Category Archives: Economy

Time for Barbados businesses to move into the Internet age – better late than never!

barbados-beach

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

Anyone who has used the internet to shop in Britain, North America and Continental Europe cannot fail to be impressed with the variety available, level of service and delivery options.

And I wonder with the recent change of ownership, branding and appointment of new management in some of our distribution and supermarket outlets has not presented an incredible opportunity to better serve up to 500,000 long stay visitors that we attract each year. Especially for first time visitors staying at our vast choice of villas, condominiums and apartments and who are unsure of what is available and pricing on certain consumables, at least prior to arrival.

What prompted these thoughts was the appointment of Judith Wilcox as the new Chief Executive Officer (CEO) of TriMart Inc. Her vast knowledge of the tourism industry gained with Virgin Atlantic and more recently, one of our largest villa rental agency, could provide a unique insight in developing better synergies between our suppliers and overseas visiting customers.

While there have been various local websites in the past, perhaps now is the time to take this marketing medium to a much higher level with the means to research product offerings prior to homeland departure, pay online with a credit card and delivery to coincide with the visitor’s arrival.

It is also potentially a great promotional vehicle to expose more locally made items and build better brand awareness to a much larger marketplace.

Does our reputation as a playground for the rich, work against Barbados?

While we are often depicted as an iconic destination for the rich and famous, let none of our tourism planners be lured into the illusion that the vast majority of our visitors are not increasingly demanding value-for-money. This will become even more critical as we transition from the peak winter season into the long eight months of summer, if the additional airlift attracted is going to be sustained.

From a business operation aspect in many cases we appear to be light years behind many developed countries in the area of e-commerce. By now we should be able to order and pay for so much more online, including electricity, water, all government taxes and licences, postage stamps etc.

There seems to be little alternative to queue in line for up to an hour to deposit cheques in most of our banks, but it should not, as it recently did take four hours to renew a vehicle tax disc, because the licensing authority had decided, without telling it’s ‘customers’, the rules had changed.

It seems the phrase ‘time is money’ isn’t understood by many of our service providers and this will have to change if we hope to emerge intact from the current financial challenges.

Of course there are notable exceptions. We can pay our phone/internet bills online and we can order a very limited choice of everyday supplies, but it’s far from the ‘norm’. Often it means hanging on a telephone while a check is made if the item is in stock, then writing a cheque for payment on delivery or at the end of the month.

All these transactions require time while this precious commodity could be spent far more productively, both from a consumer and suppliers perspective.

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Cotton crop in danger as Barbados Government unable to pay pickers for last year’s work

Barbados picking cotton

Labour Action a result of no pay for a year

Contributed anonymously by Rotten Cotton

Our 2015 cotton crop is in danger of rotting in the fields as fewer than 10% of last year’s 150 registered cotton pickers are willing to work, and this year the crop is almost double the size of 2014.

The problem is that the Government of Barbados hasn’t been able to pay the pickers for the work they did a full year ago, picking the 2014 crop.

Guess what folks? You promise to pay agricultural workers a certain amount for each pound of cotton and you don’t pay them for a year… what happens is that nobody shows up to pick the next crop.

Got that Prime Minster Stuart?

It’s a simple and basic concept that this government hasn’t grasped I know. The government can put off paying suppliers, contractors and government employees when the money can’t be found, and those people will hang in waiting for the government to catch up on payments.

But you can’t do that to poor agricultural workers for a year or they walk and that is exactly what has happened.

“How bad is the financial situation really when the government puts the whole 2015 cotton crop at risk because they can’t pay workers their 40 cents a pound that has been owing to them for a year?”

The newspapers and television are full of cotton stories with politicians, Agricultural Ministry officials and industry spokespeople hyping the value to the economy and the doubling of fields planted over last year but hardly anyone is talking about the growing sense of danger – some say verging on panic – that is spreading throughout the cotton community.  Continue reading

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Filed under Agriculture, Barbados, Cotton, Economy

Encouraging reports about British tourism bookings

Barbados_Flag125.jpg

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

According to a recent TravelMole article, British travel agents are reporting ‘exceptional’ days of trading so far this month. Some say forward bookings are up as much as ‘30-50 percent’ over the same period last year and that a third of summer holidays currently being offered in 2015 will be sold during January and February.

