Bahamas News

PwC Global Launches 21st Global CEO Survey

Published

6 years ago

January 30, 2018

Switzerland, 30 January 2018 – Davos – A record-breaking share of CEOs are optimistic about the economic environment worldwide, at least in the short term. That’s one of the key findings of PwC’s 21^st survey of almost 1,300 CEOs around the world, launched today at the World Economic Forum Annual Meeting in Davos. Fifty seven percent of business leaders say they believe global economic growth will improve in the next 12 months. It’s almost twice the level of last year (29%) and the largest ever increase since PwC began asking about global growth in 2012.

Optimism in global growth has more than doubled in the US (59%) after a period of uncertainty surrounding the election (2017: 24%). Brazil also saw a large increase in the share of CEOs who are optimistic global growth will improve (+38% to 80%). And even among the less optimistic countries such as Japan (2018: 38% vs. 2017: 11%) and the UK (2018: 36% vs. 2017: 17%), optimism in global growth has more than doubled since last year.

“With the stock markets booming and GDP predicted to grow in most major markets around the world, it’s no surprise CEOs are so bullish,” comments Bob Moritz, Global Chairman, PwC.

Nick Haywood, PwC Turks and Caicos Territory Leader, said: “We are hoping that economic prospects as just as positive based on the CEO Survey results, especially after the devastating blows from the recent hurricanes that ripped through the Caribbean and their resulting economic effects,” said Nick Haywood, Territory Leader, PwC Turks & Caicos. “Rebuilding after the hurricane related disruptions, along with the positive economic outlook for the U.S and North America markets, can affect mended and improved economic activity and national economy over the medium term.”

Impact of technology on employment and skills a concern

CEOs say that helping employees retrain, and increasing transparency on how automation and AI could impact jobs is becoming a more important issue for them.

Two thirds of CEOs believe they have a responsibility to retrain employees whose roles are replaced by technology, chiefly amongst the Engineering & Construction (73%), Technology (71%) and Communications (77%) sectors.

The digital and automation transition is particularly acute in the Financial Services sector. Almost a quarter (24%) of Banking & Capital Markets and Insurance CEOs plan workforce reductions, with 28% of Banking & Capital Markets jobs likely to be lost to a large extent due to technology and automation.

Confidence in short-term revenue growth on the rise

This optimism in the economy is feeding into CEOs’ confidence about their own companies’ outlook, even if the uptick is not so large. 42% percent of CEOs said they are “very confident” in their own organisation’s growth prospects over the next 12 months, up from 38% last year.

Looking at the results by country, it’s a mixed bag. CEOs’ outlook improved in several key markets including in Australia (up 4% to 46%) and China (up 4% to 40%), where the share of CEOs saying they are “very confident” in their own organisation’s 12-month growth prospects rose.

In the US, CEOs’ confidence has recovered. After election nerves last year, the early focus on regulation and tax reform by the new administration has seen confidence in business growth prospects for the year ahead rising significantly – from 39% in 2017 to 52% in 2018. And North America is the only region where a majority of CEOs are “very confident” about their own 12-month prospects.

In the UK, with Brexit negotiations only recently reaching a significant milestone, business leaders’ drop in short-term confidence is unsurprising (2018: 34% vs. 2017: 41%).

The top three most confident sectors for their own 12-month prospects this year are Technology (48% “very confident”), Business Services (46%) and Pharmaceutical and Life Sciences (46%) – all exceeding the global “very confident” level of 42%.

Strategies for growth remain largely unchanged on last year’s survey – CEOs will rely on organic growth (79%), cost reduction (62%), strategic alliances (49%) and M&As (42%). There was a small increase in interest in partnering with entrepreneurs and start-ups (33% vs 28% last year).

Top countries for growth: Confidence in US continues, reinforcing lead on China

CEO confidence in the US market extends overseas, with non-US based CEOs once again voting it the top market for growth in the next 12 months. This year, the US reinforces its lead on China (46% US vs 33% China, with the US lead over China up 2% compared with 2017).

Germany (20%) remains in third place, followed by the UK (15%)n fourth place, while India bumps Japan as the fifth most attractive market in 2018.

Jobs and digital skills: headcounts to increase; leaders concerned about availability of digital talent

Confidence in short-term revenue growth is feeding into jobs growth, with 54% of CEOs planning to increase their headcount in 2018 (2017: 52%). Only 18% of CEOs expect to reduce their headcount.

Healthcare (71%), Technology (70%), Business Services (67%) Communications (60%) and Hospitality and Leisure (59%) are amongst the sectors with the highest demand for new recruits.

