Gov’t faces total $800m storm bill
The Government is facing a combined $800million bill from Hurricanes Joaquin and Matthew combined, Prime Minister Perry Christie told Parliament yesterday.
Gov’t told: Forget about pre-election economy ‘juicing’
The Government was yesterday urged to forget about “juicing the economy” prior to the upcoming general election, an outspoken businessman urging it to largely finance hurricane relief from its existing Budget.
‘Major rethink’ urged over electricity grid and Building Code
The Bahamas needs to have “a major rethink” over its electricity infrastructure and coastal/Family Island building codes following Hurricane Matthew’s devastation, a leading insurance executive said yesterday.
Commercial banks to acquire 80 per cent of restoration bond
Some 80 per cent or $120 million of the Government’s Hurricane Restoration Bond will be raised from the commercial banks, the Government yesterday confirming the offering’s multi-tiered nature.
Hurricane bond: 60-70% to repair government assets
A Cabinet minister yesterday acknowledged that the Christie administration must now “revisit” its Budgetary revenue and spending forecasts in the wake of the devastation wrought by Hurricane Matthew.
FNM deputy demands relief funding ‘fairness’
The Opposition’s finance spokesman yesterday urged the Christie administration to put the necessary measures in place to ensure “fairness and accountability” in the allocation of hurricane relief funding, adding that better planning was necessary to prevent the Bahamas being caught “flat-footed again”.
NIB’s unfunded pension liability near 50% GDP
The National Insurance Board’s (NIB) unfunded pension liabilities, equivalent to almost 50 per cent of Bahamian GDP, represent a “major fiscal risk” that demands at least a 5.4 per cent increase in contribution rates.
Power loss leaves bed maker dozing
A bedding manufacturer yesterday said business levels had plunged almost 90 per cent year-over-year post-Matthew, with the loss of electricity for two full weeks severely compromising its ability to produce finished products and generate sales.
FNM’s deputy slams storm tax ‘nonsense’
The Opposition’s finance spokesman yesterday slammed the Government’s ‘hurricane tax’ proposal as “nonsense”, warning that an “already devastated” society and economy would find it impossible to bear further cost increases.
BPL places new business connect requests on hold
Superwash’s newly-opened $3m million laundromat has been unable to get an electricity connection because Bahamas Power & Light (BPL) is not currently accepting any new business applications.
Bran: New taxes ‘won’t dig us out’ of Matthew hole
The Democratic National Alliance’s (DNA) leader yesterday warned the Government not to “dig yourself out of the hole” left by Hurricane Matthew through further taxing Bahamians, adding: “We cannot afford it.”
SUPERGREEN SOLUTIONS: A beacon of light through the storm
I thought it was bad that my power was off for nearly a week after Hurricane Matthew. But I know that is nothing compared to many of my fellow Bahamians, who are not expected to have their light restored for a long time. If you are looking to find or provide some electricity relief in this hard time, this article is for you.
No Gov’t pressure on debt ratio drops
The Central Bank’s governor yesterday said there had been no pressure from the Government to revise the Bahamas’ various debt ratios downwards, a move that led to the re-publication of its 2016 second quarter economic review.
Union chief urges employers: Keep paying workers
A trade union leader yesterday urged employers whose businesses remain closed or inoperable following Hurricane Matthew to continue paying their employees as a “sign of good faith”.
Unions to assist staff at the Grand Lucayan
Trade unions representing Grand Lucayan workers are seeking to meet with resort executives to work out an arrangement where staff could receive payment for “a couple of weeks”, as they also step up to provide post-Matthew support.
