Colombian group to buy 67% stake in CIBC FirstCaribbean

Canadian Imperial Bank of Commerce is reducing its exposure to a company that has lost US$1.6 billion in value since 2006, according to a recent report by Bloomberg news.

Scotiabank renews its commitment to the region

Brendan King, Scotiabank’s senior vice president for international banking, was in Barbados recently to personally deliver the bank’s ongoing commitment to Barbados.

Management training underway for public officers

According to Director of the Learning and Development Directorate Fay-Marie Browne, the programme will expose the selected public officers to a wide range of current management techniques and practices.

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.

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Commentary & Analysis

Enter Jaimie and the Colombians

On Friday, Nov. 8, the thunderclap was heard: Canadian Imperial Bank of Commerce would sell two-thirds of its Barbados-based CIBC FirstCaribbean International Bank to a company run by Colombian billionaire Jaime Gilinski for US$797 million,.
Features

From our archives: For Alexandre Gabriel, rum is an uplifting experience

In an exclusive interview with The Broad Street Journal back in mid-2017, Alexandre Gabriel - a master blender who has put the Maison Ferrand brand of Cognac on the map over the past two decades, and who recently introduced Plantation Rum, said he was very optimistic about the future of the company.
Commentary & Analysis

Scotiabank seeks to re-invent itself in Barbados

Brendan King, Scotiabank’s senior vice president for international banking, was in Barbados recently to personally deliver the bank’s ongoing commitment to Barbados.
News

Colombian group to buy 67% stake in CIBC FirstCaribbean

Canadian Imperial Bank of Commerce is reducing its exposure to a company that has lost US$1.6 billion in value since 2006, according to a recent report by Bloomberg news.
Company News

Fortress: 2019 has been good so far

Leading fund manager, Fortress Fund Managers, says that 2019 has been a good year for investors so far, with its equity investments holding steady and bonds showing some gains at the end of its third quarter.
Company News

55 firms get funding from Caribbean Export

The Caribbean Export Development Agency, in cooperation with the European Union, has awarded over Bds $3.5M (€1.5M) under their 2nd Call for Proposals for the Direct Assistance Grant Scheme.
News

King advises Barbados to follow the Jamaica“template"

Despite the pain it felt on having its Barbados government portfolio revised downwards, Scotiabank has encouraged the government to “stay the course.”
News

Scotiabank renews its commitment to the region

Brendan King, Scotiabank’s senior vice president for international banking, was in Barbados recently to personally deliver the bank’s ongoing commitment to Barbados.
Commentary & Analysis

Griffith calls it a day at BTMI

His decision to resign from the BTMI, an agency into which he breathed life and by extension played the key executive role in building the team that would see a tourism comeback after years of decline and stagnation will leave a void.
News

Management training underway for public officers

According to Director of the Learning and Development Directorate Fay-Marie Browne, the programme will expose the selected public officers to a wide range of current management techniques and practices.
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.
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.
News

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

‍Marriott International will pay about 101 million pounds sterling (US$130 million), or a total of about US$199 million including debt, the company said in the statement.
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

Few shots fired in energy“revolution"

The question, she was wrestling with, said the prime minister, was whether the new cap would go to 100 megawatts or 200 megawatts. And on top of that, she added, the feed-in-tariff ought to apply not just for plants that are one megawatt and under, but for five megawatts and under, in order, she said, “to increase the democratization of the industry.”
Company News

Roach, Alleyne promoted to tourism agency's senior team

Barbados' tourism agency, Barbados Tourism Marketing Inc. has named Petra Roach to the post of Head, Global Markets. Marsha Alleyne has been named Chief Product Development Officer,

18 years on, government strengthening bankruptcy law

Barbados needs to have a low cost legal framework in place which allows distressed businesses to pursue reorganization as a first option and emerge from insolvency proceedings as a going concern, says Minister of Small Business Dwight Sutherland.
News

Sagicor Life to acquire CLICO/BAT assets in T&T

Alignvest Acquisition II Corporation said that its wholly-owned subsidiary Sagicor Financial Corporation Ltd.,will acquire the insurance portfolios of both Colonial Life Insurance Company (Trinidad) Ltd., and British American Insurance Company (Trinidad) Ltd.
Company News

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.
News

Renewable energy cap will be increased, says Mottley

Prime Minister Mia Mottley says the so-called cap, or maximum, capacity for renewable energy sales to the local power utility will be increased in due course as Barbados moves on with its plan to become less dependent of fossil fuel energy.