The Adrian Loveridge Column – Opportunities Abound!

My wife and I recently spent a short break at The Crane Resort and Residences to celebrate our 20th wedding anniversary. While we have both known the owners for over three decades and visited the property many times, it was the first time we had stayed overnight or longer and as someone who knows how challenging the hospitality business can be at times no-one could not fairly applaud the transformation of a once 18 room hotel and its location.

Paul Doyle, his family and support staff have created a blissful holiday haven from what was a sleepy St. Philip backwater.  As a result generated hundreds of new jobs in an area of limited employment opportunities directly and many more that financially benefit from the venture. This is why I remain doubtful that we sufficiently honour, support or encourage our existing and aspiring entrepreneurs and were very pleased to read that the effervescent Peter Boos now chairs the advisory board of the Barbados Entrepreneur Foundation (BEF).

With so many talented young people on Barbados it seems only logical that meaningful encouragement is given to them and hopefully, once and for all remove the many barriers and deterrents placed in their way. As Peter so graphically states ‘Until we get an environment that really encourages entrepreneurship, it’s not going to develop as well and as quickly as we would like’. Perhaps the answer lies more in the private sector, but surely there is much more our relatively new Government can do.

Clearly this view is shared as again quoting Mr. Boos ‘’So I think after a time the effort to try and engage Government effectively, despite several meetings and discussions and so on, nothing from that end came’.

Perhaps an example could be, I vividly recall many years ago the then Canadian Government seeing so many lost opportunities for products made in their country, which could be exported overseas, headhunted prominent members from the world of commerce and sent them abroad to spearhead trade delegations where the nation had an existing embassy or consulate.

Again, there must be an enormous wealth of knowledge, skills and proven ability within our business sector. And I don’t just mean at the mega- company status. Imagine even at the small business level, if an additional 5,000 new enterprises could be created.  Of course some of them will fail or not reach potential, but that is life and it exists all around the planet.

As many of the larger commerce based entities continue to downsize, resize or whatever justification they give, more and more opportunities evolve which could, with proper guidance, soak up substantial unemployment and create taxes for Government.

We should not forget or learn from those who could envisage and were brave and determined enough to transform an ageing small hotel into one of our single largest foreign currency earners and employers.

79 comments

  • Anyone else find it funny that the govt warns the public against vaping in the newspaper with pictures then shows another picture telling the people to open their windows for fogging lol

    Liked by 1 person

  • Adrian: I am trying to find the point you are making. I really can not think of anything Barbados can export, successfully. I agree that much more can be done by local entrepreneurs and agricultural interests to satisfy the local market. However, in my opinion, that is it.
    Barbados is unable to compete in the world market. Shipping alone is a deterrent not to mention labour costs and magnitude of scale.

    Liked by 1 person

  • peterlawrencethompson

    @robert September 16, 2019 2:20 PM
    You are correct to be sceptical of Adrian’s naive faith in the “knowledge, skills and proven ability within our business sector.” The Barbados business sector has one of the worst records in the world in terms of innovation.
    However there are things that Barbados can export, successfully: we already export millions of US dollars worth of high grade sushi tuna each year and we know how to increase this; we can export IT services in competition with India; we could build a fashion design industry if we clued into the fact that we should not be competing with Haiti for the low wage manufacturing jobs, but sending our designs directly from our CAD systems to Computer Aided Manufacturing systems in Haiti and taking advantage of their duty free access to North American and European markets; we could export 500% more rum than we currently do… etc.

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  • @ PLT

    I agree. Just ask yourself why a foreigner could develop Crane Beach into a prime area and not our private sector. Same question I have asked over and over : How come our private sector could not create anything near Sandals? They never answer that.

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  • peterlawrencethompson

    @William Skinner September 16, 2019 6:49 PM
    The difference is cultural. Paul Doyle had some capital to invest in the Crane, but the most important thing he had was the mindset to risk failure and learn from it.

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  • @peterlawrencethompsonSeptember 16, 2019 6:16 PM

    Your take on our growth potential for rum exports is interesting. You believe we have the plant capacity and raw materials to produce that quantity, but lack the ability to market it or the market is there and we just can’t produce to satisfy it?

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  • @ William

    Plse do not take seriously @PLT’s nonsense that the Irish-Canadian Doyle took a chance by investing in the Crane. It never should have come to that. Years ago, in one of my Notes…I made a proposal for the development of that part of the country, focusing on east of the airport.
    The suggestion would have complimented the tourism sector and would have been a move towards making Barbados the entertainment hub of the Eastern Caribbean.
    I repeat it: If government were to development Culpepper Island as an amusement park/funfair (think the Deep Water Harbour), with a mono-rail running from the airport to Culpepper; the area around the airport, where they are basic rum shops, a mechanic etc, would be turned in to a commercial area with hotels, restaurants, shops, apartments and a leisure centre.
    The Crane and Sam Lord’s would become part of the development, but not THE development. Such an infrastructural development could be paid for through a variety of ways: PPI, loans, bonds and loans, etc.
    Such a development would attract the middle classes from down the islands for weekend visits, it would make Barbados an even more attractive destination and it would be an entertainment spot for Barbadians. Think of the local businesses that would grow up around such a development.
    The reason why such infrastructural developments seem like pie in the sky to our policy-makers is the poverty of ideas. In the mid-1950s, Grantley Adams had vision; in 2019 our leaders indulge in PR stunts and economic nonsense called BERT.
    Barbados is a failed state.

