You Are Fired

firedThere is something very strange which has started to unfold in Barbados and around the Caribbean in recent weeks. Many of our leading and PROFITABLE companies have been sending home workers. The reasons being given vary from the rising cost of raw materials and services to the need to restructure to face the challenges which the current global economic recession is expected to levy on our small and open economies. The fact that Barbados according to local analysts has not yet had to face the brunt of the global recession makes the retrenchment decisions of some of our PROFITABLE companies distasteful.

Trinidad based One Caribbean Media (OCM) hurriedly dismissed 20+ workers from the Nation Group of Companies in Barbados days after declaring a profitable 2008 which EXCEEDED 2007. Sagicor insurance company which is one of the DOW companies of the Caribbean ditched 40+ with a promise of more to follow. Again Sagicor is a company with a healthy profit trend over the years.

Could it be that we sense some momentum among some of our leading and PROFITABLE companies showing the courage to dismiss people at this time? Courts Barbados announced last week the closure of a store and more than hinted that some employees will be sent packing. Barbados Public Workers Credit Union has taken the opportunity to sever some of their seasoned employees. God forbid that the murmuring of First Caribbean Bank sending home employees as a result of a restructure should occur. Fellow blogger Living In Barbados will probably say I told you so. On a previous blog he (Livinginbarbados) expressed scepticism that the social partnership which has worked well for Barbados in the pass will struggle in the current economic conditions as individual companies engage in protectionists measure to maintain/protect shareholder value.

We sense that many of our Pan-Caribbean and national companies are following the US approach to managing their companies by the numbers. In other words it is important to maintain or exceed prior year profits even if it means ditching employees to cut payroll cost. Bear in mind that our comment targets profitable companies. It borders on criminal that PROFITABLE companies would cut loyal employees who would have contributed to the success of these companies. Although it is any company’s right to manage the business as the owners see fit is it naive to expect that successful companies by operating as good corporate citizens would want reward loyalty? Have we not been taught that the human resource is considered the greatest asset of any company? Why would profitable companies in Barbados and in the Caribbean rush in indecent haste to dismiss employees? Over the years when the times were good would it not have been caring for those PROFITABLE companies to set aside a reserve to provide for employees in less profitable times like now?

Maybe the time has come for Barbadians and the government of Barbados to support those companies which show loyalty to the PEOPLE.

  • That is probably why they are profitable. I would think that businesses today can already see the oncoming train and are beginning to take action. They will also probably be the ones left after the storm. The notion that all the businesses in Barbados should “hold strain” through the bad times by the Gov and various parties is just bad business for the country. Sounds nice to the voters but it cant work.

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  • @Passerby

    Are you saying that you agree with these profitable companies at the end of 2008 sending home people without trying to be creative before they are forced to do so?

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  • livinginbarbados

    @David
    Without knowing the process that has gone on, you cannot say that the companies have not been creative before they decided to lay off staff. What you need to probe generally and specifically is what the companies have done. Unemployed people may be visible but are not necessarily the first or only steps taken. Ask (or get someone to ask) the companies that holistic question.

    More broadly, people can choose to leave a company, because they have other options. Machines and other aspects of cost cannot make such a choice.

    Job losses are emotional and to be regretted, but I think you/we have a duty to paint the full picture.

    Put another way, if Minister Lowe has to take a department of government to task for not giving a day’s work for a day’s pay, and making clear that while the programmes may go on it may be without some of these people, that also needs to be factored in as a possible aspect of how some workers see the jobs they have.

    This is not a criticism of workers as a whole, but an indicator of how the ‘contract’ between employers, workers, and government is playing out.

    These are points for consideration.

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  • @David

    Sagicor fire Steve Stoute ?

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  • @Anonymous:

    No Sagicor did not fire Steve Stoute! He is 66 years and he retired

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  • Okay Steve!

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  • These CEO’s intend to keep up their big-life style at the expense of the middle and lower class. What they don’t understand that when a man is severed and still has his mortgage and other bills to pay and a family to support, some might use any means of finding money to keep existing. It think the private sector is looking at Government before they make their next move. If this government ever start reducing staff, all hell will break loose in the private sector and Barbados with massive bajan unemployed, will cause unrest in this country, especially when non- bajans are still working.

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  • Patrick ward gone too from VOB??

    What about harry husbands from BEC?
    Not a word out them….

    These are black brothers and sisters doing this????

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  • @livinginbarbados

    BU will always side with the people. What about making their companies more efficient by introducing better technology? How about training the employees to better appreciate cost savings techniques? We all know from empirical data which Chris can probably provide that businesses in Barbados are tech averse.

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  • @ PasserBy – Oh Please give me a break. What is incredulous is that many heads of Barbadian companies seem to think with their anus instead of their brain. It is obvious that companies only thrive when employment rates are up and people are spending. This is how the economy grows. When ever layoffs numbers are announced in the US the stock market plunges and consumer spending suffers. A small economy such as this one, which depends almost totally on the Barbadian consumer, cannot stand a situation where there are mass layoffs.

    As for the social parnership, it means didly squat unless parts of it are integrated into legislation. It is taking WAY too long for the employee bill of rights to be passed.

    With the LIME situation all of the affected workers received letters dated 31st March stating that their employment has effectively ceased with the company as of that same date. They have not been paid since march and they will not be paid in April…obviously. Yet their final payment has not been given to them.

    The “Process” outlined by the social partnership which was a point of discussion for so many month in this LIME saga has been rendered null and void by this last move by the company. They agree that they are still in talks but they have already severed the staff, now how can this be?

    Well, let me break it down for you, companies in BIM can do as they like when they like and how they like. The social partnership is not very effective becuase it is not law binding.

    Secondly, large Barbadian companies adopted the failed business models of the large US companies that put the world in this sorry mess and now they are continuing to do so with the layoffs.

    Who will act? Who will stop these greedy beasts?

    The union says unity is power but where is the unity now? All the while the government continues its silence on the issues and the public seems not to care until they themselves are effected by this recession.

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  • Pingback: Global Voices Online » Barbados: Job Losses

  • The cat seems to be out of the bag. FCIB sending home people.

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  • This is a fact: Employers in north america seriously wonder why their workers have zero loyalty.

    Apart from the general and usual attitude of youth that they don’t care if they get fired or not, pretty much all worker age groups now suck as much as they can – pay, overtime and benefits – out of an employer and keep their eyes open for something else. They may give 8 hours work for 8 hours pay, but the moment something better comes along they disappear. And they don’t give a rat’s ass if the company folds or not.

    This derives from the employers’ growing lack of loyalty to or concern for their employees over the last 30 years or so. What is happening now with wholesale layoffs is actually nothing new, it happens annually every time a (highly paid) CEO wants to impress his Board or frantically wants to shore up his bottom line at the last moment of the financial year so the banks will lend his company more money.

    So the employees see that, to executives, they are just expendable peasants, regardless of their age or position, and behave accordingly.

