Baha Mar’s expat hires told to leave
Baha Mar has told several expatriate hires to leave the Bahamas because construction delays mean there are no jobs for them to step into, amid suggestions it is seeking additional financing to complete the $3.5 billion project.
Gov’t agrees ‘few hundred thousand’ in VAT credits
The Government has approved “several hundred thousand dollars” of Value-Added Tax (VAT) credit refunds, a top official yesterday promising that businesses would not endure “a protracted wait” to receive them.
Rolex to train Bahamians in watchmaking
BAHAMIANS willl be offered the chance to learn watchmaking skills at the highest level later this year with the launch of a Rolex Technical Institute in Nassau.
Broker warns Feds: 'I'll plead the Fifth'
A Bahamian broker/dealer's principal has warned US federal regulators that their efforts to obtain evidence from him over two alleged multi-million dollar securities frauds will be futile, as his lips will be sealed.
Superwash chief: VAT bites 12-14% off key products
A leading businessman says the Bahamian economy is stuck "in a funk" as Value-Added Tax's (VAT) full impact starts to bite, with sales in two of his key product categories down 12-14 per cent. Dionisio D'Aguilar, Superwash's president, told Tribune Business that the Bahamas desperately needed to change its attitude towards "rebooting the economy" and making it easier to conduct business.
BEC manager-elect slams 'fraud by hindsight' claim
The Bahamas Electricity Corporation's (BEC) prospective manager has dismissed as "fraud by hindsight" claims that it artificially inflated its stock price prior to a one-day wipe-out that erased $250 million in shareholder value.
Gov't warned: 'We can't take another shock' with NHI
The Government was yesterday warned that National Health Insurance (NHI) would not succeed without private sector buy-in, one executive warning: "The economy cannot take another shock." Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chief executive, told Tribune Business that an unsustainable NHI programme could have "catastrophic effects for a fragile economy" that was still bedding down Value-Added Tax (VAT).
Bahamasair to unveil new fleet 'within 30 days'
Bahamasair expects to unveil the "change-out" of its Dash-8 dominated aircraft fleet within the next 30 days, a move it hopes will slash maintenance and operational costs.
Solomon’s Mines close: 30 jobs lost
Furious Solomon’s Mines employees yesterday said they were “hoping and praying” to receive up to five months’ worth of due salary payments, after the luxury goods retailer permanently closed its doors.
PowerSecure say: ‘We match BEC needs very well’
The prospective management partner for the Bahamas Electricity Corporation (BEC) believes it “matches up very well” with its needs, and told the Government: “You’ve picked a great team.”
GB Power: 30% system loss cut’s $1.5m in savings
Grand Bahama Power Company (GBPC) yesterday said it had saved consumers $1.5 million in 2014 through slashing system losses by 30 per cent, although its adoption of compressed natural gas (CNG) as an alternate fuel might not happen until “beyond 2018”.
Fields demits office at Ocean Club HOA
Atlantis PR chief, Ed Fields, yesterday confirmed he is stepping down from his role as general manager for the Ocean Club Estates Homeowners Association (HOA), while praising the project as “the fastest growing anywhere in the Bahamas”.
Activists ‘very upset’ $8m project still open
Environmental activists yesterday said they were “very upset” that the $8 million Blackbeard’s Cay project remains open, as they work out how to enforce a Supreme Court ruling that quashed all its permits and approvals.
Blackbeard’s Cay fearing dolphin row ‘destruction’
The eight dolphins at the centre of the Blackbeard’s Cay controversy are embroiled in a bitter legal dispute over their ownership, which threatens to cause the $8 million project “irreparable harm” and “destroy its business.”
Get debt ratios under ‘danger’ by fiscal year-end
The Bahamas was yesterday urged to target closing the 2014-2015 fiscal year with a debt-to-GDP ratio below the 70 per cent ‘danger threshold’, given that this nation was now increasingly exposed to further global recessions and shocks.
