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Three “very small and weak” credit unions, facing a combined $500,000 to $1 million shortfall, will be sold or liquidated prior to the Central Bank of the Bahamas taking over supervision of the sector.
CABLE Bahamas has attracted more than 17,000 subscribers to its ReVoice fixed-line service since it introduced the offering just over a year ago, its marketing head describing this level of market penetration as “pretty fantastic”.
By NEIL HARTNELL
The International Monetary Fund (IMF) yesterday warned it was “imperative” for the Bahamas to quickly reduce a national debt-to-GDP ratio that is on course to strike 76 per cent by 2016-2017, having urged the Government to introduce a corporate income tax.
The minister responsible for immigration yesterday declined to commit to the ‘20-day response’ timeframe sought by the private sector for work permit approvals, admitting that “a drastic increase” in staff and technology was required to achieve this.
COMMONWEALTH Building Supplies (CBS Bahamas) has seen business at its South West Plaza location grow at “over 15 per cent a month” this year, its general manager yesterday confirming the company was shutting down its Robinson Road location that “really caught a beating” during the road improvement project.
Bahamasair is “overstaffed by about one-third” compared to international aviation industry standards, it was disclosed yesterday, with its payroll and pension scheme also branded “rather costly”.
The Bahamas is the fourth largest international financial centre by assets, it was disclosed yesterday, with the $595 billion held by this nation’s financial institutions equivalent to 96 times’ gross domestic product (GDP).
THE Government should consider granting the Bahamas Electricity Corporation (BEC) a two-year tax holiday, the head of the union representing its line staff said yesterday, arguing that this would help the utility monopoly “catch itself”.
Almost two-thirds of employee firings in the Bahamas stem from ‘behaviour problems’, an Inter-American Development Bank (IDB) report has revealed, finding that “the lack of skills” among workers is the main barrier to their hiring.
The Deposit Insurance Corporation (DIC) does not have “sufficient equity capital” to compensate Bahamian depositors if a large bank failed, it was revealed yesterday, and has “transparency and disclosure shortcomings”.
A procedure that has seen 520 patients treated at Doctors Hospital over the past five years will be featured this summer on a documentary series hosted by talk show host, Larry King.
CLICO (Bahamas) liquidation needs to be “accelerated”, the International Monetary Fund (IMF) urged yesterday, noting that the Government’s failure to-date to issue its promised $30 million guarantee was increasing policyholder liabilities.
THE global financial services industry is shifting to ever-greater transparency, the Financial Services Minister warning that the Bahamas must be committed to competing in this “new normal”.
“Outraged” former City Markets employees yesterday vowed to hold “a massive demonstration” on Bay Street in protest at attempts to transfer the defunct supermarket chain’s pension plan trust to a new company.
The Bahamas requires “a very serious rethink” on the business model for its financial services industry, a leading attorney warning yesterday that the continued push for automatic information exchange and to criminalise tax evasion represented a major “challenge”.
The Bahamas Electricity Corporation (BEC) and four other industrial companies have been urged to “co-operate” in developing a plan that will enable them to “harmoniously co-exist” with other users of the Clifton Bay area.
The Government will launch public consultation on its proposed Sanitary and Phytosanitary (SPS) legislation “within the next week”, as it bids to play host to the World Trade Organisation’s (WTO) director-general this June.
Good corporate governance will be “critical” for Bahamian family-owned businesses as this nation enters the trade liberalisation world, an attorney yesterday saying this will enable them to better withstand greater competition.
Do you know how to set up a display projector? Well, if you wish to display your PowerPoint presentation using a computer projector, then you will need to know how to connect the two.
The Nassau Airport Development Company (NAD)has added two directors and two managers to its overall leadership team.
THE Bahamas has the opportunity to become a “world leader” in the field of stem cell research and therapy, Prime Minister Perry Christie said yesterday, as he tabled a Bill seeking to regulate the sector in the Bahamas.
A SENIOR US Treasury official said yesterday that the US government was not seeking to ‘strong arm’ foreign jurisdictions into Intergovernmental Agreements (IGA) for Foreign Account Tax Compliance Act (FATCA) reporting.
By NATARIO McKENZIE
The $5 million investment in a BISX-listed firm’s preference shares “is of considerable concern” to the liquidators of its largest client, who have warned that the deal will receive their “continued attention”.