Governor Cleviston Haynes delivers the Central Bank of Barbados’ review of Barbados’ economic performance in 2019 and takes questions from the media and the live online audience.
Central Bank of Barbados’ Review of the Barbados Economy in 2019.pdf (4.16 MB)
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DavidFebruary 1, 2020 10:26 AM
You are aware you have attempted to sensationalize what Mac Fingall is reported to have said
Please explain what Mcfingall said
Before you confuse yourself and in the process mislead here is some guidance.
The WordPress comment box receives HTML text. If you are not familiar from time to time you will use characters that the browser will update in html and not text. An ABC approach is to download an html text application and post the html text to the BU comment box. Other commenters post to a gmail message box, include highlighting, other edits.
Sometimes it is good to ask instead of running off at the mouth with the obvious.
Not sensationalize, add a greater dimension
Disrupting
Out of the box
No scared cows on my farm
It is the opinion of one man yet you ran with it read it will become a reality.
@ David February 1, 2020 10:08 AM
That should make the government’s debt profile a bit out of IMF expectations, not so?
Since the NIS is awash with ‘spare change’, do you think a loan application from the Hyatt developers would attract favourable consideration now that Ma(l)oney is still the politicians’ blue-eyed boy but now wearing a Red cloak?
Testing. Testing. T***S
Thanks for that useful tip Never experienced so many problems until recently. It works great
Still some issues as my old text did not translate to what I saw posted;
For others like myself
https://html5-editor.net/
Barbados is about to have a “growth” spurt. The former employees of Black Bess Quarry Ltd should find employment.
Maloney, Bjerkham and COW could be hiring soon.
Bottom line is the rich right Bajans get richer. ” From Plantation to Corporation “. could be a great book title.
@ Hants
We like it so. We pull down one another instead of supporting each other. We behave like crabs in a barrel and then look around for some one or something to blame.
Today’s Nation newspaper _
https://barbadosunderground.files.wordpress.com/2020/01/sinckler-haynes.png
A very serious issue / crisis. ( if true ). It seems to me that the government needs to lead a water saving program in addition to building desalination plants.
All Bajans should be encouraged NOT to waste water.
“Barbados is facing a serious drought with rainfall in 2019 being the lowest since 1947.”
https://www.nationnews.com/nationnews/news/243705/driest-1947
@ Artaxerxes February 1, 2020 6:59 AM
“ These guys were essentially “stealing from themselves” for years.”
+++++++++++++
You may consider this behavior to be immoral, but not only is it entirely legal, it is the way capitalism is designed to work. Capitalism’s cornerstone is using various techniques to privatize profits while simultaneously making others accept the risks. The establishment of various artificial persons, or companies, is the most important of these techniques.
If you wish to change these behaviors it means dismantling capitalism. I’m all for that.
@ miller
They are indeed fooling themselves that the NIS is awash with spare change because they look in a cheque book and see funds.
The NIS has not supplied audited financials for years. They don’t know their true receivables or payables, nor do they know their asset base at market value. All those buildings they own are booked at building cost and not market value. So in the case of the famous GROTTO where the over run was close to 50%, that one asset is overstated by 50% on their books. Then we have the Buildings they rent for income. Are these rented at true commercial rates? What is the ROI on Boabao Towers for example?
In short the NIS is one massive mess which no one knows the true value of. Finally when we demolish the building in town to plant grass, remwber that asset will also have to be removed from the NIS fund, so again the fund will take say a 6 million dollar hit on its asset bases. They will claim they are operating on their in-house financials so dont worry, but even a first year accountant will tell you in house figures are to be used ONLY BETWEEN ANNUAL AUDITED FINANCIALS. So to use in house unconfirmed figures for 10 years is not only stupid, but in many countries illegal.
Financial lunacy at its best.
@ miller
Added to the above I forgot to add that on the restructuring The NIS lost roughly 6% of interest yearly on $2 billion dollars say of sinklers worthless paper. So that’s another $120 million a year in revenue they are down by which we as a people are yet to be told how it will be made up!
