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FSC uncompromising on governance

Shawn Cumberbatch
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FSC uncompromising on governance

Newly appointed chairman of the Financial Services Commission (FSC), Sir Patterson Cheltenham, has issued a firm warning to all entities under the regulator’s oversight: there will be no compromise when it comes to governance and accountability.

Delivering the annual FSC Chairman’s Update on the opening day of the Barbados Risk and Insurance Management (BRIM) conference on March 26, an event hosted by BIBA, the Association for Global Business at the Wyndham Grand Barbados Sam Lord’s Castle, Sir Patterson made it clear that “strong governance is non-negotiable”.

The former chief justice emphasised that the commission was intensifying its focus on governance across all sectors within its remit, ensuring there is “prudent management and protection of members’ interests”.

He pointed to the FSC’s recently released 2025 Administrator’s Quick Guide for Pensions as a key step in that direction, noting that it “reinforces that administrators are accountable – not just for filing returns, but for the prudent management and protection of members’ interests. This same principle extends across our regulatory remit.”

Addressing a packed audience of local and international delegates, he reiterated, “Whether pensions, insurance, securities or the credit union sector, strong governance is non-negotiable.”

Sir Patterson explained that while the FSC remained committed to vigilant enforcement, it was also adopting a more collaborative approach with stakeholders. This includes developing frameworks that are “flexible yet resilient” in a rapidly evolving financial environment.

The Commission will host a series of cross-sectoral consultations next month, aimed at gathering stakeholder input on a framework designed to expand opportunities while maintaining high regulatory standards.

“For the past year, the FSC has been engaged in a comprehensive Legislative Reform Project. We are not simply updating rules; we are seeking to fundamentally modernise the supervisory architecture of our financial services sector – making it more principles-based,” he said.

Greatest scrutiny

Sir Patterson added that the FSC intends to develop policy positions in which “the greatest scrutiny is placed on areas that pose the greatest risk to the stability of the financial system and to Barbados’ reputation”.

He described the reform effort as “an ambitious and necessary project aimed at establishing a comprehensive set of modern legislation and guidelines over a two-year timeframe”.

In his remarks, Sir Patterson also challenged the global business sector to play a more active role in promoting Barbados as a premier financial services jurisdiction – mirroring the success achieved in the tourism industry.

He cautioned against complacency despite Barbados’ ranking as seventh globally in domiciled captives, stressing the need for continued growth and innovation.

Sir Patterson also reminded delegates that competing jurisdictions, including the United Kingdom, are actively expanding their presence in the captive insurance sector, thus increasing global competition.

While reaffirming Barbados’ emphasis on ease of doing business, the retired jurist underscored that “we must not forget the significant role that supervision and regulation play”, adding that the FSC is working to position strong oversight as a comparative advantage for the island.

He also took the opportunity to pay tribute to his immediate predecessor, Oliver Jordan, acknowledging his contribution to the Commission’s work. (PR/SC)

Relief measures ‘now in place’

Shawn Cumberbatch
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Relief measures ‘now in place’

With Government’s new fiscal year starting today, Minister of Finance Ryan Straughn says “everything is in place” for Barbadians to begin feeling the benefits of relief measures announced in the recent Budgetary Proposals.

He noted that this included the policies to cushion the cost of imported goods and to give households an ease on their electricity bills.

In the March 16 Budget, the minister announced that effective April 1, there would be several initiatives focused on easing the cost-of-living, citizen security and resilience, growth enhancement measures, relief for the business community and to help pensioners and Barbadians with special needs.

Exemption

“The de minimis exemption on imports and everything else, all of those things are in place,” Straughn said yesterday.

The de minimis exemption on imports, which takes effect today, relates to goods landed in Barbados for personal use delivered via registered courier and postal shipments. The threshold for duty and value added tax (VAT)free importation value has been raised from “$60 to $150 free-on-board”, among other measures.

The exemption does not include alcoholic beverages, cannabis products, vaping products, cigars, cigarettes and manufactured tobacco regardless of value.

