November 12, 2019
Deputy Prime Minister Peter Turnquest.
Stories this photo appears in:
‘I’m focusing on work, that’s all’
DEPUTY Prime Minister and Minister of Finance Peter Turnquest said he is focused “on the work of the Bahamian people” yesterday as observers await word on how Prime Minister Dr Hubert Minnis and his Cabinet will respond to allegations of fraud that have been brought against him.
Turnquest - will he ride this out?
THE deputy prime minister was “praying to God” that allegations connecting him to unproven claims of tax fraud and a worker’s wrongful dismissal would never emerge in The Bahamas.
Turnquest disappointed by Scotiabank move
DEPUTY Prime Minister Peter Turnquest is disappointed by Scotiabank’s decision to close branches at several islands and says the move would bring “hardship” for residents.
'Within the ball park': Gov't debt near $9bn
The Government's first quarter fiscal outturn was "within the ball park" of projections, the deputy prime minister said last night, as $692m in net borrowing drove its direct debt to almost $8.9bn.
Gov't releasing $45m for extended COVID support
The deputy prime minister last night confirmed the Government will allocate $45m to the continuation of its COVID-19 support initiatives after the move was approved by the Minnis Cabinet.
Economic realities' to dictate COVID support
The deputy prime minister yesterday said "economic realities" will dictate how long the Government can keep financing its individual and business COVID-19 assistance programmes.
Government hopeful smaller hotels can jumpstart tourism
DEPUTY Prime Minister Peter Turnquest said the Minnis administration is hopeful that the re-opening of smaller hotels will help jumpstart the tourism industry.
‘No VAT cut’ after lockdown
The deputy prime minister said that there will be no tax cuts or additional incentives for businesses coming out of the COVID-19 lockdown.
Turnquest gives thanks
AFTER his scare with COVID-19, Deputy Prime Minister Peter Turnquest — who has since tested negative for the virus – is thanking everyone for the expressed concern for his well-being.
I am sure we will rise again, says Turnquest
AMID current economic uncertainty, Deputy Prime Minister Peter Turnquest has expressed hope that Grand Bahama will move forward again in a positive direction. His comments came at a flag-raising ceremony in Grand Bahama as part of the country’s 47th
JULY 1 - ALL EYES ON U.S. NUMBERS: Infection rates and mass protests raise reopening concern
DEPUTY Prime Minister Peter Turnquest has acknowledged concerns that ongoing protests and other factors in the United States may lead to an increase in COVID-19 cases there and have an impact on the country’s July 1 date for resuming commercial travel.
Govt won't intervene in rent disputes
DEPUTY Prime Minister and Minister of Finance Peter Turnquest said the government does not plan to intervene in and settle disputes between landlords and tenants who qualify for the COVID-19 rental assistance programme. On April 27, Prime Minister D
DPM: GB airport will be restored 'to former glory'
The deputy prime minister yesterday pledged that the government is still committed to acquiring Grand Bahama International Airport and “restoring it to its former glory”.K Peter Turnquest, speaking at a post-Budget press conference, said the Minnis a
Turnquest dismisses devaluation threat
FINANCE Minister Peter Turnquest has dismissed reports of the government running out of money as false while stressing the Bahamian dollar is not facing a devaluation threat. Yesterday, a statement from Mr Turnquest insisted measures are being taken
No decision 'yet' on shedding civil service retirees
The government had made no decision “as yet” on whether it will seek to cut the $670m civil service wage bill by shedding all public sector workers who have reached retirement age. K Peter Turnquest, in brief messaged replies to Tribune Business que
Govt revenues in 50% March slump
Government revenues declined by 50 percent in March, the deputy prime minister revealed yesterday, as the COVID-19 crisis threw a better-than-expected post-Dorian fiscal showing “out of whack”. K Peter Turnquest, speaking as the government unveiled
Turnquest clarifies remarks on spending
FINANCE Minister Peter Turnquest yesterday clarified recent remarks he made on a local talk show, saying it was not his intent to tell people how to spend their money but to only give Bahamians sound “financial advice” amid the COVID-19 pandemic. He
We've no plans to increase taxes, says Turnquest
THE government does not have any plans to increase value added tax “or any other taxes” amid the COVID-19 pandemic, Finance Minister Peter Turnquest said yesterday.