I mean we know how it will be made up we just haven’t been told the name of the new tax yet that’s all. Lol
@John A
Does it matter if the government is “funder” of last resort?
@ David.
The NIS is in no position to fund its own liabilities farless take on future financing of more government projects. You can look soon for NIS Payments to increase based on the $120 million annual shortfall from the restructuring. It’s like a bank lending money when it doesn’t even know how much it truly can safely lend.
January 31, 2020 6:40 PM
@William
“It is stupid talk because it does not align with your jaundice view? There was a time when the Central Bank of Barbados was respected as an independent body, in the days of Courtney Blackman for example. Every day people resign based in principle. Barbados is the only Rh place people believe tenure is sacrosanct. Because the MoF reports to the PM it does not mean he or she should not properly represent the office AND the ethics of their Rh profession. If more people stood up for principle what you think will happen? Change will not occur by ceding all authority to the politicians.“
@ David
After reading your elaborate diatribe above, I need to remind you that it’s Dr.Courtney Blackman who said and I quote:” The governor of the central bank is a creature of the minister of finance.”
He was the former governor of the central bank not me. You are an apologist. You are afraid to ask the MOF why she is refusing to explain what Dr. Howard has asked about the obvious vast differences in the economic outlook /forecast by the governor and the IMF.
Nobody went in a polling booth and voted for Cleviston Haynes.
A++@ David Bu at 2:35 PM
Are you for real? What ls a funder of last resort? You are really mekking mock sport in Bu and at taxpayers.
@Vincent
Just referencing the former Senator Darcy Boyce. If the NIS IR is the government and taxpayers to pay any way. You take from one pocket and give from the other.
@ David
Let me put it to you this way. Remember when Owen said the NIS would take a hit of close to 1 billion in the short term when all is factored in from the debt restructuring? Well the $120M over 5years is $600M there alone!
So if half the asset base of the NIS was in gov paper and the other say 30% is In overpriced under performing real estate, what really is the true market value of the fund? How can we therefore then turn to the same brek ass fund and expect to further leverage the little cash they may have on hand? Haven’t we lost enough in the Four Seasons Project doing this foolishness already?
I would the true value of the fund is probably half what they claim it is today. Remember a house only worth what you can sell it for, what you paid for it is irrelevant.
@ David BU
That statement does not become you. If you believe that, then I feel like a failure.
@Vincent and John A
When will the most current Acturarial Review of the NIS Sheme be made available to the public?
PS. Wasn’t Darcy Boyce a Barbados scholar?
@ David BU at 3;29 PM
You are asking all the wrong questions.
The actuarial review of NIF is not for public consumption. It is a guide to the Board of Directors to review its funding and investment policies in the light of changing demographics of beneficiaries
Darcy Boyce’s Barbados Scholarship has no relevance to the subjects under discussion.
@ David.
What we want published is up to date audited financials not the Actuarial report.
@John A
We need both _ by law the actuarial report is to be laid in parliament. As you know the Parliament is where the people’s business is conducted.
@Vincent
Of course it is relevant. The NIF is the people’s money. It is suppose to be our lifeline. BU is not a court of law.
@ David
Yes the report is to be laid as you said but the audited financials will tell us the true position the fund is in.
The auditors have the right for instance to question things like the valuation of assets etc. They can comment on things like the ROI on real estate in their summary and notes. Truth is I don’t think any government really want to open the Pandora box that is the NIS. At least not in a weak economy like the one we are in now.
John A at 6:28 PM
Audited annual financial report of NIB is mandatory. It has nothing to do with preference of any other entity.
What is the purpose of a triennial actuarial report? What would a triennial actuarial report mean to parliament? Is an actuarial report the same as an auditor’s report?
By the way, the current report was late at the time the last one was published. That was discussed in BU at the tim.
@ Vincent
Thing is we are so far behind now on these figures you have to ask yourself how long it will take to get to a point that would even be relevant.
Have to ask how both parties could not have seen this as a major priority.
@John A
Why are you talking parties?
What is the role of a Board of Directors in this scenario.
@ David.
