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The Central Bank of Barbados has forecast 2% growth for Barbados in 2011 and 3% in the post-period. The international business sector is expected to benefit from the forecasted global turnaround and the signing of new tax treaties.
In its 2010 Annual Review released January 11, 2011, the Central Bank indicated that the Barbadian economy recorded some positives in spite of the continued challenge of the depressed global situation. Several sectors recorded improved performances.
The Belize Bank and BCB Holdings, companies under the control of British billionaire Michael Ashcroft, have demanded their $43 million plus interest, approved in the Belize Supreme Court in December 2009 by recently departed Supreme Court Justice John Muria.
He ruled that the August 2009 arbitration award, issued by the London Court of International Arbitration (LCIA) in favor of the companies, could be demanded from the Government of Belize.Senior Counsel Michael Young says he filed an application for appeal. Young also said that he is additionally asking the court to grant a stay of execution on the Muria decision; however, he has no idea when that application would be heard.
The real estate market in Barbados is back on track with last year seeing surge in activity as the global economic downturn has placed the location in a better competitive position, according to a new report.
Although property prices have reduced by up to 15% since the middle of 2008 many buyers are attracted by the strength of the Barbados property market in the face of alternative destinations that have faltered quite dramatically, says the report from property consultants Cluttons.
In 2010 Cluttons Barbados has had a successful year with an increase of approximately 70% in sales completed versus 2009. As Barbados enters its winter peak buying months, it is obvious that buyers are now returning to the Barbados property market, the report suggests.
Villas, hotels and flights are booked up and it is even becoming harder to secure a table at the top restaurants, which is a glimmer of pre–recession times.
‘We do expect an increase in property values during the next 12 months, however this still remains an extremely good time for purchasers to negotiate. Home buyers are attracted by the potential to negotiate a discounted price with high expectations of rental and capital growth. This is based on the stability of the economy, currency exchange rates, location and the quality of properties that Barbados has to offer,’ said Kieran Kelly of Cluttons Barbados.
President Hugo Chávez said Venezuela has dramatically increased its oil reserves and is now the world leader.
Some experts, however, said the new figures are inflated and that Venezuela's oil industry is suffering serious problems.Chávez said officials certified vast deposits of heavy crude in the Orinoco River basin in December, and that "we have reached 253 billion" barrels of oil.
Swedish developer Zublin is making another try at approval for a multimillion-dollar tourism development project rejected by the Grenada government last year.The developer said the project, which includes a new cruise ship jetty, a four-star city hotel and tourism entertainment, has now been revised to address financing concerns raised by Finance Minister Nazim Burke.
FirstCaribbean International Bank is pleased to announce the launch of its new E-Cheque Card. This card is designed to provide companies with a convenient way to electronically pay employees and service providers.
When a company wishes to pay employees and vendors, they simply transfer funds electronically to the E-Cheque card. The payee then has immediate access to these payments via FirstCaribbean ATMs and where available, they can also use the E-Cheque card to withdraw cash at any bank’s ABMs or to make point-of-sale purchases.