Nation Newspaper Jettisons Nine Employees

Fred Gollop, Chairman OCM

The Nation newspaper announced today that it has released 9 employees, 6 who were permanent and 3 part timers. Wonder if Harold Hoyte is resting comfortably at night. He and a few others sold a profitable local newspaper for a bag of silver to provide comfort in their golden years and the rest as they say is history.

Why should Barbadians support this newspaper when it continues to send home Barbadians?

A scan of the parent company’s most recent financials confirms that a conservative decision was taken to chargeoff US38 million in goodwill.  It seems there is recognition by the Board of Directors that web-based media has been impacting negatively on traditional paper-based media delivery. Despite the one-off hit to their profit and loss, One Caribbean Media (OCM)has taken the decision to send home people to defend its balance sheet position. OCM suffered a decline in profit before tax  of 9%  2010 over 2009.

Chairman Fred Gollop, a Barbadian, would probably explain that shareholder investment must be protected. The sad fact is that the Nation is a newspaper wihich has enjoyed a family culture probably means nothing to the new owners. To compound matters it has as its Publisher Vivian-Anne Gittens, an accountant by training. It now appears to be all about bean counting.

How can OCM justify sending home people in a recessionary climate without first being creative in managing compensation?  How is it most companies in Barbados have been holding strain and a large company like OCM takes the easy decision by sending home people? The answer is simple, the strings are being tugged from Port of Spain.

The more puzzling matter is what business model does the Nation have where it currently boasts of owning the bulk of the marketshare but cannot successfully translate this to a winning position? We have a lawyer as Chairman, an engineer and accountant as publisher and for what?

16 thoughts on “Nation Newspaper Jettisons Nine Employees

  1. Harold Hoyte is resting comfortably at night, all right…he’s sleeping on a bed made of money… 😉

  2. David
    The best thing that can happen at CBC is the saching of Leroy Parris as Chairman. However, I’m very quick to pick up things and yesterday when Cupid came on his announcement and his tone of voice was not the familiar voice I hear and when he said that his Wednesday programme, “things we do for love” was abruptly removed and may not return, I sensed something was wrong, since this was becoming the most popular evening programme. If CBC is to start cleaning up their act, they MUST start with Parris.

  3. The DLP continues to talk about no retrenchment in the Civil Service, but I guess no-one is realising that there is beginning to be increased layoffs coming from the private sector and this trend is going to escalate, yet our P.M is just letting things drift. Does anyone realise that this is six months since Mr Stuart took office and still no word from our P.M as to his policy for Barbados?

  4. @ Scout ………………Not only are you very fast at picking up things ,you also seem to have an opinion on everything. Please tell us what Cupid and his programme have to do with CBC? Is there any topic from which you will shy away?

  5. Vic ,Fire-nandes will soon strike again and more will be axed at Star Com. Constant call- in -shows and their repeats a few hours after, do not need much of a staff or experienced journalists, just a telephone ,David Ellis, and Dennis KIA Johnson , (Know- It- All).

  6. Scout you said….
    “….still no word from our P.M as to his policy for Barbados?”

    TmW is emphatically stating that our PM is loitering in office. To loiter is to linger aimlessly or as if aimless in or about a place.

    The PM refuse to speak about the Clico issue, he refuse to speak on the Immigration issue although he is the substantial Minister of Immigration. He refuse to speak about the chairmanship of CBC although he is responsible for Communications. Is he on a gag order?

  7. ouch 🙁 knew that was coming this month. They hadn’t adjusted for increase oil prices since libya unrest and japan tsunami.

  8. When Leroy Parris leaves CBC, Reudon Eversley should go too. Worse things that ever happen to CBC.

  9. i usually wrap my fish entrails with that blp rag paper called the nation
    You are so dumb… you spend money to buy a paper just to wrap up fish. Why not place it in a plastic bag.

  10. You must be an American citizen to own a US newspaper. It is a policy we should adopt in Barbados – until Caricom pulls its finger out. .

  11. @ Hall
    Boss….Wuh if ANY international low life can come here and buy prime property – with LOCAL bank loans; become chairman/ president/ lobbyist/ spokesman of any NATIONAL business group…..
    …how can you arrive at that restriction for newspaper ownership…?

    Your problem is that you still fail to grasp EXACTLY how stupid Bajans really are….. People like you, GP, Hants, Sargeant et al have been away so long that the cool-aid has worn off….

    Try to understand the concept of brass bowls Hal…..when you GET that, you will be able to properly address your otherwise brilliant writings to Bushie’s current compatriots…..

    You will understand that our problem is NOT a lack of RESOURCES or TALENT or enabling environment or market or opportunity.
    It IS that we are constantly being assaulted by weapons of mass stupidity at all levels of the society…..
    …we ARE brass bowls…..

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