My Point is under neither leadership did those responsible see bringing these financials up to date as a necessity.
In the end the minister and the PM Have the final say.
@John A
Can we conclude that despite all the lettered Board members,NIS Boards have fallen short in what is expected of them? These Boards have had members with minimum integrity?
>
@ David.
They have failed us for sure. The only one that stood by his beliefs and resigned when sinkler went against the board was Tony Marshall.
@John A February 1, 2020 7:19 PM
Maybe there is a ‘missing piece’ to the puzzle which is ‘right’ before our very eyes.
Maybe there is more in the long-overdue auditing mortar than just the pestle made of the lack of technical capability to complete the job.
Documents to support ‘certain’ money transactions have a way of disappearing in the Bajan ether full of white collar criminal activity.
Barbados is blessed with an army of qualified accountants; with many of them surplus to requirements.
Why is it taking so long to complete a job which has been in the workshop since there was a chief Marshall and counting?
What really is going on here other than the taking of NIS contributors for a big ride with them sitting on a greaseless pole?
“You may consider this behavior to be immoral, but not only is it entirely legal, it is the way capitalism is designed to work.”
@PLT
I was going to “tell” Miller although the process is not “white collar crime,” it’s legal and unethical at the same time.
Did anyone see yesterday’s story in Barbados Today: ” Two more libraries open Saturday”. It was accompanied with a photo of two children neither of whom was black. The one in the foreground was Arab looking, whilst the other one in the background looked a similar complexion
What does this subtle subliminal message tell us about Barbados?
https://barbadostoday.bb/2020/02/01/two-more-libraries-open-saturday/
When people questioned Mia measures of cutting taxes to corporate barbados
Mia responded that it was an incentive to give corporate an opportunity to invest in barbados whereby growth can be created
Well almost two years later and no such thing has happened
Meanwhile the country gets deeper in debt
Govt has no solutions and unemployment is at its worse
Private entities has resorted to less hours for workers and bajan households gets poorer
Mia in recent days has gone silent
No.more sleight of hands with PR news conference
It is as if the country is left to fend for it self
BRIDGETOWN, Barbados, November 20, 2018 (CMC) – The Barbados government announced, today, plans to provide a hefty reduction in corporation taxes for businesses, and urged them to share the benefits with citizens. … Businesses, with taxable income of up to one million dollars, will pay 5.5 percent.Nov 20, 2018
Another glowing reminder of how the wealth was easily transfered to the rich when govt rely on hot and sweaty measures as a measuring stick to gauge the pulse of big business
Two years later and no such thing has been achieved as govt struggles to present a sustainable growth plan for the people
Hence going forward we have the gov. of the Central Bank spelling out im detail a hot and sweaty prediction of an imaginary growth rate
In meantime people are asking govt where is the growth coming from
@Artax February 1, 2020 11:39 PM
What are you referring to? The failure of directors/owners of corporate vehicles to meet statutory obligations required under the NIS, Companies and Income Tax Acts?
We are not concerned about the design or configuration of corporate/commercial vehicles in the pursuit of profits/gains but if those business mediums are exercising their statutory responsibilities. This is where the “white collar” crime intervention comes into the picture.
This has nothing to do with ‘Capitalism’ but with basic and healthy respect for the Law which is the blood of democracy.
Matiposa poor you everyday you are on here shouting about growth and employment.Tell or show us where was this growth for 10 long years under your Dems? The only notable effort came through tourism under Mr Sealy otherwise you all were a total disaster for Barbados with downgrade after downgrade to junk bond status.Thereforr if it took 10 yesrs to destroy the country why wpuld any reasonable person believe it would take less than 2 years to recover?You really should be ashamed of your party and yourself because i believe the country was rven in worse shape than the Bees imagined based on the mouthings of the Dems prior to the last election.