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  • complement…..

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  • @ Hal

    Strange things happen. We allowed Baxters Road to go under and then we talk about revitalizing Bridgetown. We go to Oistins to eat and listen to “Oldies” while our local music remains in obscurity.
    Muddled planning and hop scotch development. Turn on any radio station and ninety percent of the music is from that country. As early as 7:00 AM we are treated to “ country music or some foreign songs, on our stations .All the calypso from Crop Over disappear or only a select few are heard. Now if the calypsonian passes on , we get to hear his music and what a great volume he “ left behind”. However one did not hear a single one of those songs in donkey years.
    How many school children ever heard Nutseller by the Merrymen on radio? When last did anybody hear a recording of Sing out Barbados?
    Now you can have bagels for breakfast. Whatever happened to rock cakes and turn overs ?
    If we can’t maintain our culture how are we going to create a unique tourist product? Yet we have thousands walking ‘bout the place with marketing degrees.
    No innovation means no development. From Mickey Mouse to Disney world. Nite the cartoon film industry movies that we are taking our young kids to see……..
    In the meantime we cussing Massey and Butch Stewart.
    But we sell out Barbados Shipping and Trading. BTW BSandTwas also in the tourism business.

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  • “note” not nite ( regarding the cartoon film industry)

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  • I never thought it was a “sleepy St. Philip backwater” and I lived my teenage years in that neighbourhood. It was great!

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  • @ Donna

    Agreed. The Crane was a favorite spot forever. Both day and moonlight picnics were popular at the Crane. Back in the day the Crane was a must stop on bank holiday and Sunday drives. Those without cars used to use the then reliable transport buses to get there. Everybody knew about the Crane.

    Liked by 1 person

  • @ peterlawrencethompson September 16, 2019 6:16 PM
    “….. we could export 500% more rum than we currently do…
    ++++++++++++++++++++++++++++++++++++++++++++++++++

    This ‘high-reaching’ goal, although achievable, would require a concomitant 500% increase in the importation of molasses.

    How then could Barbados ever market its exported rum as genuine ‘Barbados Rum’?

    Barbados needs to increase significantly the local production of molasses (some of the best in the world) to ever convince foreign consumers that they are getting the real McCoy called ‘Genuine Rum of Barbados’

    Why can’t the Government lease the former CLICO plantation lands to a private entrepreneur who is prepared to grow ‘special’ canes to increase the local production of high-quality molasses to satisfy a niche market of rum connoisseurs and for use in the growing health foods sector?

    What plans does this BLP administration have for those former productive plantations?

    Instead of planning behind closed doors to sell them off for a mess of forex pottage why not come up with an agri-business project involving the growing of high-quality canes rotated with cannabis sativa to satisfy the expected high local demand for “Medicinal Marijuana” (Ha, ha ha!).

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  • peterlawrencethompson

    @Hal Austin September 17, 2019 5:12 AM
    You are making exactly the same point as I did in a much more verbose manner. Doyle assessed the risk and invested… Bajan businesses with the capital stuck to the conservative importing and trading or financial shenanigans that they had been doing for generations.
    I marvel at your faith in government led development… whenever I have seen it tried in Barbados it has been a dismal failure. Have seen successful examples anywhere in the Caribbean? This is an honest question… there may well be good examples that I simply don’t know about.

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  • peterlawrencethompson

    @Miller September 17, 2019 10:16 AM
    Foursquare is growing their export of rum at over 20% per year. They are leaving Mount Gay in the dust and winning just about all the international rum awards as a Barbados branded rum, even when they sell under other labels. Richard Seale has taken his great great Grandpappy’s sleepy trading firm and transformed it into a world class distillery of Barbados rum… all with Guyanese molasses.

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  • @ peterlawrencethompson September 17, 2019 10:46 AM

    So what would happen if some smart Indo-Guyanese business man start up a rum importation facility in Barbados (or most likely, buy out Seale’s distilling and bottling operations) and market it as The Bajan Diamond rum?

    Would he still have the right to call it Barbados Rum?

    What has happened to the real Bajan brands like Pretty Girl and Calypso now hiding under the label(s) of Barbados “Five Star Cockspur” “Special” rums?

    What we should be hoping for is that the same Seale business empire could expand its vertical integration production model by leasing the same lands ‘stolen’ by CLICO via the cannibalization of the old Plantations empire.

    This ‘re-conquering’ of the CLICO ponzi scheme could provide the ‘golden sweet’ opportunity to grow more sugarcane in order to produce more molasses to make the ‘various’ rums distilled, bottled and labelled at Foursquare more authentically Bajan.

    In other words, re-indigenize the rum industry as pertained in the “Gold Braid” glory days of genuine Bajan rum production.

    Why not make that economic pipedream contained in the Chorus of the Bajan national anthem come true?

    “We loyal sons and daughters all
    Do hereby make it known
    These fields and hills beyond recall
    Are now our very own
    We write our names on history’s page
    With expectations great
    Strict guardians of our heritage
    Firm craftsmen of our fate”

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  • @ PLT

    I marvel at your faith in government led development… whenever I have seen it tried in Barbados it has been a dismal failure. Have seen successful examples anywhere in the Caribbean? This is an honest question… there may well be good examples that I simply don’t know about.(Quote)

    Are you suggesting that government in Barbados has failed? Is Barbados a failed state? I don’t know anything about other Caribbean governments. A project developed by the government, or a sovereign wealth fund, can eventually be sold off to ordinary Barbadians and not some Irish-Canadian.

