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Why CIBC is clocking out earlier

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A BU family member sent the embedded image to BU’s inbox with the cryptic message – “The banks are at it again. It won’t be long before the others follow suit. They will be soon closing at midday. To hell with the consumer, it is the bank that matters.”

In today’s Nation newspaper there is coverage given to the matter with a consumer watchdog entity calling for the Central Bank of Barbados to intervene.The issue is that CIBC has reduced its banking hours.

The blogmaster is not surprised by the decision. There is a growing trend of financial institutions aggressively adopting cheaper electronic channels to deliver services. Does the local consumer watchdog body believe the decision to shorten hours to the public was done without the knowledge of the Central Bank?

Here is the thing, CIBC was the lead bank in a recent USD300 million debt for climate swap deal. One can only wonder at the goodwill and ‘influence’ CIBC and banks have generated with the government out of that deal.

Recently the Nation newspaper labeled Governor Kevin Greenidge a 2024 Personality of the Year. One of the accolades bestowed upon him was Central Bank’s introduction of a Market Conduct Guidelines (MCG) for financial institutions. Of interest is that the MCG requires financial institutions to seek Central Bank’s sign off on new as well as increase in existing fees. The Governor was also visible in the role he played forcing banks to comply with NOT charging fees on electronic transitions last year.

What does this mean?

Financial institutions will find ways to create shareholder value. Shortening opening hours will help to reduce operating cost and the savings will help to shore up revenues. There is a lot more that can be written on the matter but what is the point, Barbadians are prepared to be naive on these matters. Barbados Underground commented on the backroom decision to jettison the minimum savings rate to push a gullible public towards buying government securities when the previous government was printing money like no tomorrow. All done under the watchful eye of then Governor Worrell and Minister of Finance Chis Sinckler. The same Sinckler who was recommended for a cushy job in Washington by Prime Minister Mottley.

Last week Barbados Today wrote a pat on the back editorial about the role traditional media houses have to play to be a watchdog for holding civil society players accountable. It will be social media players that will have to hold them (BT, Nation) accountable because so far what we see is the two prostituting themselves for the advertising dollar and to win favour from society’s elite.

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47 responses to “Why CIBC is clocking out earlier”

  1. David Avatar
    David

    Barbados moves closer to digital payment networks

    Barbados is a step closer to accessing international digital payments networks such as Apple Pay and Google Pay.

    While the local financial institutions are currently still working through the licensing process for the e-wallet with the Central Bank, chairman of VENTI Global Inc. Venti Global, Keith Downer, said the goal was to transform the country’s financial services.

    “The impact of what this is going to do to the credit unions and changing the Barbadian society has caused the Central Bank to want to license us before we get started. We are going through the full payments licensing process to make sure that we have a fully licensed platform and ensure that we manage fraud, AML [Anti-Money Laundering], KYC [Know Your Customer], and all of those issues.

    “We are really going to transform financial services in Barbados. I would expect that we should be done within the next month,” Downer said to the Weekend Nation.

    He added that the e-wallet would give users access to several other platforms.

    “It will be fully integrated. Apple Pay, Google Pay and Samsung Pay will all be available on the platform. You will have access to Zelle and other payment networks in the US and Europe.

    “Small businesses will be able to process credit cards, Visa, Master Card, debit and Discover through the platform. It will also process QR and wallet-to-wallet payments,” he added.

    In a joint statement released last August, Sagicor Bank (Barbados) Limited, VENTI Global and the Barbados Cooperative & Credit Union League Limited (BCCULL) announced their breakthrough partnership.

    The BCCULL is the representative body for Barbados’ credit unions, which have over $3 billion in assets.

    The digital wallet initiative would be owned by the BCCULL and expected to make it easier for members to undertake transactions by linking their debit and credit cards to the e-wallet.

    The digital wallet would allow credit union members to combine “safe, reliable and tested technology” using their smart phones to access and transfer funds across credit unions and other financial institutions including commercial banks.

    When asked about the cyber security risks, Downer said there were four layers of security and that the funds and the application would be separated.

    “The application itself carries multi-factor authentication, has singlesource capabilities, and the application is tied to [International Mobile Equipment Identity] the IMEI capabilities, geo, and bio capabilities of individuals involved.

