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Tax crackdown: Govt hits 6,000 businesses, 5,000 property owners
The Government last night unveiled its promised crackdown on tax defaulters, promising to first pursue the largest, wealthiest delinquents - some 6,000 businesses and 5,000 high-end property owners.
Freeport investment law blasted as ‘anti-business’
Freeport’s new tax incentives law was yesterday branded an “abomination” and “anti-business” by an FNM Senator, who argued that it will undermine both the city’s founding agreement and economic growth.
‘Farcical’: Govt picks up ‘entire’ $40m BOB issue
Bank of the Bahamas’ 3,000 minority shareholders have demonstrated their “complete lack of confidence” in the bank after forcing the Government to pick up its “entire” $40 million rights offering.
Consumer chief set to investigate BPL bill spike
The Consumer Protection Commission’s chairman last night promised to investigate the “double” and “triple” energy bill increases many consumers are now experiencing as a result of Bahamas Power & Light’s (BPL) post-Matthew billing practices.
TUC chief: Labour law reform ‘unlikely’ before next election
The Trades Union Congress’s (TUC) president yesterday said it was “highly unlikely” that the controversial labour law reforms will be enacted before the upcoming general election, with little progress in negotiations at the National Tripartite Council.
BIFF ‘taken for ride’ over Dingman deal
The Bahamas International Film Festival’s (BIFF) founder yesterday said she was left “embarrassed”, and felt “taken for a ride”, after Jamie Dingman failed to deliver on his promised acquisition of the organisation.
Drug wholesalers yet to feel PHA’s 20% spend rise
Major Bahamian pharmaceutical wholesalers last night said they were yet to feel the benefits of the Public Hospitals Authority’s (PHA) 20 per cent ‘local’ spending increase, with two reporting a decline in government sales this year.
PHA: 20% local spend rise rebuts ‘wipe out’ fears
The Public Hospitals Authority (PHA) yesterday said the 20 per cent increase in spending with Bahamian pharmaceutical wholesalers over a two-year period proves that fears it is intent on “wiping out” the industry are groundless.
QC slams ‘free lunch’ for Port and Hutchison
A well-known QC has slammed the Government’s Freeport incentive legislation for “giving a free lunch” to those who can most afford it - Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) two family shareholders.
OECD attacks like ‘unofficial blacklisting’ of the Bahamas
A former finance minister says the recent OECD-inspired media onslaught against the Bahamas is akin to an “unofficial blacklisting” of its financial services industry, describing the situation as “a new form of international colonialism”.
800 job applications for new mobile player
Cable Bahamas had received around 800 applications for jobs with the nation's second mobile provider by end-last week, it was revealed yesterday, and is confident the new operator can beat its financial targets.
‘Deceptive indicators’ hurt Budget estimates
The Chamber of Commerce’s chairman believes the use of “misnomers and deceptive indicators” are causing the Government to consistently miss unrealistic Budget and fiscal targets.
De-risk 'client migration' to benefit larger banks
Correspondent bank 'de-risking' could drive another wave of Bahamian financial services consolidation by sparking "client migration" to larger institutions, a former finance minister has warned.
NAD eyes fee rise after $15.1m loss
The Nassau Airport Development Company (NAD) is currently mulling another fee increase, as it predicts a “few more years” of losses following $15.1 million in ‘red ink’ incurred during its 2015 financial year.
Telecom provider pledges ‘unheard of’ service levels
A newly-launched telecommunications provider yesterday promised “unheard of” service quality levels for the Bahamian market, as it will incur financial penalties for failing to meet customer expectations.
Gov't pushes deficit elimination forecast back three years
The Government has pushed back its original projections for eliminating the fiscal deficit by three full years, and is now pinning its hopes on a $449 million, four-year 'swing' into surplus.
Ex-Hard Rock franchisee queries transfer to ex-MP
Hard Rock Cafe's former Nassau franchisee has questioned why the business was so readily handed to its Bahamian landlord, when a decade earlier he had been "forced" to pay $1 million to end their partnership.
$600m Sarkis claims branded 'hogwash'
An ex-Baha Mar director has slammed as "hogwash" claims that Sarkis Izmirlian lacked the $600 million financing needed to complete the project, accusing the Government of "playing the blame game".
IDB: Bahamas needs $560m 'adjustment'
The Bahamas needs a $560 million "adjustment" at present growth rates just to cut its debt-to-GDP ratio to 60 per cent by 2021, amid warnings this nation now lies on the fiscal "dark side".
Revived Mortgage Plan may assist ‘over 1,000’
The Government yesterday unveiled a revised Mortgage Relief Plan it believes could assist “upwards of 1,000 delinquent borrowers”, via a 20-25 per cent cut to monthly loan payments.
