The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) will kick off its firstPower Breakfast for the year on Thursday, April 27th, with representatives from RF Bank & Trust set to provide insights on the many ways to gain a competitive financial advantage.

The highly anticipated networking series which is hosted by The BCCEC throughout the yearprovides a platform to discuss issues critical to the wider business community. The BCCECserves as the premier employers’ and business organization in the Bahamas by developing,promoting, and protecting trade activity as well as the interests of employers on all social andlabour policy issues within the context of true tripartism, in national, regional, and internationalforums.

The upcoming Power Breakfast will be held at the Margaritaville Beach Resort from 8 am to 11am. Non-member rates for the event will be $110 and members will enjoy a rate of $82.50. Acontinental breakfast will be included. Representatives from RF Bank & Trust will participatein a lively panel discussion on raising capital, pension and competitive staff benefit as well aseconomic insights. Register now to attend the event athttps://bit.ly/BCCECAprilPowerBreakfast2023

About RF Bank & Trust

For over 20 years RF Bank & Trust’s mission has been to help its clients create and managewealth. As one of the country’s leading wealth managers and advisors, RF Bank & Trust hasraised more than $2 billion in capital for its corporate clients, with over $1 billion in assets undermanagement. 

 

The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) will kick off its first Power Breakfast for the year on Thursday, April 27th, with representatives from RF Bank & Trust set to provide insights on the many ways to gain a competitive financial advantage. The highly anticipated networking series which is hosted by The BCCEC throughout the year provides a platform to discuss issues critical to the wider business community. The BCCEC serves as the premier employers’ and business organization in the Bahamas by developing, promoting, and protecting trade activity as well as the interests of employers on all social and labour policy issues within the context of true tripartism, in national, regional, and international forums. The upcoming Power Breakfast will be held at the Margaritaville Beach Resort from 8 am to 11 am. Non-member rates for the event will be $110 and members will enjoy a rate of $82.50. A continental breakfast will be included. Representatives from RF Bank & Trust will participate in a lively panel discussion on raising capital, pension and competitive staff benefit as well as economic insights. Register now to attend the event at https://bit.ly/BCCECAprilPowerBreakfast2023 About RF Bank & Trust For over 20 years RF Bank & Trust’s mission has been to help its clients create and manage wealth. As one of the country’s leading wealth managers and advisors, RF Bank & Trust has raised more than $2 billion in capital for its corporate clients, with over $1 billion in assets under management. 

Government net debt increased $100 million in February to cover upcoming loan repayments for Bahamas Power and Light (BPL), Financial Secretary Simon Wilson said yesterday.

The Ministry of Finance (MoF) released its February Monthly Fiscal Report yesterday, outlining the government's financial operations for the period.

It reveals that the government's net debt position increased by $100 million to prefund future debt amortizations and payments on behalf of a state-owned enterprise (SOE).

"Proceeds of borrowings during the period totaled $242.4 million via $100 million in Central Bank advances, $22.6 million in treasury bill placements, $14.5 million in Bahamas registered stock, and $105.3 million in foreign currency loans," the MoF report states.

"Repayments totaled $120.8 million owing to repayments of $100 million for Central Bank advances, $12 million for maturing Bahamas registered stock, $5 million for maturing treasury stock, $3.8 million for domestic loans, and $21.7 million for foreign currency loans."

Asked if he foresaw the government needing to take on more debt before the end of the fiscal period in order to support BPL's debt, Wilson said, "I don't know, but I'm hoping this is the last time for this fiscal period."

At the halfway point of the fiscal year, central government debt had grown to $11.03 billion, with public sector debt at $12.38 billion, at the end of December 2022.

Overall, government revenue improved 26.2 percent in February compared to the same period a year prior, driven by increased collections in international trade and transaction taxes of $26.3 million, the ministry said.

"During the month of February 2023, a surplus of $16.2 million was realized, a $49.3 million reversal from the $33.1 million deficit in prior year, owing to $249.2 million in revenue receipts; and $232.9 million in total expenditure," the MoF said.

"Central government's net debt decreased during the period by $8.5 million, a $124.3 million decrease from the prior year, as a result of $260.2 million in borrowings; and $268.8 million in repayments."

Nearly 20 years of commitment and $200,000 in donations for food distribution programmes, hurricane and COVID-19 relief as well as other community initiatives led to the Bahamas Red Cross Society honoring CIBC FirstCaribbean as its corporate donor awardee this year. 

