Daily Archives: May 24, 2012

Disillusioned DLP members plan election day picnic!

Submitted by a DLP member who wishes to remain anonymous.

Name withheld by BFP editors

Dear Marcus:

You know who I am and that I have been a faithful DLP member and supporter (as in money and time) for as long as anybody including me can remember. Please keep my name to yourself for obvious reason.

After 52 months in office and having been in opposition for the last 14 years, our Democratic Labour Party MPs seem not to have come to grips with the fact that we are now the new Government in power. A number of members and supporters of this party are catching hell trying to find work and all we are getting are promises and “a lot of long talk”, but you can’t take the promises to the supermarket.

If you check the statutory corporations, we still have a large number of BLP members and supporters on these boards after over four years and we still feel like we are in opposition. It is time that DLP members both on the front and back benches are reminded that it is us the party members and supporters who put them there and not “God”, so stop treating us like strangers, because 5 years will be up next year, and we will know what to do.

I am calling on you Mr. Prime Minister as leader to meet with your disillusioned DLP members and supporters. The ministers we try to talk with are always promising to call you back, and they don’t have the decency to return your call, and I think that it is time for some of them to be fired.

As of today, I and more than a few fellow disillusioned DLP members and supporters have decided that come election day, we are going to have a picnic on the East Coast Road from 7 A.M to 8 P.M., so that we can mobilize ourselves into playing a vital role on that day.

By having a picnic and doing nothing else except enjoy ourselves.

Yours faithfully,

Disagreeable, Disillusioned Member of the Democratic Labour Party

10 Comments

Filed under Barbados, Politics

Barbados shocker: 43% of non-performing commercial bank loans are from tourism industry!

by Adrian Loveridge, small hotel owner

If any single statement made so far this year, should have sent a wake-up call to our tourism policymakers, it perhaps was the one made recently by the President of the Barbados Bankers Association (BBA), Horace Cobham at a luncheon meeting of the Chamber of Commerce.

‘That of all the commercial bank loans that were more than three months behind (non-performing), 43 per cent were from hotel and tourism clients’.

Not only is this a damning indictment of the state of our most important foreign currency earner but what compounds the seriousness of the situation, is the timing.

Traditionally, most tourism enterprises make their monies in terms of revenue and profits during the four winter months. Once you get past Easter, both occupancy and average room rates plummet in most cases.  Therefore, simply put, if such a large percentage are struggling to keep up with loan repayments now, imagine what it could be like by October or November.

While many perhaps do not want to be reminded, our (Barbados) performance for the first three months of 2012 was less than impressive, with a figure, depending on the source, of somewhere between 1.6 and 2.3 per cent increase in long stay visitor arrivals, across all markets over the same period, when compared with last year.

Whilst some of our neighbours are reporting up to a 20 per cent hike for the identical first quarter. Questions have to be asked, including what is being done to redress the situation for the eight long summer months? Continue reading

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Filed under Barbados, Barbados Tourism, Economy

Did Barbados taxpayers guarantee the new IADB US$52 million Four Seasons loan?

Is this new IADB loan on top of the $60 million NIS pension monies already ‘invested’?

It could be that we at BFP are just stupid or that we haven’t been paying attention – but can anyone tell us exactly how much public money the Barbados government now has invested in the ailing Four Seasons project? And how much more is guaranteed by the government?

How much did the Four Seasons developers owe the government when the project initially got into trouble?

Can anyone produce an accurate and comprehensive detailed list of what public monies are either already provided or slated for ‘investment’  in the Four Seasons project and how much more will be at risk due to government guarantees?

Can anyone assure that Bajan taxpayers that in the event of default or project collapse that Barbados is #1 on the list ahead of all others for getting paid with the Four Seasons assets?

Anyone? Hello?

The Barbados news media and the government always announce a new loan with celebration and joy – as if our creditworthiness is something to be proud of rather than a temptation to be resisted lest we sabotage and sell-out our country’s future.

Further Reading

BFP February 2, 2012: Four Seasons high profile buyers sue for deposits as Barbados NIS invests $60 million

Please read the following Nation story at their website, but unfortunately we have to reprint the whole article here because that paper has a history of deleting stories for political and other agendas…

US$52m loan in bag

BY TONY BEST | WED, MAY 23, 2012 – 10:03 PM

Sealed, signed and now to be delivered.

That’s the status of an Inter-American Development Bank (IDB) loan of US$52 million for the Four Seasons hotel and resort project in Barbados. Continue reading

6 Comments

Filed under Barbados, Barbados Tourism, Consumer Issues, Economy