SUPER Value’s owner yesterday pledged to take a 20 percent hike in energy costs from Bahamas Power & Light’s (BPL) new rate structure “on the chin” and not pass the increase on to consumers.
he said. “The last three bills, when I got the second bill, it was up 20 percent. The third one then stayed the same. Our bill went up 20 percent. I’m surprised it’s only 20 percent.
Rupert Roberts told Tribune Business that the 13-store chain, which also trades under the Quality Supermarkets brand, will “roll with the punches” while describing the Equity Rate Adjustment (ERA) tariffs as a ploy whereby “big business will subsidise the voters”.
Pointing out that BPL’s new tariff structure, which incorporates increased base rates for food stores and other larges energy users, could result in some businesses passing these higher costs on to shoppers, he added that small and medium-sized grocers were now likely to be in this position with total expenses exceeding gross profits.
punches”, with some of the impact mitigated by the introduction of solar energy across its store network, Mr Roberts told this newspaper that the supermarket chain had seen a material increase in its light bill since BPL’s new rates went into effect just over two months ago on July 1.
Affirming that Super Value will “roll with the
“I’ve checked our bills and we’re up 20 percent,”
Business Licence audits ‘crack
By NEIL HARTNELL
MANDATORY
Business Licence audits have “cracked open” control and process flaws among companies viewed as “blue chip” in The Bahamas, a senior accountant revealed yesterday.
Pretino P. Albury, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that his members had seen “quite a bit” of these deficiencies among firms with annual turnovers exceeding $5m and had made recommendations on how these could be remedied.
Speaking after the Department of Inland Revenue revealed threequarters, or 75 percent, of such companies had requested extensions for the filing of the Business Licence audits, he added that accountants are hoping the tax authorities will “leave the door a little
open” to similar flexibility in 2025.
BICA and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) had both previously urged
the Government to delay the mandatory Business Licence audit requirement for a year on the basis that neither the private sector nor accounting profession were ready to cope
with the extra workload and compliance this would demand.
Now, with some companies gaining extensions until October and November, which represent a further six-seven months beyond the Department of Inland Revenue’s initial end-April target deadline, Mr Albury told this newspaper that they were in a position “to say: ‘I told you so’”.
He added BICA was readying to go back to the tax authorities and “make a proposal for next year”, arguing that the initial deadline needs to be pushed back from April to end-June and “we work our way back from that” with no earlier ambitions.
“What I am hearing from most of my folks is actually there are businesses, because they are private and now subjected to this audit, it sort of cracked open some problems where they may not have had the best controls
Fishermen hail August as the ‘best in history’
By NEIL HARTNELL
THE National Fisheries Association’s (NFA) president yesterday asserted that last month “will go down in history as the best August” the industry has ever had with poaching cut by up to “95 percent”.
Keith Carroll told Tribune Business that, based on his conversations with multiple fishermen, the industry has enjoyed “one of the best Augusts”
By FAY SIMMONS
ever seen due to regulators and the private sector all “working in tandem” to crack down on illegal practices and ensure compliance.
“I would say this August, I think, will go down in history as the best the fishermen have ever had,” he told this newspaper. “We must give thanks to the Royal Bahamas Defence Force for the job they’ve done in the past six to seven years in the Bahamas. They’ve just reduced the poaching by about 90-95 percent.
“This is the result we are getting from the Royal Bahamas Defence Force doing their job. The Fisheries Department is cracking down on under-sized crawfish, and the commercial fisheries houses will not take them and will return them to you.
“That’s the result of everything working together. The fishermen know that if they protect the lobster, the lobster will protect them. It shows this is what the Defence Force is trying to do, what the Fisheries Department is trying to do,
and what the fishermen are trying to do. Everything is working in tandem.”
Poaching, whether by foreigners such as Dominicans and Americans, as well as Bahamians, plus catching and selling undersized crawfish, having been among the most common practices undermining lobster populations and threatening the industry’s sustainability. Improvements in these areas thus bode well for its future.
$665m investment in two new docks; the $250m Six Senses project by Weller Development; the proposed Grand Bahama International Airport redevelopment; and the Royal Caribbean/MSC/ITM Group project for Freeport Harbour. Another restaurant that has operated in Grand Bahama for over 35 years, meanwhile, voiced frustrations with the state of the island’s tourism economy. Speaking to Tribune Business on condition of anonymity, its principal said the economy has progressively contracted since the passage of hurricanes
“One of the other retail grocers called complaining theirs had gone up.
Ours was up 20 percent. It’s another cost that we have to consider. When costs go above gross profit, you have to raise your prices or go out of business. I imagine it’s reached to that extent with the smaller grocers.”
Mr Roberts implied that Super Value has sufficient
scale to avoid increasing prices as a result of the latest energy cost hike. The Davis administration, in unveiling BPL’s new tariff structure, only increased base rates for the utility’s several hundred ‘general service’ customers who it said represent less than 1 percent of the total 113,000 customer base. This category, which includes the likes of hotels as well as food stores, now have to contend with a base rate that has increased by 14.9 percent for the first 900,000 kilowatt hours
‘We’ve been down this road before’ over
Bazaar’s sale
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government has begun reaching out to the derelict International Bazaar’s 13 owners to gauge their interest in selling the site, but one warned yesterday: “We’ve been down this road before.”
Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) president, told Tribune Business that successfully realising its ambitions to redevelop the Freeport property into the proposed African-Caribbean products marketplace hinges on whether the Government can get all owners “on board” to agree a purchase price and associated sales terms.
Disclosing that the union has “lost millions of dollars” through its 22 percent ownership interest in the Bazaar, he revealed that past deals have foundered as a result of smaller shareholders demanding “more money” than their larger counterparts.