Families will also get a promised ease on their electricity bills this month after Government implemented hedging of fuel prices, enabling the authorities to absorb 50 per cent of the increase in the Fuel Clause Adjustment (FCA) on the electricity bill above the March bill FCA for three months.

Government is allocating $7.9 million over the three-month hedge window to keep household electricity bills stable.

“The electricity bills will be issued based on the implementation of the fuel hedge, so obviously bills that are coming out in April will reflect the pricing policy in relation to the hedge, so things are in place,” Straughn said.

Other cost-of-living measures he announced in the Budget included that with effect from today until March 31, 2027, the VAT collected on gasoline will be capped at 47 cents per litre and that on diesel at 37 cents per litre.

In addition, also from today, the excise tax charged on gasoline will be reduced for three months from 99.39 cents to 89.39 cents and diesel from 44.03 cents to 34.03 cents.

Additional budgetary proposals taking effect at the start of the 2026-2027 financial year include an extension of the excise and VAT holiday on electric vehicles until March 31, 2029, and the cost of replacement batteries for electric and hybrid vehicles are eligible for five-year personal income tax deduction.

Cap value

From today as well until March 31, 2027, the Customs and Excise Department is to cap the value for a 20-foot container at US$3 000 and the value for a 40-foot container at US$6 000.

This month also means some additional financial relief for special groups, including pensioners, people on welfare and those with special needs.

There is a $100 per month cost-of-living cash credit for pensioners with annual income less than $50 000 per year, Barbadians over 65 years not in receipt of any pension income, for people receiving welfare benefits, and children and adults who receive the special-needs grant.

April measures for citizen security and resilience include that for the next year, all purchases of dashcam and GPS devices for installation on all vehicles be duty and VAT free on importation to Barbados.

The business community, including the agriculture sector, tourism and small businesses, will also be getting assistance at the start of the new fiscal year.

An annual rebate of up to $5 000 for initiatives that utilise organic material for fertiliser and plant and animal inputs is now accessible, as is a 100 per cent rebate up to a maximum of $15 000 for small poultry farmers participating in the Barbados Agricultural Society project, where a special paint designed to reduce heat and energy stress is used on chicken farms.

Further, from today, the threshold applied to the rebate for farm security has increased from $10 000 to $15 000, while the Trust Fund Limited loan limit has increased from $10 000 to $20 000.

All tourism properties with concessions issued under the Tourism Development Act on or after January 1, 2005, can now receive an automatic threeyear extension to their concession agreement, except properties with concessions issued on or after April 1, 2020.

Straughn also announced in the Budget that from April 1, there is a multiple birth cash grant to support families having multiple births up to age five. (SC)

DR Congo declares national holiday after reaching World Cup for first time in 52 years

Nationnews Desk
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DR Congo declares national holiday after reaching World Cup for first time in 52 years

Authorities in the Democratic Republic Congo have declared Wednesday a public holiday after the national football team qualified for their first World Cup in 52 years.

The Leopards reached the finals on Tuesday when Axel Tuanzebe’s extra-time goal gave them a 1-0 win over Jamaica in the play-off.

DR Congo’s ministry of labour and employment said that as a result of the “historic” victory, the nation could have the day off work to “celebrate in unity, fervour and national pride”.

The central African nation has only played in the World Cup once before – in 1974 when the country was named Zaire.

Tuesday’s match was an intense affair, with former Manchester United player Tuanzebe only breaking the deadlock in the 100th minute.

Videos of elated football fans celebrating in the capital, Kinshasa, have been circulating on social media. In the neighbourhood of Kingabwa, supporters took to the streets chanting “Christiano Ronaldo is next”.

DR Congo’s first match will be against Ronaldo’s Portugal in the US city of Houston on 17 June.

They will also play Colombia and Uzbekistan in the group stages.

DR Congo are the 10th African nation to reach this year’s expanded World Cup finals, hosted by the US, Mexico and Canada. (BBC)

Trump administration to shutter historic Border Road between US and Canada

Nationnews Desk
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Trump administration to shutter historic Border Road between US and Canada

The US government will close a nearly nine-mile (14km) stretch of road from 1 July along its border that runs between Montana and Alberta, citing security concerns.

