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The Democratic National Alliance’s (DNA) leader yesterday said today’s economy would prevent him from entering business in the manner he did 20 years ago, describing the Budget as lacking vision and providing “no light at the end of the tunnel”.
The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) yesterday advocated that the Government implement a ‘dual taxation’ system via Value-Added Tax’s (VAT) introduction, with “private individuals” continuing to pay full customs duties on their imports.
Kindly allow me a few lines to help bring a degree of clarity to the imbroglio that has been thrust into the public domain as a result of claims and counter-claims made between the current BEC chairman and the former junior energy minister regarding the merits (or otherwise) of having electricity service disconnections/reconnections performed by contract personnel (as was introduced during my tenure as BEC chairman), compared to the engagement of permanent, pensionable employees to perform such tasks.
The Water & Sewerage Corporation cannot escape negotiating a multi-million dollar price to purchase a New Providence water plant, as its chairman yesterday denied it had already decided to dump the existing BISX-listed operator.
Arguments that the Bahamian constitution should mandate the Government “maintain a balanced Budget” have been rejected by the Constitutional Commission, on the grounds it would hinder responses to fiscal emergencies.
THE Bahamian Contractor’s Association’s (BCA) president yesterday backed the Constitutional Commission’s call to create the Office of the Contractor General, suggesting it would help ensure ‘fair play’ in the awarding of government contracts.
NASSAU-based businesses are reporting heavy demand and strong sales of Independence gear, accessories and paraphernalia leading up to the country’s 40th anniversary tomorrow.
A $165,000-plus award of past due redundancy pay “could not have come at a better time” for nine former Pioneer Shipping employees, following a “very significant” Court of Appeal ruling.
Bank of the Bahamas International will use a substantial equity capital injection by its majority shareholder to eliminate $18.5 million worth of debt securities, as it “remodels” its balance sheet to meet international regulatory requirements and domestic economy stresses.
Bahamian businesses are facing “a tsunami” in the form of various reforms that will hit them “all at once”, a leading accountant warning this will dampen prospects for reducing unemployment.
A well-known QC has called on the Grand Bahama Port Authority (GBPA) to again become the sole licensor of all Freeport-based businesses, following claims that a $5 million medical facility began operations in the city without proper regulation.
A Bahamian airline chief has warned the Government its new aviation taxes are “closing the door” to Family Island economic development, with the sector now watching “with bated breath” to see if it reverses course.
While the response had not been poor, the Bahamian Contractors Association’s (BCA) president admitted he was a bit disappointed over how many industry participants had taken advantage it certification course,
Baha Mar’s casino affiliate breached its own employee handbook and failed to carry out a proper investigation in dismissing a 22-year veteran, the Court of Appeal has found.
The BISX All-Share Index’s 3.24 per cent improvement for the 2013 first quarter provides further evidence of a timid Bahamian stock market recovery, as market capitalisation rebounded to $2.963 billion.
NAGICO Insurance (Bahamas) has donated two laptops to The Centre for the Deaf to replace non-functioning machines.
FOCOL Holdings’ largest shareholder has described its $2.918 million purchase of a Freeport gas station as “a significant acquisition”, emphasising the company cannot “stand still” when competing against multinational giants.
As part of its official launch, NAGICO Insurance (Bahamas) donated $3,500 to Hands for Hunger.
TOURISM Minister Obie Wilchcombe said he was extremely concerned that the Bahamas might lose tourism business due to US airline cutbacks, given that this nation was still trying to rebound to its 1.8 million pre-recession stopover numbers.
The Bahamian commercial banking is facing an estimated 169 per cent increase in its total tax burden to $43 million, Tribune Business can reveal, a development that could result in further lending and economic contractions.
The Opposition’s shadow tourism spokesman yesterday described the increased Customs fees/taxes levied on the aviation industry as “absolute insanity”, and called on the Government to “urgently” revisit its policy.
The Government’s new ‘Environmental Levy’ is threatening to put tyre shops “out of business”, an attorney warned yesterday, forcing businesses to come up with thousands of extra dollars to clear imported shipments.
Atlantis is adding 192 new jobs “within a week” through the opening of Olives Restaurant and expanded high-end casino lounge, its top executive yesterday disclosing the resort was eyeing July-August occupancies in the mid-high 80 per cent range.
A former Bahama Rock head welder has been found ‘40 per cent liable’ for a workplace accident in which he suffered a broken neck, the Court of Appeal also finding the company failed to “properly supervise” its employees.
THE Ministry of Financial Services announced yesterday that short-term work visas are not required as part of the Immigration and entry procedure for individuals arriving in the Bahamas on international business, and for client meetings where there is no financial gain.