News and Business news from Barbados, West Indies

Holiday Inn Is Back 4 February 2012
Barbados' critical tourism sector is getting an important boost, with the return of a big brand name. The United States chain Holiday Inn Resort will re-open its doors in Barbados in March.

Price Check Success 4 February 2012
Commodity prices have begun to level out in this country. Minister of Commerce and Trade, Senator Haynesley Benn recently told The Barbados Advocate that this has been the case since the Department of Commerce started to make the prices of commodities in the various supermarkets across the island, available in the local newspapers.

Caution On Canadian Trade Deals 3 February 2012
The private sector has warned Barbados' international trade negotiators to tread carefully when it comes to entering deals with Canada. They fear the aggressive trade liberalization policy pushed by Canada in its free trade agreements would undermine key Barbadian businesses and industries and lead to a flood of cheap Canadian products in the local market.

CHTA President Highlights Airlift Challenges, Concerns 3 February 2012
In spite of the fact that the region is forecasted to have experienced a record 24 million 'stop-over' arrivals last year, the Caribbean continues to face significant challenges. President of the Caribbean Hotel and Tourism Association (CHTA), Josef Forstrmayr, pointed out that one major challenge was that of airlift, stating that in many cases this "is still inadequate and way too expensive for our visitors".

Invoicing Scam 2 February 2012
Government has evidence of foreign companies paying massively reduced duties on imported items thereby frustrating Barbadian businesses. This was stated by Minister of Commerce and Trade Senator Haynesley Benn during debate on the Customs (Amendment) Act 2012 which was passed in the Senate yesterday.

Row2Recovery Member Shares His Key To Success 2 February 2012
Alex MacKenzie, one of the members of the Row2Recovery team, has underlined the importance of commitment, motivation and being focused in seeing a project through. He highlighted this at Tuesday's monthly meeting of the Barbados Entrepreneurial Foundation (BEF).

Senator: IMF Requests Not Reasonable 1 February 2012
A Government senator has charged that the pace of fiscal restructuring requested by the International Monetary Fund (IMF) is unreasonable. This suggestion from Minister in the Prime Minister's Office with responsibility for finance Senator Darcy Boyce came yesterday even as a representative of the fund's regional resource centre called for intensified fiscal consolidation.

Slow Growth To Continue In The Region 1 February 2012
Economies in the region will grow at an anaemic rate except for Guyana. That was the outlook for 2012, based on the Caribbean Development's Bank (CDB) assessment.

LIAT Job Cuts Coming 31 January 2012
Job and route cuts are on the horizon as LIAT charts a course to keep its planes in the sky and return to profitability. The path could also include a change in the "nature and character" of the airline.

Sector Must Make Its Voice Heard 31 January 2012
Services sector stakeholders will not be able to make their voices heard until they get up and speak out for what they want. "As a sector we cannot place all the blame on Government when we in some cases, have failed to get across the specific issues which we are faced with," said Ms. Lisa Cummins, Executive Director of the Barbados Coalition of Services Industries (BSCI).

Almond Worry 30 January 2012
The cloud hanging over the future operation of three Almond Resort hotels in Barbados as a result of Neal & Massy's decision to sell its interest in them is causing anxiety in the British travel market.

Fully Compliant In February 30 January 2012
CEO of Invest Barbados, Wayne Kirton expects that by late next month this country will be fully compliant with both Phase one and Phase two of the Global Peer Review regulations. He expressed this optimism in the 2012 edition of the magazine, Barbados International finance and Business.

Commit To Making Changes, Says Tax Expert 29 January 2012
Stakeholders in Barbados' international business sector have been assured that the Organization for Economic Cooperation and Development (OECD) does not expect legislative changes to be made overnight.

Volunteer Policy For QEH Soon 29 January 2012
The Queen Elizabeth Hospital (QEH) is finalising a volunteer policy to regularise volunteerism and to use this resource to continue to promote and develop the health care institution.

