Local Business


‘Tone of fraud’ at Post Office Bank

The Auditor-General this week warned of “an underlying tone of fraud” at the Post Office Savings Bank, with customers able to deposit and withdraw sums more than 100 times’ greater than legal limits.

Baha Mar to miss winter season in liquidator control

The $3.5 billion Baha Mar project will not open in time to catch the peak winter 2015 tourism season if it is placed under the control of provisional liquidators, a senior private executive warned yesterday.

Chamber rejects Baha Mar wind-up rationale

The Bahamian private sector yesterday rejected the Government’s position that winding-up Baha Mar is the quickest way to complete the project, instead recommending independent arbitration/mediation as the best route to “salvage” the $3.5 billion development.

‘Totally redundant’: Insurers’ NHI fears

Despite the Government seemingly agreeing with two-thirds of its National Health Insurance (NHI) alternative, the Bahamas Insurance Association (BIA) has interpreted its scheme as making private health insurers “totally redundant”.

Non-payment of Baha Mar expats ‘very dangerous’

The Government was yesterday warned it had taken “a very dangerous position” in not paying the near-$1.8 million wage bill for Baha Mar’s expatriate employees, amid fears this might be the ‘final straw’ that encourages its already-jittery hotel brands to withdraw.

Tease photo

Vanderpool-Wallace to lead Bahamas at FINA Worlds

After watching the team perform two weeks ago at the Pan American Games in Toronto, Canada, Bahamas Swimming Federation president Algernon Cargill is eager to see how well the Bahamian swimmers will perform at the FINA World Swimming Championships next week in Kazan, Russia.

IAN FERGUSON: Bilingual employees add significant value

With globalisation in full swing and worldwide markets becoming more interdependent, the need for bilingual employees continues to rise. Businesses that take advantage of adding bilingual speakers to their payroll can benefit immensely because these workers can expand their client base.

Chamber seeks $1m threshold for Business Licence verification

The Bahamas Chamber of Commerce is calling for the Government to raise the threshold above which companies must have their annual turnover certified by an accountant from $100,000 to $1 million, with $400,000 as a compromise.

Gov’t urged: ‘Promote the hell out of Freeport’

The Opposition’s finance spokesman has urged the Bahamas to “promote the hell out of Freeport” as a free trade zone, adding: “You can attract more flies with honey than you can with vinegar”.

Chamber still eyeing role on tax services

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is still seeking to play a greater role in managing private sector tax services, arguing that it could help raise compliance and provide greater efficiencies.

Sarkis: Chinese ‘unfair’ over guarantee demand

Sarkis Izmirlian has refused to provide the financial guarantee sought by Baha Mar’s Chinese partners because he feels they are “not being fair” in demanding he cover the bulk of the $400 million refinancing package.

Baha Mar ‘improperly forced’ contractors to carry work changes

China Construction America (CCA) has accused Baha Mar of violating their contract by “improperly forcing” it and Bahamian contractors to finance “thousands” of work changes at the $3.5 billion project themselves.

Gov’t ‘disconnected from reality’ on NHI

The Government’s assumptions about National Health Insurance’s (NHI) impact on private insurers are “misplaced, unrealistic and disconnected from reality”, it has been warned, amid fears it is mounting a “hostile takeover” of the sector.

Insurers: NHI costs ‘more than double’ new $400m estimate

The Bahamian insurance industry has warned the Government that National Health Insurance (NHI) costs will be “more than double” the suggested $400 million, adding that the scheme’s implementation as-is will have “consequences of catastrophic proportions”.

‘Shocking’ Gov’t refusal to pay Baha Mar expats $1.8m

Baha Mar yesterday accused the Government of “refusing” to pay its expatriate staff $1.776 million in collective wages that are due today, amid fears this will prompt many upper management executives to quit.