GB water rise conflict ‘most fantastic thing’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A GRAND Bahama resort operator yesterday said its owners will have to “pay more for the privilege of running a hotel” on the island if proposed water rate increases are ultimately approved.

Magnus Alnebeck, the Pelican Bay Resort’s general manager, told Tribune Business it is “the most fantastic thing” that the island’s water “monopoly” is owned by the same people responsible for regulating it and approving the proposed rate increases.

Pointing out that approval of Grand Bahama Utility Company’s proposal will merely increase his resort’s losses, he added that he opposes the rate increase while “absolutely” agreeing that the Utilities Regulation and Competition Authority (URCA) should take over regulation of all utilities within the Port area.

The Grand Bahama Port Authority (GBPA), which is responsible for regulating GB Utility and approving a rate increase proposal that could take effect as early as May 1, has already pledged

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The Central Bank’s governor says loan delinquencies are still “too elevated” compared to global standards even though - at 7 percent of total outstanding credit - they have fallen below pre-COVID levels and are at their lowest in 14 years.

John Rolle, in written replies to Tribune Business questions, said slow economic growth and relatively high non-performing loan rates have deterred Bahamian commercial banks and other formal lenders from extending credit to businesses and home buyers during the past decade in a trend that pre-dated the pandemic.

While total loan delinquencies, representing credit 90 days or more past due, stood just below $400m at $397m at endFebruary 2023, he added that it was economic growth that drives commercial bank lending rather than the other way around.

“In the domestic sector, the Central Bank is concentrated on making the environment more favourable to private sector lending as the basis for more positive medium-term outcomes,” Mr Rolle told this newspaper. “Growth prospects in the domestic banking sector are tied to the overall performance of the economy, more so than the economy being driven along by bank lending.

“This is because lending is more sustainable in the Bahamian domestic setting when the economy has the corresponding foreign exchange inflows to absorb the spending on imports that credit stimulates. Hence, slow economic growth on average over the last decade, coupled interchangeably. Business leaders must understand the differences between these two concepts, and how they impact their operations, as they increasingly rely on data for decision-making. The next three articles, including this one, will provide the necessary clarification and insights on data privacy and protection tools over the following month.

A person’s right to privacy refers to their ability to control how their personal information is collected, used and disclosed. In other words, it is the right of individuals to know what data is being collected on them; how it is being used; and who it is being shared with. Therefore, providing individuals with privacy rights and protecting their personal information is crucial to data privacy laws. Data protection, meanwhile, refers to a company’s measures to protect its data. Protecting data means preventing it from being lost, stolen or accessed by unauthorised parties. A combination of technical standards, such as encryption and firewalls, and company policies and procedures are required to protect sensitive information.

While the two concepts are related, they are not interchangeable. As noted by privacy expert Michelle Dennedy: “The difference between privacy and security is not always easy to see. Security protects the perimeter - it says who is in and who is out - while privacy is the content within.”

Companies that are serious about protecting their own, and their customers’, interests should develop a comprehensive data privacy and protection programme that addresses both privacy and security concerns. Such a programme should include policies and procedures for collecting, storing and processing data, and measures for securing data and ensuring compliance with applicable laws and regulations.

There is one area where the difference between data privacy and data protection becomes particularly apparent: In the case of a data breach. As a consequence of a breach, companies may be held liable for both data privacy violations (such as failing to inform individuals whose data has been compromised) and data protection failures (such as failing to implement adequate technical safeguards).

As noted by privacy expert, and chief executive of the International Association of Privacy Professionals, Trevor Hughes: “If you look at the most damaging data breaches that have happened over the last decade, most of them could have been prevented by good security practices.” As a result, strong data privacy and data protection programmes are essential.

In conclusion, data privacy and data protection are related concepts. They are not interchangeable. Data privacy is concerned with protecting the privacy rights of individuals, while data protection is concerned with securing data from loss or unauthorised access. Companies that are serious about safeguarding their own, and their customers’, interests should develop comprehensive programmes addressing

Bahamas cloud provider in magazine’s top ten

A BAHAMAS-BASED cloud solutions provider has been named as one of the ten best-managed IT Service Providers of 2023 by Aspioneer magazine. The list recognises companies that have demonstrated excellence in delivering IT services and solutions to clients. Stelios Xeroudakis, Cloud Carib’s founder and chief technology officer, said of the recognition: “We are thrilled to be named one of the 10 Best MSPs by Aspioneer magazine. This is a testament to the hard work and dedication of our team, who work tirelessly to privacy and security concerns. As data continues to play an increasingly important role in business, understanding these distinctions is more critical than ever. ensure our clients receive the best possible service and support.”

• NB: About Derek Smith Jr Derek Smith Jr. has been a governance, risk and compliance professional for more than 20 years. He has held positions at a TerraLex member law firm, a Wolfsburg Group member bank and a ‘big four’ accounting firm. Mr Smith is a certified anti-money laundering specialist (CAMS), and the assistant vice-president, compliance and money laundering reporting officer (MLRO) for CG Atlantic’s family of companies (member of Coralisle Group) for The Bahamas and Turks & Caicos.

Cloud Carib is a provider of cloud and data centre services in the Caribbean region. With a focus on cyber security, sovereign cloud and compliance, it has built a portfolio of corporate clients seeking to elevate their security networks. The company has already been ranked 12 in the world, out of 501 managed services providers, by Channel Futures.

Daniel Walker, business development manager at Aspioneer Magazine, said:

“We are delighted to have Cloud Carib on our list this year. They have consistently demonstrated their ability to deliver outstanding IT services and solutions to their clients within the Caribbean, and their commitment to excellence is truly impressive.”

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