Category: Business

Zotbelle spared from mysterious fire at Ice Complex

By Lashawna Griffith Two days after a mysterious fire destroyed four businesses in the Ice Complex located at Hastings, Christ Church, one store owner is thanking God that only her air conditioning unit was damaged. Zotbelle’s, which caters to hair and makeup services, was the sole business opened today, while workmen were trying to fix […]

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Gov’t committed to helping small businesses – Sutherland

Government will be giving “front-burner status” to small businesses as it encourages the build out of entrepreneurship across the island. Word of this from Minister of Small Business, Entrepreneurship and Commerce Dwight Sutherland who welcomed the opening of the Dollar Smart Discount store in St Patricks, Christ Church on Friday. Sutherland said it was Government’s […]

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Mia Mottley

Medical marijuana coming

Before Christmas Barbados should have a framework for medical cannabis in place. However, freeing up the recreational use of the drug will have to be decided by referendum. Word of this has come from Prime Minister Mia Mottley, who pointed out that Barbados could no longer afford to miss out on the emerging cannabis industry. […]

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Mia Mottley

IMF ‘Happy’

Barbados got an ‘A’ grade as an International Monetary Fund team wrapped up a visit here today, just two months after the multilateral lender approved a $600-million loan under its Extended Fund Facility. “Barbados has made an excellent start in implementing its ambitious and comprehensive economic reform programme, said IMF Head of Mission Bert Van […]

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Dr Kevin Greenidge

Layoffs must go the distance

Amid concerns about the public sector retrenchment process, which forms part of the wider public sector reform, one of Government’s economic advisors is warning that there can be no easing up until the course is fully completed. In fact, likening the reform to a relay, economist Dr Kevin Greenidge, on loan to the Barbados Government […]

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Kevin Greenidge

Barbados is back!

Barbados yesterday deposited the Inter-American Development Bank’s (IDB) $200 million “cheque” significantly boosting the island’s struggling international reserves in stark contrast to the position a year ago. News of this has come from Government’s Economic Advisor Dr Kevin Greenidge, who signalled: “Barbados is back”. “The IDB just signed $200 million and today (on Wednesday) it […]

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Dr Kevin Greenidge

March target

Government is hoping to wind up negotiations and have a mutually-beneficial arrangement with external creditors before the end of March next year. This is the clearest indication yet of a timeline for the completion of the external debt restructuring negotiations. Making the disclosure on Wednesday night during the Society of Trust and Estate Practitioners (STEP) […]

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The Caribbean Community Competition Commission

Commission closely monitoring Scotia sale

PORT OF SPAIN, Trinidad – CARICOM’s cartel-busting watchdog may eventually have its say on looming changes to the region’s banking and insurance landscape, the agency announced Tuesday. The Caribbean Community Competition Commission said it was watching “with concern” the plans by Trinidadian banking conglomerate Republic Financial Holdings Inc to acquire Canadian giant Scotiabank’s operations in […]

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Paul Ashby

More business from car loans

The harsh local economic conditions may have put a damper on commercial investment activities, but it is not stopping residents from taking out motor vehicle loans, according to one of this island’s major financial firms. Chief Executive Officer of SigniaGlobe Financial Group Inc. Paul Ashby said while the company had seen a weakening in its […]

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Professor Avinash Persaud

Persaud in new blue-ribbon economic panel

The star economist in the Mottley administration has landed on a new regional, blue-ribbon perch, as CARICOM leaders agreed on a raft of measures to jump-start a stalled single market engine. Professor Avinash Persaud, the Barbados Government’s special economic advisor has been appointed to lead a revamped Caribbean Community (CARICOM) Commission of the Economy (CCE), […]

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Shane Lowe

Debt standoff dims credit prospects, says BES

As Government’s external debt restructuring hangs in the balance suspense is mounting as to whether the nation will be able to regain access to international capital markets, says President of the Barbados Economic Society (BES) Shane Lowe. And the country runs the risk of a further delay of an upgrade of its external credit rating, […]

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Dan Howdle

High-cost internet

Barbados has been ranked the 30th most expensive country for broadband per month out of 195 countries, making this country one of the most expensive in the world for the service. According to the 2018 Global Broadband Price Comparison, with an average cost of $225.50 (US$111.86) for broadband per month, Barbados is considered the 8th […]

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Sharmane Roland-Bowen

Compensate for damaged vehicles

Some of the money collected from the new fuel tax should be used to repair vehicles damaged as a result of the bad roads.  This is the position of President of the Barbados Road Safety Association (BRSA) Sharmane Roland-Bowen who is advising Government that it is the fair thing to do. “We would like the […]

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Ezra Prescod

No private sector increases just yet

Private sector workers who might be expecting a wage increase because of the proposed reduction in corporation tax could forget about it, at least for now. In fact, President of the Barbados Chamber of Commerce and Industry (BCCI) Ezra Prescod said it would be “reckless” if he should agree that private sector bosses give their […]

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DeLisle Worrell

External creditors present proposal to Govt

External creditors awaiting word from Government on debt-restructuring, have taken a Mohammad-to-the-mountain approach and presented the Mia Mottley Administration with its own proposal for Barbados to consider. In disclosing this, former Central Bank Governor Dr DeLisle Worrell said it is now over to Mottley and the Barbados Cabinet while strongly warning that a devaluation of […]

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Professor Avinash Persaud

Debt showdown

Amid signs of growing impatience among Barbados’ foreign creditors – represented by the umbrella Barbados External Creditor Committee – Government’s Special Advisor on the economy Professor Avinash Persaud is accusing them of trying to pressure Government into submission. He’s declared that Government is resolute in its position that any debt restructuring offer for external creditors […]

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Cleviston Haynes

No major loss

The decision to delay the implementation of the Value Added Tax (VAT) on online shopping will not impact government’s revenue haul, Central Bank Governor Cleviston Haynes has said. He explained that this new tax, which was to be implemented on October 1 but is now delayed until December 15, was mainly a mitigation measure to […]

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