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 […]
Category: Business
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 […]
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, […]
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 […]
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 […]
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 […]
It is early days yet, but the July 1 introduction of the room rate levy and the 2.5 per cent product development levy on direct tourism has not scared away tourists for the Crop Over season now in full swing, according to the organization that represents the interest of local hoteliers. The Barbados Hotel and […]
One of Barbados’ main investment firms is already indicating that it is not prepared to readily invest in Government paper even at the end of the ongoing debt-restructuring programme, unless the returns match the risk. Chief Investment Officer of Fortress Fund Managers Peter Arender said Government’s “aggressive” debt restructuring plan was necessary, but “unpleasant”. He […]
The island’s largest public sector union has hinted that it was prepared to accept some job losses – although it said its preference was there be no cuts at all – as the Mia Mottley-led administration seeks to steady the economic ship. The National Union of Public Workers held “cordial” talks with the International Monetary […]
Attorney-at-law David Comissiong is suggesting that a settlement could be near in the lawsuit that has held up the US$100 million Hilton Centric Resort on Bay Street, The City. Comissiong told a news conference today the new Barbados Labour Party (BLP) administration was hinting that it was ready to withdraw an appeal against a High […]
The international business and financial services sector is poised to undergo a series of critical changes, including legislative changes, according to Minister of International Business and Industry Ronald Toppin. “The sector will therefore, be re-engineered to boost not only our foreign reserves, but also the provision of jobs and the attraction of international investors,” Toppin […]
A degree of normality is returning to the south coast, which has been beleaguered by a sewage problem for well over a year, according to Adrian Donovan, the spokesman for the residents. Donovan, a strong critic of the then Freundel Stuart administration and the Barbados Water Authority (BWA) at the height of the crisis, told […]
The Customs and Excise Department has been hit by processing delays which are affecting the clearing of goods. The development comes against the backdrop of concerns expressed by local businessmen this week that the ten per cent National Social Responsibility Levy (NSRL), which was to be removed effective July 1, was still showing up on […]
The rate of unemployment stood at ten per cent last year, up 0.3 per cent from the 9.7 per cent recorded in 2016, according to latest data from the Barbados Statistical Service. The statistics derived from the Continuous Household Labour Force Survey indicate that the unemployment rate among males stood at 9.8 per cent compared […]
The decision by Prime Minister and Minister of Finance Mia Mottley to default on the country’s debt has come back to bite local companies that do business in Canada. Barbados TODAY understands that some manufacturers and suppliers that receive assistance from the Ontario-based export credit agency Export Development Canada (EDC) are demanding prepayment from Barbadian […]
The France-based international petroleum company RUBIS wants some straight answers from the Barbados Labour Party (BLP) administration on the sale of the Barbados National Terminal Company Limited (BNTCL). Chief Executive Officer of RUBIS Caribbean Limited Mauricio Nicholls said hints by Government that it was no longer interested in selling the oil storage facility were not […]
A Government Senator is urging Barbadians to remove their savings from commercial banks and deposit them in credit unions. Lynette Holder, who heads the Barbados Small Business Association (SBA), is upset over the latest banking fees announced by CIBC FirstCaribbean International Bank. “I would advocate that persons who own savings accounts at these commercial banks […]