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  • @PLT
    You are refusing to accept that the local especially traditional private corporate sector has successfully committed economic sabotage and blackmail against successive governments. It’s modus operandi is quite clear: Give is what we want or we shut down; increase unemployment and put the economy in jeopardy.
    Look at what they have done to agriculture , manufacturing etc.
    We blame government for everything but at times it seems this is the only answer reason for all our problems. I agree that the Duopoly has failed but it is not only its failure that has the country in an economic head lock.
    BTW Sir David Seale has been one of the most powerful men in this country for more than a half century. He once bought in a race horse over thirty years ago for the $100 000. BDS. In today’s money that is at least 5 or 600 000.
    Also don’t forget Mount Gay was sold to Remi Martin . You can find Mount Gay any where in the world.

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  • peterlawrencethompson

    @William Skinner
    I agree with you completely that the traditional White business sector has betrayed the majority Bajan population through a combination of venality, racism, and incompetence.

    I was drawing a distinction between the younger Seale and his ancestors… time will tell whether I have judged him to kindly.

    Since the French now own Mount Gay they will operate it in their own interests and exploit the brand without reinvestment in Barbados most likely. In any case Foursquare makes much better rum and it sells for a much higher price and there is at least a chance that more of the profits will be reinvested here.

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  • peterlawrencethompson

    @Hal
    It is axiomatic that the founders of an enterprise are the ones who reap the lions share of the value if it is successful. Therefore ordinary Barbadians will not realize much value if something started by a sovereign wealth fund is sold off to them.

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  • @PLT

    Who owns the SWF?

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  • peterlawrencethompson

    @ Hal
    You didn’t specify who owns the sovereign wealth fund… there are many around the world but Barbados does not have one as far as I am aware.

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  • @PLT

    Ownership is in the name. And no, Barbados does not have one, but should as a matter of priority. Tell that to the BERT consultants.

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  • peterlawrencethompson

    @Hal
    I agree that Barbados should start a sovereign wealth fund as a priority… what do you think it should be capitalized by?

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  • @PLT

    You said at first I did not specify the owner of the SWF, now you are saying you agree Barbados should have a SWF. We are going over ground we have been over on numerous. I am sorry. I get bored repeating myself. But it can be, and should be, done.

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  • peterlawrencethompson

    @Hal
    As you are perfectly aware, many sovereign wealth funds invest in foreign jurisdictions; nothing in what you wrote ruled out the possibility that you were advocating getting foreign direct investment from the UAE or other similar SWFs. Whenever I attempt to have a serious conversation with you you get evasive and paranoid… whatever… have a nice day.

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  • @Peter

    Is the confidence in the market at this time for a swf to take root?

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  • @PLT

    I just do not want to go over again how Barbados can establish an SWF. Most, if not all, SWFs invest globally. I am not sure where the UAE idea came from. I am talking about a Barbados-domiciled SWF.
    By the way, most so-called FDIs are simply global companies shifting money to low-tax jurisdictions to avoid corporation tax. They do not bring anything new to the economies. Have a look at Apple and the Republic of Ireland..

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  • peterlawrencethompson

    @David
    Market confidence is irrelevant to the decision to establish a sovereign wealth fund… the key consideration is the source of the capital for investment. Most countries establish such funds when they have excess of wealth from an oil discovery or some such cash flow. Barbados does not have such a source of investment capital. But as Hal points out this does not mean that we should do nothing. A sovereign wealth fund can very approximately be conceived of as a nation’s savings account; you should be putting by a little bit in your savings account even when you are not feeling wealthy. In our case we should do something like send all the revenue from the 2% foreign exchange fee to a sovereign wealth fund instead of putting it into the consolidated fund.

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  • peterlawrencethompson

    @Hal
    Sorry, I only read BU intermittently, so I either missed your explanation of how Barbados can establish an SWF or else I’ve forgotten it. If you put up a link to it I will remedy my omission.

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  • Talk of a swf in Bdos is totally misplaced. Our economy has not generated consistent surpluses over any time period nor has a strong natural resource-based income stream. These are typically how swf are initially capitalised.

    After Bert is through, Barbados will have neither sovereignty nor wealth.

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  • @Peter

    Understood, the same confidence we have reposed in the management of the NIS fund?

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  • @PLT

    Get the chairman to do a search for the previous discussions. @ Dullard, it can be done.

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  • (Quote):
    In our case we should do something like send all the revenue from the 2% foreign exchange fee to a sovereign wealth fund instead of putting it into the consolidated fund. (Unquote).
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Would this ring-fencing of the forex fee be denominated in US $ or in the local Mickey mouse currency?

    A SWF denominated Bajan dollars is a waste of time (and money) and would just be a duplication of the already raided NIS funds.

    In any event how could Barbados set up a SWF when it is in default to its foreign creditors?

    Wouldn’t it be wrong morally and against the canons of international law?

    Repay the creditors and then talk about ways to generate forex surpluses to underwrite any (future) SWF.

