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”.
Low growth linked to cronyism, blasts reform campaigner
A governance reformer has directly linked the Bahamas’ poor GDP growth and low business confidence to nepotism, cronyism and political favouritism impacting how commerce is conducted.
Governance study’s multi million diversifying boost
The Bahamas could enjoy a multi-million dollar jobs and economic diversification boost with policy reforms to facilitate targeted investment in key industries, amid warnings that “major economic assets are at risk”.
Work permit ‘restrictions’ cost shipping investment
The Bahamas lost an international shipping company’s investment to a rival Caribbean destination because of a “restrictive” work permit policy, an international consultant recommending this be restructured to drive economic growth. Oxford Economics, in a report commissioned by the Bahamas-based Organisation for Responsible Governance (ORG), called on this nation to tie foreign work permits to increased Bahamian employment, rather than identifying and training a local successor to take over.
Bran: Govt opposed Baha Mar Chapter 11 to hide self-dealings
The Democratic National Alliance’s (DNA) leader believes the Government so vehemently opposed Baha Mar’s Chapter 11 filing because it feared contracts held by public officials, and their families and associates, might be exposed in the US courts.
Downtown killing lays foundation to ‘destroy economy’
The Minister of Tourism is “deeply concerned” after a minibus driver was shot and killed in downtown Nassau last week, warning that such incidents are laying the foundation “for the total destruction of our economy”.
Minister seeks more airlift for Baha Mar
Baha Mar’s opening will usher in a new era in Bahamian tourism, a Cabinet Minister has promised, as his Ministry seeks out additional airlift to support the $4.2 billion development.
Central Bank warns over ‘repeat findings’
The Central Bank has warned licensees that it has seen “a significant incidence of repeat findings”, where issues identified by regulators in on-site examinations have not been resolved despite assurances to the contrary.
‘De-risking’ hits Bahamas costs clearance times
Bahamian financial institutions have incurred higher customer due diligence costs, and experienced longer transaction clearance times, due to global correspondent banking ‘de-risking’ trends.
‘No one should pull against Baha Mar’
Baha Mar is “no saviour” despite its potential to be a top GDP producer for the Bahamas, the Chamber of Commerce’s chairman predicting the project will be a ‘case study’ for how this nation manages such developments.
