Grand Bahama’s already-reeling tourism economy was this week dealt a fresh blow after its “largest supplier of room nights” and stopover visitors announced it was cancelling all services to the island for summer 2017.
Private sector leaders will this morning seek “clarity” from the Government over the new Freeport ‘tax break’ application process, amid fears businesses will lose incentives - and incur penalties - if they break a five-year employment ‘lock in’.
A Bahamian insurer yesterday revealed it had incurred $37 million in gross losses from Hurricane Matthew, and warned that “some small increase” in local insurance premiums may result in 2017.
Moody’s forecast that the Government will incur another $300 million-plus fiscal deficit this year emphasises why the Bahamas needs to create a “contingency” fund to cope with natural disasters, the Chamber of Commerce’s chairman said yesterday.
The Grand Bahama Chamber of Commerce’s president yesterday rejected assertions that Freeport’s new ‘tax breaks’ regime was a “back handed” attempt by the Government to amend the Hawksbill Creek Agreement.
A trade union leader yesterday bemoaned the failure of any major political party to promote a “workers agenda” ahead of the upcoming general election, saying: “There is nothing happening for the labour movement”.
A prominent QC yesterday agreed that the Government’s call for Freeport businesses to seek renewal of their tax breaks was a “back handed” attempt to amend the Hawksbill Creek Agreement, with the move representing “the worst formula for business”.
Moody’s yesterday forecast that the Bahamas’ fiscal deficit will remain above $300 million for this current Budget period, with Hurricane Matthew blowing it slightly higher than the prior year.
The Government was yesterday slammed as “absolutely heartless and cruel” for giving Freeport businesses just two weeks to seek the renewal of key tax breaks in an economy that is “on its belly”.
A Bahamian developer has warned that a looming shortage of quality housing in western New Providence could impact the ability of projects such as Baha Mar to attract essential expatriate management.
A former Bahamas Financial Services Board (BFSB) chairman yesterday said “a lot is riding” on this nation’s ability to negotiate automatic tax information exchange agreements before the European Union (EU) publishes its threatened ‘blacklist’.
The second and final draft of the National Development Plan (NDP) is expected to be completed next month, a Cabinet minister said yesterday, adding that its objectives were “perfectly aligned” with the United Nation’s (UN) Sustainable Development Goals (SDGs).
The Bahamas’ second mobile operator, Aliv, yesterday launched its business to business (B2B) offering, a senior executive describing it as a “core piece of the puzzle” in the company’s development.
A Cabinet Minister yesterday said the manufacturing of vehicle license plates by inmates at the Bahamas Department of Corrections is likely to begin within the next two months.
The Arawak Cay port operator yesterday said a 3,124 year-over-year increase in container volumes resulted in its half-year profits more than doubling, as Hurricane Matthew repairs and Baha Mar’s re-start resulted in import activity surging.