    Barbados and Bajans, expect that to come your way. IMHO the right way to manage manufacturing, retail or wholesale is to invest in a range of options, products and/or services that will ensure your company can ride out almost any storm and survive (like wise investing strategies), not suddenly fling half your employees out the door every now and then because something might happen in the future.

    But I don’t think Bajan management are “edumacated” in either professional management or Best Practices, by and large, so expect them to do the usual copycat exercise and follow the American blindly over the cliff and into the abyss… I can guarantee there is no 700 billion dollars around in Barbados to bail ANYBODY out.

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  • @BU Family… Sorry, you know my line… Please forgive me for this… But…

    @bimjim: “This is a fact: Employers in north america seriously wonder why their workers have zero loyalty.

    Then they’re stupid… (This is common knowledge, and not a revelation…)

    Monkey see — monkey do… (Again, please forgive me…)

    The “workers” observe the “bosses” “taking the piss”, and (reasonably) wonder why they don’t have the same right to do the same…

    Monkey see — monkey do…

    If the “bosses” want the “workers” to act towards the best interests of the Company, than perhaps they might consider behaving as they hope the “workers” would.

    Hmmm….

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  • Wright B .Astard

    And in all fairness, we must applaud a T&T owned hotel on the South Coast, that have decided to retain all of its staff, by reducing the working hours of each employee. This way everyone can have a piece of the cake,and when things starts to pick up after the recession,that business would not have to look for new staff to break-in.

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  • No worries people, our economic crisis will be resolved when the “New World Order” straightens the economic mess out for us.

    The Financial New World Order: Towards a Global Currency and World Government

    by Andrew G. Marshall

    Introduction

    Following the 2009 G20 summit, plans were announced for implementing the creation of a new global currency to replace the US dollar’s role as the world reserve currency. Point 19 of the communiqué released by the G20 at the end of the Summit stated, “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity.” SDRs, or Special Drawing Rights, are “a synthetic paper currency issued by the International Monetary Fund.” As the Telegraph reported, “the G20 leaders have activated the IMF’s power to create money and begin global “quantitative easing”. In doing so, they are putting a de facto world currency into play. It is outside the control of any sovereign body. Conspiracy theorists will love it.”[1]

    SNIP

    In December of 2008, the Financial Times ran an article written by Gideon Rachman, a past Bilderberg attendee, who wrote that, “for the first time in my life, I think the formation of some sort of world government is plausible,” and that, “A ‘world government’ would involve much more than co-operation between nations. It would be an entity with state-like characteristics, backed by a body of laws. The European Union has already set up a continental government for 27 countries, which could be a model. The EU has a supreme court, a currency, thousands of pages of law, a large civil service and the ability to deploy military force.”

    He then asks if the European model could “go global,” and states that there are three reasons for thinking that may be the case. First, he states, “it is increasingly clear that the most difficult issues facing national governments are international in nature: there is global warming, a global financial crisis and a ‘global war on terror’.” Secondly, he states that, “It could be done,” largely as a result of the transport and communications revolutions having “shrunk the world.” Thirdly, this is made possible through an awakening “change in the political atmosphere,” as “The financial crisis and climate change are pushing national governments towards global solutions, even in countries such as China and the US that are traditionally fierce guardians of national sovereignty.”

    He quoted an adviser to French President Nicolas Sarkozy as saying, “Global governance is just a euphemism for global government,” and that the “core of the international financial crisis is that we have global financial markets and no global rule of law.” However, Rachman states that any push towards a global government “will be a painful, slow process.” He then states that a key problem in this push can be explained with an example from the EU, which “has suffered a series of humiliating defeats in referendums, when plans for “ever closer union” have been referred to the voters. In general, the Union has progressed fastest when far-reaching deals have been agreed by technocrats and politicians – and then pushed through without direct reference to the voters. International governance tends to be effective, only when it is anti-democratic. [Emphasis added]”[63]

    SNIP

    Conclusion

    Ultimately, what this implies is that the future of the global political economy is one of increasing moves toward a global system of governance, or a world government, with a world central bank and global currency; and that, concurrently, these developments are likely to materialize in the face of and as a result of a decline in democracy around the world, and thus, a rise in authoritarianism. What we are witnessing is the creation of a New World Order, composed of a totalitarian global government structure.

    In fact, the very concept of a global currency and global central bank is authoritarian in its very nature, as it removes any vestiges of oversight and accountability away from the people of the world, and toward a small, increasingly interconnected group of international elites.

    http://globalresearch.ca/index.php?context=va&aid=13070

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  • Reality is now hitting the economy here as the global meltdown continues.
    Govt is talking about spending more to avert a deep recession or depression, however they are doing little to improve their efficiency. They are wasting money as productivity and accountability in govt is almost non-existent.
    Govt workers are the only ones with some job security, but soon they may have to follow Jamaica and take salary freezes and cuts if the recession deepens and the tourism suffers.’

    In general, Barbadian workers only work efficiently when they are paid by the job… that is why the Govt should sub-contract rather than hiring more workers who just sit around shuffling paper. Too many managers … too few people doing real work… have you noticed how many persons it takes to dig a ditch or repair the potholes… more looking on while a couple do the actual work… that is the waste here.

    Private enterprise has to make profits now and in the future, Unlike Govt they cannot raise prices and lose business… Govt just borrows and raises taxes… while they waste the money with all their foreign travel, meetings speeches and BS… Benn in a suit rather than in rubber boots fixing the the long standing problems at the Fish Markets. They react .. tehn blame the management and the absenteeism of workers.. FIRE THEM! Oh No… the Unions will strike… That is the problem!

    Unions will destroy this country… as they protect absenteeism and nepotism and low productivity, as workers especially in Govt feel secure in their behavior. Private companies will do what it takes to survive!
    God help Barbados… as we are living in a “Fool’s Paradise” driving our SUV’s and living high as our job security id=s diminished…

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  • Unfortunately, many cannot see that the only companies able to maintain staff levels at this time are the very ones doing the firing.

    Sadly, this lack of understanding of this crisis will only deepen the crisis, as these large job losses only exacerbate the economic gloom.

    Selfishness, greed and idiocy are the root of this problem.

    Firstly, there is the individual aspect, where an individual now has problems making ends meet, repaying loans.

    There is the family aspect, where the breadwinner is suddenly out of work.

    Then there is the macroeconomic aspect, wherein the community and country suffers as a result of what is basically a negative-multiplier effect, the economy further spirals.

    The same companies now doing the layoffs will suffer as much as anyone when things ‘go to pot’, moreso than if they tried to maintain jobs and keep the money flow going.

    As I said, idiocy.

    Finally, there is the socio-political aspect, wherein mounting crime, even riots for food etc, serve no one in the long-term, but could be an unfortunate outcome of this mess.

    As I said before, maintaining jobs are critical in this environment.

    The only ones who can do this now are Government AND these large and profitable entities.

    What happened to the ‘social-partnership’?

