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Gov't warned: 'We can't take another shock' with NHI

The Government was yesterday warned that National Health Insurance (NHI) would not succeed without private sector buy-in, one executive warning: "The economy cannot take another shock." Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chief executive, told Tribune Business that an unsustainable NHI programme could have "catastrophic effects for a fragile economy" that was still bedding down Value-Added Tax (VAT).

BEC manager-elect slams 'fraud by hindsight' claim

The Bahamas Electricity Corporation's (BEC) prospective manager has dismissed as "fraud by hindsight" claims that it artificially inflated its stock price prior to a one-day wipe-out that erased $250 million in shareholder value.

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Superwash chief: VAT bites 12-14% off key products

A leading businessman says the Bahamian economy is stuck "in a funk" as Value-Added Tax's (VAT) full impact starts to bite, with sales in two of his key product categories down 12-14 per cent. Dionisio D'Aguilar, Superwash's president, told Tribune Business that the Bahamas desperately needed to change its attitude towards "rebooting the economy" and making it easier to conduct business.

Broker warns Feds: 'I'll plead the Fifth'

A Bahamian broker/dealer's principal has warned US federal regulators that their efforts to obtain evidence from him over two alleged multi-million dollar securities frauds will be futile, as his lips will be sealed.

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Gov’t agrees ‘few hundred thousand’ in VAT credits

The Government has approved “several hundred thousand dollars” of Value-Added Tax (VAT) credit refunds, a top official yesterday promising that businesses would not endure “a protracted wait” to receive them.

Baha Mar’s expat hires told to leave

Baha Mar has told several expatriate hires to leave the Bahamas because construction delays mean there are no jobs for them to step into, amid suggestions it is seeking additional financing to complete the $3.5 billion project.

Union: No concern over BEC manager integrity

A BEC union leader yesterday said he had no concern over the integrity of its preferred management partner due to assurances given by the Government, telling Tribune Business: “It is what it is”.

US judge slams broker chief’s ‘court disregard’

A Bahamian broker/dealer’s principal has been accused of “disregard for the court’s authority”, resulting in a New York judge blocking his bid to retreat from two multi-million dollar securities fraud lawsuits.

Freeport suggestions to Gov’t ‘in 2 weeks’

The Government will likely receive recommendations on Freeport’s short and long-term future within the next two weeks, the Opposition’s deputy leader yesterday calling for “quid pro quos” in return for extending the city’s tax breaks.

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Gov’t braces for tax breaks legal battle

The Government was last night bracing for an outspoken QC’s latest Judicial Review salvo, after it missed his deadline to provide “an undertaking” that no decisions will be taken on Freeport’s tax and economic regime.

US gives Cable growth ‘4 times’ that in Bahamas

Cable Bahamas yesterday said its US expansion had generated growth that would take three-four years to achieve in this market, having enjoyed an “immediate” 26 per cent top-line boost.

Baha Mar delay: ‘We’re all losers’

A leading businessman yesterday rounded on the “despicable critics” of Baha Mar’s principals, and said of the $3.5 billion project’s delayed opening: “We are all losers.”

Gov’t wipes $7m Water Corp debt

The Government appears to have wiped out the $7 million accounts receivables owed by the Water & Sewerage Corporation’s main water supplier, which has praised it for doing so.

Payroll tax unable to cover NHI

A 3 per cent payroll tax will not be sufficient to cover the proposed National Health Insurance (NHI) scheme’s total costs, the private sector yesterday warning that sticking to a January 2016 implementation will create a “challenging sprint to the finish”.

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BREA ‘emergency’ on ex-minister’s legal win

The Bahamas Real Estate Association’s (BREA) Board will tomorrow hold “an emergency meeting” to determine its response to losing a legal battle with a former Cabinet Minister.

Bahamas ‘falls off map’ on Caribbean hospitality lending

The Bahamas has ‘dropped off the map’ among traditional bank lenders to the hotel/tourism industry, with this nation failing to feature among the top 10 Caribbean destinations for new lending.

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Bahamians overlook ‘significant progress’

Too many Bahamians are overlooking this nation’s “significant economic progress” because they are focusing on issues that “have not a Christ thing to do with sustainable development”, a leading businessman believes.

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BEC managerial talks start today

The Government will today begin negotiations with PowerSecure International over the five-year Bahamas Electricity Corporation (BEC) management contract, amid pledges that the deal will be overseen by “a non-partisan” Board.

NHI: Gov’t warned on ‘significant error’

The Government is “making a significant error” over National Health Insurance (NHI) by allowing the initiative to become potentially “divisive”, a well-known businessman warned yesterday.

Don’t wreck reputation with missing deadlines

Are you a ‘train wreck’ when faced with tight deadlines? If you are employed in marketing, design, web development or any other deadline-driven field, no doubt you have experienced snappy demands, postponements, obstacles, delays, distractions and all manner of commotions that can interfere with that very important project you have finally landed.