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Air arrivals to the Bahamas declined by 3.4 per cent year-over-year for the 2013 first quarter, with both New Providence and Grand Bahama experiencing a decline in the key stopover visitor segment.
The Bahamas Oil Refining Company’s (BORCO) owner invested more than $140 million into expanding the Grand Bahama-based facility in 2012, and believes it is poised to “expand its Caribbean leadership position” in Vacuum Gas Oil (VGO) storage.
Commonwealth Brewery has pledged to avoid “severe price disruption” to its Bahamian manufacturing and import operations from Value-Added TAX (VAT), its managing director warning that the reform needed “careful management”.
A “one of a kind” maritime training academy will, over the next few years, “turn the apple cart upside down” and make major inroads into creating maritime career opportunities for young Bahamians, its president believes.
All companies, large and small, suffer their share of corruption and criminal behaviour.
The Professional Engineers Board has met with the Deputy Prime Minister and Minister of Works and Urban Development to update him on the drafting of regulations to accompany the Act overseeing the profession.
THE Bahamas Maritime Authority (BMA) is aiming to add ‘quality’ to this nation’s shipping registry, its chairman telling this newspaper that coming off a “well received” Brazil trip last month, the BMA is now targeting Japan and South Korea.
RoyalStar Assurance yesterday said its $4.401 million net income for the 2012 full-year exceeded post-Sandy expectations by 10 per cent, as it vowed to “protect our turf” against increased competitive threats this year.
Fidelity Bank (Bahamas) yesterday said its ability to “turn on a dime” gave it a competitive advantage over larger commercial banks, although it conceded it had “taken many years” to deliver 2012’s $6.4 million comprehensive income.
A Bahamian insurer has swapped $3.5 million of receivables owed to it by its two largest shareholders for “notes” paying higher interest rates, as it seeks to “plough” liquidity back into the balance sheet following construction of its new $11 million headquarters.
AN FNM Senator yesterday branded the Government’s comprehensive National Health Insurance (NHI) plan as “pie in the sky” given fiscal realities, and said his previous $750 million annual cost estimate for the scheme was “conservatively low”.
THE Government should consider implementing a corporate income tax at a flat 10 per cent rate, a senior Bahamian accountant said yesterday.
SANDALS Royal Bahamian is averaging 78 per cent occupany levels, its general manager said yesterday, adding that despite being off 2012’s pace the resort had been able to hold its position due to the remodelled Balmoral Tower.
The Grand Bahama Port Authority has promoted Karla McIntosh to the position of senior legal counsel, with effect from May 1, 2013.
Private sector members came out to Senor Frog’s for the Grand Bahama Chamber of Commerce’s monthly ‘Mix n Mingle’ last Thursday.
A former Bahamas Chamber of Commerce head yesterday said the Government was picking the wrong time to introduce National Health Insurance (NHI), and questioned whether this nation had the “wherewithal” to implement it and other major reforms simultaneously.
Members of the Bahamas Insurance Association (BIA) and the Bahamas Insurance Brokers Association (BIBA) are the latest private sector officials to get a firsthand glimpse into the Bahamas’ e-government portal.
The Freeport Container Port (FCP) is the second most efficient port in the Caribbean despite having the highest shipping costs per mile, a World Bank study has found.
Dunkin’ Donuts will create 30 jobs when it opens its seventh New Providence location in the Independence Shopping Plaza this week.
A US-based underwater attraction developer is in talks with Blue Diamond Resorts over creating an artificial reef world at its Grand Lucayan hotel property, an executive telling Tribune Business yesterday it was “very keen” on developing its product in the Bahamas.
The Copyright Royalties Tribunal’s chairman yesterday expressed “disappointment” that the US government had not given the Bahamas more praise for resolving outstanding multi-million dollar royalties claims, telling Tribune Business: “The matter has been put to rest.”
The Baha Mar-led Cable Beach “renaissance” is creating a “dilemma”, a well-known realtor warned yesterday, because few Bahamians are positioned to exploit the commercial and rental opportunities that will be created.
Bahamas-based financial executives yesterday described a US court’s decision to permit the Internal Revenue Service (IRS) to serve a summons on CIBC FirstCaribbean Internationa Bank’s US correspondent bank as a “scary move”.
Mobile data subscribers increased more than six-fold within one year following the launch of services by the Bahamas Telecommunications Company (BTC), it was revealed yesterday, with fixed-line Internet’s market penetration also enjoying a 22 per cent increase.
THE Government yesterday announced it was moving towards the “full implementation” of a National Health Insurance scheme, proposing to create a so-called ‘steering committee’ to oversee the move.