Archive for October 27th, 2009

Credit card terms ‘to be curbed’

Tuesday, October 27th, 2009

Consumer Minister Kevin Brennan: ‘40 years’ to pay off your credit card

Some unfair credit card terms are to be outlawed under proposals being put forward by the government.

It wants to stop card firms raising interest rates on existing debts and to prevent them raising someone’s spending limit without authority.

Monthly repayments must be used to pay off the most expensive debts first, and the size of minimum repayments will be raised to ensure faster debt repayment.

The body representing UK card issuers said it would study the proposals.

“We need to be able to demonstrate what impact these would have on consumer choice and the costs to customers of using credit cards,” said Melanie Johnson, chair of the UK Cards Association.

“We will be reviewing the evidence and we expect the government to do the same.

“These proposals risk disadvantaging more customers than they protect,” she added.

‘Exploited’

The government said that credit and store companies had to “clean up their act” because the relationship between card companies and

“It is not acceptable for card companies to impose complex and confusing terms and conditions that can leave people baffled, or to increase interest rates without proper explanation,” said Consumer Minister Kevin Brennan.

“Consumers should not feel each month as if they have been exploited or disadvantaged,” he added.

The latest proposals, which are now being put out to consultation by the Department for Business Innovation and Skills (BIS), include:

• changing the order of priority for credit card repayments, so that the most expensive debts, such as cash advances, are paid off first

• increasing the minimum amount that must be paid off each month to accelerate the overall rate of repayment

• banning the practice of raising borrowers’ credit limits without their consent

• restricting or banning increases in interest rates on debts already incurred.

Culture change

The government’s proposals were welcomed by consumer organisations.

We see far too many people on low incomes who have drifted into very high levels of borrowing as a result of unsolicited increased access to credit

Teresa Perchard, Citizens Advice

“For too long, card companies have been allowed to apply the tricks of their trade to the detriment of millions of consumers,” said Phil Jones of Which?

“We think it’s simply wrong to entice people into spending more than they can afford and then to squeeze as much money out of them as possible.”

Malcolm Hurlston of the Consumer Credit Counselling Service (CCCS), said: “The government has put its finger on the four main problems that consumers have with credit card debt.”

“We believe that the banks should be able to change their practices on each of these but if they can’t, regulation will be necessary,” he added.

Teresa Perchard of Citizens Advice said new enquiries about credit, store and charge card debts was the biggest group of problems that people brought to CAB offices last year.

“In particular we see far too many people on low incomes who have drifted into very high levels of borrowing as a result of unsolicited increased access to credit.

Consumer Focus said: “Borrowers should be given at least a month’s notice, and a full explanation, of any interest rate increases by their lender.”

‘Fair principles’

The government’s latest plans follow other limits on credit card practices brought in earlier this year.

These ideas came after a government-organised “credit card summit” in November last year, at which card companies agreed to a set of “fair principles”.

Among other things, they agreed to stop raising interest rates when customers fell behind with their repayments.

The government also pledged to ban the issuance of unsolicited credit card cheques and legislation to do this is now going through Parliament.

CREDIT UNIONS KEY TO FIGHTING THE ECONOMIC CRISIS

Tuesday, October 27th, 2009


            A government official has reiterated the need for local credit unions to implement strong internal controls, to minimise any occurrence of financial demise or financial deregulation within the system.

            Deputy Permanent Secretary in the Division of Trade, Industry and Commerce, Ernesta Drakes, made this assertion last weekend, while addressing the Barbados Cooperative Credit Union League’s Cocktail Reception at the Crane Resort and Residences, Crane, St. Philip.  The event was held in recognition of International Credit Union Day.

            Speaking on behalf of Minister of Economic Affairs, Dr. David Estwick, she acknowledged that such a framework was necessary to ensure “the transparency, integrity and survival of our financial sector and will also be instrumental in supervising and regulating our non-banking financial institutions”.

            To this end, Ms. Drakes alluded to government’s proposed establishment of a Financial Services Commission. “While it can be said that Barbados has a well managed financial system, this revised regulatory system will allow for greater protection of members’ deposits, as well as improving the confidence which the public and small investors have in the credit union movement.  So, it is also expected that as the need arises, the regulatory body will address matters pertaining to non-traditional and trading investment,” she said.

            Citing recently published statistics for December 2008 on the local credit union movement’s assets, the Deputy Permanent Secretary revealed that for that period, the total assets stood at $1.2 billion as compared with $1.1 billion for the corresponding period.  Savings accounted for $978.8 million, while its loan portfolio increased by 11.4 per cent and now stood at $964.5 million.

