Local Business

Casino reforms keep expat resident bar

The Government’s decision not to allow permanent residents and work permit holders to gamble in Bahamian casinos is a “miniscule” issue that will not delay much-needed reform, a tourism industry executive said yesterday.

Gov't accounting switch 'fantastic'

The Government’s planned switch to an accrual financial reporting system has been praised as “fantastic”, a leading accountant arguing it will boost accountability and improve Budget planning.

VAT readiness: PM warned that 'Clock ticking'

Prime Minister Perry Christie has been warned that “the clock is ticking” on the private sector’s Value-Added Tax (VAT) readiness, a Tax Coalition co-chair yesterday calling for the revised legislation and regulations to be published “as soon as possible”.

‘No guarantees’ for web shops

Web shop operators were yesterday said to be “very concerned” over the uncertainty and lack of any guarantees surrounding the industry’s impending legalisation.

Union chief seeks 100-133% increase in minimum wage

The Trade Union Congress’s (TUC) president yesterday backed a 100-133 per cent increase in the Bahamas’ minimum wage, describing this as “reasonable”.

‘Embrace new era’ with investor citizen plan

The Bahamas has been urged to “embrace a new era in financial services” by launching an Investor Citizen programme, a leading accountant describing this as essential if the country is to remain a “player” in the industry.

TUC chief: ‘jury still out’ on union-saving legislation

A trade union leader said yesterday that “the jury is still out” on whether the Government’s recent union-saving had truly “cured the mischief”, as one attorney confirmed he had filed for a Judicial Review over the issue.

Pension providers enjoy ‘significant’ 100% inquiry rise

Pension plan administrators yesterday said they had seen a 100 per cent increase in employer inquiries over the past 12 months, describing the surge as “significant” given existing low participation levels.

QC: Don’t reward $35m Nygard ‘law breaking’

The Government was yesterday urged not to reward two decades of alleged law-breaking by approving Peter Nygard’s new development applications, a well-known QC suggesting he had seized land worth $35 million without permission.

12 union-saving law creates a ‘win-win’

The Government’s recent 12 union-saving legislation helped produce what one labour executive yesterday described as a “win-win” in the Court of Appeal, with a Harbour Island resort and its opposition both achieving their main objectives.

BISX: Majority of stocks don’t move more than 5%

The Bahamas International Securities Exchange (BISX) has “consistently” found evidence to support its method for calculating share prices, with most companies’ stocks never moving more than 5 per cent from the previous day’s close.