The closure of the stretch, commonly referred to as Border Road, will end more than eight decades of informal crossings between farming communities on each side of the border.

The Trump administration cites a rise in irregular migration and drug smuggling for the decision.

Although the road lies on the Montana side of the US-Canada border, it is maintained by Alberta’s Warner County which has already set aside funds to build a replacement.

Calling the move “unfortunate”, Warner County’s Chief Administrative Officer Shawn Hathaway told the BBC that Canadian officials were first informed last summer of the US plan to close the road.

The road, accessed freely by both Canadians and Americans since the 1940s, lies within the US.

“Two Canadians actually have to access their houses from it,” Hathaway said.

Between 800 and 1,200 trucks traverse the Coutts-Sweet Grass crossing every day, and C$15.9bn ($11.4bn; £8.64bn) worth of “two-way trade” crosses the route each year, according to Canadian Manufacturers & Exporters.

The Alberta government is now spending C$8m ($5.74m; £4.34m) to build a road alongside it for Canadians.

Construction is expected to begin in April, Alberta Transportation Minister Devin Dreeshen told the Canadian Press. It is expected to be completed by summer.

“Regardless of the line on the map, you’ll have farmers on both sides of the border, you’ll have family friends on both sides of the border,” he said. “I think obviously that will continue.”

DHS has not immediately responded to the BBC’s request for comment.

For locals, it is the end of an era.

Ross Ford, who lives on a farm on the Canadian side of the border, described the move to The Canadian Press as “unfortunate” and said the bond between neighbours has always been close.

“Of course, they live in Montana and that won’t change – but we have this new barrier,” he told the outlet.

Roger Horgus, who lives on the Montana side of the border, recalled for The Canadian Press a time in his youth when kids would run across the border to ride bikes and play.

“[The road closure is] ridiculous. I hate to see it because the Canadians have taken such good care of us and the road, with grading and all of that,” he told the outlet.

“The roads will basically parallel each other for the full length of the road. So we’ll have our road, and they’ll have their road.” (BBC News)

DLP calls for urgent review of school health issues

Carlos Atwell
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DLP calls for urgent review of school health issues

The Democratic Labour Party (DLP) is calling for a comprehensive review of schools, following a number of recent health and environmental issues.

The DLP spokesperson on education, Quincy Jones, pointed to:

• St Bartholomew Primary School, which reported rodent and roach infestation;

• St Paul’s Primary School, with a suspected gastroenteritis outbreak;

• Christ Church Girls’ School, with rotten roofing and termite dust;

• Mount Tabor Primary School, where there was a strong odour of chemicals;

• Charles F. Broome Memorial Primary School, where environmental issues disrupted classes; and

• Hilda Skeene Primary School, where he said “rats and rubbish” forced the closure of the school.

Jones proposed upgrades that included improved ventilation, modern washrooms and solutions for ageing buildings affected by poor air quality and mould, as well as a national schools’ environmental audit, involving immediate inspections to identify and address health risks across every institution.

Attorney Amoy Gilding-Bourne, who ran for the DLP in Christ Church East, said she was particularly disturbed by what was happening at St Bartholomew

Primary School.

“I have many constituents who have children who attend St Bartholomew Primary School, so I’m concerned about the health and safety of the students and the teachers, as well as the potential hazard a rat infestation could have on the surrounding communities.

“I hope that the Minister of Education listens to our spokesperson on education, Mr Quincy Jones, and the several suggestions that he made towards a resolution. This issue at St Bartholomew Primary School needs to be addressed immediately. Fix it.

“The children need to return to school and the children and the teachers must be able to operate within a space that is safe and healthy,” she said. (CA)

UWU, BESCO dispute grinds on

Carlos Atwell
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UWU, BESCO dispute grinds on

The Barbados Energy & Sugar Company Inc. (BESCO) and the Unity Workers Union (UWU) continue to hurl accusations at each other as this year’s sugar crop remains stalled.

BESCO is calling the UWU’s position “excessive and financially unsustainable”, while the union is charging that Portvale sugar factory’s management is seeking to make the union a scapegoat.

