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Foreign reserves fell 100 million despite less spending.
Didn’t Kellman claimed a 25%increase in manufacturing? Correct if I am wrong.
maybe we still waiting on the fishing agreement over a bowl of soup. He is most know for shoutinging and not having anything uo back it up with.
@ Enuff | October 30, 2012 at 9:49 PM |
“Didn’t Kellman claimed a 25%increase in manufacturing? Correct if I am wrong.”
Yes, Kellman recently claimed that manufacturing exports increased by over 20% in 6 months.
So who is bullshitting and who is lying here? The Governor or Kellman?
Maybe ac the ace liar can tell us.
I like how the Guvnor aint giving no specifics in that speech though: ‘marginal’, ‘slight’, ‘small’ but not a number amount….lmao
Reblogged this on Caribbean Vibe Music Station Blog .
What a difference 6 months can make!
‘slow recovery’
‘ 1 per cent growth’
‘Four Seasons and Merricks Resort’
received by email.
@ Miller
@ Enuff | October 30, 2012 at 9:49 PM |
“Didn’t Kellman claimed a 25%increase in manufacturing? Correct if I am wrong.”
———-
YES YES YES,.we have it on BU. But that is not the best revelation unemployment now 12.8% ? Did Govt Stat.Dept not say more like 14% some months ago?Do correct me if I am wrong. Most interesting don’t you think with a ‘bell with tong in bout to swing’…
@david re foreign reserves
That’s the debate we’ve been having for a while. The current strategy (and its inherent hardships) are supposed to contain forex…yet, every report shows that we are still leaking. The hold and wait pattern can’t work forever. Eventually we’ll run out of gas and depending on 4 seasons et. al technically isn’t a “strategy.”. With tourism misfiring, manufacturing down some sort of urgent, radical and out the box economic thought capitalising the few strengths and advantages we have is needed. Current boldness can lead to future growth, even if there’s an intermittent dip.
Observing(…) nice political lingo but in laymans terms what does your comment mean
@Observing
Sadly we are not hearing any forex generating initiatives coming from the government in waiting either. It seems we continue to look to tourism which is not as robust as years gone. The world has changed since 2008 whether we want to admit it or not. A new kind of thinking is required. The challenge for the government is if they allow domestic spend to get out of hand we expose the parity we have defended so fiercely all these years. A new thinking must emerge. So far the corn beef discussions from the political parties expose the reality that we are bereft of ideas as a nation.
The governor said there was lower than estimated output from manufacturing and agriculture. does that trash Mr. Kellman’s claim of 25% increase in manufacturing.
@ Snipes
Ding dong….25% increase ..WHERRRRE ?…Are we manufacturing widgets, giggets or ‘digits’?…..where let him tell us where such could be possible….
millertheanunnaki
what you do to Freundel to have him call you a political slug replete with slime at Queens College?
David | October 31, 2012 at 8:26 AM
“So far the corn beef discussions from the political parties expose the reality that we are bereft of ideas as a nation.”
If my hearing is still acute then what I am hearing coming out of the Advocate sounds like shocking news to the partisan political system.
Am I right in saying the Advocate is hauling the DLP administration over the coals for its incompetent management of the international Business sector?
Has Bryan fallen from grace for his own failure or is he on the way back to the other side jumping ship like a drowning rat?
Have you heard anything of the sort?
An interesting question to ask the Governor at his press conference is what he thinks about the BLP offerings.
It appears there is a huge gamble that the Winter tourism season is going to be strong in terms of arrival numbers and spend, despite reduced airlift and no sign of the ‘ad’ campaign that was supposed to be launched in September.
Add the current BTA financial problems and from tomorrow that they will not have a CEO/President.
I think at this stage I would be trying to guage the forward bookings with tour operators and projected flight loadings.
Any ‘ad’ campaign unveiled now will have a very limited positive effect for the first half of winter.
millertheanunnaki
I hear that Freundel also asked the crown whether Kerry the wee-man Symonds still chopping up and cutting up car seats.
@Adrian
Is there any evidence of the strategy which the BTA has used to to drive activity for the Winter? We have not been hearing from Sealy.
@ Blackwell | October 31, 2012 at 9:10 AM |
“what you do to Freundel to have him call you a political slug replete with slime at Queens College?”
