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Markets, enterprise, and economic developments.
Lead story
Barbados utility regulator approves a fraction of requested battery storage capacity by BLPC, allowing cost recovery from customers. FTC approves 15 MW out of 90 MW, with unclear impact on electricity bills.
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Barbados Postal Service plans to upgrade post offices island-wide to offer door-to-door services for small businesses. Minister Abrahams aims to enhance package delivery and infrastructure for last-mile services.
TRINIDAD CEMENT LIMITED (TCL) reports a decline in Barbados cement sales market. Despite challenges, TCL saw increased sales share and strategic restructuring for market sustainability and diversification.
Barbados government introduces corporate tax reforms aligning with global standards, including a new structure with a 9% domestic tax rate for most businesses, impacting larger companies above US$850 million threshold. Compliance deadline set for January 2025.
Collapsed FTX cryptocurrency exchange plans to repay customers with $16.3bn from asset sales, covering $11bn debts. Co-founder sentenced to 25 years for fraud. Reorganization proposal awaits US court approval.
