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Massy Foundation makes timely donation

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The Wheelchair Foundation of Barbados’ goal to assist needy Barbadians with wheelchairs received a major boost with the donation of $30 000 from the Massy Foundation, in concert with the Massy Companies in Barbados, to help with its charitable work. The presentation took place last Friday at the Massy Corporate Office, Massy Dome,
Warrens, St. Michael.

Director of Massy Foundation (Barbados) Inc., Dawn Layne, said her organisation was pleased to be associated with the Wheelchair Foundation’s work and was happy to play its part in helping the “differently able” to maintain their independence.

“It gives me great pleasure to be doing this on behalf of the Massy Foundation.  I have been hearing about the work of the Foundation since 2005 and your mandate to ensure that persons who are most vulnerable in society are outfitted with a free wheelchair,” Layne said.   

She continued: “We could not have done this without the support of the Massy Group of Companies who give
to the Foundation and we, in turn, can give to deserving cases and causes.”

President of the Wheelchair Foundation, Lionel Weekes, expressed his deep appreciation to the Massy Foundation for the donation which he said would assist in the purchase of 280 chairs and commended them for their public spiritedness, corporate social responsibility and generosity.

Weekes shared that his organisation had been providing wheelchair assistance to needy persons since 2005 and since its inception, it had given out more than 1, 500 chairs to teens and the elderly to promote their mobility, functionality and “their sense of dignity and inclusiveness”.

So far, the president said the Wheelchair Foundation had assisted institutions such as the Queen Elizabeth Hospital, the Thelma Vaughan Memorial Home, the Psychiatric Hospital, the National Disabilities Unit and the Multiple Sclerosis Foundation.

He added: “Sometimes populations with challenges feel that they are not sufficiently included and regarded.

In Barbados, the incidence of chronic non-communicable diseases is very high and apparently, getting worse.”

Weekes noted that this was the third occasion that the Wheelchair Foundation had benefited from assistance from the Massy Foundation and disclosed that previously, funds donated had also been used to construct a storage area
for the wheelchairs.

The Massy Foundation is a philanthropic entity established to support the needs of the community. Since its inception, the Foundation has supported numerous projects and donated annual grants to charitable organisations. (BGIS)

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COVID-19 Update: 168 news cases, 881 in isolation, three deaths

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The Best-dos Santos Public Health Laboratory has identified 168 new cases of COVID-19. A total of 1,628 tests were conducted on Tuesday, September 21.
The new cases comprise 81 males and 87 females. Thirty-three persons are under the age 18, and 134 are 18 years and older. The age of one person is unknown.
There are 881 people in isolation.
The virus claimed three lives on Tuesday, September 21, pushing the death toll to 62. The deceased are three males, aged 68, 81, and 87, all of whom had comorbidities and were unvaccinated.
To date, Barbados has recorded 6,904 cases – 3,432 males and 3,472 females – of the viral illness.
The public health laboratory has performed 300,479 tests.
Under the National Vaccination Programme for COVID-19, 128,161 first doses have been administered. So far, 99,117 persons (36.6 per cent of the population) have received their second dose and are fully vaccinated.

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Axcel continues to help families

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Back to school preparations are being made easier this September as regional microfinance institution Axcel Finance continues to make a meaningful contribution to many students.  Axcel Finance recently donated school uniform vouchers to parents across Barbados who are facing hardships preparing their children for the new school year.

The timely intervention forms part of Axcel Finance’s current “Back2School Together” promotion that sees the company lending support to parents, guardians and students on the students’ return to school.

Despite school reopening with instruction being done virtually due to recent adjustments in protocols, students will still need school uniforms in anticipation for the return to learning in physical classrooms.

School uniforms can be expensive, especially for parents who have multiple children. With the socio-economic fallout brought on by the COVID-19 pandemic, unemployed parents and families raking in reduced income find it more challenging to prepare children for school. With that in mind, Axcel Finance sought to lend much-needed support to four parents through the donation of uniform vouchers.

Axcel Finance’s “Back2School Together” theme for back-to-school this year is multi-pronged. It does not only focus on providing support to individuals seeking quick and hassle-free access to funds but is also aimed at providing parents in marginalized circumstances the support they need to give their children the tools they need to be successful. One such tool is the best possible education.

According to Axcel Finance’s Operations Manager, Richard Simpson, the company support at this critical time reaffirms its unwavering commitment to student education and overall success.  “While we anticipated our children to be back to learning in a physical classroom instead of a virtual one, they still need to have uniforms for their return to a physical learning setting,” Simpson stated.

“We know that looking your best inspires confidence which in turn breeds success and vice versa. As such, one’s image cannot be undervalued, and it is our hope these uniform vouchers will give the children that they benefit the confidence they need to successfully make it through this academic year. We truly hope they feel encouraged to give their best despite their circumstances.” (PR)

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COVID-19 doc fears new level of daily infections

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Barbados is approaching a fresh crisis in the COVID-19 pandemic as the island has entered a “storm” of infections that could reach 500 people being diagnosed with the COVID-19 Delta variant per day, the island’s authority on infectious diseases declared Wednesday.

But Dr Corey Forde, Head of Infection Prevention and Control/Infectious Diseases at the Queen Elizabeth Hospital made a direct appeal to mostly younger Barbadians, urging them to get vaccinated against the disease as more of them receive intensive care for the viral infection.

During a live broadcast from Harrison Point, organised by newly appointed COVID-19 public advisor David Ellis to underscore the state of the pandemic, Dr Forde, who runs the coronavirus isolation facilities across the nation said that with the deaths of three COVID-19 patients on Tuesday night,  168 people tested positive on the same day and all those getting critically ill are unvaccinated.

To make it safely out of the storm, Dr Forde urged citizens not to be selfish in their actions and thinking.

Dr Forde warned that on the disease’s current trajectory, he cannot guarantee that every Barbadian who becomes seriously ill with COVID-19 will be saved and that there will be a point in time when the number of ventilators currently available will not be enough.

Stressing that he is not being an alarmist, Dr Forde said Barbadians need to realize that the unfolding situation is real and that they cannot pretend that “we are not where we are at this point”.

He said: “I think we certainly have entered the storm. In the short term, where we are would depend on every single person listening to me to be very clear. We saw 168 persons today and one hundred and something the day before.

“The only way we are going to make it out of this storm is for people to just listen and follow guidelines. In short, people need to wear their masks, don’t congregate together, go and get vaccinated. Protect all the older people in your households by getting them vaccinated.”