I disguised Kerrie was sitting next to Leroy Parris his pal and he, Freundel ,being a diabetic experienced a blur in his eyes and mistook Leroy the real slug for me Kerrie the undercover political salt carrier. Kerrie knows of the man’s private tutorial escapades from the Kingmaker Tudor era.
David,
If there is ANY evidence, then the BTA are not sharing it with the industry.
I think its a huge mistake that the Minister has not clarified the BTA’s financial position and the Shadow Minister of Tourism comments.
The silence, in my humble view, reeks of arrogance, when there are so many concerned tourism workers out there. At least the ones that still have a job.
millertheanunnaki
he said he was going to unhinge the little red dog Kerrie
A major reason why reserves are falling despite lower import demand is that the inflow of foreign capital to buy residential property in Barbados has almost dried up as evidenced by all the empty developments completed over the last 3 years. Even worse, a lot of foreigners are now trying to sell their second homes here and if they sell to Barbadians the proceeds come out of the reserves when they remit the funds home. This is probably not a temporary trend in which case the outlook for reserves is bleak.
It is a great hypocrisy that we are expected to manage domestic markets in a way that monitor concentration ie marketshare of business interest but in the global arena high concentration can take place.
@ Blackwell | October 31, 2012 at 9:45 AM |
We want to know how is he going to keep away the big bad IMF wolf from this country’s economic door given that tourism is now blown out of the water for the coming winter season.
Barbados is no longer on the “white” list of tourist destinations for the upcoming season especially from the UK. Very few, if any, tour operators and winter season travel promoters are pushing Barbados as a preferred Caribbean destination. Let him deal with the tourism elephant in the room and Kerrie’s little doggie will bark “bow wow, well done!”
Mark my word.The Governor of the CB has begun to distance himself from this administration.He has indicated that he has nothing positive to add that will
give us any hope that the economy will improve in the foreseeable future.Darcy was a handful but advice from the little man physical deficit?That takes the cake and the Gov will not have it….why,did he not put Christine the guard in her place let alone a short knee crotch lil fella outta sin fillup..
@DAvid 8:26
The BLP seems to be banking on an reenergised International Business Sector to bring in some forex and offset decreased revenues from teh “giveaways”
@Adrian
Is “wishing” on a good tourist winter a good move? What has the trend with the winter numbers been for the past 4-5 years?
@Adrian and David
When last have we heard from Sealy? Interesting that Worrell pointed out the decreased airlift (you’re vindicated Adrian) as a prime correlation to the fall of.
@ac
my comment means stop looking for plasters. Go bold. Go innovative. Provide tangible support and communicate a long term vision and plan that ties in economic recovery, commercial activity, local manufacturing, education overhaul, labor market diversification, reformed industries, social support, ministerial cooperation towards national development and that taps into our advantages over others in the region and the world. (e.g. alternative energy, internet, technology, research and knowledge based services for export, environmental/heritage/sports tourism and internal agricultural linkages and technological growth since it can’t stand on its own). In the short term it may seem like little is happening and expenses outweigh results, but over the long term with the right planning, execution and accountability the results could be fantastic.
Just observing my two cents worth of idealism.
It appears the Governor shifted a bit. Optimism has now become tinged by the reality of the situation which confronts the government. Can the BLP do better? They will get their opportunity shortly.
Observing,
You know that ‘we’ are re-active rather than proactive.
Next week the MOT will be at WTM in London. He now possibly has his last opportunity to listen to the people that undertstand the industry, rather than rely on friends and party supporters. The decision he takes will certainly greatly influence the chance of re-election. This surely must be a time to put the Nation first.
@ David | October 31, 2012 at 3:00 PM |
If I were the leader of the Opposition I would be hoping the Bajan electorate would be stupid enough to return the DLP to power. From what the Governor is indirectly telling us this is not an election to win for any political party. OSA might just find himself figuratively shitting his pants at the mess confronting him if the economy continues on this path of significant forex haemorrhaging for another 3 months. This could be exacerbated by foreign own companies seeking to minimize any potential devaluation exposure by remitting profits and management fees within the next 3 months.
The Governor sounds like a man who is worn out and has given up hope for the Barbados economy.
It seems Dr. Worrell has been read the IMF riot act despite his public protestations to save face. Devalue or else no foreign loans. Neither should Barbados expect favourable recommendations in the international financial markets involving large FDI projects e.g. Four Seasons restart.
