MONDAY, DECEMBER 23,
Female entrepreneurs defeat male rivals on funding return
By NEIL HARTNELL
Business Editor
Bahamian female entrepreneurs generate a greater return on investment than their male counterparts despite accessing on average 42 percent less funding, it has been revealed.
The Inter-American Development Bank (IDB), in a recently-released paper drawing on data from the Small Business Development Centre (SBDC), also known as the Access Accelerator, disclosed that women-owned start-ups and entrepreneurs generate $1.74 in sales for every $1 in funding that they receive. In contrast, it said the return for Bahamian male-owned start-ups and entrepreneurs, as measured by sales, was $1.68.
The multilateral lender, in a report detailing a $700,000 project designed to improve post-retirement economic inclusion and
participation for elderly Bahamians aged 65 and older (see other article on Page 1B), said the data justified continued investment in women-led businesses as they are “efficient in turning funding into economic value”.
“In The Bahamas, it was discovered that women entrepreneurs have accessed less funding on average compared to men - $27,385 per female entrepreneur compared to $47,153 per male entrepreneur, a 42 percent disparity,” the IDB report found.
“While women-owned businesses may receive less funding, the return on investment is higher.
For every $1 of funding, women-owned businesses generated $1.74 in sales compared to $1.68 for men. This indicates that women are efficient in turning funding into economic value, further justifying investment in women-led
enterprises.”
Bahamian male-owned businesses on average thus access almost $20,000 per more per approved financing application than their women-headed counterparts even though the returns are less for every single dollar invested.
And the approval rate for financing applications by Bahamian women entrepreneurs is also much higher, standing at 92 percent when compared with 85 percent for men.
The SBDC, which was created by the Government to help Bahamian entrepreneurs, start-ups and micro, small and medium-sized (MSMEs) enterprises better access the financing, technical support and mentoring that they need to succeed, said in the report that the IDB is drawing upon that women sought less funding on average than their male counterparts despite
MASS STRIKE WARNING: ‘WE WILL FIGHT AS ONE’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A LABOUR leader is warning that a mass union strike is “very possible.. at any moment” after all Trades Union Congress (TUC) affiliates agreed to act as a collective “unit” to resolve their workplace grievances.
Obie Ferguson, the TUC president, told Tribune Business that the 14 union affiliates who already possess strike vote certificates have agreed to act in union and “not fight the Government one on one” as he urged the Davis administration to speedily resolve the list of outstanding issues “prepared for the Prime Minister”.
Speaking after last week’s workplace
disruption, which saw Bahamasair grounded for almost an entire day by a flight attendant and ground staff sickout, which preceded similar action on Friday by Customs officers stationed at Lynden Pindling International Airport (LPIA), he described the current industrial relations climate as “very strained” and “very fragile” just prior to the Christmas holiday.
Acknowledging that labour grievances are “coming to a head at the worst possible time”, Mr Ferguson pledged to this newspaper that the TUC and its affiliates will not engage in “wildcat strikes” but legal industrial action in accordance with the strike vote certificates that they possess should the need arise.
PROBE INTO LEGALITY OF BPL’S 163% FUEL HIKES DELAYED
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AN INVESTIGATION
into whether Bahamas Power & Light’s (BPL) 2022-2023 fuel charge hikes, which soared by 163 percent in just eight months, were legal has been delayed until this year.
The Utilities Regulation and Competition Authority (URCA), the energy industry regulator, in its just-released 2025 annual plan revealed it had to “re-bid” the contract for a third-party consultancy to carry out this probe because the costs involved exceeded the budget it had allocated for this task.
Listing the review and audit of BPL’s fuel tariff at the top of its 11 energy sector-related projects for the New Year, URCA said: “BPL announced a fuel cost
By NEIL HARTNELL Tribune Business Editor
THE Bahamian economy and social safety net are set to come under growing “strain” as a result of an increasingly elderly population where more than in four citizens are aged over 60 years old come 2050. An Inter-American Development Bank (IDB) report, detailing a $700,000 project for a Bahamian
recovery plan in October 2022. The project aims to determine if the fuel charge complies with the law and regulatory frameworks.
“The project addresses URCA’s mandate to ensure efficiently incurred costs, consumer protection and efficient operation. In 2024, proposals were requested for a consultant to carry out the audit. The bids received exceeded the budget. The scope was adjusted, and the project was rebid. It is scheduled to be completed in 2025.”
The “adjusted” scope was not detailed, and no mention was made of whether the contract was awarded and to whom. However, Bahamian businesses and households alike are likely to be keen to know why they were burdened by such excessive charges for at
“silver economy growth hub” that will boost economic participation and inclusion for persons who have reached retirement age, warned that the shifting population demographic will place an ever-growing burden on healthcare and the National Insurance Board (NIB) because there will be fewer workers to support more elderly persons.
PROTECTING CASINOS AGAINST FINANCIAL CRIME EXPLOITATION
CASINOS are highrisk institutions when it comes to exploitation by money launderers due to the volume of cash transactions, their global clientele, and the ease of blending legitimate funds with illicit proceeds. To
mitigate these risks, regulators in jurisdictions such as The Bahamas and the US emphasise robust compliance programmes. This article examines common money laundering typologies in casinos, and outlines steps for building
an effective compliance programme. Types of money laundering in casinos
• Structuring Transactions To deposit amounts below the threshold for reporting, money launderers often use structuring.
According to The Bahamas’ Financial Transactions Reporting Act (FTRA), casinos must report suspicious transactions and maintain detailed customer records. Similarly, in the US, casinos must file Currency Transaction Reports (CTRs) if their transactions exceed $10,000.
• Chip Walking Using illicit funds, criminals can purchase casino chips, gamble minimally and redeem them for cash or cheques. By using this process, it appears as if gambling winnings are legitimate. Chip walking has been flagged as a significant money laundering risk by FinCEN (the Financial Crimes Enforcement Network).
• Casino accounts and credit lines
It is easier for criminals to move funds into and out of casinos when they open accounts or use credit lines.
To prevent abuse, the Bahamas Gaming Act 2014and its subsequent regulations, together with the US antimoney laundering (AML) guidelines for casinos, require robust Know Your Customer (KYC) measures.
• Use of third parties
In order to disguise the origin of funds, money launderers may use third parties. By placing bets, cashing in chips and making deposits, these proxies disguise the primary launderer’s identity.
• Cross-border transfers
DEREK SMITH
Gambling’s global nature facilitates cross-border funds transfers, which are often used to launder money through trade. As with the US cross-border reporting requirements, The Bahamas requires scrutiny of international transactions.
Building a compliance programme to mitigate risks
• Risk assessment and governance
A comprehensive risk assessment should be conducted to identify weaknesses in casino operations.
Regulatory authorities in The Bahamas and the US require risk-based compliance programmes tailored to the institution’s size and operations. Additionally, governance structures must demonstrate senior management’s commitment.
• Enhanced Know Your Customer and due diligence
Implement enhanced KYC protocols to verify all customers’ identities and sources of funds. Casinos must apply additional due diligence measures for high-risk customers, such as politically exposed persons (PEPs). Technology, like biometric verification and artificial intelligence (AI), can streamline these processes.
• Transaction monitoring systems
Deploy automated systems to detect suspicious activity, including unusual betting patterns, chip purchases or frequent cash-ins. Effective systems incorporate thresholds and alerts customised to local regulatory standards.
