Investment Landscape Needs a Fillip

Adrian Loveridge - Hotelier

Adrian Loveridge – Hotelier

Up until submitting this column, the Barbados Statistical Service had not yet posted either the August or September 2013 tourism arrival figures, so I suspect it will be sometime before figures for October this year are known, via this important agency. Fortunately, news agencies like Bloomberg extract the information from the Central Bank of Barbados and publish online, albeit some weeks later.

What we do know is that September 2013 recorded the lowest long stay visitor arrivals for any month during the last 11 years. October 2012 welcomed the lowest stay-over visitors for that month during the last decade and unless October 2013 exceeds 36,071 persons, that also will set yet other record, sadly not one we want to boast about. I don’t think a single individual on Barbados is not aware of the current Government’s fiscal challenges, but surely there is no better time to channel all available human resources into areas where a positive difference could be made.

Over the last few weeks I have been viewing tourism from a different perspective. That of a potential first time investor into Barbados and sadly, if ‘we’ are honest and objective, there are many areas we are sadly lacking. Some may even say, deficient. Bearing in a mind, a non-national considering investment in Barbados, at least initially, may not be familiar with the various agencies and their names mandated to smooth the process. So the first port-of-call is likely to be the website of the Ministry of Tourism (MOT). In a seriously competitive sector with dozens if not hundreds of destinations seeking to attract the all-important foreign venture capital, that introductory impression is critical.

Frankly, the MOT site is hopelessly out-dated, to the point that a 2007 newsletter still highlights a previous Minister of Tourism. I have pointed this out in another forum previously, yet weeks later, despite the combined resources of one of the biggest spending Government agencies, no improvement has taken place. It graphically demonstrates, what can only be described as a cloud of malaise that currently seems to have enveloped the industry, largely from a public sector perspective.

Personally, I believe mission statements are an absolutely waste of time, unless they are clearly understood and implemented. And there we go back again to that dreaded word, implementation, or perhaps better described, the lack of, as being a far better description. So should ‘we’ consider scaling down the objectives listed on the MOT website, to become more realistic and achievable? Or would it be more advisable to create a new one-stop-shop where investors can source everything they need to make informed decisions.

In defence of what already exists, the Barbados Tourism Investment Inc., website has an excellent section on Legislation and Incentives, but if the investor is unaware of this organisation, it is almost academic. Perhaps this is an area where real estate agents, financial institutions, lawyers, BTA, BHTA and other vested interests can play a greater part, by ensuring that they have complementary links on their websites.

40 thoughts on “Investment Landscape Needs a Fillip

  1. St Lucia: a friendly and floral paradise
    November 6, 2013, 11:03 am David S Potts AAP

    St Lucia is the second largest of the four Windward islands and one of the Caribbean’s little treasures, of tropical forests and spectacular beaches.
    Given the mountainous terrain of the lovely West Indies island of St Lucia, it is a wonder any small wedge of flat land can be found to play the national game of cricket, let alone produce some of the game’s finest.

    And if it’s not enough to produce such cricket heroes as Darren Sammy, current West Indies cricket captain, the island claims two Nobel laureates – more per capita than any other country in the world.

    Professor Sir Arthur Lewis won the Economics prize in 1979 and poet Derek Walcott won the Literature prize in 1992. Not bad for a tiny island with a population of about 170,000.

    Covering 620 square kilometres, St Lucia lies 34km from its nearest neighbour, French Martinique.

    It is the second largest of the four Windward islands and one of the Caribbean’s little treasures, of tropical forests and spectacular beaches.

    Volcanic, its mountainous backbone is the highest in the Caribbean, with Mt Gimie, at 950m, the highest point.

    But the most spectacular are the volcanic, pyramid shapes of World Heritage peaks – Gros Piton and Petit Piton, which rise impressively from the sea.

    The French and British fought over the island, which changed hands 14 times from the 17th century.

    It’s cleaner, more prosperous-looking, despite an unemployment rate nudging 20 per cent, and more appealing than nearby islands of Barbados, Grenada and Tobago. Its people are among the friendliest in the Caribbean.


    Well Liat is not helping ,

  3. The front page of the Daily Nation Newspaper of Tuesday, November 5, 2013, tells that three devaluation options have been presented to the Caribbean by the Inter-American Development Bank (IADB).

    According to the Ricky Jordan written story, these options are external, internal and fiscal devaluation.

    Well, the facts of the matter are that, in this news story, there is no mention made of options to be used in dealing with the underlying deep-rooted causes of the circumstances given rise to opportunities for the presentation of such devaluation options to the Caribbean by the IADB.

