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TUESDAY, APRIL 11, 2023
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Courier firm refutes closure, tax arrears By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters
‘Ground breaker’ insurance for $2bn mangrove system • Bahamas benefits most from storm surge barrier • Insurer: This is something for World Bank take up • Ecosystems to save nation $306m over 10 years
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas stands to benefit most out of all hurricane-prone Western Hemisphere nations from investing in the $2bn worth of natural storm surge protection provided by its mangrove ecosystems, it has been revealed. A series of reports produced by The Nature Conservancy (TNC) and its partners, exploring the feasibility of creating a mangrove insurance product for this and other nations, found that The Bahamas enjoys the highest benefit-to-cost (BCR) ratio of any location in the
region - including Florida and Mexico - when it comes to funding the preservation and post-storm restoration of these ecosystems. The Bahamas’ BCR ratio was pegged at 1.52, higher than both Mexico (1.47) and Florida (0.36). A BCR higher than one, according to the study, means that the benefits from financing mangrove placement and restoration significantly outweigh the costs involved given the natural barriers they provide to protect housing, businesses and other key coastal infrastructure from the worst effects of storm surge and flooding during a major hurricane.
The reports also assessed whether there was sufficient interest in, and appetite for, the structuring and development of a mangrove insurance product that would finance the upkeep and restoration of key ecosystems in The Bahamas. The TNC said it they assessed the feasibility of a “first-of its-kind mangrove insurance policy that can be groundbreaking for coastal protection in The Bahamas”, although it conceded that much more work is required to make this a reality. Anton Saunders, RoyalStar Assurance’s managing director,
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A COURIER company has refuted reports it is closing its Bahamian operation while also dismissing suggestions that the move was sparked by outstanding tax arrears owed to the Government. Jean Williams, described as Blue Postal’s registered agent in corporate filings with the Florida state authorities, told Tribune Business that “reports in the media are wrong” about the company closing its Bahamas-based operations. This was despite a widely-circulated letter that last week informed clients its Bahamian operations had been experiencing challenges that “drastically affected” their service. As a result, the company had decided to wind down the Bahamian entity and instead customers will have to clear their shipments through other local couriers. “Here at Blue Postal we are accustomed to delivering a standard of excellence to our customers. Over a period of time, we have experienced
challenges which have drastically affected our service lines and our ability to serve you at the standard to which you are accustomed to,” the notice read. “After much review and consideration, we have decided to wind down our clearance/courier arm of our Bahamas operations and provide an alternative shipping option locally through other couriers (freight forwarders) to make your packages available for collection. This alternative option will also include the transfer of Customs fees to these couriers to facilitate clearance of your packages.” Blue Postal said it would provide a list of couriers for people to choose from. “Once you select a courier, please reach out to that courier for information regarding how to collect your package as they will be responsible for your shipment once it arrives in Nassau. We will make the list of couriers available by Thursday, April 6,” the company said. “We know that your packages are important to you and we are working to make this a smooth
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Only margin increase will ‘get us over the finish line’
Village Road: ‘Don’t drag out’ relief for roadworks
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
VILLAGE Road businesses are urging the Government to “not drag out” the provision of tax breaks and other financial compensation for their roadworks “nightmare” with some firms preparing individual damages claims.
BAHAMIAN petroleum retailers yesterday reiterated that a margin increase is “definitely what’s needed to get us over the finish line” as they voiced optimism that this week’s meeting with the Government will achieve a solution all can live with. Raymond Jones, the Bahamas Petroleum Retailers Association’s (BPRA) president, told Tribune Business that while gas station operators are still waiting on a definitive time and date from the Davis administration he has “no doubt” that the two sides will meet given that they have already been contacted by the latter. Speaking after Michael Halkitis, minister of economic affairs, last week said the Government is assessing separate proposals from the retailers and wholesalers (Esso, Rubis and Shell), he added that gas station operators were confident they have “made our case” for a margin increase equivalent to a 7 percent increase in the cost of landed fuel given that many are already “in the red”. Mr Jones told this newspaper that “2 percent would probably do” if the petroleum
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Gov’t generates $6m surplus for January By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government generated a modest $6m Budget surplus during January 2023, which enabled it to enjoy a rare month when its direct debt actually shrank albeit only by $8.5m. The Ministry of Finance’s fiscal report for the first month
Branville McCartney, the former Democratic National Alliance (DNA) leader, told Tribune Business that his Halsbury Chambers law firm was in the process of drafting a letter to Alfred Sears KC, minister of works and public utilities, setting out its case for $250,000-plus in compensation after an “outage” completely “knocked out” its
SEE PAGE B5 of the calendar year, which typically marks the start of the richest revenue quarter for the Government, disclosed a second monthly surplus for the 20222023 fiscal year following Julys $41.3m. A surplus means that the Government earned more in taxes and other revenue than it actually took in for the month. Total revenues, aided by $132.1m in VAT collections, stood at $266.9m while January’s total expenditure came in at $260.9m. The VAT figure represents December payments, including the peak Christmas sales period,
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