Local Business


IDB decries zero Gov’t management progress

The Bahamas made virtually zero progress in improving its public sector management efficiency and performance over a five-year period to 2013, a newly-released Inter-American Development Bank (IDB) report has revealed.

Chamber to hold Gov’t ‘feet to fire’

The private sector yesterday pledged to keep the “Government’s feet to the fire” over its stewardship of the public finances, as the fiscal deficit for the 2015-2016 year’s first quarter fell by 34.2 per cent.

‘High frequency’: Early 2016 for new mobile firm

Cable Bahamas and the Government’s mobile liberalisation team are working “at high frequency” to ensure the second operator can launch early in 2016, and believe they are well-placed to attract investors for the majority 51 per cent ownership interest.

Chamber chief: NHI start date ‘unrealistic’

A leading private sector yesterday said he “can’t see” National Health Insurance (NHI) launching by the January 1 target date, even though the Government reiterated its determination to roll the scheme out on schedule.

Renewable energy delay given backing

Private sector executives yesterday backed the Government’s decision to temporarily suspend the Renewable Energy Self-Generation (RESG) programme until industry-wide reforms were bedded in, but urged that it not be delayed “inordinately”.

Bahamas faces ‘new frontier’ over tax information exchange

The Bahamian financial services sector was yesterday said by an ex-Cabinet minister to be facing another “new frontier”, this time the Organisation for Economic Co-operation and Development’s (OECD) Common Reporting Standard.

‘Distressing’ NHI threat to 60% of FamGuard revenue

Family Guardian’s president fears the “worrisome and distressing” National Health Insurance (NHI) uncertainty will threaten a business that accounts for 60 per cent of his top-line.

Businesses warned: Brace for VAT audits

Bahamian businesses must brace for the launch of formal Value-Added Tax (VAT) audits in 2016, with the Government building up an extensive database of their return activity.

FNM fearing ‘inherent risks’ in new BEC model

The Opposition says it is withholding support for the Government’s proposed energy sector reforms due to “inherent risks” in the model for the ‘new BEC’.

Insurer: ‘No concern’ on first $326k VAT expense

Family Guardian’s president says he has seen “nothing to warrant any concern” from Value-Added Tax’s (VAT) imposition on insurance, despite the levy adding $326,000 to third quarter expenses.

Insurers demand NHI consultant’s dismissal

Bahamian insurers have added their voice to demands that the Government “immediately terminate” Sanigest Internacional as its key National Health Insurance (NHI) adviser, arguing the company “no longer commands the respect or confidence” of the healthcare industry.

Joaquin insurance loss stands at $14m

The Bahamian insurance industry is currently pegging gross losses caused by Hurricane Joaquin at $14 million, a sum equivalent to just 23 per cent of the initial $60 million damages estimate.

Joaquin claims give rise to VAT dispute

The Government is at odds with the insurance industry over the recovery of Value-Added Tax (VAT) paid on Hurricane Joaquin claims, Tribune Business can reveal, with some believing the Christie administration has changed a previously-agreed position.

‘A stake through the heart’ of commerce

The Government was yesterday warned that it will “drive a stake through the heart” of the business community if it forges ahead with plans to eliminate the Employment Act’s ‘cap’ on redundancy pay.

Transparency boost: End to BEC ‘public service mentality’

The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday expressed hope that the elimination of “the public service mentality” will ensure the ‘new BEC’ hits its legal financial reporting targets.