Governor Cleviston Haynes delivered the Central Bank of Barbados’ review of Barbados economic performance in the first nine months of 2019 and took questions from members of the media.
Central Bank of Barbados Review of the Economy: January to September 2019
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138 responses to “Central Bank of Barbados Review of the Economy: January to September 2019”
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There is a mixed feeling post central bank review of the economy. Traditional economic indicators have improved over prior years. There has been a stabilization to borrow the government’s word. The downside is that the growth is yet to come largely because projects have been slow to mobilize.
All in all the government must be given a C+ given what it has achieved in a relatively short period.
We have to work at planting opportunities for a new economy to offer economic avenues for advancement for the youth.
No comment post external debt debate? We will save 5 billion in coming years?
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So what have learned
We learned thst govt saved 5million in money that govt cant pay
We learned that real growth has to be achieved
We learned that govt has a shortfall in tax revenue
We learned that the 68 million collected came from the suffering and pain of barbadains
We also.learned that govt collective increase in reserves was due to borrowing
What we need to know is how in the coming months govt plan of paying the monies borrowed. -
My favourite sentence….”Moderate growth is expected in the context of the improved confidence that the macroeconomic environment is providing”.
What does the BL&P do with Jet Fuel? I thought they used heavy oil.
“With the conclusion of external debt restructuring”….has settlement been reached with 100% now?
Wegatherin is a “special event”. It seems they are still printing money?
Going in the right direction.
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It is amazing the lack of financial analysis during this period of austerity. It seems we can only analyze these matters in a partisan political context Northern.
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More pie in the sky, feel good announcements by Central Bank. Governor still not able or willing to give the nitty gritty of the countries finances on any long term basis. He did mention that in 2020 debt repayments will commence, does not go into ANY DETAIL. Also no mention of the REMAINING FOREIGN DEBT as the recent announcement only covered just over half the existing debt, WHAT is happening with respect to the remainder, mysteriously vanished and will not NO FUTURE FINANCIAL IMPACTS.
Wily would be embarrassed to present a report such as this, to any kind of financial forensic auditor and not get his ASS KICKED.
A quote David likes to use, comes to mind and and seems appropriate, SAME OLD SAME OLD.
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Unsure the level of analysis differs much from prior reports? The partisan merely speak more often and louder than many others, for their primary intent is to be partisan. And the context they use at times, is quite inventive. If only those efforts could be redirected to productive outputs. Then again when ‘singing for your supper’ can result in feasts, it is erstwhile. Did you note the major uncontrolled expense category was “Grants” and the reason provided was the public pension drain on the current account (non-contributory). Combine these, with the continually avoided mention of anything to do with the NIS, and you get?
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@Northern Observer
Yes, it is one of the first KPIs the blogmaster checks to pulse check the fiscal discipline government is touting.
The analysis asked for is in the context of current state i.e. 16 months after entering an IMF program, next steps from others outside the establishment?
p2: http://www.centralbank.org.bb/Portals/0/Files/September%20Press%20Release.pdf
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Yawn!
Well summarised we still in recession and collect nuff in fuel tax.
Important details on debt restructuring remain a state secret and all is well in Bim.
As for the debate the Bs did as we thought and pelt bout numbers and broad statements all Short on critical data. all the reverent could come up with was to ask if a $3 million agricultural loan get restructure.
Lord send we an opposition from somewhere quick I beg yuh!
Hal boy as you say we are truly a failed state.
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@ John A
I really do admire your stamina. This is rubbish economics, rubbish regulation, rubbish monetary policy, and a government that is totally out of its depth on fiscal policy.
Imagine a prime minister, less than 18 months in to a five year term, and attacking Solutions Barbados from the platform, a one-member party whose only voice is its weekly newsletter on BU and Facebook.
That speech should have been full of fire about the government’s programme, details about the debt restructuring, and a vision for a future Barbados. Instead it was about more campaigning. As I have said, the president does not do details and policymaking is about the fine print.
