Govt revenues off $110m despite VAT
The Government’s deficit for the year to end-June 2016 was 123 per cent higher than projected because revenues, despite Value-Added Tax’s (VAT) arrival, came in $110.2 million below the Christie administration’s projections.
Next Govt’s term ‘pivotal’ to revive economic growth
The next administration’s five-year term is “pivotal” for reviving the Bahamian economy, the Chamber of Commerce’s chief executive yesterday expressing hope it will pick up talks on revising the National Investment Policy.
Minister: ‘Do not mess’ with National Development Plan
The Investments minister has urged the next government not to interfere with the National Development Plan’s (NDP) crafting, warning: “There’s no sustainable future without it.”
Next Govt warned: ‘Immediate’ decision required over BOB
FNM politicians, including former prime minister Hubert Ingraham, yesterday warned that the next government will have to “immediately” decide how to resolve the crisis at Bank of the Bahamas (BOB).
Central Bank eyes reform as dormant accounts hit $95m
The Central Bank is pursuing reforms to legislation governing dormant bank accounts, which grew in volume by 10.2 per cent in 2016 to $95.3 million by year-end.
Reservations ‘exceed’ early Baha Mar hopes
Baha Mar’s top executive yesterday said reservations at its Grand Hyatt property have “exceeded our expectations” to-date, with overall demand for summer travel “extremely strong”.
Growth, fiscal ‘reality’ will strike on May 11
“Immediate focus” must be given to economic growth and development by the incoming administration, the Chamber of Commerce’s chairman said yesterday, adding that there must be clear communication of its fiscal and economic strategy.
BOB’s Central Bank row ‘very troubling’
Bank of the Bahamas (BOB) shareholders yesterday said it was “very, very troubling” that it was resisting the Central Bank’s regulatory demands, warning this would only further undermine confidence in the troubled BISX-listed institution.
PM confirms secret energy bid process
The Opposition yesterday demanded full disclosure from the Government, after Prime Minister Christie confirmed the existence of a secret bidding process to improve Bahamas Power & Light’s (BPL) electricity supply.
Ex-minister slams ‘incredible’ broke Treasury claims
A former finance minister has branded as “incredible” FNM claims that the Public Treasury is broke, warning that this does a disservice to whoever is elected as the Bahamas’ next government.
Carnival bands estimate 1,000 reveller ‘no show’
Bahamas Junkanoo Carnival participants yesterday said there was “no denying” that the postponement debacle had impacted this year’s event, estimating that “no less than 1,000” revellers did not attend as a result.
Minnis’s tax break plan ‘may come back to bite’
A former finance minster has warned that Dr Hubert Minnis’s Over-the-Hill tax break plan “may come back to bite”, as the main beneficiaries will be “wealthy absentee landlords”.
Appeal Court criticised on $700k insurance claim
The Privy Council yesterday expressed “the strongest reservations” over the Bahamian Court of Appeal’s failure to properly interpret an insurance contract in overturning a verdict that required RoyalStar Assurance’s predecessor to pay out a $700,000 claim.
LOI firm holding to Stellar project
The company at the centre of the Renward Wells Letter of Intent (LOI) controversy yesterday said it had not given up on its $650 million waste-to-energy solution for the New Providence landfill, and pledged to market it to the next administration.
BISX share index in first quarter fall
Securities listed on the Bahamas International Securities Exchange (BISX) had a collective worth of just under $5 billion at end-March 2017, even though its market indice declined slightly year-over-year.
