Banks ‘reckless’ on web shop bar
A leading web shop operator yesterday slammed the Canadian-owned commercial banks as “reckless and irresponsible” for not accepting deposits from a legalised industry, arguing that they were exposing their “true agenda”.
IMF tells business: ‘Keep pushing’ for Fiscal responsibility
The International Monetary Fund (IMF) has urged the Bahamian private sector “to continue to press” for the enactment of Fiscal Responsibility legislation before this nation finds itself “in dire fiscal straits”.
ART OF GRAPHIX: Design veteran who makes a statement
The quote, “if you don’t build your dreams, someone will hire you to help build theirs”, was coined by Tony Gaskins and holds true for many procrastinators. But not for Cedric Storr, whose name has always being synonymous with the Bahamian design world.
Ocean Club: Gibson talking about us
The One & Only Ocean Club yesterday effectively confirmed it is the Paradise Island resort identified as the one which may lay-off some employees, but promised: “Any changes will be minimal.”
Tourist shoppers: VAT refund to fall to 85%
Visiting duty-free shoppers will be refunded 85 per cent of their Value-Added Tax (VAT) payments from July 1 this year, when the Government’s private sector contractor takes over management of the process.
QC ‘not cynical’ on Fiscal responsibility consultation pledge
A leading QC says that while he is “not cynical” about the Government’s promise to hold a formal public consultation on Fiscal Responsibility legislation, it must be held accountable if it fails to follow through.
RoyalStar mulls public offering
A leading Bahamian insurer is examining whether it should become a public company by offering shares to investors via an IPO, its chairman revealed yesterday.
PM’s premature on ‘best ever’ VAT implement
A top private sector executive yesterday suggested it was premature for the Prime Minister to suggest the International Monetary Fund (IMF) had praised the Bahamas for “the most efficient implementation of Value-Added Tax (VAT)” ever seen.
Arawak Homes set for ‘reinvention’
Sunshine Holdings’ $20 million preference share issue “worked out better than we thought”, its chairman said yesterday, unveiling plans to “reinvent” its Arawak Homes subsidiary.
Hotel union unaware of possible PI lay-offs
The hotel union yesterday said it was unaware of any imminent lay-offs at a Paradise Island resort, despite suggestions from the Minister of Labour that job lossses would soon be announced.
FDI ‘not having needed foreign reserves impact’
A leading accountant yesterday agreed that foreign direct investment (FDI) was not boosting the Bahamas’ external reserves to the extent necessary because too much of these capital inflows leaked straight back out.
Gov’t awaits proposals on redundancy law changes
The Government is still awaiting recommendations from its newly-formed Tripartite Council on proposed amendments to the redundancy laws, the Minister of Labour yesterday indicating that this had been given added urgency by Scotiabank’s downsizing.
Minister: 50 Scotia job losses but no work permit cancelled
The Minister of Labour yesterday said it was “disturbing” that Scotiabank would lay-off up to 50 Bahamian employees without cancelling a single work permit.
Scotia: ‘Major upgrades’ to remaining branches
Scotiabank (Bahamas) yesterday said it was making “substantial upgrades” to several branches alongside its downsizing exercise, adding that the nationwide restructuring was being drive by its Toronto head office.
Cable targeting 20% revenue rise via US
Cable Bahamas believes its newly-acquired US business will generate greater than “20 per cent aggregate” revenue growth for it over the next five years, having won contracts to provide services to 16,600 Florida residential units since the purchases closed.