We are living in a make believe world. But keep up the good works, you and @William. -
Austin the only rubbish i see is from daily from your perch in the UK where the government now forced to call an election for failing to reach a brexit agreement.Imagine this joker speaking about a fail state. This same person spoke about the innocence of a Mr Thompson concerning Clico descibing him as bright lord have mercy.The non point about attacking The opposition is par for the course.Mr Straughn spoke at length about the debt restructuring compared to Mr Atherley who seemed lost at sea poor fella and the less said about the political nightwatchman the better.
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Minister in the Ministry of Finance, Ryan Straughn, will move the passing of a Resolution tomorrow in the House of Assembly to restructure Barbados’ foreign debt.
The passing of the Resolution will allow for Government to launch the external debt exchange to replace the existing foreign commercial debt with two new bonds.
Straughn said the indicative terms would see a new ten-year bond issued, resulting in a 25 per cent reduction in principal, a 35 per cent reduction in accrued interest at an interest rate of 6.5 per cent payable semi-annually, and include an adverse weather clause.
“At the conclusion of this debt exchange, the way would be paved for the rating agencies to reassess the credit worthiness of the Government of Barbados, which should lead to the upgrade of our external credit rating, the first for a decade,” he added.The Minister said that with the settlement of the external debt, Barbados would be on track to meet the six per cent primary surplus, placing the public debt on a more sustainable path towards achieving the 60 per cent debt to GDP target by 2033 as part of the Barbados Economic Recovery and Transformation programme. (Quote)
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The Central Bank Governor always gives a quarterly report and neither Minister Straughn or anyone else from the Ministry of Finance is never at the media briefing. Then the prime minister or minister Straughn talks about the economy and never refers to anything in the Governor’s Central Bank report. Are they all on the same page or am i missing something here?
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@ Hal.
The thing is I don’t blame Straughn for omitting critical data which would of shown the true cost of the exercise, after all he sits on the government side, so the less he can say the better.
Who I blame fully for not enlightening the public on the true cost is the opposition. They failed miserable at their function in this instance. What it did show us all is how unprepared Atterley and his group are at running a Rum Shop, far less a government
As Wily said above ” a total lack of the nitty gritty ” in relation to the debt position. Anyhow we will sweep that under the rug now and move on. Who ever is in power in 2029 can then utter those famous words ” how we get back here again?”
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@ John A
Do political parties have economic researchers or do they just rumble on talking and talking? With an army of young graduates coming out of Cave Hill, surely they can do better, especially the DLP? Do we have think-tanks or academics who participate in public debates? What about the media? Are we that badly off?
But @John A you are doing a good job. -
@ Hal
I would say I am disappointed in all of them including the media! Thing is that worries me the most is how totally out of their depth the opposition was. Based on their performance i can not see them as anything but a bunch of political seat warmers now.
I can only hope that between what is left of the others we can scrape together something more formidable by elections. In my view a country always does better with a strong opposition.
I would also say Straughn handled himself well. Nothing he said was not factual, while at the same time he was able to omit certain critical data without being challenged by the opposition.
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@ Vincent
You are on to something. I suggest you read Thomas Piketty, he is very good. But for starters, in 2009, following the global crisis, the total equity investments worldwide were about US$27trn, today they are about $70trn an increase of about 160 per cent.
This should give you an idea of the under-performance of the NIS in particular ad the Barbados economy in general. What was the strength of the Barbados economy in 2009 and what is it today?
We also need to look at the quality of education and its impact on employment chances; health at birth; and of the impact of inequality on economic growth.
In Barbados inequality, social justice and inheritance taxes are not part of the conversation. One occasional blogger even calls this Marxist, but then again she escaped from the iron claw of the Soviets which may explain her narrow social vision.
We must also look at the political influence of the rich and powerful, from the so-called Social Partnership, to the BHTA, to just social and cultural associations. -
@ John A
I did warn you. You should not ,therefore, be disappointed.
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@Vincent.
As usual sir I didn’t doubt you, although I was like the eternal believer living in hope! Lol
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@ Mr. Hal Austin
Hal,
You will note that as soon as you made your comment, no other person separates you and Hee Haw.
You said and I quote
“…Imagine a prime minister, less than 18 months in to a five year term, and attacking Solutions Barbados from the platform, a one-member party whose only voice is its weekly newsletter on BU and Facebook…”
There is a profundity and an immeasurable value to be derived both from your words AND ITS IMPACT TO CONJURE UP THE 2ND OF THE RENTED JACKASSES, Hal.
