Category Archives: Economy

Peter Boos: Barbados current economic state all about poor leadership, zero transparency and a painful business environment

Peter-Boos-Barbados

Financial guru Peter Boos lays it out short and not so sweet at Caribbean360.com.

Here’s a sample…

Why are we not doing better?

There are several structural key performance indicators on which we must all focus before the economy will grow sustainably:

  1. Demand competent leadership in all sectors. Leadership with integrity and a set of shared national values and goals that are inspirational for all and grounded in trustworthiness and competence.
  2. Create a business friendly environment that provides world class competitive business facilitation services. Doing business in Barbados today is painful.
  3. Implement and vastly improve transparency and accountability in Government. The 2012/13 Auditor General’s Report is essential reading and should be discussed publicly and acted on. Mismanagement of public funds is a serious disincentive to taxpayers to pay even more.
  4. Commence a debate on strategic National Governance Reform that eliminates patronage and corruption and engages the full skills base in Barbados on a non-partisan basis.
  5. Reform the Legal Justice System.

We continue to refer to ‘the global recession’ as an excuse for our depressed state. Most of our wounds are self-inflicted.

The solutions are totally within our control. Difficult decisions are needed. Leaders are needed.

Confidence will begin to be restored when we make serious credible efforts to address the five issues above.

… read the entire article at Caribbean360.com Stop blaming the global recession; Barbados’ wounds are self-inflicted

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Filed under Barbados, Corruption, Economy

How Bridgetown built the economic foundation of the British Empire – only to be discarded when the profits were gone.

Barbados_Slave_License2.jpg

Slavery Reparations have never interested me because I know that whatever we receive will never be enough for the victims class, and that anything we do receive will be stolen by the political class. No reparations will ever touch my hand. No amount of reparations will provide a steady flow of clean water from my pipes or establish a modern sustainable economy.

Britain could pay us 10 billion pounds and not one new hospital bed or surgery will appear at that slum we call the Queen Elizabeth Hospital – or anywhere else. A trillion pounds will not erase the arrogance of government employees towards citizens, nor will it cure the ‘Island Time’ syndrome that makes foreign business investors run like mad from the Caribbean once they get over the rum, sun and sand.

Barbados is incapable of receiving and delivering reparations honestly and effectively for the general good.

Whose fault is that? I’m not sure, but I do know that at one time Barbados was the driving economic force and secure military base that built and maintained the British Empire.

Whatever Tristram Hunt has written in his new book Ten Cities that Made an Empire, he’s probably 50% correct and 50% nonsense. After all this time, who can say?

But I look forward to the read.

Cliverton

Ten Cities that Made an Empire by Tristram Hunt, review: ‘enthralling and compelling’

A fascinating account of 10 cities that were shaped by, and helped shape, British rule

Bridgetown, Barbados has always held a particular appeal for the British. The legacy of empire is all too apparent, and is, indeed, exploited for tourists. The series of historical attractions based on Plantation House present, as Tristram Hunt writes, “a sepia version of the colonial past”. Nostalgia for cricket, rum cocktails and the old plantation lifestyle trumps the blood-drenched history of slavery on the island. Bridgetown is a modern city, but the colonial memory continues to reverberate.  Continue reading

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Filed under Barbados, Culture & Race Issues, Economy, Human Rights, Slavery

Lost your job recently? Tough luck… your first Solid Waste Tax payment is due at the end of June

Margaret Sivers Barbados Vampire

New tax heaps insult upon injury

About to be unleashed on tens of thousands of Barbados Property owners is a new Tax that over time will cost thousands of dollars per household. Slipped into Parliament, approved and now to be implemented by month end, the first Solid Waste Tax installment is due by the end of June.

Please correct me, but were we not already paying taxes that the government said supported waste collection?

Where are people going to get the money to pay this new onerous tax?

Madness… this is what people in other countries take to the streets for! Help!

BLP Senator Wilfred Abrahams sees the harm coming…

“There are people in Barbados who do not have $215 to pay to keep on the electricity, to keep on the water… I do not believe that legislation aimed at raising revenue should catch people like pensioners. There is a reason they were excluded from Land Tax, there is a reason that concessions are usually being given in respect of pensioners. Why are we dragging them into this catch all?”

Senator Wilfred Abrahams talks to the Barbados Advocate

Meanwhile, Government Senator Maxine McClean says another tax is no problem so shut up.

First Solid Waste Tax Installment Due Month End
Dated June 11, 2014

Property owners are advised that the first installment of the new Municipal Solid Waste Tax should be paid by month-end.