Based on early indications the most popular long haul destinations are within the Caribbean and in particular – Costa Rica, Mexico, Cuba and the Dominican Republic. Others far flung choices include Mauritius and the Maldives.

On the downside, the Association of British Travel Agents (ABTA) reported that short haul holidays are being boosted by the low value of the Euro against Sterling, making the Mediterranean much more affordable.

But conversely, the abolition of the dreaded Air Passenger Tax (APD) for children below 12 years is driving demand for destinations further afield. There is also a continuing trend for travellers booking further in advance. As a former tour operator for 12 years, I can tell you just how helpful that is in the overall scheme of things. Continue reading

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Barbados Tourism Minister Richard Sealy on natural gas shortage – Hotels, businesses at fault for failing to plan for government’s failure to plan.

Barbados is paying the price for Prime Minister Stuart's wrong decisions and planning failures.

Barbados businesses and citizens are paying the price for Prime Minister Stuart’s wrong decisions, planning failures.

submitted by old todd

For the past four months – not “a few weeks” as said by The Nation newspaper – businesses, restaurants and hotels have been devastated by the failure of the Barbados Government to deliver sufficient natural gas. Every industry using natural gas has been impacted, right from biscuit maker WIBISCO that lost 60% production and 50% of export sales in December, to restaurants and hotels along the west and south coasts forced to close or suffer tourist cancellations.

Tourism Minister Richard Sealy says businesses should be ready for his government's failure to plan.

Tourism Minister Richard Sealy says businesses should be ready for his government’s failure to plan.

The harm to our tourism and manufacturing sectors will not be over when the shortage ends. It will take a year or more to regain the confidence of tourists and business customers who were directly impacted.

The government and the National Petroleum Corporation are portraying this as the failure of two wells – something that could not have been foreseen. What rot!

The truth is that Barbados has been running too close to the line for years, with known insufficient reserves and weaknesses in the distribution system. There was no surprise – this has been coming for years as predicted by industry pundits.

So now that the crisis is here, government is taking steps to import the machinery and perform repairs that should have been done years ago. That is only a stop-gap until new wells and natural gas imports can be arranged for.

And we have no money.

Government made decisions to withhold spending on distribution system maintenance and improvement. Government made decisions every year for the past seven to lower natural gas reserves and to sail closer to the disaster zone, counting on luck and hope that we would have enough gas to get through the busy tourist high season.

That was a decision and it was the wrong decision. Now the country is paying.

Further Reading

Barbados Today: Toppin: Deal with natural gas shortage

Nation News: Hoteliers told to get back-up energy

Nation News: Biscuit Blues

Advocate: PM: Efforts on to resolve natural gas shortage

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Filed under Barbados, Barbados Tourism, Business & Banking, Economy, Energy

Inter-American Development Bank cancels $160m loan for Barbados Four Seasons project

barbados four seasons construction

Another monster project left to rot in the Bajan sun

The on again – off again Barbados Four Seasons resort project may have received its final coffin-nail with the IDB finally withdrawing from this decade-old debacle. (Nation News: IDB withdraws loan for Four Seasons)

How much taxpayer funding has the Barbados government poured into this mess? Are we allowed to know? Did the government transfer any of the National Insurance Scheme pension funds to the project developers?

Barbados Minister of Finance Chris Sinckler has made all sorts of claims. In March 2013 he told Bajans that our taxpayer monies would be recovered on the sale of the Four Seasons. Well Mr. Sinckler? Where’s our money?

Back then, BFP’s readers were asked if Bajan taxpayers would recover all the monies that their government invested in the Four Seasons. 50% said we’ll never know the truth, 43.5% said there was not a chance that we would recover the monies. 6.4% said we’d get back all the money, (but that was probably Minister Sinckler himself sitting there for voting for hours.)