He expressed further concern at the alarming number of young people being diagnosed with COVID-19, saying that many of them are taking too long to get tested, even though they are experiencing symptoms.

Addressing younger citizens who think nothing can happen to them if they contract COVID, Dr Forde noted that 11 out of the 23 patients in primary isolation where the most critically ill are housed are under age 50.

Urging young people not to play Russian Roulette with their lives, Dr Forde said: “Above that in the 30s generally, we have another set of people. This is worrisome, and it looks like the rest of the globe. It is no different than what we are seeing in other Caribbean countries. And I would tell Barbadians that we all know one important fact for a hurricane. There is the eye.

“There is a point that might come where things seem calm, but as that point comes, we also need to consider the next part, which is important. That there is fire on the other side, but how long we stay in that calm will be again dependent on the things that I continue to mention over and over again. I saw this coming, to us as a country.”

As it relates to the COVID-19 vaccinations, Dr Forde said that even if people go forward to get their first dose now, they would still have about 20 to 30 percent protection from becoming severely ill and having to be hospitalized.

Medical teams working at the isolation facilities across the island are extremely tired as the virus continues its relentless advance, he said as he made a direct appeal to the public.

Dr Forde said: “I am asking you on behalf of the staff here who are out to all. I am pleading with you today based on what we are seeing in primary isolation. We are at a horrible state in this country potentially, and it is up to you to make a difference.

“The problem is that we would basically overrun our healthcare system with a large percentage of unvaccinated people in our population. If there is a large percentage of unvaccinated people in our population, we will overrun our healthcare system in terms of allowing people not to have their own ventilators, or to go in primary isolation care for 21 days. This is particularly hard.”

Last Saturday, Minister of Health Lt Col Jeffrey Bostic publicly defended the staff at Harrison Point whose reputations came under scrutiny following viral video attacks on the service at the isolation facility on social media.

Dr Forde described what was being circulated about the staff on the frontline who go above and beyond to execute their jobs as hurtful. He argued that the staff provide a level of standard care that can be matched by highly developed countries.

He said: “The 168 cases that we have today is a challenge. We will see bigger challenges ahead, but how big those challenges are will depend on you. They are tired. Are you all tired? How tired are you? They are exhausted.

“Some of them have become infected with COVID, but they are still here fighting even after that battle, and that speaks a lot. And there are others who are not here who are behind the scenes fighting the battle.”

(anestahenry@barbadostoday.bb)

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Bradshaw maintains schools will be closed to in-person classes

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School will remain online indefinitely, Acting Prime Minister and Minister of Education Santia Bradshaw said Wednesday, hinting that a fully vaccinated teaching service would be a key path to a safe education environment amid a rampant surge in coronavirus infections nationwide.

She told journalists at a briefing: “It pains me to know children are missing out on education. While we have looked at some thresholds to help schools go back to normalcy, we will have to do a bit more at the public school level to allay fears of students, teachers, unions and parents, so we will continue our consultations in conjunction with the National Council of Parent Teacher Associations.

“We will talk to parents about where we are, looking at concerns about going back to school, which may include plans to improve the school plants to accommodate children six feet apart rather than three feet apart as it is presently.”

She said she wanted to see at least 70 per cent of all teachers and ancillary staff vaccinated before schools are allowed to reopen, as well as other measures put in place to protect the unvaccinated within that environment.

The acting Prime Minister added: “We are as concerned as you are about the numbers, but we want to reach a point where the schools, their boards of management and teachers and parents have come to a threshold where teachers are vaccinated and parents are comfortable, and we will work with them through the Ministry of Education, the Ministry of Health and Wellness and the COVID-19 Monitoring Unit to allow children back into school but that is a work in progress.

“That is our intention, but we are charting a road map to get to this point. We are working as a country towards a threshold where we want to see ten thousand people vaccinated every week, as well as to ensure that our children between the ages of 12 and 17 are vaccinated before returning to school, and that 70 percent of teachers and ancillary staff are vaccinated as well.”

As Minister of Education, Bradshaw said she wanted schools to have enough nasal swab and saliva kits for testing for the virus “to give another layer of protection to the students and teachers in the school environment.”

She urged Barbadians to get vaccinated but gave them an option of sticking to masking and sanitizing protocols if they did not want to get vaccinated.

Bradshaw declared: “Every day the dynamics are changing and no one expected our children would be getting as sick as they are. Let us get this country vaccinated – we understand the hesitancy but understand this is not just about us. if you won’t get vaccinated, wear your masks, wash your hands and sanitise, keep your distances, but don’t prevent the children from getting back to their education.”
(DH)

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Nothing fishy in vaccine deal, says Straughn, urging ‘no need to worry’

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Barbadians have no reason to be concerned about how their tax dollars are being used by the Government for purchases or deals brokered for the benefit of the country.

This was the assurance from Minister in the Ministry of Finance, Ryan Straughn following news that a local company procuring COVID vaccines on behalf of the Government was allegedly defrauded of over US$10 million.

Straughn is, however, cautioning business people and prospective dealers to let the “unfortunate” experience of Radical Investments Limited (RIL) be a lesson in exercising due diligence, particularly when engaging in business on the international market.

“I think there’s a clear lesson for all of us really that when people approach you and say that they have ‘x’ that you really do have to make sure that you follow the appropriate due diligence before you pass your money over,” Straughn declared.

“This particular circumstance I think is a lesson for anybody who wants to do business and therefore in the context of what we have said, every time we have had an opportunity where people reached out to us to do certain things, we have done the appropriate due diligence to make sure and ensure that before the Government of Barbados gets into any particular arrangement, that obviously they follow that due diligence,” the finance minister said.

Over the last 24 hours, news emerged that RIL, a St Lucia-registered company linked to local businessman Mark Maloney, is taking numerous entities to court in the US over a US$10.8 million scam to provide 1 million doses of AstraZeneca, which never materialised. According to court documents, the vaccines were being procured on behalf of the Government of Barbados, which intended to purchase 300,000 doses once they arrived on the island.

Like Acting Prime Minister Santia Bradshaw, Straughn explained that Radical Investments, like many other “good will” private entities, was attempting to use its international connections to source vaccines for the Government, understanding that they would only be paid, if and when the doses arrived.

“All I can say is that people have acted in good will to try to bring some normalcy back to the country and I think it is unfortunate that it didn’t work out in the way that they wanted.

“We don’t need one million vaccines and I believe that they were working in concert with other CARICOM nations in order to procure, because as you can imagine, nobody wants to give you 100,000 vaccines,” Straughn explained.

