August 17, 2012
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Ten years and still no payout to workers
FREEPORT – The former workers of Island Construction who were laid off more than ten years ago have still not received their redundancy payments, despite a judgment in their favour by the Industrial Tribunal.
Cuts to focus on operational 'efficiencies'
EDUCATION Minister Jerome Fitzgerald said yesterday education is a priority to the government and his ministry has no intention of making any negative adjustments to its budget.
Survey to examine household expenditure
THE Department of Statistics has announced that beginning immediately, its officers will be conducting a nationwide Household Expenditure Survey.
‘Taxed into oblivion’ from 200-500% real property rise
The Bahamian middle class is being “taxed into oblivion” by real property tax bill increases of between 200-500 per cent, a well-known realtor has warned.
'I wouldn't tell anyone to go into business'
The New Providence Road Improvement Project’s impact has been “severely damaging” to the Bahamian entrepreneurial spirit, one businessman telling Tribune Business yesterday: “I wouldn’t tell anyone to go into business.”
UBS cuts 10 staff
TEN UBS (Bahamas) employees were laid-off yesterday, executives confirming that the Swiss banking giant was proceeding with the realignment of its business model.
Government to borrow $77M to complete island roadworks
PARLIAMENTARIANS yesterday agreed to a resolution allowing the government to move forward with a $77 million Inter-American Development Bank loan to complete New Providence’s road works.
Gas retailers seek further five cent margin increase
THE Bahamian petroleum retail industry remains “challenged”, several dealers said yesterday, suggesting it was time for the Government to look at the additional $0.05 per gallon margin increase contemplated under the previous administration.
Mortgage plan covers just 37% of bad home loans
The Bahamian commercial banking industry has calculated that the Government’s proposed Mortgage Relief Plan will cover just $165 million in past due principal and accrued interest owing, a sum equivalent to just 36.7 per cent of all non-performing home loans.
AML 'stops counting' at 2,000 resumes for 90 jobs
AML Foods yesterday told Tribune Business it had “stopped counting” after receiving over 2,000 applications for the 90 jobs that will be created when its Solomon’s Fresh Market store at Harbour Bay opens before Christmas, the situation highlighting why proposed Employment Act reforms should be shelved.
Bahamas beats exchange rate pressure average
The Bahamas’ fixed exchange rate has exceeded the average for small island states by coming under pressure three times’ between 1999-2010, an International Monetary Fund (IMF) paper has revealed, with its foreign reserves covering only 60 per cent of a new benchmark its authors have developed.
Forbes: Employment Act reforms main concern for sector
PROPOSED Employment Act reforms are the greatest concern to the sector according to Bahamas Contractors Association (BCA) president Godfrey Forbes who told Tribune Business that reforms could impact labour costs by as much as 30-35 per cent.
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