Category Archives: Bahamas

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The International Monetary Funds (IMF) Bahamas mission chief has backed calls for a Fiscal Responsibility Act, describing it as a useful medium term component for reforming the Governments finances.

Jarkko Turunen also said the Bahamas vulnerability to major hurricanes was not necessarily an impediment to implementing stricter fiscal rules, explaining that there are ways to design them to allow the Government to respond properly to natural disasters.

Mr Turunen, in an exclusive interview with Tribune Business, described a Fiscal Responsibility Act and fiscal rules as important steps in the Bahamas effort to rein in its fiscal deficits and national debt.

The exact shape of that medium-term fiscal framework, theres many ways to do it, but in principle I would see it as a useful component of fiscal reform and fiscal planning in the Bahamas, he said of a Fiscal Responsibility Act.

Mr Turunens comments are likely to delight groups such as the Chamber of Commerces Coalition for Responsible Taxation, and the Organisation for Responsible Governance (ORG), who have long campaigned for the introduction of such legislation as a means to force the Government to be more transparent and accountable over how it spends taxpayer monies.

His remarks also contradict the position expressed recently by Michael Halkitis, minister of state for finance, who told The Revolution radio show that there were both merits and drawbacks to implementing such an Act.

The Minister said an IMF study had identified both the advantages and disadvantages associated with a Fiscal Responsibility Act, and expressed concerns it would prevent the Government from responding properly in the wake of events such as a Hurricane Matthew-type storm.

The IMF study referenced by Mr Halkitis had suggested that the Government enhance its economic data and statistics collection before implementing such legislation, hence Mr Turunens reference to the medium term.

However, the Bahamas IMF Mission chief suggested that this country could eventually even go beyond a Fiscal Responsibility Act through the implementation of so-called fiscal rules.

While the Act would force the Government to return to Parliament to explain, and gain approval for, exceeding previously set Budget limits with more spending, fiscal rules go even further. They set targets, or limits, such as debt and deficit caps, and accompanying ratios, which the Government cannot go beyond.

I would say there are ways to design fiscal rules that allow the Government to take into account natural disasters and events not anticipated, Mr Turunen told Tribune Business.

The Christie administration has failed to deliver on February 2015 promises to initiate consultation on a Fiscal Responsibility Act, and the 75 per cent year-over-year increase in the deficit for the four months to end-October 2016 has reignited domestic demands for such legislation.

The $67 million increase took the Governments $157.5 million deficit for the four months to end-October 2016, more than 50 per cent higher than its full-year projection.

Mr Turunen, meanwhile, also agreed with Simon Wilson, the Ministry of Finances financial secretary, that the Bahamas needed to reform its Business License regime and find more equitable ways to tax the private sector.

Mr Wilson told a Chamber of Commerce-organised seminar last week that Business License fee rates needed to be lowered, acknowledging that the turnover-based tax was inefficient and regressive because it did not take into account company profitability.

I think that in terms of the general principle, I would agree with what Simon said, Mr Turunen told Tribune Business.

There are better ways of taxing businesses and profits than the current Business License fee. We dont have a position out there in terms of an alternative, but its something we would look at.

Bahamian businesses have complained about the Business License fees structure for years, arguing that using turnover as the basis for its calculation disproportionately places the burden on high sales companies, such as food stores and gas stations, which have low profit margins.

Many companies complain of paying more in Business License fees than they earn in annual profits, with the turnover basis also exacerbating the effects of price controls for many firms.

Mr Turunen had earlier told the Chambers State of the Economy 2017 forum that the IMF had flagged declining foreign direct investment (FDI) inflows as a risk in relation to the Bahamas current account deficits.

Due to this nation importing most of what it consumes, the Bahamas traditionally runs current account deficits - the physical goods it exports minus those it consumes - worth several billion dollars annually.

These, though, are financed by billion dollar inflows on its capital account, which represent tourist spending in the Bahamas and, historically, FDI inflows.

Mr Turunen, though, said a reduction in FDI inflows meant the current account deficit was now being financed by alternative capital sources that were less reliable.

One trend weve seen is the decline in foreign direct investment inflows, he said. That used to be a big part of financing current account deficits, and now its much less so.

