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Category: Business

Drowning in debt

Burdened by mounting financial problems, including $500 million in loans it cannot service, the Barbados Water Authority (BWA) today announced it was considering a rise in water rates to help it cope. However, General Manager Keithroy Halliday did not say how steep the increase was expected to be or when it would become effective, explaining […]

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Governor defends supervision of IBCs

Governor of the Central Bank of Barbados Cleviston Haynes is defending the island’s supervision of the international business sector, stating that the systems in place continued to attract legitimate businesses while keeping out those who want to use the jurisdiction for illicit activities. His comments came on the heels of reports that the Canadian-based Loblaw […]

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No easy way out

With the Barbados economy continuing to falter, the Central Bank of Barbados (CCB) today said it was contemplating calling on the private sector to voluntarily provide funding of between US$60 and US$70 million to top up the island’s dwindling foreign reserves. In reviewing the performance of the economy during the first quarter of 2018, Governor […]

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Declining economy puts Govt in catch-22 situation – Lowe

Today’s economic report which showed that the economy contracted by 0.7 per cent during the first quarter of this year, and overall debt climbed to 151 per cent of gross domestic product (GDP), suggests Government has found itself in a catch-22 situation, according to a leading economist. President of the Barbados Economic Society (BES) Shane […]

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Not one red cent!

As the April 30 deadline for filing in their 2017 Income Tax Returns arrived, Barbadians today openly vented their frustration over the delay by Government in settling their outstanding income tax returns over the past three years. From as early as seven this morning, long lines were visible outside the Barbados Revenue Authority’s (BRA) head […]

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Banker calls on govts to remove taxes on relief supplies

A senior banker is calling for the removal of taxes on relief supplies, as well as a “relaxation” in immigration policies in order to make it easier for companies to provide assistance to hurricane battered regional countries. Director of Property Services at CIBC FirstCaribbean Errol Wallace explained that his company recently encountered difficulties as it […]

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WhatsApp CEO to leave Facebook

Jan Koum, the CEO and cofounder of Facebook-owned WhatsApp, confirmed Monday that he is leaving the company. The departure comes nearly four years after Facebook (FB) completed its acquisition of the messaging service for $22 billion, the largest purchase in its history. In addition to running WhatsApp, Koum also served on Facebook’s board. The Washington […]

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We need our own bank, AG suggests

A Government minister is proposing that Barbados and other regional countries unite to either buy, or establish, an international commercial bank in order to protect the region from the current threat of pullouts by foreign-owned financial institutions. Delivering today’s Astor B Watts lunchtime lecture at the Democratic Labour Party’s George Street, St Michael headquarters, Attorney […]

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UWI cuts

Chancellor of the University of the West Indies Robert Bermudez today called on administrators of the regional institution to focus on internal reforms, while warning that state funding was unsustainable and “impractical”. Bermudez, who took over from Sir George Alleyne last July, made it clear that while regional governments should pay their debts to UWI, […]

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More cuts at Sagicor

Three more executives have fallen victim to the ongoing restructuring process at insurance giant Sagicor Financial Corporation. On Thursday, Sagicor General severed ties with three of its senior executives – Vice President of Marketing and Business Development Mark Blakely, Assistant Vice President of Marketing Roger Spencer and Vice President of Underwriting Wanda Mayers.     […]

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Red flag

A local insurance executive has painted a frightening picture of a flattened business sector should the country be hit by a major hurricane or other natural disaster. Chief Executive Officer of Lynch Insurance Brokers Gregory Rose told a disaster risk reduction seminar on Thursday that “too few businesses in Barbados are deploying effective risk mitigation […]

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FAO spokewoman wants strict food policy for tourism sector

A regional agricultural specialist is advising Government to make it mandatory for tourism operators here to use local produce in their operations. Addressing a lunchtime lecture put on by the Rural Development Commission (RDC) at the Queen’s Park Steel Shed on Friday on the topic Grow What You Eat/Invest in Food Security, Sub-regional Director of […]

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Barbados subsidiary embroiled in Canadian legal suit

A dark cloud now hangs over the operations of Glenhuron Bank Limited, a subsidiary of Loblaw Companies Ltd, which has been operating as a bank in Barbados. In a case dating back three years ago, Loblaw Companies Ltd is facing court proceedings in Canada over allegations by the Canada Revenue Agency (CRA) that its Barbados-based […]

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UK diplomat remains on the fence on same-sex unions here

While pressure continues to mount on Government to repeal the buggery laws here, Britain’s top diplomat here is hanging on the fence on this issue. High Commissioner Janet Douglas said while Britain supports equal rights for all, it was up to Barbados to decide whether or not it should go that route. “The UK itself […]

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Refund time

On the eve of general elections, Barbadian taxpayers are to have more cash in their pockets. The Barbados Revenue Authority (BRA) today announced that for the second time this week it has received a cash injection from the Treasury to allow it to make further inroads into paying Barbadians their outstanding 2014 tax refunds. In […]

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UK to open three new offices in the Eastern Caribbean

Eager to move on from the recent ‘Windrush generation’ controversy, the United Kingdom today announced it was opening up nine new diplomatic posts across the Commonwealth, including four in the Caribbean. Foreign Secretary Boris Johnson made the revelation saying that in an effort to “boost prosperity, tackle security issues and clear up the environment”, the […]

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FirstCaribbean has a change of heart about NYSE listing

In a surprise development today, FirstCaribbean International Bank Limited (FCIB) said it had withdrawn its recent public offering made in the United States and is currently no longer pursuing a listing of its shares on the New York Stock Exchange (NYSE). Back in December 2017, the Barbados-based regional financial institution announced that it had filed […]

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