Business

Pilot Phase Of Community Financial Literacy Programme Starts

The pilot phase of the community component of the National Financial Literacy Programme has started.

National Coordinator of the Ministry of Energy and Business’ financial literacy initiative, David Simpson, disclosed that the City of Bridgetown; Lammings, St. Joseph; and Holders Hill, St. James, have been identified as the three communities that will receive financial literacy sensitisation.

Mr. Simpson further disclosed that his team had recently commenced the community engagement with some residents in The City who will have access to employment opportunities during the 2024 International Cricket Council (ICC) Men’s T20 World Cup.

“We thought it wise to start in The City and share valuable information with those working during this period. We’re very interested in ensuring that when they get these opportunities, even though they may be short stints, they can manage their money; understand the importance of getting a bank account and saving some, and also budget….

“So, we just want to sow those seeds of financial management and financial education before they get the exposure and start to get paid,” he explained.

Mr. Simpson added that there would be mentoring of households in each pilot community, and his team would be working with the Ministry of People Empowerment and Elder Affairs, and the Community Development Department.

He noted that a workbook similar to the ones created for primary and secondary schools was being developed for the community. Additionally, he pointed out that those involved in the programme would be assigned to work on a financial literacy household project.

Community Coordinator for the National Financial Literacy Programme, Kevin Henry, stressed the importance of this component, as well as sharing financial literacy information across the island to churches, youth groups, communities, and community organisations, among others.

“The programme also has a component where there’s going to be a level of coaching and financial tutoring available for families. So, a family can sign up to go through the process of financial learning, and they will have a coach assigned to them over a period of time, where they will go through the five elements of financial literacy, and then walk hand-in-hand with them as they implement some of those things within their households, and in daily practice.

“We hope to help change the culture towards money, where the person controls and dictates how money will flow and how he/she can even invest and create generational wealth for the family. We want to change habits and cultures, allowing people to realise that the concept of saving and investing does not mean going to the big target one time. It will start with small habits. So, if you can only save 25 cents a week, we start there and we repeat that habit over and over again,” Mr. Henry stated.

Mr. Simpson expressed the view that people have some financial and money management challenges at some point. “Ultimately, what we’re trying to do is to change mindsets and behaviours. So, we see this programme as very important, as it allows us to get in there to work closely with households and individuals to create the habits needed to change the mindset,” he explained.

Earlier this year, the pilot phase of the National Financial Literacy Programme was introduced in six primary and seven secondary schools. (PR/GIS)

Caption: National Coordinator of the Ministry of Energy and Business’ financial literacy initiative, David Simpson (left), and Community Coordinator for the National Financial Literacy Programme, Kevin Henry (right), chatting with some individuals at the community engagement in The City

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).

Business

Central Bank And Financial Services Commission To Host Financial Stability Roundtable

The Central Bank of Barbados and the Financial Services Commission will launch the 2023 Financial Stability Report during a roundtable discussion on Wednesday, June 26, at 11:00 a.m. The event, which will be livestreamed on the Central Bank’s Facebook page and YouTube channel, will feature Central Bank Governor, Dr. Kevin Greenidge, FSC CEO Warrick Ward, and officials from Barbados’ banking, credit union, and insurance sectors.

The Financial Stability Report, a joint publication by the two entities, assesses the soundness of the island’s financial system.

“We’ve revamped the report to make it even more robust and forward-looking,” said Novaline Brewster, Director of Communications, Information, and Outreach at the Central Bank. “It continues to provide a health check on the major players in the financial sector to reveal not only how they performed last year, but also how they would perform under adverse circumstances. This year, however, we have also identified and analysed three key risks that could impact the stability of our financial system.

“This discussion will give Barbadians the opportunity to learn the findings of the report as well as to hear the perspectives of both the regulators and officials from the financial sector.”

Commercial banks, credit unions, and insurance companies are the three largest players in Barbados’ financial system. The three have combined assets of $22.1 billion.

“The vast majority of Barbadians have a savings account, a pension plan, or an insurance policy. So, I encourage everyone to log on and hear how the sector and the entire financial system are performing.” (PR/GIS)