This source of financing has been replaced by government borrowing to some extent, and other capital flows.. Some of those flows are less reliable, and weve identified it as a risk, and identified it as a risk in our reports.

Mr Turunen added that the IMF had been a bit surprised by the extent of the Department of Statistics revisions to the 2014 and 2015 GDP numbers, which showed that the Bahamian economy contracted by 0.52 per cent and 1.66 per cent, respectively, for those two years.

We were a bit surprised. We had anticipated a downward revision, but not by such a margin, Mr Turunen said, adding that the IMF often wanted governments to move more quickly on reform.

We are often in agreement on the direction. Sometimes we are impatient. Wed like to see the authorities moving faster, including in areas of structural reform, but these things are difficult to achieve, he explained.

Mr Turunen told Tribune Business that it was possible for the Bahamas to achieve faster GDP growth rates at the same time as fiscal consolidation, again calling for the Government to re-purpose more of its spending to capital and infrastructure projects.

The Christie administration has done the opposite, reducing its capital spending in favour of mobilising private capital via public-private partnerships (PPPs), such as those for the Road Traffic Department and Post Office buildings.

Reiterating that it was time for the Government to rationalise spending to achieve further consolidation, Mr Turunen said reforms to the various components of the Bahamas ease of doing would take time to bear fruit in terms of better economic growth.

I would say that the Bahamas should have a bright future, he told Tribune Business. There are challenges; low growth, the need for fiscal consolidation, and the impact from the hurricane, but to some extent the country is managing with these challenges perhaps better than some of the neighbouring countries.

Follow this link:

Imf Bahamas Chief Supports Fiscal Limits - Bahamas Tribune

The famed "tiger beach" on Grand Bahama has long been known for aggregations of its namesake shark, but the another island in the Bahamas archipelago, South Bimini,has been vying for some attention this week. Researchers there recently tagged and released a 13-foot (3.96m) record-breaker.

TheBimini Biological Field Station - Sharklab suspects thatthis gorgeous female is at least 20 years old, judging by size alone.To be clear, tiger sharks can get bigger than this they max out at around 20 feet (5.5m) but this individual is the largest the team has tagged in these waters.(For a bit of perspective, that boat measures 22 feet.)

And this isn't the first noteworthy appearance of late. "Not even two weeks ago we acoustically tagged a record male tiger shark (3.72m) ... two record sharks within this month!" the team wrote on Facebook.

Even for an experienced crew, handlingsuch a large animal can be challenging. Tiger sharks are less sensitive to stress than some of their kin (like hammerheads), but conducting each workup quickly and carefully is of upmost importance.

"This female tiger shark was so large that we struggled measuring her on the boat," the researchers said. "Luckily [principal investigator] Matt Smukallcame to the rescue, and measured the girth of the shark underwater, as you can see pictured."

The animal was fitted with a small acoustic tag, which will broadcast her whereabouts for years to come each time she cruises past one of the many receivers in the region.

We know that these cosmopolitan sharks inhabit tropical and sub-tropical waters worldwide, but researchers still want to learn more about the places these top predators regularly visit.Tags like this one can help us better understand how tiger sharks use critical habitat and more importantly, where that critical habitat is.

Some have speculated that the shark's large girth (close on sixfeet) indicates pregnancy, but Smukall and his team note that it's tough to say with certainty.

"It is very difficult to determine pregnancy without an ultrasound," he says. "For her size, she was had an average girth measurement. So if she was pregnant she was most likely not very far along in term."

Recent studies do suggest that at least parts of the Bahamas act as a nursery for tiger sharks, so thepossibility remains.

"Our data suggests that Tiger Beach may function as a refuge habitat for females to reach maturity as well as a gestation ground where pregnant females benefit from calm, warm waters year-round that help incubate the developing embryos and speed up gestation,"University of Miami shark biologist Dr Neil Hammerschlag told us last year.

At the time, he and his colleagues had justcaptured the first-ever tiger shark sonogram:

As you can see, tiger sharksproduce large litters but the pups are inefficient swimmers, and extremely vulnerable in the early stages of life. Learning where these threatened animals go to breed is a crucial step in better protecting future generations.

