Business
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.
August 6, 2023
Petroleum prices for August 2023
Effective midnight Sunday, August 6, there will be changes in retail prices of petroleum and LPG products. Gasoline will increase by one cent/litre, diesel by three cents/litre, and kerosene by 13 cents/litre. LPG prices will be adjusted accordingly.
April 7, 2023
JetBlue and American Airlines Increase Flights to Barbados, Enhancing US Connectivity
JetBlue and American Airlines are increasing flights between the United States and Barbados to meet high demand. JetBlue is extending its daily JFK flight, while American Airlines will add flights from Miami and Charlotte.
March 25, 2023
Industrial Dispute between GAIA Air Traffic Controllers and Government Nearing Resolution
An industrial dispute between air traffic controllers at Grantley Adams International Airport and the government is nearing resolution, with a potential end to the standoff by next Friday.
March 22, 2023
Chamber: Kenyan market ‘promising’ but challenges remain
By Marlon Madden highlights challenges and opportunities for trade and investment between Barbados and Kenya, including legal barriers, lack of trade agreements, and limited air travel connections.
March 15, 2023
Barbados Government Announces Temporary Reduction in CARICOM Travel Fees from July 1, 2023
Barbados Prime Minister Mia Mottley will reduce travel fees within CARICOM for six months starting July 1, 2023, in an effort to boost tourism and revenues. A $2.2 million revenue loss is expected.
March 15, 2023
Crackdown on Duty-Free Shopping to Address Revenue Losses: Prime Minister Announces Audits and Contractual Engagement Measures
Prime Minister Mia Mottley announces measures to address revenue losses from misuse of duty-free shopping and breaches of tax concession rules, including audits and specific conditions for beneficiaries.