Former PM Thompson said that supporting Four Seasons could be “extremely risky” to the DLP Government, but Freundel Stuart went ahead and did it after Thompson died.

“Now of course the first objective is not for Government to give guarantees to projects of this type. So the Government is not available, generally speaking, for that kind of thing and I want to make that abundantly clear. It is extremely risky. It has brought down Governments in other countries and I don’t intend to let it bring down my government. And it can sometimes smack of an element of favouritism and once you start it, it becomes like a rolling stone that will gather moss…and therefore, we have to be very careful,”

February 2, 2010 – Prime Minister David Thompson in the Barbados Advocate article PM defends stance on Four Seasons

Hard Times have arrived in Barbados

We’ve said it before, and we’ll keep saying it…

1/ Shun debt. Shun expenses. Live as frugally as you can.

2/ Work hard, save what you can.

3/ Look after family and friends as you are able because you might need their help someday.

4/ Learn to grow food, repair your own car, maintain your own home. Repair clothes, repair everything. Don’t buy new anything: let some other fool pay the depreciation!

5/ Smile at the tourists, make them feel welcome but never pressured. Pick up the rubbish where you can and never do anything that takes away from the beauty of Bim.

6/ Thank God for what you do have – then get back to working harder than you ever have before.

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Falling fuel prices no guarantee of increased tourism – Barbados must work smart and hard in a tough market

Barbados Grantley Airport Tarmac

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

Most of us, of course, warmly welcome the current fall in fuel prices which probably in the hospitality sector be demonstrated by the greatest savings in electricity prices, especially those properties who have extensive air conditioning units.

But almost needlessly to say, that Government will collect a lower level of taxes and VAT, so it’s a two edged sword.

I also wonder how long it will take our limited number of distribution companies to pass on the benefit of reduced delivery costs as a result of cheaper petrol and diesel prices. Assuming of course, they will pass on the benefits at all.

Experts in the aviation industry do not expect any dramatic reduction in airfares and again it may work initially against the consumer’s interest while used aircraft values rise as fuel falls, slowing down the delivery of newer most fuel-efficient aircraft in some cases.

Across our major tourism markets the halving of oil prices will hopefully give people more disposable income, perhaps most notably in the United Kingdom, where we have witnessed a recent significant fall in the value of Sterling against the US Dollar.

The Key to Success for Barbados tourism

Judging by the unprecedented level of email holiday bargains on offer in the UK I have tracked, there is absolutely no room for complacency this year and particularly in the more challenging softer summer months. Key to the success of this will be to portray the destination as offering real value-for-money. And I do not mean attempting to achieve the almost impossible objective by making everything cheaper, but ensuring that every product offering is as good as we can get it and going that extra mile to make visitors feel rightly special.  Continue reading

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Filed under Aviation, Barbados, Barbados Tourism, Economy, Energy

Loveridge: Private tourism sector must get creative and work together

Barbados German Tourists

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

As we enter another new year, perhaps the best way to sum up the mood of the industry is to quote the title of the classic novel by Charles Dickens, Great Expectations.

As and when the long promised concessions to the sector become a reality there is a hope that viability can be restored and collectively we can re-build the arrival numbers without sacrificing the average duration of stay.

Personally I feel there are many more ways the diverging interests in tourism can work better together with joint promotional activities. Some may inevitably benefit more than others, but that is almost impossible to avoid. What cannot be disputed is with this approach the destination garners increased visibility and that will become increasingly more important if we are going to regain past long stay visitor falls in critical markets like the United States.

The previous Chairman described the Barbados Tourism Authority as ‘a slothful wasteful and inefficient organisation in an increasingly dynamic, technologically-driven, and commercial industry’

Over the years we have pioneered a number of co-operative campaigns including the first joint villa full page ‘ads’ with three of the major rental companies collectively advertising, the first 12 page Barbados supplement in a leading magazine targeted towards Caribbean travellers, the first intra-regional travel event, the first fully functioning small hotel grouping, Barbados Treasures, Carib Escape, airline/accommodation inclusive packages, our Rewards Card and MILESCloser, a frequent flyer programme, among several others. Continue reading

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Will the Harlequin Resorts debacle explode in 2015?

