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Abaco Cabinet Meeting Called Waste Of Time, Money
The government's plan to hold a Cabinet meeting in Abaco today, two weeks before a by-election, is a waste of public money and a "ploy" for votes, the Free National Movement (FNM) said in a statement yesterday.
Liquidator pledge to 'vigorously oppose' money laundering convict's application
By NEIL HARTNELL
Tribune Business Editor
A Bahamas-based broker/dealer's liquidator has pledged to "vigorously oppose" two legal applications - one by a convicted money launderer, the other by the Attorney General's Office -that could "put the security of the customers' assets held in the Bahamas in jeopardy".
Clifford Culmer, the BDO Mann Judd accountant, in his eighth report to the Bahamian Supreme Court on the liquidation of Dominion Investments, whose principal Martin Tremblay is serving a four-year prison sentence in the US after pleading guilty to money laundering, said the return of assets the broker/dealer had held in trust for their beneficial owners had ...
Money transfer fraud: 'It's all hands on deck'
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
MONEYGRAM International yesterday confirmed it had launched an investigation into reports of ‘test transaction fraud’ that had hit some of its agents in the Bahamas and the Caribbean, a senior executive said yesterday, telling Tribune Business it was “all hands on deck” to get to the bottom of the matter.
Patty Sullivan, MoneyGram’s senior spokeswoman, told Tribune Business yesterday that while she was unable to confirm whether a MoneyGram agent in the Bahamas had been impacted by the fraud, the US headquartered money transfer company had received reports of test transaction frau ...
Bahamian Contractors Association Featured Next on You Your Money
Godfrey Forbes and Leonard Sands, newly elected president and vice president of the Bahamian Contractors Association, are the guests on the Monday edition (August 22) of the money matters show You & Your Money, with the topic "BCA - New Administration: Same Perspectives?"
Retirement Planning - How National Insurance Is Putting More Money In Your Pockets
You may not realize but the recent changes to National Insurance is going to put more money in your pockets. Read on and find out exactly how:
Amidst the noise you may really not recognized that the resent amendment
to the National Insurance Regulation may be the most important social
reform legislation since National Insurance was established in 19974 -
totally transforming the social security system and bringing much
needed financial relief to you and your families.
I know that having "more money" deducted from your salary especially
during these tight economic times, that it is very difficult to see the
value in what seems like an just another added financial burden. And I
am sure that it was a very difficult political decision for the
government given all of the other real taxes that have been imposed...
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The Source of the Govt's Money
Dear Editor,
It is evident that parliamentarians like Dr. Andre Rollins need to be reminded, daily, that the government has no money - only what it takes from citizens and investors.
JN Money Services expands to Bahamas
The Jamaica-Gleaner.com: The
remittance arm of the Jamaica National Building Society, JN Money
Services Limited (JNMS), has launched an operation in The Bahamas,
having signed an exclusive agent agreement with Bramer Money Transfer
(BMT) trading as Cash N' Go.
Details of the
agreement was not disclosed, but Horace Hines, operations manager at
JNMS said they expect to capture business from the 7,000 Jamaicans
living and working in the Caribbean islands.
The agreement took effect on November 21.
Halkitis says FNM govt spent money like 'inebriated mariner'
Minister of State for Finance Michael Halkitis charged yesterday that the Ingraham administration spent money like an "inebriated mariner" or "drunken sailor" with no plan or provision as to how the spending spree would be paid for.
Claiming that the former administration left public finances in a "total mess", Halkitis pledged that the Christie administration would restore the country's financial health.
He pointed out that the GFS deficit in 2011/2012 is projected at $504 million -- up by a full $256 million from the previous government's estimate of $248 million.
"The previous government had forecast a GFS deficit of three percent of GDP for the fiscal year that is about to close," said Halkitis as he led debate on the 2012/2013 budget in the House of Assembly.
"However, whether through lack of oversight, a simple lack of discipline, slackness, plain incompetence or a callous disregard for the financial health of the country borne out of a selfish desire to cling to power at almost any cost, it allowed the deficit to balloon to 6.3 percent of the GDP.