Govt warns of $800m deficit
The government is facing an $800m deficit for this budget period with “next year looking even worse”, the deputy prime minister revealed yesterday, as revenues are off by up to 70 percent. K Peter Turnquest, in a Zoom conference with members of Old
Govt lines up budget cuts amid economic hardship
THE government has given guidelines to ministries and agencies on budget reductions it hopes to see while mulling over its strategy to navigate through economic hardship over the next several months, FInance Minister Peter Turnquest said yesterday.Wh
Govt ‘taking from Peter to pay Paul’
The government is performing a high-wire juggling act with its finances by “robbing Peter to pay Paul” to meet critical liabilities as they become due, the deputy prime minister revealed yesterday.
Govt: Moody's decision no surprise given strain of pandemic
The Government today said Moody’s decision to place The Bahamas’ credit rating on downgrade review was “unfortunate but not surprising” given the “strain” imposed by the COVID-19 pandemic.
DPM: 'Govt running as fast as we can'
The deputy prime minister yesterday said the government was “running as fast as we can” to support Bahamians and the private sector with more than $100m in COVID-19 financial aid.K Peter Turnquest urged the private sector to have patience with the ne
HELPING HAND: Turnquest extends benefits package to help self-employed
THE government will expand its unemployment assistance programme to self-employed people outside of the tourism industry, Minister of Finance Peter Turnquest announced yesterday.
DPM: Bahamas faces 'deep, stark' recession
The deputy prime minister yesterday warned The Bahamas faces a “very deep and stark recession”, and urged it to brace for “major problems” if the COVID-19 crisis continues beyond summer.
‘It’s going to be deep recession’
WITH the COVID-19 pandemic threatening to hit the country with a $1bn loss or more, Finance Minister Peter Turnquest said yesterday it is likely the economy is already in a recession.
'We'll do whatever's necessary to defeat coronavirus threat'
The government will “provide whatever resources are required” beyond the extra $4m allocated yesterday to combat the coronavirus threat, the deputy prime minister pledged yesterday.K Peter Turnquest told the RoyalFidelity Bahamas Economic Outlook tha
DPM: Coronavirus economic fall-out receiving scrutiny
The deputy prime minster yesterday revealed the government is “contingency planning” for the potential negative impact that the coronavirus may have on economic growth and fiscal projections. K Peter Turnquest, deputy prime minister, told Tribune Bu
DPM: New GB Power charge is 'unavoidable'
The deputy prime minister yesterday described Grand Bahama Power Company’s (GBPC) new Dorian recovery levy as “unavoidable” if electricity supply is to be restored to the entire island. Arguing that this “comes at a cost”, K Peter Turnquest, said: “
EU decision proves our finance industry is solid, says Turnquest
DEPUTY Prime Minister Peter Turnquest said yesterday that the removal of The Bahamas from the European Union’s tax watch-list proves that the country’s financial services industry is solid and managed by a “sound regulatory regime.” Mr Turnquest mad
'Carnival double deal will help recovery efforts'
DAYS after Carnival Corporation announced it will double its investment at the Grand Bahama cruise port, Minister of Finance Peter Turnquest said yesterday the move will aid the recovery efforts on the storm-impacted island. “We’re certainly looking
EU sorted: Now for France and Holland
The deputy prime minister is “very confident” The Bahamas will resolve its blacklisting by individual European Union (EU) members after it yesterday completed its escape from the bloc’s tax watch-list.K Peter Turnquest told Tribune Business that this
DPM: Bahamas 'far from' uncontrolled debt spiral
The government is “far from” an uncontrolled debt spiral, the deputy prime minister argued yesterday, while voicing concern that a PLP administration would not remain faithful to fiscal consolidation. K Peter Turnquest told Tribune Business that Bah
DPM predicts $130m economic output fall
The government is forecasting that Bahamian economic output may be slashed by a full percentage point due to Hurricane Dorian, the deputy prime minister revealed yesterday. K Peter Turnquest, pictured , launching the House of Assembly debate on the
Bahamas rejects IMF's $200m Dorian offering
The Bahamas will not be taking up the International Monetary Fund’s (IMF) offer of up to $200m in concessionary funding for Hurricane Dorian recovery, the deputy prime minister confirmed last night.K Peter Turnquest told Tribune Business via a messag
$188m SOE subsidy 'definition of insanity'
The government is awaiting “imminent” receipt of a study on how to “optimise” the loss-making state-owned enterprises (SOEs) responsible for virtually its entire first half $188m fiscal deficit.