David Ames - Harlequin's Ponzi King

David Ames – Harlequin’s Ponzi King

The numbers tell us one giant truth: From the start Harlequin was set up as nothing less than a Ponzi scheme requiring a constant influx of new victims to keep everything going.

Consider these numbers…

– Total “deposits” by victims: US$800 million

– Percentage of “deposits” paid as salary and sales commissions: 50%

– Percentage of “deposits” used to pay interest to earlier “investors”: 22% (estimated, see below)

– Number of units sold: 9,114

– Number of units built: 230

It might be worth Ames and his merry band of supporters considering to remain silent throughout 2015.

To do so would reduce if not eliminate the anti-Harlequin responses no matter how articulate and factual they may be, given that the anti-Harlequin posts in the main are merely responses to the incessant nauseating, repulsive litany of lies emanating from Harlequin and their supporters in their never ending quest to justify “at best” the gross incompetence and abject failure by the Ames family and staff of Harlequin to operate their businesses in a proper manner.

The constant need to allay the blame for the failures of the Ames family and management at Harlequin at the door step of others demonstrates that the Ames family and management of Harlequin are in serious trouble.

And that summary is giving Ames and his cohorts far more benefit of the doubt than the facts say they deserve. The only reason I can think of that they haven’t been arrested as yet is that the Serious Fraud Office has been overwhelmed by the planned worldwide chaotic nature of the fraud through only god knows how many different companies, coupled with legal contracts bearing so much fine print, inter-jurisdictional references and available outs for the criminals.

The resorts will most probably never get built, not in the lifetime of many of the purchasers victims.      
Continue reading

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Barbados natural gas stoppage: Government lapdog Nation newspaper blames hotels, restaurants, bakeries for “lack of business continuity planning”

Dog eats garbage

New Bajan tourism attraction: Dog eats garbage

by Passin Thru

In true Bajan and Caribbean “Island Time” style, a Nation newspaper editorial says that no one should be blamed or sacked for the disastrous stoppage of natural gas these past three weeks during the Christmas and New Years season.

The Nation says that those businesses, restaurants, hotels and other natural gas users are the problem. They foolishly didn’t have a backup plan and necessary technologies in place to prepare three meals a day for thousands of tourists for several weeks of outages.

Who wrote that editorial? Such foolishness from presumably an adult. They must be high on drugs or from another planet.

And what of the DLP Government’s failing to keep the gas flowing? Here’s what the suck-well Nation has to say about the government’s role in the crisis:

“The efforts of the Minister of Commerce, Donville Inniss, to personally interact with both the NPC and affected businesses, were very commendable.”

Fabulous! Government Minister Donville Pornville Inniss went about the place talking! What a fabulous job, Pornville, just fabulous!

Perhaps if Minister Inniss and his government paid the VAT refunds owed to business within say, a year of request, those businesses might be able to buy a gas grill or thirty to sit waiting “just in case” the government can’t deliver natural gas for a month in tourist high season? Should the hotels do the same with drinking water too? A month’s worth for 500 people?

Such foolishness.

And then there is the garbage problem… 

Continue reading

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Thank you to all who work over Christmas taking care of our visitors

shepherdschristmas.jpg

Good possibilities for 2015

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

Around this time of the year it is difficult not to spare a few thoughts for all those involved in tourism, directly or otherwise, who sacrifice their quality precious time with family to take care of our visitors over the Christmas period. Of course they are not alone with other sectors including the essential services assuming the same responsibility.

As someone, through work commitments, that has only celebrated a personal Christmas four times during the past 40 years, my thanks and admiration to you all for your dedication.