    Or was that a ‘sham’ to keep the unions at bay while things were ‘rosy’?

    Peace & Live Strong

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  • Mr.Editor,

    Your article raised some good points, of which I wish to expand on one.

    You mentioned ‘as individual companies engage in protectionists measure to maintain/protect shareholder value’.

    You do realise the (fair) implication in this statement?

    Instead of taking any reduced profits from the downturn, these corporations are severing staff to protect their bottom line (for the shareholder), thus the implication is that the staff and NOT the shareholder have taken the business risk!

    Is that not unusal in investing, that the staff take the brunt of any losses, while the shareholder is expected to always walk away with a specific profit level, thus takes little risk?

    Indeed this is a North American concept.

    I would however suggest, in the light of this behaviour, to ease the pain for these individuals and families, that any ‘firing packages’, be fully tax exempt.

    This should be legislated as a matter of urgency, immediately.

    Peace & Live Strong

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  • I agree with all the above points of Rumplestilskin! The very companies doing the firing are the ones who can maintain staff, while the companies experiencing real decreases are trying to maintain staff levels. These companies have chosen a great time to “re-structure” as they call it, in order to “streamline” their operations. Why Now?

    I believe at this time the Government should not only ensure that the affected persons are not taxed on their seperation money (i.e payment in lieu of notice) But I believe that they should fully support the Union’s call for more substantial packages, especially when companies like LIME, STARCOM and SAGICOR can afford to do so. Unfortunately far from supporting the issuing of larger packages, the government seems to agree with the fact that a severance pkg of 2.5 weeks for every year is sufficient.

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  • livinginbarbados

    @David
    “BU will always side with the people. What about making their companies more efficient by introducing better technology? How about training the employees to better appreciate cost savings techniques? We all know from empirical data which Chris can probably provide that businesses in Barbados are tech averse”
    *****
    We’re all people, so I’m not sure who you are really supporting.

    If you have not previously invested in more efficient ways of doing things, say with more technology, then you have to make adjustments, because you are on a road for less success, even if you have just made profits. Follow the logic. Your profitiability cannot be sustained. But, as I said, probe the why not just look at the what.

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  • livinginbarbados

    @Green Monkey
    SDR replace US$ as reserve currency? Nah. Just look at the arithmetic (sorry Mr. Hartley :-)). Most of the world’s trade is settled in US$ and you cannot change that with the stroke of a pen. The SDR is essentially a unit of account and there are no where like enough of them to figure in real financial activity. China knows this and seems more interested in shifting the pole of focus to say to the US and others “take note of us as a major player”. Someone also has to bite the bullet of a reserve currency issued by an entity that has the kind of set up as the IMF.

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  • livinginbarbados

    @All and Green Monkey

    See http://www.economist.com/finance/displaystory.cfm?story_id=13382167, whether or not you like The Economist’s slant, the figures are worth thinking about.

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  • @livinginbarbados

    You have written nothing so far that changes BU’s position. The profitable companies like LIME, FCIB, OCM etc sending home people have the reserves to take a dent in their profits. Did you not read Rumple’s comments above? Why did you not address those comments, BU could take your position and defend the position these companies are taking but someone has to explain the position of the PEOPLE.

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  • Living In Barbados wrote ‘Follow the logic. Your profitiability cannot be sustained. But, as I said, probe the why not just look at the what’.

    Both Sagicor and LIME are essentially monopolies in Barbados, thus, even though they have, especially Sagicor, taken hits on their investment portfolios, their medium and longterm profits are not only sustainable, but assured, unless a complete financial meltdown follows, which would make the ‘cost-saving’ in these firings moot, in any case.

    As for FCIB, this has not has a good run internationally, being very exposed to the subprime mess etc.

    However, in Barbados it has a well-grounded existence and thus I suspect that we in Barbados will be supplementing overseas losses, but the push for increased profits locally.

    This may business at its tightest, but is it fair to our people and economy?

    Further, as per my points above, it may prove less than rational in the long-run.

    The ‘big picture’ here is how these actions will affect the local economy and socio-political environment.

    Much more of this and I would be surprised if there were not substantial medium-term implications of these actions.

    We are fully aware of the economic situation worldwide. The difference in understanding is in how we deal with this in our economy.

    As noted many times before, companies in distress have every reason to act in defense of their sustainability, but companies able to contribute to the economic viability of the country, particularly monopolies, have a quite different role.

    Peace & Live Strong

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  • s/be ”supplementing overseas losses, by the push for increased profits locally”

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  • 1st Caribbean is thinking about layoffs, but not yet, see my link above for an exclusive story

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  • I agree and sympathise with some of the statements above, especially the case put by Rumplestilskin. There is no doubt that, in this economy, continued layoffs will lead to a downward spiral as less money circulates. But there are ways to compensate, such as buying local as much as possible rather than buying imports. This means that whatever money that is spent helps to retain the level of local employment, with the resultant multiplyer effect. However, it must also be borne in mind that manufacturing companies, in particular, may not be in a position to “share” short time. A production line, for example, is almost impossible to sustain on short time. If there is not enough business, the whole production line will have to be laid off for short periods, instead of being put on short time. Basically the company wll have to revert to batch production to replenish inventories and then wait until those inventories need replenishing again. So it’s not always that simple. Notwithstanding that there are, no doubt, those companies that will make sure that shareholders and management are looked after first, it is my experience that most companies in Barbados do whatever they can to maintain employment, and share the burden.

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  • This issue has nothing to do with companies laying off people willy nilly as is being purported by stealth.

    Rather, it speaks to a lack of confidence by the Barbados Private Sector in this DLP administration, with justification.

    I rather think that the local Private Sector has propped-up the government as much as it could.

    Unfortunately, it is now clear for all to see – that the poor judgement and bad decisions of Thompson and the DLP – has made a bad global situation much worse.

    In short, the private sector; like the middle class and Barbadians in general – are under attack by this DLP administration.

    Yes! The administration which promised “change.”

    As a result, the DLP and its apologists are merely looking for a scapegoat – someone to implicate in its triggerede meltdown of the Barbados economy.

    hartley henry did say he knows absolutely nothing about the management of the economy, yet is being paid $155,000.

    The present deputy Prime Minister too -said that management of the economy is not important, while the DLP said that it will ignore the management of the economy and focus on social issues.

    Here are the real reasons why Barbadians are loosing their jobs:

    It is the poor judgment and bad decisions of David Thompson, which has resulted in a dangerous mismanagement of the Barbados economy. Unfortunately, we are now seeing the result of his “governance by delay.”

    It is, however, sad – that a “clueless” DLP government, which does not know what it is doing – is now trying to hide its “intellectual weakness” and political incompetence – by pointing to the global financial crisis and the alleged “mess” it had to clean up, as the explanation for the current drift and meltdown in Barbados.

    But, what are the facts:

    1. Instead of settling down and doing work, DLP Ministers were busy last year touring (trying to find out who are Bees so that it can fire them) attending school sports or engaging in frequent travel overseas, in some instances, with three Ministers and three different delegations, attending the same Conference.