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  • @PLT
    pleased to learn that Foursquare is increasing its business annually.
    Apart from making rum, they have obviously mastered the art of marketing and distributing their products, and smelling trends to which they can respond.
    With MG/WIRR, Appleton et al sold to the mega marketers, it is good to know the smaller players can not only survive, but prosper. Clearly an opportunity for other players to enter the fray.

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  • David BU

    LIAT is in the news once again.

    The following excerpt was taken from the September 19, 2019 edition of Barbados Today”

    “Regional cash-strapped airline LIAT may be on the verge of collapse, again.

    With negotiations between majority shareholder Barbados and Antigua and Barbuda having completely broken down, there are suggestions that only a miracle will prevent the cash-strapped airline’s operations from crashing.

    It would, however, not be the first time the airline has looked set to be permanently grounded, as back in April Chairman of LIAT shareholders Dr. Ralph Gonsalves had expressed fears that its closure was “imminent”.

    Labour sources close to Government told Barbados TODAY they had recently been informed that the situation regarding LIAT had gone from “bad to worse”.

    The source explained that during the recent negotiations between Barbados and Antigua, held over three months, the other shareholder governments made no financial contribution to the airline’s upkeep, as they expected a decision to be reached.

    “During the negotiations, nothing was done to keep LIAT in the air, which means that there has been no financial aid to LIAT in the last few months,” the well-placed source said.

    The airline’s bid to stay in the air will be high on the agenda at its Annual General Meeting early next month.

    “If something significant doesn’t happen at that meeting LIAT will almost certainly collapse,” the source predicted.”

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  • peterlawrencethompson

    Thomas Cook, the British travel giant with global reach, will probably collapse this weekend if they can’t beg, borrow or steal a quarter of a Billion US dollars. Can’t tell how many of their bookings are in Barbados at the moment, but there are about 600,000 Thomas Cook customers on holiday at the moment, of which over 150,000 are British.

    Contemplate a Barbados tourism industry without Thomas Cook or LIAT and let me know whether it’s still a good idea to place all our economic development and forex earning bets in the tourism basket.

    Liked by 1 person

  • @ PLT

    Think the big picture. According to the OECD, global growth will be he slowest since the 2008 crisis. Has the government got a Plan B, apart from BERT, which is Plan All?
    Rather than the President spending her time partying with Rihanna in New York, she should be hard at work on sorting out the problems faced by Barbadians. It is going to end in tears.

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  • @Artax

    Thanks.

    If shareholders are unable to fix the leaks then the inevitable will occur. Barbados government does not have the financing room to continue leveling of funding and or guarantees of the past. Something has to give.

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  • Adrian’s position has been AirBNB should be regulated.

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  • That was then A musical chairs of bluff presented by Mottley

    Prime Minister Mia Mottley Wednesday said that the core elements of a new, sustainable model for the regional airline, LIAT, are already clear and that the restructuring is expected to dramatically cut the airline’s cost to the Barbados taxpayer.

    Speaking in the Barbados Parliament as she delivered the 2019-2020 budget, Mottley said that significant progress had been made on restructuring the cash-strapped regional airline of which Barbados is a major shareholder.

    “Year after year, Barbados has coughed up capital subsidies for the airline without requiring burden sharing. And year after year, losses and debts have piled up, pilots work less and less, and ticket prices rise and keep on rising, to the point that it is now cheaper to fly to Miami and even New York than to Antigua or Trinidad,” she told legislators.

    She acknowledged that LIAT is a tough issue to crack and that there are “more government shareholders in LIAT than in any airline in the world.

    Apart from Barbados, the other shareholders of the airline are Antigua and Barbuda, Dominica and St. Vincent and the Grenadines and last week, St. Vincent and the Grenadines Prime Minister Dr. Ralph Gonsalves said that Caribbean countries were being asked to contribute a total of US$5.4 million in emergency funding need to keep the airline in the sky. At the same time, 11 destinations had been given until March 15, to respond to the airline’s minimal revenue guarantee (MRG) proposals.

    Under and MRG model, it is likely that a few flights may be cut if the government is not prepared to fund them with a guarantee, Gonsalves said, adding that theoretically, several countries have no quarrel with the MRG.

    Mottley told legislators that the open secret is, if a loss-making route gets cut, calls are made, pressure is put on management, and the route reappears.

    “There are flights LIAT now has that will have one passenger. A flight that any airline anywhere else in the world would cancel, but not LIAT.

    “Pilots and other groups have contracts that let them get paid regardless of whether they work or not. And as debts have mounted, the airline has got behind on its bills and into what is a slow death spiral, just waiting for someone to move first and seize a plane.”

    But she said solving tough issues and saving the Barbadian taxpayer money is why her Barbados Labour Party (BLP) had been elected last May.

    “Is it impossible to put in place a sustainable solution? Of course not. Nearly every government in the region subsidizes airlines delivering arrivals through a minimum revenue guarantee. Those airlines certainly aren’t losing money and there are few complaints about having to pay more to the airline if the fare falls or the seats go empty.

    “And when we engage with CARICOM with our sleeves rolled up ready to do heavy lifting as a partnership, the fact is, we as a region can get things done.”

    She said as a result, “we have taken a different approach to LIAT from the previous government.

    “Instead of complaining and then writing a blank check, we got deep into the numbers and day to day problems facing management.

    “Then at the meeting of CARICOM Heads on 26 February, we drew a line in the sand. Barbados will no longer be a part of an airline that isn’t run on a commercial basis. And, unless there is fair burden sharing, not a cent will come from the Barbados budget.”