• Employee training Regular anti-money laundering (AML) training ensures employees understand typologies and their role in detecting suspicious activity. The Bahamas Gaming Board mandates that casinos maintain training records that align with similar US requirements. Unfortunately, according to the recently-released Commonwealth of The Bahamas report on the 2022 Money Laundering Risk Assessment’s summary of key findings, a lack of consistent and comprehensive training was identified as a vulnerability within the gaming sector of The Bahamas.
SEE PAGE FIVE
Restaurant entrepreneur resolves Waterloo fees
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
A BAHAMIAN restaurant entrepreneur and popular nightspot have resolved concerns over the latter adding undisclosed extra fees to ticket prices at a recent event and have plans to partner again in future.
Chef Kevin Culmer, Tropical Gyros’ principal, initially released a nowdeleted public statement on the restaurant’s Facebook page informing Bahamians that additional fees were added “to our clients’ tickets” without his consent at a recent event it catered at East Bay Street’s Club Waterloo.
“Without our prior approval or agreement, the management of Waterloo
added an additional fee to our clients’ tickets and retained the profits from these extra charges. This unexpected.... practice came as a shock to us,” he wrote. Chef Culmer said the extra fees were brought to his attention by customer complaints. “Well, some people told my staff that it was expensive and I said: ‘What do you mean? $10?’ And they said, no, they were being sold for $15,” he recalled. “Some people had made that statement to my staff, and so they relayed that to me, and I was like: ‘What?’ Because we try to keep a standard price going forward...”
However, Chef Culmer said that after Tropical Gyros released its statement he was able to contact
Club Waterloo’s owner and the two sides were able to amicably resolve what he described as a a “miscommunication”.
“There are no issues. We resolved all of the discrepancies,” he said. “But it was just important at the time because I didn’t understand what was going on. He understood where I was coming from. But, you know, the people who he had put in charge didn’t communicate it effectively to me what he wanted to do. And so that was really what had happened. So we resolved the issue.”
“He was right,” Chef Culmer added. “He said I should have waited before I released it to speak to him personally. But we had miscommunications. He
was busy, caught up dealing with some personal matters that were very, very important.
“And my whole thing was, I said to him, I didn’t know that. I knew I was reaching out, and I wasn’t getting any response, so I felt it was necessary to take that route. But as soon as we had the conversation, I instructed my social media people to take down the original statement we put up there and to put up the second statement.”
Stating that he understood where management at Club Waterloo “are coming from”, Chef Culmer said that at “certain venues, food is more expensive because of the venue and all of the other things associated with operating that venue”.
In a newly released statement, he informed Bahamians that the issue has been resolved and mentioned “fostering... business relationships” between the two companies. Refusing to disclose details, he revealed to Tribune Business that he “looks forward to” a potential partnership between the two parties.
“We’re going to forge a symbiotic relationship where we provide food for the club, free events and stuff,” Chef Culmer said. “But I can say this, the plans that they have for Waterloo are just absolutely amazing. I think it’s something that The Bahamas is going to embrace. I think it’s something that is going to be unique. “I don’t want to speak out of turn yet, but I believe
that’s where we’re headed. I’m looking forward to that opportunity. I think the plans that they have for Waterloo are amazing. And it’s something that, what he wants to do there, I am fully supportive of and will do everything in my power to help him achieve that.
“I fully support what he’s doing. I fully support the direction and the vision that they have for Waterloo, for what they want to do there. I’m looking forward to seeing it. Even if we weren’t to be a part of it, I still believe and would support what he’s doing and where he’s going with it. And I want to see it succeed. But he has a unique concept that he’s trying to put forth, and we have a unique, different brand that he enjoys.”
CUSTOMS CHIEF: LPIA’S SHORTAGE ‘BAD MANAGEMENT’, NOT SICK-OUT
By ANNELIA NIXON
CUSTOMS’ top official yesterday said the shortage of officers at Lynden Pindling International Airport (LPIA) on Friday morning resulted from “bad management” rather than a sick-out.
Ralph Munroe, the agency’s comptroller, told Tribune Business: “What we have is simply a case where there are eight persons on a shift. Four of them show up for work. One of them was sick all week. The next one was on half-day for Christmas shopping. That’s two. One call in sick, that’s three. And they hadn’t heard from one. So how does that
amount to... that’s bad management, if anything. “Because the senior officer must have known that one was sick. So they should have replaced that one the day before. They must have known they was giving someone halfday. So they should have replaced that. That should have bring it up to six. And the only thing [that] should have happened was that one person who call in sick and that person who didn’t. There’s no sick-out.
“If you see a sick-out, for me, you’ll have to define where a number of persons called in sick clearly to the point where it would affect your operation. Who call in sick? One out of eight. One
person called in. One. The person who was sick was sick for several days and had a doctor’s certificate.”
Deron Brooks, the Bahamas Customs, Immigration & Allied Workers Union (BCIAWU) president, also confirmed that “the union is not taking any industrial action against the employer”. He referred to the lack of staff as a “shortage”, adding that employees were “probably mentally and physically fatigued and stressed, so they became ill”.
A senior police officer later aided in “processing passengers” and, to the union president’s understanding, Customs officers from other departments
and locations were eventually deployed to LPIA to make up the numbers.
Mr Munroe, though, denied that police officers ever became involved. “They were also saying the police officer [was]in the airport…That’s foolishness. Send the police officer in what airport? How they got there? Who sent them there?” he challenged.
“The commissioner of police sent them? Never happened. If something even happened, the commissioner would contact me. And any time there’s an
actual strike or something, that’s when the executive and senior management go there.”
Still, Mr Brooks said: “Let me firstly say that, officially, the union is not taking any industrial action against the employer. When I reported for duty this morning [Friday], I got a call from a media house saying that they were made aware that officers at LPIA had not reported for duty. As I was unaware, I told the media house, call me back in about a half an hour.
“I made some inquiries and, at the time, I was
told by one Immigration officer that there were two Customs officers on duty at the airport. And then I got another report saying that there was one Customs officer and a senior police officer processing passengers. So I got confirmation that there was a senior police officer assisting.
“Now, in terms of camaraderie, I get it. That the officer saw another officer being challenged and decided to assist. I totally get that. But fortunately, it wasn’t on any consistent basis. So at that time, I
CUSTOMS CHIEF: LPIA’S SHORTAGE ‘BAD MANAGEMENT’, NOT SICK-OUT
would not chalk it up to any form of industrial action.
And I would not say that it is a sick-out because, at the time, it was still early and I would just say that it was just a staff shortage,” Mr Brooks added.
“And I am still not saying that what they did was called a sick-out because, as it stands right now, the only thing I could see is there’s a staff shortage. People are entitled to call in. The law and the industrial agreement entitles them to be able to use their sick days and that’s what they did.
I haven’t spoken to any of them yet, so I can only say what I know they’re allowed to do”
Mr Brooks reiterated that the officers’ actions were not a form of industrial action initiated by the union, adding “I am the president and I reported for duty today.” He rejected the idea that members had gone rogue and staged a sickout on their own.
