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Moneygram at Courts

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Written by CBC NEWS Tuesday, 23 April 2013 11:37

Moneygram services will soon be offered at more places in Barbados.

That's because a major retail store has been added to the list of businesses which offer the service.

The furniture store Unicomer Barbados Limited trading as Courts has been signed by the Jamaica-based Lasco Financial Services Limited, through its local subsidiary Lasco Barbados, as its new agent for Moneygram services. 

This has been confirmed by director of finance at Courts, Atilola Harper. 

He explains that while people will not be allowed to send money, they will be able to receive through the Moneygram service at five of the Courts outlets. 

Mr. Harper says the necessary software is being tested and the service is expected to be available by the end of June. 

The Moneygram service is already available in Barbados through two other commercial entities, Republic Bank and Going Places Travel.

While at Republic Bank money can be sent and received using Moneygram, at Going Place Travel funds can only be received.

Tax benefit

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Written by CBC NEWS Tuesday, 23 April 2013 10:17

Neville Clarke, Customer Service Representative in the Inland Revenue Department wants to remind Barbadians retrofitting their homes with renewable energy mechanisms to take advantage of the benefits of filing income tax returns online. 

He says it is all part of government's renewable energy initiative to entice people to embrace the green technology. 

Mr. Clarke says this initiative is beneficial to businesses as well.

FTC to review BL&P fuel adjustment clause

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Written by CBC NEWS Friday, 19 April 2013 18:08

The Fair Trading Commission is to issue a motion to review the fuel adjustment clause by the Barbados Light and Power Company.

This comes after the commission released the findings of a report on the fuel clause adjustment.

The commission explains that the review will allow for the adjustment to be calculated based on historic instead of projected data.

The fuel clause adjustment is a mechanism designed to recover the cost of fuel oil used in the generation of electricity.

The FCA adjusts the price that customers pay for each kilowatt hour of electricity as the cost of fuel used to generate electricity rises and falls. 

The Fair Trading Commission (FTC) says it wants to improve its ability to verify and audit the FCA calculation.

This they say will significantly enhance the transparency of the billing process.

It is to this end that the commission intends to initiate a motion to review the FCA and proposes that it should be based on the actual energy generated and fuel costs that are incurred by the BL&P in the generation of electricity.

The FTC is of the view that the electricity generated and the fuel expenses incurred in the previous month should be used to calculate the FCA.

The motion therefore proposes that the power company should move from the use of projected to historic data.

Additionally, the commission proposes that the BL&P may, at its discretion, continue its practice of smoothing the adjustment, that is, spreading fuel costs over more than one month to reduce the impact of large fluctuations on customers.

The issue of smoothing is expected to be addressed in the motion.

The commission argues that maintaining the FCA at a constant level for several months will result in significant under or over recovery relative to actual fuel costs incurred by Light and Power.

This will then expose the company to increased financial risk if there is significant under recovery, while significant over recovery would mean an unnecessary burden on customers.

The FTC in its review also made it clear that while it acknowledges that there are several benefits associated with monthly meter readings, it is aware of the associated increased costs.

As it relates to the production of electricity, the FTC is of the view that as a priority, the BL&P should replace the steam turbine generators with a more efficient generating plant in order to reduce input fuel costs.

The BL&P submitted its integrated resource plan last month for approval of the commission.

That plan, among other things, recommends the retirement of the two steam turbines, the construction of a new generating plant, the use of renewable energy options and energy efficiency measures.

That proposal is currently being reviewed by the FTC.

BMA head wants Bajans to shun cheap foreign products

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Written by CBC NEWS Friday, 19 April 2013 16:50

Barbadians urged to speak with their wallets and to stop supporting inferior products from abroad that are available here at a cheaper price than local goods.

The advice from executive director of the Barbados Manufacturers Association, Bobbi McKay, who says while she embraces foreign investment it must not be at the demise of our own people.

She made the comments at a ceremony to launch the start of May Day activities at Solidarity House, noting that our survival depends on the Barbadian workforce continuing to be employed.

Ms McKay says Barbadians must strengthen the bonds of national pride, by loving themselves first and seeing the bigger picture because the playing field is not level.

The BMA head says this is not a choice, because cheap watered down products are flooding the market, many of them locally sourced but not locally made.

Ms McKay says when Barbadians buy local they are keeping Barbadians employed and she's urged them to continue to do this.