“We did get a call, I think it was either Thursday or Friday last week, from someone representing the Government who wanted to know if there was any interest from the union in terms of wanting to sell,”
Mr Woods told this newspaper. “They were going to send us a communication in that regard.
“We’ve actually been trying to dispose of that for some time. The problem with that last time someone expressed interest was getting everyone to agree. The smaller shareholders wanted more money than people with larger shareholdings; that’s where it fell through.”
Prime Minster Philip Davis KC revealed in unveiling the 2024-2025 Budget that the Government is aiming to acquire the International Bazaar site, along with the Royal Oasis property that is owned by Harcourt Developments, as part of a $30m investment aimed at creating an African-Caribbean
RUPERT ROBERTS
DARRIN WOODS
RETAILERS MIXED ON BACK TO SCHOOL VAT RELIEF WARNING
By ANNELIA NIXON
RETAILERS yesterday gave mixed views on whether the Government needs to give better notice to themselves and customers on the dates for the annual Back to School VAT ‘holiday’.
Phylicia Ferguson, manager of Bahamas Medical & Surgical Supplies, said she believes merchants should be alerted to the specific dates before school closes for the summer so as to ensure they can prepare
pricing, inventory and their systems. However, Irene Andersen, marketing manager for Custom Computers, said she believes retailers are given ample time even though the VAT ‘holiday’ dates were released relatively late this year. “Well, we know it’s coming ever since it was instituted a few years ago,” Ms Andersen said. “So when we go in and do our marketing materials, we already do a generic type,but I think we had a couple of weeks or so this year. So, I mean, it’s fine.
Like I said, we plan for it going in.”
While she and Deon Moncur, manager of the Sports Center, confirmed that Back to School and Christmas are their busiest selling seasons, Ms Andersen said the VAT ‘holiday’ should take place earlier given that some schools open earlier than others. She added that Custom Computers’ most popular items have been HP laptops, HP printers and inks, the Microsoft Office 365 personal software suite and backpacks.
Meanwhile, Ms Moncur said she believes customers have enough time to shop given that the VAT ‘holiday’ lasts for around a month/four weeks - this year covering mid-August to mid-September. “If you look at the US, the US only, I think they do it for one week, one or two weeks,” Ms Moncur said. Ms Ferguson argued that the Back to School VAT ‘holiday’ should take place in June before most people take their summer vacations. In past interviews with Tribune Business, retailers have noted that
‘ANCHOR’ PLANTED TO HONOUR FISHERMEN
THE Ministry of Agriculture and Marine Resources is launching the ‘Anchor Awards’ in a bid to honour and recognise the contributions made by fishermen and other maritime industry workers.
The inaugural event will be held under the theme, ‘Honouring Legends of the Sea’, and will take place on November 16, 2024, at the Baha Mar Convention Centre at 7pm.
Jomo Campbell, minister of agriculture and marine resources, said:
“This event is not just a celebration. It is a heartfelt tribute to the dedicated individuals whose hard work and passion sustain our vital maritime heritage. The ocean is more than a source of livelihood for many Bahamians. It is the foundation of our culture, economy and identity.”
He added that the event will promote the achievements of fishermen and other’unsung’ community heroes, while also promoting sustainable practices and environmental stewardship.
Also present at the launch were Montez Williams, under-secretary, Ministry of Agriculture and
Photo:Patrick Hanna/BIS
Marine Resources; Phillip Simon, president and general manager, Royal Caribbean International Bahamas; Dr Raveenia Hanna, president, the Bahamas Agriculture and Marine Science Institute (BAMSI), and Gregory Bethel, acting director, marine resources.
Bahamians will be able to view the criteria for nominees and enter submissions through a nomination process available on the
Ministry’s Facebook page. The awards will feature several categories, each accompanied by monetary prizes. These include:
* Lifetime Achievement Award - $10,000
* Minister’s Award - $10,000
* Flat Fisher of the Year - $10,000
* Commercial Fisher of the Year - $10,000
* Prime Minister’s Youth Fisher of the Year - $5,000
* Fisheries Supporter of the Year
* Bahamas Marine Exporter Association Award
* People’s Choice Fisher of the Year - $2,500
There will also be a segment to honour fishermen posthumously, ensuring their legacies are celebrated and remembered.
Nominations will be evaluated by the Department of Marine Resources to ensure standards are met. They will be passed to a panel featuring fishing and marine resources specialists, who will determine the finalists and the overall winners.
The deadline for all nominations is September 30. Tickets for the awards ceremony will go on sale shortly after. Followers of the Ministry’s Facebook page will determine the People’s Choice Fisher Award winner.
Award sponsors include Tropic Seafood, BAMSI, Royal Caribbean International, Harbourside Marine, Brown’s Marine of Exuma, Boardwalk Seafood of Grand Bahama, Heritage Seafood and the MOVI Group.
instead of waiting for the late Back to School rush, many shop during their summer vacations. Nicole Aranah, operations manager at Lorene’s, and manager of Chapter One Bookstore, Atalia Cash, recently told Tribune Business they would prefer more notice of the Back to School VAT ‘holiday’. Ms Cash said merchants should know at least a month in advance so they have sufficient time to prepare.
Mrs Aranah added: “It’s not fair on the retailers who have to actually do the work to give the VAT
off in the system. They just think, ‘Okay, let’s give VAT free. Okay, we’ll tell them a week before.’ They don’t give any notice. The Government should really say ‘every year we’re going to do this until we tell you we’re not doing it’, which of course they should say in writing.”
Shunda Strachan, acting head of the Department of Inland Revenue, recently urged Bahamians to support local businesses rather than Back to School shopping abroad.
New entrants for Training Agency
TWENTY-TWO persons are represented in the recently-launched 17th cohort for the National Training Agency’s (NTA) mandatory Workforce Preparatory Programme. Created to facilitate the skills and competencybased training needed to underpin the Bahamian workforce, the NTA, which is the Government’s training arm, said it has designed a system that provides a network of suitable training institutions, organisations
and initiatives to develop qualified and skilled labour for The Bahamas.
