BFSB chief: Industry’s ‘survival under threat’
The Bahamas Financial Services Board’s (BFSB) chief executive yesterday echoed a former Cabinet minister in warning that “the very survival of the sector is under threat”, and demanded urgent reforms.
BFSB chief: Good time for double tax model discussions
The Bahamian financial services industry believes “it is an opportune time” to determine whether this nation should pursue double taxation agreements as a means to attract international business, it was revealed yesterday.
Minister sees advantage in CRS treatment of US
A former financial services minister yesterday warned that it was “only a matter of time” before the US adopts the Common Reporting Standard (CRS) for automatic tax information exchange, throwing his support behind its listing as a “participating jurisdiction”.
Operator moves away from web shop ‘stigma’
One gaming house operator is seeking to distance itself from the ‘web shop’ label and perceived stigma associated with it, explaining that it has been certified as a casino with a full suite of products.
Tourism moves to halt 85% earnings leakage
Tourism executives are hoping to “arrest” the leakage of 85 per cent of the industry’s revenues by better connecting Bahamian entrepreneurs/producers with wholesale purchasers in the sector.
Local creditors run into a ‘Hard Rock’
The Bahamian staff and landlord of the former Hard Rock Cafe (Nassau) franchise have yet to receive a single cent two years after it was placed into liquidation, amid allegations that its owners are engaged “on a fool’s errand of litigation”.
BPL ‘clamping down’ on light bill duckers
Bahamas Power & Light (BPL) is “really clamping” down on bill duckers who use their ‘connections’ to avoid paying, its chief executive yesterday giving the private sector the impression “there’s a new sheriff in town”.
Economic confidence levels at ‘35-year low’
An ex-Chamber chairman believes consumer and business confidence are at their “lowest levels” since he returned to the Bahamas 35 years ago, and expressed concern this nation may leave it too late to change course.
Ex-Cabinet minister urges: ‘Rescue financial services’
An ex-Cabinet minister yesterday urged the Bahamas to move rapidly in rescuing its financial services industry, which he warned was “under tremendous strain”.
Company waiting eight weeks for business licence
A former Cabinet minister has warned that entrepreneurs and small businesses are being “crippled” by bureaucratic inefficiencies, with one firm “now waiting eight weeks” to get a Business Licence.
Bahamasair ‘repaid’ extra $30m subsidy
The Government yesterday said the seeming $30 million increase in Bahamasair’s subsidy for the 2015-2016 fiscal year was an ‘advance’ to enable the carrier to purchase its new fleet, which was subsequently repaid.
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.