“No, I’m not going to say that they’re rogue,” Mr Brooks said. “They are entitled to be sick if they’re feeling mentally and physically fatigued or stressed because they’re under a lot of stress. People have regular obligations and this is the yuletide season. They were looking forward to being paid so that they could pay some bills and do some things for their
families just like anyone else. “In the private sector, persons get Christmas bonuses, but in the Government sector that doesn’t happen. So the only thing you have to look forward to is what you’ve worked for and what you’ve earned and, at this time, Customs, nor Immigration, seem to be able to get those (overtime) payments.” A Bahamas Customs employee, speaking on the basis of anonymity, said there was a sick-out but it might not have been initiated by union members.
“And even if they are, it might not have been all union members,” they said.
“And some of them, they didn’t even call the president to advise him of this. It’s something that they just decided to do and no one even knew that it was going to be except those officers. So I wouldn’t even call them rogue.
“As a union, we have a strike certificate at hand. This sick-out had nothing to do with the union because the officers just decided that they wasn’t waiting on no union. They just sick and tired and did it on their own. So it had nothing to do with that. And I think that’s why the president would want to make clear that this action had nothing to do with them.”
The employee stated that the reasoning behind the sick-out was related to overdue transportation
and overtime fees, as well as differences with a supervisor. But Mr Munroe retorted: “Like any place else, you find people with the personality differences. I go to work because I work for the public. I don’t work for the supervisor.”
Mr Brooks has been vocal about challenges his union members face as it pertains to insurance, monies owed for transportation and overtime, as well as other issues. He noted that members were hoping to receive transportation and overtime payments this past pay period in time for the Christmas holidays.
“The Immigration officers are owed from July and the Customs officers are owed from April of this year in terms of overtime,” Mr Brooks said. “Now we are going into a new calendar year and essentially the employer, they owe us from the previous fiscal year.
“Now, what is ironic is that the comptroller was able to say that history was made in that this is the most amount of money or revenue that was ever collected in the country’s history. So again, let me take this opportunity to say that there’s some outstanding payments.
“The payments for transportation are reimbursement for the Customs officers. You know, when they use their vehicle to go to your business establishment and check imported
goods that are being offloaded from trailers, they use their personal vehicles to do the Government’s work,” he added.
“And there’s a fee levied in what the vendor, the company, is taxed that should go back to the Customs officer for the use of their vehicle. Some of them have not received that from as far back as last year. That’s called transportation fees. Now, as far as the overtime fees, our thing is this. If you don’t want to pay them, do not ask them to work these extra hours.
“The union has made representation on behalf of Customs and Immigration officers to our employers to try to see if they could pay some portion of that for government payday, which would have been yesterday. And that did not happen. And to-date, we have not received any further communication from the employer in that regard.”
Mr Munroe replied: “Some of the people [who] talk overtime, the Government don’t owe them a penny. Okay, don’t listen to that. Some of the people that talking, the Government don’t owe them a red cent. Yes, the Government owe Customs officers overtime. The overtime is simply held up because of staff shortages.
“The people who do that in the accounts section, they got the job that they would normally do to account for government revenue and then they deal with all the bills from across the country - from Abaco straight to Inagua. Those bills will come in monthly.
“So they have to deal with them and they have to go through every single bill to make sure every hour is one that is really worked. That’s how they got to do it. It’s a process. Some of the bills come in late. Matter of fact, I had bills what came in about two months ago. Those were bills for 2023, just came in from the island. They just send it. You can’t pay people if they
don’t send the bill in,” Mr Munroe added. “They work Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday. They work every single day doing overtime, trying to get the overtime for officers up to date and we got to pay all of them just to do that. What we might have is a short staff in the accounts section. That may be the issue that the Government has to address.
“If you get more staff, then clearly you would get the work done quicker because overtime, like I say, getting that done, that’s done after you account for government revenue, which we do all day. And you know, we do a whole lot of work. And yes, I think it’s a back-up. And I signed bills I know recently for two months of overtime to come. Now they’ve been processed and they’ll be paid. But I know for a fact there are persons who talk about overtime and the Government don’t owe them one red cent.”
Mr Brooks and the union have obtained a strike certificate but are awaiting a meeting with the Prime Minister, who is meeting with all unions under the Trades Union Congress (TUC) umbrella in sets of three with the goal of discussing and potentially resolving grievances.
Despite not receiving payments and being unable “to lock down a date to see when this union would be able to get to meet with the Prime Minister”, Mr Brooks denied that the industrial action taken by the Airport, Airline and Allied Workers Union (AAAWU) members motivated a sick-out among his members.
“The resolve of the union has never changed,” Mr Brooks said. “The union was created to represent the best interest of all the persons in the bargaining unit. That has never changed. Our focus has always remained the same. “So it doesn’t matter what
another agency or union is doing. Our focus has never changed. We always trying to get the best for our membership and what is owed to them. So whatever the other agencies are doing that has nothing to do with this. It had nothing to do with it. Nothing was done in conjunction with them or as a result of them.”
Jewel Fountain, president of the AAAWU, had no comment regarding the Bahamasair sick-out but told Tribune Business a press conference will be held in a few days.
Mr Brooks said he is “not at liberty” to say whether the BCIAWU will strike, despite having their strike certificate. He added that that decision is up to the membership and he did not want to “preempt anything”.
He said since the Friday morning shift, he has not been informed of any more shortages. A Customs employee confirmed that officers scheduled to work the following shift at LPIA on Friday showed up and that employees returned to work as normal the next day.
The employee added:
“But basically it really is the fact that it is the Christmas time and the officers worked all through the year. They working from August after back to school. They work from August to December, hoping to get their overtime for the Christmas season.
“No matter how much Mr Munroe may boast about what we are collecting, we are officers and our job is to collect and protect the Government’s revenue. Despite the Government refusing to pay us in a timely fashion, our job is still to collect that revenue and to protect it.
“So, we still will work diligently and determinedly to collect and protect the Government’s revenue. But I still believe that when we do that, when that end of the month come, we should see the fruit of our labour.”
Union leader concern on public sector pay switch
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
PUBLIC sector union leaders and their members yesterday continued to voice misgivings over the Government’s plans to start the “roll-out” and transition from monthly to bi-monthly pay in early 2025.
Kimsley Ferguson, the Bahamas Public Services Union’s (BPSU) president, said the major complaint from civil servants he has spoken with relates to their ability to budget and control their finances if they are paid every fortnight as opposed to monthly.
He added that BPSU members have said they are “disciplined enough” to handle their financial matters when paid via this frequency. “Well, a number of persons that I would have spoken to oppose the change simply because they feel disciplined enough to take care
of their personal affairs and commitments in a monthly fashion as opposed to doing it twice monthly,” Mr Ferguson said. “So that was one of the responses that we got. A lot of them, and the majority that I would have spoken to, really would prefer to remain as is. Again, that’s only the number of persons that I’ve spoken to. But from what I’m hearing, the general consensus is persons would like to remain the way that they are, not that the union is opposed to change.
“I know that certain comments were made by the Prime Minister in his statement in the House of Assembly as to the benefits of the bi-monthly situation. Again, from what I would have read, and I don’t want to specifically quote, I think it’s more beneficial for the Government in relation to ensuring that the local economy remains buoyant,” Mr Ferguson added.
“I’m still trying to explore how the persons that we will represent, or we do represent, will benefit from the change. And so again, we are still expecting there to be some form of consultation with our unions so that we can go back to our people and apprise them of the views of the Government and how it can benefit them individually and the country nationally.”