In a press statement yesterday, BESCO said the “ongoing industrial relations dispute” with the UWU was a cause for stress, but it remained committed to workers, lawful operations and a fair resolution.

“Our priority is to restore confidence through transparency, respectful engagement and solutions that protect jobs, safety, and the long-term viability of the industry.

“We want to be clear: this matter must keep workers’ interests at the centre. To date, however, the UWU’s pursuit of formal recognition as the bargaining agent appears to have taken precedence over clearly identifying and articulating specific grievances in a manner that would allow BESCO to responsibly assess and address them,” it stated.

However, UWU general secretary Caswell Franklyn told the MIDWEEK NATION there was no ongoing industrial action at Portvale Factory.

“The issue is that they want a scapegoat. We took industrial action over the shift system for three days. When they suspended that system and the crop along with it, we went back to work that day. There is no ongoing industrial action; the real problem has to do with . . . parts at the factory. Besides, how can they say we are the hold-up if they are still refusing to see us as the bargaining unit? They can’t have it both ways,” he said.

Franklyn said his issue with the shift system is that it required workers to be on the job seven days a week. He pointed out that the factory was classified as a shop under the Shops Act and thus could not schedule workers to be on the job more than five days a week.

Temporary suspension

In a release dated March 26, BESCO announced the temporary suspension of crop and shift system work.

In yesterday’s release, it explained sugar and molasses had been manufactured using a 24-hour system since the company’s inception in 2024. It added this system was to allow for continuous production and was in accordance with the Safety And Health At Work Act, the successor to the previous Factories Act.

“The UWU has publicly contended that Portvale should be treated as a ‘shop’ under legislation intended for shops, stores and retail businesses.

Industrial relations specialists who have reviewed the legislation consider this position to be incorrect. Portvale is an industrial manufacturing facility, not a retail establishment, and its scheduling approach is aligned with the appropriate health and safety and workplace framework for factory operations.

“BESCO must be honest about what is sustainable. The UWU’s demands – particularly the approach being advanced to treat the factory as a ‘shop’ so that additional hours required to roster a 24-hour system would attract further time-and-a-half and double-time payments on top of existing premiums – are excessive and financially unsustainable.

“BESCO is committed to constructive engagement on lawful, safe and financially responsible approaches to stabilising earnings,” it stated.

(CA)

West Terrace celebrate NAPSAC glory

Josue Ramirez Nelson
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West Terrace celebrate NAPSAC glory

It was celebration time at West Terrace Primary School yesterday as staff and students toasted their success in last month’s National Primary Schools Athletics Championships (NAPSAC).

The West Terrace Tigers continued their run of excellence by securing the girls’ title, while the boys, who were defending champions, finished in third place.

Artistes Jordan English and Tionne Hernandez joined in the celebration, singing several of their hits.

A proud principal Charmaine Jones said: “Our theme this year is Everything Is Possible, Legends In The Making. So we wanted a one-one. Last year, we had a one-two. This year, it is a one-three, but we still feel really great about doing so well at NAPSAC.

“This is our game plan, this is what we want. We must be the best. We are all about excellence. We are all about teamwork and we are all about being

student-centred so this was expected,” she added.

Physical education teacher and head coach Roderick Harmon said he hoped the celebrations would be an incentive for other potential athletes. (JRN)

Guyana to introduce automated passenger ID at CJIA

Nationnews Desk
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Guyana to introduce automated passenger ID at CJIA

 The government says it will introduce an automated passenger identification system at the Cheddi Jagan International Airport (CJIA) to reduce processing times for Guyanese travellers as the country moves towards becoming a regional aviation hub.

“We want when you come off the plane, you walk straight through. The system must recognise that you are a citizen. Your face will appear on a screen, the system will signal the gate to open, and you will walk through. You don’t have to see anybody as a Guyanese,” said Public Utilities and Aviation Minister, Deodat Indar.

He said the initiative forms part of a broader strategy to position Guyana as a regional aviation hub.