Revenue Commissioner of the Barbados Revenue Authority, Margaret Sivers, said property owners would be allowed to pay the new tax in two equal installments. Continue reading

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Filed under Barbados, Barbados Government, Economy

Tennyson Joseph: DeLisle Worrell’s folly

delisle worrell Barbados

Tin-pot dictator, Insecure, drunk on power…

“To issue a ban and to accuse the Nation of “lack of professional integrity” is burning a house to kill an ant. Banning a media house for a misleading headline is the kind of action associated with backward tin-pot dictators, rather than very intelligent, highly placed civil servants.

In a context of authoritarian political leadership, our leading public servants must lift the political culture above the paranoid vindictiveness we associate with insecure politicians, drunk on power…”

Good reading at the Trinidad Express – Tennyson Joseph: DeLisle Worrell’s folly

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Filed under Barbados, Barbados Government, Disaster, Economy, Freedom Of Information, Freedom Of The Press

Devaluation of the dollar may only be the beginning of the end

sinking ship barbados flag DLP

“In the Caribbean most of the leaders are old time Marxist-Leninists, who now like to describe themselves simply as socialists – because it hides the failure of those school boy idiotic idealist beliefs still held by a bundle of old rambling communists.”

Communist idiots!

by Peter Binose

We may all wake up one morning soon and find our EC dollars worth less, or even worthless – our savings and our buying power reduced. Our local pensions worth so much less, and our food bills and everything we buy costing so much more. They won’t tell you in advance in case it causes a run on the EC dollar, with people withdrawing and buying other currencies such as the US dollar etc.

The reason for devaluation will be because of the damage inflicted on the monetary system by Caribbean states that over-borrow and can’t afford to pay back those borrowings. If you consider Saint Vincent and the Grenadines, they borrowed so much money from their national bank and could not repay it that they had to sell the bank. If that bank had collapsed it would of caused the EC dollar to be damaged and would of certainly triggered the devaluation of the EC dollar.

Root causes will remain with us – because too much debt, vast regional financial imbalances, and high energy prices have actually grown worse because of fiscal ignorance, even fiscal duncemanship by the Prime Ministers.  Continue reading

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Filed under Barbados, CARICOM, Disaster, Economy, Offshore Investments, Political Corruption

Canadian banks unhappy with Caribbean investments and loans

Caribbean-bank-money_laundering

“Last year unemployment in Barbados stood at nearly 12%, but it the rate is forecast to rise to 15.6% in 2015, according to the IMF.”

According to the International Monetary Fund, RBC, CIBC and Bank of Nova Scotia are dominant players across the region with about 60% of total banking assets, almost as strong as their position in Canada. But are those players starting to question their enthusiasm in the face of the regions worrying economic malaise?

Canadian Imperial Bank of Commerce warned last week that it will take a $420-million charge to goodwill related to its subsidiary CIBC FirstCaribbean, which it blamed on “persistently challenging economic conditions and our current expectations for conditions going forward.”

With unemployment in the U.S. still stubbornly high, the middle class seems to be taking more modest holidays, with far fewer traveling to the Caribbean. The developed world is starting to recover from the turmoil but the numbers suggest that’s not the case in countries like Barbados and Jamaica.

… much more in the Financial Post: How the Caribbean is not so sunny anymore for Canadian banks

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Filed under Barbados, Business & Banking, Disaster, Economy, Offshore Investments

Barbados Finance Minister says redundant public employees should work for Trinidad & Tobago government

“We’re encouraging people to look for opportunities beyond Barbados and there are Caribbean territories that require that skilled labour. A lot of skilled labour from Barbados come here (to T&T). They go back and forth, and we are encouraging them to look for those opportunities.”

Barbados Finance Minister Christopher Sinckler speaking to T&T bankers

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne – file photo

We’ve seen the cycle repeated for a long, long time. Barbados has way more people than this little rock can accommodate in space, resources and economy – so anytime in our history when there is a pull-back in the economy (as there is now), thousands of Bajans leave for better circumstances.

That happened when the Panama Canal was being carved from the jungle at the cost of 500 dead Bajans per mile, and it happened in the 1950’s and 1960’s when the lure of working in the UK took thousands of our best and brightest people away – most never to return.

Who leaves Barbados during these migrations?       Continue reading

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Filed under Barbados, Disaster, Economy, History, Immigration, Island Life, Trinidad and Tobago