RoyalStar profits drop 73% in 2016
RoyalStar Assurance saw its 2016 profits decline by 72.8 per cent year-over-year due to Hurricane Matthew, with drove a more than-$4 million increase in net claims after reinsurance payouts.
‘Band-aid’ fears over landfill bid deadline
The eight-day tender for the New Providence landfill’s management contract was yesterday slammed as “highly irresponsible” by the attorney representing Jubilee Gardens residents impacted by the massive recent fires.
Agriculture’s ‘value’ falls 31% in 4 years
Real value added in the Bahamian manufacturing and agriculture sectors declined by 10 per cent and 31 per cent, respectively, between 2011-2015, with “fundamentally different business conditions” needed to reverse the fall.
‘More aggressive’ strategy needed on vacation rentals
The Bahamas was yesterday urged to adopt “a more aggressive strategy” towards the vacation rental market, given its potential for increasing local tourism industry ownership and developing Family Island economies.
Customs rejects cargo inspection concerns
Cargo inspections by the Customs Department are being done on a “risk analysis” basis, its Comptroller confirmed yesterday, agreeing that inspecting nearly 100 per cent of imports - as suggested in a consultants’ report - is “not practical”.
‘Competition explosion’ from number portability
Number portability could create an ‘explosion’ of competition in the mobile sector, the Utilities Regulation and Competition Authority’s (URCA) acting chief executive said yesterday, describing it as a “critical enabler” to the sector.
Chamber releases its ‘business ease’ survey
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive said yesterday it was seeking private sector feedback on the “most pressing issues” concerning the ‘ease of doing business’ in the Bahamas.
Bahamas under rising tax exchange pressure
The Bahamas is under growing pressure to bow to international demands that it automatically exchange tax information on a ‘multilateral’ basis, with the European Union (EU) and its members refusing to accept this nation’s preferred approach.
Rating agencies told: ‘Stroke us with same Baha Mar whip stick’
Senior Chamber of Commerce executives have urged the credit rating agencies to “stroke us with the same stick you beat us with”, and factor Baha Mar’s opening into their next assessments of the Bahamas’ sovereign creditworthiness.
Customs labelled ‘inefficient at best, corrupt at worst’
Customs modernisation is an essential “pre-condition” for developing a logistics/break bulk industry in the Bahamas, with the Department described as “inefficient at best, corrupt at worst”.
Price control ‘makes inroads’
The Bahamas’ chief price overseer yesterday said it had “made some inroads” into retail merchant non-compliance, acknowledging private sector improvement in Nassau and the Family Islands.
Bahamas told: Create ‘new investor category’ for vacation rentals
The Bahamas could leverage the opportunities created by Airbnb and the exploding vacation rental market by creating “a new investment category” for persons seeking to develop the sector.
Trade Portal attracts 30 Bahamas exporters
Around 30 current and potential Bahamian exporters are currently listed on the Bahamas’ Trade Information Service Portal that launched earlier this month, a private sector executive yesterday saying there was “definitely interest” from businesses.
Bahamas adds standards to reduce trade barriers
The Bahamas has now adopted a total of 11 national standards with the addition of eight more yesterday, a Cabinet Minister explaining that their development was key to eliminating trade barriers for local businesses.
Bahamas goes 4 years without GDP growth
The Bahamas has just suffered its fourth consecutive year with no economic growth, prompting the Chamber of Commerce’s chairman to call for “methodical plans to bring the economy back”.
