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Barbados And OECS Corporate Performance And Outlook Report

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The following study was recently completed by the UWI, Cave Hill

Introduction and Background

We are pleased to introduce the “Barbados and OECS Corporate Performance and Outlook Report” published by the Department of Management Studies at UWI, Cave Hill. The survey aims to provide policymakers and the public in general, with timely and readily accessible information on the, Financial Performance, Financial Outlook, Investment Outlook, Employment Outlook, Local Economic Outlook and Global Economic Outlook, as it relates to companies in Barbados and the OECS. The aim is to provide more of a ground level perspective on financial and economic matters as compared to the more macro-economic type data that is typically available.

The results of this edition of the survey are based on responses from 758 companies in Barbados, Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia and St. Vincent and the Grenadines (Table 1 provides a breakdown of the responses by country). The data was collected in September, 2009, thus companies would be reflecting on their performance from March to August of 2009, and their six month outlook would be from September to February 2010, while the twelve month outlook be from September 2009 to August 2010. The report will be published on a quarterly basis, data will next be collected in January of 2010 and a report published in February 2010. The report is funded by the Department of Management Studies at UWI Cave Hill and we encourage a broad cross section of organizations to participate in our survey as we seek to provide this public service.

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16 responses to “Barbados And OECS Corporate Performance And Outlook Report”

  1. David Avatar
    David

    Section 2 of the document which spells out if companies surveyed have any significant plans for capital investment is disturbing. While we accept that we are in a recession there is the held view that a progressive market will use a recession to position for the upturn. Based on the UWI research it appears to be a case of the old model remaining entrenched.

  2. BAFBFP Avatar
    BAFBFP

    First up, why are you catagorising Education with culture? For God sake can’t you people understand that there is such a thing as a cultural industry that goes well beyond partying activity?

    Secondly when dealing with the UWI it is important to start catagorising what ever it is that they produce as:-

    1. Need to have
    2. Nice to have…!

    This report is “nice to have”. Ask me what I think is a “need to have” report from the UWI caw’ blin’ yah, and I will be only too glad to let you know..!

  3. BAFBFP Avatar
    BAFBFP

    Alright here are a couple “Need To Have” reports that the UWI should focus on.

    1. The year by year Foreign Exchange “NETTED” (In minus Out) by hotels in Barbados over the past say ten years

    2. The year by year Foreign Exchange “NETTED” by Barbados Shipping and Trading (Neal and Massey), R L Seal and so on, over the last ten years.

    3. Some report that indicates the size (relative and absolute) of the contributions of big business to the election campaigns of political parties in the region.

    4. The amount of money spent by Caribbean Governments year by year on:
    a. Legal Fees
    b. Foreign Travel
    c. Rent from private land lords

    more to come…!

  4. Pat Avatar
    Pat

    @ BAFBFP

    You are not asking for much are you? I hope you dont believe in Santa Claus.

    There should be a deparment in government tasked with doing that. Most ‘developed’ countries can tell you that infomation. In Canada, quarterly surveys are carried out by StatsCan and Revenue Canada has a large economics section that perform some analysis from corporate returns.

    Barbados Income Tax auditors were trained here in Canada at Revenue Canada. They have no excuse. The Audit Department in Bim sends up 3-4 auditors every two years or so for a year’s stint with Canada’s Auditor General as well.

    If the UWI produce such reports, they will have to be hired as consultants and paid to do same.

    I hired a manufacturing business prof. to do some research for me and the Technology Transfer Officer from a univesity to do a small survey. I paid for both. I worked in science, technology and innovation but whenever I was lacking knowledge, I paid people who knew more than me to get me the data I needed. To do less than that would have been incompetence. Of course I had money in the project budget to pay.

  5. BAFBFP Avatar
    BAFBFP

    Pat

    Glad you weighed in on the above. You must however bear in mind that the UWI professional staff are already bought by and paid for by tax payers in the region…! Apparently today big business is also chipping in…These two facts alone may serve to temper the zeal of the designers of the public reports in exposing certain truths about the way things are done in this part of the world..! Gad it stinks…or is it Santa that I am smelling…! Lol

  6. BAFBFP Avatar
    BAFBFP

    Pat
    Please tell me what is a Technology Transfer Officer ..?

  7. David Avatar
    David

    @Pat and BAFBFP

    Understand your concerns but for how long have we been asking the academics on the hill to get involved? The analysis which we are beginning o get from Dr. Robinson’s Division especially is a good start especially in these times. Let us hope we see Dr. Moseley and others getting the idea about what is required, in fact would like to see him finish the work Professor Headley started on solar.

  8. Pat Avatar
    Pat

    BAFBFP // December 13, 2009 at 4:08 PM

    Pat
    Please tell me what is a Technology Transfer Officer ..?
    *******************************

    Most north American universities, in fact most respected universities, carry out extensive basic research. The university technology transfer officer is the person responsible for getting the innovations from the lab to the bench and on to the market place.

    Usually, the professors and grad students do not have the capability to form start ups, so the technology is sold (transfered) or a collaborative venture is established.

    I get the impression the UWI is basically a teaching university. Harvard, MIT, Queens in Belfast, Salsford in England and one in Sweden (forgot the name) are leaders in industry/university collaboration and research. The Fraunhofers in Germany also do lots of stuff. This is where lots of universities get some of their funding and students get experience working in industry. When I hire profs I always stipulate that students get experience working on my projects or that they have access to any data base created to do further research. Afterall, it is taxpayers money. Univeristies here are publicly funded like in the Caribbean.

  9. BAFBFP Avatar
    BAFBFP

    Pat

    We have UTT (Uni of Trinidad and Tobago) which is aiming to be the Caribbean’s hub for such activity. UWI (Cave Hill) is archaic and rudderless. It claims to focus on general broad base education, humanities and so on, packing the civil service, finance houses and trading operations (all of whom chip in with the funding) with back office type bureaucrats who basically either advise or administrate. We have a problem don’t we..?