“People are clocking about 20 million, 5 million, 10 million doses and I think in attempting to provide those vaccinations, obviously something went wrong with the due diligence that they didn’t perform…

“Clearly it means that Radical Investments through its efforts in trying to help procure vaccines on behalf of the people of Barbados but also for other CARICOM countries as well, obviously found itself in some arrangement with a third party which clearly was not credible,” the minister added.

Straughn explained that although the country was at the time expecting vaccines through the World Health Organisation’s COVAX arrangement and the African Medical Supplies platform, the doses received would not have been sufficient to vaccinate a large percentage of the population.

As a result, the Government earlier this year agreed to purchase vaccines on the open market at around $48 per dose to supplement the shortfall.

“Having engaged directly with the manufacturers of the vaccines, we have heard the Prime Minister indicate that there are all kinds of middlemen and it’s literally the wild wild west out here. I think what you see here is an example of that, because obviously people are purporting to have access to vaccines, people have paid in good faith to procure vaccines because it’s important to be able to access them. I hope that the court system in the United States can deliver whatever justice they can,” Straughn added. (kareemsmith@barbadostoday.bb)

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Army private jailed for leaving post in rare case

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For leaving his post without a senior army officer’s permission Barbados Defence Force Private Raheem Reeves must spend three months at HMP Dodds, a court martial ruled Wednesday.

The three-member panel of president Lieutenant Commander John Mapp, Captain Natalie Haynes and Sub-Lieutenant Jamal Wiggins handed down the sentence after a month-long trial.

Private Reeves, 26, was found guilty of leaving his duty station at St Ann’s Fort while part of a COVID-19 Sanitization Unit without reasonable excuse on March 14, 2021.

He faced a maximum of two years imprisonment and will become the first soldier to be sentenced to serve time in prison by a court martial in recent memory.

The ruling did not go down well with Private Reeves’s attorney-at-law, Queen’s Counsel Michael Lashley, who vowed to appeal the decision at the Court of Appeal and if necessary before the Caribbean Court of Justice (CCJ).

Before sentencing, Private Reeves whose BDF contract was set to end on September 25, had two other charges that were scheduled to be brought against him withdrawn.

Prosecutor Captain Neville Corbin indicated to the court martial the charges had to be dropped for him to be sentenced. He explained that otherwise, Private Reeves would first have to answer to them at a court martial before he could be sentenced.

He was set to answer the charges of neglecting to carry out his duty as a Shore Police at HMBS Pelican on August 25, 2020, when he failed to inform his superiors that Ordinary Seaman Collymore asked him to contact his parents and that on the same date he neglected to carry out his duty as a Shore Police when Ordinary Seaman Collymore admitted to him that he was involved in a serious incident.

The panel deliberated for an hour and 43 minutes before agreeing on a sentence.

The court martial had earlier heard that Private Reeves had one prior blemish on his service record since being enlisted on September 16, 2015, when he served 14 days detention for his conduct to the prejudice of good order and military discipline on October 16, 2019.

Before handing down the sentence, the court martial’s president declared the BDF’s core values of courage, integrity, honesty, selfless service, loyalty, respect, commitment to duty and discipline.

“Punishment is among the means available for the maintenance of discipline,” said Lieutenant Commander Mapp. “The resulting sentence was decided based upon the seriousness of the offence tempered with fairness and justice.

“Further consideration was given to the mitigating factors which led to the offence, the service record and the fact that the convicted soldier returned to duty after interaction with the duty officer.

“The court sentences the convicted soldier to 90 days imprisonment…After lengthy discussion the panel unanimously agreed to the sentence.”

The president further explained that the sentence would be carried out immediately and Private Reeves would remain under close arrest at the BDF until the convening officer confirms the sentence.

Once that is completed, he is to be transferred to HMP Dodds.

Lashley, the lead defense attorney, tried unsuccessfully to have the private released before his sentence begins.

After he was found guilty, Private Reeves told the court martial his life became “very challenging” after his transfer from the Barbados Coast Guard to the army.

He described the experience as one of “a rat backed up in a corner.”

Private Reeves said he felt the regiment was being unprofessional towards him and that he was “being pushed to a certain extent.”

However, he maintained that the BDF was not a bad place to join and that he still had respect for the organization.

“I love my country but I believe it is time I part ways with the BDF,” he told the panel.

Private Reeves also expressed remorse for his actions.

In an interview with the media, moments after the court martial ended, Lashley said an appeal was forthcoming.

He also called for changes in the way courts-martial were composed, saying there was a need for civilians to be included.

The QC said: “My position on it is that he has to exercise his rights under the law. When my client did his mitigation it was revealed that a member of the panel was his officer in command. That now throws further light on the matter and we will have to take up that matter.

“I also personally believe that we have to review the court martial proceedings. Other countries have done it in a different way and I believe that we should look at having ordinary persons having a say on the court martial proceedings. But all in all, it is saving graces that he was not dismissed with ignominy, that the other charges were dropped and that at least he will not go away from the BDF with disgraceful conduct etched alongside his name.”

Earlier, following an almost two-hour summation by the Judge Advocate, Principal Crown Counsel Krystal Delaney, the three-member panel deliberated for just under two-and-a-half hours before returning the guilty verdict.

The court martial heard that that Private Reeves left the BDF’s St Ann’s Fort headquarters without permission to go home and cook food.

He said he did this because he did not eat the BDF’s food and had indicated his position on several occasions to superior officers.

But Private Reeves said no action was taken. (randybennett@barbadostoday.bb)

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No taxpayers’ dollars in vaccine scam

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Absolutely no Government funds were used in the purchase of 1 million non-existent COVID vaccines currently at the centre of an elaborate scam that cost a Barbadian company US$10.6 million, Acting Prime Minister Santia Bradshaw has declared.

But she also confirmed that the Ministry of Health and Wellness in fact vouched for Radical Investment Limited (RIL), which is partly owned by businessman Mark Maloney, to procure vaccines on its behalf from British Pharmaceutical company AstraZeneca.

On Wednesday, the Acting PM explained that the agreement with Radical was established at a time when the  world was in a “desperate vaccine race” and Government was hearing offers from private entities capable of sourcing the precious commodity.

“I want to make it abundantly clear that no taxpayer resources have actually been expended or directly given to the company for the particular sourcing of these vaccines,” declared Bradshaw during an address to the nation.

