Local Business


'No celebration' as deficit shrinks 22%

The 22 per cent reduction in the Government’s first quarter deficit was “exactly what we want to see”, a governance reformer said yesterday, while warning celebrations are premature.Robert Myers, a principal with the Organisation for Responsible Gove

WTO may provide ‘the tools to fight’ EU/OECD listings

JOINING the World Trade Organisation (WTO) may give the Bahamas “the tools to fight” initiatives unfairly targeting its financial services industry, the Deputy Prime Minister said yesterday.

Bahamas at 'disadvantage' over EU's taxation focus

THE Bahamas is at “a disadvantage” in dealing with international regulatory initiatives that appear designed to restrict its competitiveness, the Deputy Prime Minister said yesterday.K P Turnquest told Tribune Business that the European Union (EU), i

Bank exits with just 'hint of blacklisting'

THE Bahamas could lose a number of bank and trust companies with just “a hint of blacklisting”, a Cabinet Minister warned yesterday, adding that the Government wanted “the best possible deal” for the sector.Brent Symonette, minister of financial serv

Bahamian non-profit teams for UN tourism presentation

A BAHAMIAN non-profit organisation teamed with a university lecturer to present a paper at the United Nations’ World Tourism Organisation (WTO) conference. Shaun D. Ingraham, the One Eleuthera Foundation’s (OEF) chief executive, and Elizabeth Mackay,

Maritime Authority 'confident' of growth despite downturn

THE Bahamas Maritime Authority (BMA) is “confident” it will enjoy growth in 2018 despite the current “downturn” in market conditions and increased competition from other registries. The BMA, in its 2017 annual report, said its income had increased sl

Eleuthera Foundation unveils its new Board

THE One Eleuthera Foundation (OEF) has unveiled a new Board that will be chaired by ex-Cabinet minister Alfred Sears QC.Mr Sears was chosen to replace outgoing chairman, Felix Stubbs, during a meeting on Saturday, October 28, in Rock Sound, Eleuthera

'No choice' but to comply with EU

THE Bahamas has “little choice” but to comply with the European Union’s (EU) demands given its economic model, the Deputy Prime Minister said yesterday. K P Turnquest, who tabled three Bills that will enable the Bahamas to adopt the multilateral appr

Port chief brands Nassau Harbour repairs 'non-issue'

Nassau Harbour’s deteriorating breakwaters are “no cause for alarm”, a senior official said yesterday, even though a Cabinet Minister has described repairs as “an absolutely critical project”.Captain Cyril Roker, the Port Department’s controller, dow

Irma helps Bahamas escape EU blacklist

THE Bahamas was yesterday warned not to “rest on our laurels” after it escaped the European Union’s (EU) ‘blacklist’ largely thanks to Hurricane Irma.While the financial services industry and wider economy “dodged a potential bullet”, this resulted f

GB Chamber chief: Make Enterprises Bill more 'flexible'

THE Commercial Enterprises Bill should be made more “flexible” by including “attributes” other than direct capital outlay in the $250,000 investment calculation, a businessman urged yesterday.Mick Holding, the Grand Bahama Chamber of Commerce’s presi

Bahamas 'must rid itself of the tax haven label'

THE Bahamas “must rid itself of the ‘tax haven’ label”, a senior financial executive said yesterday, after it escaped any further correspondent banking losses at the European Union’s (EU) hands. Tanya McCartney, the Bahamas Financial Services Board’s

DPM: Proper internal auditing would have saved Gov't millions

THE Deputy Prime Minister yesterday said the Government could have saved Bahamian taxpayers millions of dollars if it had an effective internal audit programme.K Peter Turnquest, addressing a Bahamas Institute of Chartered Accountants (BICA) and Asso

Fiscal rules 'no panacea', warns an IDB economist

FISCAL rules are “not a panacea” but can prevent misplaced government spending priorities, an Inter-American Development Bank (IDB) economist said yesterday. Allan Wright, a Bahamas-based economist, speaking at a fiscal policy workshop hosted by the

Gov't 'carefully looking' to defuse $2.2bn liability

THE Deputy Prime Minister yesterday said the Government was “looking very carefully” at how to defuse the ticking timebomb that is its $2.2 billion unfunded civil service pension liability.K P Turnquest said the Minnis administration knew it had to m