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News Article

April 11, 2012
Russian corruption and laundering through Credit Suisse and other international firms

Astonishing brutality
and corruption in Russia and the laundering of criminal proceeds
through Switzerland, the British Virgin Islands, Dubai and Cyprus will
be analyzed at the upcoming OffshoreAlert Conference.

After
Moscow-based tax attorney Sergei Magnitsky blew the whistle on a $230
million tax fraud in which his client, UK-based investment advisory firm
Hermitage Capital Management, was one of the victims, he was taken into
custody by the officials he accused and held without bail in primitive
and deadly conditions until he died in his cell in 2009.

The OffshoreAlert Conference will look at evidence of corruption by the Russian...

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News Article

May 21, 2012
Prime Minister Harper confirms firm end to Canada's military mission in Afghanistan

Chicago, Illinois - Prime Minister Stephen Harper today confirmed
that Canada's military mission in Afghanistan will come to a firm and
final end once the current training mission concludes on March 31, 2014.
The Prime Minister made the announcement at the North Atlantic Treaty
Organization (NATO) Summit in Chicago.

"For more than a decade, the brave men and women of our Canadian
Armed Forces, the RCMP, and many dedicated public servants and civilians
have made enormous sacrifices to assist the Afghan people," said the
Prime Minister. "Canada will honour its commitment and complete its
current training mission but our country will not have any military
mission in Afghanistan after March 2014..."

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News Article

April 06, 2010
91% of Bahamas firms account for 5.3% of GDP

The planned Small Business Council will create various "taskforces" to assess how best to implement recommendations to enhance Bahamian small and medium-sized businesses that were contained in a 2007 Inter-American Development Bank (IDB) report, which estimated that despite containing 91 per cent of all businesses, this sector produced just 5.3 per cent of national gross domestic product (GDP).

Khaalis Rolle, the Bahamas Chamber of Commerce's president and co-chair for the Council, said last week that the IDB report, which was never formally published by the Government or IDB, would provide a "road map" for the body's work going forward.

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News Article

December 22, 2010
Recovery optimism tempered among Bahamian firms

By ALISON LOWE

Business Reporter

alowe@tribunemedia.net

Businessmen yesterday expressed some optimism that economic conditions and the business environment in the Bahamas will improve in 2011, but recovery tempered by a variety of factors - rising oil prices, government intervention, Bahamian consumer debt levels and the effectiveness of recent economic stimuli in the US.

President of the Bahamas Chamber of Commerce, Khaalis Rolle, said he was "cautiously optimistic" for Bahamian economic prospects next year if conditions improve in the US, but with several caveats.

"I am beginning to see some levelling off, but 2011 is going to be all about recovery. To the extent that the Governme ...

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News Article

February 06, 2012
Turnquest reveals firms behind 7M CCTV system

The downtown area and other criminal hot spots will soon be monitored under closed circuit televisions (CCTV), as the government is now in final negotiations with the companies that will implement the system.
National Security Minister Tommy Turnquest has announced Lowe's Alarm and its American partner, Aries, as the companies that were chosen.
He revealed that the government is presently in negotiations with the company to determine the terms and conditions of the contract.
"We've been in intense negotiations for the past week. It started with nine companies and now it's down to one. The tendering process began late last year," according to Turnquest.
Earlier this month Deputy Police Commissioner Quinn McCartney confirmed to Guardian Business that the CCTV's will be operated under a joint venture between a Bahamian-based company and an international partner.
However, he remained tight-lipped concerning the parties involved.
Based on the magnitude of the project, McCartney said it was necessary for it to be a joint initiative, adding that he's satisfied with the chosen companies.
Now that the companies have been revealed, Turnquest noted that he was pleased with the manner in which the tendering process was carried out, calling it open and transparent.
In addition to forming a national committee, the government spent thousands of dollars to hire an American-based consultant to assist them with the bidding documents.
"We enlisted the expertise of a consultant from Hudson Sterling Ltd. They conducted an analysis of the bids and ensured that the candidates were properly qualified to do so. Recommendations were then laid out to the government," he explained.
Turnquest said the implementation of the CCTV network will greatly assist police in their plans for crime fighting in 2012 and beyond.
"The multimillion-dollar CCTV network is expected to be more than a crime prevention tool; it is intended to also act as a deterrent to criminals and would-be criminals," Turnquest noted.
McCartney revealed that initially most of the cameras will be placed throughout the downtown area, including the courts.
"Cameras will be strategically placed throughout downtown, as it is not only a hot spot for tourists but also economic activity. However, we are not just limiting it to that area. There will be some placed in some of the areas around the island that continue to give us problems in our crime fighting efforts," McCartney said.
McCartney told Guardian Business that the estimated $7 million initiative has been in the pipeline for just over two years.
The project is expected to be fully operational by mid-2012.