The NTA also offers certification from City and Guilds, a top awarding organisation for more than 500 work-based qualifications which are offered through 8,500 colleges and training providers in 81 countries worldwide.
The Mandatory Workforce Preparatory Programme, which last 14
SEE PAGE A17
ATTENDING the launch of the inaugural ‘Anchor Awards’, from L to R, were: Gregory Bethel, acting director, marine resources; Dr Raveenia Hanna, president, the Bahamas Agriculture and Marine Science Institute (BAMSI); Jomo Campbell, minister of agriculture and marine resources; Phillip Simon, president and general manager, Royal Caribbean International Bahamas.
NTA Grand Bahama manager, Kenneth Miller, encourages the participants.
Photo:Lisa Davis/BIS
UNION CHIEF: AFRICAN NURSES WON’T FILL ALL WORKFORCE GAPS
By FAY SIMMONS
THE Bahamas Nurses Union’s (BNU) president yesterday said the Government’s recruitment of an extra 80 from Africa will not fill all the staffing gaps in the public healthcare sector.
Muriel Lightbourn told Tribune Business that, while the arrival of Ghanaian nurses will help, the number involved is insufficient to replace Bahamians who are consistently departing for better opportunities, higher salaries and better terms on offer overseas.
“At this time, we have nurses who are leaving for their own reasons and nurses who are retiring, so whatever help we can get it will be useful,” she said. “If you have five nurses leaving or retiring and you bring in five, it only fills in the gap and doesn’t help with enhancing the number. Be it as it may, they still should be of some kind of help, providing that they can fall in line with the way we do things here in The Bahamas.”
Dr Michael Darville, minister of health and wellness, on Monday confirmed that The Bahamas is seeking to recruit an additional 80 nurses from Ghana to address staffing shortages
in the public hospitals and clinics.
Speaking at the public consultation for the new clinic to be constructed in Stevenson, Cat Island, he confirmed that the Government is recruiting an additional 80 nurses from Ghana. Of these, half will be disbursed throughout the Family Islands, while the remaining 40 will care for patients at the Princess Margaret Hospital (PMH) and the Rand Memorial Hospital.
Dr Darville said the nursing shortage is resulting from Bahamians being recruited by healthcare providers in the US and Canada, adding: “When I sit with ministers of health throughout the Caribbean,
they’re crying the same. They’re coming into our jurisdiction, they’re training our nurses, and they’re recruiting our nurses faster than we can replace.
“The short-term strategy is to fill the gaps for those who have left the country, and the only way we can do that is by bringing people in.”
Ms Lightbourn yesterday said that while the additional nurses will replace some that have left, there are still concerns over whether there is enough manpower to staff the new clinics as well as the proposed $290m new specialist hospital for New Providence.
“I mean, nursing procedure is standard wherever you go, but there are some
DPM meets with Cayman premier
CHESTER Cooper, deputy prime minister and minister of tourism, investments and aviation, visited the Cayman Islands premier, Juliana Yvonne O’Connor-Connolly, while attending the State of the Tourism Industry Conference (SOTIC) in Grand Cayman on Monday. Latia Duncombe, the tourism director-general, was also present for both the conference and the courtesy call.
NOTICE
who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that KENIDE MARCELLUS VERDELUS of Beaufort Road, Mount Moriah, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
things that are significant to us culturally, and so once they can fall in line and get adjusted to our system, they could be of some help,” the BNU president said of the African nurses.
“But it still won’t help that much with the overall shortage of nurses. You could bring in 80 but that still won’t increase the overall number of nurses.
Especially when all these new clinics and the hospital opens, it won’t be enough so it’s just filling in the gap.”
Ms Lightbourn advocated for existing nurses to undergo further training so they can take on more responsibility,and encouraged others to join the profession by
demonstrating their continued growth in the local sector.
“I appreciate the nurses that have decided to stick it out and work with the system, and they continue to give their best,” said Ms Lightbourn “We have to look at the ongoing training of nurses that are here and that will still be here.
“Once we train our nurses and empower our nurses, they will be able to take on more. You will also get more nurses out of it when others see that we are working to empower and uplift the existing nurses. Eventually, you won’t have to go looking to Ghana or wherever else they choose to go to find nurses.”
NOTICE is hereby given that CASSANDRA SEVERE of Honeycombe Street/Hay Street, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
ALICIA of #13
Gardens,
Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of
Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 4th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau,
Photos:Kemuel Stubbs/BIS
BAHAMAS Tourism Executives in Courtesy Call with the Premier of the Cayman Islands.
BAHAMAS Deputy Prime Minister and Minister of Tourism, Investments and Aviation Chester Cooper and Cayman Islands Premier Juliana O’ConnorConnolly.
BAHAMAS Tourism Director
General Latia Duncombe (left) and Cayman Islands Premier Juli-
ana O’ConnorConnolly.
SUPER VALUE TO TAKE 20% ENERGY HIKE ‘ON THE CHIN’
(KWh) of energy consumed - from 8.7 cents per KWh to 10 cents. And, for consumption above 900,000 KWH, these businesses have seen the tariff rise by 45 percent from 6.2 cents per KWh to 9 cents.
The Equity Rate Adjustment structure, as published on the Prime Minister’s Office’s website, shows that all other BPL base rates - those for residential, commercial and temporary supply customers - have all been cut or remained the same.
Residential customers now receive the first 200 KWh per month free, which translates into a saving of about $21-$22 per months or around $250-$260 per year, with the Government hailing this as a reward for low energy users and a means to aid the most vulnerable low income families.