Govt seeks extra $120m for non-Dorian spending
The government plans to borrow almost $120m to cover unbudgeted non-Dorian spending deemed “imperative for orderly, stable, sustainable and resilient governance”, it was revealed yesterday. K P Turnquest, pictured , deputy prime minister, detailed s
DPM urges more than 25% water bill cut for GB
The Grand Bahama Utility Company yesterday defended its 25 percent water bill discount against calls from the deputy prime minister for the reduction to be greater.The water supplier, in a statement issued to Tribune Business, said Freeport businesse
100m tax ‘rebate’ in doubt
Hurricane Dorian’s financial fall-out has placed the government’s plan to return $100m to the Bahamian people through “significant tax cuts” in doubt, the deputy prime minister has revealed.
'Chicken and egg': GB Power eyes 50% cost drop for east
Electricity supply restoration to east Grand Bahama was yesterday branded “a chicken and egg situation” as the island’s utility eyes potential solutions that will slash its costs by 50 percent.K Peter Turnquest, pictured, deputy prime minster and the
DPM pledges to 'speed up' small business Dorian relief
The government is aiming to “speed up” financial help for Dorian-hit businesses, the deputy prime minister said yesterday, although its $10m facility is likely to meet less than 25 percent of their needs.K Peter Turnquest told Tribune Business the pr
DPM: Deals 'took advantage of the Bahamian people'
The deputy prime minister has blasted previous administrations for “taking advantage of the Bahamian people” by entering into contracts “nobody in a commercial sense” would agree to. K Peter Turnquest, pictured , told Tribune Business that “there’s
Most workers have received lump sum, says Turnquest
THE government has, “for the most part”, met its obligation to pay government workers the $1,400 sum promised to them by the end of the year, Deputy Prime Minister Peter Turnquest said yesterday. Mr Turnquest, in an interview with The Tribune , said
DPM: VAT relief for services 'too costly'
Eliminating VAT on services in the Dorian-hit islands would be difficult to police and too costly, the deputy prime minister said yesterday, while granting tax breaks to companies that do not need them. K Peter Turnquest, pictured , explaining the g
Turnquest fury over France’s ‘disgusting’ sudden blacklisting
The deputy prime minister yesterday voiced his "total disgust" over France's decision to blacklist The Bahamas as he blasted the "devious" way in which it had been implemented.
Customs 'learning curve a bit steeper than we thought'
The deputy prime minister yesterday admitted that Customs’ new system had required “a steeper learning curve than expected” as he pledged to work with the private sector to resolve all woes.Acknowledging “challenges” with the Click2Clear electronic s
‘Fake news’ - 15% VAT rate rise
DEPUTY Prime Minister Peter Turnquest has refuted what he called “misinformation” about value added tax increasing to 15 percent in January 2020.
'Not grim' despite $1.3bn debt surge
The deputy prime minister yesterday disagreed that The Bahamas faces a "grim" economic and fiscal outlook even though government debt is forecast to increase by $1.3bn over the next five years.
80% of Dorian-hit assets uninsured
Up to 80 percent of private homes and businesses devastated by Hurricane Dorian were uninsured, the deputy prime minister revealed yesterday, creating an unsustainable burden for the state.K Peter Turnquest, opening the annual Accountants Week confer
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