    Mottley said that at the start of this month, LIAT management sent a letter informing shareholders that it would cut flights starting with below average revenues if minimum revenue guarantees are not put in place.

    “This approach to burden sharing allows management to run the company as a business. The following week, management launched into crisis meetings to negotiate cuts from all suppliers and labour. When all suppliers responded that they would support the restructuring except the pilots, shareholders immediately called pilots to a meeting to explain that the alternative for the company was bankruptcy and a new company would only rehire them on its own terms.”

    She said while “we won’t know the full result for a few weeks, the core elements of a new, sustainable model for LIAT are already clear” and that suppliers, commercial financiers, and labour will provide major cost cuts; any flight with below average revenues will need to be subsidized or cut.

    “Several countries that haven’t paid for service until now have committed to do so (and) the airline will put in place a hub and spoke model and use wet leases to improve service, especially during holiday travel periods and between one and three planes will be sold to pay down debt.”

    Mottley said that although the goal is to eliminate the need for capital contributions to the airline altogether, “our fiscal year 2019 budget includes a small subsidy assumption for minimum revenue guarantee agreements on specific flight arrivals to Barbados.

    “The exact cost will depend on ticket fares and how full the planes are, but, needless to say, we think it makes sense to guarantee specific flights given the taxes and benefits to the broader economy that accompany arrivals,” she told legislators.

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  • That was then A musical chairs of bluff presented by Mottley (Quote)

    @ Mariposa

    You know what Mottley said is true. Stop being so partisan.

    I hope you remember when former tourism minister Richard Sealy said LIAT’s headquarters would be moved to Barbados, Gaston Browne basically told him to stop talking nonsense and he could not make that decision. LIAT’s headquarters remain in Antigua to this day.

    Your members of your former administration allowed Browne to intimidate them. Like Mottley or not, it looks as though she is not allowing the man you call a tin horn dictator to intimidate her, just like how you refer to Butch Stewart.

    You need to stop criticizing for the sake of it and making up things as you go.

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  • Mottley put on a presentation of pretentious platitudes then turns around and present a solvable solution months later of selling barbados shares at a over the market value along with asking the other shareholder govt of accepting barbados debt into the airline as part of the deal

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  • Please explain what is meant by a “presentation of pretentious platitudes?”

    How do you know the shares were over the market value? Where is the proof?

    Selling the shares is a solvable solution to what?

    How is selling the shares a solvable solution when Antigua made an offer to purchase the shares

    As majority shareholder, Barbados accepted liabilty for the debt incurred as a result of a loan to purchase 3 aircrafts.

    Why should Barbados sell its shares to Antigua that would now become majority shareholder, while Barbados become a minority shareholder and still accept responsibility for the debt?

    Don’t you think the debt should be a part of sale agreement?

    You are again making incoherent generalisation and making up things as you go.

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  • All.i have said were Mias ideas
    The question of selling the shares u should ask Mia the why and in what way would her selling barbados shares help Liat out of its economic mess

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  • All.i have said were Mias ideas
    The question of selling the shares u should ask Mia the why and in what way would her selling barbados shares help Liat out of its economic mess (Quote)

    It’s obvious that your job is to criticise for the sake of it. You don’t think.

    How did you arrive that selling LIAT’s shares was Mottley’s idea?

    Gaston Browne said he had a plan for LIAT, which included an investment proposal from Sir Richard Branson and Antigua acquiring Barbados’ shares in the airline to become majority shareholder.

    Browne offered to buy Barbados’ shares in LIAT and Mottley accepted.

    What about that you cannot understand?

    You should ask Gaston Browne how would buying Barbados’ shares and Antigua becoming majority shareholder would help LIAT out of its economic mess.

    It is clear you don’t have a clue about what is going on and you’re making up things as you go.

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  • @Goren

    Whatever came of Gaston’s plan to bring in a private investor? Was he blowing hot air?

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  • @ David BU

    It looks as though Gaston could only go through with those plans if Antigua was the majority shareholder.

    Maybe that’s why we are not hearing anything more about them.

    These regional governments will cause the demise of LIAT.

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  • Why did he mouth off then? Rhetorical question.

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  • @ Mariposa

    You are right. Selling the 49 per cent shares n LIAT should not take a lifetime. However they are valued (multiples of shares, multiples of annual turnover, multiples of profits, etc) the sale should have been done and dusted by now.
    If Barbados wants to sell (and they should) and Antigua is hesitating, then Barbados should offer the shares to all comers. There is no reason why they must sell to Antigua.

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  • Here comes the financial bull in the pen. Does the buyer – whoever it is – assume Barbados debt obligations? You always have an arms distance solution always ignorant to the pertinent facts and considerations.

    Spot on!

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  • Isnt Mia portfolio consist of MOF
    Doesnt the buck stop with her at all ends in fiscal./ financial matters
    Then Robert how can u asked such an asinine question relative as to who makes the final call on the selling of the sharesl

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  • You are right. Selling the 49 per cent shares n LIAT should not take a lifetime. However they are valued (multiples of shares, multiples of annual turnover, multiples of profits, etc) the sale should have been done and dusted by now. (Quote)

    Rubbish. Mariposa is right about what? You do this nonsense all the time.

    She said, and I quote, “Mottley put on a presentation of pretentious platitudes then turns around and present a solvable solution months later of selling barbados shares at a over the market value along with asking the other shareholder govt of accepting barbados debt into the airline as part of the deal.”

