Local Business


Bahamas facing $500m climate impact by 2025

Climate change impacts could cost the Bahamian economy almost $500 million annually by 2025, the Inter-American Development Bank (IDB) has warned, with “badly designed” infrastructure and coastal erosion increasing the threat.

Nassau port operator mulls $65m Haiti bid

The Nassau Container Port’s (NCP) operator is evaluating whether to bid on a $65 million port redevelopment project in Haiti, as it targets “material financial benefits” from expanding into the Caribbean.

BPL ‘more ambitious’ than Govt with 20% renewables in 5 years

The Deputy Prime Minister yesterday touted Bahamas Power & Light’s (BPL) business plan as even “more ambitious” than the Government’s National Energy Policy (NEP), calling for renewables to generate 20 per cent of this nation’s electricity within five years.

Union: Ocean Club blindsided, misled us on terminations

The hotel union yesterday accused the One & Only Ocean Club of blindsiding and misleading it over yesterday’s move to terminate 61 staff from the high-end Paradise Island resort.

Govt warned: ‘Move quickly’ on reforms after Ocean Club

A trade union leader yesterday said the One & Only Ocean Club terminations had reinforced the need for the Government to “move quickly” in changing the law to ensure expired industrial agreements remain in effect until new deals are sealed.

Court’s new ‘wake-up call’ on Customs abuse

The Supreme Court has delivered another “wake-up call to the Government that they cannot ride roughshod” over the rights of 3,500 Grand Bahama Port Authority (GBPA) licensees, a well-known QC blasted yesterday.

Court ruling blow to public service ‘double dip’ end

The Supreme Court has delivered a blow to the Government’s plans to prevent civil service ‘double dipping’ by ruling that this would violate an existing industrial agreement.

Commission petitions for broker/dealer’s ‘compulsory’ wind-up

The Securities Commission is petitioning the Supreme Court to place a Bahamian broker/dealer into compulsory liquidation, and appoint a provisional liquidator to wind it up.

Nassau port operator targets 16% profit rise

The Nassau Container Port operator is targeting a 16.26 per cent increase in shareholder profits for its 2017 financial year, with import volumes already 5 per cent ahead of projections for the first three months.

Up to 25% of private lands ‘in dispute’

Up to one-quarter of privately-owned land in the Bahamas is embroiled in ownership disputes, the National Development Plan (NDP) believes, creating a major obstacle to social and economic empowerment.

BPL chief deflects to Govt on $650m bond refinancing

Bahamas Power & Light’s (BPL) chief executive yesterday offered little on the status of the rate reduction bond (RRB) issue that is key to the cash-strapped utility’s turnaround, but expressed confidence it would receive the necessary attention.

Top BPL official admits: ‘We have limited means’

Bahamas Power and Light’s (BPL) chief executive yesterday conceded that the troubled utility monopoly was doing as much as it can “with limited means”, and required investment equivalent to “10 per cent of the total value of our fleet”.

PM: BPL outages just ‘too amazing’

Prime Minister Perry Christie yesterday described as “too amazing” the occurrence of three island wide black-outs on New Providence within a one-week period, adding that that the situation needed “the highest investigation”.

Port’s ultimatum to Freeport web shops

The Grand Bahama Port Authority (GBPA) has issued an ultimatum to Freeport-based web shops, after the Government allegedly “hijacked” and “ambushed” the trial to determine who is the industry’s primary regulator in that city.

Web shops urged: ‘Put skin in game’ over GBPA case

The attorney for Chances Games has urged rival web shops, such as FML and Island Luck, to “put some skin in the game” given that they are totally exposed to the Grand Bahama Port Authority’s (GBPA) threat to cancel their licenses to operate in Freeport.