HCA cannot be legally torn up. Nor do we wish to tear it up. The free trade zone that it created is a real asset to the economy of the entire Bahamas if managed productively. The issue is not the Agreement. The issue is its governance.
If you don't believe me, ask the east and south Asian countries that modelled their economies after it and surpassed us in development.
Denying the extensions on 3 concessions does not change the governance structure. The HCA runs until 2054 unless 4/5 of Licensees agree orherwise.
As for the role that a senior manager plays in the affairs of the company, management has taken day-to-day instructions directly from the shareholders from the time it was privatized. The Board is a thing of fantasy.
Relatively speaking, the last 22yrs have been wasted. There are a combination of reasons with blame to be had by government(s), GBPA shareholders, and us citizens who keep waiting on a ssaviour.
Extensions are necessary but extensions alone will not put the city back to work. There must be a return to the ease of doing business if decades ago (subject to current standards). This cannot exist under national or municipal governance practices of the last few decades.
The benefit of a free trade zone is the ability to compete on a global basis for business that would otherwise not site itself here. That is a real benefit whose concept gets mixed up with the concept of FDI in the rest of The Bahamas which is based on ecologogical resources specific to The Bahamas (tourism). One will exist within the country regardless of incentives, the other has real alternatives.
We seem oblivious to how we generate wealth that eventually gets shared with all citizens..
"Yet it gave no encouragement, especially to the Government and all Baha Mar’s creditors and laid-off employes, that the search for a buyer would bear fruit any time soon."
Stating that they are funding upkeep and seeking an investor who can manage the entire resort is encouragement. They have as much to lose as we do.
They are like 3 blind mice when it comes to their 7.5% equity share. They are confused about what they got paid for and GBPA shareholders have no reason to straighten them out. I am advised that the money they received was for their 7.5% share of the assets that were transferred out of GBPA not for their 7.5% share of GBPA. They still own that share.
As for transfer of regulatory powers, the shareholders and government can agree a transfer of GBPA shares from one shareholder to another without consent of Licensees but it cannot strip GBPA of its powers and give them to other entities without consent of 80% of Licensees.
“We understand that XL agreed to provide coverage under the policy unless it provided written notice of cancellation or non-renewal of the policy consistent with the requirements of the policy.
“Further we understand that if XL intended to renew the policy, XL would provide written notice of renewal terms and a statement of the premium whether actual or estimated, not less than 30 days prior to policy expiration.
“Our client received no notices falling within the requirements of the policy, which would initiate cancellation or non-renewal of the policy before November 9, 2014,” the letter from Diplomat Aviation’s lawyers added.
dfitzerl says...
A cruise port at the end of the osland does not take advantage of any synergies on GB. Fix the reason you can't site it where it truly needs to be.
On PM slams Ingraham Gov’t on Hutchison GB port monopoly
Posted 21 February 2016, 2:37 p.m. Suggest removal
dfitzerl says...
Agreed
On GBPA ‘shadow of former self’
Posted 21 February 2016, 2:32 p.m. Suggest removal
dfitzerl says...
HCA cannot be legally torn up. Nor do we wish to tear it up. The free trade zone that it created is a real asset to the economy of the entire Bahamas if managed productively. The issue is not the Agreement. The issue is its governance.
If you don't believe me, ask the east and south Asian countries that modelled their economies after it and surpassed us in development.
On Freeport suffers ‘12 years of ineptitude’
Posted 21 February 2016, 2:22 p.m. Suggest removal
dfitzerl says...
It amazes me how people extrapolate. Not having to enrol in nhi does not automatically mean not having to contribute to it.
When they explicitely state that I will believe it. Not until.
On Gov’t makes NHI ‘non-mandatory’
Posted 21 February 2016, 2:16 p.m. Suggest removal
dfitzerl says...
Denying the extensions on 3 concessions does not change the governance structure. The HCA runs until 2054 unless 4/5 of Licensees agree orherwise.
As for the role that a senior manager plays in the affairs of the company, management has taken day-to-day instructions directly from the shareholders from the time it was privatized. The Board is a thing of fantasy.
On ‘Extraordinary’: Concern over $400k Sir Jack overdraft rise
Posted 13 February 2016, 6:40 p.m. Suggest removal
dfitzerl says...
Relatively speaking, the last 22yrs have been wasted. There are a combination of reasons with blame to be had by government(s), GBPA shareholders, and us citizens who keep waiting on a ssaviour.
Extensions are necessary but extensions alone will not put the city back to work. There must be a return to the ease of doing business if decades ago (subject to current standards). This cannot exist under national or municipal governance practices of the last few decades.
The benefit of a free trade zone is the ability to compete on a global basis for business that would otherwise not site itself here. That is a real benefit whose concept gets mixed up with the concept of FDI in the rest of The Bahamas which is based on ecologogical resources specific to The Bahamas (tourism). One will exist within the country regardless of incentives, the other has real alternatives.
We seem oblivious to how we generate wealth that eventually gets shared with all citizens..
On ‘Get Freeport back to work’
Posted 13 February 2016, 6:13 p.m. Suggest removal
dfitzerl says...
"Yet it gave no encouragement, especially to the Government and all Baha Mar’s creditors and laid-off employes, that the search for a buyer would bear fruit any time soon."
Stating that they are funding upkeep and seeking an investor who can manage the entire resort is encouragement. They have as much to lose as we do.
On Baha Mar financier confirms Bahamian creditor slippage
Posted 6 February 2016, 12:52 p.m. Suggest removal
dfitzerl says...
They are like 3 blind mice when it comes to their 7.5% equity share. They are confused about what they got paid for and GBPA shareholders have no reason to straighten them out. I am advised that the money they received was for their 7.5% share of the assets that were transferred out of GBPA not for their 7.5% share of GBPA. They still own that share.
As for transfer of regulatory powers, the shareholders and government can agree a transfer of GBPA shares from one shareholder to another without consent of Licensees but it cannot strip GBPA of its powers and give them to other entities without consent of 80% of Licensees.
On Gov’t seeks GBPA stake in tax break ‘trade off’
Posted 5 February 2016, 10:43 p.m. Suggest removal
dfitzerl says...
The noisy vessel has never lost a HCA case against government. I know who my money would be on
On Gov’t faces ‘pre emptive strike’ over Freeport
Posted 3 February 2016, 7:29 p.m. Suggest removal
dfitzerl says...
“We understand that XL agreed to provide coverage under the policy unless it provided written notice of cancellation or non-renewal of the policy consistent with the requirements of the policy.
“Further we understand that if XL intended to renew the policy, XL would provide written notice of renewal terms and a statement of the premium whether actual or estimated, not less than 30 days prior to policy expiration.
“Our client received no notices falling within the requirements of the policy, which would initiate cancellation or non-renewal of the policy before November 9, 2014,” the letter from Diplomat Aviation’s lawyers added.
On Munroe plane 'was uninsured'
Posted 17 December 2014, 10:13 p.m. Suggest removal