Local Business


Bahamas seeking tourism boost via Canada air deal

The Bahamas is hoping its just-signed air transport agreement with Canada will boost tourist arrivals from that nation by encouraging increased airlift from its major cities. Dionisio D’Aguilar, minister of tourism and aviation, said the agreement w

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Grand Lucayan LOI in 30-day extension

The government has extended the Letter of Intent (LOI) for the Grand Lucayan’s purchase by 30 days as ITM and Royal Caribbean seek to “tie down” their airlift and sealift plans. Well-placed Tribune Business sources confirmed last week that the LOI,

'Paradigm shift' for technology hub, logistics

A drone operator yesterday said its multi-million dollar investment will produce both “a paradigm shift in Bahamian logistics” and a much-needed boost for the Grand Bahama technology hub. Arthur Frisch, co-founder of Hogfish Ventures, told Tribune B

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Contract work fear for middle classes

A trade union leader has voiced fears that the increasing use of contract workers by Bahamian employers threatens to further “erode” an already-shrinking middle class. Bernard Evans, the National Congress of Trade Unions (NCTU) president, told Tribu

Dive operators 'thrown under bus' on sharks

The principal of Stuart Cove’s Dive Bahamas yesterday said the industry had been “thrown under the bus” by the government’s response to recent shark-related incidents. Stuart Cove, revealing that business levels had returned to normal “within a week

Atlantis, PI to host jet ski championship

Atlantis will serve as the host hotel for a three-day championship event this November that marks the climax of an international jet ski race series.Paradise Island will be the venue for the P1 AquaX Bahamas World Championship, set for November 8-10,

Winterbotham continues 'strong' BISX listing year

A Bahamian fund administrator has continued its “strong year” of sponsoring BISX listings by adding another to the exchange’s roster. The Winterbotham Trust Company also acts as administrator for World Oil System Fund, which has completed the listin

Resolve Out Island needs before WTO

This is an assessment of how The Bahamas’ renewed efforts to become a full World Trade Organisation (WTO) could impact the Family Islands, especially tourism, construction and small and medium-sized enterprises (SMEs). While the WTO’s professed agen

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'Skeleton in closet' fear over debt fall

A governance reformer yesterday expressed fears that “a skeleton in the closet” could yet derail the government’s achievement of the first quarterly national debt reduction for years. Robert Myers, the Organisation for Responsible Governance’s (ORG)

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DPM: Something must be done over pensions

The Bahamas’ retirement funding crisis must be given “focus”, the deputy prime minister agreed yesterday, given the ever-increasing drain it threatens to impose on the nation’s resources.KP Turnquest, responding after the Central Bank’s latest privat

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'Well beyond time': Realty VAT paid online this year

The Ministry of Finance’s top official yesterday pledged that VAT on real estate sales will be payable online during this fiscal year, adding: “It’s well beyond time to go digital.” Marlon Johnson, acting financial secretary, told Tribune Business t

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Domestic banks in 10% cost increase

Domestic banks and trust companies endured a near-ten percent operating cost increase in 2018 amid continued expense and regulatory pressures on the wider financial services industry. The Central Bank’s survey of the sector’s 2018 contribution to Ba

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Re-trial over Rum Cay restaurant demolition

The dispute over a Rum Cay restaurant’s demolition has been sent back to the Supreme Court for re-trial even though its majority owner may have “a bogus claim to ownership of the land”. The Court of Appeal, in a unanimous verdict delivered this week

Take aviation accident probe improvements to next level

The past 18 months has certainly been active for aircraft accidents within the sovereign waters of The Bahamas. The most recent tragedy occurred one week ago involving an AugustaWestland AW139 helicopter, which crashed while flying from Abaco to Flor

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Architects: Millions lost by 'unscrupulous' practices

Architects have warned the government it is “losing millions of dollars” annually in VAT and other taxes through “unscrupulous” practices by consultants working on construction projects. The Institute of Bahamian Architects (IBA), in a February 2019