Lorenzo
Why dont u respond to currant gov measures that have place people jobs and livelihoods in jeopardy while govt in haste made a bad decision of transferring wealth to corporate business in return for nothing
There is where your focus and attention should be placed
This is 2020 ten years have long gone the people spoke and gave Mia a 30-0 mandate
The one armed bandits namely Corporations took the tax cuts and waivers placed them in off shore accounts which would be further invested in financial markets to fit their pockets
Meanwhile the tax payers have been screwed without vaseline and told to hold strain and pull the wagon
What a thing doah
You are writing about a matter you and Facebook friends are clueless.
@ Mariposa: February 2, 2020 7:55 AM
Could you please explain how “Corporations took the tax cuts and waivers and place them in off shore accounts, which would be further invested in financial markets to fit their pockets?”
It seems as though “appallingly ignorant” is reserved for everyone, except you.
The reduction in corporation tax occurred so as to comply with the change in requirements for the offshore sector. The fact that we had 2 tax schedules the EU was arguing meant we were encouraging offshore businesses to hide tax revenue here. To get around this the corporation tax had to be dropped to local companies or we would of lost a large portion of the offshore sector.
The hope was this along with offering USD accounts would level the playing field here so that many of the Bajan companies would now have their head offices here again.
All said it was a good idea but I am not sure if we have been able to gain from it, as no data has been shared with us as to its success.
@John A
Gains would have been realized in which financial year?
@TLSN
Welcome to the new Barbados. The reality is that ordinary Barbadians are bludgeoned daily by an incompetent press in to believing that this multi-cultural experiment is global, it makes us world class and punching above our weight.
When those kids’ generation reaches maturity – say about 25 years time – I will almost certainly be dead, but it will be the end of traditional Barbados.
I have said on here a number of times, although it is late, it is not too late for traditional white and black Barbadians to unite and save their country. They may never be bossom pals, but time is short.
One thing for sure, the president has no interest in rescuing ordinary black Barbadians from the invading hordes. It in not part of her vision, her master plan.
So far there are no benefits to show
Not one project has arisen given that govt had high expectations that the benefits deriving from these huge cuts would be passed on to people and country
Don’t shoot the messenger simply read what govt expected from the savings given to big Corporation
Two years later and nothing offered or given back to barbados economy
Trickled down economics never worked in the eighties and would never work in 2020
Corporations have always been known to get the last word and laugh
This massive transfer of wealth to the rich has always keep the poor man going up hill with bucket on their feet
Holding govt feet to the fire is the only way to stop the bleeding of taxpayers money
https://barbadostoday.bb/2020/02/01/two-more-libraries-open-saturday/
I want to commend the librarians of Barbados for their stellar efforts in trying to upgrade library services and to offer more hour of services. I am a firm believer that a library should be opened seven days a week.
I often bypassed the Speightstown library and headed to Bridgetown where more books/resources were available. Any success that I had in my life, I attribute to a number of sources and one of them was the quality of relevant books that I oftend borrowed from the Barbados public library.
I was also fortunate that the school I went to had a very good librarian. Given the help she gave me over the years at school, it pains and disappoint me that I do not fully remember her name. I think it was Miss Sullivan.
https://barbadostoday.bb/2019/10/20/national-library-service-adapting-to-changing-world/
I am hoping that the library can find a way where it can solicit and recieve donations from all citizens of Barbados. Our means may be limited but some of us would willingly donate books or money, if we can be certain that it would end up on the shelves and not elsewhere.
Each year I get telephone calls and letter from the university in the US that I attended. I hope the Chief Librarian can explore such a path and at the same time assure possible donors that ALL monies would be used for cause to which it was donated. He needs to reach out to big/small companies/people.
No, Miller, I’m was not “referring to the failure of directors/owners of corporate vehicles to meet statutory obligations required under the NIS, Companies and Income Tax Acts.”
I was referring to business people establishing their own companies through which they provide goods and services for the companies of which they are directors.
I’m sure you remember, for example, the “Deloitte Forensic Audit of CLICO International Life Insurance Ltd. report as of December 5, 2011” revealed former Chairman of CLICO International Life Insurance Ltd. (CIL) and CLICO Holdings (Barbados) Ltd., (CHBL) Leroy Parris’ salary was paid to him through a company he established, named Professional Financial Services Inc. (PFS).
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