    “This is the first application I think launched in Barbados, I think that will use bio, geo and the telecommunications infrastructure all to verify an individual,” Downer said.

    (TG)

    Source: Nation

  2. David Avatar
    David

    What is the point of the Nation’s editorial?

    Depositors not getting fair share

    As we step into this New Year, it is normal that we all expect some changes to occur within ourselves, within our country and the Government; hopefully for the better.

    We must also expect to navigate the vagaries of life that may attend us with greater resilience.

    It is said that only in growth, reform and change is true security to be found. As a country we expect there will be changes to the way things are done, especially in facilitating business within Government departments with greater transparency and accountability.

    There is much work to be done in many departments which interface with the public that leaves much to be desired and the country cannot continue to do things the way they are being done. This is a constant refrain from the business sector that goes unheeded.

    The rest of us who have an interest in the affairs of our country – as is our right – cannot continue to play a passive role as far as the activities of Government are concerned, especially in the area of Government spending and accountability which affects Barbadians yet unborn.

    We are seeing this attitude in all manner of activities in which Government is involved, for example, housing, welfare, construction and tourism. In many respects, Government seems to be extending its reach into commercial activities without the necessary safeguards even with public/private partnership projects.

    Many economists among us and within the international financial organisations seem to be aligned with this model.

    However, when this happens, it sucks most of the productive capital out of the economy and starves the productive sectors of capital. This was seen in the recent debt swap by Government and BOSS+ bonds.

    Nonetheless, though the economy is on a growth path, Central Bank Governor Dr Kevin Greenidge urged all of us, particularly the private sector, to make a “major injection of investment” on the heels of Barbados receiving a credit rating upgrade.We all agree that there must be investment by the private sector to generate growth as there is about $4 billion in funds lying idle in financial institutions with little or no interest earned. It is also well known that Barbadians are risks averse except for real estate.

    The real problem is that the banks are the only beneficiaries of this anomaly. They pay negligible interest on deposits and, in some instances, charge clients for making large deposits. The net effect is that banks are being financed by depositors free of charge but the latter have to pay interest on loans. It’s just not right.

    This is a matter that requires some attention by the Central Bank or by Government, but its hands are in the lion’s mouth so to speak as far as the banks are concerned. The credit unions are neutered by legislation and have to deposit their members’ funds in the bank.

    As Government moves to raise finance by way of Treasury bills to finance its development programmes, it depends on the commercial banks and other financial institutions to purchase these bond to provide the capital. Consequently, it has very little room to navigate this conflict.

    Recently, Government was able to execute its debt-for-climate swap initiative which was designated as a “pioneering step in debt management and climate action that positions Barbados as a leader in innovative financing within the region, if not the world”.

    This was made possible through an approximately $600 million 20-year loan with a grace period of five years, at interest rate of 3.25 per cent from CIBC Caribbean Bank, ScotiaBank and RBC Royal Bank via a Sustainability-linked Syndicated facility under Special Loans 2 Act Cap 105 of the Laws of Barbados.

    The loan was guaranteed by the Inter-American Development Bank and the European Investment Bank at US$150 million each and counterguaranteed by the Government of Barbados but financed by local borrowing.

    In such a situation, the banks need not concern themselves with small higherrisk consumer loans and will more likely concern themselves with larger loans at lower costs to them guaranteed by Government.

    Source: Nation

  3. Cuhdear Bajan Avatar
    Cuhdear Bajan

    I dun wid dem eva since. I started banking with them at 15, then when I was in my 60’s they started holding my Canadian government pension cheque for less than $500 BDS for 6 weeks to “ensure that it cleared.”

    I don’t like foolishness.

    Dun.

    No regrets.

  4. Pachamama Avatar
    Pachamama

    People seem locked within a timeline where high street banks were in their heyday.

    Those days have long gone. For technology has transformed banking. Traditional banking operations can no longer be supported when most of those services are now provided free online, for example.

    Those who clamor for such services, even as a collective, do not have the aggregate savings, spending power, wealth accumulation, to constitute a marketable or profitable customer or economic base.

