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TOURISM Minister Obie Wilchcombe yesterday expressed serious concern over the impact increasing crime levels could have on the Bahamas’ reputation as a global tourist destination
TOURISM Minister Obie Wilchcombe said yesterday he was hopeful that the Government would get the Gaming Bill on its legislative calendar for January, telling Tribune Business: “We have to get it done.”
THE BISX-All Share Index increased by 4.47 per cent for the nine-month period ending September 30, 2013, indicating that a modest stock market recovery continued. In its statistical report for the January to September period, the Bahamas International Securities Exchange (BISX) said the All-Share Index’s closing at 1,406.38 represented a year-to-date increase of 60.12 or 4.47 per cent.
The Bahamas Oil Refining Company (BORCO) has held its second annual Oil Spill Response training seminar in Grand Bahama.
THE regulatory framework to govern The Bahamas’ petroleum sector will be a “priority” in 2014 according to a key Cabinet minister, who told this newspaper, “We’re just fine tuning what we have”.
THE Bahamas appears poised for a “much better year” on the foreign direct investment (FDI) according to State Minister for Investments Khaalis Rolle, who noted that several hotel/resort developments in particular were expected to materialise in the new year.
A LEADING domestic airline said that it is coming off an “exceptionally good Christmas” with load factors averaging as high as 85 per cent for the period, and its CEO reiterating calls for the government to rethink its decision to levy 15 per cent Value-Added Tax (VAT) on domestic air transportation.
THE Bahamas’ construction sector appears to be in a “dismal situation” according to one local contractor, charging that “prohibitively expensive” closing costs have caused the demand for new home construction to dwindle significantly.
AN award winner is celebrating after collecting a clutch of trophies.
The Bahamas Motor Dealers Association’s (BMDA) president believes new vehicle sales could follow St Lucia’s lead and slump 30-35 per cent post-VAT, warning: “Some of us will not survive.”
Marathon Bahamas organisers are projecting the 2014 event will again generate close to 2,000 hotel room nights, providing a much needed boost for the resort industry.
Orchid Bay’s manager feared he would lose everything he had worked for if Royal Bank of Canada (RBC) called in its $1 million debenture, having kept the 203-acre Abaco property “open and operating by whatever means” available.
Ex-February Point employees received an early Christmas present after its prospective new owner paid off $380,000 worth of debts, with the property’s sale projected to complete early in the New Year.
The sales process for New Providence’s South Ocean resort is expected to conclude next month, with the Government said to be pressurising its Canadian pension fund owner to accept a New York developer’s “incredibly good offer”.
OCCUPANCIES at Out Island resorts for the Christmas period and into the New Year appear to be mixed, with one major property forecasting strong performance, while another said its guest business was in the
Bank of the Bahamas’ (BOB) managing director has reassured customers and its 4,000-plus shareholders that it has a robust capital position matched by adherence to “sound banking principles that are consistently tested and validated by internal and external authorities to ensure the highest standards of prudence.”
The US government has urged that Resorts World Bimini’s attempt to save its night-time cruises be dismissed, at it is asking the courts for permission “to violate [US] law to maximise profit and reduce losses from bad business decisions”.
Bahamian commercial banks suffered a further credit quality deterioration in November, as delinquent loans increased by $23.5 million to a new $1.343 billion record.
One group of liquidators for an alleged multinational Ponzi fraud yesterday denied claims they would not recognise investors who placed $217 million into it via a Bahamian broker/dealer.
Resorts World’s $150 million Bimini expansion project is set to benefit from a ‘double casino tax break’, after the Government permitted it to deduct airport and island infrastructure upgrade costs from these payments.
An Abaco development’s receiver is alleging that operational revenues were not being deposited into its bank accounts, while lot sales to clear a previous debt may have been more than five times’ undervalued.
Bloomberg TV anchor, Adam Johnson, is a featured speaker at the Bahamas Financial Services Board’s (BFSB) 2014 International Business & Finance Summit (IBFS), scheduled for January 23-26 at Sandals Emerald Bay Resort in Exuma.
BUSINESS for many Bay Street retailers this Christmas season was described yesterday as being “fair”, with some merchants lamenting that the continued lack of adequate parking in the downtown district continues to deter Bahamian shoppers.
A panel discussion at the Bahamas Financial Services Board’s (BFSB) 2014 International Business and Finance (IBFS) Summit will focus on Bahamian women in the global workforce and the impact they are having.
A well-known businessman has told his retail staff to begin looking for new jobs before the business closes by mid-2014, blasting: “We are not doing VAT.”