A fabulous read at Groundation Grenada…
… considering the DLP government gave the same sort of outrageous concessions to Sandals Barbados.
“To lay, with one hand, the power of the government on the property of the citizen and with the other to bestow it upon favored individuals to aid private enterprises and build up private fortunes is none the less a robbery…” ~ Samuel Miller
In an act screaming of blunderbuss and willful myopia, last weekend, the Government of Grenada saw it fit to award a multi-million dollar private enterprise (Sandals Resort International) a multiple tax break….
In layman’s terms (because taxation jargon is notoriously opaque) this means that Sandals pays zero taxes on all profits it makes in Grenada. For thirty years.
It certainly isn’t our intention to belittle an investment of $100 million US dollars (or rather far less, as earlier explained) in these tight economic times. Even with the promise of an additional 200 jobs raising rising to a headcount of 400 based on Sandals’ press release.
Still the forbearance on the revenues given a waiver in this deal strikes as way too much given for way too little.
Must we always genuflect before these gods of “foreign investment”? Without a doubt, with some ingenuity, creativity and imagination, our own local manufacturing and agro industries could be supported in a similar fashion to create much more than 200 jobs, and without requiring such deep tax cuts.
This decision is also a foolish one because it belies our naïve and amateur approach to marketing and foreign investment and our inability to recognise that our country is a partner, not a charity.
… a few sentences culled from a brilliant article at Groundation Grenada: Deal or No Deal: Grenada-Sandals Partnership Debunked
How the world received two different bond offers…
Barbados forced to withdraw bond offer
“Cash-strapped Barbados’ efforts to raise urgently needed money on the international markets have suffered a major setback with its withdrawal of a bond tender offer and buyback for up to US$250 million (BDS$500 million).”
October 4, 2013 Govt move to raise money hits a snag
Bahamas bond offer over-subscribed by factor of 20!
The Bahamas has received “a huge vote of confidence” after the Government’s $300 million foreign currency bond issue was 20 times’ oversubscribed, with investors accepting an interest rate almost one percentage point lower than anticipated.
James Smith, the former minister who is now a key Ministry of Finance adviser, yesterday confirmed to Tribune Business that the $300 million sovereign issue had received “a fairly robust response” from the international capital markets.
“I think they were closing the offering some time yesterday [Monday] afternoon,” Mr Smith said, revealing that it had attracted subscriptions worth $5-$6 billion – more than 20 times’ the amount sought.
January 15, 2014 Gov’ts $300m Bond Issue Oversubcribed ’20 Times’
“The ultimate piece of bad news for ordinary Bajans, as they call themselves, is that their Social Security fund has essentially invested about 80 percent of its assets in Barbadian public debt, which is now almost worthless. And so, you know, we’re looking at a major social catastrophe in paradise here…”
December 7, 2013 – James S. Henry: Barbados debt crisis and the “offshore haven” industry
1985: Leeward Islands Air Transport – LIAT – Hawker Siddeley HS 748
(The HS748 was a fine aircraft: Reliable, forgiving with excellent control at touchdown…
It also served in a time when the pilot in command was GOD. If the PIC said an aircraft was not fit to fly, then by god it would not fly.
How things have changed with LIAT. Passengers beware!
BFP editor Robert)
by Peter Binose
The LIAT incident that happened November 2nd 2013, an affair that has eventually resulted in the airline receiving a penalty from the Eastern Caribbean Civil Aviation Authority, is undisclosed in fear of public backlash.
Two pilots were suspended by LIAT following the grounding of an aircraft for technical repairs.
Saturday November 2, 2013, Captain Cave, who was scheduled to fly a LIAT aircraft, was not satisfied that the appropriate test procedure was used before bringing the aircraft back into passenger operation. Captain Cave also reported discrepancies with the official paperwork.
Because of his refusal to fly the plane LIAT suspended him, disregarding his protests about safety.
Monday 4th November Cave had brought the matter to Leeward Islands Airline Pilots Association [LIALPA] and Captain Burke the LIAT Pilots Association President while acting in his capacity as Union Representative tried to intervene on Cave’s behalf with Director of Flight Operations Captain George Arthurton at a meeting on this day. Captain Burke was then also placed on suspension.
The suspending of the two pilots Captain Cave and Captain Burke brought about a general industrial dispute by all the LIAT pilots and crews.
Absolute turmoil followed with flights cancelled and passengers stranded. Continue reading
Charles Leacock, DPP frightened of murder trials?
“The Director of Public Prosecutions will probably justify each individual decision, but he cannot justify his overall cowardliness.“
Folks, I woke up this morning and for some reason a fact and a question came into my mind:
Fact: All persons accused of murder in Barbados are allowed to plead guilty to a lessor crime. Always.
Question: How long has it been since we had a real murder trial in this country?
Whether you talk about Anna Druzhinina murder or the Camus Trendz firebombing mass murder or any murder in Barbados, one truth comes to the surface: DPP Charles Leacock always makes a deal in murder cases to allow the accused to plead to a minor offense.
NEVER do we have a trial.
The justice system wants my respect? Then the justice system should get real or STFU!
The Director of Public Prosecutions will probably justify each individual decision, but he cannot justify his overall cowardliness.