Business
August 11, 2023
Licensing Authority introducing commercial plates
The Barbados Licensing Authority (BLA) is implementing new registration number plates for commercial vehicles. Transition to the new plates is required based on vehicle renewal dates starting in September 2023. Some vehicles already display the new plates. Registration fees can be paid online or at the Barbados Revenue Authority branches. Commercial vehicles include delivery vehicles, trailers, tractors, and more. Taxis and other similar vehicles are excluded. Further information can be obtained by contacting the BLA.
August 10, 2023
The Right Move
Senator Lisa Cummins defends the decision to transition the National Insurance Scheme in Barbados to a standalone commercial state-owned enterprise, assuring no scaling back of benefits.
August 10, 2023
Dream Killer
PM Mottley expresses concern over delays in opening bank accounts in Barbados, impacting entrepreneurs. Calls for digital advancements and fair access to banking services.
August 10, 2023
BTMI ends contract with CEO Jens Thraenhart
The Board of Directors of BTMI announce the departure of CEO Dr. Jens Thraenhart and the search for a new CEO. CFO Craig Hinds will serve in the interim.
August 10, 2023
Thraenhart no longer with BTMI
Dr. Jens Thraenhart is no longer with the Barbados Tourism Marketing Inc. Reports suggest he is joining the African Asian Union. The search for a new CEO is ongoing.
August 10, 2023
PM announces plan for legacy fund
The Government of Barbados will establish a legacy fund over the next six months to enhance the island's ability to finance climate resilience and address economic growth beyond GDP. Prime Minister Mia Mottley emphasized the importance of financial capacity and securitization of assets.
August 10, 2023
Senator suggests tax ease for pensioners
An Independent Senator in Barbados has called for the restoration of tax allowances and the elimination of tax on pensions, questioning the government's revenue from pension taxation and advocating for social justice and protection for vulnerable citizens. The senator also expressed concerns about the National Insurance Scheme's high exposure and commended the allocation of funds to diversify investments outside of the local market.
August 10, 2023
Not that hard - a review on tax policy
Minister Straughn rejects calls to review tax policy on private pension schemes but supports giving pension fund managers greater access to US currency for overseas investments.
August 9, 2023
NIS gets green light to invest $80 million overseas
The Central Bank of Barbados has granted the National Insurance Scheme permission to invest US$40 million overseas, enhancing portfolio diversification and access to international markets. The phased investment aims to achieve a 15 percentage point diversification in currency, country, and asset class allocation over 12 to 15 years. This move aligns with the Revitalisation Reforms for the NIS and promotes portfolio management best practices.
August 9, 2023
NIS to invest US$40m overseas
The National Insurance Scheme (NIS) receives permission from the Central Bank of Barbados to invest $40 million overseas, aiming to diversify its investment portfolio according to new NIB recommendations.
August 7, 2023
Bridgetown market vendors report slow sales
Vendors at Bridgetown Market along the Mighty Grynner Highway experienced slow sales on Sunday, with smaller crowds and decreased foot traffic compared to previous years. The return of the street fair after a three-year break caused by the COVID-19 pandemic was met with some disappointment from vendors, who were hoping for larger crowds and more robust sales.
August 6, 2023
Consumers to pay slightly more for some petroleum products
Stay updated on the latest petroleum product prices in Barbados - gasoline will increase to $4.08 per litre, while diesel will be priced at $3.33 per litre. Liquefied petroleum gas prices will decrease, with adjusted prices ranging from $149.19 for the 100-lb cylinder to $34.07 for the 20-lb cylinder.