“Making Guyana a regional hub, you have to have the infrastructure. That is why you will see we [government] are investing heavily in the Cheddi Jagan International Airport to ensure it is modern-looking and the people of Guyana can boast that we have an airport that is truly international in shape and form.”

The national e-ID card infrastructure will support the new system and will use biometric technology to identify Guyanese upon arrival and Guyanese travellers will be able to move seamlessly through the airport, with facial recognition triggering automated gates.

Along with the digital upgrade, the CJIA’s physical infrastructure is also being expanded and modernised to meet international standards, in keeping with the government’s aviation ambitions.

Indar said that plans are in place to construct a second terminal and that the designs have been completed, and contractors are mobilised as Guyana continues to attract interest from international carriers.

Guyana currently hosts approximately 16 airlines, a sharp increase from just four in 2020. They include Copa Airlines, American Airlines, Surinam Airways and Caribbean Airlines.

“In 2020, we had four airlines. Now we have 16. That means we added 12 new airlines, which is no easy feat, and more are coming,” he said, adding that efforts are also underway to re-establish regional routes, particularly those affected by the collapse of LIAT.

Beyond the development of the CJIA, the government is constructing two municipal airports in Berbice and Lethem to support regional development.

The Berbice facility is expected to serve major projects in the region, including oil and gas operations, new pipelines, a power plant, and infrastructure developments such as the stadium at Palmyra.

“We need an airport that can accommodate jets for now so that they can land on a 6,500-foot runway and they can leave directly from there so you don’t have to come and then drive,” Indar added. (CMC)

Woods to ‘step away and seek treatment’ after crash

Nationnews Desk
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Woods to ‘step away and seek treatment’ after crash

Tiger Woods says he is “stepping away for a period of time to seek treatment and focus on my health” following an arrest after a car crash.

The 50-year-old was arrested and charged with driving under the influence after clipping a truck and rolling his car in Florida on Friday.

He was also charged with property damage and refusal to submit to a lawful test.

The 15-time major champion submitted a written plea of not guilty via his lawyers on Tuesday.

That came after a police report earlier on Tuesday detailed his behaviour after the crash.

It said Woods had two hydrocodone pills in his pocket – an opioid used to treat severe pain – and that officers observed him acting “lethargic and slow” while “sweating profusely” with “extremely dilated” pupils.

Speaking about the incident for the first time, Woods wrote on X: “I know and understand the seriousness of the situation I find myself in today.

“I am stepping away for a period of time to seek treatment and focus on my health. This is necessary in order for me to prioritise my well-being and work toward lasting recovery.”

Prior to the crash he had not ruled out playing in next month’s Masters – though he has not competed at a major since missing the cut at The Open in July 2024.

“I’m committed to taking the time needed to return in a healthier, stronger and more focused place, both personally and professionally,” his statement added.

“I appreciate your understanding and support and ask for privacy for my family, loved ones and myself at this time.”

The PGA Tour also issued its first comment on Woods following the golfer’s statement.

“Tiger Woods is a legend of our sport whose impact extends far beyond his achievements on the course,” it said.

“But above all else, Tiger is a person, and our focus is on his health and well‑being. Tiger continues to have our full support as he takes this important step.”

The golf body’s CEO, Brian Rolapp, added: “Tiger Woods is one of the most influential figures the sports world has ever known.

“Over the last year, I have come to deeply appreciate Tiger not only for his impact on the game, but for his friendship and the perspective he has shared with me as I joined the golf industry.

“My thoughts are with him and his family as he takes this step, for which he has my full respect and support.” (BBC News)

Fuel prices reduced effective midnight

Nationnews Desk
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Fuel prices reduced effective midnight

Retail prices for gasoline, diesel and liquefied petroleum gas (LPG) will decrease from midnight tonight.

Gasoline will now sell at $3.73 per litre, a reduction of six cents, while diesel will retail at $3.15 per litre, down by 12 cents. Kerosene remains unchanged at $1.53 per litre.

LPG prices have also been adjusted. A 100 lb cylinder will cost $160.39, the 25 lb cylinder $45.20, the 22 lb cylinder $39.94, and the 20 lb cylinder $36.31.

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