It has also adjusted BPL’s fuel charge. All customers are now enjoying a 2.5 cent discount on the first 800 KWh of energy consumed, but then having to pay an additional 1.5 cents
levy on top of the calculated fuel charge above this threshold, with the Davis administration touting this as a further incentive for Bahamians to reduce energy consumption.
The Government previously said all BPL customer categories, apart from the likes of Super Value and other ‘general service’ users, should enjoy a reduction in their energy bills as a result although it was quick to add that this may not be seen immediatelyand costs could go higher initially - due to the extra summer consumption more than offsetting the reduced rates, Mr Roberts, though, yesterday described the Equity Rate Adjustment as effectively an effort to carry out social policy by placing the burden on big businesses to finance the discounts and concessions for Bahamian households ahead of a general election that is some two years away. “What I think is it’s big business subsidising the voters,” he told Tribune Business. “That’s the way I see it. Super Value doesn’t vote, although our 1,200
employees do. It’s not a political thing; it’s a cost of living and inflation thing. If they put it on the grocers, the grocers have to pass it back to the voter.”
Asked whether Super Value plans to pass at least a portion of the energy cost increase on to consumers, Mr Roberts replied: “We’re not going to do it. We’re going to take it on the chin. The people can’t take it. We cannot tax people the way that the Government can, so we have to roll with the punches.”
George Turnquest, who runs Fox Hill’s Cotton Tree Convenience Store with his son after handing the business on to him, told Tribune Business that its light bill has increased by $3,000, representing a rise of between 32-35 percent, since the introduction of BPL’s new tariff structure on July 1, 2024.
“My light bill has gone up by $3,000 from July to now. It’s between a 32-35 percent increase,” he revealed yesterday. “To me, it’s detrimental to the average business person especially the medium-sized and small businesses. There’s no way
that they can sustain this type of increase. It puts us in a bind. It’s outrageous what they’re doing to us.
“Many small and medium-sized businesses can’t keep the light on. They have no conscience to do this. All these things are killing the average man, the small man and the middle man. The big man making $10,000 to $15,000, he can slip to $5,000 and still survive, but the small man, if you drop him down he drops out.”
Slamming what he described as a lack of public consultation over the new BPL rate structure and its consequences, Mr Turnquest said Cotton Tree and other food stores have no choice but to consume energy round-the-clock 24/7 because of the need to run their refrigerators and appliances to keep perishable goods fresh. Other industries can turn their lights off when they close.
“We get no consideration at all,” he said, adding that food retailers “need to have a meeting of the minds” and, via the Retail Grocers Association, “see about agreeing an approach
or recommendation to the Government” to alleviate the concerns.
“The consensus is we need a meeting because if we don’t say anything, silence is consent,” Mr Turnquest added. “We are hurting. That is going to hurt a lot of people. I know some people will increase their prices to deal with this. I’m going to call all the people I know, have a meeting and see where this goes.
“I don’t know where people will get this money to pay for this. You pay Business Licence on your gross sales, and there are many people who owe the Government who are paying in installments. With this [energy] increase, where the hell are you going to get your money from?
“The Government should think about this. You have NIB, you have all these things that you are paying. How much blood have you got? It all boils down to the average person not being aware of the damage being done to them. The grocery stores may put up their prices.”
Philip Beneby, the Retail Grocers Association’s president, told Tribune Business of the new BPL tariff structure: “There has been an increase in the rates for sure. I couldn’t say for sure what the percentage is, but that is an added cost.
“I’m just hoping that at some point it will decrease back to the level where it was. I think that is what they [the Government] are promising but I don’t know how long that will take. We always try to hold increases in expenses rather than passing them on but there’s only so much we can hold, only so much, and for so long.
“Everybody is feeling the pinch. The public is feeling the increases as well. Businesses have to survive and keep their doors open. We try to hold back any increases to a minimum as much as we possibly can. We try to find other ways to absorb them or work with them but there is only so much we can do. The business has to operate and carry on. They have staff to pay and everything else.”
Business Licence audits ‘crack open blue chip’ company flaws
FROM PAGE A22
and best processes in place,” the BICA president told Tribune Business of the Business Licence audit filings.
He added that some businesses had failed to keep pace with International Financial Reporting Standards (IFRS), and upgrades to these, instead following the same accounting practices they have become accustomed to for the past 15-20 years.
“The standards are now outdated,” Mr Albury explained. “A lot of folks have been experiencing that, and we’ve been trying to do some recommendations around improvements even from those audits. We’ll probably see a lot of that happening where we find ourselves making a lot of improvements even over $5m.”
He said some of the delays, and subsequent need to obtain Business Licence audit extensions, resulted from companies themselves not being ready to undergo an audit as the necessary data and reporting mechanisms were not in place.
“We had to make recommendations that someone else come in, get them ready and then we came
back and did the audit,” Mr Albury said. “Even after we did the audit, further recommendations came out of it regarding the quality of the controls and quality of the processes they’re using. We’ve seen quite a bit of that.....
“Everyone’s sort of relieved that we’ve gone through this, but everyone is kind of surprised at the same time. When you think of the US, these are Bahamian ‘blue chip’ type companies, but you are going in and being surprised. Blue chips in the US, the systems should be good, the processes should be good, but we found for some of them not so much.”
Asserting that the deficiencies identified, along with the remedies recommended, will impact companies positively if implemented, Mr Albury said BICA’s attention was now turning to discussions with the Department of Inland Revenue over how next year’s Business Licence audits will work.
“It has the feel, with a lot of our accountants, a lot of our licensees right now, that if we do this for another year it will be overwhelming,” he revealed. “The Department of Inland Revenue said they will not be as liberal next year but we’re
hoping they can leave the door a little open.”
Arguing that end-June, rather than April’s close, should be the deadline for Business Licence audit submission, Mr Albury continued: “We have to start there and work our way back. It can’t be no sooner than that. No way. It’s not going to work. It’s pretty much across the board.