    Not one single word of such by Jordan.

    What this shows is that these multilateral institutions and their different henchmen and henchwomen are so falsely wrongly believing that their Westernist oligarchist exploitative dependency model of development, which the said Damned DLP and the Blasted BLP factions have been so shamelessly emulating over the years, is the ideal one, as a model of development for this country.

    And too they have also been falsely wrongly believing on the whole that it is principally the way how governments in the Caribbean have been misapplying many aspects of this said model that is the great problem rather than the model of development itself being the greatest problem of them all.

    Whilst it is true that governments of CARICOM have been misapplying, and even distorting, what little good aspects of the model there are, and have thus, to that extent, been materially financially worsening our circumstances in this CARICOM region, it is the actual unceasing unconscionable wholesale application by these governments, the private sectors, trade unions and the relevant movers and shakers of this region of the various ideological philosophical psychological aspects of this said westernist oligarchist exploitative dependency model of development to our own every day circumstances that is the greatest problem of all other problems in this said region.

    So, that when the symptoms of the causes of problems – symptoms like so-called fiscal deficits, so-called gross government debts, chronic deficits on the current accounts of the balance of payments, export uncompetitiveness, acute foreign currency leakages, etc, are primarily dealt with by multilateral financial institutions like the IADB, IMF, regional hemispheric bodies like the OAS, CARICOM, OECS, and by the relevant academics, the intelligentsias, the intellectuals, the core combinations of these CARICOM countries, and, as such, too are dealt with using already long failed disgusting treatments, then, in the absences of their diagnosing and addressing the fundamental underlying causes of the problems (excessive greed, excessive control and exploitation by a few of so many others, miseducation by the few of the many, etc) , and the problems themselves ( evil wicked TAXATION, Interest Rates, the wickedness of creating some thing called PUBLIC DEBT or MONEY DEBT which really does NOT exist, the imposing of the real actual COST OF USE OF MONEY, etc) it will mean for the proposing by these same people in the IADB, OAS, CARICOM, OECS, the relevant academics, intelligentsias, the intellectuals, the core combinations, etc, of various false fraudulent diversionary, and, yes, draconian inhuman political fiscal financial measures and strategies to otherwise help achieve the baleful effects of greater unnecessary government oligarchic control exploitation marginalization of the broad masses and middle classes in our CARICOM countries.

    Hence, the types of wicked devaluation options being put forward by the IADB.

    Indeed, what is worse than the circumstances of their failures to deal with the fundamental underlying causes of the problems and the problems themselves is that these particular people see it as being that these options are some things near the ONLY ONES available for implementation by these respective governments – and with, of course, political technical assistance from them.


  4. @ The People’s Democratic Congress | November 6, 2013 at 10:16 AM |
    “Hence, the types of wicked devaluation options being put forward by the IADB.”

    What are the ‘good’ devaluation options available other than a concerted effort by both government and citizens to curb their taste for a conspicuous consumption lifestyle based on imported product? Just look at Barbados’s food import bill and you would see that many of the food products currently imported can easily be grown locally with a bit of investment, proper planning and commitment to eating locally grown food.

    Beggars cannot be choosers. Neither can borrowers set the terms and conditions of any loan.

    Can you explain the long delay in establishing the Central Revenue Authority (CRA)?
    Many of the loans needed for infrastructural projects or balance of payment support are dependent on this long agreed public sector restructuring decision.

  5. @Miller,
    What a hypocrite!!You wirt..”look at Barbados’s food import bill and you would see that many of the food products currently imported can easily be grown locally with a bit of investment, proper planning and commitment to eating locally grown food.” I haave been saying this for a long time. You, on the other hand, have been part of a govaernment that made the decision to sell the land off to the highest bidder, participated in a government that supported; if not encouraged, plantation owners of prime agricultural land to build expensive houses on large tracts of land, and were prime movers in the decline of Agriculture. And now you are realizing that much of the imported foods can be grown locally. I have advocated that the plantation owners be forced to grow food on portions of their land. The law that existed in the wartime; when plantations were forced to plant at least 35 percent of their land in food crops. and which I do not believe has been repealed, should be reactivated. There is no earthly reason why the amount of land that is growing bush should obtain. Kill them with taxes and if they don’t pay confiscate the land and have it cultivated either by those who want to or by the prisoner, many of whom should be sentenced to “hard labour.”
    You also say “Beggars cannot be choosers. Neither can borrowers set the terms and conditions of any loan.”
    As usual I do not agree with you. If I approach a bank to borrow money I do NOT have to agree to all the conditions they want to impose; all conditions are subject to negotiations and IMF loans are no different. We do not have to be beggars. We approach hem as bussiness persons seeking to conduct a business deal. We are proud people and will meet them as equals. All bands (and the IMF is a bank) profit from lending money. If the conditions do not suit us we can walk out of the discussions and seek our own solutions.We did it in the past and can do it again; if it ever comes to the need for inviting them in, which has not happened yet.