    Certainly, the writer must have known that there are now banks with a single or few accounts. These are at the very upper end of the spectrum.

    Of course, there are newer forms of value which traditional banking operations cannot deal with at all.

    These new forms of money will soon make all types of traditional banking services things of the past.

    Get use to it, or die!

  5. William Skinner Avatar
    William Skinner

    Here we go again ! As we have opined , we cannot determine how the corporate world would operate. There will be no special accommodation for the region. We have been pussy footing with the technology and could not even get a national ID card launched at the first try and mass confusion followed . After a few years we apparently got it right. A whole lot of political drama and false starts now dominate the national menu. No amount of fancy talk is going to solve basic problems. A whole lot of unimpressive bull shit prevails. High school one upmanship would not bring any sustainable measure of success.

  6. Bush Tea Avatar
    Bush Tea

    What surprises Bushie is how we are surprised that these FOREIGNERS who control our national assets, take decisions in their OWN interest, and without any care and consideration for what THEY consider to be jackasses who gave away their birthrights.

    Now why the Hell would the Trinidadian owned Nation newspaper give a rats donkey if the Canadian owned CIBC closes at Noon – or even at all?

    Why would Trinidadian own Massey give two hoots if chicken farmers in Brassbados went broke -when Trini farmers are willing and able to supply eggs and wings at great profit?

    Did they care a shit when Bajan soft drink companies were closed down? … so that Trinidadian water, sugar and essence could replace that diabetes-causing poison on our shelves?

    Wunna think that Parkland or Sagicor or Scotia care about the fact that there are FAR too many shiite vehicles on the road – driven by BBs who CANNOT even afford to insure them – after paying the monthly payments?
    Should these FOREIGNERS be thinking instead of a National Transportation Infrastructure Plan on OUR behalf? …yuh think??!!

    Steupsss…
    ANY SET OF Brass Bowls who go around the world borrowing, and LOOKING for ‘Masters’ to control their lives in the form of ‘Foreign Direct Investments’ , ..FULLY DESERVE to be treaded like chattel.

    Surely the LOWEST form of humanity must be those who are so hapless, that THEY themselves SEEK to become enslaved….

    Shiite… at least our foreparents were enslaved ‘vi et armis’… We PROACTIVELY SEEK enslavement….

    What a CURSE!
    What a price to pay for turning our backs on OUR God.
    What a turn-around.

  7. John A Avatar
    John A

    Maybe it’s time the Governor gets involved and legislates a minimum savings rate with all commercial banks. You better also give them a minimum amount of hours they can open for while you at it, or dem will soon be opening at 9am and closing at 10am.

    But seriously have you ever doubted why our devine leaders have sat back and allowed the banks to hold our billions on deposit while offering us nothing in return? The answer is simply that they too are in competition with the banks for our money. So if the banks offer nothing then their paper has a market advantage. Question is if they dont protect us from these snakes who will?

    Why doesn’t our Central Bank for example madate a maximum spread between deposit and lending? That would be a start.

  8. David Avatar
    David

    @John A

    If the central bank does as you recommend how do you imagine banks would respond?

  9. Pachamama Avatar
    Pachamama

    Even with all the tales of woe. We would have thought that this new banking world of Huxley would have been an opportunity for the Bajan ingenuity from that much vaunted education to come to the fore and that some misrducated genius will have found a creative way of dealing with these decades old circumstances, not longing and crying about a past, either in banking or religion, from days of yore! Those days are dead! Weee should have long started by forgetting these systems and thinking anew!

  10. Pachamama Avatar
    Pachamama

    Even the energy of money has changed, markedly. High street banks are not even the most popular places to go anymore for capital. It’s a whole new world!

  11. David Avatar
    David

    @John A

    The point of the question how will banks react to a move to dig in to their profits is obvious- they will not accept it given how they are setup. The question therefore is have we as a country determined the downside to such action should it occur and have we a ready response? We have to plan our future given how the world is changing. How best to survivor it. Do we want to support the credit union movement with an understanding it will design a financial system tailored for Barbados? Do we go with the flow as always. How do we mitigate the inherent risks associated with establishment systems and so on.