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News Article

March 21, 2012
Roadwork hit firms: 'It's never too late to do the right thing'

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Government's plans to provide assistance to businesses impacted by the New Providence Road Improvement Project was hailed as a good move yesterday, with Coconut Grove Business League (CBGL) spokesman, Ethric Bowe, telling Tribune Business: "It's never too late to do the right thing."

Speaking after Prime Minister Hubert Ingraham announced the first concrete steps towards compensation, with Ministry of Finance personnel delivering survey questionnaires to all impacted businesses, Mr Bowe said: "I am hopeful and trying to keep an open mind about it.

"I think now they realise the extent to ...

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News Article

August 22, 2011
100 Bahamian firms hired for Baha Mar

By NEIL HARTNELL

Tribune Business Editor

"Close to" 100 Bahamian companies have been engaged on $100 million worth of contracts awarded on Baha Mar's $2.6 billion Cable Beach expansion, a senior executive yesterday saying the project was "on target" to achieve its projected economic impacts.

Robert Sands, Baha Mar's senior vice-president for external and governmental affairs, told Tribune Business that some 1,060 Bahamians had been employed on the Baha Mar project to date as Phase One construction moved to a close.

The "first coat of paint" was being placed on the bank and government buildings comprising Baha Mar's Commercial Village, Mr Sands said, with ...

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News Article

July 27, 2012
Firms need systems to prevent fraud and abuse, says consultant

Companies lose an average of five percent of their annual revenue due to occupational fraud and abuse, according to a recent survey released by the Association of Certified Fraud Examiners (ACFE).
Marlon Cooper, managing director at Symptai Consulting Ltd., addressed the importance of businesses having certain systems in place to ensure they don't suffer such revenue losses, during a seminar yesterday at the British Colonial Hilton.
"Often times, persons within a company use their positions to destroy the company one way or the other. They abuse processes and systems, so the company are faced with those losses," he explained.
"That's completely different from those additional losses where external persons or entities also attempt to defraud a company or to get monies or services out of a company and then not pay for those services."
Cooper addressed seminar attendees on the topic "Delivering Business Value through Continued Monitoring".
"We are trying to educate the Bahamian market about how you can continuously monitor the controls within your business processes, to ensure that the business does not suffer money leakage, revenue loss and is not susceptible to fraudulent activities that may be as a result of overpayment, or payment of things that should not have occurred. We are trying to educate the public that technology is available and being used here in The Bahamas," Cooper noted.
Cooper pointed out how the National Insurance Board (NIB) is one of the major entities locally that has put a system in place to combat these issues in regards to the unemployment benefit fund.
"In addition to that, they wanted to ensure that they are able to deliver on their promise to make long-term and short-term benefit payments, and also that the contributions payments that are set to come in, come in a timely manner," he said.
With the Caseware Solution system, Cooper shared that there is a tight system of accountability.
"It monitors regular business processes, whether you are looking for duplicates of payments, your payroll process or you want to make sure that only persons who were employed are being paid."

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News Article

September 08, 2010
Technology firms donate to school

Bahamas WiMax, the wireless Internet Service Provider, has partnered with Nassau-based Lignum Technologies to donate a state-of-the-art computer laboratory to Every Child Counts in Marsh Harbour, Abaco.

Bahamas Wimax's chief executive, Matthew Carey, said: "Computer skills have become required learning

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News Article
Abaco power woes costing firms 50
July 22, 2010
Abaco power woes costing firms 50%

Brownouts, blackouts and fried equipment continue to plague Abaco, with one store owner Monday saying business had fallen 50 per cent because of the power issues, while one hardware store said commerce was flowing because of it.

Peter Bradley said his company, Conch Pearl Gallery, had lost half its business because of the consistent power cuts across the island, as tourists - his biggest customers - peer into the darkened store and subsequently leave.

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