Local Business


Credit unions focus 73% of lending on consumers

Bahamian credit unions have concentrated more than two-thirds of their lending in “small scale consumer purchases”, with the sector’s delinquency ratio ending 2013 some two percentage points higher than international benchmarks.

Regulation ‘suspicions’ delay oil explorer’s JV partner search

The Bahamas Petroleum Company’s (BPC) efforts to secure a joint venture exploration partner have been hit by increasing “suspicions” over the Government’s delay in releasing the new regulatory platform for the sector, it was revealed yesterday.

Chamber chairman fears NHI disposable income wipe-out

The proposed National Health Insurance (NHI) scheme’s financing mechanism could wipe out Bahamians’ disposable income and “hurt the economy”, the Chamber of Commerce’s chairman warned yesterday.

Gov’t permits multiple web shop equity stakes

Web shop owners will be allowed to hold an equity interest in more than one legalised operator, even though the Government wishes to see ownership that is “as broad-based as possible”.

Auto dealer: VAT driving ‘high-end’ 12% sales surge

A Bahamian auto dealer said yesterday that a 12 per cent year-over-year increase in sales of his high-end vehicles was likely being driven by a pre-Value-Added Tax (VAT) rush, adding that he was “a little concerned” that trend would be shortlived.

Gov't told: 'Stop buck passing' on Nassau harbour boardwalk

An ex-Deputy Prime Minister has urged the Government to “stop buck passing” and decide final plans for Nassau’s harbourfront boardwalk, a project deemed “critical” to better distributing cruise tourists along Bay Street.

Gov't 'undecided' over Freeport services VAT

The Opposition’s finance spokesman says the Government is yet to decide whether to levy Value-Added Tax (VAT) on services transactions between Grand Bahama Port Authority licensees, a situation he branded as “crazy”.

'Confusion' between VAT law, guidance must be eliminated

A Tax Coalition co-chair has called for apparent differences between the Value-Added Tax (VAT) legislation and ‘guidance notes’ to be “resolved”, agreeing that there was “confusion between the two”.

VAT to put dive boats, charters 'out of business'

A Tax Coalition co-chair has expressed concern that Value-Added Tax (VAT) could make Bahamian tour/dive boat operators and charter companies uncompetitive against international rivals and “put them out of business”.

PM meets RBC over web shops

Prime Minister Perry Christie met Royal Bank of Canada (RBC) on Friday to discuss web shop gaming, with a Cabinet Minister pledging the Government “can’t at all compromise” the financial services industry’s integrity.

Genting buys Bimini hotel site for $24.6m

Genting’s BB Entertainment subsidiary is investing $24.6 million to acquire a 6.6 hectare site upon which it is building a new 307-room hotel in Bimini.

Helicopter tour expands to drive business boost

A helicopter tour company is hoping to drive more business by opening a restaurant and bar on Bay Street, a move that will create an initial six to eight jobs.

Freeport's supply chain benefits pushed globally

A senior Grand Bahama Port Authority (GBPA) executive has presented Freeport’s potential advantages as an assembly and distribution hub to a global audience.

Food retailers to make renewed price control reform push post-VAT

The Retail Grocers Association has not abandoned its push for an increase in price control margins, with its members likely to make a renewed reform push once Value-Added Tax (VAT) implementation is behind them.

Commission unveils scholarship recipient

The Securities Commission of the Bahamas has selected Jarod Fowler as the first recipient of the Timothy B. Donaldson Apprenticeship Programme, which includes a four-year scholarship to the College of the Bahamas (CO) and simultaneous job training with the regulator.