Mark St.Hill, CIBC First Caribbean’s CEO, said the bank is honored to be recognized by an organization that, like itself, is serious about responding to the needs of the communities that they serve and are committed to giving back.

“CIBC FirstCaribbean offers support and partnership under three main areas: Youth and Education, Health and Wellness, Community and the Environment. At the centre of all these activities is the uplifting and empowering of people in our communities, which is in line with the Red Cross’ mission to prevent and alleviate suffering, and protect life and health and ensure respect for all human beings. 

“We cherish our long partnership with the Bahamas Red Cross Society and each year we look forward to assisting the organisation with its outreach.”

Alicia Pinder, Bahamas Red Cross Society’s Director General, underscored that the bank’s continued corporate sponsorship over the years and its commitment to the Red Cross Society’s ongoing humanitarian efforts in serving the most vulnerable amongst us resulted in CIBC FirstCaribbean’s recognition.

“This award is one of the ways we say thank you to our many sponsors who have graciously supported us on an ongoing basis,” she said.

Dr. Jacqui Bend, CIBC FirstCaribbean’s Managing Director, said, “The Bahamas Red Cross Society is a tremendous organization that benefits the lives of so many around the country and the bank salutes their efforts while looking forward to many more years of working together for the betterment of our communities.

She continued, “Corporate Social Responsibility is a major focus for us and through our charitable arm, the FirstCaribbean ComTrust Foundation, CIBC FirstCaribbean commits no less than US$1 million every year in support of projects and activities in communities across the 15 territories in the English and Dutch Caribbean where it has a presence.”

Among other initiatives, CIBC FirstCaribbean, in 2020 and 2021, made the decision to take an alternative approach to its annual festivities by foregoing Christmas staff activities and donated it to the Red Cross Society’s Meals On Wheels programme. 

Proceeds from the Red Cross Ball, which the bank was a sponsor for this year, go directly toward assisting the Red Cross Society in not only expanding Meals on Wheels, but defraying operational expenses, continuing its much-needed food distribution programmes and disaster relief assistance.

 

Nearly 20 years of commitment and $200,000 in donations for food distribution programmes, hurricane and COVID-19 relief as well as other community initiatives led to the Bahamas Red Cross Society honoring CIBC FirstCaribbean as its corporate donor awardee this year.  Mark St.Hill, CIBC First Caribbean’s CEO, said the bank is honored to be recognized by an organization that, like itself, is serious about responding to the needs of the communities that they serve and are committed to giving back. “CIBC FirstCaribbean offers support and partnership under three main areas: Youth and Education, Health and Wellness, Community and the Environment. At the centre of all these activities is the uplifting and empowering of people in our communities, which is in line with the Red Cross’ mission to prevent and alleviate suffering, and protect life and health and ensure respect for all human beings.  “We cherish our long partnership with the Bahamas Red Cross Society and each year we look forward to assisting the organisation with its outreach.” Alicia Pinder, Bahamas Red Cross Society’s Director General, underscored that the bank’s continued corporate sponsorship over the years and its commitment to the Red Cross Society’s ongoing humanitarian efforts in serving the most vulnerable amongst us resulted in CIBC FirstCaribbean’s recognition. “This award is one of the ways we say thank you to our many sponsors who have graciously supported us on an ongoing basis,” she said. Dr. Jacqui Bend, CIBC FirstCaribbean’s Managing Director, said, “The Bahamas Red Cross Society is a tremendous organization that benefits the lives of so many around the country and the bank salutes their efforts while looking forward to many more years of working together for the betterment of our communities. She continued, “Corporate Social Responsibility is a major focus for us and through our charitable arm, the FirstCaribbean ComTrust Foundation, CIBC FirstCaribbean commits no less than US$1 million every year in support of projects and activities in communities across the 15 territories in the English and Dutch Caribbean where it has a presence.” Among other initiatives, CIBC FirstCaribbean, in 2020 and 2021, made the decision to take an alternative approach to its annual festivities by foregoing Christmas staff activities and donated it to the Red Cross Society’s Meals On Wheels programme.  Proceeds from the Red Cross Ball, which the bank was a sponsor for this year, go directly toward assisting the Red Cross Society in not only expanding Meals on Wheels, but defraying operational expenses, continuing its much-needed food distribution programmes and disaster relief assistance.