"The entire Sharklab was ecstatic to catch such a large shark," saysSmukall. "The Bahamas is far ahead of most other countries and has protected sharks within its waters. One major concern is that large sharks like this will frequently travel outside of the protected waters of the Bahamas and are [then] susceptible to fisheries."

Pregnant or not, the presence of this shark is a welcome one. Like othertop predators, these animals play a key part ina balanced ecosystem. Spotting such a healthy female is good news, and we're happy to report she was released without any trouble.

Was this Bimini behemoth headed for the gestation grounds off Tiger Beach? Are tiger sharks using the waters around Bimini in similar ways? With any luck, we'll soon find out.

__

Topheader image: Shutterstock

Sarah Keartes is Earth Touch's resident 'queen of nerdery'. A self-proclaimed Attenborough wannabe with a serious shark addiction, she is likely to be spotted performing dissections and wielding lightsabers ... sometimes simultaneously. Find her on Twitter @sarahkeartes VIEW more from this CONTRIBUTOR

See the rest here:

Hefty 13ft tiger shark is a local record-breaker in the Bahamas - Earth Touch

A group of Hendrix College students spent part of their winter break on a mission trip to Eleuthera Island in the Bahamas.

Associate Vice President for Development Wayne Clark, who accompanied the ten students, said they partnered with One Eleuthera Foundation. He said the group spent time working in a garden and recycling center, conducted breast cancer awareness surveys, taught in local schools, assisted with plumbing work and conducted research to help start a junior college.

Clark said hes been at Hendrix College for 22 years and every year the school takes a mission trip.

He said around 15 years ago, the school started making the trips more affordable to students and numbers went up. Since then, the college has committed that those mission trips are such a good idea that costs have remained low enough for students to go.

Clark said they feel strongly that these trips are providing multiple benefits to students including the impact they have.

While they have been criticized for spending money on the trip instead of sending the finances straight to the nonprofit, he said what cant be measured is the change in the students when they realize their love and desire to serve.

Its those kind of things you cant measure, Clark said.

Hendrix has worked with the Eleuthera Foundation for more than 15 years and five mission trips have traveled to the island.

Clark said the teams dont go there to teach the people how to do something the right way, but they are there to learn from the residents and their way of life while serving and helping them with whatever they need.

We feel like its building bridges and building relationships and learning from other cultures and other people, he said. [Eleuthera Foundation is] such a great nonprofit that practices that same philosophy.

Clark said the students did a great job and were challenged in multiple ways.

Theres emotional things you deal with and theres physical stuff you go through, he said.

Clark said he often has students who are impacted so much that they return for a longer time frame to serve, which is inspiring to him. He said he loves getting to be a part of that.

You see that growth all the ways peoples eyes are opened, Clark said.

The ten students who participated in the trip were Ethny Ashcraft, Katie Bell, Graydon Carter, Isabella Crang, Miracline Ebijoyeldhas, Andrew Fleming, Mackenzie Gearin, Amanda Jimerson, Claire Nissen and Melissa Sorby.

The Miller Center trip has helped me form meaningful relationships with my Hendrix peers and the community members of Eleuthera, Ebijoyeldhas said. This trip has opened my eyes to the needs of communities other than my own and my potential role in serving those needs I hope to take the kindness and compassion the people of Eleuthera have showed me back to our Hendrix home.

Through the trip, Jimerson said she learned about the importance of starting conversations with just the intent of listening.

I have learned that we all have something to gain from one another, even if just through sharing experiences and ideas, she said.

After traveling with Hendrix on more than 20 mission trips, Clark said he learns something new about himself each time.

He said hes learned a lot about people society often dismisses.

I look at people different now, Clark said. Ive had some pretty great experiences.

Read more:

Hendrix students travel to Bahamas for mission trip - Log Cabin Democrat

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas economic growth potential has dropped quite sharply since this century began, an International Monetary Fund (IMF) executive said yesterday, urging the Government to curb spending to ensure fiscal sustainability.

Jarkko Turunen, the Funds mission chief to the Bahamas, said Value-Added Tax (VAT) and other revenue reforms had failed to eliminate the fiscal deficit, as promised, because the Christie administration had increased spending at the same time.