“Everyone told me we have to go back to the Department of Inland Revenue and make a proposal for next year. We have to start discussions with them soon to open that up.... We’ve still got a lot to do. There’s still a lot of work ahead with the Department of Inland Revenue. It’s back to them for us. We have to get back into that mode of starting negotiations again.”
Mr Albury said corporate income tax - its imminent implementation for companies part of groups with annual turnover exceeding 750m euros, and potential wider application to all companies at a later date - has “to be on the table too” regarding how this will operate and its impact on the accounting profession’s work.
Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and managing
partner, backed Mr Albury in yesterday telling Tribune Business that the requirement for a full audit based on international financial reporting standards was “new” for many companies who are either not publiclyowned or did not previously have to produce their statements for a regulator.
“Clearly, most of these companies have had management prepare financial statements, and many of them are self-regulating from that perspective with financial data that allows them to manage their businesses but, when you step it up to the level of an audit and even a review....,” he said.
“Look at the large companies with $5m or more turnover. Many of them have financial data that is available. They only problem now is that they have to report to the Government regarding the Business Licence mandate, and therein lies the problem for a number of them. It involves independent verification and filing processes that many of them are new to.
“If you were to ask many of those companies what were their profits and losses over the years, they could tell you, but were those numbers independently
GB’s restaurants await rebound to pre-Dorian
FROM PAGE A22
Jeanne and Frances in 2004, then “tanked” after Hurricane Dorian and the COVID-19 pandemic.
“Every year since Frances and Jeanne it’s been going down,” she said.
“Some years, things start to look up, like last year was the best year since 2019, but this year things are slowing down again.” They said the present condition of Grand
Bahama’s economy was due in part to these natural disasters and ineffective leadership.
“All these things happen to Grand Bahama and nobody cares,” she said.
“It’s not just the Port; the Government could have stepped in as well. They both could have done more to make sure the hotels and other businesses didn’t close. Even with the airlift, the reason there are so little
flights is due to low demand, yes, but when there was still a high demand the airport wasn’t in a state to have them come in.”
Contrasting Grand Bahama with Abaco, which was also devastated by Hurricane Dorian, they said their restaurant and villa in Abaco has been doing exceptionally well.
“Our restaurant in [North Abaco] has been doing good,” she said. “Business
picked back up there last year and it hasn’t slowed down yet.
“Even our bookings are up, and it’s definitely a difference from what we see in Grand Bahama. Things have been slow these past months. I’ve had to put some staff on three or four days. My staff in Abaco are working five or six days, so things are going better there.”
verified? No. These audit processes are new processes for many of these companies.”
Mr Gomez agreed that the “short window deadline” of having to submit audited financial statements by end-April had exacerbated these challenges, especially for those undergoing audits for the first time, but praised the Department of Inland Revenue for granting extensions where justified to enable companies to become compliant and obtain their Business Licences.
“It was too short to ready them for a first-time audit process,” he said. “For the most part, businesses have responded well. Unfortunately, not all have crossed the finish line but every effort is being made to do so and I think most of them will.
“Going forward, unless there’s another change to the Business Licence filings, if all other things remain the same I think we will see better results in the next filing period. It has been a step up for a number of them. I think it will be interesting to see, or determine, whether or not there has been a tremendous jump in Business Licence revenue or that the regulations
ensure everyone submits filings.
“The question is: Has there been a significant increase as a result of the audits, or have they merely confirmed that the majority of businesses were already filing - and filing at the level they ought to have been. I think that will be the key number.. if, at the end of the day, most businesses were already compliant. But it has allowed businesses to meet the best practice standards by having an audit.”
Simon Wilson, the Ministry of Finance’s financial secretary, in a previous interview with Tribune Business signalled that the Business Licence audit requirement was a precursor to the introduction of corporate income tax in The Bahamas although this is unlikely to happen before the next general election.
He also voiced scepticism over the accounting profession’s concerns that it lacked the manpower to do what the Government was asking in the timeframe given, arguing that those businesses requiring an audit numbered only around 141 or less than 1 percent of the 50,000-plus Business Licence applications submitted annually.
DAMAGE to homes in Abaco, destroyed during Hurricane Dorian.
‘We’ve been down this road before’ over Bazaar’s sale
products marketplace at that location.
Some financing for the project was secured at the recent African ExportImport Bank conference held in Nassau, while $1m was allocated in the 20242025 Budget to both the purchase of the similarlyderelict Royal Oasis and West Sunrise Highway.
“This budget year, we expect to source $30m to fund the purchase of the International Bazaar and the re-opening of the West Sunrise Highway to accommodate the projected growth in tourism and economic activity over the next few years,” Mr Davis had said.
“Beyond preserving a significant landmark, this endeavour holds economic potential as the revitalisation of the Bazaar can stimulate tourism, create jobs and generate business activity. Similarly, reopening the West Sunrise Highway will improve connectivity and facilitate growth in Grand Bahama.”
Another source familiar with developments
surrounding the Bazaar, but speaking on condition of anonymity, yesterday backed Mr Woods by revealing that talks with the Government have creaked to a start. “It’s sort of moving forward very slowly,” they confirmed. “They have announced their intent to buy.
“At the moment, they’re just reaching out to the owners to see if they’ll agree to what they’re thinking of offering. That’s taking a bit of time but they seem keen to go ahead.”
Besides the hotel union, other owners of the Bazaar include John Bull and the Chee-A-Tow family.
“It’s only land sitting there,” Mr Woods said yesterday of the property’s condition. “Everything was derelict and taken away. It’s pretty much just the land there. For us, that has been there sitting for years, and it’s cost us so much money to try and keep it maintained. When we were part of the [owner] Association, there were fees associated with that.