  12. William Skinner Avatar
    William Skinner

    @ Bushie
    Let’s be clear here . It’s not the fault of Massey /Trinidadians or anybody else that Barbadian corporate moguls refuse to invest in the country. BST (Barbados Shipping and Trading) sold out ; GEL (Goddards) seem to be be doing quite well. SAGICOR expanded and even Cave Shepherd is now into financial management services (Fortress) . COW dominates the government road program.
    All of them invest only in their common interest and have little to do with national development. We continue to give them a free pass . The real Brassbowls are those who sit in Parliament and only make fashion statements. Meanwhile, our PM, whose main thrust has been getting funding via climate change, seems to be on some sophisticated borrowing spree.
    We like um so !

  13. John A Avatar
    John A

    @ David

    I will tell you this if you want to see what Barbados means to these snakes.

    Look at the total trading volume of any of them and see what the percentage of their profit is per dollar of activity here. In other words how may cents are they making out of each dollar of business they declared in their published finances?

    Then do the same for banks operating internationally and you will see that these banks bout here cleaning up on the backs of the bajan public. They enjoy a spread that is not seen in the international market because there is no minimum guaranteed savings rate. Imagine if I could take your money for nothing and lend it to someone at 6 percent. The profit on that transaction is so massive that no importer or merchant could ever dream to achieve it. Then on top of that they charge you for everything except the air you breathe to come in the bank. Total Madness we have allowed.

  14. John A Avatar
    John A

    You noticed when Scotia started cutting back on their hours there was no pushback from us. Now another bank has done it and I guarantee the Central Bank will do nothing. So don’t be surprised by end of January if all have not done it.

    That is why I say WE HAVE ALLOWED ALL OF THIS TO OCCUR.

  15. Goeht Avatar
    Goeht

    Indeed, it appears that seome were working quietly whilst others were hogging the news. Recall BITT
    Here is an interview of the CEO of Venti Global…

  16. Pachamama Avatar
    Pachamama

    Skinner

    Those matters are more complex than you asserted!

    To ask them to reinvest in the country. The truth is that they neither had the capital formation nor the ability to constantly mobilizing it from elsewhere to be able to any longer keep their narrow corporate cultures going.

    How could it otherwise be explained why all those ‘big six’ types, founded with government help, continued to rely on the public treasury, government protection, since formation, for decades.

    Indeed, is it any wonder they finally had to sell out or be overtaken by corporates with a larger base, more competitive cultures, even from the region.

    This writer has determined that the spectres of racism and classism were central to these business cultures and their demise. Being unable to transform themselves from within, the end was always going to be predictable.

    It will always be impossible for any set of 2 percenters to inbreed corporate culture separate from the 98 percenters in long run scenarios.

  17. Goeht Avatar
    Goeht

    Whilst I have longed admired the clarity of vision of Pacha, there are some aspects of his writings that I find difficult to grasp. One such aspect is the predicted demise of the ‘American Empire’. He may be right, but his timing is off. BRICS and the new forms of money may be waiting a little longer at the door than predicted.

    It would be amusing if 25 years from now, both he and GP are still here preaching… one on the demise of the American empire and the other on the second coming.

    He may be just as wrong on the use of the mushroom deckie.

  18. William Skinner Avatar
    William Skinner

    @ Pacha
    At present the Barbados dollar is worth $1.43 TT dollars. Are we to assume that the Barbados private sector could have not invested in modern agriculture. At one time BST was in control of almost all the plantations in the country.
    Are we to assume that they were or are so backward that they were oblivious to the global technological changes in commerce and industry.
    How come they weren’t so backward or ill equipped , when it came to marinas and transforming their businesses and real estate interests.
    Weren’t these the same backward and ill equipped people who ignored Bridgetown and moved to Warrens. Are these the same people who turned the cheapest motor car dealership into oil and becoming billionaires ?
    Are we saying that these people are oblivious to what innovation / manufacturing means ?
    While there is some credence in your submission, we find it strange that we are still deeming these people weak and shortsighted. My position remains that they have raped this country and have been very skillful in convincing us that they were and are incapable of doing a lot more in the national and economic developmental interests.

