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A leading businessman yesterday warned that the Government’s proposed hardline work permit/labour certificate approach was giving the relevant officials a licence to “treat the private sector like dirt” when it came to processing applications.
The Bahamas Petroleum Company (BPC) yesterday said its original agreement with the Government effectively gave this nation a 50/50 profit split if it discovered commercial quantities of oil, adding that its investors were putting “hundreds of millions of dollars” at risk.
A group of New Providence-based investors headed by Jamie Dingman plan to re-open the iconic Traveller’s Restaurant by mid-April, having invested to-date $500,000 and employed up to 30 construction workmen on renovations.
Freeport is aiming to play the role of transportation and logistics provider as Cuba seeks to bolster its trade ties with the Bahamas.
A $200 million eastern New Providence real estate development has named a Bahamian as consultant for its 186-slip full service marina, which is due to open next month.
Colina Holdings (Bahamas) yesterday unveiled a 120 per cent net income rise for the 2012 full-year, due largely to a reduction in claims and investor payouts.
A Central Bank of the Bahamas bank examiner, Taryn C. Turnquest, has passed the Series 7 exam in the US after studying at the Securities Training Institute (STI).
Cabinet ministers and officials from Customs, Labour, Finance and other government departments will be present when the Ministry of Finance hosts its first E-Government and Business Forum today at the Sheraton Nassau Beach Resort.
The NASSAU Airport Development Company’s (NAD) chief executive yesterday warned that US budget cuts will impact US Customs & Border Control (USCBP) operations at the airport, raising the spectre of a repeat of last summer’s passenger ‘logjams’ in US pre-clearance.
An increase in building permit fees is “not unreasonable” if kept to between 15-25 per cent, a leading architect said yesterday, urging that any rise be linked to service and efficiency improvements at Building Control.
Private sector leaders yesterday urged the Government to “commit” to making decisions on work permit applications within 20 days, as one of their predecessors warned two Cabinet Ministers to “be very, very careful” about the signals being sent to investors.
Genting’s move to take over operations at the entire Bimini Bay Resort will make “a lot of great things happen”, the property’s developer said yesterday, including boosting real estate sales at its $250 million Rockwell Island project.
The old joke is that a consultant borrows your watch to tell you what time it is.
Small/medium-sized businesses and investment managers are key niches being targeted by the Ministry of Financial Services in “relaunching the Bahamas” as a captive insurance domicile “within the next few weeks”.
Cable Bahamas yesterday announced it will start emergency re-routing of its western New Providence fibre optic cable systems, starting today and ending next Tuesday, due to the ongoing Airport Gateway road project.
Callenders & Co partner, Simone Morgan-Gomez, leads a workshop for accountants on the changes that took effect late last year to the Companies (Winding Up Amendment) Act and other legislation.
The Bahamas Electricity Corporation’s (BEC) chairman yesterday renewed calls for a total ban on copper exports, charging that scrap metal operators were knowingly purchasing stolen material from thieves.
The former Buena Vista property is set to re-open as a micro rum distillery and tourist attraction by next month, Tribune Business was told yesterday, its developers viewing the property as one of the “anchors” for reviving that area of downtown Nassau.
A former Attorney General yesterday questioned whether Customs duty/Excise tax rates would be reduced simultaneously with the implementation of a Value-Added Tax (VAT), and warned that the latter’s proposed 15 per cent rate “might be a bit high”.
The Bahamas Petroleum Company (BPC) has “become more confident” in recent months over its chances of discovering commercial quantities of oil, its chief executive yesterday saying it could now resume previously “stalled” negotiations with up to 15 potential joint venture partners.
An auto parts supplier is aiming to continue its Freeport expansion by investing $1-$1.2 million in opening its own property by 2015, telling Tribune Business yesterday that the company was looking to work closely with the smaller “shade tree” mechanics.
The Minister of Financial Services yesterday urged Bahamian financial and corporate services providers (FCSPs) “not to panic” over proposed guidelines on the maintenance of accounting records, adding that their implementation would not make this nation uncompetitive.
PRIME Minister Perry Christie said yesterday that 236 out of 247 business applicants had been issued Certificates of Relief under the Government’s roadworks relief plan, adding that most were satisfied with the assistance provided.
A Cabinet minister yesterday said the Government was not “dragging its feet” over whether to approve a $250 million ‘Floating Power Plant’ investment proposal that aims to reduce electricity costs by 30-50 per cent.
RESORTS WORLD Genting is taking over the operations of the entire Bimini Bay Resort in addition to operating its $24 million luxury boutique casino, Prime Minister Perry Christie revealed yesterday.