On digital skills specifically, over a quarter (28%) of CEOs are extremely concerned about their availability within the country they are based, rising to 49% extremely concerned in South Africa, 51% in China and 59% in Brazil.

Overall, 22% of CEOs are extremely concerned about the availability of key digital skills in the workforce, 27% in their industry and 23% at the leadership level.

Investments in modern working environments, learning and development programmes and partnering with other providers are the top strategies to help them attract and develop the digital talent they need.

Threats to growth: CEOs fear wider societal threats they can’t control

Despite the optimism in the global economy, anxiety is rising on a much broader range of business, social and economic threats. CEOs are ‘extremely concerned’ about geopolitical uncertainty (40%), cyber threats (40%), terrorism (41%), availability of key skills (38%) and populism (35%). These threats outpace familiar concerns about business growth prospects such as exchange rate volatility (29%) and changing consumer behaviour (26%).

Underlining the shift, extreme concern about terrorism doubled (2018: 41% vs 2017: 20%) and terrorism enters the top 10 threats to growth. The threat of over-regulation remains the top concern for CEOs (42% extremely concerned), and over a third (36%) remain concerned about an increasing tax burden.

Key skills availability is the top concern for CEOs in China (2018: 64% extremely concerned vs. 2017: 52%). In the US (63%) and the UK (39%), cyber has become the top threat for CEOs displacing over-regulation. And in Germany, cyber jumped from being the fifth threat in 2017 to third place (28%) this year.

A year after the Paris Agreement was signed by over 190 nations, which saw countries commit to voluntary action on climate change and low carbon investment, CEOs’ concern about the threat of climate change and environmental damage to growth prospects has now doubled to 31% of CEOs (2017: 15%).

High-profile extreme weather events and the US withdrawal from the Paris Agreement have significantly raised the profile of business action on climate risk, regulation and resilience. In China, over half (54%) of business leaders are extremely concerned about climate change and environmental damage as a threat to business growth, equal with their levels of concern about geopolitical uncertainty and protectionism.

Trust and leadership: CEOs divided over whether future economic growth will benefit the many or the few

Echoing the theme of the World Economic Forum this year, CEOs acknowledge that we live in a fractured world. They are divided over whether future economic growth will benefit the many or the few. They see the world moving towards new, multifaceted metrics to measure future prosperity.

Examining the key challenges to trust for businesses, CEOs admit that delivering results in shorter periods of time (60%) is the main challenge. However, following this, there is a significant shift with the majority reporting higher levels of pressure to hold individual leaders to account (59%), including for misconduct. Over a third report more pressure from employees and customers to take political and social stances (38%) in public.

In the Banking and Capital Market (65%), Healthcare (65%) and Technology sectors (59%), the profile of leadership accountability was higher than average. So too were expectations in the US (70%), Brazil (67%), and the UK (63%). High-profile debates on diversity, immigration, social inclusion and pay equity have raised employees’ expectations of leadership to engage in political and social issues, particularly in the US (51%), China (41%) and the UK (38%).

Bahamas News

Freeport Business Expo to connect Grand Bahama businesses and entrepreneurs to expert resources

Published

5 days ago

April 27, 2024

Deandrea Hamilton

Grand Bahama Port Authority, Limited

April 29, 2024 – Freeport, The Bahamas – In line with its mission to create a stronger, more connected Freeport economy, the Grand Bahama Port Authority, Limited (GBPA) is pleased to share details of the upcoming Freeport Business Expo: Tourism Edition, taking place on Thursday, May 2, 2024 at the Grand Lucayan Convention Center in Grand Bahama.

“As the GBPA continues its work to attract investors to Freeport, we offer this showcase of local and international businesses offering services and opportunities to potential and existing licensees,” stated Ian Rolle, GBPA President. “This Expo will not only connect unique international service providers with Bahamian entrepreneurs aiming to introduce new tourist attractions, but also bring together financing institutions to support Bahamian-owned start-ups and existing businesses in the industry.”

The emphasis on tourism at the 2024 Expo ensures that those in tourism-focused businesses are certain to benefit. The event will offer opportunities to meet potential business partners, gain insight on financial opportunities, engage with leaders in workshops and one-on-one sessions, and get answers on starting a Freeport business and obtaining a GBPA license.

“We regularly host community business expos,” said Glendia Sweeting, Manager of Quality Assurance and Special Projects. “But we recognize the significant benefit of an expo focused on enhancing tourism business offerings through connecting international service providers and Bahamian entrepreneurs. We have more than thirty local and national exhibitors taking part on May 2^nd, along with several international service providers.”