    Where in the above she talked about a delay in the sale of the shares?

    What in the above comments is she right about?

    What you do is say she is right or spot on so you could make your own comments.

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  • Then Robert how can u asked such an asinine question relative as to who makes the final call on the selling of the shares (Quote)

    @ Mariposa

    Point out to me where I asked the question you said I asked?

    You are the asinine person, because I never asked that question.

    Learn to read and understand what you read.

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  • @ David BU

    It isn’t to say Barbados offered to sell its shares in LIAT on the market and is looking for Antigua in particular to buy them.

    Gaston Browne came with a proposal, which included making an offer to purchase Barbados’ shares, and in keeping with his aim of having Antigua become the airline’s majority shareholder.

    Mottley accepted the offer because of Barbados’ current economic situation.

    Why do we want to intellectualize a simple situation?

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  • There is a cabal whose agenda must be fed at all cost even if it means throwing commonsense under the proverbial bus.

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  • Gaston Browne cameare th a proposal, which included making an offer to purchase Barbados’ shares, and in keeping with his aim of having Antigua become the airline’s majority shareholder.

    So Robert for clarity sake
    Whose idea was it to sell barbados shares
    From your dippsy doddle comment it would seems as if you cunningly wants to indicate that a Gaston Browne proposal was the mechanism which lends itself for Browne to make an offer to buy Barbados shared without Mia / govt of barbados first initiating the sale of the share

    Like

  • @ Mariposa

    I think you deliberately pretend to be stupid.

    Show us where and when Mottley initiated the sale of the shares?

    You continue to make up things as you go, just for the sake of criticising.

    “Speaking on his radio station on Saturday, Antigua and Barbuda’s Prime Minister Gaston Browne said Mottley has said yes to selling “a significant portion” of Barbados’ shares in LIAT to his government.”

    “Earlier this month, the Browne administration issued a statement from a Cabinet meeting which said, “Prime Minister Gaston Browne indicated to the Cabinet members that he has written to Prime Minister Mia Mottley on the LIST restructuring plan.”

    An OFFER WAS MADE for Antigua and Barbuda to acquire the LIAT shares owned by Barbados, through a take over of the liability of Barbados to the Caribbean Development Bank (CDB).”

    You can read the rest on Barbados Today, May 19, 2019.

    Like

  • Robert u can read or interpret u political intrepretation
    However i stand by my view that Barbados govt first initiated the sale to which Gaston Browne responded accordingly
    U can have the last word.

    Barbados PM announces sale of LIAT shares

    Wednesday, June 05, 2019
    BRIDGETOWN, Barbados (CMC) — The Barbados government Tuesday night formally announced plans to sell its shares in the cash strapped regional airline, LIAT, but insisted that it was committed to regional transportation and would continue to hold minimum shares in the Antigua-based carrier.

    Barbados along with Antigua and Barbuda, Dominica, Grenada and St Vincent and the Grenadines are the main shareholders of the airline that employs over 600 people and operates 491 flights weekly across 15 destinations.

    Barbados Prime Minister Mia Mottley in a statement to Parliament confirmed reports that Antigua and Barbuda would be seeking to replace her country as the largest shareholder government by seeking to acquire the shares Bridgetown would be outing up for sale.

    She said that Attorney General Dale Marshall would lead the negotiations.

    “There is only so much that Barbados can responsibly do at this time given our current circumstances and our current position on the journey which I referred to just now,” she said, having earlier made reference to the island’s multi-million dollar agreement with the International Monetary Fund (IMF) to turn around the ailing economy.

    “Therefore…notwithstanding our absolute commitment to regional air travel and notwithstanding the fact and given in fact that the studies have recommended a different module and restructuring for LIAT and given the inability of the government of Barbados to do for LIAT in the next five to 10 years what the government of Barbados did for LIAT in the last five to 10 years when we moved significantly to assume major shareholder responsibilities, we have taken the determination, a decision as a cabinet that it is time for us to step back while at the same time allowing other governments to continue with their proposals to restructure LIAT in the way which they have determined.”

    Last month, Antigua and Barbuda Prime Minister Gaston Browne said he had received communication from his Barbados indicating that Bridgetown was willing to sell all but 10 per cent of its shares in the airline.

    Antigua and Barbuda currently holds 34 per cent of the shares and if it acquires Bridgetown’s shares, would have 81 per cent of the airline.

    The government in a statement last month had said that “an offer was made for Antigua and Barbuda to acquire the LIAT shares owned by Barbados, through a take-over of the liability of Barbados to the Caribbean Development Bank.”

    The Antigua and Barbuda government chief of staff, Lionel Max Hurst, said that “there are many jobs here in Antigua and Barbuda connected to LIAT and we intend to ensure that those jobs are not lost.

    “Many of the route rights that LIAT now possesses would be utilized more fully if Antigua and Barbuda gets its way,” Hurst said.