  19. 555dubstreet Avatar
    555dubstreet

    Karma Armageddon has been writing on the wall since the Biblical Roman Empire was Babylon and the British Roman Empire became another Babylon and the American British Empire became the next Babylon.
    Empires die slowly drifting from #1 to #2 to #3 / #4/ #5… etc.
    Only a brainwashed person of colour see the white race at the top of the human race and patiently wait for their righteous fall.

  20. 555dubstreet Avatar
    555dubstreet

    Banking Automation is already produced and off the shelf software packages are available and soon bank branches will close 1 day but not 2day.
    If customers are dissatisfied they can try shouting at the automated telephone machine or wait 30 minutes to speak about it to an outsourced human bank representative in a call centre in a third world country who is powerless to help but can pass your concerns on to their supervisor.

  21. Hants Avatar
    Hants

    Canada.

    “$7.2 billion
    For the year ended October 31, 2024, CIBC reported net income of $7.2 billion and adjusted net income(1) of $7.3 billion”

  22. Hants Avatar
    Hants

    Canada.

    “Royal Bank of Canada reports $4.22-billion Q4 profit, raises quarterly dividend”

  23. Pachamama Avatar
    Pachamama

    Well, a lot of what you said has credence, yes! At the centre of this issue is corporate change, transformation. And change management is the most difficult of all management methods. Corporates which so fail always meet certain death.

    That the dolar is worth 1.43TT is unremarkable. We’ll prefer to look at a more meaningful metric like purchasing power parity, PPP.

    Agriculture has historically been given long term protected markets, subsidies, government help.

    That BS&T was once the agriculture hegemon does not mean that they had access to the best local minds to transform the organization.

    We would not say that they had no access to new agricultural methods. However, there are many other reasons which could have made their application of such unprofitable – local market size, dependentcy on imports, lack of vision to industrialize production, the influence of American farmers etc. And given that BS&T too were heavy in the food importation business, maybe business decisions could have made in that direction. Another failure!

    Well the marinas and real estate, especially in the case of COW, were other government sponsored enterprises, having a near monopoly on large developments and Town Planning approval processes. Also a feckless attempt to earn hard currencies by selling the country to foreigners.

    Moving out of a town, which had outgrown itself, was more about serving and expanding their businesses than business culture transformation per se. Warrens is not the only such case.

    That there could have been a Simpson’s Motors was a function of the same racist and classist orientations about which we spoke. Transformation should have meant the setting up of a car assembly plant instead, like someone you knew wanted to.

    We’re not here to make any excuses for them. Their weaknesses and shortsightedness have been proven by their abysmal failures. They failures to do what respectable capitalists should.

    We’re not as sure as you seem to be that such large and historic failures could be so easily assuaged.

    Tried to answer point by point.

  24. John A Avatar
    John A

    @ Hants

    Yep and so it goes year after year. Plus we in the Caribbean have a strong appetite for consumption per capita so we are a sweet place for them! That is why some retailers here have the HP price in large letters as $45 a week but the cash price hardly visible. These guys are no longer retailers who finance they are now financiers who retail as a means to an end of financing.

  25. Pachamama Avatar
    Pachamama

    Skinner

    Lastly, you should remember that Simpson was/is merely a merchant. Always has been.

    The mercantile class could only import, mark up and sell.

    Show us another billionaire doing real business. He is the exception which proves the rule that development requires the jettisoning of this class of blood suckers.

  26. John2 Avatar
    John2

    Wait !!! So when it’s government they should be operating like a business. But when it a business looking to maximize profits there is also a problem 🤔. Maybe all entities should be non profit organizations 🫢

    @ David. This is the bank that brought/ invested in 100M of the gov bonds

  27. David Avatar
    David

    @John2

    Did the banks buy those bonds to ‘invest’ or it was about the obnoxious liquidity Barbados has been cursed in the last decade because of a weak economy forcing them to hold their noses and risk.

  28. John A Avatar
    John A

    @ David

    Don’t forget sinkyuh forced the banks in his reign to increase the percentage they held in government paper. I am not sure if this party ever withdrew Sinkyuh policy and in fact returned the banks reserve hold to what is was prior to old sinks cash grab.