    2. But the drift really started when the DLP, which had stated that it will give maximum priority to a tightly managed debt accumulation strategy targeted at the reduction of in both domestic and foreign components of the national debt, and that it will also give priority to achieving and maintaining a balance budget while allowing for small manageable fiscal deficits – tabled the 2008 Estimate, in which it slashed government’s capital works programme, which immediately sent a negative signal to potential investors; put jobs under threat and triggered the melt-down.

    3. The third act in which David Thompson made a difficult international environment worst – was increasing the price of petroleum products as follows: Diesel by 77 per cent; gasoline by 24 per cent, kerosene by 10 per cent and bottle gas by 30 per cent.

    That resulted in jobs being threatened as well as an increase in the same cost of living, he and the DLP promised to reduce.

    4. Mr. Thompson then introduced an inflationary budget, in which he sought to raise an additional $180 million in new taxes.

    That has nothing to do with the fact that in the Estimates he presented in March 2008, his government projected to earn $108 million more in financial year 2009-2008 than it did the year before.

    A confession that prices had to be rising. So much for the promise to reduce cost of living!

    5. The fifth thing was his was failure to intervene when the land tax valuations came out.

    He therefore continues to price gouge Barbadians on land tax and petroleum products.

    For example, even though the price of a barrel of oil on the world market is significantly cheaper today than when we left office, Barbadians are paying more for diesel at the pump.

    6. The sixth things was his reckless failure over the course of the last six months – to introduce a timely stimulus package to shield Barbadians and protect jobs, when – as a result of the international economic crisis – the credit crunch set in – in September of last year.

    First of all, Thompson took two months to convene a national consultation on the economy.

    But having convened a national consultation and set up a Special Working Group, that Report was available since the end of November, but Thompson still did nothing.

    Blame the DLP not the Private sector.

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  • livinginbarbados

    @David

    I don’t see I have to address every comment someone makes; I can choose what for me are the most important 🙂
    @ Rumple…
    I cannot see how one can view Sagicor as a monopoly in Barbados (what is CLICO, chopped liver?). LIME has a monopoly on fixed lines here, but nothing else; a dominant position elsewhere but significant competition in mobiles. I’ll come back on the matter of FCIB and subprime losses (that does not square with my understanding).

    You raise an interesting point on short- and long-term, and that is not an easy area to maneouvre.

    I am also leery of looking at Barbados in isolation, when we are seeing actions by regional companies. I need to know where the shifting and sharing is going on. Who was carrying who in the past?

    I’ll say again, that we see unemployment/job losses but have no handle on other cost savings, if any. Without that our picture is very incomplete. Not defending the actions, I can’t make judgements easily when I only see a part. Anyone, who can help with that?

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  • livinginbarbados

    @ALL,

    I know that not everyone has time to read my blog along with other things, but I offer my broader thoughts on the jobs issues, from yesterday: http://livinginbarbados.blogspot.com/2009/04/keeping-job-is-hard-work.html.

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  • If companies are so insensitive to the needs of their employees, we the people must also be insensitive to their needs. they need people to buy their goods and services so that they can make profits and provide wealth for their shareholders. if we would start boycotting them, telling them off when they call us trying to pull us into some deal, they would get the message. but we bajans are not going to do that. we continue to buy from certain supermarkets even though their prices are starving us out. save your money, go to miami twice a year, pack a barrel or two and send home to last you for six months, and the supermarkets too will get the message. we make certain businesses feel as if we cant do without them when they dont give about us as people but only our people.

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  • What has been the impact of the DLP savagely increasing the price of Diesel by 77 per cent; gasoline by 24 per cent, kerosene by 10 per cent and bottle gas by 30 per cent?

    And how about thompson having introduced an inflationary budget, in which he imposed an additional $180 million in new taxes on Barbadians?

    These are very important questions. These actions were thompson’s and the DLP’s – not the private sector’s.

    The only private sector action which the DLP is covering up is Clico’s $93 million Statutory Fund deficit, while seeking to force ordinary Barbadians to pay arrears to finance the $745 million deficit.

    What kind of government would wipe-out $19 million for the Turf Club and give CMF $10 million it did not ask for – but impose “murderous taxes on poor people?”

    Only the DLP!!!

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  • sylvan // April 8, 2009 at 10:40 am

    If companies are so insensitive to the needs of their employees, we the people must also be insensitive to their needs. they need people to buy their goods and services so that they can make profits and provide wealth for their shareholders. if we would start boycotting them, telling them off when they call us trying to pull us into some deal, they would get the message
    ………………………………..
    You see that nonsense?

    I certainly have not heard of any supermarkets that have sent home staff.

    The problem is not the private sector.

    It is one where the private sector obviously has a lack of confidence in the economy and in the ability of the DLP to effectively manage the economy.

    With fewer persons working there is likely to be reduced demand for goods and services.

    Whatever is purchased, the DLP will still get VAT taxes.

    Look!!!

    The biggest price gouger is not the private sector, but the DLP, whether it is petroleum products; land tax or the same cost of living you want to kill the private sector for.

    My friend, the higher prices are, the more the government will rake-in in tax revenue.

    And with Barbados Macro Economic Indices down, it is therefore in the DLP’s interest for prices to be high.

    The persons, who will benefit in this environment, both politically and financially, is not the Private sector – but DLP Ministers who are not in danger of loosing their jobs or anything for that matter. Not so with the private sector.

    In fact, you will be on the breadline while DLP Ministers will keep their jobs and blame the global financial crisis for their share incompetence and mismanagement.

    You will swallow the crap – that you should give the DLP a change. A chance to do what?

    Place you in the Psychiatric Hospital or Dodds? Cause you to loose you house and your sanity?

    Hasn’t it occurred to you that you are fighting a battle for the DLP, which gave Clico $10 million plus another US$5 million; wrote off $19 million for the Turf Club – not to mention allowing Simpson to rob you blind on bottle gas and the diesel pump at Weymouth?

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  • From today Trinidad Guardian online:

    “Government may face problems in trying to recover the money being advanced in the bailout of T&T and the Caribbean’s largest conglomerate, CL Financial Limited according to Central Bank Governor, Ewart Williams. Williams said yesterday that CL Financial’s $100 billion assets are otherwise committed.”

    hmm we were told how asset rich Clico is, de money safe B!

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  • @ Anonymous,

    You should have read the Stabroek News, Guyana on Saturday:

    “The meeting was held under the Chairmanship of Dr Ralph Gonsalves, the Prime Minister of St Vincent and the Grenadines and Chairman of the Joint Task Services of OECS and the ECCB.

