Economy Archives - Barbados Today

Category: Economy

Commission On The Economy Re-Established

CARICOM has re-established a CARICOM Commission on the Economy, with Special Envoy to the Prime Minister of Barbados on Investment and Financial Services, Professor Avinash Persaud, returning as its chairman. This announcement came from Barbados’ Ambassador to CARICOM, David Comissiong, at a press conference, at the Ministry of Foreign Affairs and Foreign Trade on Thursday, […]

Beware of fake money this Crop Over

Below is a full statement by the Central Bank of Barbados. With the Crop Over festival shifting into high gear, the Central Bank of Barbados is advising both retailers and the public to be on the lookout for people who are trying to pass off fake banknotes as real money. “We tend to see an […]

Public trust and consultation critical

A relationship built on public trust and consultation is critical to the success of any programme created for the economic recovery of Barbados. This was the advice of former Prime Minister of Ireland, Enda Kenny, as he addressed a special meeting of the Social Partnership at the Lloyd Erskine Sandiford Centre, this morning.  Accompanying Kenny […]

Difficult times won’t last forever: Caddle

Minister in the Ministry of Economic Affairs and Investment Marsha Caddle, says the Barbados Labour Party (BLP) is aware that many Barbadians are experiencing hardship, but they are calling on residents to stay the course. “There are some parts of this adjustment that are difficult,” Caddle said Sunday at the Party’s first anniversary political rally at Carlisle […]

Opposition urges Gov’t to slow down on BERT

Members of the Opposition are warning the Government to take its time in the execution of the IMF-sponsored Barbados Economy Recovering Transformation (BERT) programme. Responding to the ministerial statement delivered by Minister in the Ministry of Finance during the Estimates debate, Ryan Straughn, where he outlined the precarious state of Government’s state-owned enterprises, shadow Minister […]

Committee wants change in way layoff process is managed

The committee set up to monitor the performance of the Barbados Economic Recovery and Transformation (BERT) programme has recommended that Government re-engineer its process of layoffs when retrenchments are over. Speaking on behalf the BERT Monitoring Committee on Friday at the Wildey offices of Sagicor, co-chair Ed Clarke suggested that the way the process is […]

PM promises to update country soon on external debt situation

Prime Minister Mia Mottley today promised that she will update the country soon about the Government’s external debt restructuring plan. “Those discussions are continuing, and the public will be advised shortly of what we will be doing with respect to the foreign debt situation,” Mottley said on the call-in programme Down To Brass Tacks on […]

Prime Minister Mia Mottley

More layoffs to come, PM Mottley says

Workers at State-owned enterprises are being put on notice that there are still more layoffs to come as Government seeks to manage a huge wage bill. “We’ve sent home so far just about 1,000 [people],” Prime Minister Mia Mottley said today on the call-in programme Down To Brass Tacks on Starcom Network Inc. “There are […]

IMF, World Bank ‘reviewing VAT, other taxes’

Government has asked the International Monetary Fund and the World Bank to helps reforming its indirect tax system, Drector of Finance and Planning Ian Carrington has disclosed. The multilateral lending agencies have been invited to advise on how to bring indirect taxes into balance corporate taxes, he said. IMF tax officials were currently here examining the Value […]

Economy moving in the right direction but there is still cause for concern, opposition says

Opposition spokesman on International Business and Trade, Manufacturing and Commerce Bruce Hennis says the Barbados economy is moving in the right direction, but he said there is still cause for concern. Hennis was responding to the latest report issued by the Central Bank of Barbados (CCB). “What we have found was that the economic performance […]

Government on fast track to economic recovery

Government is moving quickly to turn Barbados’ economic situation around so that persons can once again be employed. Minister in the Ministry of Economic Affairs and Investment, Marsha Caddle, made this known Friday, as she addressed the “Blast-Off” seminar held by the Barbados Association of Insurance and Financial Advisors at the Hilton Barbados Resort. She […]

Barbados represented at OECD meeting in France

A Barbados delegation is to hold talks next week with officials from the Paris-based Organization for Economic Cooperation and Development (OECD). A government statement said that the team from the Ministry of International Business will be attending the Forum on Harmful Tax Practice (FHTP) from January 9 to 11. It said that during the forum, […]

#YEARINREVIEW – Rise back to economic glory

Having fallen from glory, the Barbados economy stood at the edge of a precipice at the beginning of 2018, requiring urgent resuscitation and emergency surgery to save it from total collapse. But with a general election looming, politics almost automatically became the focus of the day, even amidst burgeoning calls from various groups for urgent […]

18 years of Shopsmart

Despite taking several hits over the years, including a fall off in sales due to economic conditions and the introduction of similar type retail shops, Chairman and Managing Director of Shopsmart Wallace Griffith said he remained committed to Barbados. Shopsmart started out as the first membership only warehouse type shopping on the island 18 years […]

IMF gives Barbados top marks

The Barbados Government gets top marks from the International Monetary Fund for its efforts to restructure the economy. At the end of a staff visit by the International Monetary Fund to assess progress being made since the implementation of the Barbados Economic Recovery Plan (BERT) , Head of Mission Bert Van Selm said, “Barbados has […]

Sagicor Financial agrees to US$536 million takeover by Canada’s Alignvest

The shares of Sagicor Financial Corporation, valued at approximately US$536 million, are to be sold to Toronto-based special purpose acquisition firm Alignvest Acquisition II Corporation in a deal that officials of both entities expect will unlock value for its shareholders. Once the insurance company approves the deal Sagicor will delist from the stock exchanges in […]

Scotiabank sells operations in nine Caribbean countries to Republic Financial Holdings Inc

The Toronto-based Scotiabank is drastically scaling back its operations in the Caribbean after more than a century of doing business in this region. The Barbados operation of the bank is not included in the US$123 million banking deal that will see nine other operations going to Republic Financial Holdings Limited  (RFHL), which operates Republic Bank, […]

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