            Ms. Drakes said there were now 150,000 credit union members and the movement’s continued success was indicative of “what can be achieved when a social conscience exists within a financial institution which is complemented by the presence of an appropriate governance framework”. (JW/BGIS)   

 

“SPECTACULAR” LIGHTING CEREMONY SUNDAY

Tuesday, October 27th, 2009


“Something Big” is happening in the City this coming Sunday, November 1.

That is when the Community Independence Celebrations Secretariat (CICS) hosts its annual ‘Lighting Ceremony and Bajan Brew’ in National Heroes Square, Bridgetown, at 5:30 p.m.

National Coordinator, Curtis Gibbons said this year’s event promises to be spectacular, showcasing several of the island’s top acts, as well as emerging talent from within the communities.

He observed that the three-hour long show was “one not to be missed” and encouraged all Barbadians to give their support to the celebrations which has as its theme, “From Country to Town…All Uh We Is One”.

The first half of the show, the Lighting Ceremony, will include a potpourri of dance, song and melody, with performances by St. Mary’s Primary School, Rhema Dancers, Keitha Blackett, All Saints Primary School, Allison Norville-Forde and the Royal Barbados Police Force Band.

Member of Parliament for the City, Patrick Todd, will deliver remarks at the opening, while Minister of Community Development and Culture, Steve Blackett, will give the feature address.

Retired educator, Sybil Leacock, will have the honour of ‘throwing the switch’ to light the City of Bridgetown.

Mr. Gibbons revealed that the second half of the show, ‘Bajan Brew’, would get under way at 7:00 p.m., and would be headlined by reigning calypso monarch, Red Plastic Bag.

He will be joined by other crowd favourites such as Mikey, Salt, Lil Rick, Peter Ram, and Philip 7

“We wanted to create a show for all ages – for the young and young at heart, and for lovers of calypso, dance, drama, folk and contemporary Barbadian music. We will continue to focus on the promotion of local music and the arts as we believe this is an event which all Barbadians can celebrate and enjoy,” the National Coordinator opined.

Also scheduled to perform are Simon Alleyne, Tony Grazette, Barry Reid, Olakunde, Pride of Wilson Hill, Dance Strides and Salsa Caribe.

During the ‘Bajan Brew’, patrons will be able to meet their Parish Independence Committee Members, Ambassadors and Attendants. (AS/BGIS)

REMEMBRANCE DAY BEING OBSERVED SUNDAY, NOVEMBER 8

Tuesday, October 27th, 2009



Remembrance Day this year will again be observed with the holding of a parade and a short inter-denominational service at the War Memorial in National Heroes Square on Sunday, November 8. It will get under way at 8:00 a.m.

The ceremony will see several uniformed groups on parade. These will include the Barbados Defence Force, the Royal Barbados Police Force, the Barbados Cadet Corps, the Barbados Legion and the Barbados Red Cross Association.

At the conclusion of the ‘Two Minutes Silence’ and the ‘Sounding of the Last Post’, wreaths will be laid at the Cenotaph by the Governor General, Sir Clifford Husbands; Prime Minister, David Thompson; Leader of the Opposition, Mia Mottley; members of the diplomatic corps and specially invited guests.

Private individuals who wish to lay wreaths may do so at the end of the service. However, these persons should immediately notify the Cabinet Office, Government Headquarters, Bay Street, St. Michael, so that suitable arrangements may be made to facilitate them.

Relatives of those servicemen who gave their lives during the two World Wars, members of the general public and any public officers who wish to attend the service should collect tickets from the Cabinet Office. (BGIS)

TUESDAY’S SPECIAL MOON TOWN BARBADOS

Tuesday, October 27th, 2009

LENTILS PEAS AND RICE; MACARONI PIE

SALT FISH RICE; VEGETABLE CHOWMEIN

ASSORTED VEGETABLES; FRIED PLANTAIN

BAKED CHICKEN; BAKED PORK

FRIED STEAK FISH; GRILLED STEAK FISH

BBQ SPARERIBS; STEAMED VEGETABLES

STEAMED MARLIN; CURRIED LAMB STEW

TOSSED SALAD; POTATO SALAD

Martinique named top Caribbean destination for delectable dining by travel magazine

Tuesday, October 27th, 2009
 
NEW YORK, USA – Martinique’s status as the “Culinary Capital of the Caribbean” was confirmed recently in a Caribbean Travel + Life Magazine survey asking readers to name their favorite Caribbean destination for delectable dining. Martinique garnered 43.3% of the 807 votes cast over the one-month survey period, besting the likes of St Martin (28.87%), Puerto Rico (14.13%) and Barbados (13.63%).

Muriel Wiltord, director Americas for the Martinique Promotion Bureau/CMT USA, commented on the survey results, stating: “Caribbean Travel + Life readers are certainly among the most knowledgeable when it comes to the best that our region has to offer, so it’s especially gratifying to be recognized by them in this way.”