Why?
Why in the middle of the discourse about the deep economic doodoo concerning Barbados’ economic woes for the next 14 years WOULD THE MUGABE DICTATOR divert to discuss her Opposition and 2 non existent groups?
Let us pause to discuss your short yet astute observation.
The mere fact that during an Annual Convention she has purposely made time for what she then proceeds to discuss as NON EXISTENT is clearly indicative of her preoccupation with the People’s Party for Democracy and Development.
Let’s face it, the others dont really count and then she goes even further to confirm WHAT THE OLE MAN KNOWS TO BE HER CONCERN!
She focuses on the subvention for the PDP and quotes an unknown rule for which there is no literature in existence JUST TO CONFIRM WHAT SHE REALLY FEARS.
THE PDP!
And you, de man who de same Rented Jackass has been sent to bait about Brexit SAW THAT CHINK IN HER ARMOUR FROM 3,000 MILES AWAY!
You are observant Hal.
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@ the Honourable Blogmaster your assistance please with an item here for Hal Thank you
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@ Hal
Barbados has been in election mode since 1980s.. Ever since, there has been constant campaigning and the Duopoly became more shameless in political posturing.
We used to have an election and then governance. Now we have elections and elections. In between it is only holding on to votes. Governance has been placed on the back burner. Public discourse has been hijacked and now with the new media it’s just plain campaigning.
@ John A
You should not have expected anything else. Amazingly you actually believe there is an opposition. -
The following comment was posted by retired UWI Professor Michael Howard elsewhere on the matter of 5 billion savings on the external debt deal:
Michael Howard
…The real point I am making is that though it was “saved”, and I understand that meaning in terms of future expenditure foregone, the saving is not “realized” in an economic sense in terms of cash in hand or ex post foreign exchange. -
Wait Jeremy Stephen’s latest comments are not plastered across BU? No surprise.🤣🤣
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Well said Professor Howard and it’s the reality in liquid terms that has not or will not be discussed by anyone. It is also the real cash term cost that we the taxpayers will have to find.
Anyhow that discussion will never be had as the opposition was more interested in discussing a 3 million dollar agricultural loan!
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Government’s decision to bring Ross University may have been a masterful stroke, respected economist Jeremy Stephen has said, as the medical school is shaping up to be as big an economic engine as it once was for its former home, Dominica.
Stephen highlighted the university as one of the more substantial takeaways from the Central Bank’s latest report on the economy.
Noting the overall report gives Barbadians much to smile about, Stephen told Barbados TODAY that he was most intrigued by the prospects of growth in 2020.
He said: “The report is pretty encouraging in that the Barbados economy is forecasted to have a slight uptick in 2020 and a lot of it seems to be dependent on the performance of Ross University.
“It was referred to in the document as ‘medical educational tourism’, a very smartly put bit of language, as it appears that they didn’t want to speak to too much specifics.
“Based on what I would have read in the report, ‘medical education tourism’ was one of the major players when it came to increased tourism arrivals over the first nine months of the year.
“This sector also largely accounted for increased tourism spend.
“The largest and newest of these players is Ross University.”
The economist noted that while he is on the fence as to whether Ross University students classify as tourists, the development was certainly a good sign for the economy.
He also pointed to the re-exportation of goods as helping with the country’s overall export earnings.
Stephen told Barbados TODAY: “I have said for the last ten years that trans-shipment is the big opportunity that Barbados has in the near future and it is interesting to see this now.
“I am hoping that it is not an anomaly but rather an emerging trend.”
The central bank report said the economy declined by an estimated 0.2 per cent so far this year, owing mainly to delays in private sector investment projects and budget cuts in public spending, which eroded the gains made in the tourism industry.
Stephen contends that even this could be viewed as the glass being half full, adding that based on the country’s ongoing debt exercise, one would not be faulted for anticipating a larger fall.
He said: “The economy did not fall by as much as one would expect considering that we are under a debt exercise.
This includes not just the debt restructuring but the IMF programme as well, so this means that the entire economy is being restructured and one would expect a bit of a falloff.
