Local Business


$350m deficit: ‘Genie can’t go back in bottle’

The Government’s increased $350 million deficit forecast for the 2016-2017 Budget year was yesterday challenged by its opponents, who argued: “It’s impossible to put the genie back in the bottle.”

Gov’t increases its spending by $285m

The Government was yesterday accused of “spending on testosterone” after it increased 2016-2017 recurrent expenditure estimates by $232.708 million in the mid-year Budget.

Unions: We’ll stop employers ‘ripping out workers’ guts’

Trade unions yesterday promised they would “continue to agitate” for an increase in the 12-year redundancy ‘cap’, arguing that only they stood between employers “ripping the guts out of working people”.

PM: 40% of VAT money to deficit

Prime Minister Perry Christie yesterday said 40 per cent of the $1.14 billion Value-Added Tax (VAT) revenues has gone towards reducing the deficit, as he gave an accounting designed to end the “grave and nonsensical misconceptions that revenues were being squandered”.

Bahamian firms ‘50% lower’ than rivals for jobs and productivity

Bahamian companies are “performing at 50 per cent or below productivity, growth and employment levels” when compared to firms in similar small economies, an Inter-American Development Bank (IDB) report has found.

Farmers seeking $60m Govt recovery funding

New Providence farmers are seeking a $60 million government subsidy to help their operations recover from “the heart-wrenching double whammy” of Hurricane Matthew and contaminated feed.

Landfill RFP ‘took the wind out of us’

The Bahamian group bidding to take over the New Providence landfill’s management yesterday said it had “the wind taken out of us” by the Government’s decision to put the contract out to public tender.

‘Totally depressed’ over farming thefts

New Providence farmers were yesterday said to be “totally depressed” by the rampant theft of livestock and goods from their properties, which has increased in frequency since Hurricane Matthew.

Jobless benefit rise shows the economy ‘really, really bad’

A National Insurance Board (NIB) executive says an increase in unemployment benefit applications shows “all is not well” with the Bahamian economy, with new contributors to the social security scheme declining.

Govt needs people who ‘understand business’

Negotiations over the Employment Act reforms went into last night, with one employer warning it would be “difficult to stay in business” until persons who understand the private sector enter Government.

FNM says govt has failed Grand Bahama

THE government has been criticised for its inability to create a comprehensive relief plan for Grand Bahama where many Bahamians are struggling.

ART OF GRAPHIX: Shopping altered images as false

What is false advertising? According to the dictionary, this is “any advertising or promotion” that misrepresents the nature, characteristics, qualities or geographic origin of goods, services or commercial activities.

Measure VAT success from deficit reduction

Value-Added Tax’s (VAT) success can only be measured by the extent to which it reduces the fiscal deficit, a Bahamian economist saying: “You can’t call VAT a success if you have not reduced your deficit.”    

Govt plans RFP for landfill deal

A Cabinet Minister yesterday said the Government was planning to issue a structured tender, seeking proposals to manage and remediate the New Providence landfill, “as soon as possible”.

Tourism to dominate ‘my generation and the next’

Tourism will be the dominant driver of Bahamian jobs and GDP “for mine and the next generation”, a senior Baha Mar executive predicted yesterday, with international forecasts potentially under-estimating the project’s jobs impact.