Martinique boasts a vibrant and eclectic culinary scene with local and international chefs elevating gastronomy to an art form. Traditional French cuisine is widely available throughout the island and rivals that found in Paris, but what really sets Martinique apart is its Creole flair. A sublime blend of African, Indian, European and Caribbean flavors, Martinique’s Creole culinary creations keep visitors coming back again and again.

The Caribbean Travel + Life honour is the second such recognition of Martinique’s culinary wonders in as many years. In November 2008 Caribbean World Magazine named Martinique “Best Gourmet Island of the Year.”

Students challenged by Jamaica’s deputy PM to help develop CSME

Tuesday, October 27th, 2009
   

Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade,
Kenneth Baugh (second right), conversing with members of the student
contingent from the University of the West Indies (UWI), the University of
Technology (UTech) and Northern Caribbean (NCU) who travelled to Barbados,
Grenada and other countries in the region on an official CSME observer mission.

KINGSTON, Jamaica (JIS) — Jamaican students are being urged to see the implementation of a Caribbean Single Market and Economy (CSME) as a bold new frontier, to help develop it and take advantage of the lucrative multi-trillion dollar Americas market it can open up.

The challenge came from Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade,  Kenneth Baugh, when he met with a group of 25 students from the University of the West Indies (UWI), the University of Technology (UTech) and Northern Caribbean University (NCU), who travelled to Barbados, Grenada and other countries in the region on an official CSME observer mission, at his office on Friday.

Baugh challenged them to treat the mission as a first step towards building a career in the CSME. He said that there were numerous opportunities to take advantage of, and that the challenges were slowly being overcome.

“I’ve challenged the students to look beyond CARICOM and at other areas, because we want to develop a larger market than CARICOM. We need to look at Latin, Central and South America, some 400-500 million people with a much larger economy. The United States is a $13.3 trillion market and Europe is another $18 trillion. We have to look to penetrate those markets to get our goods and services there,” he told JIS News after the meeting.

Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade, Kenneth Baugh (left), Communications Specialist, CARICOM Secretariat, CSME Unit, Salas Hamilton (centre) and representative of the European Commission (EC) to Jamaica, Helen Jenkinson (right) seem pleased with the report received from a 25-student Jamaican contingent from the University of the West Indies (UWI), the University of Technology (UTech) and Northern Caribbean (NCU), who travelled to Barbados, Grenada and other regional countries on an official CSME observer mission.

The students’ mission, funded by the European Commission under the theme “Students Engaging the CSME through Field Promotion”, is part of an evaluation process to determine and understand how the CSME is viewed by civil society across the region, as well as to identify opportunities and challenges of the CSME.

A formal report is submitted at the end of the mission. Students from other countries in the region also participated in the exercise, but the Jamaicans were the first to complete theirs and submit a report.

“The report is a very good report from what I’ve seen. They found that in their visits to these islands they overcame the barrier of ignorance that existed, and they pointed to issues, such as transportation, which were fundamental challenges to the progress to be made in CARICOM,” Baugh told JIS News.

Communications Specialist, CARICOM Secretariat, CSME Unit, Salas Hamilton, who received the report, said he was pleased with the outcome of the experiment, which represents a positive turning point for the CSME’s public education programme.

“To actually take tertiary level students through the CSME, let them do a diagnosis of the laws, regimes and the policies, see what is happening in terms of the movement of goods and capital, how Jamaicans can provide services, what is Grenada doing to facilitate that and when it takes two days to travel that is a critical issue. that you cannot learn in a classroom setting,” he pointed out.

Head of Section of the delegation of the European Commission (EC) to Jamaica, Helen Jenkinson, explained that the EC was a strong financial and moral supporter of regional integration.

The EC she said has an on-going programme, worth 41 million Euros, to support regional integration and trade. She noted that mobilizing students on a mission to the CSME was an excellent avenue to broaden understanding about the CSME, hence the EC’s financial support.

Barbados PM calls on faith-based organisations to participate in economic strategy

Tuesday, October 27th, 2009
   
By Gillian Applewhaite

BRIDGETOWN, Barbados (BGIS) — The input of the religious community is “missing from the strategy for using this economic crisis as the occasion for a restructuring of society”.

Barbados Prime Minister David Thompson (FP)

This view was expressed by Barbados Prime Minister David Thompson on Sunday as he addressed the 14th anniversary convention of Mount Zion’s Missions International Inc., at its temple in Rock Dundo, St James.

Thompson pointed out that he had repeatedly “made the call for all stakeholders in the wholesome and sustainable development of Barbados to join Team Barbados and to pull together”. However, he lamented that, to date, the response had not been as enthusiastic as he would have liked.

