Category: Business

Major upgrade

Five jet bridges, a rehabilitated runway, and an upgrade to several departure gates, are among Government’s major expansion plan for the Grantley Adams International Airport (GAIA). Minister of Tourism and International Transport Kerrie Symmonds outlined the plan today, though not providing a timeline for completion of the project. Delivering the feature address at the airport’s […]

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$24.9 million hole

The Government programme which provides loans to eligible Barbadians pursuing further studies is owed nearly $25 million by students who have not been meeting their commitments, according to the latest Auditor General’s Report. Auditor General Leigh Trotman said in his report, which examined the period April 2009 to March 2017, that the Students Revolving Loan […]

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Less time to get a building permit

The Barbados Town & Country Planning Department is going digital. And officials are predicting that this should help improve the climate of doing business in Barbados by shaving about 13 business days off the usually lengthy processing time. Acting Chief Town Planner George Browne told a stakeholder consultation on Monday that within a matter of weeks the department […]

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PM not amused by latest Auditor General report

Prime Minister Mia Mottley is not at all amused by the findings of the 2017 Auditor General Report. In fact, in light of the latest findings, she is promising a full review of “every area of Government”, with a view to carrying out the necessary house cleaning. One of the glaring irregularities highlighted in the […]

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Lights dimmed

Caribbean LED Lighting Inc, one of Barbados’ fastest growing manufacturers, has become one of the latest casualties of Government’s decision to default on its foreign debt payments. The decision to immediately suspend debt payment to international commercial creditors was announced by Prime Minister Mia Mottley a week after taking control of the reins of Government […]

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Whither CBC?

The jury is still out on what state-owned entities the Barbados Labour Party (BLP) administration will shed or share ownership of in the next phase of its economic recovery plan. However, Prime Minister Mia Mottley today made it clear that whatever decision was taken would not be driven by what the International Monetary Fund (IMF) […]

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Gov’t to establish new renewable energy regime

Within another month producers of electricity from renewable energy sources should have an idea of the new rate they will be paid for selling power to the Barbados Light & Power (BL&P) under the Renewable Energy Rider (RER) programme. This promise has come from Minister of Energy and Water Resources Wilfred Abrahams, who said his […]

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A $3 billion exercise

Chief Project Analyst in the Ministry of Energy and Water Resources Brian Haynes said investment was critical if Barbados was serious about achieving its vision for the sector, adding that without diversity “we are not going to make the targets that we are hoping to make”.

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Mottley eager to see the back of Bajan shantytowns

A new Town & Country Planning Act is expected to go before Parliament before the end of November, with Prime Minister Mia Mottley today taking issue with the current state of overcrowded, low-income housing districts, including The Pine, St Michael. “We have a situation in The Pine, in Wildey [St Michael], in Silver Hill and […]

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Bajans are not buying hybrid cars – Moore

A lack of interest in electric vehicles has forced at least one car dealer to put the brakes on the importation and sale of these vehicles, with others likely to follow, one dealer said. Sales Director of NASSCO Limited Roger Moore said it took the company about two years to sell the last two hybrid […]

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More austerity

The International Monetary Fund (IMF) today warned Barbadians to prepare for a second round of austerity as the Mia Mottley administration seeks assistance from the lending agency to drag the economy back from the brink. At the end of a ten-day visit here during which the IMF team held discussions with various stakeholders, the Washington-based […]

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Make pension plans mandatory, Nunes

One local investment firm is calling for across-the-board mandatory pension plans here to help workers supplement their savings upon retirement. Royal Fidelity, a joint venture between Royal Bank of Canada and Fidelity Bank & Trust International Limited, said individual plans were not enough. Therefore, Vice President and Country Head Jillian Nunes said, employers should be […]

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Low interest rates forcing Bajans to invest, says Arender

Driven by virtually zero interest on savings at commercial banks, an increasing number of Barbadians are putting their money in long-term investments, according to Chief Investment Officer of Fortress Fund Managers Peter Arender. “We are definitely seeing that and it brings us hope for the future because we very strongly believe that financial security is […]

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Brace for a far-reaching IMF plan, warns Herbert

Barbadians should brace for a far-reaching International Monetary Fund (IMF) balance of payments support programme. The warning from President of the Barbados Private Sector Association (BPSA) Charles Herbert, as a team from the Washington-based lending institution wrapped up a ten-day fact finding mission to the island that began on July 2. Before departing the island, […]

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CDB to construct US$36 million office complex in Barbados

The Barbados-headquartered Caribbean Development Bank (CDB) has announced plans to construct a new US$36 million office complex here, as it seeks to upgrade its current Wildey, St Michael base. The project, approved by the bank’s board of directors in December 2017, will provide adequate accommodations for the CDB’s current and projected staff complement, and integrate […]

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Barbados still open for business, assures Husbands

Despite recent economic challenges that have led to several downgrades of Barbados’ international credit rating, this island’s junior minister of foreign trade Sandra Husbands is assuring potential investors that it remains “open for business”. “Barbados remains open for business, and we are on the way to rebuilding our national credit rating so we can provide […]

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Local tourism agencies to have a single board

The island’s two key tourism agencies, the Barbados Tourism Marketing Inc (BTMI) and the Barbados Tourism Product Authority (BTPA), will soon operate under a single board. Acting Minister of Tourism Colin Jordan today said this was the first step in the Mia Mottley administration’s move to operate the two entities as a partnership between Government […]

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