Mr Ferguson said days would have to be allocated to allow persons to deal with their responsibilities twice a month rather than once.
“Again, what was a concern for me, is we have a pay date which previously, or what I wouldn’t say previously, but currently, is two working days before the end of the month,” he added.
“Again, you’re looking at how that’s going to affect the work environment now that you have to go and take care of stuff twice monthly now. And so you’re going to have to be given some time
PROTECTING CASINOS AGAINST FINANCIAL CRIME EXPLOITATION
from page two
• Independent audits
Conduct regular audits to evaluate programme effectiveness. Audits should assess compliance with The Bahamas’ Financial Transactions Reporting Act and the US Bank Secrecy Act requirements, record-keeping and reporting adequacy.
Conclusion
off to go there and address these particular concerns.” Transparency and lack of information was another concern for Mr Ferguson and other union leaders, including Deron Brooks, the Bahamas Customs Immigration & Allied Workers Union (BCIAWU) president.
“We weren’t able to get the information from the major stakeholder, which is the employer, and take that back to our people so that we can get a consensus,” Mr Brooks said. “I do believe that something of this nature should be done in the form of a poll where the Government can organise it.
“Again, we have a responsibility to the persons that we represent. And again, once we are provided
with the information, we can go back and arrive at a consensus and come forward and give an official response,” Mr Brooks added. “They want to move away from paying us once a month to twice per month. We don’t know how that’s going to affect our people.
“We don’t know how that affects your loan with the bank. We don’t know anything. You go to the accounts department, they can’t tell you because they want to know, too. Now, again, that word ‘consultation’ seems to be something few and far apart when it comes to the employer. They use it when it’s convenient for them.”
A meeting was held to discuss union concerns regarding bi-monthly pay but the BPSU could not
attend. “Again, we were invited to a meeting, I think Friday prior, that we were in attendance to, and based on scheduling we were unable to make that meeting,” Mr Ferguson said. “Again, the invitation to attend that meeting was very, very impromptu and we had prior commitments that didn’t allow us to be at that meeting.
“Again, please note that the meeting that we were invited to, we were in attendance to it. Myself, the executive vice-president, Mrs Wilson and one of her executives. We waited for a little over an hour. Apparently nobody there was able to say which meeting was going to be held. We were given the venue, we were given the time, we were present.”
• NB: About Derek Smith Jr Derek Smith Jr. has been a governance, risk and compliance professional for
Casinos remain attractive targets for money launderers, but proactive compliance measures backed with a robust regulatory regime can mitigate these risks. By aligning with local and international anti-money laundering regulations, casinos in The Bahamas and the US can safeguard their operations and contribute to global financial integrity.
more than 20 years with a leadership, innovation and mentorship record. He is the author of ‘The Compliance Blueprint’. Mr Smith is a certified antimoney laundering specialist (CAMS) and the assistant vice-president, compliance and money laundering reporting officer for CG Atlantic’s family of companies (member of Coralisle Group Ltd) for The Bahamas, St Vincent & The Grenadines, St Lucia and Curaçao.
MASS STRIKE WARNING: ‘WE WILL FIGHT AS ONE’
from page one
And, asserting that “no one wants to put this country at a disadvantage” or harm the Bahamian economy just as it enters a peak period in the winter tourism season, the TUC chief warned that the failure to make progress on key labour demands will result in “people taking things into their own hands”.
Mr Ferguson, stating he was unaware of the sickout by Customs officers at LPIA, told Tribune Business : “A number of unions are not very pleased with the way things are progressing with the list we’d prepared for the Prime Minister. All of the unions in the TUC affected by the list that I provided, 14, they would have taken a strike vote and be able to go on strike when they so desire.
“Coming out of our recent conclave, we have ensured all of them would have taken the strike vote necessary for them to go on strike. It won’t be a wildcat strike.” Relations between the public sector unions and the Government thus appeared to have spiralled
downwards again despite Mr Ferguson telling this newspaper several weeks ago he was optimistic that the grievances could be resolved without industrial action.
Now, in his latest interview with this newspaper, he reiterated his confidence that “most of these issues will be resolved” by Christmas which is now just two days away. However, he also described the industrial relations climate in The Bahamas as “very strained, very strenuous on the unions and very strenuous on the workers”.
“What we thought would have gone without any industrial action, it seems as if that’s the route we will end up travelling on even though it’s not the one we intend,” Mr Ferguson told Tribune Business. “Our first obligation needs to be to members of the unions....
“It’s very fragile. The workers are making demands of their respective leaders to do what they asked them to do, which was to take a poll for a strike vote. They have a certificate. Certainly it is my view that by Christmas most of the issues will be resolved but we still have
14 unions with outstanding issues.”
The pact that the thenopposition Progressive Liberal Party (PLP) agreed with the two umbrella union bodies prior to the 2021 general election thus appears to be fraying even though numerous industrial agreements involving public sector agencies have subsequently been signed.
Mr Ferguson again listed the two medical unions, the Bahamas Doctors Union (BDU) and Consultant Physician Staff Association (CPSA); the two unions respectively representing managerial and line staff workers at the National Insurance Board (NIB); at the Bahamas Hotel Managerial Association as being among the TUC affiliates with long-standing industrial issues to address.
As for the Bahamas Customs, Immigration and Allied Workers Union, he suggested that Friday’s airport sick-out was related to frustration that Customs officers have yet to be paid outstanding overtime payments dating back months to at least May this year along with monies to cover transportation costs
associated with attending private business enterprises to properly clear imported goods.
“And the beat goes on,” Mr Ferguson added. “We thought by now we would have resolved these matters because some of those outstanding could be resolved in minutes but for some reason government negotiators are not interested in bringing these matters to resolution. How could you refuse to, or fail to, pay overtime?
“It’s coming to a head at the worst possible time. My job is to help the unions and the leaders of the unions. That’s my job. I’m trying to do it. I’ve been doing it for three years without any industrial action, without any strikes, but for some reason they are seemingly not getting anything. The leaders are not getting satisfaction.
“Things could happen at any moment. Anything could happen. They are very, very unhappy. The members are making demands and they want action.” Mr Ferguson, as an example, queried why Customs had failed to make overtime payments that have been due for months
when it collects on average around $100m in revenue for the Government per month.
“I would have thought all efforts would have been made to resolve them,” he added out the unions’ outstanding grievances. “You can only go so far and do so much. If people don’t want to listen it becomes not very manageable.
“People’s interests are paramount. The economy is part of the deal; we don’t want to damage the economy, but we want to find people who can get things done otherwise people take matters into their own hands, which is not a perfect position. We’ll see what happens.”
Mr Ferguson confirmed that, at the recent conclave staged by the TUC and attended by all its affiliates, all the unions who have obtained strike votes agreed to initiate industrial action collectively. “The unions are asking me if they can go on strike,” he said. “We agreed to do things collectively. We agreed not to go in an individual capacity. If and when we go, we go with everybody. That’s the position we have taken.
“That’s very, very
possible from what I can see unless the Government intervenes. Then we can avoid it. The Government has to intervene. They have no choice in the matter. As a matter of fact, I have union leaders calling me, wanting me to let them know when it’s going to happen so they can be part of the process.
