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PM Stresses Safety First PAGE 3 Established October 1895 PM stresses safety first PAGE 3 Wednesday May 27, 2020 $1 VAT Inclusive Fortress: Good time to invest By André Springer THE toll that the COVID-19 crisis has taken on economies and companies has been high, but low market prices make the conditions prime for long-term investment. Roger Cave, Investment Director of Fortress Fund Managers Limited, explained to the media during the quar- terly Lunch and Learn with Fortress Fund Managers that despite the uncer- tainty caused by the pandemic, investors have been investing more into the fund, though some have opted to redeem. “We have seen more investors coming into the funds than we have seen re- demptions. Obviously, a few people have needed their money and they have been able to get it and we have redeemed directly into their bank accounts,” said Cave. Chief Investment Officer (CIO) for Fortress, Peter Arender, also stated that it has been good to see the way in which investors stepped forward. MASKED UP: Barbados is slowly starting to see some normalcy return to various aspects of daily life, although “It has been gratifying to see the extent citizens must now adhere to certain health guidelines designed to protect against the spread of the COVID-19 virus. which, when the assets in our portfolio Pictured here, this family made sure they followed the guidelines related to wearing face masks out in public. have gone on sale, our investors on bal- ance have been looking to add money to their investments,” he stated. Arender went on to explain that the move by the investors was in keeping with the psychology that was encouraged by Fortress, and that good long-term outcomes were about staying the course. Highlighting a strong 2019 and the good start for 2020 regarding global eq- uities, Arender acknowledged that the decline in equities was the largest and NOT THE WAY! quickest that possibly had ever been PdP says it will not support second deputy commissioner post seen. Two-thirds of the Caribbean Growth Fund, he noted, is invested out- THE People’s Party for Democracy “You can’t come and legitimise a Franklyn, who first brought the discrep- side the Caribbean, namely the United and Development (PdP) remains process, the basis for which in itself is il- ancies associated with the creation of a States and other international territo- resolute in its believe that the sec- legitimate, and use power of numbers in second DCOP post to the public’s atten- ries. The financial support given by the ond post of Deputy Commissioner that way.So if the Government brings to tion. Federal Reserve was a significant factor of Police (DCOP) does not legiti- Parliament what the AG has publicly in- While referencing Prime Minister Mia in seeing a partially better outlook in mately exist, and has therefore made dicated that they will, and if they want to Amor Mottley’s explanation regarding April and May 2020, but the real growth it clear that they will not support premise this thing on this nebulous posi- the creation of the post, Phillips, who is in economic recovery worldwide is the appointment that was made at tion of implied repeal, and bring that to an attorney, explained that while the expected in 2021. the beginning of this month. the Parliament in the way that the Minister of the Public Service may by However, Arender is encouraging per- In a virtual press briefing yesterday Attorney General has publicly indicated, Order establish offices in the public sec- sons to recognise that this is the best via Zoom, Maria Phillips, the PdP’s then we will not support that,” Atherley tor and determine the number of per- time to invest and build their wealth in spokesperson on law and governance, in- maintained. sons to be appointed, such Orders are the background, as the markets, compa- dicated that the political party’s decision Meanwhile, contending that there is subject to affirmative resolution by nies and earnings recover. has nothing to do with the competence of no reasonable justification for the post to Parliament. She lamented that it is a “It is important to recognise that there the chosen senior officer, but the fact the be created, Phillips said that the “burden” “bothersome trend” that parliamentary is an amount of money you keep on hand appointment was done in a manner that placed on taxpayers to cover the remu- procedures continue to be ignored. that you may need to spend on day-to-day showed “blatant disregard to the rule of neration of the proposed officer holder “This requirement for affirmative res- expenses and emergencies. Outside of law and the transparency of the parlia- should be alleviated by that money being olution according to the Interpretation that, what you would call long-term mentary process”. repaid to the Government as soon as Act of Barbados, section 