He told the Chamber of Commerces State of the Economy 2017 forum that the Governments spending had risen across all main components, with the biggest jump in subsidies and transfers to the public corporations.

On the positive side, Mr Turunen said the IMF expected the Bahamas $6.7 billion national debt, and accompanying ratio to GDP, to stabilise, although this was likely to be above the so-called 70 per cent danger threshold due to Hurricane Matthew.

However, he added that the roots of the problems bedevilling the Bahamian economy and its financial sector lay in this nations persistently low GDP growth rates, which factored into high levels of unemployment and violent crime.

Mr Turunen said the Bahamas needed to now simultaneously achieve faster economic growth and push forward with fiscal consolidation via reduced spending, so that VATs revenue gains were not squandered.

Many of the issues we see in the Bahamian economy and financial sector (non-performing loans) have their roots in the fact growth has been so low, the IMFs mission chief to the Bahamas said.

Real GDP growth has been weak, negative for the past two years. Take out 2010 and 2012, and growth has been negative or zero since the global crisis of 2008-2009.

The Bahamian economys anemic growth had fed into high double-digit unemployment rates, especially among young persons aged 15-24 years-old, where it is around 30 per cent.

Reading the news about crime, Im reminded about high youth unemployment, Mr Turunen said. At the same time, potential growth has declined.

He said the Bahamas economic growth potential had dropped from between 2.5-4 per cent at the start of the 21st century to around 1-1.5 per cent now - a decline that, at its maximum, is equivalent to 3 GDP percentage points.

Potential growth was actually high in the 2000s in comparison to the Caribbean, but has declined quite sharply, Mr Turunen said. Our estimate is the potential growth is between 1-1.5 per cent in the medium term.

There has been a decline in the major factors, labour and capital, but the decline has been driven by negative productivity growth, which has persisted for quite a while.

Fundamentally, low productivity growth shows theres some structural constraints. Mr Turunen pointed to the Bahamas high cost environment, particularly on labour and energy, and sliding ease of doing business as the culprits.

Adding that the Bahamas needed to better prepare its high school graduates for the workplace, Mr Turunen backed the concept of a National Development Plan (NDP), but said the stark negative growth position meant the IMF would recommend a shift to implementation as opposed to the ongoing planning.

To combine faster economic growth with fiscal consolidation (austerity), the IMF executive called on the Government to re-purpose its spending, switching monies from its recurrent (fixed cost) account to invest in infrastructure projects that would enhance medium and long-term GDP expansion.

Mr Turunen reiterated that the IMF was projecting a 3.5 per cent fiscal deficit for the 2015-2016 Budget period, placing the total amount of red ink at between $280-$300 million, well in excess of the Governments $150 million forecast.

The deficit has not been eliminated because government spending increased at the same time, Mr Turunen said.

Referring to the previous speaker, Simon Wilson, the Ministry of Finances financial secretary, Mr Turunen added: Im sure Simon has a much more interesting story to tell. There has been an increase in spending on all the main components. The biggest increase is in subsidies and transfers.

When adjusted for inflation, Mr Turunen said the Governments spending had been flat in some years, but it had increased in real terms for the past two fiscal years.

There has been quite a bit of progress on the revenue side. Now is the time to focus efforts on rationalising spending to ensure fiscal sustainability, he added.

The debt is expected to stabilise over the medium term. You dont want a situation where the debt continues increasing, and thats not a situation where we see the Bahamas going.

Mr Turunen said the IMF had projected that the Bahamas central government debt would stabilise at 68 per cent of GDP pre-Matthew, but it was now expected to increase significantly and exceed 70 per cent.

He called on the Bahamas to Budget and set fiscal targets according to its position in the hurricane zone, and to also focus on its total public sector debt and unfunded pension liabilities.

Link:

Bahamas' 'Growth Potential' Down 3% Since Century Start - Bahamas Tribune

FORT LAUDERDALE, Fla. (WFLA) Silver Airways is making it easier (and cheaper) to fly to the Bahamas. The largest US carrier to the Bahamas has rolled out additional non-stop trips from Florida to the Bahamas, adding nearly 25 percent more flights to their schedule.

