Local Business


Air cargo costs to rise ‘tremendously’

Bahamians were yesterday warned that the cost of imported air freight will increase “tremendously” as a result of the new Customs fees and fines set to be imposed on operators from today.

Services Coalition ‘irony’ over WTO

Lack of private sector involvement has been a key factor in why the Bahamas’ bid for full World Trade Organisation (WTO) membership has lasted 15 years and counting, a former Securities Commission principal believes.

Gov’t ‘accelerates’ WTO member push

The Government’s reconstituted trade negotiating bodies face a “huge task”, its chief negotiator acknowledged yesterday, adding that his appointment showed it wanted to “accelerate” the Bahamas’ accession to full World Trade Organisation (WTO) membership.

Bahamas exports decline by 36% to five-year low

The Bahamas’ merchandise trade deficit fell by 12.3 per cent in 2015 to $2.719 billion, as the decline in imports offset a more than one-third reduction in exports.

Air cargo pull-out threat result of ‘ill thought-out policy’

The threat of a Bahamas boycott by Florida-based air cargo operators was yesterday branded as “the unintended consequences of ill-thought out policy” by the Opposition’s deputy leader. K P Turnquest warned that as an import-dependent economy, reliant on international transportation links, the Bahamian economy could only suffer if freight companies reduced or eliminated services to this nation.

‘Much work’ ahead over business ease

The Bahamas has “a lot of work to do” before it sees a dramatic improvement in the ease of doing business, the Opposition’s finance spokesman said yesterday, adding: “There’s just too much government bureaucracy.”

Bran promises ease to exchange control

The Democratic National Alliance’s (DNA) leader has pledged to ease the Bahamas’ exchange control regime if elected to office, and to make the Bahamas known as a “country open for business”.

PM targets ‘top 50’ business ease rank

The Prime Minister yesterday said he was targeting a ‘top 50’ ranking for the Bahamas in the World Bank’s ‘ease of doing business’ index within five years, arguing that its current 106th spot does not reflect its capabilities and potential.

Air freight operators in Bahamas boycott threat

Florida-based air cargo companies are threatening to boycott the Bahamas over the new Customs fees and fines set to be introduced tomorrow, with this newspaper told: “It’s D-Day time.”

Tease photo

Sarkis loses bid to buy $192m claims

The Supreme Court yesterday ruled it was legally impossible for Sarkis Izmirlian to acquire the rights to Baha Mar’s $192 million damages claim against the project’s contractor.

All Govt’s ‘committed sins’ managing nation

A Cabinet Minister yesterday admitted that successive governments had “committed some sins” in failing to properly manage the Bahamas, as he warned: “The world is leaving us behind.”

Engineers chief: Our growth is being ‘stymied’

The Bahamas Society of Engineers (BSE) president yesterday bemoaned how local professionals were frequently being ‘frozen out’ of foreign direct investment (FDI) projects, with work “never touching our soil”.

Development Plan’s first draft complete

The Government’s leading official on the National Development Plan yesterday said its Secretariat had completed a first draft of the project, describing it as a “solutions and strategy” based-document.

NAD eyes fee rise after $15.1m loss

The Nassau Airport Development Company (NAD) is currently mulling another fee increase, as it predicts a “few more years” of losses following $15.1 million in ‘red ink’ incurred during its 2015 financial year.

Price control proposal like ‘Gestapo tactics’

The Bahamas Chamber of Commerce (BCCEC) warned yesterday that any Government move to force businesses to reduce prices in line with import duty cuts would be akin to “economic dictatorship” and “Gestapo tactics”.