“Any time it can happen, and when we do it, it’s not going to be one union. It will be all the unions of the TUC. It’s one of the things we agreed at the conclave. We agreed not to fight the Government one on one. We agreed to fight as a unit. We would jump in as one together and the conclave must made that firm...When the doctors’ union cries, we all cry,” Mr Ferguson continued.
“The Government can do what governments normally do when you reach a deadlock and negotiate with the right people making the decisions and put these things to rest.... No one wants to put this country as a disadvantage; we all live here. But by the same token we have to make sure what we have in The Bahamas is shared among the Bahamian people.”
ALMOST 100 GAMING BOARD WORKERS GAIN FIVE-YEAR DEAL
SOME 97 Gaming Board employees will benefit from the regulator’s signing of a five-year industrial agreement with the Bahamas Public Services Union (BPSU).
The deal, which has been outstanding for almost a year, will provide numerous benefits although both parties declined to reveal financial figures and terms. “Well, we would have seen increased benefits in the area of phone
allowances, mileage allowances, on-call allowances,” Kimsley Ferguson, the Bahamas Public Services Union (BPSU) president, said.
“But more so the general focus, while there were improvements in those areas, was the salary increases themselves over the course of a five-year period. We’re pleased and satisfied that persons will be able to move to even a little higher standard of living
based on the increases that we would have been able to agree to today.”
While not willing to disclose a dollar value, Dr Daniel Johnson, the Gaming Board’s executive chairman, added that a detailed annual report will be published on the regulator’s website.
“I would say as a regulatory body we don’t generally speak of values of what we do inside here but, at the end of every year, we
will publish a report and this stuff you will now see on our website going forward,” Mr Johnson said.
“So we’ll have an annual report and it’ll be posted on the website with painstaking detail. But we don’t generally talk money at the Gaming Board because we hold a lot of people’s private information.”
Mr Ferguson said the before the agreement can take effect, it must be “registered and vetted”. He
added: “Well we’ve been at it for months, let’s put it that way. And again, because there was a revamping of the document so to speak, we visited a number of items.
“We made adjustments and improvements to a number of items in the industrial agreement so that the persons who actually carry out the day-to-day functions over here at the Gaming Board can do so in an improved environment.
“Again, the document has to be properly registered and vetted at the Department of Labour. I believe we’re pleased to have had a legal team that ensured we were on point, and so we believe that if there’s any vetting in order it’ll be minimal.”
“Unity dynamic in The Bahamas is very important - important for us as a country, important for the Government, important for unions and stakeholders,” Mr Johnson said. “I want to congratulate everyone involved in this process; the government agencies, industry stakeholders and staff.
“This is a result of good communication, good collaboration and good compromise. And I hope that in our wider sphere, we continue to communicate, collaborate and compromise where it’s mutually beneficial. The Gaming Board is really happy to say that we enjoy very good relations with unions, stewards, staff…
“We are trying to become a top-tier regulator of the 21st century. Top tier regulator. The Bahamas has been involved in gaming for some 100 years. We are the most respected destination and jurisdiction in the Western Hemisphere. We have a story to tell. And if we stop competing and get to caring, we can get our story out there.”
FEMALE ENTREPRENEURS DEFEAT MALE RIVALS ON FUNDING RETURN
from page one
seemingly making greater, and better, use of their dollars.
“Women have made significant strides in entrepreneurship and new venture creation over the past three decades. Still, the number of businesses currently owned by women is significantly lower than the number of businesses owned by men in many developing countries,” the SBDC said in documentation prepared for its guaranteed loan programme targeted at female entrepreneurs.
“Statistics reported by the SBDC for women entrepreneurs in The Bahamas appear to be more favourable. The SBDC was launched in September 2018 and, over the past four-and-a-half years, we helped 953 womenowned businesses to access
$26.098m in grant, loan and equity funding.
“This equates to roughly $27,385 per female entrepreneur. We also helped 976 men-owned businesses to access $46.021m in grant, loan and equity funding. This equates to roughly $47,153 per male entrepreneur.”
Analysing this data in more detail, the SBDC added that financing applications by male-owned businesses exceeded those from their female counterparts by just 2 percent - a difference of 18.
“However, the disparity between $27,385 approved per female entrepreneur versus $47,153 approved per male entrepreneur is 72 percent,” the SBDC added.
“To understand the latter disparity, please note the total funding requested by women entrepreneurs is $28.284m with an approval rate of 92 per-
cent ($26.098m approved versus $28.284m in applications). In comparison, the total funding requested by men entrepreneurs is $54.235m with an approval rate of 85 percent ($46.021m approved versus $54.235m in applications).
“Since the approval rate is higher for women than men, the fact the average woman accessed 42 percent less funding than the average man simply means women have requested considerably less funding than men through the SBDC.” Tribune Business calculations show the average woman accessed 42 percent less funding than their male counterparts.
“Based on the SBDC’s economic impact survey for the calendar year 2021, for every $1 of funding men-owned businesses received, $1.68 was generated in sales over a 12-month period. Whereas
for every $1 of funding women-owned businesses received, $1.74 was generated in sales over the same 12-month period,” the SBDC report added.
The IDB, in its paper, said the SBDC data highlights yet another “gender disparity” and why elderly women and other “marginalised groups” bear the brunt of challenges that include “vulnerability to poverty, inadequate housing conditions, limited access to healthcare and social isolation”.
“Women and other marginalised groups within the elderly population are disproportionately affected. Gender disparities, as seen in the lower loan amounts accessed by women entrepreneurs compared to men, further exacerbate financial vulnerability in older age,” the IDB paper added.
Pointing to factors affecting female entrepreneurship, the SBDC said:
“Multiple studies suggest women’s debt appetite and risk tolerance are tied to their entrepreneurial selfefficacy, ability to recognise opportunities and fear of failure. In an entrepreneurial context, self-efficacy is defined as a woman’s confidence in her ability to succeed in entrepreneurial roles and tasks.
“Therefore, if a woman is not confident in her ability to succeed as an entrepreneur, she may avoid entrepreneurship altogether or avoid entrepreneurship in specific industries she perceives to be male-dominated like technology, energy, construction, transportation, fishing and landscaping.....
“Some studies have concluded men in developing countries have superior education, training, experience and networks than women and, as a result of their human capital, men are better equipped
to recognise commercial opportunities than women are,” it added.
“Perhaps this finding does not apply to The Bahamas fully, but it is worth investigating if local men better utilise their human capital for entrepreneurial opportunities (as opposed to career opportunities) than women do, generally speaking.
“It is also worth investigating if men are more optimistic about the local and global economy than women are, and if optimism or pessimism enhances or inhibits entrepreneurs from recognising commercial opportunities. What is not left for debate is the fact the Global Entrepreneurship Monitor project examined entrepreneurial activity in more than 70 countries, and the results show women in all countries (with the exception of Japan) reported fearing failure more often than men.”
PROBE INTO LEGALITY OF BPL’S 163% FUEL HIKES DELAYED
least a 17-month period from October 2022 to February 2024 as BPL’s ‘glide path’ strategy sought to regain what was described as ‘under-recovered’ fuel costs.