The Bahamas Government signed a new Industrial Agreement with the Bahamas Public Service Union (BPSU) valued at $40 million and it is retroactive from July 1, 2022 to June 30, 2025 on Monday, March 27, 2023 at the Office of the Prime Minister.

The Hon. Pia Glover-Rolle, Minister of State for the Public Service said the government is very pleased with this agreement.

The Minister of State said, “Of course, this process does not end in terms of the fact that we want to take a bold and transformative approach in reforming the Public Service and we intend to do that hand in hand with all unions and in particular the BPSU when it comes to our public servants.”

The new industrial agreement includes the previously announced increase in the public service minimum wage from $11,450 per year to $13,520 beginning on July 1, 2022.

Other increases include salary increases at multiple levels of the pay scale, resulting in many public servants receiving four to five incremental payments per year in addition to their usual increments.

Disturbance Allowance has been increased from $1,200 to $1,500 per year. Transport Allowance has been increased from $250.00 per month to $300 per month, and Casual Mileage has been increased from $2.00 per mil to $3.00 per mile.

Royal Bahamas Police Force and Defence Force recruits and Department of Correctional Services trainees received an increase in pay from $18,000 per year to $20,000 per year. Within the new agreement, there is also an introduction of a shift premium for all shift workers who work between 6:00 p.m. to 6:00a.m.

The Minister of State explained that the final agreement was the product of a protracted negotiation period in which both the government and union leadership ensured that the best agreement possible was made in the interest of public servants.

“We took our time to ensure that public servants at every level would benefit from the salary increases. We also ensured that essential allowances were increased and those public servants sacrificing by working late shifts are recognized and compensated for their work.”

She credited the Ministry of Public Services’ Labour Relations Unit for its role in taking the lead throughout the successful negotiations. She said that the Davis administration ensured that the Unit was composed of the right balance of team members capable of contributing successfully.

Kimsley Ferguson, President of the Bahamas Public Service Union said the union is excited to proceed with the signing so that public servants can receive their just due moving forward.

Ferguson added that the union will continue to agitate on behalf of public servants’ issues that the union feels must be addressed including hazard allowance or insurance for security officers and an allowance for the cleaning of uniforms for the RBPF and RBDF.

 

The Bahamas Government signed a new Industrial Agreement with the Bahamas Public Service Union (BPSU) valued at $40 million and it is retroactive from July 1, 2022 to June 30, 2025 on Monday, March 27, 2023 at the Office of the Prime Minister. The Hon. Pia Glover-Rolle, Minister of State for the Public Service said the government is very pleased with this agreement. The Minister of State said, “Of course, this process does not end in terms of the fact that we want to take a bold and transformative approach in reforming the Public Service and we intend to do that hand in hand with all unions and in particular the BPSU when it comes to our public servants.” The new industrial agreement includes the previously announced increase in the public service minimum wage from $11,450 per year to $13,520 beginning on July 1, 2022. Other increases include salary increases at multiple levels of the pay scale, resulting in many public servants receiving four to five incremental payments per year in addition to their usual increments. Disturbance Allowance has been increased from $1,200 to $1,500 per year. Transport Allowance has been increased from $250.00 per month to $300 per month, and Casual Mileage has been increased from $2.00 per mil to $3.00 per mile. Royal Bahamas Police Force and Defence Force recruits and Department of Correctional Services trainees received an increase in pay from $18,000 per year to $20,000 per year. Within the new agreement, there is also an introduction of a shift premium for all shift workers who work between 6:00 p.m. to 6:00a.m. The Minister of State explained that the final agreement was the product of a protracted negotiation period in which both the government and union leadership ensured that the best agreement possible was made in the interest of public servants. “We took our time to ensure that public servants at every level would benefit from the salary increases. We also ensured that essential allowances were increased and those public servants sacrificing by working late shifts are recognized and compensated for their work.” She credited the Ministry of Public Services’ Labour Relations Unit for its role in taking the lead throughout the successful negotiations. She said that the Davis administration ensured that the Unit was composed of the right balance of team members capable of contributing successfully. Kimsley Ferguson, President of the Bahamas Public Service Union said the union is excited to proceed with the signing so that public servants can receive their just due moving forward. Ferguson added that the union will continue to agitate on behalf of public servants’ issues that the union feels must be addressed including hazard allowance or insurance for security officers and an allowance for the cleaning of uniforms for the RBPF and RBDF.