News

Barbados reaches deal on foreign debt with creditors' group

The Government of Barbados and the Barbados External Creditor Committee said on October 18 that they had reached an agreement in principle to exchange some of the Government’s U.S. dollar-denominated debt for new bonds to be issued by Barbados.

Company News

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Marriott International Inc. to acquire Elegant Hotels Group Plc for US$200m

‍Marriott International will pay 110 pence a share in cash for Elegant Hotels, a 57% premium to its share price at close of business on Thursday. That values Elegant at about 101 million pounds sterling (US$130 million), or a total of about US$199 million including debt, the company said in the statement. The deal is subject to shareholder approval.

Commentary and Analysis

Commentary & Analysis
Two great deals in one week
The new agreement reduces by 26.3% the original debt and interest past due as well as accrued since October 1, 2019. Now at mid-year that investors’ group said it held about 55% of Barbados’ US$1.5 Billion worth of foreign debt, so that means that a 26.3% reduction is almost US$400 million.
Commentary & Analysis
The human face of bankruptcy
The occasion was a big meeting discussing bankruptcy and how to make it more palatable as a business option when things have gone south, and High Court Judge Jacqueline Cornelius seemed to feel the pain of those faced with the option.
Commentary & Analysis
With ASYCUDA World, Customs is "coming"
I’ve said before in this space that Trisha Tannis, the CEO of Courts operations in Barbados, has been a breath of fresh air (or something like that) since she took up the post of president of the BCCI recently.

Business Features

Dine South 2019 off to a good start
In the first few weeks since its launch in late July, over 9,000 Dine South 2019 Passports have been handed out to diners on the south coast.The promotion was launched on July 29th and runs until November 20, 2019.
All aboard St. Nicholas Abbey’s new Heritage Railway train
A steam locomotive journey through the plantation fields and mahogany woods takes you to a ridge, providing a panoramic east coast view.
Hanschell's Singapore-based Pencil raises US$1.1M
Pencil allows teams to generate and distribute personalized content at scale using AI.

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News

Stakeholders must register on ASYCUDA system, which goes live Sept. 1, says Customs Dept.

The Acting Comptroller noted that this upgrade was the beginning of several others to come and encouraged clients to access the training server and simulate their business activities.
News

Griffith: Tourism arrivals up 5% from Jan-Jun 2019

The disclosure follows the Central Bank of Barbados’ estimate, contained in its review of the economy released in early August, that tourism arrivals had increased by 3.9 percent for the first six months of 2019, for an estimated total of 373,000.
Features

All aboard St. Nicholas Abbey’s new Heritage Railway train

A steam locomotive journey through the plantation fields and mahogany woods takes you to a ridge, providing a panoramic east coast view.
News

Defence Force to become a registered tertiary institution

The Barbados Defence Force is pursuing accreditation through the Barbados Accreditation Council to become recognized as a registered tertiary institution, says Attorney General and Minister of Legal Affairs, Dale Marshall.
Commentary & Analysis

Pity the poor consumer

The average consumer in Barbados spends just over 60 percent of his or her wages or salary on just three categories: food and drink; housing and utilities; and transport, says the Central Bank of Barbados.
News

FTC won't disclose new FIT rates until Sept. 27

Feed-in-tariffs (FIT) are fixed electricity prices that are paid to renewable energy (RE) producers for each unit of energy produced and injected into the electricity grid.
News

Financial Stability Report says too much liquidity in system

Overall, in 2018, the pre-tax net income of commercial banks fell by about five percent, says the report, before adjusting for losses due to the government’s restructuring of its public debt.
News

Dine South marketing promotion is back for 2019

This year’s programme features more restaurants, a longer promotion period, more Discount partners and more ways to win prizes.