Business

Minister calls for a closer working relationship with credit unions

Minister in the Ministry of Finance, Ryan Straughn, is calling for a closer working relationship with the credit union movement to assist in enhancing their safety net to protect members from risks posed by online transactions and actions.

Mr. Straughn made this appeal as he addressed participants attending the Barbados Deposit Insurance Corporation’s (BDIC) Bank Intervention Simulation at Courtyard by Marriott Hotel.

He reasoned that the inclusion of credit unions as “part of the ecosystem” was necessary since they “were now systemically important financial institutions”.

“In the same way that they are important systemically, then obviously, we now need to ensure that there is a level of coverage and participation, recognising.the potential risks that they may be exposed to, to properly ensure that we safeguard our citizens accordingly,” Minister Straughn stated.

The “evolution and revolution” within the financial sector, along with the emergence of technology, he pointed out, has made it easier for fraudulent activity to occur.

“Our security systems have to be ‘beefed up’ because online phishing is one of those things that could undermine the integrity of any financial institution in Barbados…. Therefore, collectively, our financial participants must work collaboratively to ensure that we mount a very strong robust response to cyber security, in order to give our citizens the comfort that when we do our business, whether…at home or…as we travel, do things and interface publicly, that we know that we have the infrastructure in place working collaboratively with regulators outside of Barbados to protect the stability and integrity of our financial system,” Mr. Straughn said.

He continued: “These issues today are front and centre of our policy considerations because when BDIC started in 2007, we didn’t have online payments in the way that we have today. E-mobile apps and payment services ecosystem have revolutionised in the last 17 years and will continue to evolve. Therefore, we must be cognisant of the need not just from a legislative perspective…, we also have to consider the IT infrastructure that we are setting up with respect to our financial institutions.”

The Minister queried whether in the event of a failure there was sufficient operational oversight by the regulators – the Central Bank of Barbados, the Financial Services Commission, Ministry of Finance and the BDIC – to take “action overnight” to contain the situation.

“I believe that this workshop is particularly important, and I want to say to Barbadians that this is nothing sinister that is happening here this week…. This is real life work that regulators have to do every single day on your behalf, and therefore, I welcome the opportunity to engage, understand, and learn from the experiences of what is happening outside of Barbados.

“This is important and to ensure that we work collaboratively as regulators…to say to Barbadians that we are doing the work that is necessary not just for today, but to ensure that we set in motion, the set of processes that will allow us to keep pace with what is happening globally…”, Mr. Straughn emphasised.

The Minister also spoke about the importance of communication in the event of a failure to clear up any misinformation, and to keep the public abreast of any action that was triggered by the BDIC.

Mr. Straughn noted that Barbados had one main asset, which is stability, be it at the political, financial, and social levels, and if a bank failure had to occur, it would have a significant impact on the country.

“In a small country like Barbados, bank failure or the notion of a bank failure will have a significant impact on all of our lives. Therefore, as we go through these exercises and understanding not just from the operational side what needs to happen, but from our perspective, the Central Bank as well as the Financial Services Commission, working collaboratively with BDIC, is important for us to see the signals well in advance, in order to ensure that BDIC never has to implement anything that we may simulate this week. And I think that is the basis on which I preface my remarks because stability is the only thing that can keep Barbados above board,” he said. (PR/GIS)

Caption: Minister in the Ministry of Finance, Ryan Straughn, speaking at the Barbados Deposit Insurance Corporation’s (BDIC) Bank Intervention Simulation at Courtyard by Marriott Hotel

Business

Director of Youth Affairs, Cleviston Hunte, is pleased about the support for this year’s National Summer Camp Programme, which is being rebranded by the Ministry of Youth, Sports and Community Empowerment.

A donation of art supplies was received last Friday from the Prince Godwill D. Fomusoh Foundation (PGDFF) and its partner, Affinity Plus Credit Union Ltd., at the Ministry’s headquarters, Sky Mall, Haggatt Hall, St. Michael.

Mr. Hunte, who accepted the donation from the PGDFF and Affinity Plus Credit Union said: “Today is really the day that we actually see the fruits of the labours of our stakeholders…. The donation that you are giving to us here today is well received.”

Noting the crucial role that corporate sponsorship plays, he stated: “We enjoy the corporate sponsorship that we get because we know that the benefits for the children are really significant,” adding that such support ensures the well-being and holistic development of the children.

Stating that the Arts was a key component of the Summer Camp Programme, he stressed: “It gives our children an opportunity to explore themselves, explore their imagination.” He said that aspect of the programme aims to foster creativity and imagination among the youth.

Director Hunte also urged other corporate entities to join in supporting the programme. “We want to invite other corporate sponsors or stakeholders to come on board and provide these kinds of donations that really enhance the lives of the children of this nation of Barbados,” he said.

Managing Director of the PGDFF Caribbean, Anita Sundaram, expressed gratitude to the Marketing Manager of Affinity Plus Credit Union, Valerie Hope, and members of the PGDFF team for their part in the initiative.

Ms. Sundaram, in commending Ms. Hope, remarked: “When we came to you (Affinity Plus), you just trusted us with this and went with it. And, I really want to thank you for partnering with us.

“I think incorporating colouring and art into early childhood development is extremely important. It helps develop so many skills, whether it’s writing skills, … their creativity skills, or emotional management, there’s so many plus points for this. And lastly, it’s just a lot of fun. ‘Who doesn’t like to colour?’

