Local Business


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NEW MOODY’S DOWNGRADE: Action taken over financing access fears

The Bahamas was last night urged to "move more urgently to rev the engine" after Moody's again downgraded the country's sovereign creditworthiness over fears its access to borrowing is being squeezed.

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BPL’s $90m Shell debt ‘higher’ than predicted

Bahamas Power & Light’s (BPL) $90m in unpaid fuel arrears owed to Shell is “substantially higher” than the Opposition and others had predicted, it was revealed yesterday.

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BPL BILLS HIKE ‘FINAL NAIL IN THE COFFIN’: Retail chief brands fuel charge rises ‘completely insane’

The Bahamas Federation of Retailers co-chair yesterday warned that electricity fuel charge hikes of up to 163 percent will be “the final nail in the coffin” for COVID-ravaged businesses yet to regain financial viability.

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BPL eyed 58% lower costs than fuel hike

Bahamas Power & Light (BPL) was on target to lock-in fuel costs “through March 2024” that were up to 58 percent less than the skyrocketing increases unveiled by the Government yesterday, documents have revealed.

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‘Enough is enough’: EU blacklists Bahamas again

The Bahamas was yesterday urged to tell the European Union (EU) that “enough is enough” after this nation’s ‘blacklisting’ for allegedly being uncooperative on international tax matters was ratified.

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PM: I wanted to hold off longer over BPL

The Prime Minister yesterday admitted he had wanted to hold-off on up to 163 percent increases in Bahamas Power & Light’s (BPL) fuel charge for longer to give struggling Bahamian families more time to rebound from COVID-19.

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‘Why up to 163% BPL fuel price hike as oil costs fall?’

Questions were raised yesterday as to why Bahamas Power & Light (BPL) is proposing to increase its fuel charge by up to 163 percent at a time when global oil prices are starting to decline from their March 2022 peak.

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Hotels fear BPL hikes set to ‘derail’ rebound

Bahamian hotels yesterday warned that Bahamas Power & Light’s (BPL) planned fuel charge hikes of up to 163 percent have caused “outright anxiety” in the sector and could “derail” the post-COVID return to financial viability.

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‘Brace’ for insurance hikes: Ian recalls Andrew effects

Bahamian property owners were yesterday warned to brace for further insurance hikes with one underwriter revealing Hurricane Ian’s multi-billion dollar devastation brought back memories of market conditions from 30 years ago.

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‘Live up to’ Public Procurement law

The Bahamas must “live up to the letter and intent of the law” on public procurement, a governance reformer urged yesterday, as he hailed the unveiling of the Government’s new and upgraded tender portal.

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Over 1,800 travellers hit by Bahamasair sickout

Bahamasair’s top executive yesterday revealed more than 1,800 passengers were impacted by Sunday’s flight attendant sickout as he voiced optimism that the airline’s reputation will not suffer long-term damage.

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Tourism rebounds to 90% pre-COVID level

Bahamian stopover arrivals rebounded to 90 percent of pre-COVID levels for July as the tourism recovery maintained its momentum by attracting some 3.677m visitors during the first seven months of 2022.

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BOB imposes ‘heavy penalties’ on early building loan payouts

Bank of The Bahamas is imposing “heavy early repayment penalties” on construction mortgages in a bid to dissuade borrowers from treating such loans as a “bridging” facility to its detriment.

Procurement reforms may reach Parliament tomorrow

A CABINET minister yesterday said reforms to the Public Procurement Act may be tabled in Parliament tomorrow as the Government unveiled the upgraded electronic system via which all public sector contracts will be made available.

PM: 5% of Gov’t contracts go to young entrepreneurs

THE Prime Minister yesterday reiterated that his administration remains committed to allocating 5 percent of the Government’s annual procurement budget to young Bahamian entrepreneurs.