    Other attendees were Barbadian Prime Minister David Thompson, the Barbadian Finance Minister and other officials from that country’s Finance Ministry, Secretary General of Caricom Edwin Carrington, Governors of the Central Bank of Barbados, Eastern Caribbean Central Bank (ECCB), Guyana and Trinidad and Tobago, officials from the Ministry of Finance of Trinidad and Tobago, Insurance Regulators of the Eastern Caribbean Currency Union (ECCU) and Guyana and representatives of the OECS Secretariat.”

    “The meeting considered mechanisms for cooperation among the member states of Barbados, the ECCU and Trinidad and Tobago and agreed on a strategy that would maintain the viability of British American and CLICO in the ECCU in order to safeguard the interests of Policyholders of these institutions”, the release said.

    According to the release, it was agreed that Barbados, member states of the ECCU and Trinidad & Tobago would contribute towards the establishment of a “Liquidity Support Fund” which would provide additional liquidity to the finance sector in the ECCU.

    The initial contributions toward the Fund in relation to British American would be comprised as follows: (1) The Government of Trinidad and Tobago through the Caricom Petroleum Fund- US $ 50 million, (2)The Government of Barbados-US $ 5 million , (3) ECCU Governments-US $10 million and (4) Regional and International Organisa-tions- US $ 15 million.

    Significantly, the gathering was also informed of the progress made by the Barbados Government in respect of the purchase of CLICO Life (Barbados) by the Barbadian Insurance Corporation. The member of Governments of the ECCU undertook to give full support to this initiative. ”

    ——————————–

    Anonymous, I bet you did not know about that “secret deal and that secret Clico bailout fund.”

    This is the same DLP which promised Freedom of Information, yeh!!!

    Stuppppppssssssssseeeeeeeeee!!!!!!!

    Like

  • livinginbarbados

    @DK
    Come on, man, what is the big secret with something that was plastered all over Google and released as a statement by British-American Insurance?
    **************************
    See

    Fund Intended For Short Term Liquidity

    Basseterre, St. Kitts – Nevis
    April 07, 2009 (CUOPM)

    Caribbean Ministers of Finance, Central Bank Governors and Insurance Regulators have agreed to set up a US$80 million Liquidity Support Fund to meet the short term liquidity needs of British-American Insurance in the Eastern Caribbean Currency Union (ECCU).

    The meeting also agreed to maintain the viability of British-American Insurance and CLICO in the Eastern Caribbean Currency Union (ECCU in order to safeguard the interests of policyholders of these institutions.

    St. Kitts and Nevis Minister of Finance, Dr. the Hon. Timothy Harris who attended the Special Meeting in Antigua said it considered mechanisms for cooperation among Barbados, the member states of the ECCU and Trinidad and Tobago and agreed on a strategy.

    The Government of Trinidad and Tobago through the CARICOM Petroleum Fund would contribute US$50 Million, the Government of Barbados, US$5 million; the ECCU Governments, US$10 Million and Regional and International Organisations, US$15 million.

    The meeting was also informed of the progress made by the Government of Barbados in respect of the purchase of CLICO Life (Barbados) by the Insurance Corporation of Barbados. Member Governments of the ECCU undertook to give full support to this initiative.
    ********************
    Was it reported in the Bajan press? That’s another issue.

    Like

  • livinginbarbados

    @ ALL

    If not seen already, http://www.caribbeannetnews.com/news-15467–4-4–.html. Big secret!

    Like

  • @ livinginbarbados

    Freedom of Information!

    Then turn to the DLP’s Manifesto on good governance and see the talk about not keeping secrets from the people and letting them know what their government is doing on their behalf.

    The, why are Barbadians being kept in the dark about Clico? Secondly, what were the commitments the OECS was given, as regards Clico? OECS Pms said they are trusting Thompson’s words, even though the St. Lucian PM no longer have confidence in thompson’s ability or his words and therefore moved to protect St. Lucians after saying that Clico St. Lucia is “insolvent” (bankrupt) unable to meet its commitments.

    See what I tell you about: “the thompson/Clico’ secret deal/s?”

    I read what the Barbados PM is doing about Clico in the Stabroek News, Guyana.

    You read it somewhere else but not GIS Barbados or even DLPTV aka: The People’s Business.

    See my point!!!

    Like

  • “Then, why are Barbadians being kept in the dark about Clico?”

    That news story was not even published in the Barbados Advocate of all places.

    Now, that has to be something!!!

    Like

  • “Significantly, the gathering was also informed of the progress made by the Barbados Government in respect of the purchase of CLICO Life (Barbados) by the Barbadian Insurance Corporation.”

    Really!!!!

    livinginbarbados could you or hartley henry shed some light on this secret deal for the people of Barbados?

    Or, do we have to read it second hand from Stabroek News, Guyana or caribbean net news.com?

    Talk about Freedom of Information and Conflict of Interest!!!!

    And “somebody” said they want to keep Barbados off the black list!!!

    Give me a break man!!

    Like

  • livinginbarbados

    @DK
    I agree with you on the dearth of local coverage, but that is not new, and as commitments go, is woefully short of the finish line. But, let’s not go calling this weekend’s decisions a ‘secret’. No more.

    Like

  • @ livininbarbados

    What are the commitments the OECS was given by David Thompson, as regards Clico?

    OECS Prime Ministers said they are trusting Prime Minister Thompson’s words, even though the St. Lucian PM has since moved to protect St. Lucians after saying that Clico St. Lucia is “insolvent” (bankrupt) unable to meet its commitments.

    If Clico St. Lucia is bankrupt, is there “a biblical chord” (Leroy Parris words) between Barbados and St. Lucia.

    We know that Clico Barbados is breaking the law ninety-three million times and it is being ably assisted by public officials.

    livinginbarbados, aren’t you afraid that the OECD (Organization for Economic Cooperation and Development) will find out about thompson’s “multi-million dollar Clico secret” and put Barbados on its black list?

    Do you see who and what is the problem?

    Let me give you a hint: the Party of brandname people and big business, which gave Clico $10 million – it did not ask for – and wrote-off $19 million for the Barbados Turf Club.

    Like

  • livinginbarbados

    @DK
    I’m not impressed by how the newspapers determine what is news worthy, but live in hope. They should speak for themselves.

    I don’t have any inside scoop on the deals struck at the weekend. But, like many things that involve bureaucrats, the public may be in the dark for a while. Bimshire is not really special there.

    Closing down on this thread for Easter.

    Like

  • Dark Knight and livinginbarbados what planet are you guys from? That Antigua meeting story was all over the media in and out of Barbados.

    King of lotta long talk Ralph Gonzalves was on VOB and CBC reporting on the outcome of meeting. Its stale news people. No wonder no one takes Dark Knight and livinginbarbados seriously. Loud Stewps.

    Like

  • Anonymous // April 8, 2009 at 5:11 pm

    Dark Knight and livinginbarbados what planet are you guys from? That Antigua meeting story was all over the media in and out of Barbados.

    King of lotta long talk Ralph Gonzalves was on VOB and CBC reporting on the outcome of meeting. Its stale news people. No wonder no one takes Dark Knight and livinginbarbados seriously. Loud Stewps.
    …………………………………
    Is Ralph Gonzalves the Prime Minister of Barbados? And even so, why was he reporting and not Thompson.