“This was compounded by the fact construction and unemployment numbers are going in directions that we do not want.
“We are going through an IMF programme and you do not necessarily grow while that is going on.”
But the outspoken economist noted that while there was certainly much to write home about, there were troubling and areas which should be urgently addressed. Topping his list of negatives was low capital expenditure.
Stephen said: “Capital expenditure is part of the way the economy would grow but unless I am reading the report wrong, capital expenditure increased by just $10 million from the same period last year, despite the flagging standard of infrastructure that we do have.”
He further pointed out that the economic report shows that less money has been spent on fuel imports and since Government was the majority importer of fuel into Barbados, one could surmise that the difference at the pumps was much more than just the fuel tax.
“This would certainly justify a lot of the anger people are having with respect to cost at the pumps despite continued suppression of prices internationally.
“It is my hope that those monies would be accounted for in the public coffers and go toward capital expenditure,” he stressed.(Quote)Pray tell, how is Ross University going to contribute to economic growth in Barbados? No bold statements, no political mumbo, jumbo, but the details, the figures, plse.
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@John A
When this comment popped up thought you would love it!
It fits your line of debate on the issue doesn’t it.
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COMMENTARY: Ross University and Its Economic Impact on Dominica
Neal Nixon – Friday, July 13th, 2018 at 12:17 PM
https://dominicanewsonline.com/news/wp-content/uploads/2017/11/ross.jpg
Ross University’s campus in Portsmouth (photo taken before Hurricane Maria)
EDITOR’S NOTE: Ross University School of Medicine was forced to move its operations out of Dominica after the passage of Hurricane Maria in September 2017 as the institution was not spared from the devastating impact of the monster storm on the island. Nearly one year later, with no definite indication as to if, and when, Ross will return, anxiety is understandably mounting about the significant economic loss caused by the absence of the 40 year-old institution.In the following article, Neal Nixon, a member of the Green Haven Group (www.thegreenhavengroup.com), an organization that seeks to connect investors overseas with projects on the ground, addresses the economic impact of Ross on the island.
On the heels of Ross University School of Medicine 40th anniversary, it may be fitting and instructive to take a look at its history and its economic impact on Dominica. Moreover, when a company’s annual contribution surpasses 15 percent of a nation’s GDP, in which it functions, that company’s operation, culture, and people must be observed most carefully; its prospects, its growth, and continuous progress should merit uncommon attention. In the following text, the author will give a brief history of Ross in Dominica and will attempt to show its financial contribution (quoted in US dollars) to Dominica’s economy. Included are recommendations to the Government and People of Dominica.
In 1978, just a few months before the ravages of Hurricane David on Dominica, Dr. Robert Ross established the University of Dominica School of Medicine with the enrollment of 11 students. In 1983, encouraged by a vision of success and moved by expectations of a more favorable future, he officially named it the Ross University School of Medicine (Ross University). Concurrently, he established the Ross University School of Veterinary Medicine in St. Kitts (RUSVM) and placed both institutions under the control of Dominica Management, Inc., a company exclusively owned by Dr. Ross.
As a consequence of financial challenges and the pressing need to recapitalize the business, Dr. Ross sold 90% of Dominica Management, Inc. to Leeds Equity Partners and JW Childs Equity Partners for an attractive $100 million in February 2000.
Three years later, Dominica Management, Inc. was sold to DeVry for $329.3 million, out of which Dr. Ross got $48 million for his remaining ten percent ownership, a sum evidently greater than ten percent of the sale price, presumably because of the appraised value of intangible assets related to the “Ross University” name. The table below shows the details of the sale:
On May 16, 2003
Current Assets $45,751,000
Property and Equipment $21,986,000
Intangible Assets $70,170,000
Goodwill $238,588,000
Other Assets $199,000
Liabilities $47,435,000
Net Assets Acquired $329,259,000DeVry was the holding company for DeVry University, Ross University, RUSVM located in S. Kitts, American University of the Caribbean (AUC) located in St. Marten, Adtalem Brazil, EduPristine in India, Chamberlain and Carrington in the United States, Becker CPA program, ACAMS, and miscellaneous equity positions in other education-based institutions. In 2017, the company changed its name to Adtalem (ATGE) and divested its entire stake in DeVry University. Therefore, the holding company of Ross University is Adtalem, a publicly traded U.S. company, listed on the Nasdaq Stock Exchange, with $2.9 billion in market capitalization and sixty million shares outstanding.