  6. @ Alvin Cummins | November 6, 2013 at 5:24 PM |
    “You, on the other hand, have been part of a government that made the decision to sell the land off to the highest bidder, participated in a government that supported;”

    I don’t know what you are talking about. But even if it were true could you explain the use of land involving Pickerings, Merricks, Foul Bay, Coverley, Constant etc?

    What about all the CLICO plantations now lying idle and overgrown with bush and housing rodents bigger than the two-footed ones that caused the collapse?

    Under whose watch did sugar production dropped from 36,000 tons to zero?
    What about Cost-U-Less the biggest peddler of GM foods on the Island?

    Regarding your position on the loans and IMF lending arrangements, I will not entertain you with your ignorance and blind stupidity; a predilection you seem to be congenitally afflicted with.
    I would leave you in the longsuffering tutoring hands of David BU to see if he can get you to see the light aka sense.
    All I can say at this stage is that you seem to be coming around to the stark realization the IMF is the only option left to this incompetent DLP administration.
    Hard ears you would not hear, hard ears you would feel along with the innocent naïve masses.

    • The government has had 6 years to build out a program to integrate agriculture and tourism. What happened?

      On 6 November 2013 21:59, Barbados Underground

  7. millertheanunnaki,

    We were simply referring to those three so-called devaluation options presented to the Caribbean by the IADB (according to the particular Nation newspaper report), and which we have correctly termed wicked.

    Too, were you asking us about some sinister stupid so-called Central Revenue Authority? If you were, you know that we are unalterably rightly opposed to TAXATION, and, as a matter of fact, we are about the ushering for Barbados of a post-TAXATION society.

    What Central Revenue Authority what?? Where is the revenue going to be coming from? There will be no Revenue! None whatsoever. Simply the government – under such a rubric – continuing to steal and rob the relevant people, businesses and other entities of countless portions of their own incomes, payments and transfers in this country.

    The results of such criminal barbarous governmental activity will continue to be counted by any reasonable persons as THEFT PROCEEDS.

    millertheanunnaki, revenue is an amount of psychologized digitized financial nominal characters (measurable and represented by money ) that must be successfully passed on by the relevant customers of the particular business entities concerned to those said business entities, whilst, at the same time or reasonably before or after, these business entities do succeed in passing on non-money commodities to the customers concerned.

    Only in cases were that principle is applied is there revenue being transacted, and in no other cases.

    So, only in a few instances of governmental operations in Barbados does that happen (BWA, NPC, BNOC, BNTCL, BADMC, NHC, etc) – where the government gets revenue.

    Hence, by and large, the process just broadly described does NOT apply generally to the government of Barbados, which rather than passing on far, far more non- money commodities than it does now to would be customers, it criminally and abominably prefers – and in very grossly and despicably unproductive ways – to TAX the remunerations of the relevant entities.

    However, this principle does apply properly significantly to Goddards Enterprises, BS and T, Simpson Motors, Preconco, Furniture Ltd, Jordans Supermarkets, etc which get revenue (measurable and represented by money ) and eventually pass on non-money commodities to many others.

    So what Central Revenue Authority what?

    That is absolute rubbish and madness. And anytime a certain future coalitional government comes into office, and of which the PDC will be a part of, and at the time of this coalition’s coming into office it would be in existence, it shall ABOLISH it.

    We and many others will STOP the government from deliberately knowingly dishonestly stealing robbing from the incomes, payments and transfers of the relevant people, businesses and other entities in this country.


  8. “Life is funny. The Opposition BLP complaining about what is really a pittance being spent on summer camps and free bus fares for school-children and yet not one of them to date has publicly apologized or castigated their former leader for taking up $95.43 million of our money and sinking it at Greenland where garbage will never be collected. Some us really bewitch in this country.”

    Wade Gibbons

  9. St Lucia government accused of inaction on citizen security
    By Caribbean News Now contributor

    Published on November 7, 2013

    By Caribbean News Now contributor

    CASTRIES, St Lucia — United PAC Saint Lucia, which describes itself as a super political action committee group (SuperPAC), whose philosophies and ideologies are in line with conservative values, in a press statement on Wednesday accused the Saint Lucia government of “silence and absence… in the face of a crumbling justice system.”

