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Graycliff yesterday said it had preserved 25 per cent of its cigar business by reaching “a happy compromise” over the Government’s tax policies, a move that will allow it to continue domestic sales.
The Bahamas’s country risk premium “is going up”, a leading investment analyst warned yesterday, revealing that the Government’s recent $300 million bond issue had increased the interest coupon on its longer-term debt.
TOURISM Minister Obie Wilchcombe said yesterday the Government was viewing a Mexican group as the front-runner to become the new casino operator at the Memories Grand Bahama Beach and Casino Resort.
Value-Added Tax’s (VAT) introduction will likely increase the Bahamas’ country risk profile for both investors and local firms, a KPMG executive yesterday warning it would “impact returns” on investment.
The Judicial Review challenge to Bimini’s controversial cruise ship dock “lives to fight another day”, after the Court of Appeal yesterday granted its environmental backers a seven-day extension in which to file their appeal against the initial Supreme Court ruling.
TOURISM officials yesterday conceded it was “critical” that Freeport’s airport fuel and handling costs, which are 126 per cent higher than Caribbean rivals, are reduced within the next “three to six months” to sustain the sector’s growth and make it truly competitive.
The Lynden Pindling International Airport (LPIA) this week won a second industry title, earning the 2014 Routes Marketing Award for airports serving under four million passengers.
A Grand Bahama Port Authority (GBPA) co-owner yesterday said it was proposing to make the Grand Bahama Power Company’s (GBPC) performance and efficiency reports available publicly to enhance transparency.
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The Government will receive final recommendations on who it should select as the preferred bidder(s) for the Bahamas Electricity Corporation (BEC) by mid-March, with the he Utilities Regulation and Competition Authority (URCA) earmarked to become the energy sector’s new regulator.
Graycliff was yesterday locked in ‘make or break’ talks with the Ministry of Finance, having disclosed to Tribune Business that it would stop selling its trademark cigars locally if the Government did not amend its new Excise Tax policy.
Peter Nygard has assessed the still-closed Port Lucaya Resort and other Freeport-based sites as potential locations for a stem cell clinic, a move that has met with “100 per cent backing” from one of his biggest critics.
THE BAHAMAS Electricity Corporation’s (BEC) executive chairman yesterday slammed his own government’s energy reform process, saying there was “absolutely no need” to split the monpoly provider into two .
Hutchison Whampoa “has fallen miserably short” on Grand Bahama, a well-known attorney yesterday urging it to “step up to the plate” and correct the “management disasters” that have resulted in many of its investments failing.
Warnings that the Bahamas Oil Refining Company’s (BORCO) cash flow might be “materially affected” if Freeport’s expiring investment incentives are not renewed were yesterday said to underscore how the city risked becoming “a lame duck”.
The Bahamas-based Nastac Group is aiming to establish a relationship with ACCA (Association of Chartered Certified Accountants) that will see it provide certification courses .
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The Caribbean Export Development Agency (Caribbean Export) hosted a regional private sector consultation meeting at the Radisson Resort, Barbados, on February 14.
United Airlines has announced it will offer new Saturday and Sunday non-stop service, between its Washington-Dulles International Airport hub and Nassau, from June 7 and August 17, 2014.
THE Bahamas Electricity Corporation’s (BEC) balance sheet remains in “serious trouble”, its executive chairman yesterday saying more than $125 million in accounts receivables remain outstanding.
Senior fishermen believe the face of the industry is changing, telling Tribune Business that with a younger generation being attracted to the profession it is no longer being viewed as the “last rung on the ladders”.
The Exuma Chamber of Commerce’s president yesterday expressed hope that February Point’s new owners would follow through with all their plans, arguing that the island’s capital “desperately needs to be redeveloped”.
Investors in the Public Hospitals Authority’s (PHA) $45 million bond issue will this week finally receive their subscription confirmations, Tribune Business can reveal, after “sloppy” errors in the offering document were corrected.
A US-based company is planning to invest $3.5 million in setting-up a regional bio-bank centre in the Bahamas, with the inaugural laboratory set to employ between 12-14 people. Dr James A Manganello, chairman of Boston-based Provia Lab, an operation that offers dental stem cell banking services in the US and other countries, confirmed it was in the process of establishing Provia Laboratories Bahamas.
The union representing Sandals Royal Bahamian’s line staff would have been “converted into a toothless bulldog” had an injunction preventing it from taking strike action been allowed to persist, the Supreme Court has found.