district. This also delays the hiring of 200-300 new workers.
According to plan the 46 million USD investment should have been completed by april this year.

FRENCH GUYANA

Surinamese and French Chambers of Commerce have reached an agreement to intensify economic contacts between Surinam and French Guyana.

France also granted three loans for varous projects in Suriname, among which the rehabilitation of the East West road linking French Guyana with the Surinam capital, Paramaribo.

LAW ENFORCEMENT

Illegal copying of intellectual and artistic products will be countered throughly, Justice and Police Minister Santokhi announced. Special attention will be given to copyrights to musical products.

(De Ware Tijd, Waterkant)

Surinam news update, April 3rd

In Banking, Hotels, Investments, Surinam, Tourism, Travel on April 3, 2009 at 9:32 am

HOTELS

Paramaribo is to get another 4-star hotel by March 2010. The Wyndham Garden Hotel is to be built in downtown Domineestraat. Total coast of the project will be 22 million USD. The project will be developed by the local City Group, together with Hakrinbank, the Fatum insurance company and the Aruba Investment Bank. The Chinese Anhui Foreign Construction Group, also responsible for the new Chinese Embassy in Surinam, has been contracted to build the hotel.

WATER

Experts and officials have been discussing the possibilities for the export of Surinamese water at the Waterforum. The potential for the export of bulkwater is enormous: 330 billion cubic metres per year of rain and huge  sweetwater reserves are waiting for international investors and customers.

(De Ware Tijd)

Surinam news update, March 29th

In Banking, Biofuels, Books, Economy, Oil, Surinam, Tourism on March 29, 2009 at 1:42 pm

TOURISM

Surinam is to get a national website dedicated to tourism promotion. The project will be funded by the EU.

BANKING

De Surinaamsche Bank N.V. (DSB) closed the year 2008 with a net profit of SRD 22,7 million.

BIOFUELS

Staatsolie, Surinam’s staterun oil company, is working on a future project to develop production of biofuels, together with Brazilian partners, Minister for Natural Resources Gregory Rusland announced.

ECONOMY

Surinam is in a much better position to survive negative effects of the global recession. A good position of the SRD, a comfortable monetary reserve and the prudent monetary policies of the last years are some of the reasons of the country’s “pole position“. This was the message of two IMF-economists, Gamal El Masri and Bernhard Fritz-Krockowoek, while presenting their publication ‘Suriname Toward Stability and Growth’.

(De Ware Tijd)

Surinam news update, March 20th

In Economy, Foreign Trade, Ports, Surinam on March 20, 2009 at 7:17 pm

Forbes has placed Surinam 107th on the list of  “Best countries for Business”, one place up from last year.

Trade between Surinam and the U.S. in 2008 amounted 530 million US dollar, a rise of 23 percent from 2007. Surinam ranked as the 118th tranding partner of the U.S. The economic superpower  in 2008 exported more than 400 million US dollar of goods to Surinam, while a mere 126, 5 million dollar went the other way.  Surinam last year traded for a total amount of 1,5 billion US dollar.

NV Havenbeheer, Surinam’s Port authority, recently entered in a leasecontract valued 55 million US dollar. The 15 year deal was closed with port operators Integra Marine Freight Service, VSH Shipping and CSA.

(De Ware Tijd)


Surinam news update, March 13th

In Banking, Economy, Investments, Ports, Retail, Surinam, Tourism, Travel on March 13, 2009 at 8:59 pm

Hakrinbank expects double digit profit growth for 2008, after 2007 profits of 24 million SRD, the bank’s CFO announced last week.

SLM, Surinam Airways, signed an agreement for the lease of two Boeing 737-300 aircraft, thus beginning its ambitious expansion plans. The planes will be delivered by May 2009. “Now is the time to invest”, the company’s leadership announced. The new aircraft will be used to expand the regional routes to Curacao, Trinidad, Aruba, Miami and Belem. New routes, to Jamaica, Barbados and Manaus, are being contemplated.

Dockyard SDSM announced interest from a Dutch company for 4 new motorships to be built after the 2200 ton loadcarrying  Zhong Mu 1 type, recently finished at the Paramaribo facilities. A second ship, the Zhong Mu 2 is curently under construction. Both Zhong Mu ships are built after Chinese desing for a Chinese logging company and will be operated in the Caribbean.

KPMG Dutch Caribbean announced expansion plans for their office in Suriname, in appreciation of the continuing growth of the Surinam economy.

SAB, Surinaams Alcohol Bedrijf, has improved production facilities at a cost of 1 million USD, making a higher rate of production of Borgoe as well as of a new, extra fine, Black Cat rum possible.

(De Ware Tijd)

Surinam news update, Feb. 12

In Biofuels, Security, Surinam, Telecom on February 12, 2009 at 6:21 pm

TELECOMS

Telesur, Surinam’s telecom company announced that most of the country will soon be able to use the wireless broadband internet connection services the company is offering (DWT).

BIOFUELS

Indian oilpalm investor Foods, Fats and Fertilizers (FFF) obtained a permit for production in Brokopondo district, for working an area of 33.000 acres (DWT).

SECURITY

Surinam is purchasing three helicopters  for the airforce from India. The trio of Advanced Light Helicopter (ALH) Dhruv will be delivered by Hindustan Aeronatics Limited (HAL). The aircraft will be used to transport troops, but they may also be used in combat. The advent of this equipment will give enormous strategic and tactical advantages to the Surinam armed forces in their aims to project power and presence throughout the dense forests of the interior, where the use of fixed wing aircraft is limited. The deal also highlights the growing role of India in Surinam (DWT).

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