Cost rises take 30% bite out of AML Foods profits
AML Foods yesterday revealed that increased costs and inflation took a bite out of its annual profits after net income for the 12 months to end-April 2023 declined by 30 percent year-over-year.
$13.4bn flowed through FTX Bahamas accounts
Some $13.4bn flowed through FTX's Bahamas accounts in the ten months immediately prior to the crypto exchange's collapse, its liquidators revealed yesterday, as they sought to dispel allegations it was "a nullity".
Marina chief: Fee rise now 'makes way more sense'
A former Association of The Bahamas Marinas (ABM) president yesterday argued the Government could have allayed fears over major hikes in yacht and boat registration fees if its Budget messaging was better.
Budget not matching transparency pledges
Governance reformers yesterday charged that the Government's promises of enhanced transparency and accountability are not matched by financial allocations in the 2023-2024 Budget.
Moody’s: Govt must broaden revenue
Moody's yesterday asserted that hitting the Government's fiscal targets "rests on broadening the revenue base" as a prominent banker urged the administration: "Stop saying no new taxes."
Ex-PM: 'Grave mistake' on $86m hospital funds
A former prime minister is charging that the Government made "a grave mistake" by returning more than $86m in low-cost financing for Princess Margaret Hospital's (PMH) expansion to the original lender.
BAIC, ZNS get $5.7m for arrears 'clean up'
The Ministry of Finance's top official yesterday said the $5.7m allocated for "balance sheet clean-up" at two loss-making government agencies will likely "widen" in upcoming fiscal years to other state-owned enterprises (SOEs).
'Hanging' no longer: PM affirms NIB rate increase
Private sector executives last night voiced relief that The Bahamas is no longer "hanging on this thing" after the Prime Minister confirmed a National Insurance Board (NIB) contribution rate increase will be implemented on July 1, 2024.
Levy-raising power is 'too open ended'
Governance reformers yesterday argued that the discretion afforded the minister of finance by proposed legislation enabling the introduction of so-called 'sin' or 'sugar' taxes is "too open ended".
BTC targets Internet lead with 90% fibre coverage
The Bahamas Telecommunications Company (BTC) is aiming to cover 90 percent of New Providence with its new fibre network within the next nine months as it placed broadband Internet at the core of yesterday's corporate rebranding.
Oil price rise to harden Gov'ts margin stance
A Cabinet minister yesterday warned that any spike in global oil prices caused by Saudi Arabia's imminent production cut will further harden the Government's stance against granting petroleum retailers a margin increase.
Local excursion operators: Tax foreign charters more
Bahamian excursion operators yesterday said this nation should ban foreign yacht charters on vessels below a certain length as well as requiring this sector to pay Business Licence and work permits fees.
Bahamas can’t escape making hard decisions
In his second and final article, Hubert Edwards says the country cannot ignore warning signs despite there being cause for cautious optimism
My first article encompassed an assessment of the opening Budget communication by the Prime Minister, arguing that the numbers are positive but necessarily rest on confirmation of the 2022-2023 fiscal year's last quarter performance. It also went beyond the numbers to look at the issues which hold significance for the fiscal year ahead. This article continues with a consideration of emerging themes.
Budget deals marinas 'another slap in face'
A former Association of Bahamas Marinas (ABM) president yesterday asserted that the Budget has dealt the industry "another slap in the face" through multiple fee increases for dockage and vessel registration.
'Can't tax Bahamas into better health'
Caribbean Bottling Company's top executive yesterday warned "you cannot tax a country into good health" amid private sector fears that a so-called 'sugar tax' will be a “poison pill” for small business.