  29. Pachamama Avatar
    Pachamama

    Black Rock, and we don’t mean that aged hospital on the street so named, is one of the three largest ‘shadow banks’ operating within the USA and globally.

    Together with Goldman Sacks and JP Morgan comprise the three controlling over 50 percent of all US financial assets. This is where the money is.

    BR has over 10 trillion in assets and because they are NBFCs regulations are much less.

    High street banks had their dying breath around the 2008/9 burst of the housing bubble.

    Traditional banks which remain in the US, joined with brokers, agents, etc now largely serve these shadow banks.

    Shadow banks which were themselves issuers of junk mortgages gained preeminence by acquiring many of these subprime mortgages for cents on the dollar.

    On the much vaunted fintechs, it is these shadow banks which are vacuuming up capital from all over the world and amongst other areas are ‘investing’ it into the technology companies, trading platforms, many of which have hardly turned a profit yet.

    Shadow banks, hedge funds, CBDC, bitcoin, golf, silver and ETFs are some of the central features of the new financial architecture.

  30. David Avatar
    David

    @John A

    You are correct. The Mottley government has not rolled back it seems. The blogmaster is willing to be corrected.

    https://www.centralbank.org.bb/news/economic-press-release/the-central-bank-announces-a-tightening-of-its-monetary-policy

  31. William Skinner Avatar
    William Skinner

    @ Pacha
    However we look at it , it’s going to take a seismic shift , in how we want to run our affairs for the next twenty or thirty years. It’s not obvious that we have only had genetic/cosmetic change. Unfortunately, we apparently don’t have the leadership, political and otherwise to progressively move forward. We remain a classic case of wanting change but expect things to remain the same.
    That being said we find no problem with your position . Insightful thinking like yours on such topics is not the norm in public discourse from the select group of talking heads.

  32. William Skinner Avatar
    William Skinner

    Should read :” It’s obvious.” Not it’s not obvious.

  33. Donna Avatar
    Donna

    Look how wunnuh tangling up my poor, old brain with money talk!

    Away to the Youtube to find out what these things mean! I admit to being stuck on High Street with the old timers. Thankfully, my son is not.

  34. John2 Avatar
    John2

    https://www.centralbank.org.bb/news/general-press-release/cibc-firstcaribbean-makes-100-million-investment-in-boss-bonds

    @david

    Note
    A, This article was 2023
    B. governor said other banks were buying the bonds but CIBC was the largest
    C. The (sinkluh) %ages demanded on the banks was removed after 2018 / not in effect at this time – probably removed in negotiations of the restructuring

  35. David Avatar
    David

    @John2

    You continue to miss the not too subtle point that contrary to your belief purchasing the bonds and highlighting it in the media was not an ‘investment’ decision it was a business quid pro business decision of you understand what that means.

  36. John2 Avatar
    John2

    @david

    I understood clearly from ur article what u are saying. Hence my first comment to u that this is the same bank that bought/ invested The $100M …. It was to add to ur point that it was the leading bank in the “ sewage loan”

    In others words , a Elon musk – Donald trump move

    Xxxxxxxxxxxxx

    I asked u to note the point in that article because it the previous article u made a comment to me that I was not totally right since 2018 about the banks using some of the people savings to buy some of the bonds
    And to clear up the sinkluh % was not in effect today

    Note also that it is not only this bank / banks that are buying the bonds but also the credit unions

  37. Pachamama Avatar
    Pachamama

    Skinner
    Agreed!

  38. Hants Avatar
    Hants

    Scarborough Ontario

    Monday 9:30 AM – 5:00 PM
    Tuesday 9:30 AM – 5:00 PM
    Wednesday 9:30 AM – 5:00 PM
    Thursday 9:30 AM – 6:00 PM
    Friday 9:30 AM – 6:00 PM
    Saturday 9:30 AM – 4:00 PM
    Sunday Closed

  39. Hants Avatar
    Hants

    So wha wunna gine do bout it?

    https://nationnews.com/2025/01/04/banks-coming-up-short-says-bcen/

  40. David Avatar
    David

    Thanks @john2.