Multiple investment projects currently in progress and planned in the city of Freeport is creating anticipation for existing and potential entrepreneurs and this expo is geared towards preparing them for these opportunities. “Grand Bahama is going to experience a significant growth spurt in the next one to three years. I would strongly encourage everybody who wants to get involved in business to look at Grand Bahama as one of the top choices, especially over the next three years,” said Mr. Rolle.

The Expo opens on Wednesday, May 1^st with a welcome reception from 6:00 p.m. to 8:00 p.m. A full day of learning and networking opportunities follows on Thursday, May 2^nd. GBPA’s partners in the Freeport Business Expo include:

Grand Bahama Island Promotion Board
Ministry for Grand Bahama
Grand Bahama Chamber of Commerce
Ministry of Tourism
Bahamas Immigration
Bahamas Customs
Five Star Shipping Company
Viva Wyndham Fortuna
Bahamas Air
Grand Lucayan Hotel

Registration for access to the Expo’s exhibitors is free, and all-access passes are available for purchase. Event details and registration information may be found at freeportbusinessexpo.com.

Bahamas News

Pacesetting Cohort of Eleuthera Residents Graduate from Leading Light Programme

Published

6 days ago

April 26, 2024

Shanieka

Office of University Relations

22^nd April 2024

Eleuthera, THE BAHAMAS – A pioneering cohort of 43 Eleuthera residents graduated from the University of The Bahamas’ (UB’s) free Leading Light Programme, sponsored by Disney Cruise Line (DCL) on Friday 19^th April, 2024.

The programme, launched in February 2024 and delivered through UB’s Continuing Education and Lifelong Learning (CeLEARN), offers a series of courses to ensure Eleuthera has a proficient workforce capable of delivering unparalleled hospitality leadership as the island experiences a sharp growth in tourism arrivals. The graduation ceremony was held at the Eleuthera Chamber of Commerce Business Hub in Rock Sound, Eleuthera.

The courses focused on tourism and hospitality skills, leadership development and effective communication. They were taught by UB faculty and included guest lecturers such as former Director General of Tourism, Minister of Tourism and Secretary General of the Caribbean Tourism Organization Vincent Vanderpool Wallace and veteran hospitality professor Dr. Lincoln Marshall.

“This programme represents the mission-driven collaboration and skills-building that University of The Bahamas is committed to fostering, supported by an important industry partner like Disney Cruise Line,” noted UB President (Acting) Janyne Hodder. “Given the importance of the tourism industry to our nation, we know how vital it is that we continually equip our workforce with diverse expertise to uphold our reputation for excellence in hospitality. We are grateful for this collaboration with Disney Cruise Line which has facilitated programme delivery in Eleuthera, enabling UB to broaden access to much sought-after professional development.”

As training and skills development programming grows across the island of Eleuthera, the Leading Light Programme experience was tailored to be free of charge, accessible and conclude with participants earning a UB certification that signals the high standard of education for which the University is recognized. Students came from all walks of life and traveled from as far away as Hatchet Bay in the North, and Bannerman Town in the South to Rock Sound for classes. Programme participants also received a stipend to defray the cost of commuting and other personal expenses.

Nora Smith, a manager at the picturesque Jack’s Bay Club, yearned to increase her skills.

“I would recommend this programme to anyone because The Bahamas is known as a tourism destination. Taking this course in tourism and hospitality, can help me to go far in dealing with tourists daily in my workplace,” she said.

Graduate Javonne Richards appreciated the comprehensive curriculum and the ease of access to the courses that were offered.

“This programme not only fills a gap in our Eleuthera education offerings, but also equips participants with the tools and knowledge needed to thrive in dynamic work environments,” he noted.

Director General of Tourism Mrs. Latia Duncombe, who delivered the keynote address at the graduation ceremony, shared three essential qualities for successful tourism professionals: energy, creativity and a welcoming personality.

“Your fresh perspectives and innovative ideas are invaluable to creating unique, unforgettable customer experiences,” said Mrs. Duncombe. “While technology such as Artificial Intelligence, also have a role to play, human interaction remains essential.”

Minister of Works and Family Island Affairs and Member of Parliament for Central and South Eleuthera the Honourable Clay Sweeting commended the partnership that is supporting community growth.

“I am proud of every Eleutheran who came from near and far to take advantage of this opportunity,” said Minister Sweeting. “As Eleuthera’s economy continues to grow, especially in Central and South Eleuthera, I encourage more corporate partners to invest in the local community in innovative ways, like the University of The Bahamas and Disney Cruise Line have, so that we can continue to strengthen our local communities.”