There have been many predictions and projections made recently over an anticipated increase in long stay visitors in 2015 when compared with this year.  Continue reading

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Barbados welcomes thousands of cruise ship visitors with closed shops on Sundays

Quantum of the Seas Barbados

Welcome to Barbados – It’s Sunday so we’re closed

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

I picked up on a newspaper article recently that highlighted, what was described as the world’s third largest cruise ship, Quantum of the Seas ‘dropped anchor’ in Barbados last week with its ‘4,600 passengers and 1,600 crew’.

You would think along with other ships that arrived the same day, what a wonderful opportunity for sales. The problem was it happened on a Sunday and according to various social media sites the majority of shops were closed.

I then thought of the Pelican Village Craft Centre and was frankly amazed that they do not appear to have a website or Facebook presence.

Individual businesses operating out of the location may have, but if you are a potential customer and have not been here before, how would you know?

“Quantum of the Seas coming to Barbados should inspire confidence in the cruise industry specifically and tourism generally. It means that we will experience tremendous increases in our numbers and along with other initiatives produce expanded economic opportunities for Barbadians.”

Minister of Tourism Richard Sealy speaking to Barbados Today on June 6, 2013. A shame that many shop owners remain closed when thousands of tourists are wandering about looking for places to spend their vacation cash.

Continue reading

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How government will use Barbados Water Authority smart meters to identify tax cheats

“This is a search on of your private life, showing your personal living patterns everyday – without a warrant. Your information going out to the Barbados Water Authority, the government, the police, the insurance company; to anyone who cuts a deal with the Barbados Water Authority now or in the future.”

Yes, my friends: that BWA smart meter is part of the government data-gathering and analysis system used to identify tax cheats (and for other purposes too.)”

Smart Meters a little too smart?

Back in 2011 Barbados Free Press published Smart Meters are Surveillance Devices – Data already used by police. Since that time there have been dozens of articles by major news outlets about privacy concerns with not only water and power smart meters, but also with the rise of the internet-connected home automation and camera systems.

While the use of internet motion detection / video-camera systems and online home appliances is a choice, the installation of smart meters is mandated by the government.  And what does the BWA and the government do with the data that they collect every second? They do anything they want with that data because there are no laws against it.

Who says BWA smart meters can identify tax cheats? The technology suppliers – that’s who…

Cowater International Inc. and Sogema Technologies Inc. are the two international corporations at the top end of the US$24.7 million dollar smart meter deal with the Barbados Water Authority. The Barbados government says the total cost of the project will be US$58 million dollars.

With subsidies from the Canadian Commercial Corporation, the BWA will install almost 100,000 smart water meters on this rock and the computers and software to monitor, administer and control the system.

Commercial clients are the priority, but eventually every home will have a smart meter too. Every one of those 98,800 household smart meters will supply a wealth of data that can be married up with other data to show patterns of behaviour, associations and reveal information that never would have been noticed before. BWA data will be consolidated with other private and government data sources.  Continue reading

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Filed under Barbados, Consumer Issues, Economy, Ethics, Human Rights, Police

Almost one year since Forbes called Barbados ‘Cyprus West’ – have we changed for the better?

Barbados Finance Minister Sinckler

Has Finance Minister Sinckler done the right thing… or is the situation so far out of hand that no government could be effective now?

Barbados, “the Jewel of the Caribbean,” the tiny easternmost island in the Lesser Antilles with 288,000 year-around inhabitants and lots of very rich foreign visitors and investors, is in the throes of a financial meltdown.

While its entire GDP is now only worth about $4.2 billion, and its population is smaller than that of Duluth Minnesota, this crisis is worth examining closely. For here we have a very precise example of the “finance curse,” where excessive dependence on high debt, an aggressive offshore haven industry, very low tax rates for high-net worth investors, foreign companies, and banks, and high tax rates for everyone else, have essentially brought this little country to its knees.

… from the December 2013 Forbes online article Postcard From Barbados — a.k.a. ‘Cyprus West’

See BFP’s January 2014 article Happy New Year 2014: Forbes announces that Barbados is on its knees, in a financial meltdown.

 

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Does Barbados have a problem in Atlanta, Georgia?