    Like

  • @ Mariposa

    You are on the right lines. If government wants to sell its 49 per cent shares in LIAT to Antigua, then let it do so. If Antigua does not want to pay the asking price, then they negotiate and reach an agreement. If they cannot reach an agreement, then offer the shares to a third party.
    It is financial illiteracy to talk about Barbados debt obligations holding up an agreement; the only Barbados debt that should come in to the discussion is any debt incurred in maintaining our 49 per cent share holding. If so, the standard warning applies: investments can go up as well as down.
    If the Barbados government is holding out because any CDB or other debt incurred to invest in LIAT, then that is bad financial management; but I would not be surprised. They should cut their loses and run.
    If you put LIAT, White Oaks, the chaos at the NIS and other examples, all together it is clear that this Mottley government, with its top economic advisers, is as grossly incompetent as the Stuart government,
    It will end in tears. Barbados is a failed state.

    Like

  • This govt thinks that bullying tactics is a good form of negotiations
    Reason why the stalemate between govt and external creditors have reached a standstill
    Reason why barbados would be strapped with liat
    In the meanwhile Barbados debt and commitments on liat and external creditors continue to grow

    Like

  • The blabber mouth Robert Goren wants guillible people to belive that Gaston Browne initiated the sale of Barbados owned liat shares
    Well my understanding of proposals of sale of property in any form that the seller or owner initiates the first proposal with intent to sell and people with an interest reponds

    Like

  • @ Mariposa

    I am now convinced that you are actually stupid.

    Gaston Browne made an offer in May 2019.

    Barbados accepted and the announcement on the agreement was made a month later, in June 2019.

    “The government in a statement last month (May) had said that “an OFFER was MADE for Antigua and Barbuda to acquire the LIAT shares owned by Barbados, through a take-over of the liability of Barbados to the Caribbean Development Bank.”

    You don’t understand what you read.

    Like

  • Not stupid
    Also not gullible

    Like

  • Mariposa, don’t mind the idiot saying you’re on the right lines. That is for his personal posturing. You should pay attention to how he then goes on to say or explain something completely different from what you said.

    Read and understand what you read.

    Gaston Browne presented a restructuring proposal to the shareholder governments for LIAT. He outlined his intentions of wanting to acquire Barbados’ LIAT shares and investment from Sir Richard Branson. This was in May 2019.

    He came out prematurely and said Mottley accepted the offer. Mottley through her press secretary Roy Morris did not confirm or deny what Browne said, but said the government received an offer to buy the shares from the Antiguan government. Mottley said she acknowledged receipt of the offer and set up a negotiating team to visit Antigua to discuss further.

    She also said she was not prepared to prejudice negotiations by shouting across the water about the offer and before discussing it with Cabinet.

    After discussing it with Cabinet, Mottley made the announcement in June the she accepted Browne’s offer and went on to explain why.

    You are so obsessed with criticising that you read and do not understand what you read.

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  • Robert Goren why are so adamant to make comments to make me see your point of view
    Do you know for sure who initiated the proposal
    I am going by precedent set in property rights which is the first and usual step taken of the owner deciding to sell property through various marketing proposals
    If a buyer has inside information of a propsed sale before a formal proposal is put in public forum it does not mean that the buyer made the initial step
    Only the owner can categorically initiate that step by any means necessary in order for a proposal to be made by a potential buyer
    I am done with this issue

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  • And we have this buffoon not privy to the credit agreement between LIAT 1974 and CDB posting nonsense on the blog. He does not know because he uses the word IF but thinks he is sufficiently seized of the considerations associated with the deal of Barbados’ obligations as a shareholder.

    His duplicity and dishonesty rises from the slag when he encourages ac in a position that is false:

    Truly a buffoon of a high making:

    Like

  • I am going by precedent set in property rights which is the first and usual step taken of the owner deciding to sell property through various marketing proposals (Quote)

    @ Mariposa

    I’m not sure who wrote the above comments, but it’s certainly not the usual Mariposa.

    Anyhow, you continue to show us how stupid political yard fowl you really are.

    What does insider information have to do with this issue?

    So, if I have a house and you asked me to sell it to you, does that mean I initiated the sale?

    Massy and Ansa Mcal made proposals to buy out BS&T shares. After discussion, the shareholders decided to accept Massy’s proposal and sell to them.

    Shareholders offer to buy the shares of other shareholders or a large company would seek to buy the shares of a competitor in a bid to have controlling shares of the company. This was what Massy did and what the other Trinidadian companies that had minority shareholdings in Barbadian companies did to control those companies. Check BHL, Burdens, MER Bourne, Stokes & Bynoe.

    Show us where, when and through what various marketing proposals the Barbados government offered LIAT’s shares for sale?

    Now you come with irrelevant nonsense about property rights, proving to us that you make up things as you go.

    You know you have been proven wrong and that’s why you have to done with this issue.

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  • 🙂
    Can you imagine a situation where Mariposa and Lorenza both take the same exam and Robert G grades answer sheets.

    All the answers from Mariposa and Lorenzo are either a B or a D. Where Mariposa has a B, Lorenzo has a D and vice versa,

    Robert G has all of Mariposa’s answers marked as incorrect and with a detailed explanation.

    Some names have been changed to protect the innocent.

    For any of the three. I Done. YMHTLW.
    🙂

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  • Robert you seem to be sure about a lot of things that u know nothing about
    Here you go again trying to influence others thinking with a suggestion of who wrote my last comment
    What u need is a refreshers course in some comments which you suggested that Mariposa was one of all the same alias
    By the way i have bought owned and sell enough properties to know of what i speak
    I suggest you take a break from engaging with me before u bust a blood vessel in the head because of me
    Hate to see u counted as another Barbados murder statistic
    I gone bozie

    Like

  • Later, boys and girls.