“We don’t have money to pump into it because we couldn’t take live money
and put it behind dead money. It was like putting money into a hole and not getting it back. The thing now is to get the land appraised and ultimately negotiate from there. We’ve pumped in millions of dollars and it’s just sitting there. We’ve lost millions of dollars down there.”
Mr Woods, though, said he was unsure as to the Government’s prospects of successfully negotiating a deal to acquire the International Bazaar if it “hinges on all of the owners having to agree”. He added: “We’ve been down that road before where we could not get all the owners to agree. I don’t know if the Government can use its persuasive powers to get everyone to agree.
“We anticipate that it will probably be a while. I don’t know if it’s a situation where they have to get all owners to agree, or those who want to sell, sell, and those who don’t they build around. It all depends on the owners, and I don’t know whether all the owners are on board. We’re based in Nassau, and don’t
know what the temperature is like in Grand Bahama.
“I know from past experience that it didn’t go at all well as persons with smaller shareholdings wanted more money than persons with larger shareholdings. There’s been nothing concrete, nothing done yet outside a phone call.”
Chris Paine, president of the International Bazaar Owners Association, last year confirmed there had been preliminary contact and meetings with the Government but no agreement was imminent. “We have worked through some figures as it relates to square footage and common areas. Essentially, with 90 percent of the buildings vandalised or destroyed by fire, the only real value is in the land,” he said then.
“Obviously, the redevelopment of this entire area would be an enormous benefit to the very heart of Freeport, bringing life and activity to what has been such a depressed area for so long. The Port Authority has been doing an excellent job in demolishing a number of the buildings which are considered a
Fishermen hail August as the ‘best in history’
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“Just from what I’m hearing from different islands and different boats going out, and talking to them as they’re coming back in, I think this is one of the best Augusts that will go down in the history of The Bahamas,” Mr Carroll reiterated.
“The price is also better off than last year. This time last year we were getting $10m, and this year we’re getting around $11.50 and $12 per pound. Usually prices get better as the season goes on, and usually at the end they will be better than at the start.
“It will go up slowly, but hopefully it goes up. Anywhere between $12 and $15 a pound would be good. But you never know what’s going to happen. Sometimes things cause it to drop, sometimes it goes up.”
Asked whether August is any indication of the full crawfish season’s outcome, and whether this momentum can be maintained, Mr Carroll replied: “It all depends on the weather. If we have no storms, no bad storms, we’re looking to have a good season. We had a good August and hopefully it continues
through the season, but that depends on hurricanes.
“If things go the way they’re going, I think everything will be OK. If we have a bad storm, boats lose their condos, fishermen lose their traps. It puts you back. August was a record-breaking month for the divers, and we had everyone saying they did better and this was the best year. All the divers were saying it. It’s off to a pretty start. If there are no storms we should have a good season.”
Paul Maillis, the NFA’s secretary, earlier this year also hailed the “fantastic” progress in combating foreign poachers as fishermen
bid to match the “record catches” enjoyed by many during last year’s crawfish season.
“The one thing we can count on is that lobster stocks are very healthy, and the work done to combat out-of-season poaching from the Dominican Republic, in particular, has been fantastic,” he said then. “I can’t recall the last time there was a blatant, huge poaching vessel sitting in Bahamian waters catching hundreds of thousands of pounds of Bahamian fisheries product.
“That was the norm for decades. There are still desperate poachers out there,
danger to the public, which I understand will continue in the coming months.
“I think any potential investor would want to start with a clean slate. We anticipate there will be more talks in the weeks ahead.”
The International Bazaar, which has steadily deteriorated ever since the Royal Oasis resort that supplied a significant proportion of its customer base closed in 2004, suffered further blows as a result of two fires that further devastated what remained of many buildings.
Ginger Moxey, minister for Grand Bahama, last year said of the Government’s plans: “Not only will the marketplace promote and distribute African and Caribbean products, but it will also offer a taste of Africa and the Caribbean, making it an appealing tourist attraction.
“In the marketplace, we envision seamless connectivity for trade between Africa and the Caribbean through the African Continental Free Trade Area (AfCFTA), with the Caribbean as the sixth region, and the added advantage
but they have been forced further and further to the outside of our territory, and we are seeing the results with grouper, lobster and other species.” Mr Maillis said the drastic reduction in foreign poaching in Bahamian waters was just one of the reasons Bahamian fishermen are viewing the upcoming crawfish season with optimism. Asserting that 2024 will be “looking good” if catches match 2023’s, he conceded that last year saw many fishermen receive one of the lowest per pound prices in recent times, but added that the increased volumes had helped to at least partially offset the financial impact.
of a 230-square-mile freetrade zone offering tax concessions on Grand Bahama.”
Using Grand Bahama’s proximity to the US, the marketplace would provide strategic opportunities for value-added manufacturing, transshipment, distribution and logistics. “This vision, however, goes beyond mere trade,” Mrs Moxey said.
“It represents the culmination of a world-class experience, showcasing the rich cultures of Africa and the Caribbean. The African-Caribbean Marketplace will become the home of ‘All things African and Caribbean’. It will feature a ‘Bahamas Bazaar’ representing each inhabited island of The Bahamas.
“With its conceptual design, including an amphitheatre, featuring a performance arts theatre, African and Caribbeanflavoured concessions and unique architecture reflecting the authenticity of our cultures, we aim to create a space that resonates with the spirit of Africa and the Caribbean.”
The NFA secretary said the recent grouper season, which ran from December 1 to February 28, had provided further encouragement as it had proven “record breaking” for some fishermen, while fuel costs seemed to have “stabilised” in comparison to the immediate post-COVID years. He revealed, though, that the NFA and wider fisheries industry remain concerned over the regulations that will accompany the alreadypassed Fisheries Act and are now being finalised. Mr Maillis disclosed that there are “some concerning provisions that we hope don’t make the final cut” as he cautioned against imposing too much bureaucracy and red tape on the sector.
