Researching what's being done in other markets would provide a useful case study for what can be done here. The way Uber entered and operates in Colombia is effective. They were operating in a legal grey space for some time. There is more than one way to skin a cat. A lot of Bahamians are very interested in this development, because it truly would benefit us.

UBER has integrated well with taxi drivers in many other developing countries similar to The Bahamas. And in other countries….no integration yet they still exist (check out Brazil). Our tourist experience (especially those on the cruise ships) would expand so much with the ease of transportation beyond just taxis. This is a win/win for everyone. Hope ALL stakeholders are considered in this (especially us locals that want easier access to public transport).

Nahh...character still matters Mr. White. It aint always about how they treat you, it's about how you react, because that's what you could control. Trust me...whether you apologize or not; many now are solidified in understanding the kind of person you are (regardless of your political affiliation). Sometimes, you just have to rise above instead of showing your hand.

This issue is not unique to UB but has become globally common since ChatGPT expanded several years ago. Many other universities across the globe have found ways (and created tools) to balance the scale with this. UB is behind the 8-ball again if it is just now taking action. AI tools are the next evolution in education, just as when we shifted from the library/physical encyclopedia to the proliferation of the internet.

Two things can be true at the same time here:

[1] Fernander is correct that it is incredible that so many companies above $ 5 million weren't already getting audits. It's just good business practice to ensure your financials are well structured and in a good state for you as a business owner to know how things are. Having audited financials are the pinnacle foundation for that. The Companies Act does require companies to keep proper accounting records; however,

[2] There has never been a forced incentive or requirement for many privately owned businesses to have audits. The Companies Act doesn't state to what level of detail accounting records should be properly kept. So many private businesses meet the minimum requirements, especially when the business owner is heavily involved in the operations and can get reasonable comfort for internal management accounts & records. Not all businesses have obligations to the banks that require audits. The reality is that many businesses have to balance operational needs with costs. An audit is an additional cost AND strain on resources and time (and not to mention painful); so many businesses would opt not to do it if they didn't have to. And up to now, they didn't have to.

It seems companies are being given a bit more grace this lap to get things in order; I hope that continues now that we see the realties of how difficult this new regulation is on the business community.

Correct, Mr Bowe is not in a position to give an unbiased opinion about the situation.
While hearing about the small issues with his particular bank, there are multiple other financial institutions in The Bahamas, and several of them did not fare as lightly as RF did.

I think Friday's disruption was a sharp reminder that the push for a completely cashless society is severely flawed and needs to be less aggressive. There should be a middle ground to push for cashless transactions while still recognizing that cash is still king and should remain an option for the general public.

A good example here is the cashless hotel on Baha Mar boulevard that severely inconvenienced its guests because there were no procedures in place to adapt to accepting cash in hand when the systems went down. Going cashless is an operational choice, but one that shouldn't be all in, for precisely this reason: "the power and the internet ain't always going to be on"

I would be interested in seeing the breakdown of that $100M by consumer type. Place them in three buckets (government / commercial / residential). Outstanding receivables are $100M, but the suggested approach for collection seems skewed toward residential consumers. Do residential consumers make up the bulk of the arrears? Is there a different tactic to collect from commercial consumers?

This is true about VAT. However, (in my personal opinion from dealing with the process) VAT is not being collected properly from stakeholders. The amount that the government receives probably represents 60% of what is truly due. A major factor for this is the slack practices regarding collection and inspection. If this is cleaned up, along with the reduction, then they can see better returns.

LOL. This is always an entertaining part of the process. Chill everyone. Remember, these numbers are self-declared and not verified when reported.

Unpopular opinion --> secular Bahamian artists are not entitled to be selected by the government for independence celebrations. Yes, it would be nice, but let's be clear, the government doesn't owe these artists that. We're not talking about constitutional rights here. In this case, I think this is a 'Read The Room' type situation. After the year we have had with COVID-19 and being on the brink of financial ruin; I would be a little salty if I see the government using money to have a grand vivacious celebration as if the sky isn't close to falling. Just my opinion.