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‘Breath of fresh air’: 150k cruise arrivals over Xmas

The Downtown Nassau Partnership’s (DNP) co-chair yesterday hailed the increase in cruise ship traffic as a “breath of fresh air” for business with close to 150,000 passenger arrivals forecast for Christmas week.

‘Lots of muscle’ required for $142m toxic BOB pile

The Bank of The Bahamas bail-out vehicle must now employ “lots of muscle” to recover its remaining “toxic” loan collateral valued at $142m, its chairman revealed yesterday.

Skills transfer woe still a ‘sad reality’

The Bahamas must change “the sad reality” that key skills and knowledge are not being passed on to local workers by expatriate work permit holders, a prominent contractor argued yesterday.

Bank payment charges need ‘legitimate redress’

THE Central Bank yesterday appeared to concede that fees for payment services were too high and “require legitimate redress”, a view shared by 78 per cent of Bahamians.

Development Bank fund ‘sinking’: Covers 1/3 of $46m bonds

* Just 28.4% of loans ‘performing’ * Accumulated losses over $60m * Solvency deficiency at $31.31m

THE Bahamas Development Bank’s (BDB) ‘sinking fund’ covered just one-third of its $46 million outstanding bond debt at year-end 2016, with only 28.4 per cent of its loans ‘performing’. The BDB’s 2016 financial statements, tabled in the House of Assembly in Wednesday by the Prime Minister, reveal the parlous state of another state-owned enterprise (SOE) that has racked up more than $60 million in losses for the Bahamian taxpayer during its 43-year existence.

S&P: Gov’ts fiscal, economic reforms ‘will take time’ to work

* 1.5% average growth forecast lower than IMF’s * Grand Lucayan closure takes out 7% of rooms * Debt to rise through 2020 to 52% of GDP

THE Government’s fiscal and economic reforms will take time to “pay dividends”, Standard & Poor’s (S&P) warned yesterday, as it took a more ‘bearish’ view of the Bahamas’ growth prospects. The rating agency, in its latest Bahamas country assessment, expressed confidence that the Minnis administration’s fiscal reforms will “arrest the deterioration” in the Government’s deficit and the national debt.

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Bahamas ‘must reengineer economy faster than ever’

* QC: 2018 will ‘set economy for 20 years’ * Warns reform pace may be bewildering * Warns of tax, exchange control ‘recalibrating’

THE Bahamas faces having to “substantially reengineer its economy at a much faster pace than ever before” to escape global ‘blacklists’, a prominent QC warned yesterday. Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, told Tribune Business that this nation’s response to the European Union/OECD initiatives in 2018 “will determine the future of the economy” for possibly the next 20 years.

Bahamas faces major tax, exchange control shake-up

The Bahamas may have to completely overhaul its corporate and taxation structure to escape European Union/OECD ‘blacklisting’ threats, the Attorney General revealed yesterday.

Opposition leader in ‘total dreamland’ over Freeport

FREEPORT businesses yesterday blasted the Opposition’s leader as being “in total dreamland” over his defence of the former government’s incentive regime.

Chamber urges: ‘Tighten up and enforce’ Enterprises Bill

THE Chamber of Commerce yesterday urged the Government to “tighten up the language”, and enforce the provisions, in the Commercial Enterprises Bill to prevent potential abuses.

CIBC FirstCaribbean explores US listing

CIBC FirstCaribbean’s parent yesterday confirmed its subsidiary is exploring a US stock exchange listing, a move likely to stoke speculation of a Canadian bank withdrawal from the region.

Bahamians urged: Show ‘more ‘outrage’ over financial crimes

BAHAMIANS were yesterday urged to show “more outrage” over financial crime and poor business practices, a prominent cleric arguing that these had become “entrenched in our culture”.

Kosoy, Sterling eye Hurricane Hole deal

David Kosoy’s Sterling Global Financial is in negotiations to acquire Paradise Island’s Hurricane Hole property from Atlantis’s owner, Tribune Business can reveal.

Income-type tax ‘likely inevitable’, warns ex-minister

A FORMER financial services minister believes it is “probably inevitable” that the Bahamas will have to introduce some form of low-rate income tax, warning: “We’re not in the clear yet.”

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.

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.

Corporate redress regime upheld with $33m verdict

The Supreme Court has prevented the Bahamas being perceived as “a parochial, quirky jurisdiction” for international business through its recent ruling on a $33 million insolvency dispute, a former attorney general said yesterday.

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.

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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.

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