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Recession and cost cutting clean out janitorial firms
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
The recession has trashed incomes for many of the established janitorial companies, that the finding of a Guardian Business investigation identifying a growing number of clients prepared to cancel contracts, cut them to the bone or farm them out to the ballooning number of unlicensed contractors working below cost.
Central Bank: Recovery no sooner than late 2010
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
The Bahamian economy is expected to remain weak over the remainder of the year, reiterates a new Central Bank report, also pointing to the latest tourism data suggesting a much steeper overall decline in arrivals the first five months of this year relative to also flat 2008 period.
Car dealer experiencing 15% growth
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
A local auto dealer is reporting a steady 15 percent increase in sales month over month, what he hopes signals an end to industry car troubles.
Fitzgerald lands UPS contract
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ inderia@nasguard.com:
UPS is sending reassurances of a smooth transition to its new operator Bahamas Couriers Limited, following the move to part ways with Global United
Bahamas to share Haiti's $1b
Haiti's completion of a series of economic reforms prescribed by the IMF has won it over a billion dollars in grant money. That progress is likely to pay dividends to The Bahamas by stemming the flow of economic asylum seekers.
Under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative — approved by the boards of the International Development Association (IDA) and the International Monetary Fund (IMF) — Haiti was granted US$1.2 billion of debt relief for reaching the completion point. Haiti is now the 26th country to attain the goal and effectively pocket that money instead of paying it back to international creditors.
GBPC customer service model in question
A spate of recent electricity cuts is placing pressure on Grand Bahama Power to rejig its customer service model, given its monopoly position in that market.
The private company, now majority held by foreign interest, last week conceded the obvious and what too many residents have themselves noted: The growing surge in sudden power cuts is intolerable. Company executives have in fact publicly apologized for the disruptions of the last month. Still, it hasn't been enough to silence critics calling for changes to the company's disconnection policies and its unwillingness to pay for appliances damaged by its power surges.
Scotia introduces Saturday banking ... kind of
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
Scotia may be leading the local industry in terms of following global customer service trends, moving to establish Saturday hours for a new Caves Village branch. It's a facility aimed at the growing number of moneyed professionals calling the area home.
Royal Fidelity shows stresses of downturn
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
A newly released annual report is suggesting that even early on in the economic downturn Fidelity-RBC banking venture was grappling with a spike in non-performing accounts and loan loss provisioning out of step with that growth.
Lower-market Radisson name likely better fit for Our Lucaya
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
Only months after the announcement it would part ways with Starwood and its 'Sheraton' and 'Westin' brands, Our Lucaya has now picked up the more-budget conscious Radisson name.
Minnis: Training Ross students pays off for PHA
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
Government has now entered a partnership with Ross University set to save it tens of thousands of dollars while providing medical students clinical training.
In your own words
Early this week Golden Gates Member of Parliament Shane Gibson called for an almost-line item accounting of where BEC will put that $211m loan the government has moved to guarantee.
"It was never detailed in full as to how this money we are guaranteeing would be spent, so on behalf of The Bahamian people I implore the Government to exercise transparency and accountability, and it is my hope that at the end of the day, systems would be introduced and policies changed to bring the much needed relief for consumers and employees of BEC who are daily crying for help.
BTC cell plan enticements likely to boost competitiveness
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
BTC is readying to increase the number of minutes associated with its post-paid packages — a move better tying customers to the corporation after liberalization.
Lawyer for rejected Intl. contractor: Time for NAD transparency
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
A local attorney representing one of the three companies placing a bid to act as GM for the first phase of the airport redevelopment project is calling for greater transparency in the awarding of other contracts still to come
$18m hedge fund settlement raising concerns about Bahamian regs
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
An $18m settlement between the SEC and the heads of a defunct hedge fund based in The Bahamas has led to calls for better regulation of the controversial sector.
Agriculture: The darling of Bahamian banking?
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
While almost all sectors of the economy can rightfully complain of dried up borrowing opportunities through the country's commercial lenders, agriculture, says the Central Bank's 1Q 2009 report, isn't one of them.
The BEC wars continue...
The former chair for BEC is ready to challenge the government's take on what exactly dropped the public corporation in hot waters. Al Jarrett is in fact challenging the administration's interpretation of rate increases effected under his watch among other key stewardship issues raised in the House this week.
"I'm be on 'Jeffrey' Thursday' to identify a least five key points where I count the government is (misinforming) the public about BEC," said the former banker, who compiled an exhaustive financial audit on the corporation earlier this year. "I'm doing this because I want the public to know what the true state of BEC is."
And the winners are...
The Bahamas Chamber of Commerce paid tribute to Bahamian business leaders at its 38th Annual Awards Ball last Saturday, the highlight of the evening being the presentation of the 2009 Annual Business Awards.