The Effects of Ross University on Dominica’s Economy
Ross University campus comprises of approximately 273,000 square feet of property located on 33 acres of land, of which roughly 22 acres are under lease, and 11 acres are owned by the institution. Before Hurricane Maria, Ross University had approximately 1,215 students and about 450 (315 Dominicans) faculty and staff in Dominica.
Ross medical students go through a ten semester (approximately 40 months) course before qualifying for residency. Students spend the first 16 to 20 months (four semesters) in Dominica, where they pursue basic science and preclinical curriculum. The remaining 24 months are spent doing clinical rotations, conducted at roughly 40 affiliated U.S. hospitals. The University has graduated over 14,000 students since its inception in 1978.
Like any other medical school, the cost of attending Ross University is hefty. A quick glance at the Adtalem 2017 annual report shows that students pay something in the region of $23,000 per semester for tuition and fees, a 240% increase from 2003 figures of $9,600, an appreciable 6.00% compound annual growth rate.
Gauging from the rental prices of houses and apartments in the vicinity of Portsmouth, particularly those advertised to students, one can estimate within a reasonable limit of certainty that Ross University students pay an average of $600 per month in rental expenses. Taking mid-range prices of living expenses reported by Island Med Student, on a blog article published 11 years ago by a former med student, and adjusted for a 2% annual inflation, one can conclude that the average monthly living expenses of a Ross University student can be broken down as follows:
Utilities – $136
Food – $610
Phone – $50
Laundry – $30
Entertainment – $180
Incidentals – $10From these figures, we calculate the university’s annual economic impact on Dominica. The table below summarizes annual revenue generation:
Ross University’s Annual Contribution to Dominica’s Economy
Tuition and Fees $83,835,000
Rental Expenses $8,748,000
Living Expenses $14,813,280
Other $2,000,000
Total Contribution $109,396,280
One may argue that tuition and fees have no impact on Dominica’s economy since it is money collected directly from the students by the company, and, therefore, have no circulatory effects in the country. Permit me to explain why it merits a place on this table. Approximately 30 percent of tuition income is expended on the salaries of 450 employees who live in Dominica, and who incur living expenses within. In addition, another 40 percent is earmarked for administrative expenses, and upkeep of general operations. The remaining 30 percent are either deposited in Dominica’s banks or banks within the region, as alluded to in the company’s annual report.Admittedly, there are a few notables that were not integrated into the calculation: the cost of maintenance of facilities and equipment, the consumption of electricity and water, independent contractors, land lease, airport fees, banking fees, and various incidental expenses incurred in Dominica. I did not take into consideration the circulation of new currency in the economy or the effects of new construction in the Portsmouth area.
The correlation between Ross University’s contribution and Dominica’s GDP was indicated at the onset of this article. Now, considering the above calculation and holding as a denominator $580 million (Dominica’s GDP last reported by the World Bank a year or so ago) we can safely conclude that Ross University accounts for 19% of Dominica’s GDP, 19 cents of every dollar generated.
There are a few equally significant, but less observable, benefits of Ross University. In a Dominica News Online article, dated March 13th, 2013, William Hughson, then president of DeVry Healthcare Group, stated, “Each year the school makes charitable contributions to support national and local programs in education, health, culture, and sports, with particular attention to programs that improve opportunities for local youth. Ross University also provides two full scholarships annually to Dominican students who meet the university’s admissions criteria and wish to pursue a medical degree. Since 1996, Ross University has granted scholarships to 57 Dominicans, totaling EC$13.5 million.” He continued, “Since 2005, 202 Dominicans have participated, with benefits totaling EC$19.4 million.”
