Local Business


'Like white on rice' for fiscal responsibility bill

The government was yesterday urged to be all over the Fiscal Responsibility Bill “like white on rice”, as it will give Bahamians confidence their VAT sacrifice is not in vain.Robert Myers, the Organisation for Responsible Governance’s (ORG) principal

Island Luck staff brace for up to 350 job losses

Island Luck yesterday warned staff to brace for up to 350 job losses after it was “unsuccessful” in mitigating the impact of a 184 percent tax rate hike on its business model.The Bahamas’ largest web shop chain, in a memorandum to employees, said it

VAT gives Bran 'second thoughts' on major deal

The Democratic National Alliance’s (DNA) ex-leader yesterday revealed the VAT hike is “giving me second thoughts” about making a further major investment in the Bahamas.Branville McCartney told Tribune Business the Budget’s increased taxation measure

Bahamas urged to 'set standard' over crypto regulation

The Bahamas can “set the standard” for blockchain and cryptocurrency regulation by establishing an appropriate supervisory framework now, an industry specialist said yesterday.Michsel Casey, chairman of CoinDesk Advisory Board, said he “thoroughly en

Bahamas, Caribbean perfect testing ground for capital movement

The Bahamas and wider Caribbean were yesterday described by a blockchain specialist as a perfect testing ground for technology that eliminates obstacles to capital movement.Michael Casey, a leading author on the subject, said the region’s many indepe

IAN FERGUSON: The best approach to employee termination

US President Donald Trump, in his former reality television show, The Apprentice, unconsciously made his viewers comfortable with the words: “You’re fired!” As horrid and difficult as those words are for someone on the receiving end, sometimes person

Central Bank targets pilot digital currency

The Central Bank will soon introduce a pilot digital currency for The Bahamas, the deputy prime minister has confirmed.KP Turnquest told the Blockchain and Cryptocurrency Conference, which enters its final day today, that he hopes Grand Bahama become

Bahamas welcome for Italian tourists

Some 120 passengers arrived at Grand Bahama International Airport from Milan, Italy, on Thursday, June 21, on a Boeing 787 Dreamliner aircraft.Operated by European tour operator, Alpitour, the summer travel programme began in May, with weekly trips s

Bahamian group meets RBC chief

Royal Bank of Canada’s (RBC) newly-appointed Caribbean head for corporate banking, Darryl White, paid a visit to Sunshine Holdings (SHL) on Wednesday.The company’s chairman, Sir Franklyn Wilson, congratulated Mr White on his new role, while the latte

Loretta: Budget 'slap in face' for the poor

The prime minister’s former FNM leadership nemesis yesterday accused him of delivering “a slap in the face” to the poor Bahamians he purports “to stand for” via the 12 percent VAT hike.Loretta Butler-Turner, pictured, who led the ill-fated “coup” tha

Tax change threat to Out Islands' 'survival'

Family Island realtors are warning that Real Property Tax Act changes will be such “a breaking point” for many second homeowners that it threatens their economies’ very “basis of survival”.James Rees, a broker with Abaco Island Properties (Bahamas),

Tobacco tax increase fear 'premature'

Fears of a further hike in the 220 percent tobacco tax rate were yesterday branded premature, a Cabinet Minister revealing legislative reforms are “not yet ready for prime time”.Dr Duane Sands, minister of health, told Tribune Business that the draft

Insurance covered just 13% of Joaquin damage

Private insurance covered just 13.5 percent of the $105m in damages and losses inflicted by Hurricane Joaquin in the southern Bahamas, a newly-released study has revealed.The report found that just $14m of the devastation inflicted on several Family

Govt to 'accommodate' Back to School retailers

The government yesterday promised to “try and accommodate” Bahamian retailers seeking to access tax breaks for the Back to School season ahead of the August 1 implementation.Marlon Johnson, pictured, the Ministry of Finance’s acting financial secreta

Contractor chief hails govt's capital budget

THE Bahamian Contractors Association’s (BCA) president yesterday said the government’s capital works budget for 2018-2019 was “extremely encouraging” for the construction industry.Leonard Sands, pictured, told Tribune Business: “I have been doing a t