03162017 business

Page 1

business@tribunemedia.net

THURSDAY, MARCH 16, 2017

$4.20

$4.24

$4.22

$4.23

Bahamas in $40m Bahamas ‘nears foreign property a socialist state’ buyer ‘outflows’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Bahamas has suffered two consecutive years of $40 million-plus net real estate outflows due partly to the exit of foreign buyers, the Central Bank’s governor confirmed yesterday, with inward investment flows falling to $163.2 million in 2016. John Rolle, expanding

on a Monday presentation he gave to the Young President’s Organisation (YPO), told Tribune Business that net property purchases by foreign buyers fell into the negative for both 2015 and 2016. “Net property purchases/ sales were -$42.2 million and -$49.9 million in 2015 and 2016, respectively,” the Central Bank governor said in e-mailed replies See pg b6

Chamber: Labour law reforms may be ‘ultra vires’ Act By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Chamber of Commerce last night reiterated concerns that the National Tripartite Council (NTC) may have violated its own founding Act by failing to get “unanimous” agreement on the controversial labour law reforms before they were tabled in the House of Assembly yesterday. The Chamber, in a statement that emphasised the private sector’s deeply-rooted, widespread concerns over the changes (see other articles on Page 1B) to the Employment and Industrial Relations Acts, argued that the reforms “should not be promoted as having been recommended by the NTC”. Tribune Business understands that the Chamber is especially unhappy that the two amending Bills are being portrayed as unanimously agreed and approved by the National Tri-

Bills ‘can’t be promoted’ as unanimously agreed Warns changes will ‘cripple, bankrupt’ businesses Calls for halt to Parliament passage partite Council, when one of its three member bodies - the private sector - was opposed to virtually all the proposals. It is understood that the proposed changes to the Employment and Industrial Relations Acts, which underwent their first House of Assembly reading yesterday, came solely from the two other stakeholders - the trade unions and the Government, via the Department of Labour. “Unfortunately, the Bills were drafted and tabled without the unanimous See pg b10

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Net foreign real estate buys in negative for 2 years Central Bank governor confirms foreign ‘divestment’ Foreign investment down 35% to $163m in 2016

The Bahamas “is becoming a socialist state”, an outspoken FNM candidate said yesterday, blasting the Government’s decision to move ahead with controversial labour law reforms as “madness”. Dionisio D’Aguilar, the party’s Freetown candidate in the upcoming election, told Tribune Business that the proposed changes to the Employment and Industrial

Relations Acts would only “make it harder” to cut the 25-30 per cent unemployment rate among young Bahamians. Speaking after Shane Gibson, minister of labour and national insurance, tabled Bills to change both laws in the House of Assembly yesterday, Mr D’Aguilar, who owns and runs the Superwash laundromat chain, warned they would deter Bahamian businesses from hiring. Acknowledging that the Government would likely

D’Aguilar blasts labour law reform ‘madness’ Govt ‘making it harder’ to cut 2530% youth jobless Urges: Make it easier to hire, not raise labour costs

See pg b6

Businesses ‘crippled’ by 2/3 redundancy pay rise By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Outraged Bahamian employers yesterday slammed the Government’s decision to press forward with union-friendly labour law reforms, including a 67 per cent increase in redundancy pay, as “crippling” individual businesses and the wider economy. The private sector was united in its condemnation after the Christie administration tabled in Parliament amendments to the Employment and Industrial Relations Act that give trade unions virtually eve-

Outraged employers unite against labour reforms Hotels: Govt ‘undermining our stability’ ‘Populist’ Govt ‘damaging the economy further’ rything they demanded. Robert Myers, a business owner and principal with the Organisation for Responsible Govern-

ance (ORG), described the changes, which went through their ‘first reading’ in the House of Assembly, as “crazy” and “ridiculous”. He warned that they would further undermine the Bahamas’ economic competitiveness and ‘ease of doing business’, while the increased costs and bureaucracy associated with redundancy will deter businesses from hiring. Mr Myers, a former Chamber of Commerce president, argued that the amendments would ultimately be self-defeating efforts, as the increased private sector reluctance to invest and hire will frustrate

efforts to reduce a ‘double digit’ unemployment rate that was 11.6 per cent in November 2016. The Bahamian hotel industry, which is especially impacted by redundancies due to tourism’s seasonality and vulnerability to global economic cycles, was particularly strident in its criticism, warning that the reforms threaten to “undermine” the sector’s “sustainability” and deter investment in this nation’s economy. The Bahamas Hotel and Restaurant Employers Association (BHREA), which represents major resorts See pg b7

Industrial Tribunal still lacking ‘teeth’ By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A trade union leader yesterday said that while the planned changes to the Employment and Industrial Relations Acts were “a step in the right direction”, the Industrial Tribunal still has not been given sufficient “teeth”. Obie Ferguson, the Trades Union Congress’s (TUC) president, told Tribune Business that despite the tabling of amendments to both Acts in Parliament yesterday, there were still several labour concerns not covered. “The point that is missing is that we wanted the Industrial Tribunal to have more teeth,” he explained. “For example, to grant an injunction, the present Tribunal cannot do that or enforce its own judgment. “If you want to enforce a judgment of the Tribunal you have to make an ap-

TUC boss says labour reforms don’t go far enough Bemoans ‘choice’ on redundancy pay, gratuity

Obie Ferguson plication to the Supreme Court to have it enforced. Presently, the Tribunal cannot impose a first industrial See pg b4

STANDARD SIZE CGI WINDOWS IN STOCK Premier Dealer

Most extensive line of Windows, Doors, Entrance Doors & Hurricane Shutters

325-6633/4 | email. sales@stormframewindows.com | website. stormframewindows.com


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.