    The Lucian People’s Movement (LPM) also weighed in on the issue with its own press statement, pointing out that national security minister Senator Philip LaCorbiniere has been quick to jump on perceived personal attacks but apparently paralyzed on more important citizen security issues.

    “It is not good governance when ministers are seen to be more concerned about their individual personal interests than the interests of the country as a whole and its citizens,” the LPM said.

    According to the United PAC, the list of unsolved murders continues to grow.

    “During these very troubling times, why has the minister with responsibility for justice turned a blind eye to the rising problems within the justice ministry? What is he doing to help bring comfort to the families who have lost loved ones to violent crimes?” the United PAC asked.

    The recent death of 22-year-old Chakadan Daniel in a police lockup In Micoud has raised more questions about human rights abuses in a country that is already under a cloud following the withdrawal of US security-related aid as a result of alleged extra-judicial killings by police. Daniel’s death has led to a public outcry locally and calls for an independent investigation, amid extensive international coverage of the incident following a report by the Associated Press carried in a number of major publications.

    The LPM pointed out that, according to their understanding of the situation, incidents like the recent death at the Micoud police station are taken into account by the US State Department in reviewing the Leahy Law restriction on security related assistance.

    “Saint Lucia is not going to see a resumption of US security aid unless and until the government addresses and is seen to address these issues,” the LPM said.

    However, in recent weeks, the only official response to these events has been to attack the media for reporting the facts.

    Police Commissioner Vernon Francois claimed the local media was the “driving force” behind the international publicity and asserted that the local press should be more concerned about the effect of negative publicity on Saint Lucia rather than the police force.

    “There are a number of ways that people can die in police custody,” Francois said in an interview on local television, while promising a direct and thorough investigation into the latest death.

    Human rights advocate Mary Francis took Francois to task over his comments about media coverage.

    “The media has to enlighten the public. Without the media we would be in darkness; we would not know what’s going on,” Francis said.


    Human rights advocate Mary Francis

    She continued that the media has a role to play and the police cannot accuse the media which, she said, sends out a message to the media in a subtle way that “we cannot have this kind of thing… blaming the media, whereas he should blame his men”.

    “You cannot blame the media for the bad behaviour of the police,” Francis said, alleging that corruption is rife within the Royal Saint Lucia Police Force.

    “The comment of the Commissioner of Police, Mr Vernon Francois, was, in our opinion, a warning to the press and the public to continue to remain silent in light of serious allegations against the Royal Saint Lucia Police Force,” the United PAC said on the issue.

    In a national address on August 20, Prime Minister Kenny Anthony announced that government had requested the CARICOM Implementation Agency for Crime and Security (IMPACS) to provide three senior investigators to assist in resolving outstanding issues.

    “What has happened to the independent IMPACS investigation touted by Prime Minster Anthony?” the LPM asked.

    The United PAC called on LaCorbiniere to intervene to ensure that the justice system is brought up to a satisfactory level.

    “We also call on the minister to personally ensure that the ongoing investigation of the Micoud Police Station incident is done thoroughly and justly,” the group said.

    United PAC said it believes that the minister’s voice should not only be heard when he feels an injustice has been done to his reputation but as the custodian of justice in the country, his voice should be heard every time a citizen is treated unjustly.

    “We believe that the ministry for national security must be held accountable for the Micoud incident and measures should be put in place to ensure that history is not repeated,” the United PAC said, adding that it awaits a press conference from the minister “with the same alacrity with which he convened a press conference to condemn allegations against himself.”

    The LPM said, “Dark clouds of social despair have been hovering over our nation like a pending hurricane since 1979 and there is a tremendous level of vulnerability that hovers over the personal safety and property of all law abiding citizens and visitors alike. Something must be done now.”

    The LPM suggested that the commissioner of police should consider temporarily relocating the officers at the Micoud police station, in order to alleviate the suspicions of all concerned.

    “This will also facilitate a greater level of transparency of the investigation, and allow the healing process to begin,” the party added.

    “More importantly, while the ghost of labour is mesmerizing the population, life seems normal for the cabinet of ministers and their acolytes,” the LPM concluded.

    In what seems to have become a customary failure to respond to inquiries, the prime minister’s press secretary had not acknowledged by late Wednesday a request for comment on these issues sent that morning.

    Now this is ST. LUCIANS speaking out.