The Lifetime Achievement Award went to George Myers, chairman of the Myers Group of Companies. The Franchise King and hotelier thanked his team and the many talented individuals he's worked with over the course of his 40-year career.
Take control of your money!
"You need to make a commitment, and once you make it, then life will give you some answers." - Les Brown
Gibson: Cruise bill to hurt local nightspots
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
A member of the Opposition suggests the amended Cruise Ships Bill may undercut the goals of the Hotels Encouragement Act, pointing to truncated in-port thresholds for incentives.
BOB sustains 74% hit to net income for quarter
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
The Golden Gates member of Parliament is suggesting retailers and other businesses stand to lose revenue with government's move to allow cruise ships to extend the hours of operation for their casinos and other onboard businesses while in port.
Guardian Business as muse?
By STAFF WRITER ~ Guardian Business Desk:
It's serendipity, of course. But the same week Guardian Business wrote an article about the potential cost savings associated with downsizing of executive teams, Benchmark (Bahamas) makes just such a move.
GB festival time
MP for West End & Bimini Obie Wilchcombe is renewing calls for the creation of a seminal event to put Grand Bahama on the cultural map, pointing to revenue gains associated with the sort of music festivals Nassau is only now cottoning onto.
Those cultural humdingers are synonymous with competing Caribbean destinations such as Barbados, St. Lucia, Jamaica, and the list goes on and on. All now host music festivals that specifically draw music lovers willing to plunk down thousands in visitor spend to hear their favorite songs. They're generally better heeled than other tourists, says industry research, and hour by hour spend more money.
Misery loves company
You are not alone, Bahamas. Canada is right there with you as it reports a third consecutive quarter of declining tourism numbers. It's also pointing the blame at a drop in Yankee visitors.
New data from the country to the north point to total spending on tourism having declined for the third consecutive quarter. It fell by 1.3 per cent, Statistics Canada said Monday.
April tourism numbers point to 12% growth
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
New arrival numbers for April may be pointing to an easing financial crisis, with total arrivals for Nassau up by 12 percent over the year-ago period.
Plotting Ledcor's Vancouver connections
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
The Canadian company with the winning bid for the new Lynden Pindling terminal also scored the deal to expand Vancouver's airport — that $100m contract awarded by YVRAS' parent company.
Development Bank chair connects with critics
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
The Chairman of the Bahamas Development Bank is responding to suggestions the institution needs a board shakeup, calling such a move unnecessary, especially during the current challenging times.
$20m for Abaco plant 'ancillary'?
The minister responsible for utilities is moving to explain an apparent $20m increase in spending for BEC's Abaco plant.
"There are ancillary works included that will make sure the plant operates fully," said State Minister for Utilities Phenton Neymour. "That money is for the entire project, the cost for the plant itself is still $70m."
Connecting 1,000 with jobs for $250k
For the first time, the Labour Minister may be pointing to inadequate funding for the government's training program, in jest saying money may have to be taken from another ministry.
"The government has allocated $250,000 [for the job training program]," Dion Foulkes said yesterday, addressing scores of businessmen and women at the Bahamas Chamber of Commerce's annual "Meet the Ministers" forum. "Maybe I can twist some of my colleagues arm(s) to get some more money from their line items."
Tourism scholarship applications rise 50%
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
Hotel executives have noted a 50 percent increase in applicants for its tourism industry scholarship program — a trend executives call evidence of continuing interest in the devastated sector. It may also point to the inability of Bahamians to pay for training in a field not as lucrative as it was just two years earlier.
CFAL Weekly market Recap
The BISX All-Share Index experienced a moderate increase in trading activity this week as a total of 21,261 shares and 26 bonds crossed the exchange over 19 trades to accumulate a value of $76,608.94. As a result, the Index gained 7.80 points or 0.496 percent to settle at 1,579.39. Year to date, however, the Index is down 132.97 points or 7.77 percent. Five of the
nineteen publicly traded stocks experienced activity this week resulting in two price advancements and one price decline. The star performer for the second consecutive week was Doctors Hospital Health Systems (DHS) which increased $0.17 or 10.63 percent to settle at $1.77. Rounding off the advancers was Commonwealth Bank Limited (CBL) which added $0.14 or
Budget for BEC's Abaco plant balloons by $20m
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
The government appears to have revised upward by $20m its budget for a new BEC plant in Abaco, with the minister responsible yesterday confirming the projected price tag stands at $90m.
Securities Commission to switch up registration
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
The Securities Commission in aiming to switch up the way it registers industry participants, its draft legislation proposing to list them by function and, as by the current method, "category."
Deveaux confirms Cuban oil negotiations
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
The energy minister is now confirming The Bahamas is in negotiations with Cuba, among others, over disputed ocean territory — the fate of millions of dollars in oil drilling royalties hinging on that outcome.