CIL Hope 28 January 2012
There may be light at the end of the tunnel for CLICO International Life's (CIL) policyholders and investors. CLICO's judicial manager Deloitte Consulting said yesterday it was at the "first stage of the investor identification process" to find a deep-pocket, experienced investor for the local CL Financial subsidiary.

Ahead Of His Time 28 January 2012
National Hero, the Right Excellent Errol Walton Barrow, was a man ahead of his time and a leader who understood that there was a need to develop trust between himself and the people. That view was put forward by Prime Minister Freundel Stuart yesterday afternoon, as he spoke on the topic "Barrow, Charisma and National Development" at the Democratic Labour Party's weekly lunchtime lecture in the auditorium at the Party's George Street Headquarters.

Pure Politics 27 January 2012
Avinash Persaud has sought to turn the tables on Opposition Leader Owen Arthur, accusing him of playing politics with the Four Seasons project, which he says is on the verge of getting needed finance for its resumption.

Challenges Brings Young Entrepreneurs Together 27 January 2012
Six young entrepreneurs have taken the initiative to work together during these challenging economic times. In an aim to keep their businesses afloat, they have decided to bring together their clients to expand their customer database.

Persaud: No So 26 January 2012
The man trying to get Four Seasons restarted yesterday strongly hit back at critics, saying it was wrong to suggest that the International Monetary Fund (IMF) had "frowned" on investment by the National Insurance Scheme (NIS) in the project.

LIAT Meeting To Take Place 26 January 2012
A series of meetings will take place in this country come Monday, to discuss a number of issues related to regional airline LIAT and its future.

38 000 More Visited In 2011 25 January 2012
Despite tough economic times, Barbados attracted more visitors to its shores last year than in 2010. According to David Rice, president and chief executive officer of the Barbados Tourism Authority (BTA), last year's tourism figures grew by over seven per cent with over 572 000 tourists visiting the island, an increase of over 38 000 visitors when compared to the previous year.

Family Focus 25 January 2012
Barbadians are being urged not to let the current economic recession get in the way of holding the family and the wider community together. In fact, Minister of Finance and Economic Affairs and Parliamentary Representative for St. Michael North West, Christopher Sinckler, is calling for all hands on deck to help sustain Barbados as one of the foremost developing countries in the world.

Vacation Shield 24 January 2012
Tough new sanctions, including a $10 000 fine and a year's imprisonment, are on the way for employers who deny workers annual vacation or refuse to pay them during that period. These penalties are part of proposed new legislation to repeal the 1952 Holidays With Pay Act that is on the Order Paper for debate when the House of Assembly meets today at 10 a.m.

NISE Urges Organisations To Join Initiative 24 January 2012
Fifteen companies have already registered to be part of the National Initiative for Service Excellence's '100 Improve-ment in 100 Days' programme, which was officially launched yesterday.

Rain A Concern For Cane Harvest 23 January 2012
The persistent showers this island has been experiencing in recent weeks could create serious challenges for this year's sugar cane harvest. Chairman of the Barbados Sugar Industries Limited, Dr Attlee Brathwaite, said yesterday that while BSIL was looking to a mid-February start to the harvest, much would depend on the rains.

Embrace Technology 23 January 2012
The wide reach of the World Wide Web is almost unimaginable, particularly within the context of the Church, but there are some negative aspects of this resource tool that cannot be ignored. Word of this from Bishop of Barbados, the Right Reverend Dr. John Holder, who was speaking during the official launch of the Church of the Christ the King's website in Rock Dundo Park yesterday morning.

No Miracles 22 January 2012
The Democratic Labour Party (DLP) Government is not hiding behind the global economic crisis, says Prime Minister Freundel Stuart. He said everything was being done to spark a turnaround in the economy, but "there are no miracles to be worked anywhere".

New Lab On The Way 22 January 2012
A new laboratory and administrative headquarters for the Barbados National Standards Institution (BNSI) is still on the cards, and if all goes well, construction could start before the end of the year.

Hotel Nod? 21 January 2012
There has been no stamp of approval yet from the Inter-American Development Bank (IDB) for the controversial Four Seasons hotel project in Barbados but it appears to be in the works. That is how well-placed sources in Washington have characterized the state of play when it comes to the IDB's proposal to invest US$52 million in the project.