41 (5) states that money needs to be placed in long- Adding to that, Leader of the possible. the statutory instruments and docu- term assets like stocks,” encouraged Opposition, Bishop Joseph Atherley said Phillips’ comments came as she threw ments shall not come into operation, until Arender. the PdP will contribute to the debate if the party’s support behind veteran trade and unless affirmed by a resolution of The CIO expanded on his point by the matter is brought to Parliament, but unionist and the party’s spokesperson on each House. explaining that the above average will not support it. public service matters, Senator Caswell NO SUPPORT on Page 5 FORTRESS on Page 2 2 • Wednesday May 27, 2020 The Barbados Advocate PdP will fade away, warns political scientist POLITICAL Scientist floor shortly following the can predict quite easily think the prospects are them and that is why did not have any repre- Dr. George Belle is Barbados Labour Party’s that that party will fade poor,” he said. they did so poorly in the sentation in the House of forecasting a gloomy 2018 historic 30-nil win, away. I think the only Regarding the other last election, and they Assembly,it continued to future for the opposi- and this according to move that Bishop parties which contested would in the future until have a social base. tion People’s Party Belle was one of the Atherley made was that the election, Belle de- those two main social However, he expressed for Democracy and major reasons the politi- he was in a bit of an em- scribed these as “mock” bases behind the two disappointment with the Development (PdP). cal establishment would barrassing position and I and created due to “per- main parties in Barbados leadership given by its Speaking on Sunday not last. think he had aspirations sonalities” and “egos”. are eroded,” he contin- President Verla Depeiza, night’s People’s Business “That party that he re- for a cabinet post and “The other parties are ued. opining she will be chal- programme, Belle pre- cently established has there was a space there what you would call mock Pointing to the lenged soon by seniors dicted the party, which not yet demonstrated which, in a way,may have parties, personality par- Democratic Labour Party, within the party. was created by St. that it has a social base. helped the government in ties and ego parties, Belle stated that while it (JMB) Michael West MP Bishop It is a creation out of a creating an opposition things of that nature. Joseph Atherley,will soon parliamentary manoeu- leader, but in relation to Therefore, they lack sus- “fade away”. vre and that is not how making a judgement on tainability and viability Atherley formed the you build or sustain a po- that on the viability for and they will find it hard party after crossing the litical party. I think we an opposition party I to pull people behind Political Scientist Dr. George Belle. ‘Trust the process’ FORTRESS from Page 1 his personal view.He said that from a long- investment returns term perspective, the in- were due to the lower vestment world had starting price. lived through times like He outlined that once this and would again. steady investors contin- Long-term investing is ued to add money to the the process of putting market because of the money in things that good prices, they would, will gradually increase over time, cash in on in value over time be- better returns. cause of the wealth gen- Director Cave acknowl- erated over time, day in edged that persons may and day out. The market find it difficult to trust prices can and will the strategy of investing change and the CIO ex- in companies that had panded on the silver lin- their value decline over ing of it. the past five months. He “What we find though, contended that despite once you look at this kind this, it is the best time to of episode from the per- invest and trust the spective of years instead long-term process with of days, it all tends to the understanding that come out. We cannot pre- the low prices were dict how it will, but it all perfect for a long-term re- tends to come out in the covery of three to five wash and the world gets years. on with the business of Arender, in encourag- living and then doing. ing individuals who are Even though we cannot in doubt about investing predict when or exactly due to the COVID-19 cri- how, I strongly predict it sis, gave thoughts from will happen.” The Barbados Advocate Wednesday May 27, 2020 • 3 Cannabis Unit advises PM entrepreneurs to get stresses business plans ready THE Ministry of Agriculture – ing to more than 100 partici- Cannabis Unit is urging persons pants who attended the recently safety interested in getting involved in held Ministry of Agriculture – the medicinal cannabis indus- Cannabis Unit’s virtual try to get their business plan Farmers’ Forum.
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