“Today, I therefore make a renewed appeal to faith-based organisations to come forward and help us to chart the way ahead. At one level, the facility for doing so is the new Constituency Councils, which have been established to empower communities,” he noted.

The Prime Minister added that at another level, there was Team Barbados, where the highest representatives of stakeholder sectors and institutions met and collaborated in solving problems.

He also endorsed the “strident methods” which Mount Zion had used to draw attention to the “spiritual and moral decay that is taking place in this once God-fearing nation”. He warned that in times of crisis, societies either disintegrated or pulled together.

“There is overwhelming evidence that, if left to chance, certain districts in Barbados will fall apart into warring factions that survive from criminal activity. You know these neighbourhoods well because they are the targets of your outreach work,” Thompson observed.

He said, however, that he believed that Barbados could “ride out this temporary setback by digging into its reserves, drawing on its culture of resilience and, above all, by putting God first”.

The Prime Minister commended Rev. Dr Lucille Baird for dealing with a range of subjects which many of her counterparts were “afraid to touch”. He also noted that she had tried to meet not only the spiritual, but also the social, economic and other human needs of her audiences.

“I congratulate you and the entire management and membership of Mount Zion Mission for putting Barbados on the map and showing once again what this little giant of a nation can do,” Thompson said.

Bahamas government pays out $16 million in unemployment benefits

Tuesday, October 27th, 2009
   

Minister of National Security, O A T ‘Tommy’ Turnquest is pictured with
delegates at the Caribbean Community Heads of Social Security Organizations
which was held October 22-23 in New Providence. The National Insurance Board
hosted the meeting. Participants included representatives from Anguilla,
Antigua and Barbuda, The Bahamas, Barbados, Bermuda, British Virgin Islands,
Dominica, Grenada, Guyana, Montserrat, St Kitts/Nevis, St Lucia, St Vincent and
the Grenadines and the Turks and Caicos Islands. (BIS Photo/Patrick Hanna)

By Matt Maura

NASSAU, The Bahamas (BIS) – The Bahamas government has spent $16 million in unemployment benefits to displaced Bahamian workers over the past six months, Minister of National Security, O A T ‘Tommy’ Turnquest confirmed.

Addressing the two-day Caribbean Community (CARICOM) Heads of Social Security Meeting in New Providence, on October 22, Turnquest said the payment, made possible through the Unemployment Benefit by the National Insurance Board, was part of Government’s “decisive action” to bring relief to Bahamians during the current world economic situation.

The money was paid out to 12,000 unemployed Bahamians.

“This is money that, from all indications, has been well spent,” Turnquest said. “It has helped to compensate for loss of wages and has contributed to our efforts to sustain our economy.”

The current world economic situation has “pointed out shortcomings” and “a lack of flexibility” in many of the regional social security schemes and has forced regional governments to re-examine those systems, he said.

The current world recession has also forced, particularly regional governments, to re-examine their social security systems now and in the way forward, he said.

Social security systems have also been taxed by a decrease in the contribution base, the increasing demands for benefit payments to offset the financial challenges of the current economic environment, and the “strident calls” facing the region to increase benefits and expand coverage as “real dollar values are declining,” the Minister said.

“Economic trends in our countries and our region have not been encouraging in recent years, as globalization and trade liberalization continue to bring about significant changes in the global economy,” Turnquest said.

“Many of our countries have struggled, and continue to struggle, particularly over the past year, with negative or declining economic growth, resulting in consequential changes in all facets of national life, particularly in the economic and social areas. We know that the current economic crisis has compounded the situation for all of our countries,” Turnquest added.

In these circumstances, he added, the need for, and value of, social security systems have come into sharp focus even as financial protection through social security has gained in acceptance and importance worldwide.

“In the face of the current crisis, the government of The Bahamas has acted decisively and quickly in many areas,” Turnquest said.

British Airways adds an extra 2,000 seats to Caribbean weekly

Tuesday, October 27th, 2009
   
BASSETERRE, St Kitts (CUOPM) — New flights by British Airways to St Kitts and other Caribbean destinations will mean an additional 2,000 seats to the region.

British Airways jet at St Kitts Robert L Bradshaw International Airport (Photo by Erasmus Williams)

With increased frequency to St Kitts, Grenada, Barbados and Bermuda scheduled for next summer and new flights from Gatwick to Punta Cana in the Dominican Republic and Montego Bay in Jamaica will offer an extra 2,000 seats a week to the Caribbean from Gatwick.

BA will operate a total 55 flights a week from London to the Caribbean, with 11 destinations served from Gatwick and three from Heathrow.

British Airways, which began flying into St Kitts’ Robert L Bradshaw International Airport in January will begin a second scheduled flight in march 2010.

The airline claims to now provide more seats to the Caribbean from the United Kingdom than any other carrier. All the long haul flights are operated with Boeing 777 aircraft.