  10. When is the Royal Barbados Police going to arrest the Rev. Charles Morris and charge him with SEDITION?

    • It has been reported in the news that Butch Stewart has officially take. Over the Almond Casuarina property.

  11. One part of The 1000 lbs of Blubber got it wrong once again, with some of the largest blocks in Foreign Currency inflows to this island in many years, the sandals investment, the Four Seasons resolved, the Cruise Terminal work starting funded in a very large part by Royal Caribbean Lines the Marina a matter of 4 months from start up and companies like neal and Massey pouring money into the island and a few more too good to mention about to unfold is this any relation to Mottley’s regurgitated nonsense about no one wanting to do business here is utter and complete rubbish, the may not want to do business here with Mottley listening and Wiretapping and Eavesdropping their calls but look at this story in The Barbados Advocate Today maybe not one to expect to see in the Nation Rag but never the less it real and it is true.

    Show of confidence


    CEO of Neal & Massy Group says Super combo store speaks to investment possibilities

    By Nadia Brancker

    TOP Caribbean conglomerate Neal & Massy Holdings Limited said the BDS$70 million investment it is making in Barbados is a demonstration of its confidence in the future of the island.

    Gervase Warner, CEO of the Neal and Massy Group, made this statement as he and
    other officials opened a new Superstore at Warrens, St. Michael yesterday as they launched the Super Centre Limited and Dacosta Mannings Integrated Store. Other investments are planned for Kendall Hill and Sunset Crest.

    Proclaiming that Neal & Massy is a believer in Barbados, Warner said: “I meet people and read reports and hear comments, such as the Barbados dollar is going to come under pressure, or ‘where is the (economic) growth going to come from in the Barbados economy etc?’”

    However, he stated that they (Neal and Massy) “are investing in Barbados, and this combination is part of what we are doing. We are putting new capital to work in Barbados because we believe in the future of Barbados.”

    According to him, “We believe all of us as corporations in Barbados have a moral obligation and responsibility to do our part in creating growth in our economy and that comes through investment.

    “Investment like this creates jobs, efficiencies in business models, creates a better and more convenient shopping environment and improves what Barbados has to offer locally and globally.”

    The CEO said that while this might look like one store, it has huge significance in our network of companies. “It is the launch of a new business model and it is part of what we think is important in playing our role in the economic development of Barbados,” Warner maintained.

    The CEO elaborated, “This is not the only investment we will make. We will make some upgrades in Sunset Crest and there is a new store planned for Kendall Hill and other investments, for a grand total of bds$70 million of new investment in facilities and business in Barbados.”

    He recounted, “For Neal and Massy, our presence in Barbados has gone back years. We have had several different businesses but our resurgence in the Barbados market really took place in 2006 where we acquired BS&T and the transformation that we have had within our group and Barbados companies has been significant since then.”

    Warner recalled that in 2011 they set out to develop a growth strategy for the Neal and Massy Group, having recognised that economies were just coming out of a very difficult stage of economic recession, and some of the neighbouring territories were still in negative growth.

    He said, “We recognize we would not be able to continue the solid growth we enjoyed in the period of 2000-2009 without doing something different and yesterday was the unveiling of one of our key strategies of doing something different and better.”

    He explained that coming out of the strategic planning session they travelled to different countries in Latin America observing this kind of combination format store in real maturity and determined Barbados would be the ideal location for one such set-up.

    “Yesterday was the unveiling of the super combo store, which will be the fist of many that will be rolled out across the Caribbean where Neal & Massy operates,” the CEO said.

    Warner identified, “I think much is made about Trinidadian companies coming into Barbados and ‘taking over’. Today I want to celebrate an opportunity for a business model and example from Barbados being able to be brought to fruition that we could take it to other places in the Caribbean.

    “I think they are more pessimistic than they are optimistic about what is happening in Barbados. However, I come to Barbados regularly and I’m amazed by the people I meet. I don’t have any sense of distress. I think Barbadians are phenomenal about the way they carry themselves and it is extremely encouraging to me.”

  12. Yes David and it was announced to the Travel World at World Travel Market by Mr Butch Stewart yesterday in London at the Worlds Biggest travel show, he said how happy he was to have his newest property open in Barbados and is looking forward to the Almond property coming onstream very shortly as well, he thanked. The Gov’t of Barbados for facilitating the entire process and making it happen.

  13. TOP Caribbean conglomerate Neal & Massy Holdings Limited said the BDS$70 million investment it is making in Barbados is a demonstration of its confidence in the future of the island.

