Revamped British Colonial to be ‘incredible property’
The revamped British Colonial resort will "be an incredible property" that no longer operates under a recognised flag or brand, it was disclosed yesterday.
BPL chief: ‘Under recovery’ behind soaring energy bills
Bahamas Power & Light's (BPL) chief executive yesterday confirmed that soaring energy bills have resulted from previous policy decisions to hold the utility's fuel charge at an artificially-low 10.5 cents per kilowatt hour (KWh).
BPL requires $4m 'tri-fuel' investment
Bahamas Power & Light's (BPL) Wartsila engines require a further $4m investment to make them "tri-fuel ready", its chief executive said yesterday said, adding that they are not presently capable of burning three fuel types.
Atlantis in 25% large boat fall-off post-VAT
Atlantis has suffered a 20-25 percent fall in large vessel volumes since VAT’s imposition on charter fees, its marina dockmaster has revealed, with the decline “definitely hurting the small man” more.
Lobster fishermen face ‘bad situation all around’
Bahamian fishermen were yesterday said to be confronting “a bad situation all around’ with increasing costs and a “low-end” lobster price set to impose a profits squeeze just one week before crawfish season starts.
Melia demolition finish ‘before winter season’
Baha Mar’s owner is seeking to completely demolish the former Melia Nassau Beach Resort before the 2023 winter tourism season starts, it was revealed yesterday, although it has not determined what will replace the hotel.
US: Gov’t ‘stalling’ on anti-corruption fight
The US State Department yesterday accused the Government of “stalling full implementation of anti-corruption legislation that would promote transparency and good governance” such as the Freedom of Information Act.
PM: 'Smell is rotten' on BPL's Wartsila purchase
The Prime Minister yesterday blasted that "the smell is rotten" as he and his predecessor resumed House of Assembly battle over whose administration is responsible for Bahamas Power & Light's (BPL) dire state.
Baha Mar invests $2m into environmental sustainability
Baha Mar executives yesterday said the Cable Beach mega resort has invested more than $2m in conservation and sustainability initiatives to help attract environmentally-conscious guests.
Arawak Cay chief eyes 'second Fish Fry' plans
The Arawak Cay Association’s president yesterday revealed he is considering the development of a second Fish Fry destination at South Beach to cater to growing communities near that area.
Gas dealer deal likely ‘by end of summer’
Financial Secretary Simon Wilson indicated on Tuesday that negotiations for a price margin increase with the gas retailers are progressing well and an agreement should be finalised by the end of summer.
Insurers fear ‘hardship’ over 35% blacklist capacity threat
Bahamian insurers yesterday warned they, and thousands of businesses and homeowners, will face “tremendous economic hardship” if 35 percent of reinsurance capacity is lost by The Bahamas failing to escape Europe’s tax blacklist.
Retail savings bond in ‘final approval stages’
The Central Bank is “committed” to launching a product designed to foster a greater “savings culture” among Bahamians before year-end 2023, its governor affirmed yesterday, with approvals “in the final stages”.
Payroll errors costing taxpayers near $120m
Salary and payroll errors are costing Bahamian taxpayers around $120m per year, the Government’s top finance official disclosed yesterday, as he blamed the wastage on too many systems that are not linked to each other.
‘Quality new credit’ hard to find with $127m drop
Fidelity Bank (Bahamas) says the more than $127m collective decline in outstanding mortgage and consumer loans during 2022 shows “quality new credit” and borrowers will be tough to find despite the economy’s rebound.