  41. Cuhdear Bajan Avatar
    Cuhdear Bajan

    @Hants January 4, 2025 at 1:49 pm

    Scarborough Ontario

    Thursday 9:30 AM – 6:00 PM
    Friday 9:30 AM – 6:00 PM

    I can’t recall any bank in Barbados opening until 6 PM. Sunset at Scarborough, Ontario today is 4:53 PM which means that the bank remains open for more than an hour after sunset.

    It will be a cold day in hell when that happens in Barbados.

  42. David Avatar
    David

    In a related matter, in 2015 a deposit in the name of Leroy Parris for 5 million was deposited at the Central Bank under the Sinckler/Worrell tenure because banks in Barbados refused to accept it. Is there any update on this matter? This is Barbados after all.

  43. Hants Avatar
    Hants

    The Barbados Consumer Empowerment Network should present a request for longer banking hours to the Governor of the Central Bank and to the Minister of Finance.

    https://nationnews.com/2025/01/04/banks-coming-up-short-says-bcen/

  44. Former Customs Officer Avatar
    Former Customs Officer

    Why is Toni Moore and BWU silent on millions Courts owes BRA and the near $500M owed by a duty free company that closed and reopened under a new name.

    https://www.facebook.com/334600243076821/videos/1302473637620723?idorvanity=663593330744978

  45. Cuhdear Bajan Avatar
    Cuhdear Bajan

    A better question might be why on our behalf BRA is not collecting the hundred of millions owed to us the taxpayers

  46. David Avatar
    David

    Good Service is NICE.

    An economic take on service in Barbados

    I WRITE this in the midst of a little debacle. Some of you may know that I am a pilot, in addition to being an economist. I enjoy both equally, but I must admit that having dual professions affords me a deeper perspective on the topic of service, especially compared with my younger years.

    Allow me to explain. Economics and finance are service-driven fields. The former tends to involve more dismal aspects than the latter. What this means is that most of the average Caribbean economist’s time is spent making projections based on past evidence. Moreover, a solid framework of thinking should inform forecasts. My experience in regional finance is one where the industry leans towards practicality more than abstract theorising.

    With economics, I find it difficult to deliver a consistent service, as expectations vary significantly: some are politically driven; a few are ambitious and innovative; and very few result in practical outcomes. In contrast, finance in the region tends to be highly practical, with clear expectations.

    Essentially, no one enters business intending to take high risks. Draw your own conclusions from that.

    Perhaps you’ve had a business idea that should have qualified for a bank loan, but without a track record or familiarity with the bankers, funding was unlikely.

    What does all of this have to do with service?

    Well, in my view, service is one of the few areas where businesses can truly compete in our environment. In rigid operating environments, characterised by heavy regulatory oversight and limited expectations regarding service, the key differentiator becomes relationship management.

    Over the years, I’ve learnt that delivering good service requires a human element. Be accountable when you’re at fault, and go above and beyond whenever possible. You won’t get it right all the time, but it’s imperative to try.

    Customer’s importance

    I’ve noticed that many people in Barbados don’t seem to understand this, particularly those in customer-facing roles within product and service industries. It’s almost as though they never recognise that their salaries are paid by the customer. I’m not suggesting they should tolerate poor client behaviour, but rather that they maintain an awareness of the customer’s importance.

    Ironically, such awareness can have a significant impact on the economy. I don’t even need to quantify it, but there’s undeniable value in repeat customers, especially in our largest foreign exchange-earning industries.

    The retail sector alone is Barbados’ largest, contributing approximately 17 per cent of gross domestic product (GDP) annually. Meanwhile, the direct impact of tourism on GDP fluctuated between six per cent and ten per cent during the first two decades of this century. Therefore, I strongly believe that anything capable of improving the shopping experience will have a notable effect on the broader economy.

    In fact, I would go so far as to say that the retail experience should match the high standards set by our best-rated hotels and restaurants. The income generated from these alone constitutes a significant portion of tourism sector revenue. The quality of service provided is likely a major factor in Barbados being a destination known for long-term, repeat visitors. These visitors bring a sustainable source of foreign exchange – the kind that economists prefer over financing tied to external debt, such as that from the International Monetary Fund.