"We all saw the spending spree, spending money like it was going out of style..."
Halkitis said the new government is seeking to clean up the mess left behind.
In the upcoming fiscal year, the government has allocated $328 million to debt redemption and interest charges accounting for 18 percent of the budget.
"They were increasingly piling on borrowed dollar upon borrowed dollar merely to cover everyday expenses which, in anyone's financial textbook, is a formula for fiscal disaster."
As it relates to debt management, Halkitis said the government expects to cut the size of the deficit by half over a two-year period.
The level of government debt is projected to be 50.6 percent of GDP at the end of this fiscal year.
"The Ministry of Finance has recently started its consideration of a comprehensive framework for debt management," Halkitis said.
"This consideration has involved the creation of an ad hoc debt management committee, and the receipt of a joint IMF/IDB (International Monetary Fund/Inter-American Development Bank) report on debt management practices.
"However, this consideration is in its earliest stage and the pace has been very deliberate. Clearly, there is now need to accelerate the pace of reform and this would require clear support from the policy level, which would be provided."
Despite the financial restrictions, Halkitis said the government is determined to fulfill its campaign pledges.
"The state of the economy and of government finances though challenging, will not deter us from our commitments made to the Bahamian people, nor cause us to backtrack on any of those commitments," he said.
Forbes: BAIC needs more money to succeed
The Bahamas Agricultural and Industrial Corporation (BAIC) has the potential of being a viable 21st century entity, though it could cost the government millions to do so, according to the corporation's executive chairman.
The newly appointed chairman, Arnold Forbes, revealed to Guardian Business more funding and innovation are needed to encourage job creation so that BAIC can be more effective. Creating small factories throughout The Bahamas is one of many initiatives on tap to strengthen BAIC over the next five years.
"I would like to see the establishment of more small factories that would bring employment opportunities for all Bahamians," Forbes said. "I don't want it to be too Nassau centric, I would like to see it in the family islands as well. Why aren't we looking at those markets to create jobs? Why aren't we looking to send industries for instance to Andros so we can draw some of the population away from New Providence into that island to man these factories? Why aren't we looking at creating all-garment factories and more assembly of goods to be spread throughout the islands?"
Forbes shared with Guardian Business that BAIC is expected to receive more funding in the proposed budget than in the past, though he remained extremely tight-lipped as to the exact amount.
"I don't know what my budget will be as yet, but I have submitted a figure to the Ministry of Finance, which I believe is necessary to run the programs that I would like to see implemented and would make the corporation a viable entity overall. It's a bit more than has been allocated before.
"To be successful, in creating jobs through light industries, we should also enhance our agricultural development. We will need to pump some money into it. You cannot run it off of air or water; funds need to be pumped into it for it to be the entity that it can be."
The executive chairman stressed the need for the corporation to be a job creation engine that is focused on enhancing all of the country's light industries and not just the agricultural sectors.
He added: "For BAIC to be more effective, it needs more funding. We also need to look at successful practices with reference to other jurisdictions and what they've been doing to get their agricultural processing going or starting small farms. Why aren't we doing these things in The Bahamas? Again, we have to think outside of the box. I believe that is the way forward. I believe that we can make a significant impact as far as job creation is concerned and that is my goal."
In last week's budget communication, Prime Minister Perry Christie stated that the government will re-focus the mandate of the Bahamas Development Bank (BDB) and BAIC to broaden their range of activities, beyond merely lending money, to include the provision of equity, credit guarantees and marketing and accounting support.
Letter: The Government has no money, only what it takes from citizens and investors
Dear Editor,
It is evident that parliamentarians like Dr. Rollins need to
be reminded, daily, that THE GOVERNMENT HAS NO MONEY, ONLY WHAT IT TAKES FROM CITIZENS
AND INVESTORS.
Dr. Rollins' is quoted as saying the government will find
the money for a new parliament building. Such a statement reflects a crass
ignorance of current economic conditions and complete disregard for the effects
of the worst recession in more than 60 years.
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