THE TRIBUNE
Thursday, February 8, 2018, PAGE 3
Bank exit, money flows to boost local ownership By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A BAHAMIAN businessman says the weekly multi-million dollar money flow through the Family Islands, coupled with commercial bank exits, has created an opportunity for greater local ownership in the financial services sector. Barry Malcolm, chief executive of SunCash, an agent of Western Union, said the Canadian-owned banks will continue to reduce their physical/branch footprint in the Bahamas and only operate in areas where they are profitable. “Millions in Bahamian dollars
are moving through all the islands,” he said. “The money has to move. It was moving via the gaming houses. The banks left, a void was created and filled by the gaming houses, but it was unregulated and it has to be regulated because of the concerns about blacklisting.” Mr Malcolm, speaking at the Business and Marketing Community Institute (BMCI) meeting on Tuesday night, added: “The banks are leaving - and will continue to leave - because each of the banks must continue to achieve a certain yield every year. “Looking at the shrinking of the banks’ presence in the Bahamas, my business partner and I saw an
opportunity. These banks are not going to stop reducing their footprint, although they are going to continue to operate in areas where they are profitable.” Mr Malcolm said that he and Desmond Pyfrom, the company’s chief technology officer, built-up the SunCash money transfer business. SunCash is one of Western Union’s three agents in the country, the others being Money Maxx and Grace Kennedy Money Services. Mr Malcolm said the Western Union franchise is but a small fragment of the company’s business model. “We built a platform that enables the movement of money if you want to send money, request money or
pay bills,” he said. “What we are doing could only have been done with technology. I am proud that the technology platform we built to solve this problem was designed by Bahamians.” Mr Malcolm cited taxation as the biggest challenge faced in trying to launch the money transfer business. “The biggest challenge I have faced trying to launch the business I’m involved with is the challenge of taxation. I’m not talking about NIB or VAT; I’m talking about the taxation of trying to get the things I should get anyway done to run a business. That is a reality. That is a cost. That cost is significant to me as a businessman,” he added.
Bahamas promoted at key travel shows THE Ministry of Tourism took advantage of the cold US winter to promote the Bahamas at two major east coast travel shows. The Travel and Adventure Show, in Washington D.C., and the New York Times Travel Show were used to showcase this nation’s attractions to consumers from its core east coast markets. Both shows typically attract 20,000 attendees, drawing persons from Virginia, Maryland, Delaware and even Philadelphia. The New York Times event attracts visitors from areas such as Newark, Connecticut and even parts of Philadelphia. The Bahamas
has been a frequent exhibitor at these events, and the message at the New York Times Show emphasised the Family Islands’ beauty and diversity. Large numbers of attendees visited the Bahamas booth to take photos with costumed Bahamas Carnival models, as well as others who were body painted. In addition to the consumers and travel agents, the New York Times event attracted numerous bloggers, many who took to social media to share on the Bahamas with hashtags including #bahamas, #newyorktimestravelshow, #itsbetterinthebahamas
#travelshow. The DC Travel and Adventure Show showcased Bahamian culture. A group of Bahamian Junkanoo performers took to the Show’s Global Beat Stage, and gave a demonstration of the annual event. They featured the instruments used to provide the musical sounds, and provided a brief history of Junkanoo. During the two shows, the Bahamas’ marketing teams also raised awareness of direct airlift and promoted the upcoming seasonal flights to Freeport with Vacation Express, which will begin this summer from Balti more and Newark.
PUBLIC AUCTION M/V “TENDER TOO”
NOTICE To be sold by Public Auction pursuant to the Order of the Honourable Madam Justice Indra Charles, Justice of the Supreme Court of the Commonwealth of The Bahamas, dated the 20th July, 2017 in Supreme Court Action number CLE/gen/01476 of 2015. The Motor Vessel, Tender Too, is presently docked at the Hurricane Hole Charter Dock, Paradise Island (under the old Bridge), on the Island of New Providence and has the following particulars:Description:- LUHRS Length:- 32 feet Engine:- Caterpillar 300 HP (Details without guarantee)
T H E S H O P S AT C A B L E B E A C H O F F I C E / R E TA I L 1,245 SQ. FT. HIGHLY SOUGHT AFTER SPACE NOW AVAILABLE FOR LEASE I WITHIN WALKING DISTANCE TO BAHAMAR, GROCERY STORES AND MANY RESTAURANTS IN THE CABLE BEACH AREA I CALL TODAY TO VIEW
EMAIL: morleyrealty@morleyrealty.com | CALL 242-394-7070
WONG’S PLAZA RETAIL
EAST BAY SHOPPING CENTRE OFFICE / RETAIL
895 – 3,135 SQ. FT. GROUND FLOOR SPACES AVAILABLE I HIGH TRAFFIC AREA I LOTS OF PARKING I GOOD VALUE I GREAT ACCESS AND VISIBILITY
1,344 - 1,500 SQ. FT. PARKING WITH DUAL ENTRY AND EXITS I EASY ACCESS TO OR FROM PARADISE ISLAND AND DOWNTOWN I HIGHLY DESIRABLE LOCATION
ROBINSON ROAD PLAZA RETAIL
MADEIRA PLAZA OFFICE / RETAIL
994 SQ. FT. AFFORDABLE AND CENTRALLY LOCATED I IDEAL SHOP SPACE I BUSY AREA I CONVENIENT CUSTOMER PARKING I CALL TODAY TO VIEW
1,835 SQ. FT. WELL MAINTAINED PLAZA I HIGH TRAFFIC AREA I JUST LISTED FOR LEASE I CALL TODAY TO VIEW
NORFOLK HOUSE OFFICE / RETAIL
BAY AND PARLIAMENT STREET OFFICE / RETAIL
590 SQ. FT. GROUND FLOOR LOCATION I STANDBY GENERATOR I PARKING NEARBY I FOUR STOREY OFFICE BUILDING LOCATED ON FREDERICK STREET
978 SQ. FT. UPSTAIRS LOCATION I HISTORIC DOWNTOWN BUILDING I NEAR TO BANKS, CRUISE PORT AND DOWNTOWN RETAIL
The above particulars and any further particulars that may be given with regard to the motors vessel are and will be given in good faith, but no responsibility and/or liability will be accepted for their accuracy. Purchasers must make their own independent enquires. Interested persons may view the vessel on Thursday, the 15th day of February, A.D., 2018 between the hours of 9:00 a.m. and 4:00 p.m. The Auction will be held on Friday, the 16th day of February, A.D., 2018 at 10:00 a.m. to 2:00 p.m. Place: Hurricane Hole Charter Dock, Paradise Island (under the old Bridge). The winning bidder must present Twenty-five (25%) of the purchase price/ deposit at the time of the winning auction. The balance is to be paid within Twenty-one (21) days thereafter. All deposits are non- refundable. The Provost Marshall reserves the right to reject any and all bids.