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CARICOM’s founding treaty could provide the basis for a Bahamas-based regional arbitration centre, bringing the local economy “full circle” by supporting financial services, trade and industry.
The web shop industry has issued close to $100 millionworth of mortgages that are outside the Central Bank’s regulatory purview, a leading consultant to the industry yesterday adding that this was costing commercial banks $500,000 in fees per annum.
The Minister of Housing yesterday said it would be “irresponsible” for him to use the Bahamas Mortgage Corporation to finance the Government’s affordable homes programme, conceding that its cash-strapped status had proven “a tremendous challenge”.
A Cabinet Minister yesterday expressed hope that his Ministry’s agreement with Bahamian realtors would pave the way for “an explosive housing sector”, and ultimately help cut the 7,000-8,000 strong waiting list for affordable housing.
The Bahamas is aiming to complete its FATCA Intergovernmental Agreement (IGA) this coming Tuesday when a high-level team visits Washington, a Cabinet Minister yesterday disclosing this nation was pushing for another key product to be exempt from reporting requirements.
The Hard Rock Cafe franchise’s liquidator yesterday suggested its remaining assets were dwarfed by liabilities owed to creditors, and warned the Bahamas was “shooting itself in the foot” by not providing greater protection to workers.
Bahamian realtors believe their new agreement with the Ministry of Housing is “pregnant with opportunity”, as they yesterday expressed concern about the island Land Use Plans imposed by recent planning legislation.
Some might question the value of writing on the importance of employees taking vacation time and seeking opportunities to refresh themselves.
The Bahamas risks falling behind in the fast-growing aviation sector, which accounts for $107 billion in regional revenue, if it does not keep pace with other countries that are making it easier and more attractive to do business, a local aviation law expert has warned.
FREEPORT’S free trade zone status and the Grand Bahama Port Authority (GBPA) are not in violation of any World Trade Organisation (WTO) membership rules, a Cabinet Minister says, arguing that the Bahamas could be significantly disadvantaged compared to regional counterparts if it does not join up.
The University of the West Indies and the Bahamas Institute of Financial Services (BIFS) are co-operating on the creation of a Caribbean Centre of Excellence for Financial Services.
THE legislative reforms designed to revitalise the Bahamas’ small and medium-sized (SME) business sector is now ready, a Cabinet Minister said yesterday, adding that steps were being taken to ensure the draft Bill was “compatible” with the country’s long term strategic development plan.
The developers behind a proposed $1.5 million mixed-use Bay Street property believe they are “pioneers for downtown Nassau real estate” by bringing residential living back to the city’s heart.
The Bahamas has yet to fully satisfy the Caribbean Financial Action Task Force (CFATF) that its anti-money laundering/counter terror financing regime meets the required standard, with this nation remaining on “regular follow up” monitoring.
Downtown Nassau’s revitalisation “remains on track” despite the Hard Rock Cafe’s collapse into liquidation, the organisation leading this effort yesterday saying over 100 new restaurant and bar jobs had been created since 2008 despite the recession.
The Government’s plan to outsource collection of $557 million in unpaid real property tax to the private sector will “end in disaster” if not well thought-out, the principal of a Bahamian debt collection agency has warned.
The proposed Value-Added Tax (VAT) assessment process could “potentially cripple a business” if has to pay an inaccurate sum to the Treasury for months, creating a “huge potential injustice”.
Night fights will start arriving on Bimini today, marking completion of another phase in Resorts World’s $150 million investment on the island.
Focol Holdings (FOCOL) has elected a new board of directors.
A sustainable energy plan is needed to transform the industry, a prominent environmental attorney yesterday suggesting the Bahamas has a “long way to go” with regards to much-needed reform.
Scotiabank’s senior vice-president and head of the Caribbean region, Bruce Bowen, along with Scotiabank (Bahamas) managing director, Sean Albert, have paid a courtesy call on Prime Minister Perry Christie.
PRIME Minister Perry Christie yesterday confirmed the Government was looking to roll back the new and increased taxes levied on Freeport in the 2013-2014 Budget, emphasising that the administration was “flexible” on the matter.
If you are new to the world of websites, you might have overheard the expression ‘Web hosting’ and questioned its meaning. In its simplest form, a website host is really just a computer connected to the Internet that offers space storage, connectivity and typically enables websites to be viewed by Internet users 24 hours per day.
A Cabinet Minister said yesterday that a Bahamian international arbitration centre would be built around the “three pillars” of trade, maritime and financial services, confirming that a Memorandum of Understanding (MoU) had been finalised for domestic arbitration.
A leading Wall Street rating agency yesterday would “not exclude the possibility” that the Bahamas could lose its ‘investment grade’ rating, indicating that it wanted to see a comprehensive fiscal reform package by the 2014 third quarter.