    Can the Prime Minister of St. Vincent commit Barbadians taxpayers to US$5 million for a “secret clico bailout fund?”

    You see my point friend?

    Do you see the seriousness of this when viewed in the context of what Thompson told the 63rd general Assembly of the United nation last September?

    Think about this issue carefully!!!

    Behind the back of Parliament, which is on recess, Thompson make yet another sweetheart deal/s for Clico!!

    Read what the DLP said as part of its agenda for change – that it will not keep secrets from the people of Barbados.

    Like

  • @ Anonymous,

    You are fired!!!

    I signing off now.

    Blessed Easter to you and the BU family. Hear you on Monday unless somebody posts something rediculous, like that “Klown” Wishininvain

    Like

  • @DK: “I signing off now. Blessed Easter to you and the BU family.

    Please correct if I’m wrong here DK, but is it not currently Wednesday afternoon here in Bim?

    And, again, please correct me if I’m wrong, but does Easter vacation not start at EOD on the Thursday before Easter?

    So unless I’m wrong on my above two points, one might reasonably expect you to remain on the job for at least another 24 hours…

    Please let me know if I’m wrong on any of my above…

    Like

  • Dark Knight // April 8, 2009 at 5:19 pm
    Is Ralph Gonzalves the Prime Minister of Barbados?
    ………………………………………………….
    No and never will be. But he was chairman of the meeting you and living said was a big secret. He spoke in that capacity.

    Like

  • If any of my employees do not report for work tomorrow they will be fired with cause if they do not have doctors notes.

    Like

  • @livinginbarbados

    For too long Barbadians have allowed themselves to be shafted by merchants. The conversation around fair pricing in Barbados needs to change. Too long the intellectual explanations and analysts have done nothing to advocate and or stimulate forward movement. Some how we have to dismantle the statis quo around how we intend to attack the drivers of cost of living in Barbados. The time for double speak and playing politics has past.

    Like

  • “the current global economic recession” is a opportunistic occasion for Companies to get rid of the deadwood and underperforming staff members in their various departments.

    A whole lot of Barbadian ‘workers’ have not been able to step up and realize it’s not business as usual, these days.

    And I know this is not going to go over well with readers here, but in many many cases us Bajans have a terrible ATTITUDE that does not enhance the work ethic.

    So ~ under the guise of “the current global economic recession” ~ they are being discarded.

    Like

  • @Flower Power:

    While some employees have attitude and productivity issues, there are those Bajans who will question if ALL restructuring is based on PERSONAL not PROFESSIONAL standards (i.e. those who do not kiss A**) and there are a good few places who could fall under the microscope…

    Look how many Bajans laugh when they hear Brass Tacks’ promo for accountability and transparency yet when on the hotseat for the whereabouts of Scharon Millington there is more sidestepping than Fred Astaire’s cheek2cheek or Michael Jackson’s moonwalk

    Like

  • The International Rating Agencies use the debt to GDP ratio as a measure in order to make a judgment about the performance of Barbados economy.

    Our debt to GDP profile is therefore important because it not only allows the international agencies like S&P to assess our risk but it will also affect the cost at which Barbados will borrow.

    Over a year ago when Thompson increased the price of diesel by 77%, Mia Mottley held a press conference and pointed to the share folly and dire consequences. Do not take my word for it.

    Go to the BLP website http://blp.org.bb/blptv/news and watch what the Leader of the Opposition said a year ago on April 15, 2008.

    Mind you, the USA has increased it national debt but as a strategy to get its economy back on track.

    The simple point I am trying to make is that Barbados current rating has to do with the fact that Barbados’ Macro Economic Indicators are declining at a time when – in a mere 14 months – the DLP increased the national debt by $1.4 billion, with nothing to show except Thompson’s new Mercedes and the bailout for his friend Leroy Parris and Clico.

    Only recently in the Estimates Debate, David Thompson tried to give the impression that there was a divide between Mia Mottley and Owen Arthur when Mia said that the Reserves declined by $472 million while Arthur said that the reserved dropped by over $800 million in ten months.

    Thompson said there was no decline but that they grew at a slower rate.

    Here is how Standard and Poor feel about the issue and who is right: “S&P issued a sobering warning about a possible downgrade if the country’s foreign reserves dropped more “than projected.”

    Now!!!

    Let us wait for Thompson’s Budget and see how he plans to finance his $745 million deficit.

    What will Thompson do: sell our land to foreigners or sell the shares in BNB and ICB to foreigners?

    THIS SEEMS LIKE AND APPROPRIATE PLACE TO PUT THIS: “THOMPSON, YOU ARE FIRED”

    Like

  • Dark night
    THIS SEEMS LIKE AN APPROPRIATE PLACE TO PUT THIS;

    ‘DARK NIGHT, YA YARD FOWL’. CLUCK CLUCK.

    Like

  • @ FLOWER POWER
    Your views may be compared to something many people use in their flower beds – Manure! It is idiotic to assume that many companies only lay off the dead weight staff when restructuring. As someone who has been in a position to take a close look at many of the persons affected by these recent lay off, some of them were the best in the business! Some of the people that were the most highly compensated and most respected! Why hire you when I can hire someone at 1/2 the price? The resulting quality of work may be considerably less but who cares? Certainly the average bajan customer will never leave anyway! Bajans continue to buy the Nation and listen to starcom in their numbers, they will continue to lap up LIME’s sub par services like hungry Dogs, they will keep their bank accounts at that horrid bank open and they will keep their useless life insurance policies at Sagihoar in tact!

    While IGRUNT people like you continue to promote the IGRUNT views of someone who clearly does not understand the value of HUMAN CAPITAL!

    @ Dark Knight – sometimes you make some valid points but I bet no one reads them cause you seem to be too busy running around the fowl pen like a chicken without a head.

    Like

  • The Private Sector took its cue from the Government which started firing long before 2009. How many have they fired since assuming office? The only difference is financial profit versus that of a political nature.

    Like

  • Dark Knight whoever you are, I think you are a sick and pathetic creature. You are living in the dark and you like you would like to pull others in the dark with you. What happen to you, man? You lost your job when the BLP lost theirs? Then find another or you are writing all this nonsense on this blog because you cant find another job on your own because you cant survive without BLP handouts. come out of your darkness and see the light

    Like

  • Wishing In Vain

    Sylvan,

    What you need to realise is that the Parro In A Suit Greenidge is not educated enough to write half of this crap but instead it is written for him to which he attaches his name, or any of the number of names that it uses.

    Both Greenidge and Bovell have used the taxpayers of Barbados to collect political goodwill and handouts, cast your mind back to their involvement at the NAB where Bovell would bring young women to his office in the early hours of the morning to have his way with them mean while with the promise that if they pitched up they would receive work a bit like Glyne Clarke’s WUK FOR WUK .