Two additional cohorts will be offered this year, increasing the pipeline of Eleutherans who are optimally skilled as hospitality and tourism ambassadors. Registration for the summer programme will open on May 17 and the second cycle of courses begins June 17, 2024. Fall programme dates are September 23 through November 29, 2024. To learn more about the Leading Light Programme and how to enroll, please email atynes@eleutherahambercommerce.com.

Bahamas News

Royal Caribbean to open Royal Beach Club on Paradise Island in 2025

Published

6 days ago

April 26, 2024

Shanieka

FOR IMMEDIATE RELEASE

April 24, 2024

By LINDSAY THOMPSON

Bahamas Information Services

NASSAU, The Bahamas – The Government entered into a Heads of Agreement with Royal Caribbean International, followed by a Ground Breaking Ceremony for the construction of Royal Beach Club on Paradise Island, at an estimated $165 million.

The agreement was signed on Monday, April 22, 2024 during a press conference at the Office of the Prime Minister.

According to Deputy Prime Minister and Minister of Tourism, Investments and Aviation the Hon. Chester Cooper, the project will further enhance the tourism product, on the heels of an estimated 9 million visitor arrivals.

He deemed it “an eventful day” with a reliable partner in RCI of more than 50 years with The Bahamas, and the continued confidence that investors have in the tourism product and economy.

He said it is a partnership with “excellence experiences” as he delighted in the fact that there will be more for the 25,000 cruise ship guests in port.

Also on hand for the activities to seal the agreement were Prime Minister and Minister of Finance the Hon. Philip Davis; Minister of Health and Wellness, the Hon. Dr. Michael Darville; Minister of Energy and Transport, the Hon. JoBeth Coleby-Davis; Attorney General and Minister of Legal Affairs, Senator the Hon. Ryan Pinder; Director of Investments Phylicia Woods-Hanna; executives of Royal Caribbean International and Royal Caribbean Group, and other officials.

“With the signing of this Heads of Agreement for the development of the Royal Beach Club on Paradise Island, we embark on a $165 million project to further enhance the vitality of our tourism product,” the prime minister said.

Spearheaded by RBC Paradise Island Ltd. and PDI Paradise Ltd., subsidiaries of Royal Caribbean Cruises Ltd., the project will galvanize entertainment and recreational offerings for Bahamians and visitors alike.

The master plan for the Royal Beach Club includes pools, cabanas, and Bahamian boutiques, offering an unparalleled on-shore experience for visitors.

“This development will prove to be a monumental step forward for Bahamian inclusion in major tourism projects that will serve as a model for others to emulate,” the prime minister said.

The prime minister then underscored the importance of what the project would mean for Bahamians in the broader scope of things.

An estimated 200 jobs will be created for Bahamians. However, an opportunity is being provided for shared ownership in this development.

It is anticipated that PDI Paradise Ltd. will hold at least 51% of the shares in the Royal Beach Club, with the remaining 49 % shares being allocated to the National Investment Fund for the benefit of Bahamians.

“Through this partnership, we will provide new employment and economic opportunities for this nation. Local businesses will see their share of opportunities as well. There will be Bahamian boutiques creating avenues for small business ownership,” the prime minister said.

The project will also encompass a joint venture with a Bahamian-owned entity for the operation of a water taxi business; it will provide transportation options for guests of the Royal Beach Club, as well as other attractions in Nassau Harbour – enhancing accessibility while creating additional avenues for economic growth within the community.

“Ultimately, this project will largely be run by Bahamians, owned by the Bahamian people, and supported by Bahamian businesses.

“When we talk about the need to ensure that major tourism projects are primarily for the benefit of the Bahamian people, these are the kinds of opportunities that we are talking about,” the prime minister said.

He observed that the Royal Beach Club represents the latest successful chapter in the story of Paradise Island’s growth as a tourism mecca. Initial negotiations for the project began under the previous administration. Royal Club Beach is expected to open in 2025.

“By signing today’s agreement, we add another world-class experience to our tourism offerings. And even more importantly, we take a bold step toward greater Bahamian empowerment in the tourism industry. This is our nation, and we must ensure that, first and foremost, our service industries serve us,” the prime minister said.

He concluded, “We are more optimistic than ever before about our economic prospects with tourism leading the way as our number one industry that continues to grow at a record-breaking pace.

At the ground breaking site just west of the Atlantis Resort, officials tilled the soil, marking the beginning of the construction process.

Jason Liberty, president, and CEO of Royal Caribbean Group said that events regarding the agreement “symbolize partnership, momentum, and continued economic development for so many Bahamian entrepreneurs and the entire community.

“We are grateful to our partners for their support, especially the Bahamian government, who stand with us here today in celebration of what is to come.”