    Gervase Warner, CEO of the Neal and Massy Group, made this statement

    BUYING OUR PROPERTIES AND SHUTTING THEM DOWN JUST TO MAKE SPECULATIVE PROFITS…….that’s all you all about…..time politicians see things as they are…..Gervase hush do….we read u quite well

  14. Onions, Almond was in a deep, deep hole due to over-ambitious and incompetent management, and I am being complimentary. The hole was so deep, in fact, that ordinary shareholders such as myself will receive no more than 8 cents on the dollar from our investments made many years ago. Do I blame Neil & Massey? Not one bit. When it’s your money Onions, then you can decide what to do with it, but who is to say that BS&T was not heading in the same direction as Almond before N&M stepped in?

  15. Is this kinda Fup that got Barbados in shiite creek wid no paddle…..not saying I don’t understand your personal concussion ….but looka what now happen….workers on the breadline as wid Almond….Butch held Paradise til the right time to we hear Bdos Govt looking to buy back Almond from N&M… could imagine mo pup?……think macro then you get the gist

  16. @ Peltdownman
    ANYTIME that a foreigner buys a local asset, common sense should tell you that strategic decisions will be taken in the interest – usually short term- of the FOREIGN owners.
    OBVIOUSLY the owners of Almond CHOSE to retain high returns in the early stages RATHER than to reinvest in upgrading and re-inventing the property and brand…as is VITAL in such a business.

    They would have enjoyed good returns.

    When the inevitable happened ….the need for upgrade became critical, AND EXPENSIVE, ….they then made the decision to cut their losses (what losses? ….they would have recovered their investments and made good “profits” in the early stages) and run.

    This is PRECISELY why sane adults DO NOT SELL critical assets to foreigners….unless of course they are brass bowls….

    Bushie is willing to buy the homes of those political clowns who promote this idiocy, and will lease the properties back to them at good rates, …while they will enjoy large capital inflows from the sales ….so they can travel the world and have fun….. Brass Bowls…!!
    …in six years they will be broke and begging….

    This is what we can expect from MOST foreign owners….and locals who own minority shares will mostly end up with about 8 cents on the dollar too…..

  17. Carson…………speaking about inaction….why is the state AG, et al (Barbados’ government) also being sued in the deaths of the six young women in that fire in Tudor Street? is it because for years the fire service, government et al totally ignored and never made sure these store owners had back doors and fire escapes in their shops so that customers and staff will be safe and could get out of the buildings in case of fire, etc? talk about being callous and careless with black people’s lives, their own people mind you?? A back door would have saved those lives, how much does a back door cost?? I have never heard of a building without a backdoor….maybe in India or those countries where government has so little regard for human life, but Barbados….hmm, hmmm, hmmm!!!

  18. We are in the position of having to compete for FX.. We have been given a false sense of security by having a fixed currency peg. Our competitors don’t have that around their neck. They get to live off of their contributions to the GDP that they collectively make. If the outputs from the GD|P are low value, their living style is lower. I suspect that per capital GDP output in Barbados is lower than in places we compete against and only appears to be larger because of a unrealistic peg to the US$. If we want to compete for FX dollars be it from investment or tourism we have to compete on the same level as others that recognize GDP contribution should not be measured in a fixed unrealistic peg to a US$. Let the dollar float and we will see how well we really are doing against our competitors.. Maybe it will be worth 1 to 1. maybe it won’t . Leaving it pegged while FX reserves are in decline and while there is no apparent answer to generate more FX is a time bomb.

  19. Adrain

    I had to look up “Fillip” which is see is” something which acts as a stimulus or boost to an activity”. Good word

    You said:

    “Over the last few weeks I have been viewing tourism from a different perspective. That of a potential first time investor into Barbados and sadly, if ‘we’ are honest and objective, there are many areas we are sadly lacking. Some may even say, deficient. Bearing in a mind, a non-national considering investment in Barbados, at least initially, may not be familiar with the various agencies and their names mandated to smooth the process.”

    Well. Butch is a first time (sort of) non-national considering investment in Barbados who obviously is familiar with the various agencies and their names mandated to smooth the process.

    But using his knowledge he sure did manage to smooth the process, with a twist.

    Rather than Butch investing in Barbados, Butch somehow managed to have Barbados invest in Sandals; by agreeing in an MOU to invest $500 million in a property for him to operate and manage.

    DD wonders when the terms of the MOU will be made public to the real investors – the Barbados taxpayers.

    The taxpayers will almost certainly be left to imagine the terms of the MOU prepared by the MOT, MOF and the rest of Government, and with the input from their Barbados lawyers; and signed by Butch after its terms were amended to suit his purposes by his New York lawyers.