“Radical Investments did not receive a single cent from us and are therefore not expecting a refund from the Barbados Government. The clear understanding at all times was that once the items were sourced and arrived in Barbados, that the appropriate payments would be made to the company,” she added.

Bradshaw was referring to the circumstances under which Radical Investments was allegedly defrauded of over US $10 million in a vaccine deal on behalf of Barbados and other Caribbean countries that never came to fruition. It has since resulted in the Barbados-based company that is registered in St Lucia, filing a lawsuit against more than half a dozen alleged fraudsters in the U.S District Court in West Palm Beach, Florida.

As numerous questions swirl about the administration’s involvement in the deal, Bradshaw contended that the arrangement with Radical was in no way exclusive or unusual at the time that it occured.

She added that the Government authorised the purchase of one million doses with the intention of having 300,000 for Barbados and the remainder for neighbouring Caribbean countries.

“Yes, the Ministry of Health and Wellness would have had discussions along with the Director of Finance with AstraZeneca directly for this particular arrangement, because that is the only way that AstraZeneca would afford the opportunity to any intermediary to act on behalf of the Government of Barbados,” said Bradshaw.

In fact, Bradshaw noted that the first batch of AstraZeneca vaccines which started the national campaign was brokered through a private individual who had contacts within the Indian Government.

“At that time, there was a scarcity of vaccines, not only in Barbados, but across the entire region and therefore, having someone who could actually purchase these vaccines, particularly in these large quantities, with a view that we would enter into relationships across the region to be able to purchase it, for us was certainly an attempt get vaccines into the arms of as many people as possible,” Bradshaw added.

The acting PM even disclosed that on one occasion, the Government entered into an agreement with a “world-class premier medical facility”, paid a deposit but never received vaccines in return.

“And so they found themselves in a position where, despite having the monies from us, because they could not deliver on what we had requested of them, we ended up having the monies refunded to the Government of Barbados,” she said.

She also slammed Opposition Leader Bishop Joseph Atherley’s concerns about the legitimacy of the country’s vaccine supply, noting that the arrangement for packaging and shipment would have occurred directly between the Government and AstraZeneca.

“The truth of the matter is that we are not talking about chocolates that you can pick from on the counter, we are talking about vaccines and there is a separate and distinct process for the procurement of vaccines that exists within the global community.”

Explaining why Government’s procurement department was not involved in the purchases, Bradshaw declared it was not a feasible option for navigating the “vaccine war”.

Describing the fallout involving Radical Investments as “a most unfortunate situation”, Bradshaw said it was indicative of the ‘wild wild west’ environment often alluded to by Prime Minister Mia Mottley and said she hoped the “private-sector partner” would recover the funds.
(kareemsmith@barbadostoday.bb)

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Pension coming for former Cave employees

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Former Caves of Barbados workers, who claim they have been waiting for their pension money for close to a year, are being assured that authorities have not abandoned them.

Speaking on behalf of a group of 16, one employee said on Wednesday that while the transition of the management of the Harrison’s Cave operations to Chukka Caribbean Adventures of Jamaica had been taken care of, the affected staff members were left out in the cold.

“Some of the workers at Caves of Barbados used to work at the NCC [National Conservation Commission]. We were transferred to a private company called Caves of Barbados. After that was done, some of us were appointed in the positions that we were in at NCC. After transferring us to this private company, they had to take us from under the Consolidated Fund for pension and created a pension plan between Sagicor and Caves of Barbados,” said the former worker who preferred to remain anonymous for fear of being victimized.

“We got no kind of correspondence in relation to the pension plan. All we heard, there is one and we supposed to get pension from Sagicor. Whenever we called we heard it is being worked on, it had this problem and it had the next problem. I mean, the Caves have gone over to the private sector now more than a year. What they have done, is they have looked after the transferring of the Caves to the Jamaican company called Chukka, but the staff part was all left behind up to this day,” he told Barbados TODAY.

He complained that some of the workers over the age of 60 had applied for pension “and have not got a red cent up to this point in time. All we are hearing, ‘it is being worked on, it is being worked on’.

“It has a lot of people who came over to the Caves of Barbados distressed,” the distraught former staff member lamented.

He said that Chukka, which took over the management of the national attraction from December 1, 2020 under a 25-year lease arrangement, did not rehire most of those over age 60.

“All of the staff over 60, they discarded. They discarded, yes. They paid us out [severance] because they wanted to get rid of us. But we were able to apply for pension once you are over 60, which up to this day has borne no fruit whatsoever,” the disgruntled ex-employee complained.

However, chairman of Caves of Barbados Ralph Thorne, Q.C. sought to make it clear that the local company was more focused on making sure the pension payout was correct rather than on how fast the money could be handed out.

“In the interest of the former employees, we are focused on accuracy and not on haste,” Thorne told Barbados TODAY via WhatsApp.

He also stated that there was nothing underhand about how their pension issue was being addressed.

“There has been no action that has been deliberately dilatory with respect to resolving the issue of pensions. The process will move forward further as soon as the actuarial work is completed,” the senior attorney stated.

The Caves of Barbados chair also reminded the former employees of the company’s track record in dealing with their severance payments.

“Just as we made good on the severance pay entitlements for all of our former employees, the pension payments shall be activated as soon as possible. These administrative interventions are necessary and the candidates should be assured that there is nothing sinister attending this matter,” Thorne assured.

In June this year, the new operators of Barbados’ renowned attraction were ‘extremely’ optimistic about future prospects for the St Thomas location as they prepared to roll out the highly-anticipated $9 million upgrades.

Group Chief Executive Officer of Chukka Caribbean Adventures Marc Melville had said work would begin in August and should last between six to eight months.

With a new logo, the new-look Harrison’s Cave Eco-Adventure Park is to consist of several exciting features including a challenge course, a free fall platform, a children play area, a suspension bridge, cuisine tour, bird aviary, a dry slide, an interactive green monkey experience, a canopy zipline, an infinity pool, among other attractions.

Close to 30 of the former Caves of Barbados employees have already been rehired as part of the “start-up team”.

The operators said the employment numbers are expected to reach close to 100 when the upgrades are completed and the operation is in full swing.
(emmanueljoseph@barbadostoday.bb)

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Sir Maurice King, former DLP AG, diplomat, dies at 85; hailed as ‘knight exemplar’

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Sir Maurice King QC, the former Attorney General, foreign minister and diplomat in several Democratic Labour Party administrations has died at the age of 85.