    More recently it appears that his former boss maybe supplying him with his utter rubbish to submit, this conclusion can very easily be drawn from the fact when it wrote on another heading it listed Wood, Owing and Mascots as those that should speak for the BLP on matters financial with not the slightest mention of the standby leader Mottley, which strongly suggested that either Owing or Dale may have penned the submission.

    Both The Parro and Henderson Bovell are empty, sad excuses that are both unable to do a day’s work for a day’s pay and find themselves clutching onto the coattails of the disgraced BLP for a livelihood, may I inform them the likes of Greenidge and Bovell that the time for consultancies are over and they need to return to the real world and work like anyone of us for a fair days work for a fair days pay.

    Like

  • God people! Is Good Friday.
    Wunna can’t be religous at least?
    Jesus died today.

    Like

  • livinginbarbados

    @Anonymous (I guess you know which one you are).

    For the record, I made it clear that there was no ‘secret’, when I wrote:

    “@ ALL

    If not seen already, http://www.caribbeannetnews.com/news-15467–4-4–.html. Big secret!”

    Please read the threads carefully, it can save a lot of comment.

    Blessed Easter.

    Like

  • livinginbarbados

    @David
    “For too long Barbadians have allowed themselves to be shafted by merchants. The conversation around fair pricing in Barbados needs to change.”

    As you should know from my writing, this issue of ‘fair pricing’ and cost of living is one I have pounded several times.

    To my knowledge, over the past two years no retailing or distribution group has given an account of their pricing structures to explain clearly why Bajan prices appear to be so out of line. The comments/criticisms have come from other quarters, yet those with the facts remain quiet. That leads me to one conclusion: that the price levels are not justified.

    For my part, I have been boycotting most local outlets for the past 18 months. I have little choice for petrol (but drive little) and telecommunications (where I pare costs to the minimum).

    Like

  • As I watch those Samali thugs put their paws on those cargo ships, Wishin In Vain, aka hartley henry immediately came to mind.

    I then switched to 204 (BBC world) and there was the PM of England firing a special advisor who did the same thing that henry is being paid $155,000 to do in Barbados.

    That proves me correct when I said that each time that hartley henry aka wishing in vain writes – he serves as a reminder that the DLP is not serious about doing anything about corruption and racketeering.

    Even Antigua now has higher standards
    than Barbados. How could this country have slipped that far in such a short space of time?

    Like

  • Dark Knight,
    I know you are a BLP loyalist but please do yourself one favour. BE RATIONAL with your thoughts.

    Like

  • Last year before his Budget, Thompson said that he will be consulting the small man, vendors, taxi men; ZR operator.

    That has suddenly changed.

    The small man is no longer important to the DLP or Thompson.

    This year he is looking out for big business.

    Having found himself in an “intellectual jam” he does not feel that the small man can tell him anything meaningful hence he turns to brandname people.

    According to Thompson and the DLP the shelf-life of Vendors, fishermen, taxi operators and ZR people have expired.

    But, having heard Standard and Poors recent report, shouldn’t Thompson be fired.

    Like

  • I hate to burst you bubble of lies The Parro In A Suit but unlike you I know what and who I am, I am certainly not Mr Hartley Henry, I am a Barbadian who took offence to you and yours robbing taxpayers.

    Like

  • Wishing In Vain // April 16, 2009 at 11:43 am

    I hate to burst you bubble of lies The Parro In A Suit but unlike you I know what and who I am, I am certainly not Mr Hartley Henry, I am a Barbadian who took offence to you and yours robbing taxpayers
    …………………………………….
    You must have been watching Channel 204 BBC World. But, just as I predicted.

    Only two days ago I told a gathering to expect this damage control attempt by you.

    At least the Prime Minister of England fired his special advisor for doing precisely what thompson is paying you $155,000 to.

    Like

  • hartley “the klown” henry aka Wishing In Vain, says:

    “I am a Barbadian who took offence to you and yours robbing taxpayers.
    …………………………….
    Well, david thompson introduced an inflationary budget and robbed taxpayers of $180 million in new taxes.

    The DLP also attacked the piggy-bank of children by putting a $25 tax on their bicycles.

    Not satisfied, thompson refuses to reduce the cost of living in order to rob Barbadians of more VAT taxes.

    he refuses to reduce the land tax bands or adjust the rates and is price gouging Barbadians. More robbing.

    the DLP is also robbing taxpayers by price gouging Barbadians on petroleum products get you say nothing.

    You see why you are a ‘klown” who cannot justify that $155,000 which pensioners cannot get their cheques from this uncaring DLP government?

    How can you get $155,000 when little old ladies cannot get their pension cheques?

    Imagine!!!

    David Thompson flying all over the world on private gets. He is now taking his wife to a Summit in Trinidad, yet Mrs. Obama is not going.

    Talk about spending taxpayers money!!!

    Like

  • @livinginbarbados

    It is good to see a CEO  of a large corporation agrees with some BU family members given the depressed economic conditions. You had a contrary view.

    Here is a snippet:

    RBC CEO: Find alternatives to retrenchment, redundancy

    Published: April 16, 2009

    With job cuts already a reality and more layoffs looming in both the local private and public sectors due to the domestic impact of the global economic crisis, chief executive officer of the Royal Bank of Canada (RBC), Suresh Sookoo, yesterday advised employers to consider alternatives to retrenchment and redundancy. Sookoo said employers must balance their legal obligations to shareholders against their corporate social role in terms of what has to be done to develop the society. Sookoo made the comments during his contribution to the 11 Hemispheric Private Sector Forum aboard the Caribbean Princess cruise ship, docked at the port of Port-of-Spain. – full article

    Like

  • This is the main reason why Barbadians are now loosing their jobs: Thompson’s Poor Judgement and Bad Decisions.

    BU Family, it is the poor judgment and bad decisions of David Thompson, which has resulted in a dangerous mismanagement of the Barbados economy.

    Unfortunately, we are now seeing the result of his “governance by delay.”

    It is, however, sad – that a “clueless” DLP government, which does not know what it is doing – is now trying to hide its “intellectual weakness” and political incompetence – by pointing to the global financial crisis and the alleged “mess” it had to clean up, as the explanation for the current drift and meltdown in Barbados.

    But, what are the facts:

    1. Instead of settling down and doing work, DLP Ministers were busy last year touring (trying to find out who are Bees so that it can fire them) attending school sports or engaging in frequent travel overseas, in some instances, with three Ministers and three different delegations, attending the same Conference.

    2. But the drift really started when the DLP, which had stated that it will give maximum priority to a tightly managed debt accumulation strategy targeted at the reduction of in both domestic and foreign components of the national debt, and that it will also give priority to achieving and maintaining a balance budget while allowing for small manageable fiscal deficits – tabled the 2008 Estimate, in which it slashed government’s capital works programme, which immediately sent a negative signal to potential investors; put jobs under threat and triggered the melt-down.

