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The Government is aiming to raise a collective $68.5 million in extra revenue this fiscal year from some of its more controversial Budget increases, amid suggestions yesterday that global banking reforms had contributed to the external reserves slippage.
CIBC FirstCaribbean International Bank (Bahamas) has taken a $12.2 million one-time hit over the restructuring plan that will ultimately make 66 staff redundant, with some $5.953 million allocated to severance pay alone.
Regulators are proposing to place the Bahamas Telecommunications Company (BTC) on a ‘level playing field’ with its main rivals on fixed-line call termination charges over a 90-day period, “promptly removing” a long-standing complaint of the incumbent carrier.
COLINA Holdings (Bahamas) Limited enjoyed a 21.4 per cent year-over-year increase in net income, and a $22.3 million asset base growth 2013.
THE developers behind Eleuthera’s French Leave resort yesterday said they hope to start construction on another four hotel cottages this May, estimating that investment in the project will hit $10-$12 million by year’s end.
The Ministry of Tourism and its partners sought to improve airlift to the Bahamas as they met with airline representatives over two full days of meetings at the Routes Americas conference in El Salvador.
Prime Minister Perry Christie and Deputy Prime Minister Philip Davis have met with businesswoman and philanthropist, Shari Arison, owner of the Arison Group.
A Ministry of Tourism official said yesterday that the Bahamas was having great success in negotiations to generate increased airlift capacity to Nassau/Paradise Island, telling Tribune Business it was assessing the best opportunities to maximise visitors arrivals.
Most people would agree that hiring is one of the more challenging parts of running a business. Hiring a sales team member is even more challenging because you are interviewing people who are supposedly good at selling.
Too many companies are failing to maintain their Information Technology (IT) systems, a service provider arguing that they are neglecting the engine of most modern businesses.
A leading businessman believes the legalisation of web shop gaming will be “a game changer” for the Bahamian economy and government finances, and called on ‘legitimised’ numbers operators to help “self-police” the sector.
While the Bahamas is unlikely to suffer “major dislocation” in its financial services sector over the next two years, a top QC believes further attrition is likely, and warned: “This is an industry we simply cannot go to sleep on.”
The Government will realise just over half of its projected Value-Added Tax (VAT) net revenue increase in the first year, the International Monetary Fund (IMF) has warned, with forecast increases in Customs and real property taxes also over-optimistic.
The Central Bank of the Bahamas asked the Government to undertake $400 million worth of foreign currency borrowing this fiscal year to alleviate concerns over a “steady decline” in external reserves.
A failure by Baha Mar to deliver on the projected 10 per cent stopover arrival increase is among the greatest risks facing the Bahamian economy, the International Monetary Fund (IMF) warning that expected 2.8 per cent economic growth in 2015 would “not materialise” if this occurred.
The Government will strengthen the Consumer Protection Department to ensure Bahamians are not exploited by businesses illegally collecting Value-Added Tax (VAT) from their customers, Ministry of Finance official Lucine Mingo told teachers at Government High School recently.
The Government and Central Bank are “sceptical” that further interest rate cuts will boost commercial bank lending, with private consumption by Bahamians having “declined for the fifth consecutive year”.
THE Water and Sewerage Corporation (WSC) is aiming to focus solely on its “core function” once it transfers economic regulation to the Utilities Regulation and Competition Authority (URCA), and the Ministry of the Environment assumes its environmental regulatory powers.
MIYA, the water efficiency solutions provider, is “well ahead”of its 2014 performance targets under its Non-Revenue Water (NRW) reduction contract with the Water & Sewerage Corporation, having created 132 jobs inclusive of its core team and contract workers.
More than 70 UBS (Bahamas) will be impacted by the closure of its private banking unit over the next 10 months, with the Swiss banking giant promising the Government it would “minimise” local lay-offs.
The Bahamas has “boxed itself in” by delaying fiscal reform until it reached “crisis point”, a leading accountant arguing that new taxes should be been introduced “10 years ago” when the economy was booming.
Opponents of Bimini’s controversial cruise ship dock have switched tactics, filing a Supreme Court summons seeking permission to drop Resorts World Bimini and its affiliates as defendants in its Judicial Review action.
A well-known businessman yesterday called for a ‘fiscal rule’ where the Government’s debt-to-GDP ratio cannot exceed 65 per cent, arguing that increased revenues had to be accompanied by spending discipline.
A top accountant yesterday urged the Government to replace the “disastrous” Business Licence fee with a corporate income tax, warning that the current system discouraged growth and investment.
By NATARIO McKENZIE