An eloquent speaker with a baritone voice and erudite manner, Sir Maurice’s largely unblemished political and legal career was marked once by controversy when as attorney general in the late 1980s he sought to assure a restive public there were no gangs in Barbados amid an upsurge in crime and violence.

The DLP said in a statement that Sir Maurice was characterised during his public life by his calm and dignified demeanour, which he maintained even during the turbulent 1990s as the country’s Attorney General.

The party said: “His was a life of selfless service to country and party. His is the example those of us offering ourselves to public service are encouraged to emulate.”

In its tribute, the DLP also expressed gratitude for his service to the nation as a “hero and a knight exemplar”.

The scion of a legal and political family, son of prominent attorney Sir James Cliviston King and sibling of lawyer Edmund King, Sir Maurice’s public service stretches back to 1964 as chairman of the Natural Gas Corporation, now known as the National Petroleum Corporation, from 1964 to 1976.

He was one of the country’s first senators in newly-independent Barbados from 1967 to 1975.

Sir Maurice was ambassador to the United States and permanent representative to the Organisation of American States and the United States in 1976.

Elected to three terms in the House of Assembly as Member of Parliament for Christ Church West Central from 1981 to 1994, he was made Attorney General in Errol Barrow’s cabinet in 1986.

Under the Erskine Sandiford administration, he served as Minister of Foreign Affairs, Foreign Trade and International Business from 1989 to 1993.

The Queen’s Counsel was the DLP’s long-time lawyer.

Sir Maurice was knighted in 2009.

The DLP said: “To his grieving family we say thank you for your own sacrifice in loaning him to us. We too feel his loss acutely, but not as deeply as you. We are forever grateful for his steady leadership and guidance at a most critical juncture in this country’s history. Truly a hero, and a knight exemplar.”
(BT)

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Private jets leading ‘revenge travel’ tourism rebound – expert

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A travel industry expert is reporting a big jump in private jet travel to Caribbean islands as the phenomenon termed “revenge travel” triggers a rebound of tourism industries left struggling by the COVID-19 pandemic.

Wayne Rizzi, president of Private Jetaway, a firm that offers luxury travel packages, said that statistics currently show a 50 per cent increase on private jet travel coming down to the region, as lockdowns are lifted and millions receive the COVID-19 vaccination in tourism source markets.

Rizzi explained that while private travel is a high net worth niche business, he is also aware that Caribbean countries have also been engaging in discussions with commercial carriers such as JetBlue about what can be done to also increase commercial travellers to the tourism dependent region.

Rizzi said: “The demographics and specific clients of ours who would typically not take a private jet though they could afford to do so, today flying in first class is not as comforting as the cocoon of their jet.

“Their crew has been tested so they know they are in that safe haven. Their families have all been tested, obviously with the prerequisites of entering into the Caribbean, and that has been a challenge because all your [islands] have different prerequisites and their quarantine times, even if you are vaccinated.”

Rizzo, who was speaking during Caribbean Tourism Organization (CTO) forum on Revenge Travel And What it Means for the Caribbean, further explained that those passengers travelling to the Caribbean on private jets are choosing to stay at villas where they have been assured that the staff have been tested for COVID-19.

Rizzi added: “It is not only villas, look at that beautiful sea you have all around you. So, the yacht charter has gone up just as much as securing villa and what I would call a fully vaccinated or a safe staffing. So, the influx is great. And it is not a short stay either.

“We are starting to see seven, 10, 14 days, three weeks. Nobody is embracing the pandemic, but what the Caribbean can embrace are those that are finding such, such as these jetaways. When you have a family of about six or ten staying on a yacht or staying in a villa, in your region, you can see how the economics come from a whole supply chain.”

According to Forbes magazine, revenge travel means that people are more eager to travel and less willing to cancel their vacation plans this year after the COVID-19 shutdowns. Thousands have grown tired of staying at home, and are fully vaccinated and have been saving money and travel miles for their post-pandemic trip.

Also making a contribution to the discussion which was hosted by CTO Communication Specialist Johnson Johnrose was Dr Alan Fyall of the Rosen College of Hospitality Management at the University of Central Florida. Dr Fyall explained that revenge travel is an all-embracing term for the return to a sense of normality in the travel and tourism industry.

Dr Fyall said that a surprising number of students at Rosen College have been getting opportunities to intern at luxury properties and yachts in central Florida. He attributed the success in the luxury travel industry to it becoming more readily accessible to travellers who may not have been able to afford it prior to the pandemic.

Dr Fyall said: “I think this is something that will shape all tourism travel into the future because you are introducing new markets, new products and experiences that they actually haven’t had access to before.”

Another participant, Dorth Raphaely, Chief Marketing Officer of the travel entertainment platform, Tripscout, said his company has been busy helping people understand where they can travel to at this time and what are the requirements for particular destinations.

Raphaely also confirmed that travellers are booking longer trips, particularly those who are able to work remotely and their children can be homeschooled.

“We are seeing different cohorts,” he said. “Some of them are solo travellers that don’t have families and it is a lot easier for them to pick up. Now that schools are back, we are seeing less families, but a lot of working people. We are seeing a tremendous uptake in couple travels.” (AH)

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Bradshaw defends Student Revolving Loan Fund’s $5,000 donation

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Acting Prime Minister Santia Bradshaw on Wednesday rubbished suggestions that the Student Revolving Loan Fund (SRLF) acted improperly when it made a $5,000 gift to the Eden Lodge Youth Charitable Trust earlier this month to assist needy families.

At a news conference from Ilaro Court, Bradshaw, the Minister of Education who is responsible for the fully self-funded SRLF, made clear that the fund’s donations to charitable organisations was nothing new.

Questions were raised about the gesture by Democratic Labour Party (DLP) leader Verla De Peiza who called on the Government to “explain, deny or verify that the perpetually indebted Student Revolving Loan Fund made a contribution to a politically connected charity”.

But Bradshaw described DePeiza’s request as “disturbing” as the SRLF has consistently made funds available to “help students to be able to meet their expenses in relation to tuition or in relation to books or uniforms. They have so budgeted those amounts to be able to assist”.

Bradshaw named the Barbados Cancer Society, the Ministry of Education’s initiative to provide devices to the island’s children for virtual classes and the Shoe Box Initiative which provides basic supplies and toys to the Nightengale Children’s Home as other recipients of the Fund’s donations.

The Education Minister went on to point out that the $5,000 donation was not paid to the charity “but was in fact paid to two businesses in Bridgetown”.

She said: “Those two businesses supplied the uniforms and the books which the children of Barbados who would have been the beneficiaries would have benefited from. I don’t know what is so difficult for the public of Barbados to understand about that.”

