$40m Abaco port now in ‘full swing’
The Deputy Prime Minister yesterday said work on the $40 million North Abaco Port was now in “full swing”, acknowledging that substantial design delays have plagued the project since its groundbreaking last June.
Crown Land next for Judicial Review
An outspoken QC yesterday warned that Crown Land could be the subject of his next Judicial Review action, describing this asset as the Bahamas’ equivalent of “Alaskan oil”.
Liquidators silent over $5.5m Baha Mar salary source
Baha Mar’s joint provisional liquidators last night confirmed they had secured funding to pay the September salaries for the 2,400 non-Melia staff, while also pledging to meet all employee benefits due since their September 4 appointment.
Investments Minister: Bahamas ‘in a mess by many measures’
A Cabinet Minister yesterday conceded that the Bahamas was “in a mess by many measures”, and warned that painful “radical surgery” was necessary to haul both the economy and society back on the right path.
Legal ‘liberalisation’ key to arbitration hub goal
The Government appears prepared to allow international arbitration specialists to operate from the Bahamas without a work permit, as a Cabinet Minister yesterday reiterated that legal ‘liberalisation’ was “essential” for this nation to become a dispute resolution hub.
Ex-justice: Mandate Bahamas cruise ship disputes heard here
A retired Supreme Court justice yesterday called on all Bahamas-flagged cruise ships to require that passenger disputes be mediated in this nation as way to kickstart this nation’s international arbitration hub ambitions.
Govt collects $150m in new net revenue from VAT
Preliminary results show that, up until June, the government collected $150 million in new net revenue from VAT, State Finance Minister Michael Halkitis said yesterday.
Call for foreign attorneys to practice in the Bahamas
Financial Services Minister Hope Strachan yesterday reiterated the call for international attorneys to be allowed to establish business operations in The Bahamas to facilitate cross border business and arbitral maters, arguing that this would in no way harm the Bahamian legal profession but instead expose local attorneys for employment opportunities abroad.
Bahamas ‘has not done good job’ of financial services marketing
A former Bahamas Financial Services Board (BFSB) chairman said yesterday that, compared to its competitors, this nation has not done a good job marketing itself to key markets in the financial services industry, arguing that board has not been equipped with enough resources to effectively market the industry.
International arbitration centre plans moving ‘full steam ahead’
Plans towards the establishment of The Bahamas as an international commercial arbitration centre are moving “full steam ahead”, Minister of Financial Services Hope Strachan said yesterday.
Multi-million ‘liability’ if Blackbeard’s Cay shut
A well-known attorney yesterday warned that the Bahamian taxpayer would be held “liable for millions of dollars” should the Government succeed in enforcing the Supreme Court order requiring it to close the Blackbeard’s Cay development.
Third Treasury Note oversubscribed 187%
The Government’s third-ever Treasury Note offering raised almost three times’ its target amount, although its financial adviser conceded it would likely “take a couple of years” to broaden retail investor participation in this security.
FNM deputy wants Crown Land sovereign wealth fund
The Opposition’s deputy leader yesterday called for the Government’s multi-billion dollar Crown Land holdings to be transferred into a sovereign wealth fund-type vehicle, demanding: “We have to formalise and regularise the situation.”
‘No doubt’ about retail sales drop
Bahamian retailers yesterday said there was “no doubt” that 2015 sales volumes have dropped due to a combination of Value-Added Tax (VAT), Baha Mar delay and high energy costs, with one major company revealing its growth rate had dropped by 14 percentage points.
Former BREA chief: Nassau ‘cowboy town’
A two-time Bahamas Real Estate Association (BREA) president has warned that Nassau is now “a cowboy town”, with crime - and the fear of crime - leaving the Bahamas in a “precarious position”.
