Banking sector maintains stable, little growth trend
BAHAMIAN employment in the banking sector increased modestly at the expense of expatriates in 2023 although the industry’s overall economic impact largely remained flat year-over-year.
‘Mean business’ over 40% uninsured cars
A “SHOCKING” 30-40 percent of the vehicles on Bahamian roads are either uninsured or not properly covered, a lead insurance broker has estimated, as he backed the Government’s bid to overhaul traffic laws.
Marinas urge ‘rogue crack down’ with fee increases
Bahamian marinas yesterday urged the Government to “crack down on rogue” operators and private docks as it moves to introduce jetty, mooring and groin fee increases of up to “20 percent”.
Gov’ts ‘cat and mouse game’ against wealthy tax evaders
A Cabinet minister yesterday said the Government is engaged in “a cat and mouse game” with wealthy tax evaders as it races to plug loopholes and secure the Bahamian people’s money.
Disney to beat local worker pledge by 30% at new port
Disney Cruise Line executives yesterday said they will exceed the number of full-time Bahamian jobs they pledged to create at their new south Eleuthera destination by 30 percent.
IDB warns Bahamas over due $900m external loans
The Bahamas still faces significant financing risks given that it is due to repay $900m in foreign currency loan principal over the next two years, a multilateral lender has warned.
$500m swing in forecast prompts call for answers
The Government has completely overturned its medium-term Budget projections by forecasting a more than half-a-billion dollar swing that will drive it to a $448.2m fiscal surplus at end-June 2026.
High-end real estate’s VAT underperform ‘shocking’
The Prime Minister’s assertion that the Government has collected just 8 percent of its VAT target for high-end real estate sales was yesterday branded “shocking” by industry professionals.
Key tax arrears jump 31% to hit $1.325bn
Total tax arrears due to the Government from three key revenue streams increased by 31 percent to $1.325bn during the nine months to end-March 2024, it was revealed yesterday.
Permanent residency reform labelled ‘huge’
Realtors and attorneys yesterday praised the Government’s “huge” move in raising the economic permanent residence threshold to $1m and diversifying how wealthy foreign investors can qualify.
Manufacturers hail Customs bond end
Manufacturers yesterday hailed the Government’s decision to eliminate the Customs bond and 45 percent machine parts duty as “a huge benefit” that will help them compete on a more “level playing field”.
Scepticism greets Govt’s 1-1.5% deficit projection
Fiscal analysts and the Opposition yesterday voiced scepticism that the Government will hit its revised deficit target range of $146m-$219m for the current fiscal 2023-2024 fiscal year.
Port: Inflation’s worst over as profits 8% above target
Nassau’s main commercial shipping port yesterday said “the worst of the disruption” from COVID inflation and supply chain shocks is over with its $8.5m profit at end-March almost 8 percent ahead of target.
Revenues ‘must do most of the work’ to hit deficit target
The Government’s “revenues will have to do most of the work” for it to hit an “ambitious” $131m full-year deficit target, with a major financial institution warning: “It all depends on the second half.”
Insurer ‘very, very close’ on 55% Bahamas dependence
A Bahamian insurer says it is “very, very close” to hitting its goal of reducing its reliance on this nation to 55 percent of its property and casualty underwriting aggregates.