    After their recent practice run negotiating concessions with the Government of Grenada, they were undoubtedly well prepared.

    Yesterday was November 6, the date Sandals was reported to be taking over the operation of Casuarina from Couples.

    Given the amount of advertising by Sandals/Beaches in the Toronto Star and Globe & Mail, I have been expecting to see a Sandals Barbados ad; but not so.
    November 6 Globe had 3/4 page ad for Sandals LaSource Grenada, and November 7 Star has full page (back page) ad for Sandals LaSource Grenada ad.

    DD is curious if the tourism boards in Grenada, Antigua, Turks and Caicos, Bahamas and Jamaica share the cost of newspaper ads with Sandals; and if BTA has not ponied up with its share of the cost to advertise Sandals Barbados – so no BTA money = no ads.

    BTW, November 7 Star included a four page glossy insert for Cayman Islands, including Air Csnada and Westjet logos and contact info.


    David | November 6, 2013 at 7:54 PM |

    The government has had 6 years to build out a program to integrate agriculture and tourism. What happened?

    On 6 November 2013 21:59, Barbados Underground@

    They took the money and buy BMWs and RRs . let them eat sweet bread the DLP/blp said.To hell with the People , we set for another 4 years

  21. Well Well

    You really disappoint me. You are the one BLP person that I thought had a little sense.

    Raul Garcia gone back to Cuba. “Comealong” now have to find an another issue to milk.

    Simple as that.

  22. Well Well

    Have you not notice how ADRIAN now switch from “statistics” to “investment” simply because a real, real Tourism expert is now in town.

    You are so easily fooled.

  23. “NEW YORK, United States (CMC) – The US-based Moody’s Investor services is calling for a devaluation of the Eastern Caribbean (EC) dollar in a bid to assist the region address the debt crisis.

    In addition, Moody’s Investor is also suggesting that the sub-regional Organisation of Eastern Caribbean States (OECS) adopt the US dollar as its official currency.

    Governor of the Esatern Caribbean Central bank (ECCB), Sir Dwight Venner said last month that maintaining the stability of the EC dollar and the Eastern Caribbean Currency Union (ECCU) financial system has been the Bank’s major achievement over the 30 years of its existence.

    The EC Dollar has been pegged to the US dollar at a rate of EC$2.70 to one US dollar since 1976 and as the global crisis continues to affect the economic performance of the ECCU member countries, the ECCB, in collaboration with its member governments and with the support of regional and international agencies, has been implementing measures to strengthen the ECCU financial system.

    The ECCB established in 1983 serves as as the monetary authority for Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.

    But in a report, Moody Investor asked what would be the best option for the region, noting that the Caribbean is indeed faced with a debt burden that is sporadically being serviced.

    The US-based financial group said in addition, productivity within the region has been under the microscope for some time.

    Moody’s said, “currency devaluation and the dissolution of the Eastern Caribbean Currency Union (ECCU), while unlikely, could enhance the region’s competitiveness.

    “We do not see policymakers voluntarily choosing these options because they would sacrifice price stability (Caribbean countries rely heavily on food and fuel imports) and risk political upheaval,” the report stated.

    It noted that “only a balance of payments crisis (similar to what happened in 1989 in Trinidad and Tobago, when it abandoned its currency peg and subsequently defaulted on its sovereign debt) could force policymakers to choose these options”.

    Moody has given a negative outlook on the future of regional debt.

    “Severe domestic adjustments through deficit reduction and structural reforms intended to stimulate growth, are the only options that remain. We see the defaults of Belize, Jamaica and Grenada over the past year as being part of a broader debt crisis in the Caribbean.

    “At the moment, we see a high probability that Belize and Jamaica will relapse into default. In addition, Grenada is currently restructuring its debt for the second time since 2004, which mirrors broader distress in the ECCU.”

    The Moody’s report noted that St Kitts & Nevis defaulted on its debt in 2011 and that Antigua & Barbuda restructured its debt in 2010.”

  24. Very perplexing.

    ADRIAN LOVERIDGE and the Barbados Party saying that every Country in the Caribbean doing better than Barbados.

    The Prime Minister of his beloved St. Lucia Kenny Anthony is saying that the entire Caribbean is on the brink.

    Now Moodys is saying that the EC dollar must be devalued.

  25. Carson C. Cadogan | November 7, 2013 at 12:44 PM |

    Well Well

    You really disappoint me. You are the one BLP person that I thought had a little sense.

