‘Get out of dark ages’, Gov’t and unions told
* Reformer urges end to worker benefits focus * Calls for more productivity ‘to lift GDP growth’ * And wants wages ‘held’ at current levels
The Department of Labour must “get out of the dark ages” and focus on improved worker productivity if the Bahamas is to enjoy higher GDP growth, a governance reformer urged yesterday. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Labour Department and trade unions needed to stop pushing for increased worker benefits “if we are to lift ourselves out of this socio-economic recession”. Arguing that both were still “singing the same old song”, Mr Myers called for wages and benefits to be “held” at present levels until the Bahamian economy generated improved GDP growth rates.
Bahamian insurer ‘bolstered’ after hurricane losses
* Security and General in Q4 capital injection * Performance ‘marginal’, ‘below average’ * Rival Summit also gets top ratings
A MAJOR Bahamian insurer has seen its balance sheet “bolstered” by its parent as a result of recent hurricane-related losses. A. M. Best, the insurance rating agency, said Security and General Insurance Company had received a fourth quarter capital injection from its Bermuda-based owner following recent storm payouts. The rating agency, which reaffirmed the Bahamian property and casualty insurer’s creditworthiness, provided few details and its top executive, Marlon Graham, did not return Tribune Business’s voice mail message yesterday seeking comment.
Gov’t ‘won’t ruin’ economy revival with labour laws
* Minister reassures private sector on changes * No move on ‘controversial’ issues yet * Will only proceed if business/union ‘consensus’
THE Government “will not do anything to ruin” efforts to revive the Bahamian economy, a Cabinet Minister pledged yesterday, as he sought to reassure businesses over labour law reforms. Dion Foulkes, the Minister of Labour, told Tribune Business that the Minnis administration had yet to move on “contentious” election commitments to raise the 12-year redundancy pay ‘cap’ and increase the notice period for terminated employees.
Super Value chief in VAT ‘exclusive’ push
* Blames ‘inclusive’ switch for 10% sales fall * Plans to ‘go back at Gov’t’ over issue * ‘We don’t have to be contrary to world’
SUPER Value’s owner yesterday said will appeal to government for permission to revert to Value Added Tax (VAT) ‘exclusive’ pricing, blaming the switch for this year’s 10 per cent sales decline. Rupert Roberts, while likely reigniting the ‘inclusive’ versus ‘exclusive’ VAT pricing debate, told Tribune Business that Super Value’s 2017 top-line had seen a marked decline in comparison to the two years prior, during which time the food store chain had used VAT ‘exclusive’ pricing.
AML chief: ‘Size of pie yet to be seen’
* Uncertainties over Xmas spending * Hopes December ‘uptick’ will persist * All retailers see October/November fall-off
BISX-listed AML Foods has warned that “the size of the pie” remains unknown when it comes to Bahamian consumer spending this Christmas. Gavin Watchorn, the group’s president and chief executive, told Tribune Business that while it was “very confident” of gaining its due share, the extent of holiday expenditure was difficult to predict given continued economic uncertainty and fragile confidence.
Retailers await ‘busy weekend’
BAHAMIAN retailers yesterday said sales have began to pick-up in the week prior to Christmas, amid anticipation of a “very busy weekend”. “The response to our retail Christmas offer has been outstanding. We are so thankful to our subscribers for their continued support of us, and we are looking forward to closing out the season with a bang,” Aliv’s chief business developer, Gravette Brown, told Tribune Business.
Papa John’s return to create 100 jobs
Papa John’s Bahamian comeback is the core of a new $2.5 million franchise group that will create 100 new Bahamian jobs at full-build out, its principal revealed yesterday.
Gov’t ‘modelling what if’ impacts from tax reform
The Government yesterday confirmed it is “modelling” the impact of potential tax reforms, while vehemently denying it is being forced into unwanted changes by Europe and the OECD.
Gov’t ‘won’t rest’ as IMF warns on mid-term growth
THE Deputy Prime Minister yesterday pledged that the Government “won’t rest on our laurels” after the IMF urged it to tackle “structural” obstacles to higher medium-term GDP growth.
Private sector hails latest relaxation of exchange controls
THE private sector yesterday hailed as a “tremendous move” the Government’s targeting of businesses through further exchange control relaxation that will take effect in February 2018.
Multi-billion public pension ‘nightmare’
THE Chamber of Commerce’s chairman yesterday branded the multi-billion public pension deficit a “nightmare”, while arguing the Bahamas would not hit IMF growth forecasts “in our current state”.
Civil service wage growth quadruples
THE rate of growth in government spending on civil service salaries almost quadrupled during the 2016-2017 fiscal year, an Inter-American Development Bank (IDB) report revealed yesterday.
Aliv heralds partnership as ‘start of digital revolution’
THE Bahamas’ second mobile provider yesterday unveiled its partnership with Mobile Assist, the mobile application providing directory services and engagement between businesses and their customers.
Bahamas 'too eager to be led to slaughter'
The Bahamas is “too eagerly being led to the slaughter” over the introduction of corporate income tax, a former finance minister blasted yesterday. James Smith, also a former Central Bank governor, told Tribune Business that the Government was “kowt
Homeowners allege 'unlawful interference' from Schooner Bay
A GROUP of Schooner Bay homeowners have joined a legal action alleging the developer has “unlawfully interfered” with their rights, with the trial due in March 2018. Documents obtained by Tribune Business reveal that the group became embroiled in a