Quality Control 21 January 2012
It is important that the requisite systems are in place to support business activity in this country as efforts are made to enhance and increase our exports to regional and international markets.

IMF Caution On NIS 20 January 2012
The International Monetary Fund (IMF) has warned Government about its continued use of National Insurance Scheme (NIS) funds. The IMF caution has come 24 hours after the Central Bank of Barbados defended the controversial use of NIS funds in the stalled Four Seasons hotel and resort project.

Butterfield Staff 'Share The Season' 20 January 2012
For the third year running Butterfield partnered with the Lions Club of Bridgetown to "Share the Season" with the less fortunate by participating in an in-house programme designed to ensure the spirit of Christmas reaches the communities.

Job Losses Talks On Table 19 January 2012
The rising level of unemployment in Barbados has made it to the discussion table of Barbados' Social Partnership. This, from Central Bank Governor Dr DeLisle Worrell, who said also that he was banking on an improved tourism performance this year to help stem some of those job losses currently taking place in the island.

Banks Remained Stable In 2011 19 January 2012
Commercial banks in Barbados have remained stable in 2011, according to the Central Bank of Barbados (CBB). Governor Dr. Delisle Worrell has said that the key financial stability indicators for the banking system are suggesting that banks have remained stable and well capitalised, with capital adequacy ratios reaching historic highs at the end of September 2011.

Barbados Economy Stable 18 January 2012
The Barbados economy has stabilised, but major economic growth still remains elusive. That is the assessment of the Central Bank of Barbados which reported that some key economic figures were trending in a positive direction though unemployment, averaging 12 per cent, remained a bugbear.

Balance Of Payments Improve 18 January 2012
Barbados has recorded an improved balance of payments position in 2011. The overall deficit on the balance of payments was estimated at $15 million, significantly lower that the $53 million registered in 2010, according to the Central Bank of Barbados (CBB) economic review for 2011.

Almond Dud 17 January 2012
The faltering Almond Hotel Group is not only a drag on the financial results of its parent company Neal & Massy, but it contributed significantly to the 2011 net loss of another Barbadian company.

Nature Of IB Sector Encourages Tax Accusations 17 January 2012
The international business sector has been described as a zero-sum game, where the gains in one jurisdictions can result in losses for another. According to Minister of Tourism, Richard Sealy, this outlook of the sector has caused many to make claims and accusations on the taxation structure of Barbados as going against international norms.

No Dominica For Four Seasons 16 January 2012
The Dominica government is yet to decide on a proposed EC$30 million (BDS$22 million) investment in the stalled Four Seasons (Barbados) project. In fact, the matter has not yet reached the desk of Prime Minister Roosevelt Skerrit, who is the country's minister of finance with direct responsibility for the Dominica Social Security Scheme (DSS).

Legislation Impeding The Progress Of Deposit Insurance For Credit Unions 16 January 2012
Credit Unions in Barbados still cannot move forward with the Deposit Insurance scheme because the legislation needs to be amended. Anthony Pilgrim, General Manager of Barbados Co-operative & Credit Union League (BCCUL) stated that this is an initiative that the credit union, Ministry of Finance, Financial Service Commission (FSC) are in support of.

Cheaper Rates In Pipeline 15 January 2012
Cheaper natural gas, which will translate into lower energy costs and electricity bills for consumers, will start flowing into Barbados from Trinidad and Tobago "by early 2015". That's the word from an official of the Eastern Caribbean Gas Pipeline Company (ECGPC) following an announcement last week that two big international firms have acquired a majority stake in ECGPC, which is developing an undersea natural gas pipeline from the twin-island republic to Eastern Caribbean nations.

Sealy: Barbados Is The Place To Be For Sailing 15 January 2012
Barbados is in for an exciting two years in sailing. This assurance came from Minister of Tourism Richard Sealy recently as he addressed the media at the Mount Gay Round the Island Race press conference.