Tribune Business reported at the time that the BPL ‘glide path initiative violated the law and accompanying regulations in at least two instances. In the run-up to the ‘glide path’s’ implementation, the state-owned energy monopoly seemingly breached regulations introduced in 2020 that mandated it pass 100 percent of incurred fuel costs on to consumers via fuel charge portion of their bill.
For the period from November 2021 to October 2022, BPL seemingly failed to do this by keeping its fuel tariff at a constant 10.5 cents per kilowatt hour (KWh) even though its fuel hedge was unwinding because the newly-elected Davis administration had elected not to carry out the trades required to source more low-cost oil/fuel to support this price. As the hedge unwound, BPL’s rising fuel costs were not passed to customers.
And, in the second instance, several sources suggested there was no legal or lawful basis for BPL to segment clients into two groups based on whether
they consumed less or more than 800 kilowatt hours per month and charge them different fuel tariffs based on this. They explained that the law and regulations only allowed BPL to charge the same rate for all customers on the fuel charge portion of the bill. It remains to be seen whether URCA’s promised review will be completed and ever made public.
Both BPL and the Government are likely to be less eager for its publication not least because it will revive memories of ruinous energy costs for many as a result of the soaring fuel charge, which resulted from the failure to support the hedge and the Prime Minister’s decision to hold the tariff at 10.5 cents when it was not supported.
Elsewhere, URCA said it was ready to review a new BPL tariff application should one be submitted in 2025. The Electricity Act requires that this be done by 2027 at the latest, it added, with the regulator also working with the Ministry of Energy and Transport to revise the National Energy Policy. The upgrade will last for five years until 2030 as the new law requires that it be reviewed every five years.
And, besides a focus on energy efficiency, URCA plans to “conduct a review of BPL’s consumer protection plan to ensure it is fit for purpose and amend
where necessary. Similarly, the contracts signed between BPL and its customers should be reviewed to ensure they are fair and fit for purpose. This project commenced in 2024 and is ongoing”.
The regulator, adding that it was overseeing the preparation of consumer protection plans for all public electricity supplier licensees, the main one of which is BPL, said some entities - which it did not name - were struggling to understand their customer obligations and to prepare a plan.
“The objective is to ensure that the consumer protection plans are in place for all [licensees] and that they comply with the Electricity Act’s section 16. The project commenced in 2024. URCA found that several licensees required assistance in understanding their obligations and preparing a plan. The project is ongoing,” URCA added.
As for the communications sector, URCA said its 2025 priorities will include a regulatory framework to support the roll-out of fifth generation (5G) mobile technology throughout The Bahamas; management of the Communications
Act licence fee reduction to incentivise operators to invest in their network infrastructure; and evaluating the creation of a fund to support universal customer access to services.
“URCA will facilitate and manage the Communications Licence Fee reduction mechanism aimed at encouraging licensees to invest in new technologies and expand their networks to underserved areas, as well as to regions that are economically challenging to serve,” URCA added.
“In addition, to promote investment in new technologies, URCA will implement a regulatory framework to support the rollout of 5G services across The Bahamas and will regularise and codify the licensing framework for satellite-based service providers.
“Efforts to bridge the digital divide by enhancing access to basic communication services will proceed to the next phase, which involves reviewing the Universal Service Obligations (USO) and evaluating the potential advantages of establishing a Universal Services Fund (USF).”
As to the latter objective, URCA added: “This..
addresses the inequities in access to basic communications services in The Bahamas. This is in recognition of the importance of electronic communications services as a crucial enabler for participation in the digital economy and society.
“URCA is in the process of conducting a comprehensive nationwide assessment, which will inform the basis of this consultation. It is expected that after consultation, URCA will determine the details of the USO implementation and access to the USF. As there are multiple components, URCA may consider it appropriate to conduct more than one consultation exercise.”
Tying the 5G roll-out’s efficiency to infrastructure sharing, URCA added: “During URCA’s consultation on the road map to enable 5G deployment in The Bahamas, the importance of infrastructure sharing was emphasised as a critical element for the effective deployment of electronic communications networks and services.
“Several respondents to the consultation underscored that infrastructure sharing is vital for reducing deployment costs,
enhancing network efficiency and promoting competition, which in turn will help expand access to advanced electronic communications services such as 5G.
“URCA also recognises the need to review the existing infrastructure sharing regulations in light of the passage of time and the continued development of the electronic communications sector. URCA considers that this review will ensure that the regulations remain relevant and effective in addressing the evolving demands of consumers while facilitating the deployment of 5G and other technological advancements.”
Economy ‘strain’ with 27% of Bahamians over 60 by 2050
from page one
NIB is already feeling this pinch, with benefit payouts exceeding contribution income for multiple successive years at the national social security system even before COVID-19 struck. The IDB report warned that “economic inclusion and long-term financial sustainability for seniors” remain key “gaps” - especially for those who have no retirement savings beyond an NIB pension.
Outlining the everescalating challenge an increasingly elderly population presents for The Bahamas and other nations, the report said: “Some of the key problems affecting the Latin American and Caribbean regions include a rapidly aging population, with more than one in four people expected to be at least 60 by 2050.
“Longer life expectancy creates financial stress for some seniors, who face fixed incomes, rising living costs (especially healthcare) and scarce employment options. Individuals over 60 encounter ageism and discrimination in the workplace, making it harder for them to find jobs or start businesses.”
Acknowledging that The Bahamas is not unusual in this respect, the IDB said the Government was aware of the issue and has moved to address some of the difficulties via initiatives such as the National Prescription Drug Plan. Yet it added that there is no escaping the growing challenge caused by the demographic shifts producing an increasingly older population that is living longer.
“The percentage of people aged 65 and over in The Bahamas rose from 4.1 percent in 1980 to 9.3 percent in 2023, according to official estimates.
In 2010, there were 31,769 people aged 60 and over in The Bahamas, making up 9 percent of the total population,” the report added.
“By 2020, the number of people aged 60 and over had increased to 48,000.
“In 2023, the dependency ratio was 38.5 potentially passive people (those under the age of 15 and over 65) per 100 potentially active people, those between the
ages of 15 and 64. The offi-
cial retirement age of citizens in The Bahamas is 65 years, with early retirement beginning as early as 60 years. The average lifespan of a person born in The Bahamas in 2023 was 74.5 years.
“The pace of aging in The Bahamas is predicted to increase, with a proportion of the population aged 60 and older expected to increase to 27.1 percent by 2050. This demographic shift may strain healthcare systems, social security and pension schemes due to the increasing number of retirees compared to the working age population,” the IDB assessment continued.
“There may be a need for more specialised healthcare services and facilities catering to the elderly. The country might face challenges in maintaining a sustainable workforce and economic growth if the trend continues. The dependency ratio is changing, with an increasing number of older people relying on a smaller working age population [to support it].
“This puts pressure on social support systems, which may already be underfunded and overstretched. Empowering and including aging citizens through entrepreneurship and targeted solutions can significantly impact the local Bahamian economy and society. There is a huge market potential for innovative products and services that cater to the needs and preferences of older adults.”
This, the IDB added, is where its $700,000 project comes in. The funding is being split 50/50 between the Government and the multilateral lender, which each set to contribute $350,000 towards an initiative designed to unlock the skills and entrepreneurial potential that elderly Bahamian retirees still possess through linking the necessary support network via public sector agencies, healthcare and the private sector.
