Investors unnerved by ‘absurd’ rhetoric
A former Chamber of Commerce chairman yesterday warned that the “absurd” rhetoric over Baha Mar was unnerving both Bahamian and foreign investors, while ignoring the Bahamas’ “fundamental core problems”.
Bahamas ‘can’t do it all on our own’
The Opposition’s deputy leader yesterday conceded that Bahamians were unable to fully develop this economy by themselves, adding that anti-Baha Mar rhetoric by several Cabinet minister was “a very serious concern” if it reflected Government policy.
PM: Ministers don’t speak for the Gov’t
Prime Minister Perry Christie yesterday said the Government never intended to be in “a fight” with Baha Mar developer Sarkis Izmirlian, as he denied that recent comments by Cabinet Ministers blasting the developer reflected Government policy.
Crawfish season sees ‘rough start’
The Bahamas Commercial Fishers Alliance’s (BCFA) president yesterday said the 2015-2016 crawfish season seemed to have endured a “rough start”, adding that this year’s yields would likely be down considerably.
Gov’t ‘definitely’ beat first $150m VAT goal
Value-Added Tax (VAT) “definitely” generated more than the $150 million net revenue increase targeted for the 2015 first half, a top official yesterday revealing that June’s compliance rates matched those for the first quarter.
Izmirlian ally urges: Chinese must budge
A key Sarkis Izmirlian ally yesterday urged Baha Mar’s $2.45 billion lender to negotiate a resolution with the project’s principal, even though he is unlikely to make any further financial concessions himself to resolve the Baha Mar dispute.
Fishing regulations ‘the perfect storm’ for Out Isl. resort
A well-known Family Island resort yesterday said it was facing “the perfect storm”, with airlift issues and Value-Added Tax (VAT) now compounded by the proposed fly fishing regulations that have already caused some guest cancellations.
Minister slams ‘criminal’ restaurant hire and fire
The Minister of Labour yesterday slammed as “criminal” and an “ultimate disregard for Bahamian workers” a practice where some New Providence restaurants hired and fired waitresses within the space of a week, leaving them with no pay.
Bahamas failing to ‘sustainably manage’ its natural resources
The Bahamas is failing to “sustainably manage’ its natural resources, with current harvesting methods threatening to undermine a $1.2 million project to revive the Bahamian sponging industry,
‘Bad’ bank loans decline by $102m
Total commercial bank ‘bad loans’ fell by more than $100 million during the 2015 first half, although much more remains to be done to restore this key indicator to pre-recession levels.
‘Serious ramifications’ for hotel union finances
A former hotel union leadership contender yesterday accused its current executives of failing to produce results despite the “tough talk” in the ongoing dispute with Baha Mar’s Meliá Nassau Beach Resort, suggesting that member benefits were effectively “hanging in the balance” due to the absence of a valid industrial agreement.
Minister criticises ‘reprehensible’ Melia
The Minister of Foreign Affairs yesterday slammed Baha Mar again for its “reprehensible” decision to stop deducting union dues on behalf of Melia Nassau Beach Resort staff.
Sponge exports suffer 50% drop
Bahamian sponge exports slumped in value by almost 50 per cent in the five years to 2011, as low incomes and an inability to access higher-value processing encouraged many to leave the sector.
Baha Mar to grill China on Gov’t dealings
Baha Mar yesterday upped the ante in the $3.5 billion dispute by giving notice that it will interrogate its Chinese partners on just one topic - “all communications” between themselves and the Government since the Chapter 11 bankruptcy protection case was filed on June 29.
Judge: Baha Mar forum shop ‘cannot be faulted’
The Supreme Court yesterday ruled it had no authority to create an insolvency regime tailor-made to Baha Mar’s requirements, even though it agreed that the $3.5 billion developer “could not be faulted for forum shopping”.