Support It! 14 January 2012
Historian Robert "Bobby" Morris is appealing for Barbadian support for the just-launched 1627 Foundation, established to develop a five-year plan of projects and promotional activities centred on the historic Charter of Barbados signed in 1652.

Ready To Move Ahead 14 January 2012
Christopher Sinckler, Minister of Finance and Economic Affairs, has assured Barbadians that the Four Seasons project is ready to move ahead. The West Coast project has been surrounded by controversy and uncertainty following a halt to work on it three years ago. It is a project that promised a boost to construction, employment, promotion for the island's tourism industry, and a general stimulus to the overall economy.

Taxes Under Review? 13 January 2012
Minister of Finance Chris Sinckler has hinted of possible adjustments to the income tax bands as he prepares to present the Estimates of Income and Expenditure in March - the precursor of the annual Budget presentation.

'Matter of Principle' 13 January 2012
Teachers will put back in the time. That is according to former general secretary of the BSTU, Patrick Frost, who sent this message to the public while speaking at the Barbados Secondary Teachers' Union (BSTU) protest march held yesterday...

NIS Is In! 12 January 2012
The board of the National Insurance Scheme (NIS) will invest in the stalled Four Seasons project, ending months of speculation and debate over the issue. This was confirmed yesterday by Minister of Finance Chris Sinckler, who said the local NIS would join the NIS of Dominica and St Vincent and the Grenadines as minority investors in the tourism project.

Sir Errol Receives Official Accolade 12 January 2012
Arise, Sir Errol! For his outstanding achievement and merit in service to Barbados and humanity at large, Professor the Honourable Sir Errol Ricardo Walrond, was knighted by Acting Governor General Elliot Belgrave yesterday. He was one of the many outstanding Barbadians recognised for their unswerving dedication to the country in a number of fields at Government House yesterday during a mid-morning ceremony.

REDjet Halt 11 January 2012
Barbadian-based REDjet has cancelled more than 50 of its flights until the end of March, including some services out of the Grantley Adams International Airport. But the airline is insisting that far from an indication that it is in financial trouble, the move is part of its expansion plan.

There's Another Way 11 January 2012
It is time to re-evaluate the strategy on pursuing Double Taxation Agreements (DTAs), advised President of the Institute of Chartered Accountants of Barbados (ICAB), Andrew Braithwaite. He spoke yesterday at the Faculty of Law and ICAB Regional Tax Treaties and Tax Information Exchange Agreements (TIEAs) and OECD standards function in the Moot Court at UWI.

'Region Fails' In Ranks Of Transparency 10 January 2012
Even though Barbados has ranked highly on the Transparency International index, Attorney General Adriel Brathwaite is concerned that lower rankings of other countries in the region represented a failure for the region collectively.

BARAIFA Holding One-Day Seminar 10 January 2012
Tomorrow, insurance practitioners and persons interested in learning more about the various types of insurance products will get an intimate look into the workings of this sector. This as the Barbados Association of Insurers and Financial Advisers (BARAIFA) hosts a one-day seminar bearing the theme 'Yet, Still I Rise' at the Lloyd Erskine Sandiford Centre.

Four Seasons Report Untrue 9 January 2012
Billionaire investors have no major legal issues with the stalled and cash-strapped Four Seasons Resort project. That's according to developers Paradise Beach Limited, who have taken issue with a Page 3 report published in yesterday's SUNDAY SUN under the headline Billionaire Investors File Court Action To Recoup Deposits.

AG Lauds Work Of Security Companies 9 January 2012
It is an industry that does not receive full recognition from the general public, yet provides an invaluable service to the safety of the country. Word of this comes from Attorney General and Minister of Home Affairs, Adriel Brathwaite, as he outlined the importance of private security organisations during the 16th annual awards ceremony of G4S Secure Solutions at the Plantation Garden Theatre on Saturday night.

Resort Suits 8 January 2012
The Four Seasons Resort project seems to have hit another snag. British newspaper The Times reported yesterday that two billionaire investors, music titan Lucian Grainge and oil mogul Aidan Heavey, have filed court action locally against the developers, Paradise Beach Limited, demanding their money back.

