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“Productive” discussions between the Government and real estate-related professions over the ‘first-time buyer’ Stamp Duty exemption should stimulate “a far stronger and more active market”, Tribune Business was told yesterday.
Bahamian medical equipment and pharmaceutical suppliers yesterday blasted the alleged continued refusal to include them in the bidding process for multi-million dollar contracts related to the Princess Margaret Hospital expansion, arguing that “none of this investment will be recycled” in the local economy.
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive yesterday said he was “astounded” by government figures showing less than 4,000 companies would be liable to pay Value Added Tax (VAT), adding that this emphasised the urgency of passing legislation designed to strengthen the small business sector.
Grand Bahama Power Company (GBPC) yesterday announced that its $32 million preference share issue had closed a week earlier than planned, after it was oversubscribed by more than 35 per cent.
The Government is also “a victim” in the dispute raging at the controversial Oceania Heights development, one homeowner telling a Cabinet Minister that the situation is “jeopardising the Bahamas reputation as a stable country and investment destination”.
Creativity and innovation will determine the future viability of international financial services centres, the Paul Winder, the Bahamas Financial Services Board’s (BFSB) chairman believes.
Two Bahamian officials have attended the 25th Geneva Week, where they participated in consultations that will help this nation in its accession to the World Trade Organisation (WTO).
The One&Only Ocean Club has appointed John Conway as its general manager, with responsibility for operations at the resort.
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A leading Bahamian insurer yesterday said it generated a “significant profit” of around $4 million for 2012 despite Hurricane Sandy, adding that its conservative “philosophy” had been vindicated by an ‘outlook upgrade’ from the sector’s top rating agency.
Under 4,000 Bahamian companies would likely face having to pay a Value-Added Tax (VAT), a Cabinet Minister describing as “mind blowing” the fact over 85 per cent of businesses might be exempt.
A Bahamas-based logistics provider yesterday said its new supply chain management product could save local businesses “up to 35 per cent” of their current import costs, pledging that it would “open up their horizons”.
The Bahamas has to increase its pension plan participation rate by at least 40 percentage points to catch up with developed economies, a leading industry executive yesterday urging that mandatory retirement savings was “where we must be”.
J. S. Johnson is aiming to “double” its Turks & Caicos islands book of business within the next two years, its managing director telling Tribune Business that it had to be “mindful” that foreign insurers were entering the Bahamian market.
With hotel occupancies slowly returning to pre-recession levels, a top industry executive believes the sector could start to “wean itself off” promotions such as the Air Fare credit, agreeing that the $14 million pumped annually into the initiative was unsustainable.
Dubbing the Government’s current revenue collection methods as “unsustainable”, the Financial Services Minister yesterday announced public consultations on tax reform will begin shortly.
While driving last night I was listening to another ‘I Love Marketing’ podcast.
A leading intelligence provider for the private banking industry is a featured speaker at the upcoming International Business & Finance Summit (IBFS).
The Government pushed the National Insurance Board (NIB) to examine acquiring the former City Markets head office on the East-West Highway, it was revealed yesterday, with appraisal values for the property gyrating between $7.2 million and $9.9 million.
The union representing the Bahamas Electricty Corporation’s (BEC) line staff yesterday said it would not “take any more” attacks by its executive chairman over overtime pay, and threatened that its members would refuse to respond to emergencies such as major power outages.
The Government is moving to tackle its “huge” unfunded pension liability to the public sector, a Cabinet Minister telling Tribune Business that the general lack of retirement savings was “a social timebomb” for the Bahamas.
J. S. Johnson is targeting a “modest single digit” bottom line increase for 2013, its managing director yesterday saying profits would increase “for sure” given reduced claims losses last year.
The BAHAMAS Electricity Corporation’s (BEC) executive chairman yesterday said it was “unfair” for the cash-strapped utility monopoly to continue paying 100 per cent of all employee pensions and medical benefits, claiming that the medical plan alone had cost it $30 million over the past five years without employees paying “a single dime”.
The Bahamas International Securities Exchange (BISX) is heading to Brazil “to solicit recognitions” from that jurisdiction’s major regulators, after Latin America’s “doors were opened” by this nation attaining the top international securities industry ranking.
Baha Mar has emphatically rejected concerns that it will “cannibalise” Atlantis’s room rates and labour market when it opens in 2015, a senior executive telling Tribune Business the project would increase the Bahamas’ GDP by “at least 10 per cent” that year.