Category: Business

BF&M President John Wight (inset) made it clear to clients of ICBL that the bribery and money laundering charges should not be linked to the ongoing operations of the local insurance business.

‘Don’t pull out’

With the reputation of the nation’s largest insurer on the line over the alleged role of three former top executives in the Donville Inniss bribery scandal, the Bermuda-based parent BF&M is appealing to policyholders not to pull out of the Insurance Corporation of Barbados (ICBL). Three former managers – the chief executive, a senior vice […]

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Eddy Abed

No pay rise yet, Abed says

A leading businessman today swiftly rebuffed the lower parliamentary chamber’s call to match the Government’s five-per cent pay rise for workers. The message from immediate past-president of the Barbados Chamber of Commerce and Industry (BCCI) Eddy Abed: come back to us and talk about it – maybe around year-end and after the details are known […]

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Cuts ‘with care’

It will not be business as usual at statutory corporations, Prime Minister Mia Mottley today signalled, warning that “serious decisions” have to be made about the structure of Government to save the ailing economy – from accounting practices to job cuts. The full details are expected to be rolled out shortly, but while leaving no […]

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Edward Clarke

Default hurting local businesses, says BCCI

The organization which describes itself as the voice of the local business community has said the decision by the Mia Mottley administration to default of its foreign debt payment, and the subsequent downgrade by rating agency Standard & Poor’s, had taken a toll on businesses here. In a statement issued today the Barbados Chamber of […]

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Marla Dukharan

Cuts coming

Two leading economists are forecasting huge cuts ahead for the Mia Mottley Government and the enterprises it owns, broadly hinting that public sector job losses may now be unavoidable as the administration pursues economic restructuring. Given the massive burden of wages and salaries on the public purse, cuts are the “inevitable” next phase, the economists […]

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National Cruise Development Commission established

A National Cruise Development Commission has been established to probe issues affecting the island’s cruise sector which is said to be in “a state of deep crisis”. Minister of Tourism and International Transport Kerrie Symmonds announced the 15-member commission this morning, during a press conference, at its offices located at the Lloyd Erskine Sandiford Centre. […]

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FinTech focus

Bitt Inc has completed a Memorandum of Understanding (MOU) with the University of the West Indies (Cave Hill Campus), with the aim of bolstering computer studies and highlighting the opportunities that exist within the FinTech industry. “As a home-grown FinTech company with global reach and impact, Bitt hires a range of professionals with foundations in […]

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Leasing GAIA and Port could be huge money earner

Former Governor of the Central Bank of Barbados Dr DeLisle Worrell is proposing that Government leases the island’s two main ports of entry, arguing this could be the big boost the economy so desperately needs. In fact, in his economic newsletter for August, Worrell argued, “it is an opportunity our Government should not pass up”. […]

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Low blow

Barbados’ creditworthiness has now sunk to its lowest rating ever following a string of downgrades during the past several years – and missed payments on the nation’s surging debt. In its latest assessment of Barbados published today, international rating agency Standard & Poor’s (S&P) lowered the issue-level ratings on this country’s global bonds to ‘D’ […]

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NSRL prop

Bridgetown merchants are reporting brisk business for back-to-school shopping – and promising lower prices now that a hated ten per cent sales tax has been abolished. Three major sources of school apparel, stationery and supplies told Barbados TODAY sales were starting to pick up after a sluggish July. With Crop Over out of the way, […]

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Charles Herbert

Herbert resigns from the BPSA

Embattled businessman Charles Herbert has resigned as chairman of the Barbados Private Sector Association (BPSA). In a brief statement today, the BPSA thanked Herbert for his valuable contribution to the work of the umbrella body of private sector associations, the Social Partnership and to the private sector in Barbados. It also announced that in the […]

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Cleviston Haynes

Prepare for four years of IMF programmes, says Haynes

Barbados could be in the clutches of the International Monetary Fund (IMF) for up to four years, if the country reaches an agreement with the lending agency. Governor of the Central Bank of Barbados Cleviston Haynes today suggested that the fiscal situation here is so bad that the Mia Mottley administration may have to negotiate […]

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DeLisle Worrell

Best bets

Former Governor of the Central Bank Dr DeLisle Worrell has put the issue of privatization squarely back on the table for national discussion. In his just released August newsletter, Worrell, a respected  economist, specifically suggested that leasing of the Bridgetown Port and the Grantley Adams International Airport “to  carefully chosen  major  operators  of  similar  facilities  […]

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Cleviston Haynes

NSRL scrapping is no big loss, says Haynes

Governor of the Central Bank of Barbados Cleviston Haynes is predicting that the scrapping of the National Social Responsibility Levy (NSRL) will have no negative impact of Government revenue if the fiscal measures announced by Prime Minister and Minister of Finance Mia Mottley in her austerity Budget in June are effective. The NSRL, which was […]

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Economy declines

The Barbados economy appears to be getting worse before it gets better, with the Central Bank of Barbados today predicting that it is on track to record a 0.5 per cent decline this year. This is worse than the already modest 0.5 per cent to one per cent growth which Governor Cleviston Haynes had projected […]

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Nintendo Super Nes

Nintendo profit is way up but investors are still wary

The Japanese gaming company said following the market close in Tokyo that it made an operating profit of 30.5 billion yen ($274 million) during the most recent quarter, an increase of more than 88% compared to the same period last year. Despite the upbeat earnings report, investors are wary about Nintendo’s prospects. The stock dropped as […]

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No cutlass approach

Prime Minister Mia Mottley though not entirely dismissing suggestions from former Central Bank Governor Dr DeLisle Worrell that Government should send home 1,500 public servants a year over a three year period, today promised that her administration would not be taking any “grim reaper” approach to the planned restructuring of the public sector. In fact, […]

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