The Effects of Hurricane Maria on Ross University
On September 18, 2017, Hurricane Maria, a category five whirlwind, blasted Dominica and caused unprecedented destruction. The hurricane severely incapacitated Dominica’s infrastructure creating a difficult, if not impossible environment for students. The campus facilities incurred significant physical damage. As a result, all the students and staff were evacuated out of the island. As a consequence, all non-US and Canadian students (4% of student population) were sent to a makeshift school in St. Kitts, and its US and Canadian students were assigned to facilities at Lincoln Memorial University in Knoxville, Tennessee pending the completion of repairs and remediation to the Dominica campus.
Logically, one can conclude that the temporary closing of Ross University has led to a loss of $9M in monthly revenue for Dominica and a loss of even more significant numbers in indirect business activity. $9M represents a monthly slice of $150 for every man, woman, and child in a country grappling with debt and destruction. These numbers are based on the conceivable mass migration that transpired following Marie and the author estimates the present population at 60,000.
Adtalem’s quarterly report, dated March 31, 2018, disclosed: “As of March 31, 2018, Ross University recorded expenses of $39.3 million associated with the evacuation process, temporary housing, and transportation of students, faculty, and staff, and additional costs of teaching on the ship in St. Kitts. Based upon preliminary damage assessments of the Ross University facilities, impairment write-downs of building, building improvements, furniture, and equipment of $14.5 million were recorded as of March 31, 2018. Management estimates that total costs to repair and replace damaged facilities and equipment will be in the range of $30 to $40 million.” As of the date of the report, the company had received insurance proceeds of $36.6 million, sufficient to cover the cost of assessed damages.
Recommendations to the Government and People of Dominica
Adtalem has received a sweetheart deal from Dominica’s Government, an agreement stipulating complete tax exemption indefinitely. RUSVM in St. Kitts and AUC in St. Marten signed similar contracts. Because the company is a persistent beneficiary of zero tax liability, it pays only a 15 percent tax rate when filing its US corporate taxes, compared with its counterparts who pay out 35% of revenue to taxes. This low tax rate has been a boost to the company’s button line, affording it a comparative advantage over its competitors who operate only in the United States. But something interesting occurred recently – something that threatens the attractiveness of this tax incentive: the Tax Cuts and Jobs Act signed by President Donald Trump in November 2017.
The statute lowers the US corporate income tax rate from 35 to 21 percent, a few percentages shy from 15 percent. If Dominica finds itself in the path of a series of destructive hurricanes that would cause additional harm to the company’s business, and, if state and local tax incentives from Tennessee and other competing locations are offered likewise, the continuation of Ross University will hang in the balance. Dominica cannot continue to rest on its laurels. The government of Dominica has no bargaining chip to keep Ross University. Taxes? Corporate taxes are falling around the globe. Sun, sea, and sand? You can get that in many countries. In business, there are no permanent friends, just strategic partners.
So, allow me to paint a picture which the reader may appreciate. When a profitable company has such an extensive footprint in a country, when its effects within are so material, and when its existence and expansion so evidently beneficial, it becomes highly incumbent on government and entities of financial means to seek a partial ownership interest in that company.
In 2003, the stock price of Adtalem, then Devry University, was $12.10 per share with 70 million shares outstanding. It is a common practice on Wall-street that when an investor purchases 5 percent or more of outstanding shares, it qualifies the investor to appoint someone to the board of directors, a privileged position with compensation, access to information and the authority of making company decisions. What if, at that junction in 2003, the government of Dominica, St. Marten and St. Kitts had created an equity holding company to invest primarily in Devry. For the sake of argument, we will refer to it as DSS Equity Partners (DSS). Let’s suppose, in 2003, DSS had purchased 3.5 million shares for a cumulative price of $42.35 million ($14.12 million from each country). That is a colossal sum, but a prudent investment predicated on securing a nation’s interest. Through stock price appreciation (307% as of this writing) DSS investment value would have ballooned to $175 million; it would have received an additional $8.2 million in dividend disbursements. So, one may ask, “where would the government get this sum of money to invest?” May I remind you that Dominica lost $28 million in the Clico insurance fiasco and the country did not hiccup. Or should I ask to canvass the several white elephants that grace Dominica’s landscape? 140 black books, adorned with our country’s flag, at $100,000 a pop, and there you have it.