“We’re happy that we’re able to provide this for the Summer Camp Programme, from PGDFF Caribbean, in partnership with Affinity Plus Credit Union.” (PR/GIS)

Caption: Director of Youth Affairs, Cleviston Hunte (third from left); Managing Director, Prince Godwill D. Fomusoh Foundation Caribbean, Anita Sundaram (second from left); Marketing Manager of Affinity Plus Credit Union, Valerie Hope (centre); staff of the Ministry and representatives pose with the donated art supplies.

Business

MOUNT GAY AND WEST INDIES RUM DISTILLERIES CELEBRATE CARICOM’S 50TH ANNIVERSARY WITH LIMITED EDITIONS

Mount Gay Distilleries and Stade’s West Indies Rum Distillery proudly unveiled their commemorative Caribbean Community (CARICOM) 50th Anniversary limited editions to The Prime Minister of Barbados, Hon. Mia Amor Mottley, during an intimate ceremony at Ilaro Court today.

The two local rum producers, both esteemed members of the West Indies Rum and Spirits Producers’ Association (WIRSPA), marked the significant milestone in Caribbean history with the release of the two limited editions, both available at their respective Visitor Centres.

The initiative saw rum producers in 13 CARICOM member states, under the guidance of WIRSPA, presenting limited editions highlighting this 50^th Anniversary to their respective governments across the region, during the month of June. The unique expressions not only celebrate CARICOM’s half-century, but also stand as a symbol of unity, culture and heritage across the regional rum industry.

Andrew Hasell, Managing Director, WIRD

Antoine Couvreur, Managing Director of Mount Gay Distilleries, expressed his enthusiasm and pride on this special occasion, “As the world’s oldest running rum distillery in the world, Mount Gay has played a pivotal role in Barbados’ national and global identity in the spirits industry, since crowning the island as the birthplace of rum over 320 years ago in 1703. Today, Mount Gay is synonymous with Bajan rum and Barbadian pride in more than 70 countries.

“It is an utmost privilege for us to be able to honour the heritage of CARICOM, established by the Treaty of Chaguaramas in 1973, with this limited edition 50th Anniversary label of the Mount Gay Black Barrel Cask Strength expression. It is our toast to people across the region, working side by side to create a dynamic future, with a rum which embodies the spirit of unity that defines the Caribbean.”

Couvreur explained that the Mount Gay limited edition was a blend of rums distilled in copper pot and column stills, matured in American whiskey casks and finished in charred Bourbon casks.

Andrew Hassell, Managing Director at Stade’s West Indies Rum Distillery warmly congratulated CARICOM, as it celebrates 50 years of promoting economic integration and cooperation among its members, ensuring they are better able to reap the benefits of integration equally.

Hassell explained, “The unique rum we offer today embodies the dedication and expertise that our distillery has poured into its craft every day for over 130 years. Planteray Legacy 120 is dedicated to three men who have devoted their lives to making Barbados rum.

“It celebrates their combined 120 years of distilling and blending expertise. Henderson “Digger” Skinner joined Stade’s West Indies Rum Distillery 41 years ago, and continues to operate our old copper stills. Mark Walker and John Kinch, both Master Blenders, have been tending to barrels of delicious rum at the distillery for 40 years and 39 years respectively. Together with Master Distiller Don Benn and Master Blender Alexandre Gabriel, the “120” team created an extra old Barbados rum that honors their starring roles in the unique history of Stade’s West Indies Rum Distillery.”

Hassell said, “Therefore, we are proud to present this very rare, high quality rum as our gift to the entire Caribbean Community as we celebrate the momentous occasion of their 50th Anniversary and offer our team’s continued support as they continue their mission.” (PR)

Business

Interns grasping RUBIS opportunity

The 2024 RUBIS internship program continues to deliver exciting results for ten budding professionals who are focused on grasping the opportunity for real-world experience to enhance their professional development.

The interns have already completed their first few weeks of a 10-week programme, gaining key insights into the operational aspects of RUBIS, and participating in insightful table talks with department heads. The orientation week included tours to Barbados National Terminal Company Ltd. (BNTCL), Grantley Adams International Airport, and RUBIS service stations. The interns also successfully passed CPR and First Aid courses and undertook fire safety training at Barbados Fire Academy in Arch Hall, St. Thomas.

HR Manager Delores Batson said the internship program was again proving to be a mutually rewarding experience and continued to be one of the most sought-after internships in the sector. “Each year, we look forward to the youthful exuberance and enthusiasm that comes with this internship experience, and 2024 has been no exception. This program benefits the interns with real-world experience, and we welcome the opportunity to embrace youthful energy and perspectives within our company.”

Marketing intern TaShauna Weekes, who recently earned her Bachelor’s Degree in Management with Marketing from the University of the West Indies, Cave Hill, said she was excited about the growth and network-building opportunity presented by the RUBIS internship. “I hope to gain valuable experience to help me in my future endeavours. I’m also keen to establish relationships with marketing professionals and will seek constructive feedback from supervisors and peers to find areas for growth,” Weekes said.

The keen group of interns includes local and international university students pursuing Bachelor’s and Master’s degrees in various disciplines. They have been assigned to Sales and Marketing, Operations, Legal, and Finance departments in the RUBIS Welches headquarters and Spring Garden terminals. The HR manager said this approach will allow the interns to gain experience relevant to their selected areas of study. (PR)

Caption: The 2024 group of RUBIS Summer Interns with some RUBIS employees including Delores Batson (HR Manager), Mechell Warner (Marketing Specialist) and Annette Shorey (Internal Controls Specialist).