REDjet Sets Its Sights On Suriname 8 January 2012
Low cost airline REDjet has set its sights on another destination, Suriname. According to reports coming out of that South American country, the airline is to obtain a license to add the destination to its ever growing schedule.

Property Plus For Barbados 7 January 2012
Barbados' popularity as a destination for people looking to invest in properties away from home has risen, according to a leading international property website. The island moved up four places to No. 9 in the Top of the Props chart published by TheMoveChannel.com at the end of last year.

Polyclinics Upgraded 7 January 2012
Polyclinics across Barbados are now in the possession of state-of-the-art medical equipment, through the collaborative efforts of the Ministry of Health and the Ninth European Development Fund.

Small Business Vital To Economy 6 January 2012
The economy will not improve unless more small businesses were created and those already operating were valued, Minister of Industry Denis Kellman has told Barbadians. He said Government would ensure that small businesses were respected and that large corporations appreciate and treat small businesses "the same way they treat foreign investors and larger businesses".

Striking A Balance 6 January 2012
Barbados will continue to develop in a way to strike a balance to cater to the needs of both locals and tourists. This from Prime Minister Freundel Stuart who was speaking at a reception for repeat visitors held at Ilaro Court on Wednesday night.

Forum For Consensus 5 January 2012
A non-partisan national consultation should be convened to chart Barbados' social and economic course. This suggestion has come from Barbados Private Sector Association president John Williams who said political parties, labour, the private sector, the church and the "man on the street" should reach a consensus on the future of the island.

Time To Invest In Alternative Energy, Says Experts 5 January 2012
With Barbados having to fork out over $160 million to pay for imported energy to date, an economist and a statistician are suggesting that the country invest in alternative energy sources to generate electricity.

Double Impact 4 January 2012
Barbados' tourism industry could take a serious hit this year from two international events - the Olympic Games in London and the Presidential Elections in the United States. Minister of Tourism Richard Sealy said yesterday that the two events could negatively impact tourist arrivals.

NCST To Focus On Developing ICT Capacity 4 January 2012
The findings of the Information and Communications Technology (ICT) Capacity and Infrastructure project, which was commissioned by the National Council for Science and Technology (NCST), will be used to take ICTs forward in the coming year.

Cruise Visitors Hit Town 3 January 2012
Hundreds of visitors were spotted in The City yesterday for the New Year's Day bank holiday. They were seen strolling up Broad Street or in groups riding through Town in maxi taxis ...

Investors Interested 3 January 2012
There are some foreign investors that have been pursuing manufacturing business ventures in Barbados, and Executive Director of the Barbados Manufacturers' Association (BMA), Bobbi McKay, says their interest is not only welcomed, but being encouraged, as it is likely to result in additional jobs for Barbadians.

T&T Group's Local Firms Not Performing 2 January 2012
Barbadian-based companies continue to underperform within Trinidad and Tobago-headquartered conglomerate Neal & Massy Holdings Ltd. The regional company which owns a number of major corporate entities in Barbados has reported a TT$203 million (BDS$63.4 million) drop in profit attributable to shareholders for the year ended September 30, 2011.

Neal & Massy To Sell Almonds Hotel Group 2 January 2012
A decision has been taken by Neal and Massy Holdings Limited to sell its interest in Almond Hotels. This comes as the hotel group continues to chalk up losses. Chairman of Neal and Massy Holdings Limited, Arthur Lok Jack made the announcement while stating that the Group experienced a healthy Third Party Revenue growth from $8.0 billion to $8.5 billion.

DLP Push 1 January 2012
Against the backdrop of widespread speculation about an imminent reshuffle, five senior members of the Freundel Stuart Cabinet yesterday sought to defend their own stewardship while pointing to the need for "greater engagement" with the public in what could very well be an election year.

New Year's Gift For Dorothy Bradshaw 1 January 2012
Dorothy Bradshaw is today thankful to be able to turn the keys to her brand new fully furnished home located in 3rd Ave Green Hill St. Michael.