Now this is a prime example of Bahamian stupidity and the narrow-minded tunnel vision of the John Rolle and the Central Bank. They are sitting on a tool that could open up the entire Bahamian economy. It could put our currency back into the ballpark of hard currency and make us player in international trade. Why not bring Exumians into the modern digital age and become world leaders? They are not forward thinking enough to create a B$ to USD$ exchange digitally and make us entrepreneurs in global finance and trade. There is no hope even if we have an opportunity to lead the world.
Posted 29 December 2019, 12:15 p.m.
>Simply paying higher wages for the same low level of productivity in a lousy business environment only results in job layoffs, a higher cost of living and further contraction in an already severely distressed economy.
This is totally true. To grow the Bahamian economy, Foreign Direct Investment must create economic drivers that causes the money to stick to the Bahamian economy, instead of shipping the profits to foreign headquarters. This never happens for things like tourism which creates low level service jobs while maximising Return On Investment for the foreigners who ship all of the newly created capital out of the country. There is little economic offset for low level service jobs.
The Bahamian economy must be diversified to economic activities that allows re-investment of profits into the local economy and infrastructure. How? We must open up the closed Bahamian economy to professional & technical people and businesses, to make it dead easy to come and start a local business with an international scope. Our Ease-of-Doing-Business is atrocious. Our restriction of professional services to Bahamians kills entrepreneurial activities. Our government is notoriously archaic and inefficient while the mandarins believe that they hold the keys to wisdom and economic knowledge.
There is a model that we can follow, but we are too stupid to follow. Take a look at Cayman Enterprise City. A business can be established, with work permits for all, within 48 hours, and no import duties for a year. Over 100 businesses have been created in the Cayman Islands in the past year, employing Caymanians in non-service jobs. Throw out the bureaucracy, open the doors, bring in a breath of fresh air with new talent, and new businesses and join the world in free trade, commerce, and innovation. But alas, we are too stupid to see the answers right in front of us. We have nothing to lose and everything to gain. But it won't be done. We are just too ignorant of modern economics and our politicians are too ego-driven and proud. Moving quickly in the right direction is not a Bahamian cultural trait and thus we remain unenlightened.
Posted 29 December 2019, 12:10 p.m.
@moncurcool Yes it is true that there is a 7 year rule for work permits, but that doesn't result in more work for Caymanians. During those seven years, the employers send the workers on training courses and various certifications courses, upgrading their skills to the point where they no longer fit their original job description. At the end of 7 years, there is a re-organization and the original job is made redundant and upgraded to another similar position, but with the requirement of the courses and certifications that the existing permit holder has taken in the past 7 years. Since technically it is not the same job, there is no requirement for a Caymanian to take their place, because the job doesn't exist anymore. I know of a Cayman company that has a department with 9 people and 5 of them are now promoted to Head of a sub-department. (Head of Client Management, Head of Discretionary Trading, Head of Algorithmic Trading, etc). They all started there as regular employees but were made department heads just before their work permits came up for renewal. They don't have people under them, but they are now department heads, and have project management certifications to prove it.
Posted 27 December 2019, 2:43 p.m.
Nope. Cayman has launched over 150 blockchain companies, most in Fintech without such government 'interference'.
Posted 18 December 2019, 12:34 p.m.
Posted 18 December 2019, 12:30 p.m.
RBC Caribbean has been quietly on the block for years.
Posted 17 December 2019, 11:51 a.m.
The system is garbage. Go to the main page and right-click to view page source. It is a template downloaded from the internet about printing.
Posted 16 December 2019, 1:05 p.m.
you are a demented, sick, twisted inhumane man for making a comment like that.
Posted 16 December 2019, 1:03 p.m.
LOL - guided by the Holy Spirit! I think that a chickcharney would make a better spiritual guide.
Posted 12 December 2019, 11:08 a.m.
Actually, if the interest is compounded, the amount is slightly in excess of $829,000. The Tribune has done just a simple interest calculation, but if the interest is yearly, it should be compounded on the amount owing + interest owing.
Posted 5 December 2019, 4:42 p.m.
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