    This B and D thing has brought us to where we are. We need to let it go and think as a nation.

    Somebody has to be the first. Even with the few missteps, Mia can still seize the opportunity to correct what ails us. If she wait until every beak gets wet, then this pattern of failed leadership will not be broken.

    I saw where someone said that “right is right and wrong is wrong” and they don’t come in party colors.

    Seize the opportunity.

    Enjoy the day.

    Like

  • You have now gone from managing a large corporation to buying, owning and selling enough properties to make you an expert in selling shares. 🤔🤔 🤐

    Spot on. You are following the right lines. I will burst a blood vessel in my head having a fit of laughter at your stupidity.

    😂😂😂😂😂😂

    Like

  • Robert Goren
    Your slip is showing Artax
    I laughing too
    Ha ha ha murder

    Like

  • @ Mariposa,

    Be steady. I have been accused of bragging about owning apartments. It is a fabrication. I have never owned any apartments (in the UK we call them flats), never aspired to own any and certainly do not want to be a landlord.
    Attempts at personal attacks follow when people do not want to discuss the ideas. I will repeat: if a company runs in to financial difficulties, it may have to re-capitalise. If it does, then the founder equity shareholders may be asked to meet the new capital requirement if they want to maintain the shareholding ratio. If they do not then their holdings will be devalued sometimes called dilution.
    Some investors may borrow money to put in to the troubled company to maintain their holdings; but if that company runs in to further problems and the original shareholder wants to sell, the buyer will be mad to pay more than the market value of the shares so that that investor could recoup their loss. Buyers only pay above market value for sound investment reasons ie if they want control of the company.
    The first lesson in investing is that investments can go up as well as down. If Barbados really wants to sell its holdings in LIAT it should sell at market value and write off the debt.
    That is how business is done in mature financial markets. But, in micro markets where everybody knows everybody else and uninformed politicians run the show, anything goes. Ignore the background noise.

    Like

  • Be steady. I have been accused of bragging about owning apartments. It is a fabrication. I have never owned any apartments (in the UK we call them flats), never aspired to own any and certainly do not want to be a landlord.
    Attempts at personal attacks follow when people do not want to discuss the ideas. I will repeat: if a company runs in to financial difficulties, it may have to re-capitalise. If it does, then the founder equity shareholders may be asked to meet the new capital requirement if they want to maintain the shareholding ratio. If they do not then their holdings will be devalued sometimes called dilution.
    Some investors may borrow money to put in to the troubled company to maintain their holdings; but if that company runs in to further problems and the original shareholder wants to sell, the buyer will be mad to pay more than the market value of the shares so that that investor could recoup their loss. Buyers only pay above market value for sound investment reasons ie if they want control of the company.
    The first lesson in investing is that investments can go up as well as down. If Barbados really wants to sell its holdings in LIAT it should sell at market value and write off the debt.
    That is how business is done in mature financial markets. But, in micro markets where everybody knows everybody else and uninformed politicians run the show, anything goes. Ignore the background noise. (Quote)

    @ Mariposa’s argument is that Mia Mottley initiated the sale of LIAT shares.

    My argument is that Gaston Browne offered to buy the shares as part of his restructuring proposal and Mottley accepted the offer.

    Hal Austin’s comments have absolutely nothing to do with what we are arguing about.

    @ Mariposa

    I have been reading Barbados Underground for years and I am sure I am not the only one you have seen you say that you manage a large corporation. If you believe I am Artax for saying so, that is your problem. I don’t give a damn.

    You can always ask David BU to verify if it’s true or not. You can criticise him all you want, but he is honest.

    Like

  • (Quote):
    @ Mariposa
    You are on the right lines. If government wants to sell its 49 per cent shares in LIAT to Antigua, then let it do so. If Antigua does not want to pay the asking price, then they negotiate and reach an agreement. If they cannot reach an agreement, then offer the shares to a third party. (Unquote).
    +++++++++++++++++++++++++++++++++++++++++++++++++++++=

    How can Mariposa aka “ac” (the asinine clown) aka “angela cox” be right?

    How could anything coming from an anonymous(e) person be relied upon if he (or in this case ‘she-she’) cannot stand by her word and put her John Hancock in clear ‘ABC’, like you the hypocritical ‘Halitosis Asstin’, to the BU pages?

    You are ‘backing’ a ‘multi-face’ member of the club of the ‘veiled’ BU Anonymous.

    A club you swore on your dead mother’s grave somewhere in the back Ivy you will never join or engage in any ‘silly’ debates with any of its members like David King.

    No wonder you were nothing but a fifth-rated cub reporter attached to some rag sheets at the bottom of the ladder leading to the Fourth Estate.

    Like

  • Hal .thanks for your input
    This society known as barbados suffers from a disease call “tunnel vision” which takes them towards a route call Cul de sac
    Their reasoning or will to detour starts at a point when they can go no more
    By then it is too late
    Hence Mottley robust utterances at Caricom board meetings to implement ideas to solve Liat problems
    Ending with a 90 degree turn to sell barbados shares at above market price with an inclusive componment of asking the buyer to take upon itself barbados share of debt which makes for wonder who in their foolish mind would expose themselves to such a high risk knowning the possibility that Liat financial position has been taking a nose dive

    Like

  • The maggots crawling out of the wood work
    Good afternoon Muhammad

    Like

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