Barbadian importers can expect a drastic cut in credit days and terms from next year. Exporters will move to reduce their credit exposure. No more 90 days foreign credit but demands to pay for goods in advance or at most 30 days credit at higher costs to cover risk premiums and punitive late payment charges.
For you people who feel Barbados is existing in a cocoon.
Here is a story out of Europe. That is why Tourism may not help us.
Europe’s unemployment rises to new record
http://news.yahoo.com/eurozone-unemployment-rises-record-100226649–finance.html
@Clone
Practical view is commendable but it is not what will guide people at the polls. The independent voter will decide to gave the BLP a chance. It is a reality of practising politics in austere times.
Given the devastation in New York and New Jersey Barbados could get a little boost in Tourist.
Just wishing and hoping.
@ Clone | October 31, 2012 at 4:05 PM |
How can Bajans be living in a cocoon when our entire economy is dependent on relationships with the international markets for our tourism, international business and massive imports from cars to computers to food and clothing for our very existence?
Barbadians are well aware of the international goings-on and reverberations. Many of them have access to the Internet and other international media forums and sites. We listen to the BBC World radio.
Most Bajans have relatives and ongoing connections with the Diaspora in the UK and North America. We also travel to these places or in some cases used to or still live there.
We are aware and are sensitive to the challenges and economic constraints facing the government and by extension the country.
What independent thinking Bajans are concerned about is the quality of the management of the crisis locally and the decisions and processes to mitigate the negative effects.
Many things this government has done have made matters worse for the local economy. The international business sector has been hamstrung and stifled because of the government lethargy; inertia and downright refusal to act in some cases. Even two years of sleeping on the job at the height of the crisis in a modern information and technologically demanding age seem like RIP Van Winkle’s 20 years of slumber in the land of Nod from which a sleeping giant has just awaken.
We ourselves have contributed to the poor performance in the Tourism industry mainly because we have allowed the plant and infrastructure to run down and look shabby. Our poor housekeeping, poor, insensitive and sometimes vicious treatment of visitors and failure to give value for money when compared to our competitors have also have their negating effects on our once comparative advantage as a premium brand destination.
The present administration also has to hold itself directly responsible for its diminishing image in the eyes of the electorate. Not because of any international or exogenous economic factors but by its downright arrogance to communicate effectively with the public and its arrant dismissal of the electorate concerns about the much promised Integrity legislation.
How you, Clone, can expect Bajans to stop living in a cocoon and have an outward looking international perspective on economic matters when you support an administration that blatantly refuses to enact Freedom of Information legislation so that we can know what is going on with our public affairs and money?
Just stop blaming every problem in this country on the international recession. If you were really in the know you would appreciate that what is happening is not a recession but a long-term correction to the international market abuses and excessive gambling that took place over the last 15 to 20 years.
Think on these things, Clone, before we burst your bubble and extricate you from your genetically modified cocoon of ignorance and misinformation.
It is unfortunate the reporters did not ask the Governor to clarify Mascoll’s suggestion about stimulating economy i.e. about 70% of spend circulate in the domestic economy and has no significant impact on forex outflow.
The Hants ( and most BU bloggers) plan to modify and manage the economy of Barbados.
Starting with the fundamental principle of sustaining life you have to change the Bajan aversion to digging up dirt and growing food.
More land for more landless.
Food security is possible and sustainable in Barbados.Conventional farming combined with hydroponics and fish farming can provide 90 % of what you need.
There must also be a severe restriction on the importation of personal vehicles and an aggressive ramping up of alternative energy to reduce the dependence on follil fuels. Solar and wind power.Obvious.
Having reduced the need for forex to buy food, forex earned from Tourism and International Business can be used to improve the quality of health care.
NEXT!
Bushie?
The tourist industry in Barbados represents a ready made market to fuel agriculture and the supply of products and services supplied by the Arts sector.
On 31 October 2012 22:58, Barbados Underground
@David
“The tourist industry in Barbados represents a ready made market to fuel agriculture and the supply of products and services supplied by the Arts sector. ”
If only the brains would see it so simple.
The education sector represents a ready made gold mince to fueling new skill sets, training and knowledge resources to drive industry diversification. If only we could hear such AND see movement towards such we might be better off later down.