Bradshaw further revealed that this was the first of two requests the trust made to the SRLF for assistance that was approved by the fund after conducting due diligence.

She explained that the first request in 2020 to sponsor the Trust’s back-to-school programme was denied because there were no budgeted funds to spend at the time.

She told the news conference: “The Trust came back and requested additional assistance and the Student Revolving Loan Fund  requested their financials in order to make sure that they were an entity that is actually giving to students, to get an idea as to the types of programmes that they were engaged in and it is on that basis that the board of SRLF felt that the initiative being put forward by the Trust was one that fit well within the mandate of the SRLF.

“So I want to put to rest this issue that funds have been misappropriated in any way, that funds have been applied in some way that it presents a level of mismanagement on the part of the Student Revolving Loan Fund but rather to say to the  public that the Student Revolving Loan Fund is working well and that I would encourage Barbadians who have benefited from the fund to support the fund by paying back the monies that have been loaned to you so that other young people can benefit from those resources.”

The Acting Prime Minister stressed that the SRLF has not received any subvention or financial support from the Government since 2009 but has been financing its operations by loan repayments from its clients.

Bradshaw reported there has been a significant improvement in the repayment of loans. She said: “The delinquency rate has come down from 27 per cent in 2017 to less than 17 per cent at the end of March this year and the goal really is to bring it down beyond 10 per cent.”

Bradshaw added that while the pandemic has had some impact on the repayment of loans, the SRLF has been showing leniency where there are cases of hardship.
(SD)

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Psychologist reveals mental toll on virus fight’s frontlines

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Emotionally drained and stressed but still dedicated to the job is how one of the island’s top clinical psychologists described the state of mind among medical professionals on the frontlines of the COVID-19 fight.

Registered Clinical Psychologist Felicia Gill, who has been working at the Harrison Point coronavirus hospital for the past nine months gave the assessment during a media tour of the facility on Wednesday.

Gill is tasked with helping both patients and staff cope with the mental and emotional stresses which are directly or indirectly caused by the raging pandemic.

For Gill, the hardest period over the last several months has been speaking to the family members of patients who have died from COVID-19.  These experiences continue to stick with her, she said, even as she continues to speak to intensive care patients that are currently on ICU support because of their low oxygen levels.

She said: “My hardest moments have been working with the families of those who have died from COVID- what I have to do, is as soon as the patient has passed away, I speak with the family, I sometimes relay to them what has happened, and then I am there to help them to cope with the situation. Also some of the patients who passed away, I would have been speaking to them before that point in time.

“My experience working with the patients in the primary isolation facility, or what we know as the ICU, that has also been challenging as well, because whenever I go into ICU and I see the patients, those who are on oxygen, those who may be on the CPAP machine… I have to go and help these patients as best as I can, because it is very difficult. Especially for patients who, things might have been okay, but then having their condition deteriorating to a point, where they now have to use oxygen.”

The current surge in COVID-19 cases, coupled with the long hours and months of work in the midst of the pandemic, has left many in the medical community dealing with high levels of stress and fatigue, she told COVID 19 Public Advisor David Ellis.

“Staff are overwhelmed, and overworked, and we are also understaffed,” Gill said. “We try our best to work with the patients, and as you see, the numbers have been steadily increasing, and that has made things a little more challenging as well. Even though we are feeling overwhelmed at this point, we [think] of ourselves as a team and as a family, and we support each other here.

“When we recognize that it’s becoming a bit challenging, we just give each other an encouraging word, so as to help the others to keep going on, because this job can be a bit draining. We are trying to do our best for our country, to help the patients as best as we can.”

Mirroring comments from other medical professionals, Gill cautioned Barbadians, in particular young Barbadians, to take the virus seriously, as the rise in numbers continues to be a worrying trend for the medical fraternity.

“Protect yourselves,” she declared. “You know what is happening in this country. I want you to wear your masks, I want you to social distance, I want you to think about your friends [and] your classmates. I know it is difficult being separated from your friends, having online school, I know it can be a bit stressful, and you can even become a bit depressed.

“I want you to remember the reason why we are doing this, you want to protect yourselves, and you also want to protect your family. We can do this together, as long as we do what we are supposed to do.” (SB)

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Acting PM praises contribution of Sir Maurice King

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Acting Prime Minister Santia Bradshaw has paid tribute to former Attorney General Sir Maurice King who died on Wednesday.

Here is the full text of her statement: 

While the passage of time has a natural tendency toward the erosion of memories, a country ought never to forget the contribution of those who served it honestly, faithfully and with never a hint of animus.

Sir Maurice Athelstan King was one such Barbadian whose service we ought never to minimise, and today, at his passing, on behalf of the Government and people of Barbados, I extend sincere condolence to his family, as well as the family of the Democratic Labour Party. He was a loyal servant of the DLP for decades.

While it has been almost three decades since he retired from active politics, his many years of service in our Parliament, including three terms in the House of Assembly as the representative for Christ Church West Central, and Cabinet portfolios that included Attorney General, Minister of Legal Affairs, as well as Minister of Foreign Affairs, remain worthy of commendation.

But Sir Maurice’s service to the country did not always occur in the glare of the cameras. His contemporaries would recall that ordinary Barbadians were the major beneficiaries of his legal skills and intellect as the principal legal advisor to two former longstanding General Secretaries of the Barbados Workers Union, Sir Frank Walcott and Sir Roy Trotman.

Similarly, without fanfare, Sir Maurice represented Barbados well, but with the quiet confidence that is so often a key tool of international diplomacy, in the 1970s as our Ambassador to the United States and Permanent Representative to the Organisation of American States.

From Christ Church Boys Foundation School to Harrison College, the University of Manchester, Grays Inn and beyond, you have made your country proud. Rest in peace, Sir Maurice.

 

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Hope for improved investment performance – Sagicor

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Despite a worrying trend of low economic growth, coupled with high unemployment and high inflation in Barbados and the rest of the region, officials of insurance powerhouse Sagicor Financial Corporation are reporting cautious optimism about investment returns for the remainder of this year.

This view was shared on Wednesday as officials reported continued growth in the Sagicor Bonds Fund and Sagicor Equity Fund, during an online media briefing.

Nicholas Neckles, Portfolio Manager at Sagicor Asset Management Inc. said the robust economic growth projected regionally and globally this year “bodes well for equity type investments”, adding that as economies improved, corporate earnings were also expected to improve.