Although the return on invested capital would be quite impressive, a more significant benefit would be DSS armed with authority to nominate an individual for a position on the Board of Directors of Adtalem; a person charged with the duties of looking out for the best interest of DSS, and by extension Dominica, St. Marten, and St. Kitts. The incredible inside information accessed would be used to explore additional synergies and to formulate plans and proposals to invite other educational institutions to set up shop in the region.
The reader has been made acquainted with the 14,000 students that graduated from Ross University. I beg the reader to now look at these graduates from a different vantage point: medical doctors who are alumni of Dominica. May I humbly suggest that the government of Dominica creates a program to gift to them two weeks of a free hotel room stay every year indefinitely. It would be a gesture of saying thank you for choosing Ross University; it would be a thoughtful incentive to have them and their respective families to return to Dominica. Obviously, it would be a cost to the government of Dominica, but happily, it would not be a cost to Dominica. It would be transference of currency from the government to the private sector. Since hotel occupancy rate in Dominica is about 30 percent, then the government should bargain for a discount price on a wholesale basis for a portion of unused capacity. These good doctors on their arrival in Dominica must eat; they will party; they will explore; they will spend. Interestingly, some may desire to carve out a portion of their vacation time towards medical work – thus a foray into medical tourism.
References
Adtalem 2003 Annual Report
https://www.sec.gov/Archives/edgar/data/730464/000073046403000019/0000730464-03-000019-index.htmAd
Adtalem 2017 Annual Report
https://www.sec.gov/Archives/edgar/data/730464/000114420417044976/0001144204-17-044976-index.htm
Adtalem 2018 3rd Quarter Report
http://culturedominica.com/dm/govt/assembly.htm -
David
Maybe the goodly Professor should set out if there are indeed savings or not, and if there are, how much. #sophistrymuch -
@ David.
It was an opportunity for the opposition to shine and show their worth. Instead they crashed and burned miserably.
I mean how much would it of cost for Atherley to have gotten a detailed analysis done for the sake of true enlightenment?
Anyhow we will debate this in 2029 when the true cost raises its head. To continue now is pointless. We tried our best anyhow!
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@John A
You have given up?
@Walter
Final comment on this matter on the back of Tuesday’s ‘debate’?
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“He also pointed to the re-exportation of goods as helping with the country’s overall export earnings.
Stephen told Barbados TODAY: “I have said for the last ten years that trans-shipment is the big opportunity that Barbados has in the near future and it is interesting to see this now.”If an entity imports, let’s say 500 cases of XXX, and then sends (exports) 100 cases to each of 2 related companies in say St.Lucia and St.Vincent, is the subsequent export of an imported good termed re-export? In other words, the export of anything which was not manufactured in B’dos.
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@ David.
I personally have not given up, I have however given up on the opposition ever serving any useful purpose when it comes to educating the public on matters of our financial reality.
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CIBC bank, based in Barbados, has just been bought out by a COLOMBIAN who resides in London !
You simply cannot make this stuff up.
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CORRECTION
Is on the verge of being sold. -
@TLSN
Why cant you make this stuff up?
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Can it really be possible that we are going to allow a Colombian to purchase a Barbados based bank. Am I missing something? This must be a sick joke. Perhaps we are looking to diversify our economy.
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You are suggesting Mia Mottley in her capacity has the Minister of Finance to do a Gaston Browne?
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@TLSN
Substitute Englishman, American or Canadian for Columbian would you have the same problem? Do you have a Bajan in the wings willing to purchase the Bank? -
@TLSN
You just cannot make up this stuff. I suggest whatever problems you face in the UK, plse stay there. Visit Barbados to holiday only.
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@Sargeant
Based on the comments do you think some realize the Caribbean operations is being sold by CIBC? It will be up to Barbados when the local authorities do their processing of the application to determine if they will sign off? Is this your read?
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Why are the two of you trying so hard?
“… David November 1, 2019 3:18 PM
@John A
You have given up?
@Walter
Final comment on this matter on the back of Tuesday’s ‘debate’?..”
People are already seeing the “ANTI-ATHERLEY” SPEECH IN your remarks
For example
“… John A November 1, 2019 2:31 PM
@ David.
