01092024 BUSINESS AND FEATURES

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business@tribunemedia.net

TUESDAY, JANUARY 9, 2024

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‘Another kick in the teeth’: GB to lose 100 PharmaChem jobs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE loss of more than 100 wellpaid jobs through PharmaChem Technologies’ Friday shutdown was last night branded “another kick in the teeth” for Grand Bahama’s struggling economy. James Carey, the Grand Bahama Chamber of Commerce president, told Tribune Business the pharmaceutical manufacturer’s closure revelation had taken him by “total surprise” and raised fears that “something has gone terribly wrong” with its recent $400m expansion. With the move “putting a damper” on renewed late 2023 optimism that Grand Bahama’s economy is poised for a turnaround, he suggested it must have also come as “a real shock” to the company’s workforce, who were only informed via Zoom call yesterday afternoon that they will be unemployed in three days’ time. “That’s a total surprise. I didn’t expect that,” Mr Carey told this newspaper. “PharmaChem has just spent millions on creating a new plant to begin a new manufacturing process. This comes as a complete surprise really. “There’d been no indication of problems coming out of

South Andros utilities branded ‘a hot mess’ By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net SOUTH Andros residents and business owners yesterday branded the area’s utilities and physical infrastructure as a “hot mess” that is undermining commerce. Julian Gibson, owner of Eula Nixon Convenience Store and Last Stop Gas Station, said residents have become frustrated over both the level of service and crumbling infrastructure. He explained that he hasn’t received Internet or landline phone service since a pole was knocked over four months ago, while the Bahamas Telecommunications Company (BTC) office in the area is closed. “People are frustrated because everything is falling apart in South Andros. The BTC office is closed; I haven’t gotten Internet in three or four months. Every couple of days I have to buy a data plan,” he said. “The land line, somebody knocked down a BTC lamp pole about four months ago, so there’s no land phones in the area. It’s like everything is crashing down in South Andros.” Mr Gibson said the water supply is disconnected for several hours in the morning, and these issues even led to school closures last year. As for Bahamas Power & Light (BPL), he said he believes the staff on the island are doing a “great job” with outdated equipment. “The water is off in the mornings for a couple hours. In September, the beginning of school, they had to shut down for a few days because there

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t %SVH NBOVGBDUVSFS UP DFBTF PQFSBUJOH 'SJEBZ t (PW U MBCFMT mSN T DMPTVSF BT AIFBSUCSFBLJOH t 'FBS N FYQBOTJPO AHPOF UFSSJCMZ XSPOH PharmaChem. I was trying to message some folks to find out some information and didn’t get any replies. There’s some talk that the [manufacturing] process; they may have had some issues with the process going on on the ground. “For Grand Bahama it’s just another kick in the teeth. I’ve personally been upbeat on Grand Bahama and the prospects for 2024, and we’ve hardly begun the year when here we go again. There’s no control over private enterprises; they must do what they have to do, but we can’t get a start.” Mr Carey said that while “there’s other developments coming on

stream”, such as Carnival’s $500m Celebration Key cruise port; Weller Development’s $250m Six Senses resort; and the Grand Bahama Shipyard’s near-$600m investment in two new docks, “they will take time” to come to fruition and fully transform a Grand Bahama economy that continues to struggle in escaping its recent stagnation. “It just seems to put a damper on things all of a sudden,” the GB Chamber chief told Tribune Business of PharmaChem’s imminent closure. “While some people may say it’s only 100 jobs, 100 jobs in the Freeport market is a lot, particularly when they are well-paid jobs. “There seems to be more to it than the announcement. It just can’t be that simple. Something has gone terribly wrong. Something has gone awry, and it’s hard to determine what that is.” This newspaper understands that up to 120 jobs will be terminated come Friday this week. PharmaChem itself provided no details on what has driven it to start winding down its business with effect from yesterday, with operations set to totally cease from Friday, January 12. The company, which was not entertaining media inquiries yesterday, would only say it “has faced unprecedented challenges that have

FNM chief: Ensure GB still perceived as ‘fertile ground’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s leader yesterday called on the Government to urgently dispel any notion that PharmaChem Technologies’ “devastating closure” was caused by local ease of doing business impediments. Michael Pintard, also the MICHAEL PINTARD Marco City MP, told Tribune Business that the Davis administration must “combat the perception that Grand Bahama is not fertile ground for future investment” after the pharmaceutical producer announced it will cease operations this Friday with the loss of 120 jobs (see main article). While there were signs last night that PharmaChem’s closure has resulted from company-specific challenges, he added it was vital to maintain investor and business confidence in Grand Bahama by clarifying that “none of the local” ease of doing business factors has driven the shutdown. “It is our hope that both the Grand Bahama Port Authority (GBPA) and the Government will move quickly to speak to this issue, and investors both

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SEC claiming ‘intimidation’ of Bahamian whistleblower By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net US regulators have accused the principal of a now-defunct Nassau broker/dealer of seeking to intimidate a Bahamian whistleblower and “threaten his livelihood”. The Securities & Exchange Commission (SEC), in filings with the south Florida federal court, slammed Guy Gentile, head of Swiss America Securities, for “continued sharp litigation tactics” in seeking to prevent 11,000 e-mails possessed by his former chief compliance officer, Philip

Dorsett, from being used as evidence against him. The exchief of Swiss America Securities, which GUY GENTILE subsequently operated under the names SureTrader and Mintbroker International, has now made a second bid to dismiss this evidence centred on a “small” group of e-mails that Mr Dorsett incorrectly stated were “deleted” when he was cross-examined last year.

The e-mails in question involve communications with Mr Gentile and SureTrader’s lawyers that are attorney/client privileged, meaning they cannot be used as evidence at trial or before a court. Among the e-mails involved in the dispute are those sent to, and received from, Philip Davis KC, who acted as the former broker/ dealer’s Bahamian attorney prior to becoming Prime Minister. Tribune Business previously reported how Mr Davis, who was then-Opposition leader, acting on Mr Gentile’s behalf filed a successful Judicial Review challenge

Pineapple revival ‘not as easy as throwing $2.5m’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN pineapple farmer yesterday warned that the Governments ambitions to revive this agricultural niche will “not be as simple as just throwing $2.5m at it”. Stephen Wrinkle, whose family grows around 20,000-25,000 plants on Eleuthera, told Tribune Business that the promised financing is “great but certainly not everything in agriculture” as he warned it needs to be accompanied by training and investment in supporting facilities such as testing laboratories. Speaking ahead of Thursday’s town meeting in Governor’s Harbour, which the Ministry of Agriculture and Marine Resources hopes will provide a springboard to resuscitate pineapple farming and attract young people to invest in the sector, he backed the Government’s

objectives but argued that achieving them will achieve more than just providing money. “A lot of this is lack of knowledge at the local level,” STEPHEN Mr Wrinkle told this WRINKLE newspaper. “We don’t have the expertise here to do these things. We don’t have a laboratory here to do soil analysis and tissue samples. It’s a fact. We don’t have the laboratory facilities here with the expertise attached to that to improve the harvest we’re now getting... “You go down to Potter’s Cay and look at the typical crops that come in, and very few of the collection you see in the food stores. This presents a problem for marketing. These are frustrating obstacles that must be overcome in we

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