Rum Cay resort location ensnared in $23m battle
The developer behind a failed Rum Cay mega resort project must now get Supreme Court permission before launching new legal challenges to its lender’s bid to collect on an unpaid $22.75m debt.
Bahamas facing new terror finance threats
The Financial Intelligence Unit (FIU) yesterday said it has received evidence of unscrupulous individuals exploiting The Bahamas for terror financing purposes using digital assets and crypto currencies.
‘Stark 7% decrease’ in investment funds
The Securities Commission’s top executive yesterday warned there has been a 7 percent “stark decrease” in the number of investment funds registered in The Bahamas since last year.
Nearly 75% of Bahamian businesses pay bribes
Nearly three-quarters of Bahamian firms have admitted to paying bribes to obtain permits and public services, it was revealed yesterday, with this nation ranked fourth in the Caribbean for this type of corruption.
Pilot exam woe threat to ‘engine of aviation’
A Bahamian pilot shortage that endangers “the engine of aviation” could result if insufficient numbers fail an exam critical to successful renewal of their licences, industry representatives warned yesterday.
Watchdog seeks ‘clarity’ on Amazon free delivery
The Bahamas’ consumer watchdog yesterday moved to seek “clarity” from DHL on how Customs duties and other taxes/fees will be applied to Amazon’s ‘free international delivery’ service to this nation.
Gov’t ‘within legal limits’ on Central Bank lending
The Governor yesterday confirmed the Government remains compliant with legal limits on how much it can borrow from the Central Bank despite Opposition concerns this debt has risen by $500m in two years.
Chamber says Amazon poses ‘imminent threat’
The Bahamas Chamber of Commerce & Employers Confederation (BCCEC) yesterday acknowledged that Amazon’s ‘free delivery’ move poses an “imminent threat” to the survival of several local industries.
‘Looted’ FTX assets used to buy share in eatery
FTX’s Bahamas chief used $2.5m allegedly “misappropriated” from the crypto currency exchange to finance his acquisition of a 40 percent ownership stake in a well-known New Providence restaurant.
Cruise ships eye 38% discount to BPL rates
A $150m power plant’s developer is bidding to supply vessels docked in Nassau Cruise Port at rates more than 38 percent lower than Bahamas Power & Light’s (BPL) average commercial tariff.
Debt-to-GDP fall reversal with $342.5m liability jump
The post-COVID decline in The Bahamas’ debt-to-GDP ratio was reversed during the three months to end-September 2024 due to a sharp $342.5m increase in the Government’s borrowing liabilities.
Bahamas bonds suspended amid $210m Gov’t buy back
A major stock exchange has temporarily suspended trading in several of The Bahamas’ outstanding foreign currency bond issues while the Government attempts to buy back up to $210m of its debt.
Unions set to meet on strike strategy
Trade unions are due to meet this Saturday to determine their strike strategy with one labour leader describing industrial relations as “very, very fragile” as he warned: “Enough is enough.”
Six Senses project to create 400 construction, 200 full-time posts
The developers behind Grand Bahama’s Six Senses resort project say the $250m development will “imminently” create 400 construction jobs and a further 200 permanent posts when it opens in late 2026.
Retailers, couriers fear ‘a dry Christmas’ on Amazon move
Bahamian retailers and courier companies have voiced fears that “this is going to be a dry Christmas” after Amazon confirmed it is now offering free shipping to The Bahamas on purchases of select items over $49.