However, declaring that “we remain cautiously optimistic” for the remainder of 2021, Neckles explained that in the medium to short-term Sagicor expected uncertainty in the markets to persist given the prevalence of the Delta variant of the coronavirus, geopolitical risks, disruptions and other issues related to supply chains and production shortages, as well as vaccine distribution bias.

“Fixed income could be weighed down by interest rate increases, driven by monetary policy to influence the rate of inflation,” he said.

“Regionally, stagflation is a worry. It is a real threat [along with] external market shocks. Stagflation is a situation where you see high unemployment, high inflation and a low economic growth situation,” he said.

But while expressing confidence in the local market, Neckles pointed to Barbados’ strong international reserves position of just over $2.9 billion or about eight months of import cover, adding that “we don’t foresee a situation where there will be a further restructuring to Government of Barbados debt”.

Additionally, he pointed out that “major central bank monetary policy is expected to remain accommodative through 2022. Huge global infrastructural spend is expected to drive the next generation of innovation – green technology, financial technology and health technology”.

Reporting on the 2020 performance of the Sagicor Bonds Fund, which he said was more suitable for those with a low tolerance for risk, Neckles noted that this investment option remained resilient despite the pandemic and associated external shocks.

The Sagicor Bonds Fund saw a return of 5.1 per cent last year, with net asset increasing by some $20.8 million. Net asset value stood at $28.60 at the end of December last year, up from $27.20 a year prior.

Total value of this fund was $456 million as at December 31, 2020, with total investment in bonds at 66 per cent, which are predominantly government bonds. About 57 per cent represents regional bond investments while seven per cent were allocated internationally.

Neckles said the largest regional exposures were Aruba, Barbados, Trinidad and Tobago and Bermuda.

“So approximately $258 million allocated to regional debt and approximately $31 million was allocated to international bonds. Local and regional debt valuation increased by two per cent while international valuation increased by 16.7 per cent, relative to 2019,” he reported.

In relation to the Sagicor Equity Fund, Neckles said it was suited for those with a higher tolerance for risk and a longer investment time horizon.

At the end of December last year, the total value of this fund was $619.1 million, with majority investment in equity (79 per cent), of which just over 58 per cent is invested internationally and the remaining 20 per cent in local and regional equities.

The Sagicor Equity Fund witnessed a return of 1.9 per cent for the year, while net assets declined by some $3.9 million. The net asset value increased to $65.9 as at the end of December last year, up from $64.7 a year prior.

The Sagicor Equity Fund is up some 10 per cent so far this year.

Neckles said despite the uncertain investment climate due to the economic fallout from the pandemic, the momentum and solid performance of this fund continued.

While company officials said they tried to diversify the portfolio where possible in an effort to mitigate against unexpected risks, they expressed concern that the investment options locally continued to be restrained. (MM)

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‘Trees integral to sustainable development goals’

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In order to achieve the Sustainable Development Goals of affordable, clean energy, and clean water and sanitation by 2030, Barbadians are being encouraged to do all that they can to help foster a healthy and sustainable environment for trees and plant life on the island.

Minister of Environment and National Beautification Adrian Forde made the plea during Wednesday’s National Arbour Day ceremony at the National Botanical Gardens.

Forde explained that though the island was committed to achieving its goals of becoming carbon neutral by 2030, it was important for citizens to understand the integral role trees and natural vegetation play in reducing the carbon footprint and the way in which plant life leads to a healthier environment for all.

The environment minister said: “From a policy perspective, it does not only signify our commitment to the United Nations General Assembly’s call to have all the sustainable development goals achieved by 2030, but it does also speak to the fact that life on land and our commitment to the sustainable development goals as it relates to clean air, again the responsibility of trees, clean water again we can’t have clean water unless they are trees… the ability to have fresh air as part of our sustainable development goal, almost all of [these] goals can only be achieved if trees are involved.”

Though Forde acknowledged that COVID-19 continues to be on the minds of Barbadians as daily infections continue to steadily rise, he stressed that if natural spaces are not taken care of, and are allowed to be destroyed, diseases caused by mosquitoes will be allowed to prosper, as lizards and other wildlife who are the natural predators for mosquitoes, continue to experience the destruction of their natural habitats.

He declared: “Prior to COVID, the one threat that took more lives was the mosquito threat [via] mosquito borne illnesses around the world. Whether it is Dengue, Zika, Elephantiasis, it has always been a perennial problem, and mosquito deaths around the world have been around 2 million per year, and that is documented.

“We may be spraying with the fumigants from the Ministry of Health, but it is known that those fumigants and those sprays only kill the adult mosquitoes… that is why I have been speaking about our lizard population. The only way those lizards can live and survive is if they have trees, because that is their habitat.”

During the course of the ceremony,  Chairman of the National Conservation Commission, Senator Rudy Grant, joined other citizens, including students, in planting 25 trees in recognition of Arbour Day, with Forde encouraging more Barbadians to get on board and get involved in the National Tree Planting competition which will see a $7,000 cash prize going to the eventual winner.  (SB)

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Lower taxes key to regional travel

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by Marlon Madden

Having slashed taxes on regional travel by 50 per cent and seeing tremendous results, a top tourism official in Antigua and Barbuda is calling on his Caribbean Community (CARICOM) neighbours to follow suit.

Chief Executive Officer of the Antigua and Barbuda Tourism Authority Colin James said since the government of that destination took the decision to cut taxes on regional travel by 50 per cent at the end of June, there has definitely been an uptick in visitors to the country from other Caribbean states.

“There has been a strong response,” James told Today’s BUSINESS.

Pointing out that LIAT had resumed flights to “quite a number of destinations” across the region, he said this was buttressed by the return of Caribbean Airlines with a number of connecting flights.

“So we are seeing the uptick in regional travel. We are currently in discussions with Silver Airways to start back service to Puerto Rico. So we are seeing that uptick. I think it is being well received,” he stressed.

“However, what I would love to see is the other governments follow suit to what Antigua and Barbuda has done in looking to reduce the taxes which is needed more than ever before to encourage people to continue to travel in the region and to continue to connect.

We saw in July in particular, a 50 per cent recovery of the rate of travel that we would normally see in the region during that time,” said James. 

“That is remarkable considering that quite a number of countries do still have strong protocols, it is difficult to be tested and sometimes to turn your test around in the particular time for travel that sort of thing, but we are seeing that uptick in travel,” he added.