Central to the so-called ‘Silver Economy’ strategy is what is being termed a ‘Growth Hub accelerator’ that will focus on Bahamian entrepreneurs and
NOTICE
C&R Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 208525 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 19th day of December A.D. 2024.
ANGELA CASTANHEIRA RIBEIRO LIQUIDATOR
NOTICE
Endelos Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 208466 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 19th day of December A.D. 2024.
GRACE TANCILLO XAVIER PEREIRA
businesses who cater to the specific needs of elderly citizens. The project is aiming to train 60 entrepreneurs in this area, with the ultimate goal of one-quarter - 15 - accessing seed funding and further growing their enterprises.
“The first group consists of entrepreneurs who target older citizens in The Bahamas, as they require more tailored products and services to meet their specific needs physically, mentally and emotionally,” the IDB report said.
“The target market for their products and/or services would include consumers and stakeholders in the Silver Economy. The project will aim to empower them to create innovative and inclusive solutions for the Silver Economy, and generate income and employment opportunities for themselves and others...
“For poor and vulnerable seniors across the Caribbean region, limited access to formal employment and social security programmes means they are more reliant on continued income generation to sustain themselves. Without targeted support, these individuals are at increased risk of economic hardship as they age.”
Besides training 60 entrepreneurs in the “development of products and/or services that address the needs of older adults”, the IDB added that the project also wants 12 - or 20 percent - of the 60 targeted entrepreneurs to create products and services focused on elderly women. And 10 percent, or six of the entrepreneurs, will aim their creativity at the poor and vulnerable among the Bahamian elderly population.
And, in addition to creating what was termed as an “enabling environment” for the ‘Silver Economy’, the IDB paper revealed the project also aims to tap into the skills and expertise that expatriate, or foreign workers, possess via a mentorship initiative.
“Expatriates bring a wealth of global expertise that can play a pivotal role in fostering innovation for companies, particularly those addressing the needs of the Silver Economy. Studies have shown that
expatriates, often referred to as ‘Expat-preneurs’, contribute significantly to the economic vitality of their host countries through knowledge transfer, entrepreneurial endeavours and cross-cultural exchanges,” the IDB report.
“Their wealth of knowledge and willingness to exchange information can assist in the development of The Bahamas in significant ways. The project, therefore, places special emphasis on leveraging the global expertise of the expatriate community by pairing them with businesses and start-ups that develop products and services that meet the needs of the Silver Economy and train older adults to start their businesses.”
Summing up the project’s ambitions, the IDB said:
“The Growth Hub project is considered innovative because it aims to bridge the gap between the vulnerable needs of the aging population in The Bahamas, including the Family Islands, and leverage the expertise of the expatriate community.
“The project envisions a world where age is not a barrier - but a bridge - to economic prosperity and innovation. The Growth Hub programme focuses on empowering and including aging citizens through entrepreneurship and targeted solutions by preventing the loss of valuable skills and experiences when seniors retire, while addressing the challenges and opportunities of an aging demographic....
“By combining educational workshops, a structured accelerator and a mentorship programme that includes leveraging expatriates with their knowledge and expertise, the project will create a multi-faceted support system that fosters inclusion and drives economic growth within The Bahamas,” it continued.
“This approach empowers older adults and strengthens start-ups, targeting their needs - a novel concept in the region. Moreover, the project aims to build a broader entrepreneurial ecosystem in The Bahamas by fostering stakeholder partnerships and collaborations.”
NOTICE
GAMBOA LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 208138 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 19th day of December A.D. 2024.
JOAO PEDRO SANTOS BITTENCOURT LIQUIDATOR
NOTICE Calchloe Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 204243 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 19th day of December A.D. 2024.
NOTICE
NOTICE
Pursuant to the provisions of Section 138 (4) of the International Business Companies Act (as amended), NOTICE is hereby given that Altamaha Investments Ltd. is in dissolution and the date of commencement of the dissolution is the 20th December, 2024.
Juliana Thompson and Monique Carey LIQUIDATORS
c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor, West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas
NOTICE
NEW HORIZON CAPITAL LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 208842 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 19th day of December A.D. 2024.
CAIO BEZERRA SILVA LIQUIDATOR
NOTICE
JLS Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the registration number 209889 B.
(In Voluntary Liquidation)
Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.
Dated this 19th day of December A.D. 2024.
Air arrivals fall over 9% during October
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AIR arrivals to The Bahamas fell by 9.4 percent during October 2024 as combination of hurricane devastation in key source markets and the impending US presidential election took a toll on stopover tourism.
The Central Bank of The Bahamas, unveiling its report on November’s monthly economic developments, said tourism’s momentum during the month was entirely driven by lower-yielding cruise visitors compared to the higher-spending stopover visitors whose expenditure in this
destination is typically 28 times’ higher.
“During the review month, the tourism sector continued to expand, although at a more moderated pace, reflective of robust gains in the cruise market, as opposed to constrained stopovers capacity,” the banking regulator said. “According to the latest data from the Ministry of Tourism, total arrivals expanded to 700,000 visitors in October from 600,000 in the comparative 2023 period.
“Underlying this development, the dominant sea component grew by 25.2 percent to 700,000. In contrast, the high value-added air segment decreased by 9.4 percent to
83,263 visitors.” This came after several major hurricanes, namely Helene and Milton, impacted Florida and other key tourism source markets and during the final few weeks of US presidential election campaigning.
“A disaggregation by major port of entry revealed that total arrivals to New Providence increased by 27.5 percent to 200,000 in October compared to the same period last year,” the Central Bank said. “Contributing to this outturn, sea arrivals grew by 41.7 percent to 300,000.
“However, air traffic declined by 9.3 percent to 69,109 from the year earlier. In addition, arrivals to the Family Islands strengthened by 19.2 percent to 400,000 relative to the preceding year, led by a 20.9 percent expansion in sea traffic to 400,000, which contrasted with the 17 percent contraction in air traffic to 11,036.
“Providing some offset, total visitors to Grand Bahama decreased by 27.6 percent to 27,605 vis-à-vis the prior year as sea arrivals fell by 31.5 percent to 24,487, overshadowing the 29.3 percent growth in the air component to 3,118,” it added.
“On a year-to-date basis, total arrivals grew by 16.6 percent to 9.1m in comparison to the previous year. Reflecting this outcome, sea traffic advanced by 20.2 percent to seven million, while air passengers rose by just 0.2 percent to 1.4 million.”
Turning to passenger traffic through Lynden Pindling International Airport (LPIA), the Bahamas’ major aviation gateway, the Central Bank said: “The most recent data provided by the Nassau Airport Development Company (NAD) showed that total departures (from LPIA)net of domestic passengers - decreased by 4 percent to 113,739 in November, as compared to the same period last year.
“Specifically, US departures fell by 5.9 percent to 94,994. However, international departures increased by 6.5 percent to 18,745 relative to the comparative period of the prior year.” As for the mixed performance from the vacation rental sector, the Central Bank said: “Estimated inflows strengthened.
“Data provided by AirDNA indicated that total room nights sold grew by 4 percent to 42,937 in November, relative to the same period in the
preceding year. Meanwhile, the average daily room rate (ADR) for entire place listings rose by 7.5 percent to $725.38.