Of interest, Worrell bluntly said they were purposely dampening consumer spending to curb the exit of forex. Is there an internal downside to this strategy (other than politics)? Also, is Mascoll’s 70% close to correct?
Just observing
@ David:
I am most impressed with the Governor’s repeated reference to and support for the private sector as the engine of growth, earners of foreign exchange and the frontline movers and shakers to pull this country out of recession and to carry it forward to greater development.
Can we conclude, David, that this is the Guv’s way of preparing the wicket for the inevitable privatization of State enterprises in the coming months to earn some quick fix forex?
@Ac: No need to butt in at this stage!
@ Clone
1. The unemployment rate in the UK is falling.
2. The areas of the UK where the folks with money live i.e. the South, unemployment is around 6%
@ Hants
Your plan for food security is great, but do you seriously expect Bajans to eat local stuff….? 🙂
How did you get Bushie involved in your economic planning? The Bushman has a completely different perspective to the “challenges” that we are facing.
There is not really much to be gained from tidying up the bedding in our little cabin on the SSS Titanic when all around us we can see the effects of the collision with the iceberg. Bushie finds it quite hilarious that B’s and D’s are at each others throats about how we should organize our Bajan cabin, instead of going up to the main deck and seeking a place on the lifeboats.
….unfortunately, a very difficult time lies ahead of us all, and New York seems to be starting the ball rolling…
Bushie I don’t believe I will live to see the “end of the world” so in the meanwhile I will focus on worldly solutions even though it may be an exercise in futility.
Now where did Bushie say anything about the end of the world? Do you understand that we can reach a stage where we all will wish and PRAY for the “end of the world”?
Purely, from a tourism perspective, the Govenor makes a good point regarding targeting specific areas of our major majors that have been less effected by the recession, including mid-western Canada. But then WHY would the BTA not renew the contract of the ONLY sales person in that area? It’s as it there is a huge disconnect between the various Government departments and policymakers.
BU remains sympathetic to the Governor’s view that we need to protect our forex reserves at all cost. Mascoll needs to be pressured to support the BLP’s position that releasing more spend by easing fiscal policy will not drain forex. The discussion as the Governor suggests should be to grow forex and fiscal measures can be correlated based on forex performance. We seem to have the cart before the horse.
The worry for the government is that with a people who have developed a consumption behaviour over the years the BLP carrot will be too tempting to ignore. Especially worrying is the large retail and distributive sectors which make up the domestic economy and is a forex sponge.
@ David | November 1, 2012 at 8:17 AM |
So we need to earn more or save forex to save our addictive consuming economic souls?
Couldn’t agree with you more!
What about recommending some bold initiatives? Here is one to start with.
What about suspending the importation of all vehicles for domestic or private use for the next 2-3 years?
Let me hear you on that one, David?
James Paul in the capacity of CEO of the BAS is very critical of the fast food establishments who refuse to buy more locally grown and produced agricultural and other products. He even went so far as to demand the government to make such a condition of granting licences to operate fast food and restaurants. He keeps forgetting he is part of this administration and if he is being ignored what about the farmers and producers themselves?
@Miller
Surely you are aware the biggest drain on the forex is oil, food and debt serving. Although there is the opportunity to rational transport improving forex management by banning cars will not do enough.
@ David | November 1, 2012 at 8:41 AM |
David let us be proactive instead of leading from behind.
Something must be done and done quickly within the next 2-3 months to save our sorry economic asses.
If not temporarily banning domestic vehicles (SUV’s and other high performance luxury steel donkeys) what else, David, must be done?
Name at least one initiative we need to undertake immediately to save or earn forex other than play roulette and hedge our bets on some “Cinderella” Winter Season where forward bookings so far look rather dismal. Are we hoping for the shutdown of the Gulf Stream to cause Britain to freeze over and the Brits fly off to much warmer climes? Do you think Barbados would be top in their choices for the Caribbean?
@Clone
One may agree with Mascoll to a degree that the agenda of the meeting made no accommodation for discussion from Dr. Worrell. However as a small island state the opportunity to address a burning issue with high profile players present was too good an opportunity to let pass. Perhaps behind the scenes Worrell’s robust intervention may prick some to take a second look at the workings of small island states. BU commends the Governor on his fearlessness in the same way arthur approached the OECD.
Mascoll needs to support his argument with data ie increasing spend in the economy without adversely affecting forex.
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