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Cruise visitors to the Bahamas are up 9.4 per cent for the five months to end-May 2012, with the Ministry of Tourism expecting current trends will enable this nation to beat 2011 comparatives.
Two Paradise Island residents accused of committing a $22 million fraud may lose their multi-million dollar Ocean Club condominium home after the Court of Appeal ruled in favour of the receiver for their alleged scheme.
The Bahamas must use “a holistic approach, not a knee jerk reaction” to provide long-term sustainable support for its manufacturers, a senior Chamber official telling Tribune Business the former government’s five-year incentives limit policy should have been more nuanced.
BAY Street merchants expressed mixed reaction to the Cabinet Office notice telling them they had to close their businesses yesterday, one telling Tribune Business: “We haven’t been making money no matter what day it is.”
Members of the Bahamas Institute of Chartered Accountants’ (BICA) newly-elected Council recently paid courtesy calls on Michael Halkitis, minister of state for finance, and the Superintendent of the Insurance Commission, Michele Fields. These meetings were held on July 30 and July 31, 2012, respectively.
The Government yesterday pledged to bring the long-awaited Small and Medium-Sized Business Development Bill to Parliament by January 2013 at latest, as a sector consultant said the Bahamas needed to create 700 net new jobs a month for the next three years to “dent” the unemployment rate.
A government minister yesterday slammed Moody’s for being “uninformed” on the Government’s policy for regaining majority ownership of the Bahamas Telecommunications Company (BTC), adding that the administration would “lay all of the cards on the table” with the Wall Street credit rating agency next week.
With thousands of cruise ship visitors expected in Nassau on Monday, the Downtown Nassau Partnership (DNP) said it was “critical” that the Cabinet Office relent and allow Bay Street retailers and other amenities to open on the Emancipation Day holiday.
THERE’S a story doing the rounds that bears repeating. The location is a small town somewhere.
A former Attorney General yesterday said meeting the US Foreign Account Tax Compliance Act’s (FATCA) requirements via an Intergovernmental Agreement (IGA) may not be in the Bahamas’ best interests, due to the “substantial infrastructure investment” needed for tax information exchange.
THE Bimini Bay Resort’s developers yesterday said close to $10 million has been invested to date in the high-end Rockwell Island real estate development, with significant process made on the first phase thus far.
WITH the proliferation of small businesses and retail outlets in the Carmichael Road area, CIBC First Caribbean International Bank (Bahamas) managing director, Marie Rodland-Allen, told Tribune Business yesterday it was “imperative” that the bank have a presence in the area.
Construction industry labour costs will increase by 32-35 per cent if proposed Employment Act amendments are passed, the Bahamian Contractors Association’s (BCA) president yesterday warning the changes would “have a far-reaching, negative impact” on the sector and wider economy.
Wisconsin’s governor visited the Bahamas’ booth in the International Federal Pavilion at EAA AirVenture, the mega aviation show that was held in that state between July 23-29.
By NATARIO McKENZIE
THE Bahamas Telecommunications Company (BTC) is forecast to generate $100 million in operating income this current financial year, a 9.9 per cent year-over-year increase, one London-based analyst yesterday saying its majority shareholder believed it had sufficient “legal protection” to guard against the Government’s attempts to claim a 51 per cent stake.
The Trades Union Congress (TUC) president yesterday gave conditional backing to oil exploration in Bahamian waters, adding that his organisation and the unions under it were prepared to buy shares in the Bahamas Petroleum Company (BPC).
AIR arrivals to the Bahamas are up about 10-11 per cent for 2012 to-date, the Ministry of Tourism’s director-general said yesterday, telling Tribune Business that those to Grand Bahama were ahead about 15 per cent.
THE Bimini Bay Resort’s developers yesterday said they hope to attract at least 1,000 visitors daily into Bimini, with ferry service expected to come on stream in October.
THE Utilities Regulation and Competition Authority (URCA) has appointed of Vincent Wallace-Whitfield as its general counsel with effect from August 1, 2012.
THE Old Bahama Bay Resort & Marina’s owners yesterday confirmed that a new management agreement had been reached with property’s 73 condominium owners, featuring a Florida company run by Al Tenenbroek and others involved in operating/opening the hotel between 2007-2011.
THE Water and Sewerage Corporation (WSC) is aiming to expand its customer base “as much as possible”, its general manager telling Tribune Business yesterday it wanted to win back the 60 per cent of New Providence residents currently using private wells.
A leading QC has urged the Government not to sign any agreement relating to the US Foreign Account Tax Compliance Act (FATCA) that involves automatic information exchange, warning that doing so would “severely compromise” the Bahamian financial services industry.
PRIVATE sector executives yesterday expressed concern that proposed legislative amendments to provide certain companies with real property tax breaks were “too vague” and “wide open to abuse”, failing to conform with best governance practices.
Foreign minister Fred Mitchell has urged the BDO accounting firm’s Western Hemisphere members to help “make the case” that international financial centres such as the Bahamas benefit, and not harm, major developed countries.