“In contrast, the average daily room rate (ADR) for hotel comparable listings declined by 0.7 percent to $185.60. However, given increased inventory, the average occupancy rate for hotel comparable listings decreased to 45.6 percent from 48.8 percent last year. Similarly, the occupancy rate for entire place listings moved lower to 48.2 percent from 50.1 percent in the previous year.
“On a year-to-date basis, total room nights sold rose by 5.8 percent attributed to gains in both hotel comparable bookings (7.3 percent) and entire place bookings (5.2 percent). Moreover, the ADR for entire place listings improved by 1.5 percent, while the rate for hotel comparable listings edged up by 0.4 percent. However, the occupancy rates for entire place and hotel comparable listings fell by 5.3 percent and by 3.8 percent, respectively.”
The Central Bank, acknowledging that the Bahamian economy is now reverting to its historical average economic growth
rate of below 2 percent per annum, nevertheless signalled it remains optimistic about an increase in private sector lending despite the conservative approach of many commercial banks.
“As the domestic economy continues to approach its medium-term growth potential, the pace of economic expansion is projected to moderate over the remainder of 2024, with the performance remaining significantly linked to outcomes in tourism,” the regulator added.
“Banking sector liquidity is expected to remain elevated, as commercial banks uphold their conservative lending stance. Nevertheless, the environment should encourage a rise in lending to the private sector. Further, external reserves are forecast to remain robust and above international benchmarks, more than adequate to sustain the Bahamian dollar currency peg.
“Further significant variations are not expected over the rest of the year. In particular, foreign exchange market conditions are expected to remain at healthy levels, supported by inflows from tourism and other net private sector activities.”
DEAL SPARES FEDERAL WORKERS BEFORE CHRISTMAS
By BRIAN WITTE Associated Press
JOHNNY Zuagar said he tried to hide his worries about a potential government shutdown from his three boys as he weighed how much to spend on Christmas presents.
“I’ve got to keep a poker face,” Zuagar, a statistician
at the US Census Bureau, said when thinking about his boys, ages 14, 12 and 6. “You’re just trying to take that worry off of your family.”
Like thousands of federal workers, Zuagar had been navigating the holidays with the spirit of the season overtaken by an air of gloom and uncertainty.
The efforts in Congress to reach an agreement on keeping the government open had cast a cloud over the holidays for many federal workers facing the prospect of furloughs in the days before Christmas. But Congress passed a three-month spending bill early Saturday, just after the midnight deadline, and President Joe Biden signed it into law hours later. There was no shutdown.
Local 2782, which represents federal workers at the census, has lived through shutdowns before.
This time, the uncertainty came as Trump and his allies have promised sweeping cuts in the federal workforce.
“We really don’t know anymore,” Zuagar said during a telephone interview Friday. “Again, the rhetoric out there is that federal employees are the problem.”
Many federal workers were already anxious about the possibility of future workforce reductions under the incoming Trump administration.
Zuagar, who is president of the American Federation of Government Employees
The contentiousness of the current debate has left him wondering: “Are we the scapegoat for every ill and grievance in America?” He said federal workers are also worried about what will happen after Trump takes office.
NOTICE is hereby given that KENDICE KEVANEKA SIMON of Tyler Street, Chippingham, New Providence, The 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 16th day of December, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
URCA adjusts code reform over BTC, Cable concerns
By NEIL HARTNELL
REGULATORS
have agreed to alter revisions to the broadcasting code of content amid fears by Cable Bahamas and BTC that they would be held liable for violations by social media platforms outside their control.
The Utilities Regulation and Competition Authority (URCA), unveiling the results of its public consultation on the proposed reforms, said it had received strong push back from both providers to plans to alter the Code “to remove any doubt that it applies to digital and social media content platforms used by broadcast licensees to deliver content, regardless of the platform or whether that content is marketed explicitly to audiences in The Bahamas”.
BTC, in its reply, argued that this would create an unfair regulatory play field tilted against licensed operators because social media platforms such as What’s App are not supervised and
are beyond its control. It said it “views this amendment as unfair to licensees because the regulatory burden is placed solely on licensed operators, while Over-The-Top (OTT) services are permitted to operate without guidelines.
“Instead, BTC recommends that URCA support legislation that would standardise content control for all Internet-based or social media operators in The Bahamas. BTC believes creating a level playing field for all social media operators is essential, rather than imposing one-sided restrictions on licensees.”
BISX-listed Cable Bahamas, meanwhile, also voiced concern that the proposed reforms to the Code “broaden its application to include content available for access by individuals inside and outside The Bahamas rather than solely focusing on local content.
“This change shifts accountability to traditional broadcast licensees for all content on various platforms, including digital
and social media, regardless of the content’s origin,” it added. Besides expressing doubts as to whether URCA has the authority under the Communications Act to “regulate Internet content aimed at individuals outside The Bahamas”, Cable Bahamas also raised “freedom of speech” concerns.
“The proposal to hold traditional broadcasters accountable for the quality of rapidly disseminated information online could infringe upon freedom of speech and turn them into censorship enforcers,” it asserted. “Cable Bahamas believes that URCA lacks the authority to regulate online content provided solely by traditional licensees if it reaches viewers within and outside The Bahamas.
“Cable Bahamas argues that the explosive growth of non-traditional broadcasting, driven mainly by social media, poses challenges that traditional broadcasters cannot realistically address. They express concerns about
URCA’s perceived censorship and infringement on human rights. Furthermore, they highlight that URCA’s regulatory scope, as defined by the Communications Act, is limited to broadcasting within The Bahamas.”
URCA, in its reply, said that it “generally supports the principle of responsible and appropriate online content, [but] recognises the need to balance regulation with protecting freedom of speech”. And it acknowledged that the Communications Act does not give it “regulatory oversight over online content that is not produced by or under the editorial control of its licensees”.
The regulator added: “URCA’s proposed amendment acknowledges that there are no restrictive barriers preventing access to online content intended for audiences in The Bahamas from outside the country.
“URCA notes that the Internet is inherently global, and content available online is typically not confined to one specific geographic area. While
content may be created for a local audience, it is accessible to people outside a country and vice versa. The idea of ‘intended audience’ may not always be clearcut and could undermine URCA’s regulatory oversight of content produced by its licensees.
“URCA believes that if a licensee produces content with the intent to distribute it on the Internet, and that content is also accessible in The Bahamas, it falls under within URCA’s regulatory oversight pursuant to section 53 of the Communications Act,” URCA added.
“Therefore, URCA believes that regulating all content produced by its licensees, over which they have editorial control, and delivered via the Internet - regardless of its intended audience - under the same regulatory framework, would provide greater consistency in content regulation.
“URCA emphasises that the proposed amendment does not aim to increase the regulatory burden on
its licensees but seeks to clarify URCA’s powers and eliminate an ineffective distinction. Furthermore, URCA firmly rejects any suggestion that it intends to hold licensees accountable for content that is rapidly disseminated and not under their editorial control.
“URCA concurs with Cable Bahamas’ view that licensees should not be held responsible for content they did not produce, distribute or have editorial control over.” As a result, it has adjusted the proposed reforms to the Code accordingly.
“For the avoidance of doubt, this Code applies to all content produced by licensees over which they maintain editorial control and which is made available through online distribution channels, including the Internet. This applies to content that is either intended for reception by persons situated in The Bahamas or is otherwise accessible within The Bahamas,” the reforms now stipulate.
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