    Tourists obviously spend money on more than just accommodation and restaurants.

    They rent vehicles, attend events, shop at supermarkets, and use public transportation.

    Moreover, I believe they spend on much more than these. This makes it clear that the retail sector is closely tied to tourism. While we Bajans support it year-round, a large portion of revenue still comes from visitors.

    Given this, it makes little sense to say, “Tourism is our business” as if it’s separate from the rest of the economy. Our survival depends on how we interact with those around us. There’s no point in thinking that the customer is some distant entity.

    We do not export enough outside of tourism to justify that view. Furthermore, although the direct contribution of manufacturing to GDP in Barbados has either matched or surpassed that of tourism over the past five years, it remains insufficiently competitive on the export side.

    Ultimately, both local and foreign customers require good service. Our economy depends on this fact. It’s a hard concept for some to grasp, given the legacy of servitude tied to our history. I don’t blame them, as we are a republic built on a legacy of slavery. However, we must acknowledge that fostering sustainable relationships is key to our continued survival. The customer pays your salary – care for them and keep them.

    You might be interested to know that I am sitting on the general aviation ramp at Princess Juliana Airport in Sint Maarten as I write this article, still in the midst of my debacle. It’s turning out to be the busiest flying day the Eastern Caribbean has ever seen. This does not include Trinidad and Tobago. The aircraft I’m flying has been waiting, engines running, on the ground for a whole hour before being allowed to depart, all due to immense traffic from private jets carrying the type of people our politicians seem to admire. It is quite clear who is receiving the preferred treatment, even though it’s traffic at the size of ours which keeps things afloat for many at that airport during the off season.

    Now you wouldn’t be wrong to think Sint Maarten should have built the infrastructure to accommodate such traffic. Perhaps another runway? This problem occurs annually. Sint Maarten has a competitive advantage due to its proximity to St Barts and its accessible pleasure craft industry.

    Yet, at the national level, there doesn’t appear to be enough emphasis on a sustainable, high-quality service mindset to foster further growth for its people. Personally, I don’t mistake being busy for being a good example of service. Rudeness is not shrewdness.

    Interestingly, Barbados is heading in a similar direction with its growing logistics industry. I’d like to use this occasion to forewarn that, despite our large runway and numerous airport gates, we lack the physical, environmental, and logistical advantages that Sint Maarten enjoys. Nevertheless, as I sit here in the cockpit writing this, I remain confident that we can excel by focusing on creating a superior service environment for all.

    Jeremy Stephen is an economist/ financial analyst with extensive experience in private equity and economic consulting in Barbados and the region.

    Email: economistfeedback@gmail.com

    Source: Nation

  47. David Avatar
    David

    Not an unfair move by banks, says Greenidge

    THE CENTRAL BANK does not believe a decision by some commercial banks to reduce their in-branch operating hours is being unfair to customers.

    Central Bank Governor Dr Kevin Greenidge gave the monetary authority’s position yesterday as he reported that these financial institutions were generally compliant with the Market Conduct Guideline which was launched last year.

    He said any discussion on the matter required balance, pointing out that while commercial banks had announced reduced hours, two of them were “saying that they’ve increased online presence, they are doing onboarding faster, [and] there are more digital services available”.

    Greenidge saw the changes as part of the push towards digitisation, which he expected without putting people, including the elderly, at a disadvantage.

    “If you have one less hour to go in the bank, well, go online and do the activity. We are pushing digitisation, we are pushing to reduce costs. You know how the Central Bank has worked in collaboration with the banks to improve product and service,” he said.

    “We at the bank, we are now embarking in collaboration with the banking system [on] a project to modernise our payment system. I would like a year from now [to be] sitting here for people to say: ‘Man, we don’t go in the banks because we don’t need to go into the physical building, we can do all services online.”

    He added: “So we don’t see it as unfair. No bank is going to want to lose money by closing an hour earlier. The fact that they have assessed that they can close an hour earlier means they have assessed that that is probably one or two people just coming in during that time and those services can also be done online.

    “So to me, it’s . . . part of a development process, but we, of course, will continue to monitor and let you know.” (SC)

    Source: Nation

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