06142016 business

Page 1

TUESDAY, JUNE 14, 2016

business@tribunemedia.net

Port ‘within 50 TEUs’ of target By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ARAWAK Port Development Company (APD) yesterday said it will close its 2016 financial year “within 50 containers of budget”, while calling for repairs to the harbour’s breakwater “sooner rather than later”. Michael Maura, chief executive of the BISX-listed Nassau Container Port operator, said the decline in container throughput volumes had likely “bottomed See PG B6

BISX-listed APD ‘amazingly close’ to 2016 forecast

BAHAMAS Customs yesterday sought to reassure the shipping industry that it will use its newlyacquired “teeth” wisely, and not levy “unreasonable fines” that could drive a further increase in freight rates. Michael Maura, Arawak Port Development Company’s (APD) chief executive, told Tribune Business that Customs’ new enforcement powers “need to be watched carefully” to ensure they do not adversely impact the shipping industry and wider Bahamian economy. He explained that the sector had legitimate concerns regarding the penalties that could be incurred as a result of using the C-10 declaration form, and if prohibited or restricted goods were discovered, as such situations were not necessarily its fault. Mr Maura was speaking after he, and the cargo shipping companies, met with senior Customs executives to discuss the enhanced fines and penalties the Government is seeking to introduce with the 2016-2017 Budget. These reforms, which the Christie administration wants to take effect from July 1, will see shippers/importers who fail to provide the cargo manifest and loading list “at least 12 hours” before the ship or plane lands in the Bahamas hit with a $2,500 fee. That represents a major increase from the current acrossthe-board $75 fee. A fee equivalent to 25 per cent of the imported good’s value will be levied on the parcel list used by cargo ships, while a $5,000 per good charge will be levied on shippers “if pro-

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Believes volume decline has ‘bottomed out’ Harbour breakwater fix needed ‘sooner than later’ NASSAU CONTAINER PORT

Customs promises wise enforcement ‘teeth’ use By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Web shop jobs to beat Atlantis in ‘2-3 years’

APD chief: Vital to prevent freight rate increases Shipping industry has ‘major concerns’ Agency to be ‘reasonable’ on levying new fines hibited or restricted goods are found on board their vessels”. Mr Maura told Tribune Business that the “prohibited/restricted goods” reforms, and last-minute changes made to cargo manifests via the C-10 form, were among the shipping industry’s greatest concerns. However, Customs informed the sector yesterday that it planned See PG B4

$4.00 $4.06 $4.21

$4.04

Gov’t over-regulation ‘choking the economy’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is “choking the economy” with an ever-growing regulatory burden, a former Chamber chairman warned yesterday, arguing that it should instead focus on enforcing existing laws. Robert Myers, now a principal with the newly-formed civil society group, the Organisation for Responsible Governance (ORG), urged the Government to “crackdown on the lawless” rather than constantly develop new laws and policies. “They keep coming up with ways to tighten the noose, and all they do is choke the economy, instead of doing what they should be doing; cracking down on people who violate the laws and don’t pay their taxes,” Mr Myers told Tribune Business. “The Government wants to create laws that try to improve the situation, rather than crackdown on the lawless.” Mr Myers was alluding to the package of new tax enforcement and compliance

Instead urged: ‘Crackdown on the lawless’ Ex-Chamber chief calls for focus on existing laws

A WEB shop operator yesterday said the industry’s employment levels would exceed that of Atlantis “within two to three years”, as he plans to neardouble his locations. Leander Brice, cofounder of GLK Ltd, trading as A Sure Win, told Tribune Business that the company, which currently has 42 locations throughout the Bahamas, would like to grow to 80. “We believe in creating jobs for Bahamians,” he said. “This is a part of the new economy for the Bahamas. We want to make our contribution to the community as a whole. “Right now, we have about 208 employees. Eventually we would like to get to 1,000. We believe that

measures that the Christie administration has either elected to implement, or is bringing into effect, to coincide with the 2016-2017 Budget. Requirements such as the See PG B4

Eyeing employment growth from 280 to 1,000 Operator accuses Canadian banks of discrimination this is going to become one of the major contributors to the Bahamian economy in terms of jobs. “I’m not sure exactly how many employees Atlantis has, but I can guarantee that in the next two to three years I can see the industry exceeding the amount See PG B5

Businessman ‘happy’ with 50% investment rate of return slash By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROBERT MYERS

A Sure Win wants to double locations to 80

A WELL-known businessman yesterday said he is “happy” to get half the rate of return on investment he once enjoyed, adding: “We’re in a full-blown depression.” Dionisio D’Aguilar, Superwash’s president, told Tribune Business he had been “shocked” at the substantial revisions to the Bahamas GDP growth numbers that were unveiled by Prime Minister Perry Christie in the 2016-2017 Budget. Mr Christie said the Government had now adopted Department of Statistics data showing that the Bahamian economy shrunk by 0.5 per cent and 1.7 per cent in 2014 and 2015, re-

D’Aguilar: Used to like 20%, now settle for 10% Fears economy in ‘full-blown depression’ ‘Shocked’ at revised economic growth numbers spectively, contradicting earlier estimates of positive growth. Pointing out that economists officially defined a recession as two consecutive quarters of negative growth, Mr See PG B5


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
06142016 business by tribune242 - Issuu