Travelers in Fort Lauderdale, West Palm Beach and Tampa will also see increased number of trips to Bimini, Eleuthera, Marsh Harbour (Abacos) and Treasure Cay (Abacos).

The airline is offering fares from $69 at silverairways.com today through February 27, 2017, for travel on or before May 3, 2017.

WFLA.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Originally posted here:

Silver Airways adds more non-stop flights to the Bahamas - WFLA

CIVIL Society Bahamas (CSB), an umbrella group for civil society organisations in The Bahamas, is hosting a Town Hall Meeting for the Citizens Task Force on Electoral Reform on Saturday from 10am to noon at St Marys Parish Hall, Virginia Street, Nassau.

The group says it believes that it is possible to design an electoral system for the country that is less cumbersome, more transparent, more fair and more egalitarian than the current one.

Citizens are invited to participate in an extended conversation on what a new electoral system would be like. CSB says it wants to engage the public on the subject through a series of public meetings throughout The Bahamas to hear their views on several recommendations.

These include the establishment of an Independent Electoral Boundaries Commission (IBEC); the setting up of a permanent Register of Voters; the implementation of Campaign Finance Reform; the registration of political parties with the IBEC; primary elections to choose constituency candidates; constituencies being able to recall their member of Parliament; and constituency boundaries to be redrawn with less frequency.

CBS is an umbrella organisation representing the interests of all the non-profit and non-governmental organisations in The Bahamas since 2005. It is a non-partisan, non-governmental, civil society organisation which focuses on the betterment of individuals through improvement of their general social, economic, spiritual and mental welfare.

Refreshments will be served at the town hall meeting.

Original post:

Town Hall Meeting To Be Held By Civil Society Bahamas - Bahamas Tribune

A wave of gang-related murders in the Bahamas has forced the military onto the streets, a worrying development in a country where violence is reaching critical levels.

The Caribbean archipelago of approximately 388,000 people has already seen at least 27 murders since the start of the year, with seven dead over the past weekend in the capital of Nassau,according to Tribune 242. If violence remains at this level, the murder count by the end of 2017 would hit 224 -- equivalent to a homicide rate of 57.77 per 100,000 inhabitants.

The crime spree has prompted the government todeploy the armyonto the streets to assist the police. National Security Minister Bernard Nottage announced this and anumber of other security measureson February 15, including increased foot patrols, lockdowns and raids of "crime hot spots," as well as the creation of a gun interdiction task force.

SEE ALSO:Coverage of the Caribbean

Minister Nottage attributed most of the murders to feuds within a small group of "violent offenders...affiliated with gangs, guns and drugs."

But the response to this year's bloody events has been mixed. On February 13, Prime Minister Perry Christie described the situation as "reminiscent of the Wild West," and said the state had to respond by "flooding the streets with officers,"Caribbean 360 reported.

That same day, however, Police Commissioner Ellison Greensladetold the press: "It is a falsehood to tell the Bahamian public and the world at large that the Bahamas is in crisis, that is nonsense." He blamed the murders on youths who "have fallen through the cracks of our society," and assured law-abiding citizens they need not fear attack.

The Bahamas is not typically considered a major center of criminal activity, but if themurder rate continuesat its current pace it would becomparable to that of countries such as Honduras, which has long suffered from rampant insecurity in large part because of the strong gang presence there.

Disputes between gangs areoften drug related, and narcotics trafficking is a key concern in the Caribbean country. Locatedonly 50 milesfrom US shores, its 700 cays and islands make the Bahamas anoptimal transit pointfor illegal goods.

The security crisis also speaks to the authorities' struggles to respond to violent outbreaks. The mixed messages being presented by state institutions are a possible indication that the government is not totally united on the security front.Police officers are also frequenttargets of violence, as demonstrated by theshooting of two officersonly days ago. This factor could well be hindering the police's ability to combat criminal groups.

