CIBC lay-offs 30% below projections
CIBC FirstCaribbean International Bank (Bahamas) managed to cut projected lay-offs by 30 per cent through switching employees to other posts, as one-off charges forced into a record $147.8 million net loss for its 2014 financial year.
Insurers in ‘state of flux’ over VAT
The insurance industry was yesterday said to still be “in a state of flux” and unsure how to customise its systems for Value-Added Tax (VAT), with the rules governing the industry yet to be finalised.
Oil explorer eyes ‘huge advantage’ even if prices low
The Bahamas Petroleum Company (BPC) says studies have shown it can achieve “robust profitability” in the current low oil price environment, thus giving it a “huge competitive advantage”.
Ex-minister ‘in dark’ on F’port committee role
A former Cabinet minister yesterday said he only found out the Government wanted to appoint him to the committee that will determine Freeport’s future when it was announced in the House of Assembly.
Direct selling block limits NAGICO targets
A top NAGICO Bahamas executive said yesterday that the underwriter was encouraged by its prospects in the Bahamian market, having beaten all its performance targets to-date.
Bahamas’ WTO accession ‘one of big ticket items’
The Bahamas’ accession to full World Trade Organisation (WTO) membership, and compliance with the US Foreign Account Tax Compliance Act (FATCA), are among the “big ticket items” currently being tackled by the Ministry of Financial Services.
Gov’t ‘on course’ to meet fiscal targets
The Government is “on course” to achieve its full-year forecasts for revenue and the fiscal deficit, state finance minister, Michael Halkitis, said yesterday.
Mobile ‘HoldingCo’ to be national PPP fund
The ‘HoldingCo’ that will have a 51 per cent majority stake in the Bahamas’ second mobile operator is being structured as a national investment fund, which will ultimately “expand its reach” into private-public partnerships (PPPs) and other economic opportunities.
‘It doesn’t jive’: Gov’t spending outpaces revenue
THE Government’s recurrent spending continued to grow at a faster rate than revenues during the 2014-2015 Budget year’s first half, with the Opposition yesterday arguing that the Prime Minister’s optimism “doesn’t jive” with the fiscal reality.
Mitchell challenges private sector over work permits
The Immigration Department yesterday challenged the business community to cite one specific example of a company’s growth being inhibited by the refusal of work permit applications.
More transparency sought on Georgetown masterplan
A former Cabinet Minister yesterday called for greater transparency over a proposed masterplan for Georgetown’s redevelopment, while also urging February Point’s developers to stop using “Star Trek” language to describe their progress.
‘Downward trek’ urged for Gov’t expenditure
THE Tax Coalition’s chairman yesterday described the increase in the Government’s recurrent spending for the 2014-2015 Budget year first half as “cause for concern”, reiterating that real cuts were necessary to achieve the desired fiscal turnaround.
Fiscal Responsibility Act ‘not panacea’ if no Gov’t discipline
A FISCAL Responsibility Act will be “for naught” if the Government fails to commit to spending discipline and control, a key Cabinet minister admitted yesterday.
HSBC’s Bahamian data ‘overblown’
Revelations that 55 Bahamian passport holders hold accounts at HSBC Switzerland appear to be “overblown”, the Minister of Financial Services
Digicel targets 1,300 jobs in network roll-out and launch
Digicel will create an estimated 1,300 direct and indirect jobs via its network roll-out and launch if chosen as the second Bahamian mobile operator, as it takes aim at “a sleepy incumbent”.