“I have always thought if we cannot entice 320 new visitors (two full B737-800 aircraft) a week out of a population of six million who live within an hour’s drive of Atlanta’s Hartsfield airport, then we have a problem.”

November tourism stats will tell all!

Adrian Loveridge - tourism expert, hotel owner

Adrian Loveridge – tourism expert, hotel owner

November, I believe, will be the first litmus test month of whether or not any changes that have been taking place over this year in the marketing of Barbados will indicate any recovery of long stay visitor numbers to our shores.

November 2013 recorded a total of 42,690 stay-over arrivals, which was the lowest for that month during the last 11 years. Three out of four major markets showed a decline, USA down 745, Canada down 49 and the UK down 56 persons.

2014 heralds the hosting of the fifth Barbados Food Wine and Rum Festival and by now there should be some effective way of measuring if this event has been growing sufficiently to ensure that the promotion funds ‘invested’ are producing a justifiable return on investment.

Clearly overall arrival numbers do not indicate this, or if they are, then it’s to the detriment of other periods of the month.

From next month Delta Airlines return from Atlanta and operate a new route from JFK/New York. These flights will provide an additional seating capacity of 640 passengers per week alone.

Air Canada will shortly change aircraft type to B777 on the Toronto service which adds over 1,000 seats each week if comparing with the smaller A319.

“Based on December 2013 arrivals figures (51,027 across all markets), which again were the lowest for that month in eleven consecutive years we need to record a near 37 per cent increase solely out of North America during December 2014, if we stand any hope of filling those extra seats.”

And that is before we even look at any added capacity that JetBlue or WestJet may have scheduled and a third weekly Montreal flight.  Continue reading

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Barbados mother says “I’ll breed ’em. YOU feed ’em!”

“Government is shortly to ask Parliament for a supplementary, around $100 000, to ease the distress of mothers who trek daily to the courts for child maintenance only to be disappointed because a special account was overdrawn.

The move comes against the backdrop of angry cries by frustrated women earlier this month that some had not received the child support for September, while others claimed they had not received any payments since July. Some called for a return to the cash payment system instead of the current cheque mechanism.”

… October 30, 2014 Nation News Child Money

Barbados makes single motherhood a viable career choice and then we wonder why we have so many young women, girls really, popping ’em out like Marcia does grill fish, peas & rice, and beer at Oistins.

Half the time it’s a guess to name the father… make that fathers. Plural.

This free ride, this “guvment look after everyting” is coming to an end, as it must.

The cupboard is bare, and as BFP’s Shona said back in 2006

“Government child maintenance payments empowers young uneducated women to perpetuate further generations of young unwed mothers and young men who lack the steady hand of a father.

The current trend towards making unwed motherhood a societally sponsored career choice marginalizes the role of fathers and men in general – and can do no long-term good.”

Barbados Free Press

Story #1,243 in a continuing Nation Cultural Series…

by BFP reader Passin thru

Jacqueline Blunt is 40 years old and has five children (by how many different men we’re not told). She’s long-term unemployed and lives with her mother; who has served notice on Miss Blunt that she and her five children are out on the street as of Tuesday.

According to the newspaper article, Mother of 5 needs house Miss Blunt contributes nothing to household expenses and keeps such hours and personal habits that her long-suffering mother sought to impose an 8pm curfew on the 40 year old. That really says it all when an unemployed and unemployable mother can’t be bothered to tuck her children in each night. It’s not as if she’s out working or looking for work – she’s partying.

Miss Blunt is featured in The Nation newspaper looking for her next meal ticket. She doesn’t…

View original post 285 more words

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How many Harlequin companies did Dave Ames register in Barbados?

Harlequin Resort

Why so many Harlequin companies?

It happened like this… we were sitting around last Friday discussing how David Ames and his Ponzi partners have more companies than anybody knows about. Marketing done by this company, land held by that company, building done by another company supplied by another company delivering materials.

It all collapsed and left eyesores and abandoned building sites that are a blight upon Barbados and other nations.

