Chamber in ‘frank and open’ BPL talks
Private sector executives yesterday said they had a “frank and open” discussion with Bahamas Power & Light’s (BPL) new chief executive, while acknowledging that few specifics were given on the energy monopoly’s turnaround plan.
Correspondent de-risk faces scoring ‘own goal’
Caribbean financial services regulators yesterday warned that the decision by developed country banks to exit correspondent banking relationships with the region could drive an increase in “informal and unregulated” banking channels.
Port ‘within 50 TEUs’ of target
Arawak Port Development Company (APD) yesterday said it will close its 2016 financial year “within 50 containers of budget”, while calling for repairs to the harbour’s breakwater “sooner rather than later”.
Web shop jobs to beat Atlantis in ‘2-3 years’
A web shop operator yesterday said the industry’s employment levels would exceed that of Atlantis “within two to three years”, as he plans to near-double his locations.
Customs promises wise enforcement ‘teeth’ use
Bahamas Customs yesterday sought to reassure the shipping industry that it will use its newly-acquired “teeth” wisely, and not levy “unreasonable fines” that could drive a further increase in freight rates.
Gov’t over-regulation ‘choking the economy’
The Government is “choking the economy” with an ever-growing regulatory burden, a former Chamber chairman warned yesterday, arguing that it should instead focus on enforcing existing laws.
Businessman ‘happy’ with 50% investment rate of return slash
A well-known businessman yesterday said he is “happy” to get half the rate of return on investment he once enjoyed, adding: “We’re in a full-blown depression.”
‘Little faith’ on $150m GFS deficit projection
The Opposition’s deputy leader has “very little faith” the Government will hit its projected $150 million deficit target for 2015-2016, following the $184 million ‘revision’ to the prior fiscal year.
IMF: Bahamas growth potential down 50% since millennium turn
The International Monetary Fund (IMF) says the Bahamas’ economic growth potential has fallen by 50 per cent since the turn of the century, with no sign of any immediate rebound.
Minister in compliance, business ease ‘balance’
A Cabinet minister is discussing with the Ministry of Finance how to “create a better balance” between its tax compliance crackdown and improving the ‘ease of doing business’.
Ex-Chamber chairman: ‘Writing’s on the wall’
The Government has “acted on less than 10 per cent” of private sector recommendations submitted to it two years ago, an ex-Chamber chair adding: “The writing’s on the wall.”
‘Limited confidence’ in Budgetary figures
The Bahamas can only have “limited confidence” in the accuracy of the Government’s Budget numbers, the Chamber chairman is warning, because they remain ‘provisional’ for so long.
Bahamas ‘can’t depend on location any longer’
The Bahamas must work immediately to improve the cost and efficiency of its tourism product, the Opposition’s finance spokesman warning: “No longer can we depend on our location as a draw”.
Gov’t urged: ‘Set tone’ on renewable energy
The Government has been urged to “set the tone” for the renewable energy sector, with one provider warning the Bahamas is “way behind the eight ball” with less than 1 per cent penetration.
Blackbeard’s Cay makes $16m Govt damages bid
The Blackbeard’s Cay developer is seeking nearly $16 million in ‘special damages’ from the Government because it “recklessly breached” its duty to defend the project from environmental activists.