COLOMBIAN TRUCKERS BLOCK HIGHWAYS IN MAIN CITIES IN PROTEST OVER INCREASES IN FUEL PRICES
By MANUEL RUEDA Associated Press
THOUSANDS of Colombians were forced to walk to work on Tuesday, as truckers in major cities blocked highways to protest a recent increase in the price of diesel fuel.
Truckers unions have said that plans by the government to eliminate diesel fuel subsidies would push their businesses to the brink of bankruptcy, while the administration of leftwing President Gustavo Petro argues it must phase out subsidies to cut a growing budget deficit and direct more funds to education and health.
On Saturday, the government raised the price of diesel fuel to around $2.90 per gallon, an increase of 50 cents, following numerous meetings with truckers unions.
In response, the unions have been holding protests around the country, which intensified on Tuesday, with roadblocks in the cities of Bogotá, Medellin and Cali,
that have diminished the amount of food arriving at wholesale markets.
Diego Torres, a trucker who transports bricks in Bogotá, said that with the new fuel prices he would lose money with every load of construction material that he carries around the city. He said that truckers in Colombia are already facing other problems, including higher crime rates along rural roads.
"I am willing to stay at this protest for a day or two days or three," Torres said, "because we are tired" of the difficult conditions. Petro wrote on social media platform X that he would not let truckers unions "block" the country. The former activist, who has led numerous protests throughout his career, wrote Tuesday that fuel subsidies had to be removed in order to "reduce public debt" and "finance the health and education of Colombians."
Subsidies for diesel fuel have been implemented in Colombia for decades, and
previous governments have kept them in place, fearing that a removal could lead to massive protests and increases in food prices. According to Colombia's Finance Ministry, diesel fuel subsidies cost the Colombian government around $240 million each month paid out to the state oil company Ecopetrol.
Some economists in Colombia have suggested that Ecopetrol sell its diesel fuel for a cheaper price within the country, but that would cut deeply into the company's margins, and affect shareholders of Ecopetrol, which is also listed on the New York Stock Exchange.
The government says it is planning to remove diesel fuel subsidies in three stages to enable transport companies to plan for the increase in prices. Officials have said, however, that they are willing to meet with truckers unions to discuss ways of compensating them for their higher operational costs.
SAC graduate to drive CIBC Turks unit set-up
A ST Augustine’s College (SAC) graduate is leading the creation of CIBC Caribbean’s Turks & Caicos wealth management services just over a decade after joining the bank.
Janae Rolle, who joined CIBC Caribbean as a customer service representative in 2013, said: “I always had a passion for business. In school, I thought I’d become a lawyer, but as I started working at CIBC Caribbean, my interest in helping clients with their financial needs grew stronger. It’s amazing how your path can change when you follow your passion.”
A series of promotions took her from customer service representative to sales specialist and, eventually, business banking manager.
“Every role I took on was
an opportunity to grow,” Ms Rolle added. “I’ve always believed in placing our clients’ experiences first, and that mindset, along with my drive to embody the bank’s core values, has guided me through every promotion.
“When I started in 2013, I didn’t envision becoming a private banker. But life has a way of surprising you.
JANAE Rolle was recently promoted to head of wealth management for CIBC Caribbean Turks and Caicos Islands.
What I learned along the way is that success isn’t just about sticking to a plan; it’s about being open to where your passion leads you.”
Initially enrolled in a law course at the University of The Bahamas, Ms Rolle shifted her focus to banking and finance after discovering her true calling. She earned a bachelor’s degree in business administration with a focus on banking and finance, and is now pursuing a master’s in finance from Edinburgh Napier University with aspirations for a doctorate in the future.
“I’ve been blessed with incredible mentors and
Bahamian soccer fans to gain via BTC parent deal
THE Bahamas Telecommunications Company’s (BTC) immediate parent yesterday announced it will be broadcasting English Premier League soccer games across the Caribbean via ESPN and ESPN 2.
The deal, which covers The Bahamas and the League’s just-started 2024-2025 season, involves the launch of a dedicated channel, ESPN Extra, which will feature around six live ‘prime’ matches per round, pre- and post-match studio shows, rebroadcasts of games, press conferences, fantasy football segments, archive matches and other magazine-style programming.
Cable & Wireless Communications (CWC), in a statement, said live Premier League matches will also be aired on the existing ESPN Caribbean and ESPN 2 channels. Depending on the scheduling, matches may air simultaneously across these platforms.
It added that all its television customers, including those of BTC, will enjoy a ‘free view’ of the ESPN
Extra channel until September 15.
Following this period, customers will have the opportunity to subscribe directly to the ESPN Extra channel.
“We are thrilled to offer football fans across the Caribbean unprecedented access to one of the world’s most popular sports leagues. With ESPN Extra and the enhanced coverage across ESPN and ESPN 2, our customers will have front-row seats to experience the absolute best of the Premier League right from their homes,” said Inge Smidts, chief executive for C&W Communications.
“This is more than just sports. As we did this summer with the World Relays in The Bahamas and the recent Men’s ICC T20 World Cup, it’s about delivering an unparalleled entertainment experience and ensuring that fans across the Caribbean never miss a moment of the action.”
ESPN Extra will available to television subscribers in The Bahamas and other Caribbean nations.
leaders who have guided me throughout my career,” Ms Rolle said. “From management staff to various units within CIBC Caribbean, I’ve always had people who believed in me, even when I didn’t see the potential in myself. They
wealth
offered mentorship, leadership programmes and, sometimes, tough love, but it was all to help me grow.”
