Local Business


Bahamas total debt over 90% of GDP

The Bahamas was yesterday said to be “in a very, very dark position” after the Central Bank revealed that total public sector debt was a mammoth $7.604 billion, a sum equivalent to more than 90 per cent of national economic output (GDP).

No Govt governance leaves nation facing ‘financial disaster’

The complete absence of effective corporate governance within the Government “is solely responsible for the financially disastrous situation” the Bahamas now faces, a well-known attorney charged yesterday.

Attorney: BOB debacle shows governance rule enforcement ‘selective’

Bank of the Bahamas’ continued existence shows that the Central Bank’s application of its corporate governance guidelines is selective and “arbitrary”, a well-known attorney said yesterday.

AML: $14m spend aids ‘neighbourhood store’ strategy switch

AML Foods yesterday continued its transition away from the “mega destination store” model with the groundbreaking for its $14 million Solomon’s Yamacraw property, its chairman saying he was “very bullish” on the company’s prospects.

Chinese labour won’t ‘ruffle feathers’ over Baha Mar completion

The importation of hundreds of Chinese workers to complete Baha Mar is unlikely to “ruffle anyone’s feathers”, a former Bahamian Contractors Association (BCA) president said yesterday, adding: “No point in crying over spilt milk.”

IAN FERGUSON: Mentoring the next leader generation

Many generations have relied on the power of mentoring to develop the talent and leadership in others.

Chamber: Data breach reports ‘quite a number’

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) has received “quite a number” of data breach reports from local companies, its chief executive said yesterday, with most not wanting to make such information public.

Chamber eyeing trade mission ‘match make’

The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive said yesterday that it was ‘encouraged’ by the reception for this week’s joint trade mission with the Government to South Florida, and was now planning “match making” for potential partnerships with local firms.

Bahamian firm teams over cyber insurance

A Bahamian company has partnered with a UK-based cyber technology insurance broker to offer this product to local businesses.

Bacardi loses pollution evidence strike-out bid

The Bacardi plant’s former owner yesterday failed in its second bid to ‘strike out’ evidence that chemicals associated with its rum production potentially had “far-reaching health implications” for residents of the adjacent Venice Bay community.

Bahamian oil explorer still in ‘a paradox’

A Bahamas-based oil exploration firm’s search for a joint venture partner remains trapped by a “paradox”, its chief executive said yesterday, with just seven months left before its deadline to drill a first well expires.

Court of Appeal sinks auto-dealing plumber’s $55k damages demand

The Court of Appeal has rejected a Government plumber’s $54,650 damages claim against a local customs broker, finding that injuries he sustained in a traffic accident did not cause the closure of his auto dealership.

‘No basis’ for OECD to assume Bahamas CRS non-compliance

A prominent QC says “there is no basis” to assume the Bahamas will miss its automatic tax information commitments, as the OECD’s ‘unofficial spokesman’ poured scorn on his suggestion that the country find 50-60 exchange partners prior to 2018.

Bran: Taxpayers ‘foot party bill’

The Democratic National Alliance’s (DNA) leader yesterday challenged the Government to reveal whether it “knew from inception” that Bahamas Junkanoo Carnival would be a loss-maker, adding that the taxpayer was “footing the bill for a party”.

‘Road map’ for solving City Meat pensions set

The Supreme Court was yesterday said to have laid out “a road map” for former City Markets workers and pension beneficiaries to receive the multi-million dollar payout due to them, following a four-and-a-half year court battle.