    3. The third act in which David Thompson made a difficult international environment worst – was increasing the price of petroleum products as follows:

    Diesel by 77 per cent; gasoline by 24 per cent, kerosene by 10 per cent and bottle gas by 30 per cent. That resulted in jobs being threatened as well as an increase in the same cost of living, he and the DLP promised to reduce.

    4. Mr. Thompson then introduced an inflationary budget, in which he sought to raise an additional $180 million in new taxes.

    That has nothing to do with the fact that in the Estimates he presented in March 2008, his government projected to earn $108 million more in financial year 2009-2008 than it did the year before.

    A confession that prices had to be rising. So much for the promise to reduce cost of living!

    5. The fifth thing was his was failure to intervene when the land tax valuations came out.

    He therefore continues to price gouge Barbadians on land tax and petroleum products.

    For example, even though the price of a barrel of oil on the world market is significantly cheaper today than when we left office, Barbadians are paying more for diesel at the pump.

    6. The sixth things was his reckless failure over the course of the last six months – to introduce a timely stimulus package to shield Barbadians and protect jobs, when – as a result of the international economic crisis – the credit crunch set in – in September of last year.

    First of all, Thompson took two months to convene a national consultation on the economy.

    But having convened a national consultation and set up a Special Working Group, that Report was available since the end of November, but Thompson did nothing.

    DK’s Comment:

    Nobody is blaming David Thompson the increase in the price of oil on the World Market!

    Nobody is blaming him for the fact that for the first few months last year – coming out of the last six month of 2007 – there was an increase in food commodity prices on the World Market!

    But what he is being blamed for – is his failure to act to protect ordinary Barbadians – in circumstances, where he had fiscal room.

    And if you doubt that he had options or that he could have incurred debt for a good public purpose – David Estwick went to Parliament, and got approval to borrow US$150 million from Trinidad.

    It is clear that the BLP is on the side of the masses while the DLP is on the side on the money or big business!!!

    It was the DLP that wrote-off $19 for the Turf Club in return for campaign contributions.

    The David Thompson administration also gave Clico $10 million, as payback for the $15 million in campaign contribution the DLP received from Clico.

    I hope you people realise that part of the reason why Clico is insolvent, is because it purchased a number of government in the Caribbean.

    Where ever Clico purchased a government, hartley henry advises the prime minister there as part of the deal.

    The DLP now wants to finance government’s $745 million deficit by asking poor people to pay arrears to government.

    Like

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  • Governor of the Central Bank of Barbados Dr. Marion Williams insisted yesterday that the island’s financial system and overall economy were not in crisis even after credit rating agency Standard & Poors (S&P) changed its economic outlook from stable to negative.

    Yes Silly!!!

    The Barbados Labour Party left a perfect batting wicket for the DLP, having started phase one of a complete restructuring of the Barbados economy, yet ensured that Barbados had the most developed economy among developing countries on planet earth.

    Marion Williams: “The word crisis is probably not appropriate to the Barbados financial landscape at this time.

    It is absolutely true that Barbados cannot be expected to be insulated from the global financial crisis and economic recession, but…even taking into account the global financial scenario and the global recession, even after taking the impact of the collapse of an insurance entity into account, I still would not consider that the financial system is in crisis,” the governor said.

    Silly!!!

    I think the concern among other and more intelligent Barbadians is – the length of time the DLP is taking to make important decisions compounded by the fact that because Thompson does not know what he is doing (especially given his bad judgment and poor decisions) he is making a bad economic situation worst for Barbados.

    Marion Williams: Williams also told an audience of credit union representatives and economic experts that she was not worried about S&P’s change of outlook on Barbados, saying the island’s economy had grown over a recent three year period when a similar rating had been made by the Wall Street firm.

    Yes silly, but Thompson is no Owen Arthur, Clyde Mascoll, Mia Mottley, Michael Howard, Frank Alleyne, Avinash Persuad; Anthony Wood or Tyrone Barker.

    Is this the same Marion Williams who – along with David Thompson – travelled ll the way to New York and promised the same Standard and Poors that Barbados would reduce spending and cut it capital works programme in order to balance the budget and run a small deficit at the same time.

    Marion Williams: “First let me say that the Barbados economy had this precise rating, that is BBB+ with a negative outlook during the period July 29, 2005 to July 25, 2008, that is for about three years. During this period, despite the negative outlook on our rating, the Barbados economy grew by an average of 3.5 per cent per annum over the three-year period. That is good history to note”

    Yes Silly!!!

    But Barbados had Mia Mottley; Owen Arthur; the Economic Team of the BLP and intellectually strong people running the country then.

    Marion Williams: “Secondly, let me point out that this rating still puts us squarely in investment grade status and is still among the higher ratings in the Caribbean.

    I believe the only other two (countries with higher ratings) are Trinidad and Tobago and the Bahamas.

    Silly!!!

    Trinidad rating has been down graded because of the mess CL Financial made which they are now trying to clean-up.

    Remember also that Barbados’ economy was the leading among developing countries. We never bench marked ourselves against Haiti and Guyana – did we?

    Marion Williams: Williams said the good news was that “the Barbados financial system has buffers that do not exist, or exist to a lesser extent, in many other financial systems”.

    Yes silly!!!

    But no thanks to Thompson or the DLP. In fact – by trying to prop-up Clico, Thompson, you and the DLP are putting Barbados at risk. And, all of this, just to get you contract renewed?

    Marion Williams: “Despite a projected foreign exchange loss of $106 million in 2008, the level of foreign exchange reserves in terms of weeks of imports will still be the second highest in the last five years, the highest in the last five years.

    Yes, the reserves increased and built-up under the BLP but are being depleted under the DLP. In fact they fell by $800 million in 10 months under Thompson.

    Secondly, you have to also consider this country’s macro economic indicators, especially unemployment, the cost of living and foreign direct investment.

    You may feel that $180 million is no big thing having given Clico $10 million while Thompson is not loosing any sleep about the $93 million statutory fund deficit he (David Thompson) the Central Bank and the Supervisor of Insurance is encouraging Leroy Parris not to pay.

    But there are three entities Barbadians must feel they can trust: the Law Courts, The Police and the Central Bank. When the Central Bank appears to be engaging is scams, then this country has a crisis.

    The brightest and most intelligent people in Barbados and in the world – want to know how would you – as Central Bank Governor – know that Clico Life is well run and that people’ money is safe, especially given that Insurance companies are not regulated by the Central Bank?

    You mean to tell me: all of that just to get your contract renewed?

    If things are not gloomy, then why tell credit unions to merge?

    Like

  • The Governor of the CBB hinted that her contract ends in October this year. She said this in one of the early briefs about CLICO . I did not get the impression that she was keen about having her contract extended. I did not understand why she announced her retirement date. I pondered long and hard. Never got the impression that the lady was a yes woman or parrot. Is the Govenor of the Central Bank of Barbados a creature of the Minister of Finance?

    Tell me why ?

    Like

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