Category: Economy

Small Business Association says NSRL is demoralizing

The National Social Responsibility Levy and the foreign exchange fee have small and medium-sized businesses unsure whether to charge increased prices to customers or reduce staff, Small Business Association President Dean Straker has said. Speaking last night at the annual awards ceremony for outstanding members of the Association, Straker said “our secretariat has been receiving […]

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What’s up with all the downgrades? Dr Justin Robinson explains

Senior Lecturer in Management & Dean of the Faculty of Social Sciences at the Cave Hill campus of the University of the West Indies, Dr Justin Robinson, has sought to explain credit ratings to the Barbadian public, in light of the latest downgrade by international ratings agency Standard & Poor’s (S&P). Robinson said part of […]

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Tax doubt

Despite reporting overall positive returns for the quarter ending June 30, 2017, Fortress Fund Managers says the recent increase in taxes by the Freundel Stuart administration has cast some doubt over the future performance of its Caribbean Growth Fund. In its June 2017 quarterly report released to investors recently, the leading mutual fund manager said […]

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Sewage flowing along south coast again

The vile smell of raw sewage leaking from manholes has hit the south coast communities of Worthing and Rendezvous once again, this time more pungent than ever, in what residents said was a recurring nightmare. When Barbados TODAY visited the affected areas Monday, residents complained that the latest episode following last night’s rainfall was causing […]

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1991 again

In a scene reminiscent of 1991 when Leroy Trotman (now Sir Roy) led thousands of private and public sector employees through the streets of Bridgetown to protest against the austerity measures implemented by the Democratic Labour Party (DLP) administration led by Erskine Sandiford (now Sir Lloyd), over 20,000 frustrated Barbadians Monday morning took to the […]

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Inniss: Delay in foreign exchange levy will hurt revenue target

Minister of International Business, Small Business Development, Industry and Commerce Donville Inniss agrees with local economist Jeremy Stephen that Government’s delayed rollout of its controversial foreign exchange fee (FXF), will seriously hurt any chance of achieving the $542 million budgetary target. Last month, Minister of Finance Chris Sinckler revealed a $542 million package of belt-tightening […]

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Too costly

Barbados’ food import bill is increasing, while its production of vital commodities is decreasing, a Government official has warned. Minister of Labour Dr Esther Byer-Suckoo therefore sees a desperate need for more young Barbadians to get into farming as a means of rescuing the agricultural sector and cutting down the country’s $500 million food import […]

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NSRL better than lay offs, says Stuart

Prime Minister Freundel Stuart says he understands the cries of residents and businesses alike over the $542 million austerity package announced by Minister of Finance Chris Sinckler in his recent Budget. However, speaking on the sidelines of the just-concluded Caribbean Community (CARICOM) Heads of Government Summit in Grenada, Stuart suggested that the measures amounted to […]

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Doubting Thomases

Minister of Labour Dr Esther Byer-Suckoo is concerned that this country’s trade unions are not handling its economic problems in a mature manner. Instead, she says, they have been lashing out like a group of doubting Thomases in response to what is essentially is a grim reality. “As a doctor I know that when you […]

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NSRL backlash

With the controversial National Social Responsibility Levy (NSRL) due to take effect here Saturday, three of this island’s leading trade unions are again warning that the measure is of the sort that it could trigger a showdown of national proportions. It was the second such warning in a week by top officials of the Barbados […]

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FULL TEXT of the latest IMF Barbados review (released today)

The International Monetary Fund (IMF) said today it was ready and willing to come to Barbados’ rescue, while warning that slower growth and a doubling of the domestic cost of living were on the immediate horizon as a result of the austerity measures announced by Minister of Finance Chris Sinckler in his May 30 Budget. […]

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Gov’t delays implementation of foreign exchange levy

There has been a slight delay to Government’s implementation of the controversial two per cent levy on foreign exchange transactions. Last month, Minister of Finance Chris Sinckler announced that the tax would take effect here from July 1 as part of a package of austerity measures. However, in a statement Wednesday, the Central Bank said […]

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Way out!

Barbados is among countries in the region that appear to be stuck in a “middle income trap”. And to get out of it, Dean of the Faculty of Social Sciences at the University of the West Indies Cave Hill Campus Dr Justin Robinson suggests that businesses need to take the lead in innovation. “Generally, when […]

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Blame yourself, Sinckler tells the private sector

Minister of Finance Chris Sinckler is essentially telling the private sector to blame itself for any confusion it had about how his recent budgetary measures – including the contentious National Social Responsibility Levy (NSRL) and two per cent tax on foreign exchange – would be implemented. Following his announcement of the belt-tightening measures at the […]

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Job cuts looming due to new taxes, says Bryan

One of the popular Bridgetown retailers is warning Barbadians to brace for price rises of no less than ten to 12 per cent once Government’s recently announced tax measures take effect. Managing Director of Woolworth Martin Bryan said despite assurances from Minister of Finance Chris Sinckler that the “prohibitive” rise in the National Social Responsibility […]

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Too many Govt entities boxing in the dark

It is responsible for the promotion and regulation of the sport of boxing in Barbados. But according to the Auditor General Leigh Trotman, the Barbados Boxing Board of Control has literally been boxing in the dark for the past 20 years – at least when it comes to its financial reporting. Even though the board […]

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Budget passed; House approves controversial levy

  Parliament in the wee hours of Friday morning approved the controversial National Social Responsibility Act after Minister of Finance Chris Sinckler put up a strident defence of the onerous tax on imported and locally produced goods, which is covered by the legislation and is due to be increased from two to ten per cent, effective […]

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