Read the rest here:

Authorities Blame Gangs for the Bahamas' Bloody Start to 2017 - Insightcrime.org

Middle school gang recruiting increasing in DMV

How your kids are secretly using and abusing smartphone apps

Thousands skip work and school for #DayWithoutImmigrants

Florist who denied same-sex couple broke law, says WA Supreme Court

'Chaos.' 'Mess.' 'Fake News.' 'Turmoil.' Trump lets loose at press conference

3 teens, 2 adults charged in death of 15-year-old Va. girl

Judge to addict: No more babies until fit to care for them

Impact of #DayWithoutImmigrants in DC

Sedro-Woolley 3-year-old battling 'Alzheimer's for children'

Married on Tuesday. Deported on Wednesday | Immigration community fears crackdown

MISSING: 48-year-old Beltsville man

MISSING: 16-year-old from South Riding, Va.

DC mayor lets 8-week paid family leave bill take effect

Horsemeat, horse genitals seized at Dulles Airport

New pot punishment policy in Harris Co. starts March 1

Read more from the original source:

2017 COUPLES BAHAMAS GETAWAY SWEEPSTAKES OFFICIAL RULES - WUSA9.com

Jesus Alejandro Garcia Alvarez

A brash self-styled Mexican entrepreneur's bid to crack into Swiss banking is at an end. His second attempt to buy a financial firm has failed in a hugely awkward way.

Aborted, Banque Cramer & Cie headlined in an unusually unvarnished statement released overnight. The Swiss bank said it won't be selling a Bahamas subsidiary to IXE Capital, as planned, after all.

IXE is controlled by Jesus Alejandro Garcia Alvarez, who claims to be a businessman and wealthy landowner from Mexico. Recently, questions over Garcia Alvarez's wealth, his dealings, and his business plans have been raised by several media outlets.

Flash Crash Millions

For example, Garcia Alvarez was close to buying Ticino-based Bank Arner, but the deal fell apart last year, reportedly because he was unable tocapitalize the bank.

He also plays a prominent role in the disappearance of millions from the $50 million fortune of the so-called Flash Crash trader.

Now, Garcia Alvarez and IXE have run aground with their latest venture as well: buying the Bahamas subsidiary of Swiss private bank Cramer.

Lost Credibility

The Geneva-based firm said the deal fell apart because IXE didn't pay up.

While Banque Cramer & Cie fulfilled all of its contractual obligations, IXE Capital Bahamas failed to pay the agreed consideration on theclosing date. Cramer's parent firm said in a statement.

IXE Capital Bahamas is therefore in breach of agreement.

The subsidiary will remain as an independently-managed part of Cramer, the bank said.

Embarrassing Echoes

In the fallout of the failed Cramer deal, Garcia Alvarez will have spent any shred of credibility he still had in Swiss banking after the Arner episode, where he left potential partners like renownedSwiss banker Michael Baer in the lurch.

The collapse of the Cramer deal suggests that Garcia Alvarez is no longer as solvent as he once claimed to be. The failure of the deal, entirely preventable, has embarrassing echoes of Arner.

There, Garcia Alvarez reportedly tried to pass off unstamped gold to Switzerland's regulator as bank capitalization which Finma didn't accept.

Go here to read the rest:

IXE Bahamas Bank Bid Crashes - finews.com

The latest colorway of theAnta KT 2 hits close to home for Klay Thompson. Known as theAnta KT 2 Bahamas, this bold look on the KT 2 is inspired by the island paradise that hold a very special place in Klays heart since that is where Klays dadbegan influencing and shaping the person and player that Klay is today.

Klay Thompson spent his childhood inthe Bahamas and now he has a shoe that helps him reminisce of those times. Coming in a soft Turquoise and White color scheme, the choice of hues is inspired by thecrystal waters and cloud-sprinkled sky of the Bahamas. Also taking the time to pay homage to his father, the shoe features Chinese characters on the inside of its tongue that translate to Wise schooling has produced excellence beyond the teacher. The follower has surpassed the master.

Klay Thompson will look to defendhis 3-point championship this Saturday while also taking part in the NBA All-Star game on Sunday. Do you think theres a good chance hell be wearing these during wither of the days? Said to be available now, look for theAnta KT 2 Bahamas at select ANTA stockists.

via: ANTA

Available Now on Kixify & eBay

Originally posted here:

Will Klay Thompson Wear The Anta KT 2 Bahamas During NBA All-Star Weekend? - KicksOnFire.com