    Carson……can it ever enter your head that they ARE people in the world WITHOUT POLITICAL AFFILIATIONS???? you should be glad it’s your party in power and i am going easy, wait until you hear how i handle the BLP…….why does everything coming out of your brain have to be about yardfowlism, party politics and stupid party followers anyway??……are you that dense…….wait, don’t answer that……….

    regarding Adrian…..what the hell are you talking about anyway, stop trying to change the subject, i am talking about the DLP being sued.

  26. @ Carson C. Cadogan | November 7, 2013 at 1:10 PM |
    “Now Moodys is saying that the EC dollar must be devalued.”

    Now what is your position on such a recommendation? Do you agree with it?

    Should the same Moody’s make a similar assessment of the Barbados situation would you objectively analyze it or would you cuss them to high heavens calling them incompetent racist bastards for making such a recommendation for the Stuart led administration. But then again you can also argue the BLP is behind it all and bribing Moody’s to make such a proposal.
    Time is longer than twine and that time is fast approaching when we will see you disappear from this blog out of pure embarrassment and humiliation.

  27. Miller

    You made so many dire predictions about Barbados that did not come true it is not funny.

    I don’t see you running and hiding because you are always WRONG!!!!

  28. with some of the largest blocks in Foreign Currency inflows to this island in many years, the sandals investment, the Four Seasons resolved, the Cruise Terminal work starting funded in a very large part by Royal Caribbean Lines the Marina a matter of 4 months from start up and companies like Neal and Massey pouring money into the island and a few more too good to mention about to unfold

    Will believe it when I see it. By the way who are the ones funding these so called projects? Local business people and government with locally acquired loans?

  29. @ Carson C. Cadogan | November 7, 2013 at 3:30 PM |
    “Everyone know that our currency is over valued.”

    Is this an admission that there is need for a “correction”?
    If you strongly believe the Bds $ is overvalued (it certainly cannot be worth more than the T& $ and in my estimation it is worth no more than 12 US cents {US$0.12}).

    We are not dealing with stupid political skullduggery here Carson but relatively scientific and objective techniques of financial analysis. A devaluation of the Barbados dollar is not as far fetch as some might want to think out of pure sentimental reasons.
    And by your own admission you seem to agree with it.

    Are you distancing yourself from your administration’s stance promulgated by the buffon for a MoF and his sidekick the garden gnome Governor. Even Frank Alleyne the mad hatter would be most pissed off with you for coming on the blog and spreading propaganda of the pending devaluation of the Barbados (and East Caribbean) dollar.
    It seems you have been reliably informed of the IMF plan to put both currencies on an equal footing with an initial adjustment of both currencies competing at an equal level of US$0.25 or thereabouts. If you were really that smart you would have gleaned that much from Dr Kenny Anthony’s comments about you guys being in denial.

  30. CCC these numbers can be perplexing, can you put in a format that everyone can understand ….like how many hookers to a C note before devaluation and how many hookers to a C note after devaluation

  31. Every politician in Barbados who isn’t a moron knows exactly what things have to be done in order to make Barbados better over the long term.

    What they don’t know is how to do those things and then get (re) elected.

    Voters, understandably, will punish any government that takes the measures that are fast becoming unavoidably necessary.

    So who is to be held accountable for this endless, shambolic, denial-ridden muddling-through that can only have a sad ending? The elected or the electorate?

  32. old onion bags,

    I am glad you raised this point. WHAT is the net Dollar real investment that N&M have made after taking into account all the closed businesses, laid-off staff etc. ?

  33. Adrian loveridge

    Almond ….( conservative.estimated figs of course)

    500 workers x 87 weeks x $ 385 = $16,747,500
    16 management staff x 87 weeks x $1000 = $1,392,000……Total $18,139,500
    Intangible cost……farmers,taximen,caddys,watersportsmen….MILLIONS
    approximately $50,000,00 EZ and still counting…

    Mannings Fontabelle
    Intangible cost…….200 workers x 45 weeks…etc..another $40 Million and increasing eva day….

    aside ( suppose we calculate Butch and Paradiseblack rock) LOL

    Of worthy note is that N&M investments are all in the retail sector where its interest in T&T manufacturing lies…..NONE towards generation of FOREX generation in Barbados….N&M so called investments are geared towards one primary interest ( remember PHD) jobs and economic activity secondary ….$ 70 mill to revamp Super Center Complex me how….since when that was that run down

    • It is not too late but many are surprised that the MoT and the BTA have not made a sogn and dance about the arrival of the first two passenger carrying B787’s which touched down yesterday. One today from Gatwick due in at 3.07pm local time.

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