Low-cost housing for the middle-class?
Housing Minister Kenneth Russell is confirming government is moving full speed ahead with construction of its low-cost homes, pointing to government workers hungry for homes.
"There is still a market out there," he told Guardian Business yesterday. "We have to remember there are still many people out there who have not lost their jobs and are still working."
Planting seeds for financial freedom
It's summer and time for a select number of Bahamian students to head back to class.
Camp Millionaire is ramping up for its second year, focused on schooling kids in the fine art of finance management. Towards that end its camp counselors use a slew of budgeting and investment techniques
Guardian Business Car Review 2009 Volkswagen Eos
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
Don't be deceived by that hardtop - this is indeed a convertible. It's in keeping with where that category of automobile is going; i.e., away from the poorly-insulated, easy-to-break-into convertibles of yesteryear. Their softtops were often cited as the one impediment to buying a convertible. Well, that and the fact that when all is said and done there's really a very small window of opportunity to go topless — no matter where you live. Think about it: It's either too sunny, too rainy, too cold, to unsafe, too windy, etc., etc.
Bahamas cautioned about Cuban oil poaching
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
A top energy expert is advising the government to closely monitor Cuba's oil drilling exercises, even as the minister responsible confirms an existing boundary dispute. It all has the makings for a potentially explosive territorial war with millions of dollars in oil royalties hanging in the balance.
The final real property tax amendments are...
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
It appears a roller coaster ride for Realtors seeking real property tax caps has finally come to an end — but only after the twists and turns of three separate amendment attempts ended in compromise.
Engineers react to board selection process
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
Immediate past-president for the one of the country's rival engineering associations "trusts" they'll have input in staffing a regulatory board. That's notwithstanding the government's announcement Wednesday it will make all seven board appointments itself.
Manufacturing: Only one year?
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
The government will extend by one year tax exemptions for those manufacturers set to lose that concession during the roughest economy in years.
Want a phone card?
Roadside phone car vendors. They're as ubiquitous as potcakes and Kalik bottles in brown paper bags. They're also eating into sales for Quik Cell booths — also on the side of the road but there long before them.
"You see them out there," Kenneth Donathan at RND Holdings told Guardian Business this week, pointing to the growing number of vendors hawking cards on street corners. "Our sales have been affected."
Executive consolidation proves profitable
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
Minimizing executive pay expense through consolidation of duties — instead of the more-often-reached-for cut to front-line staff — is responsible for a "significant" chunk of the net profits reported in RND's last quarterly statement, says its COO turned CEO/COO.
Govt ups coverage under regional insurance plan
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
The government has renewed — even upped — its insurance coverage under the regional natural disaster fund. That's despite questions about the effectiveness of the plan, protecting public buildings and not those of the private sector.
RND anticipates value decline for Abaco property
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
RND Holdings is anticipating a positive end of a fiscal year-end report due out in August — although waiting on the valuation of an Abaco property expected to take a hit.
Minimal 5-year countdown to a gusher
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
Drilling stemming from a joint venture formed to explore oil possibilities in The Bahamas isn't set to kick off for another five years, company officials confirmed. That's if in fact drilling actually takes place.
Your recession, my boom
The owner of one of Nassau's first consignment stores is reporting a boom in business — the likely result of Bahamians strapped for cash and hungry for deals.
"It's very popular all the time," said Thierry Boeuf, owner of The Consignment Shop, off Nassau Street. "But in difficult times like now, it seems even more popular because people get value for their money and people with items they don't use could get a few dollars for their items."
What Do You Really Want From Your Financial Planning?
"Do yourself a favor and master the art of financial planning. Treat money as an honored guest in your life, one who will quickly flee if you do not treat her well, but one who will stay and enrich your life beyond measure if you treat her with care and respect."- A Wise Man
Time for SMEs to enter Development Bank boardroom?
By INDERIA SAUNDERS ~ Guardian Business Reporter ~ Inderia@nasguard.com:
The head of the Bahamas Business Association is putting forth suggestions to help the country's Development Bank better meet its mandate, with a shake-up of its board absolutely key.
Ginn Sur Mer: Lightning rod for legal action
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
The troubled Ginn Sur Mer project is once again at the center of a swirl of controversy, this time another U.S. lawsuit alleging a scheme to generate false loan applications and to create equally artificial appraised values for its lots.
Marathon Mall tenant: 3% rent increase too much to ask for
By VERNON CLEMENT JONES ~ Guardian Business Editor ~ vernon@nasguard.com:
Mall at Marathon is coming under pressure to wipe out an annual rental increase as the recession wears on and tenant ability to meet even a three-percent hike is stretched to breaking point.
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