And then somebody asked if anyone had run the word “Harlequin” at the Barbados Corporate Affairs and Intellectual Property Office.

Everybody looked at each other with that “aren’t we a bunch of idiots?” look. Nope, nobody had done it.

So we fired up the computer, logged into Anonymouse.org to cover our asses, and did the deed.

Here they are, folks… All the Barbados-registered companies with the word “Harlequin” in their name…

HARLEQUINS
POLLY HARLEQUIN PRODUCTIONS
HARLEQUIN DEVELOPMENTS
HARLEQUIN (BARBADOS) PROPERTY MANAGEMENT LIMITED
HARLEQUIN BOUTIQUE HOTEL LIMITED
HARLEQUIN (BARBADOS) PROPERTY LIMITED
HARLEQUIN LUXURY HOTEL LIMITED
HARLEQUIN BOUTIQUE HOTEL MANAGEMENT LIMITED
HARLEQUIN LUXURY HOTEL MANAGEMENT LIMITED
HARLEQUIN PROPERTY (SVG) LIMITED

Truly, the government looked the other way on all of this. How many of these companies filed proper reports? You know how it is here on this rock… a political donation takes care of having to worry about filing the paperwork for companies. No worries about annual reports if you make a big donation to the ruling party.

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Filed under Barbados, Corruption, Crime & Law, Economy, Offshore Investments, Political Corruption, Politics & Corruption

Barbados raids national pension fund to provide severance pay to dismissed Transport Board workers.

Leroy Parris and good friend Finance Minister Chris Sinckler share champagne

Leroy Parris and good friend Finance Minister Chris Sinckler (left) share champagne

Robbing the future? Kiss your pension goodbye?

Robbing Peter to pay Paul? Juggling accounts because there’s precious little left in the treasury? All of the above?

The headline pretty well says it all – we’re broke!

Dismissed Transport Board workers are getting every cent of their long overdue severance pay, thanks to Minister of Finance Chris Sinckler.

Very reliable sources have revealed that the cash-strapped statutory corporation that provides islandwide public transport services had, through the Ministry of Transport and Works (MTW), sought the assistance of the National Insurance Scheme (NIS) to meet its obligations to retrenched workers.

… read the full story in The Nation Pay Day at Last

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Barbados Government borrows $35 million to repay previous $35 million loan

Barbados payday loan

Like a drunk going back to buy another bottle

by Rainmaker

Let me try to figure this out. It might take time because even though I went to univercity of de West Indys on guvment money, I’m not the sharpest pencil in the box, I know. Them univercity teashurs let me in to be fair and inclusive and I didn’t have to pay a dollar. Different now though because for some reason the guvment ran outta money for univercity. They should just borrow more and pay it off with other money they borrow.

Also I don’t know too much about guvment financing or stuff like that. I got fired before from Uncle’s store becuase I couldn’t make no good change for peoples. He said for every hour I worked for him on cash it cost him twenty dollars in misteaks.

Wuhloss! I was just doing the best I could but it weren’t no good. Uncle said I shoulda been a politician cause my mathematical skill set and handling of cash was just about like a politician.

I doan know ’bout that buy I know the guvment ministers know alot more about finanshul stuff than I do. So I’m gonna use science-tiffic raisoning to try to figure it.

Here goes…

The Barbados Advocate paper say “GOVERNMENT will today be seeking Parliamentary approval to borrow $35 million from the Republic Bank (Barbados) Limited.”

Okay. Got that. Now why are we borrowing all this $35 million dollars?

The paper say, “According to the Resolution, the money is being sought to repay a $35 million line of credit.”

Okay. Got that. We is borrowing this $35 million to pay off another $35 million that we borrowed before. I guess we filled up or tapped out that line of credit over time and didn’t pay any of it off. I guess we just paid the interest as we went along. I guess. Or maybe there was another loan we took out to pay the interest. The guvment probably does that so the peoples can’t marry up payments and interest charges with specific loans. Or somethin. Continue reading

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