Local Business


Tourism set to ‘intensify’ open for business mantra

The Ministry of Tourism will intensify its marketing efforts to let the world know that the Bahamas is “still open for business” after Hurricane Joaquin, as it moves to assist hard-hit Family Island resort operators with re-opening.

Bahamas suffers cruise tourism spend flat-line

Total cruise passenger spending in Nassau and Freeport has flat-lined over the past three years, a newly-released industry survey revealed yesterday, even though per capita yields are up 27.8 per cent.

Freeport can ‘ill afford’ Hayward estate battle

Freeport “can ill-afford” another shareholder squabble at the Grand Bahama Port Authority (GBPA), the FNM’s deputy leader yesterday warning that the fight over the Hayward estate could “retard growth” throughout the island.

Bahamas is most expensive Caribbean cruise location

The Bahamas is the most expensive Caribbean destination for the cruise ship industry, a newly-released survey revealing that it spent 78.3 per cent more in this nation than anywhere else in the region.

Co-operative ‘option’ urged for Long Island farms and fishermen

Long Island’s farmers and fishermen may have to form co-operatives to rebuild their devastated industries, its MP yesterday urging the Government not to allow these communities to become a social security burden.

Arbitration unnecesary over Baha Mar dispute

A well-known QC says there is no need for a formal arbitration process to resolve the $3.5 billion Baha Mar dispute, arguing that the court-appointed joint provisional liquidators (JPLs) were fully capable of mediating and “sponsoring a resolution”.

Students from affected islands to be relocated

THE Ministry of Education has advised parents of students from the islands affected by Hurricane Joaquin to contact Deputy Director for School Management Joel Lewis to have the process fast-tracked to have students relocated to schools in another island.

IAN FERGUSON: Don’t block the advance of youth

All month long we are required as a nation to celebrate young people who are making positive impacts in their communities. Despite the negativity surrounding Bahamian youth, there are still many who, despite the odds, continue to persevere and make valuable contributions to almost every area of society.

Long Island marina to open ‘soon as possible’

Long Island’s Flying Fish Marina fared relatively well compared to other structures during Hurricane Joaquin, its representatives confirmed yesterday to Tribune Business. While unable to state an opening date, they said: “We are going to work to achieve that goal as quickly as possible”.

Chamber queries ‘merits’ of NHI’s public insurer

The Bahamas Chamber of Commerce’s (BCCEC) chief executive says it is examining “the merits” of the Government’s proposed public health insurer, due to concerns about its impact on private underwriters.

Hayward war will ‘lock up’ Freeport

A former Cabinet minister has been appointed as Judicial Trustee of the late Sir Jack Hayward’s trust, amid a brewing legal war that threatens to disrupt the Grand Bahama Port Authority (GBPA) and undermine Freeport’s future.

Property Fund’s ‘long, hard slog’ on vacancies

The BISX-listed Bahamas Property Fund yesterday said its $12.5 million debt refinancing had boosted annual profits by $200,000, as it a`dmitted filling vacant space at its two flagship properties will be “a long, hard slog”.

Bahamas urged to adopt corporate ‘rescue culture’

The Bahamas needs to begin moving towards a “rescue culture” and create Chapter 11 -style legislation that will allow companies to restructure rather than go into receivership or liquidation, a senior Bahamian accountant argued yesterday.

‘Practical necessity’ to keep web shops open

A former PLP MP yesterday backed the Government’s decision to allowing web shops to remain in operation prior to their legalisation, arguing that this was a “practical necessity” that had generated “sorely needed” tax revenues.

Port: GB Power rates to lower cost for 85%

THE Grand Bahama Port Authority (GBPA) says that the new rate structure being proposed by the Grand Bahama Power Company, if approved, would result in a reduction in the “all-in” price of electricity for 85 per cent for residential customers in Grand Bahama.