Now preparing to spearhead CIBC Caribbean’s Turks & Caicos wealth management efforts, she added: “This new role is
more than just a job; it’s a chance to make a real impact. I’m looking forward to contributing to the culture and values of the Turks and Caicos Islands, and I’m incredibly thankful for this opportunity.”
New entrants for Training Agency
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weeks, is free of charge and prepares individuals between the ages of 18 and 30 for the workplace in various disciplines ranging from housekeeping, food and beverage and office procedures to teacher’s aide.
Orientation for the latest intake was held on Monday, September 2, in the Ministry of Labour and the Public
Service’s training room at the Winn Building in Grand Bahama.
The new cohort was introduced to the facilitators, including hospitality professional Raylene Gardiner; communications specialist Sharell Lockhart; and etiquette skills trainer, Thea Moss, director of the T.M. Group of Companies. They also heard testimonials from graduates of Cohort 16.
The programme’s first four weeks feature soft skills training, with the topics including punctuality, good grooming, positive attitudes and workplace conduct. This is followed by ten weeks of internship/ apprenticeship in the workplace with industry partners. At the end of the 14 weeks, participants receive NTA and various training certifications in their disciplines.
JANAE Rolle was recently promoted to head of
management for CIBC Caribbean Turks and Caicos Islands.
THE NATIONAL Training Agency held orientation for its 17th cohort for the Mandatory Workforce Preparatory Programme.
Photo:Lisa Davis/BIS
Wall Street tumbles on worries about the economy, and Dow drops more than 600
By STAN CHOE AP Business Writer
U.S. stocks tumbled Tuesday to their worst day since an early August sell-off, as a week full of updates on the economy got off to a discouragingly weak start.
The S&P 500 sank 2.1% to give back a chunk of the gains from a three-week winning streak that had carried it to the cusp of its all-time high. The Dow Jones Industrial Average dropped 626 points, or 1.5%, from its own record set on Friday before Monday's Labor Day holiday.
The Nasdaq composite fell 3.3% as Nvidia and other Big Tech stocks led the way lower.
Treasury yields also stumbled in the bond market after a report showed U.S. manufacturing shrank again in August, sputtering under the weight of high interest rates. Manufacturing has been contracting for most of the past two years, and its performance for August
was worse than economists expected.
"Demand remains subdued, as companies show an unwillingness to invest in capital and inventory due to current federal monetary policy and election uncertainty," said Timothy Fiore, chair of the Institute for Supply Management's manufacturing business survey committee.
Stocks of oil and gas companies were some of the market's biggest losers after the price of crude oil fell roughly 4% on concerns about how much fuel a fragile global economy will burn. A barrel of benchmark U.S. oil is almost back to $70 and down for the year after climbing above $85 in April.
Exxon Mobil lost 2.1%, and ConocoPhillips dropped 3.5%.
Similar worries about a slowing U.S. economy and a possible recession had helped send stocks on a scary summertime swoon in early August. It briefly knocked the S&P 500 nearly
10% below its record set in July, but financial markets quickly rebounded on hopes that the Federal Reserve could pull off a perfect landing for the economy.
The Fed appears set to lower interest rates later this month in hopes of easing conditions for the economy and avoiding a recession after earlier jacking its main interest rate to a two-decade high to beat high inflation.
Other reports due later this week could show how much help the economy needs, including updates on the number of job openings U.S. employers were advertising at the end of July and how strong U.S. services businesses grew last month. The week's highlight will likely arrive on Friday, when a report will show how many jobs U.S. employers created during August.
The jobs report has once again become the main event for the stock market each month, taking over from updates on inflation,
according to analysts at Bank of America. Many traders are anticipating the Fed will deliver a full percentage point of cuts to interest rates this year, which is a "recession-sized" amount, Gonzalo Asis and other economists and strategists wrote in a BofA Global Research report.
The strength of this jobs report, or lack thereof, will likely determine the size of the Fed's upcoming cut, according to Goldman Sachs economist David Mericle. If Friday's data shows an improvement in hiring over July's disappointing report, it could keep the Fed on course for a traditional-sized move of a quarter of a percentage point.
But if Friday's report is weaker, it could drive the Fed to deliver an outsized cut of half a percentage point from the federal funds rate's current range of 5.25% to 5.50%, Mericle said.
While cuts to rates are generally boons to
investment prices, a recession could more than wipe out that benefit by dragging down corporate profits.
On Wall Street, U.S. Steel fell 6.1% in its first trading after Vice President Kamala Harris said Monday that she opposed the company's planned sale to Japan's Nippon Steel. The Democratic presidential nominee's comments, which echo President Joe Biden's position, came after Nippon Steel Corp. said last week it would spend an additional $1.3 billion to upgrade facilities in Pennsylvania and Indiana, on top of a previous $1.4 billion commitment.
Nippon Steel also reiterated that it expects the transaction to close by the end of this year, despite ongoing political and labor opposition.
Nvidia was the heaviest weight by far on the S&P 500 after falling 9.5%. Its stock has been struggling even after the chip company topped high expectations for its latest profit report.
The subdued performance could bolster criticism that Nvidia and other Big Tech stocks simply soared too high in Wall Street's frenzy around artificial-intelligence technology.
All of the stocks that have come to be known as the "Magnificent Seven," which accounted for the vast majority of the S&P 500's return last year and early this year, fell at least 1.3%. Still, it wasn't a complete washout on Wall Street. Nearly 30% of the stocks within the S&P 500 climbed, led by those that tend to benefit the most from lower interest rates. That includes dividend-paying stocks, as well as companies whose profits are less closely tied to the ebbs and flows of the economy, such as real-estate stocks and makers of everyday staples for consumers. All told, the S&P 500 fell 119.47 points to 5,528.93. The Dow dropped 626.15 to 40,936.93, and the Nasdaq composite sank 577.33 to 17,136.30.