It was an opportunity for the opposition to shine and show their worth. Instead they crashed and burned miserably.
I mean how much would it of cost for Atherley to have gotten a detailed analysis done for the sake of true enlightenment?…”
You would do well to leave the PDP alone AND STICK TO WHAT YOU ARE GOOD AT IN THIS PERSONA!
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@David
It is not breaking news that CIBC was looking to sell its stake in FCIB, it just had to find a buyer. The Canadian Banks are heading for the exits from the Caribbean, Scotia in addition to its most recent sale of assets in the Eastern Caribbean sold its holdings in Puerto Rico and the US Virgin Islands in June at a reported $300 million net loss. The whole area has not recovered from the Global recession of 2008 and the Banks’ executives prefer to look for new horizons or build up in areas where they see potential growth and profit.
And so it goes…..
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@ pieces
They performed poorly and that is a fact. They had an opportunity to educate the people as to the reality of the debt restructuring and failed miserably at it.
What purpose does Weatherhead serve anyhow isn’t he supposed to be the shadow minister of finance?
Had they of performed well I would of been the first to congratulate them regrettably that was not the case. They had a right to pay someone to prepare a spread sheet for them on the true cost, they chose not to and instead ventured into waters way beyond their depth.
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@Sargeant
Agree with your assessment, the Canadians do not have the appetite for this part of the world these days.
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The Columbian is reported to be worth US$3.7 billion (May 2018)
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I did some googling of The Columbian and stopped. None of my dang business.
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@ John A
I am not too sure about the portfolios of the persons in the People’s Party for Democracy and Development
You would have more insight than I an ole man do in this regard.
What I would say however is that EVEN THOUGH THEY ARE NEW AND MOTTLEY IS CERTAINLY MEKKING SURE THEY HAVE NO $$ TO RUN THEIR PARTY, they are doing quite well
Take a look at this link below
https://www.facebook.com/peoplesparty246/videos/482209269246797/
De ole man left school at 11 and therefore my literacy is limited
So when I got the decipher numbers and ting I GOT TO USE JU-C STOPPERS!
I poor ingrunt ole man dat I am, was able to look at dis video above and understand it.
So, for me, i saying dat dem got people who BREKKING IT DOWN fuh we!
Now as to their speed and ability to get out there with their message, that HAS TO BE IMPROVED, but I think that FOR A NEW PARTY THAT HAS EVOLVED ON THE AWAKENING OF REVEREND ATHERLEY, they are to be congratulated.
Why have you not cast any aspersions against Solutions Barbados or your former party the DLP?
Oh, dont tell me, they are not “The Opposition” are they?
But, jes a moment thar partner!
I am always hearing Senator Caswell Franklyn saying that all the position papers and Bills are being sent to them the night before.
So how come you saying them operating poorly?
And your own Honourable Blogmaster does tell people who submit articles here pun BU that he has to “clean up” their submissions
How come it is allowed that he can take your pdf in a destructible spinup of a web browser, reconstitute it as a jgp, then generate an OCR version and pdf, which he can then use?
How come you give the Honourable Blogmaster a Pass to take time and do that BUT SAYING THE PDP is failing?
You think Mugabe hired Me Love You Jong Time for he flat face?
You ought to be ashamed of your normal brilliance though, trying to downplay the serious nature of this DRACONIAN situation
You feel Mugabe Mottley playing games?
She going try everything to lik up the PDP INCLUDING CHILDISH NURSERY RHYMES
Looka how she calling Atherley Eeenie Meenie Mynie and Lucille sorry Moe.
Suppose he was to call her “THE BIG FAT COW THAT JUMPED OVER THE MOON?”
OR THE BIG FAT TRAIN THAT COULDNT?
heheheheh
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Do we know how this Colombia made his fortune?
With our lax ways of doing business, I am certain that his associates and he himself will be very comfortable operating in Barbados. -
Jaime Gilinski Bacal (born 14 December 1957) is a Colombian banker and real estate developer. Gilinski resides in London. According to Forbes, he is the second richest person in Colombia, with a net worth of US$3.9 billion as of May 2018.
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Hooray, all Colombians are not drug farmers.
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