Following a dramatic fallout from the COVID-19 pandemic and a near collapse of the tourism industry, CARICOM leaders agreed at their 42nd regular meeting in early July that, among other things, they would consider proposals to reduce taxes on travel for an initial period of six months.

They also agreed to encourage airlines “not to raise fares in such a manner as to negate the market benefit that would be derived from the reduction in travel taxes”. However, so far, Antigua and Barbuda has been the only country to truly reduce taxes on all regional travel, which was done even ahead of the CARICOM meeting.

Meanwhile, Barbados has implemented a similar reduction of 50 per cent, but only on taxes for trips to the Spanish, French and Dutch Caribbean countries, the US Virgin Island, Puerto Rico and the British Virgin Islands.

Director of Tourism at the Jamaica Tourist Board Donovan White was unable to say whether Jamaica was considering the move to slash taxes on regional travel. However, with that destination very close to welcoming its one-millionth visitor for this year, White said there were several key principles that have resulted in this type of rapid increase in visitor arrivals.

Since fully reopening its borders on June 15, 2020, Jamaica welcomed its one millionth visitor by August 15 this year. And between January and August this year, that country welcomed some 829,000 tourists.

He said the gold standard for Jamaica’s tourism product at this time was the “resilient corridor” that was implemented, which allowed for tourists to operate within a “bubble” by using licensed transportation to move between their hotel and other places within the allowed areas.

White, who was unable to say what percentage of visitors to Jamaica were from the Caribbean so far this year, said the protocols also served that destination well because of the constant training of tourism industry workers.

“Over time they have become so comfortable with applying them. The investment that our partners have made in personal protective equipment and hand sanitisation machines, and the level of cleaning that happens in our space is phenomenal,” said White.

“We encourage all our tourism neighbours to apply similar principles and most importantly, to continue to vaccinate your people against COVID-19.  It is the only real solution to returning lives and livelihoods to some level of normalcy,” he said.

White and James were responding to questions from Today’s BUSINESS during a state of the industry press briefing hosted by the Caribbean Tourism Organisation recently.  

marlonmadden@barbadostoday.bb

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Man, 53, succumbs to COVID-19, death toll moves to 63

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A 53-year-old man is the island’s 63rd COVID-19 casualty.  He died at the Accident and Emergency Department of the Queen Elizabeth Hospital in the evening on Tuesday, September 21.

His COVID-19 test, which was taken at the department on Tuesday, was returned on Wednesday, September 22, showing a positive result.  He had comorbidities and was unvaccinated.

Minister of Health and Wellness Lieutenant-Colonel Jeffrey Bostic, extends condolences to the family and friends of the deceased. (BGIS)

 

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Savings surge at credit unions islandwide

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The island’s tens of thousands of credit union members have been pumping more money into their savings accounts, but the sector’s profitability has waned slightly as fewer members took loans in 2020.

This was revealed in the latest Central Bank of Barbados and Financial Services Commission (FSC) Financial Stability Report which disclosed the sector’s profitability fell slightly.

The regulators pointed out that total assets of the credit union sector continued to grow during 2020, rising by 7.3 per cent on the basis of steady growth in member savings.

“This asset growth was largely reflected in increased liquid assets in the form of cash and short-term deposits. Gross loans, which accounted for an estimated 65 per cent of total assets, registered modest growth.”

At the same time, it was revealed: “Credit unions recorded a return on assets of 0.5 per cent. Total income fell by $8.3 million, reflecting the impact of declining income from interest payments related to loans,” the regulators noted.

It was explained that the dip in credit union profits was “expected” given the moratoria programmes which were offered in the second half of 2020 to members, coupled with the increase in non-performing loans (NPLs).

“Given the reduction in the interest income of 7 per cent, the net income fell by 25.8 per cent when compared to December 2019. Even though there was a reduction of interest and operating expenses, it was not enough to compensate for the reduced interest income,” the FSC and Central Bank wrote.

Noteworthy too was the increase in the sector’s capital which grew by 3.3 per cent as credit unions made greater provisioning for NPLs and IFRS 9 accounting requirements, in addition to issues associated with the impact of the COVID-19 pandemic.

“NPLs accounted for 13.1 per cent of the total loans at the end of 2020, an increase of 3.5 percentage points. This upward movement was mostly driven by a further deterioration in the loan portfolio as the value of loans now being recorded as NPLs in the 3-6-month category increased.

The large stock of NPLs in the 12-month-and-over category is mostly comprised of collateral-backed mortgages and real estate,” the report explained.

At the same time, the regulators pointed out that capital-to-assets ratio fell by 0.5 percentage points to reach 10.5 per cent due to the continued expansion in the asset base.  (IMC1)

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FTC notices exposure risk

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Barbados’ two chief regulators of the financial sector have taken note that in 2020, insurance companies and credit unions faced increased exposure to risks from commercial banks because both segments increased the level of their deposits in these institutions.

Addressing the issue of contagion, the Central Bank of Barbados and the Financial Services Commission (FSC) who produced the recently released 2020 Financial Stability Report on the impact of contagion in the system, noted: “Financial system contagion can occur as failure in one section of the financial system can spread through its interconnected firms, thus creating disturbances that have the potential to adversely impact financial stability.

“Contagion risk arises through both direct and indirect linkages. Exposures in direct linkages occur when the financial balance sheets are exposed via interbank markets and non-bank financial institutions’ connection failures.”

According to the regulators, they used a network analysis to help them assess other financial institutions’ exposure to commercial banks, finance, and trust companies, relative to their assets.

“Given their centrality in the payments system, commercial banks remained the main source of interconnectivity in the domestic financial sector, as the financial institutions held substantial assets in the banking system in 2020,” the FSC and Central Bank disclosed.

However, the regulators stressed that “The exposure to commercial banks was reduced from the previous year, as all financial institutions held smaller balances except credit unions.

The credit union sector became the subgroup most exposed to the commercial banks, as they increased their deposits, while the finance and trust companies significantly reduced their deposit holdings compared to 2019.

“As for deposit-taking finance and trust companies, both insurance companies and credit unions increased their exposures through higher deposits with these institutions.”

Meanwhile, in the report’s commentary on Barbados’ financial system, the regulators disclosed that during 2020, assets in the financial system expanded by three per cent, to represent 285 per cent of GDP.

In addition, asset growth was recorded in all segments of the financial system, except for finance and trust companies.

Those deposit taking institutions recorded a marginal decline for the year. On the other hand, commercial banks and credit unions, continued to lead the increase in assets, with larger cash balances stemming from higher deposits and weak demand for credit.

(IMC1)

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