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By NATARIO McKENZIE
Value-Added Tax (VAT) could result in the expansion of the ‘black economy’, a leading chief executive has warned, plus undermine consumer spending and the retail economy.
Crowley’s decision to exit the Bahamian shipping market was driven “110 per cent by competition”, the Arawak Port Development Company’s (APD) chief executive said yesterday, while revealing that the collective cargo capacity to Nassau was currently 52 per cent empty.
The Arawak Port Development Company’s (APD) chief executive yesterday admitted that Bahamian importers had a “fair concern” about an increase in shipping rates following Crowley’s pull-out, but maintained that there were still “sufficient” carriers serving the market.
Philip Keeping and Troy d’Arville, the Furniture Plus chief, will have to wait 30 months to be paid for their collective 37 per cent stake in an Orlando communications firm, due to government-imposed conditions on its acquisition by Cable Bahamas.
Cable Bahamas is predicting that its almost $100 million worth of US acquisitions will triple annual revenue and operating income growth rates beyond what it would achieve if its activities remain confined to this nation.
CRACKING down on smuggling and counterfeit goods will boost sales volumes for legitimate retailers, the Minister of Financial Services said yesterday.
THE CENTRAL BANK intends to issue its draft Credit Reporting Bill for public consultation before the end of summer 2013, its governor has confirmed.
THERE is a “tangible” link between the smuggling of tobacco products and organised crime, it was stated yesterday, with one executive claiming that smugglers were likely to sell at prices 50 per cent below legitimate vendors as they are not paying taxes.
Former Barbados prime minister, Owen Arthur, will address the Grand Bahama Chamber of Commerce this Monday on his country’s experience with Value-Added Tax (VAT).
The Government has agreed “in principle” to a Heads of Agreement (HOA) with the nation’s taxi drivers, which will allow the industry to be owned and controlled entirely by franchise holders and potentially enable it to access $250 million in funding.
Contractors are bracing for a further 10 per cent increase to construction material prices after the only shipping company providing direct service to the Bahamas from Jacksonville last night confirmed it would pull out come early August.
The Water & Sewerage Corporation was unable to hold Consolidated Water accountable for “numerous contractual breaches” because it owed the BISX-listed firm more than $8 million in defaulted payments.
The Government will “not be relinquishing control” of the Tonique Williams-Darling Highway landfill, a Cabinet Minister has confirmed, although private sector involvement in waste-to-energy is going to be allowed.
ATLANTIS is aiming to expand and upgrade at least three of its existing eateries, and potentially introduce a new restaurant concept, within the next 12-18 months.
A well-known Cable Beach eatery is set to be re-opened as a high-end Italian restaurant by its new owner, Tribune Business can reveal.
The Andros-based Tiamo Resort yesterday announced its affiliation with Small Luxury Hotels of the World.
The Bahamas will be challenged to hit its 2.7 per cent GDP growth projection for 2013 if it fails to produce an “above average” second half, the Central Bank of the Bahamas’ governor has warned.
Cable Beach homeowners are furious that a ‘webshop’ is seemingly relocating to their residential area, fearing it will undermine property values and result in increased traffic accidents.
Happy Independence, Bahamas! We are now 40 years into Independence....March On Bahama Land.
RENOWNED celebrity chef and restaurateur, Todd English, said his latest Olives restaurant was aiming to capitalise on Atlantis’s “late night business”, adding that its three-meal-a-day menu should generate significant consumer traffic.
Transfer Solutions Providers (TSP) provider of the Mango pre-paid card, has formally confirmed Barry Malcolm as its new chief executive.
RBC Royal Bank has celebrated the opening of its newly-renovated John F Kennedy drive branch.
By D’Arcy Rahming
AML Foods yesterday said it was ultimately aiming to return a “minimum” 50 per cent of annual profits to shareholders, while disclosing that the Budget’s Business Licence hikes had discouraged it from further job-creating expansion.