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Average cruise visitor spend in the Bahamas has slumped by an alarming 23 per cent over the past three years, a report for the Florida-Caribbean Cruise Association (FCCA) has revealed, even though this nation leads the Caribbean through an annual $394 million economic impact from the industry.
The Government’s negotiating team will hold its first face-to-face negotiations with Cable & Wireless Communications (CWC) in “the third week” of October in their bid to regain a majority 51 per cent Bahamas Telecommunications Company (BTC) stake, Tribune Business was told yesterday.
The son of the Grey Goose Vodka brand’s founder has denied to Tribune Business that he is leading an investor group seeking to purchase Exuma’s 80-acre February Point development, while acknowledging homeowner concern over the Hart family’s exit plans.
Just 36 per cent of cruise ship passengers visiting the Bahamas purchase a shore excursion offered by local providers, a survey produced for the Florida-Caribbean Cruise Association (FCCA) ranking this nation next-to-last in this category.
Both the Grand Bahama Chamber of Commerce president and his immediate predecessor yesterday backed calls for Hutchison Whampoa to “take a more proactive approach to investing” through Devco, while agreeing that a hard look needed to be taken at Freeport’s real property tax exemption.
THE Eleuthera Chamber of Commerce is calling for the island to be included under the Family Island Development Encouragement Act as part of an eight-point “revitalization and commerce initiative”.
THE MINISTER of Financial Services, Ryan Pinder, said he plans to work closely with the Grand Bahama Port Authority (GBPA) to position Freeport as the “dominant trade hub” for Latin America, while also noting that December 2014 was the target for full World Trade Organisation (WTO) membership.
THE Bahamas Medical Centre, on Blake Road, which will play a key role in Doctor’s Hospital’s international patient programme, is now officially open.
The Grand Bahama Port Authority (GBPA) and its leading private sector partner, Hutchison Whampoa, have failed to meet their statutory commitments to market/develop Freeport, a senior attorney arguing their inaction had resulted in it becoming “the forgotten island”.
The Government is exploring whether “a third party” could take a minor stake in the Bahamas Telecommunications Company (BTC) and thus return the company to majority Bahamian ownership, a Wall Street credit rating agency has revealed.
The Bahamas’ economic output per person declined by a total 11.2 per cent, or almost $3,000, between 2007-2011, Standard & Poor’s (S&P) warning that this “lags the growth rates” of countries with similar sovereign credit ratings.
BISX-listed Consolidated Water is aiming to move “full speed ahead” with its 50/50 western New Providence water supply joint venture in the coming weeks, pledging that customers in the area will see improved water quality by 2012 year-end.
The Government has a “once in a lifetime opportunity” presented by the expiring real property tax exemption to force Hutchison Whampoa and its Grand Bahama Port Authority (GBPA) partner to “fix Freeport”, a prominent attorney is arguing.
As we pause to celebrate our National Heroes as individuals who have done good for the Bahamian people and nation, the local business community and the entire working class must also pause to evaluate our progression in industry.
The Bahamas’ economic recovery to-date has not been strong enough “ to achieve substantial gains in employment and a broadening of private sector demand”, the Central Bank noting that commercial bank loan arrears had almost hit the 20 per cent mark.
The Bahamas Telecommunications Company (BTC) will on October 8 offer customers Apple iPhones complete with an annual plan that includes voice, data and text.
The Bahamas Financial Services Board (BFSB) is hosting a follow-up seminar on the US Foreign Account Tax Compliance Act (FATCA) on October 29, 2012. It is working in cojunction with the Ministry of Financial Services and the Professional Industry Associations (PIAs) that are part of its Professional Industry Association Working Group (PIAWG).
THE impact of climate change on water resources, along with the measures that can be taken to combat this, were highlighted during recent high level sessions at the Caribbean Water and Waste Water Association (CWAA) annual conference and exhibition.
By Natario McKenzie
A senior Ministry of Tourism official yesterday said the Bahamas was “on pace” for total 2012 tourist arrivals to finish 6-7 per cent ahead of last year, with visitor numbers around 5.6-5.7 million “or higher”.
THE Bahamas Investment and Securities Business Association (BISBA) has held its first Continuing Professional Education Seminar under the topic ‘New Products and Regulations in the Bahamian Financial Services Industry’.
It’s rumoured that the first thing mankind did after they stumbled into caves was to invent wicker doors, and to apportion space for different uses. This culminated in the huge, polluting cities that threaten our sanity and health. Ironically, for many city dwellers the perfect holiday has become time spent outdoors (and, perhaps, sometimes with no clothes on).
AML Foods yesterday told Tribune Business that sales at its western New Providence Solomon’s Fresh Market store had dropped 15-20 per cent below their peak over the last six months, although this was less than the summer norm for businesses in that area.
AML Foods yesterday said an 8-9 per cent same-store sales increase helped to grow its second quarter profits by 148.4 per cent before pre-opening costs, as it braces for an anticipated “banner year” in 2013.
BEC’s $105 million Wilson City power plant was yesterday described as an “exercise in bad governance”, Progressive Liberal Party (PLP) chairman Bradley Roberts telling Tribune Business that no rational reason had been given for the plant’s removal from the preferred Snake Cay site.