Melia’s 1,000 staff enjoy ‘Perfect Luck’ over new employer
A trade union leader has criticised the lack of consultation over the transfer of the Melia Nassau Beach Resort’s 1,000-strong staff, and their employment contracts and rights, to the China Export-Import Bank.
Retailer’s 82% sales fall Bazaar ‘deja vu’
A veteran Freeport retailer says he is suffering International Bazaar “deja vu” with sales across his two Lucaya-area stores down 82 per cent since Hurricane Matthew.
Bahamas ‘can triple cruise return’ with 2/3 less passengers
The Central Bank’s governor says the Bahamas “could triple our return from the cruise industry with two-thirds less” passengers coming to its shores, arguing that passenger numbers were not the best measure of success.
Bahamas urged: ‘Move now’ on energy reform
The Bahamas was yesterday urged to follow Jamaica’s lead and “move now” to alternative energy, a private sector executive arguing that lower electricity costs were key to turning this nation’s economy around.
Business ‘under-reporting’ hurts GDP data accuracy
The Government’s top finance official has questioned the accuracy of Bahamian economic growth data because of years of “under-reporting” by multiple Bahamian businesses.
Contractor calls for Build Code update
A contractor has called for an assessment and, where necessary, upgrades to the Bahamas’ Building Code in the wake of Hurricanes Joaquin and Matthew, telling this newspaper: “We can’t wait any longer”.
Govt targets $400m from tax crackdown
The Government is targeting an extra $400 million within two years from its crackdown on tax cheats, a top official yesterday revealing enforcement efforts were already yielding an extra $15 million per month.
Courier firms ‘stealing’ from Public Treasury
Courier companies were yesterday accused of “stealing” from the Public Treasury, with the Government’s top financial official revealing three had recently agreed to pay a collective $7 million in outstanding taxes.
Bahamas’ ‘growth potential’ down 3% since century start
The Bahamas’ economic growth potential has “dropped quite sharply” since this century began, an International Monetary Fund (IMF) executive said yesterday, urging the Government to curb spending “to ensure fiscal sustainability”.
Govt targets ‘fiscal balance’ in 4 years
The Government believes it can “achieve a balanced Budget” within the next four years, its top finance official said yesterday, while warning this forecast could be undermined by unexpected events such as the $100 million in revenues lost to Hurricane Matthew.
FINCO blames Matthew for 15.5% ‘bad’ loan rise
FINCO yesterday confirmed that the Bahamas’ mortgage crisis is far from over, blaming Hurricane Matthew for a $16 million increase in non-performing loans as profits slumped 54.7 per cent.
IAN FERGUSON: How corporate Bahamas can help win crime fight
Everyone agrees that crime and criminal behaviour cannot be blamed solely on our political leaders. Crime affects everyone and must engage the entire community if it is to be resolved. Criminal activity impacts our economic and social life. Businesses live in fear that their profits, investment and employees will come under attack from assailants seeking to destabilise their well-being.
Govt wants 90% of taxes electronically by fiscal year-end
The Government is hoping to collect 90 per cent of due tax payments electronically before the 2016-2017 fiscal year-end, a top official yesterday promising it was being “very aggressive” on spending controls.
Top Finance official backs lower Business Licenses
The Government’s top financial official yesterday conceded to problems with both Tax Compliance Certificates (TCCs) and Business License fees, agreeing that the latter’s rates “have to be lowered over time”.
Rolle outlines measures to ease access to credit
CENTRAL Bank Governor John Rolle yesterday outlined several industries which will be be afforded more flexibility to raise financing from foreign sources should the Central Bank’s latest proposed exchange control relaxations be approved.
