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A study involving local management firms and businesses revealed various challenges that they currently face, suggesting that a grant be awarded to such companies to assist them in their operations.
The survey was conducted by local consultant Mark Turnquest, who received participation form 19 management consultant firms and 42 small and medium enterprises(SME's). The results were based from the period of June 20-July 30 of last year.One of the major findings in the study was that management companies find the Bahamian market too small and they must seek growth opportunities eslewhere, particularly in the United States and Europe. Because of the few opportunites in the country, the primary clie ...
Risk assessments performed by The Central Bank of The Bahamas’ will be available to financial institutions in early 2011, as the bank is pleased with the initial responses to its Risk-Based Supervision Framework (RBSF).
“We are very grateful and encouraged by the valuable feedback from firms to our risk assessment questionnaires and their engagement in our first round of meetings,” said a statement from the bank’s quarterly newsletter to senior officials. “We will be feeding back the results of our risk assessments to firms in the first quarter of 2011.”
The bank is also seeking to complete risk assessments of the most “material...
The Central Bank of The Bahamas is seeking to ensure that local financial firms which are Central Bank licensees with direct risk to changing market forces, have the proper framework and risk assessment tools in place to keep their investments sound.
The Central bank has issued a consultation paper for sector participants to comment on, that outlines the draft guidelines for the management of market risk. The bank is hoping to receive comments on the paper from those sector participants by April 15.
Some key elements outlined by the draft guidelines include prudent risk management oversight by the board of directors of financial firms, those firms having proper risk management policies and procedures ...
Progressive Liberal Party Leader (PLP) Perry Christie confirmed yesterday that he is a legal consultant for Davis & Co., the law firm which represents Bahamas Petroleum Company (BPC).
Christie confirmed that the company benefits from the advice he provides to BPC's legal team.
Prime Minister Hubert Ingraham suggested on Wednesday that Christie is a consultant for the company that wants to drill for oil in The Bahamas.
Ingraham said that this drilling would not take place if his administration is reelected to office.
BPC wants government approval to drill an oil well in Bahamian waters by April 2013.
Christie said the working relationship with Davis & Co., the law firm owned by PLP Deputy Leader Philip Brave Davis, began after his party lost the 2007 general election. Davis & Co. is one of two Bahamian firms listed as legal representatives for BPC on its website.
Christie said the current relationship he and Davis have with the oil company would not be a conflict of interest if his party wins the May 7 election.
"It's not a conflict because the advice I'm giving now has nothing to do with any decisions I [will] make as prime minister," he said.
"What a Cabinet minister must do is declare their interests and ensure that it is clearly understood that in the past or present he's had a relationship [with a company]."
When asked by The Nassau Guardian if BPC has funded the PLP's election campaign, Christie stressed that the company had not made any contributions to the party. He added that he is paid by Davis & Co. for any work he does relating to BPC.
"BPC has not made a donation to the PLP nor has the PLP requested a donation from BPC," Christie said. "That is to the best of my information, that not one single dollar has come from BPC. In fact, I'm waiting for the first donation from major private sector agencies in The Bahamas. Traditionally they make them but they are slow in doing that now."
A press release posted on BPC's website, and published in Offshore magazine earlier this month, said the company looks forward to the May 7 election.
"Whatever the result, it (BPC) anticipates a refreshed mandate to support exploration," the press release said.
Yesterday, Christie explained his role with Davis & Co and by extension BPC.
"I consult on work the firm deems I am qualified by the office I've had, with the knowledge that I have in terms of government," he said.
"If there is an issue they need advice on, whether or not they need someone to speak to the issue of environmental impact [studies], the issue of whether or not in my judgment a matter is worthy for the government to approve, whether or not an application is ready, whether or not they should employ and who should go on the board of directors, whatever views they ask of the firm, in the event that firm regards it as necessary, they would consult me on it. Those are the services I provide.
"I don't have a working relationship with the company; I have a working relationship with Davis & Co."
Ingraham told The Nassau Guardian about the association between BPC and several senior PLPs. BPC's website also lists PLP candidate for Killarney Jerome Gomez as its resident manager.
Yesterday, Christie would not say definitively if his party would allow any company to drill for oil if it wins the next election. He said that decision would depend on environmental studies presented to government on the issue.
Cuba has started drilling for oil in waters bordering Bahamian territory. According to the Orlando Sentinel, U.S. officials are bracing for a possible spill from Cuba's drilling.
In 2005, BPC began its negotiations with the Christie administration for its various permits and licenses to look for oil in the country's territorial waters. In 2010, the FNM placed a moratorium on new licenses for oil exploration and drilling after the Deep Water Horizon oil spill which devastated the Gulf of Mexico.
The Nassau Airport Development Company (NAD) confirmed yesterday that it has spent $32 million to date in contracts to Bahamian firms, as the $129 million second stage of the Lynden Pindling International Airport redevelopment project gets well underway.
"This figure represents 27.7 percent of the total value of construction contracts awarded so far for this stage of the project," said NAD's president and CEO Stewart Steeves.
The creation of an exclusive employment database for Bahamians could help reduce the need for businesses to seek expatriates and non-domestic firms according to a global consultant, who notes that such a system would better help Bahamians land jobs that foreigners are usually hired for.
The Central Bank of The Bahamas is making steady progress in developing its framework for monitoring market risk, aiming to include high impact international firms in the assessment process along with domestic banks.
This year one of Abaco's oldest and largest law firms is celebrating their 10-year anniversary by giving back in a huge way to their community. "We are planting 10 coconut trees for every year we have been open," said a very excited Rhonda Hull, Managing Partner of L.C. Hull & Co.