Local Business


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Waste too 'entrenched' for govt NHI savings

The Government cannot finance National Health Insurance (NHI) from internal savings because waste and inefficiency is too “entrenched” in the public sector, a Cabinet minister has admitted.Dr Duane Sands, minister of health, told Tribune Business tha

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'Useless' BISX claim 'vehemently rejected'

A BISX-listed company has sprung to the stock exchange’s defence by “vehemently rejecting” charges it is “useless”, saying: “We are living proof that the system can work.”Julian Brown, Benchmark (Bahamas) president and chief executive, told Tribune B

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Govt ‘won’t stand by’ on water supply threat

The Government “will not stand by” and allow Nassau’s water supply to be disrupted by debts owed to the Water & Sewerage Corporation’s main supplier, its executive chairman has pledged.

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BAIC tenant neglect to cost $94k

A $94,000 damages award against the Bahamas Agricultural and Industrial Corporation (BAIC) has been upheld after its neglect resulted in the violation of a tenant’s lease agreement.The Court of Appeal, in a unanimous verdict, threw out the Government

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Bahamas gives OECD, EU anti tax evasion bills

The Government has presented the European Union (EU) and OECD with the draft Bills designed to address their concerns over The Bahamas’ ability to combat corporate tax evasion.The Ministry of Finance, in a statement yesterday, said KP Turnquest, depu

Long Island 'dead in water' without airlift

LONG Island will be “dead in the water” if it does not get the necessary airlift, a private sector representative has warned, although there remains reason for optimism over its rebound.Romona Ritchie-Taylor, vice-president of the Long Island Chamber

Bahamas 'misses chance' on canadian pot shortage

Canada’s recent legal marijuana shortage has been branded a “missed opportunity” for The Bahamas by a local advocacy group, which has been “unnerved” by the lack of progress.Terry Miller, chairman of the non-profit Bahamas Cannabis Research Institute

Ministry aims to grow 154 retailer waivers

The Ministry of Finance is turning to technology in a bid to grow the number of footwear and clothing retailers qualifying for Customs duty waivers beyond the 154 already approved.The Ministry of Finance, in a bid to reduce the cost of doing business

Bahamas elected to UN agency's Council

The Bahamas has succeeded in its first-ever bid to join the International Telecommunications Union’s (ITU) council, gaining the votes of 162 out of 177 member states.This nation will now be seated as one of 48 council members for a body that is the U

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BTC eyes 2019 'bottom' after 12,400 client loss

The Bahamas Telecommunications Company’s (BTC) owner yesterday said its mobile subscriber loss “will bottom out in 2019” after another 12,400 customers exited in this year’s third quarter.Balan Nair, Liberty Latin America’s (LiLAC) chief executive, t

Water supply alert on govts $16.1m debt

Nassau’s main water provider yesterday sounded an alert over potential supply disruptions if the Government does not pay a $16.1m debt that has increased by 76.9 percent this year. Consolidated Water, the BISX-listed entity that produces virtually al

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Developer: 'Useless' BISX needs new life

A prominent developer and real estate financier yesterday called for the Bahamas International Securities Exchange (BISX) to be “overhauled”, arguing: “It needs new life”.David Kosoy, pictured, Sterling Global Financial’s chairman, who was a panellis

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'How could I compete' against 7 cents power?

A Bahamian businessman yesterday questioned “how am I supposed to compete” against foreign rivals whose all-in electricity costs are almost two-thirds lower than BPL’s fuel charge.Robert Myers, who also heads the Organisation for Responsible Governan

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Central Bank to ban 'anonymous' crypto assets

The Central Bank is proposing to ban its licensees from dealing with “anonymous” crypto currency assets, with 84 percent of local institutions saying they have no desire to enter this space.The regulator, unveiling a “discussion paper” on proposals f

Online bookings solution processes $3.7m in 2018

An online bookings solution provider has announced the full launch of its services after processing almost $3.7m in direct excursions this year alone.RezBS, which is targeting the Caribbean tour companies market, said it aims to empower local busines