  10. Pat Avatar
    Pat

    @BAFBFP

    You have a whale of a problem. Unless you you have the infrastructure – research labs, transportation, recreation & culture, housing and good schools, you will not attract large industrial complexes.

    If Trinidad goes ahead and becomes the leader in technological innovation in the region the economy will become first world. Added to their oil and asphalt a few large manufacturing plants will leap frog it. In fact, an assembly plant or two, say for motor vehicles is what is needed in the Caribbean basin. The country to get one or two of these will reap tremendous benefits. Our PMs have all been thinking inside the box. Not one innovative bone in their collective bodies.

    A joint venture with the Koreans or one of those nearly bankrupt norht American car manufacturers will do the job nicely.

    But then, what do I know?

  11. BAFBFP Avatar
    BAFBFP

    Barbados’ biggest issue is that we do not have the appropriately skilled staff in the various agencies around the world that are adept at spotting opportunities and effectively selling Barbadian industrial effort.

    The Trade Minister is of the opinion that MBA’s are enough to fill the void. Was it not guys like these who created derivatives and CDO’s and swaps that got this world into the mess that it is in today?

    Sure we could produce cars or like Japan did, start off with motorcycles, but the truth of the matter is that if a country does not have the wherewithal to sell its produce, all that it would be doing is stocking a warehouse somewhere.

    We have an excellent music making machinery here in Bim (Rihanna was never part of said machinery), and the selling of these artistes overseas is as underdeveloped as is possible. The bureaucrats that I referred to earlier are seriously ill-equipped to facilitate the overseas marketing/selling of this or any cultural industry. And now the administration is looking at developing a film industry, supposedly to compete with the G20 countries, Nigeria and a whole lot of other countries that have a serious head start.

    Technology based tertiary education and recognition for the need attach serious value to people born with the entrepreneurial gene who have got what it takes to sell ice to an Inuit.

    The University will always claim that technology based education is too expensive for the campus but should the determination of expense not be based on the returns (in USD) on investment?

    One in every household… give me a break..!

  12. Pat Avatar
    Pat

    @ BAFBFP

    Now you started off well. So dont go down the navel gazing road like the politicians and diplomats who think the island has to depend on tourism.

    We have an extremely large market, right at our front door for any manufacutred goods, be they vehicles, boats, pots, pans, car tires, etc. Our neighbours in Central and South America would be our markets. The products would be much cheaper than what they are getting from further afield, because of cheaper transportation. We are right next door.

    When it comes to those trade officers in the embassies all they are interested in is telling every tom, dick and harry how easy it is to invest in Barbados. They do no checks and balances, neither do they care if the money is from prostitution, drugs or ponzi scams.

    I think our universities in the Caribbean are stuck in the 30’s before advances in technology and advanced manufacturing.

  13. BAFBFP Avatar
    BAFBFP

    Pat

    The Universities are stuck for sure… no doubt about that! But consider for a moment all those overseas students who return armed with state of the art skills and are unable to find employment in areas that will effectively exploit them (Bio-tech, aquaculture, animation, computer engineering, aeronautics etc). How can a university train for a market that does not exist in the particular domicile? See how I am shifting this little discussion?

    Everything that we produce, we do because we have a market or can develop a market for it. Interamericana Trading Company (ITC) is an agent for Japanese car manufacturers in the Latin American region. It is owned and is staffed by Bajans. White Bajans are already selling cars to Latin America, they are just not made in Barbados, and I will state with confidence that if the cars were in fact made in Barbados, Simpson and company would not be caught dead selling them anywhere..!

  14. David Avatar
    David

    @BAFBFP and Pat

    Should the UWI be the one leading the kind of change you are discussing? It is important the UWI generate analysis which is distinct from the kind of curriculum you want to see there. That change can only come if there is a demand in the wider economy which is outside the scope of the university. Agree with you in some ways but we have to agree how to get there.

  15. BAFBFP Avatar
    BAFBFP

    David

    A macro economist or historian or linguistics major hardly serves in the public sector in a way that maximises the use of his skills. He will sit around, attend seminars and other functions, sign files as having seen them, and basically do the time in the hope of making Permanent Secretary some day.

    Now what if a similar attitude was adopted for science/technology/artisan based graduates..? They would no more impact on Barbados’ development if they were brought into the service with the same identical reward criteria for service. Then they would not be pressured to go overseas to make a living.

    If I had my way I would simply reserve the majority of senior civil service positions for high skilled technologist/artisans so that they could be gainfully employed until such time as the local market could call on them to operate with their core capacities.

    Let the humanities grads be the ones to feel pressure to emigrate.

  16. Pat Avatar
    Pat

    David

    The government has to encourage basic scientific research. This can be done by establishing research chairs at the UWI in different disciplines. If anything materialize, then the government and prof. can decide whether to exploit the technology or patent and sell.

    We dont expect to start out big, neither can one start at the top. But rest assured that if we turned out two or three technologies and developed and marketed them ourselves, it would not only give encouragement to others, but solid $ returns.

    I am sure people have the skills and brain power they just need some “blue sky money”.

    It costs big $. It is estimated that it takes about ten research projects to make a break through. With each project estimated to cost about $1 million, you are looking at expending ten millions before getting an innovation.

    Firms and private individuals (mad scientists) working in their garages cant do it alone.

    An innovation does not have to be a new product, it can be a new way of doing things or modifying an existing product or using it in a different and innovative way to which it was designed. Thus building on the existing patent. It all brings in the moulah, but the science and supporting technologists and technicians have to be there and in place.

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