GB Chamber chief ‘more comfortable’; tax queries remain
The Grand Bahama Chamber of Commerce’s president says he feels “more comfortable” with Freeport’s new ‘tax breaks’ regime following Friday’s meeting with the Government, although key private sector questions remain unanswered.
Cable losses hit $16.7m amid wait for growth pay-off
Cable Bahamas suffered a 12.5 per cent increase in annual net losses to $16.658 million for 2016, driven by Hurricane Matthew-related repair costs and the wait for expansion investments to pay off.
‘Subdued’ 2017 start for tourism industry
The Bahamian economy endured a “soft” January amid “constrained” tourism output, with passenger traffic passing through Lynden Pindling International Airport (LPIA) up just 0.1 per cent year-over-year.
URCA aims to ‘take Bahamas to world’
The Utilities Regulation and Competition Authority (URCA) aims to “take the Bahamas to the world” as a leader in information and communications technology (ICT), its top executive saying: “We have a very good foundation for ICT in the country”.
Bahamas urged: ‘Don’t over-react’ to rating agencies
The Bahamas should not “over-react” to assessments from the international credit ratings agencies regardless of whether they are negative or positive, the Chamber’s chairman saying: “We should have a plan.”
‘Top tourist’ supplier in GB pull-out blow
Grand Bahama’s already-reeling tourism economy was this week dealt a fresh blow after its “largest supplier of room nights” and stopover visitors announced it was cancelling all services to the island for summer 2017.
GB Chamber chief seeks ‘clarity’ over 5-year staff lock-in
Private sector leaders will this morning seek “clarity” from the Government over the new Freeport ‘tax break’ application process, amid fears businesses will lose incentives - and incur penalties - if they break a five-year employment ‘lock in’.
Summit’s Matthew loss peaks at $37m
A Bahamian insurer yesterday revealed it had incurred $37 million in gross losses from Hurricane Matthew, and warned that “some small increase” in local insurance premiums may result in 2017.
Bahamas must ‘buffer’ against deficit blow-out
Moody’s forecast that the Government will incur another $300 million-plus fiscal deficit this year emphasises why the Bahamas needs to create a “contingency” fund to cope with natural disasters, the Chamber of Commerce’s chairman said yesterday.
Chamber chief ‘can’t see’ Hawksbill Creek breach via ‘back door’
The Grand Bahama Chamber of Commerce’s president yesterday rejected assertions that Freeport’s new ‘tax breaks’ regime was a “back handed” attempt by the Government to amend the Hawksbill Creek Agreement.
Union boss: No party has ‘workers agenda’
A trade union leader yesterday bemoaned the failure of any major political party to promote a “workers agenda” ahead of the upcoming general election, saying: “There is nothing happening for the labour movement”.
Govt in ‘back handed’ Hawksbill change move
A prominent QC yesterday agreed that the Government’s call for Freeport businesses to seek renewal of their tax breaks was a “back handed” attempt to amend the Hawksbill Creek Agreement, with the move representing “the worst formula for business”.
Moody’s: Bahamas deficit will exceed $300m this year
Moody’s yesterday forecast that the Bahamas’ fiscal deficit will remain above $300 million for this current Budget period, with Hurricane Matthew blowing it slightly higher than the prior year.
Freeport tax deadline ‘heartless and cruel’
The Government was yesterday slammed as “absolutely heartless and cruel” for giving Freeport businesses just two weeks to seek the renewal of key tax breaks in an economy that is “on its belly”.
Developer’s fear of ‘housing shortage’
A Bahamian developer has warned that a looming shortage of quality housing in western New Providence could impact the ability of projects such as Baha Mar to attract essential expatriate management.
