Pre-COVID ‘comeback’ still $3bn off GDP target
The Bahamas must focus on “how we grow from here” because returning to pre-COVID’s $13bn economic output is “not sufficient to take the ship of state forward”, a governance reformer argued yesterday.
Ex-BNT chief fears PI dangerous precedent
Bahamians “should be very concerned” that Royal Caribbean’s Paradise Island project sets a precedent that will allow other cruise lines to develop their own private destinations near Nassau, an ex-National Trust chief warned yesterday.
Heroic $6.2m investment creates 70 concrete jobs
A Grand Bahama businesswoman is investing $6.2m in a concrete plant operation that will create up to 70 jobs over the next 12 months as it “ramps up” to full operations following its April 22 ground-breaking.
PI entrepreneur says new evidence found
The Bahamian entrepreneur battling to restore Paradise Island’s lighthouse is seeking the Court of Appeal’s permission to introduce new evidence he says he has uncovered relating to his disputed Crown Land lease.
DEREK SMITH: Compliance is critical to corporate success
A compliance programme is an indispensable element for any company as it helps to prevent, detect and remedy potential violations of law and corporate policies.
‘Resorts and food’ double GDP impacts by $550m
THE Bahamas’ tourism-driven recovery saw “accommodation and food services” and the transportation sectors lead the way in returning 2022’s economic output to pre-COVID performance.
Online Customs declarations to be mandatory from June 12
ALL returning Bahamians and residents must fill out their Customs declarations electronically, and pay associated fees online, before they land in this country as of June 12, 2023, it was revealed yesterday.
Potter’s Cay must use approved rebuild over fire-damaged stalls
A CABINET minister says Potter’s Cay vendors, whose stalls were destroyed by fire in April 2021, must use the Ministry of Works-approved plan to rebuild after the Government was accused of failing to move reconstruction forward.
GB ‘stagnant’ due to Port and Gov’t divide
THE OPPOSITION’S leader says Grand Bahama’s economy is “stagnant” due to the lack of co-operation between the Grand Bahama Port Authority (GBPA) and the central government in Nassau.
Week in review
ActivTrades
Week in review In the US, the Dow Jones and Nasdaq climbed on Friday and were at their highest level for four weeks. The European indices were also continuing their recovery. The losses since the collapse of Silicon Valley Bank, which started the global banking industry’s problems, are almost balanced.
Sir Franklyn ‘less sure’ over size of gas margin increase
FOCOL’s chairman yesterday revealed he is now “less sure” that the magnitude of the margin increase sought by Bahamian petroleum retailers can be justified and urged them to supply evidence to prove their case.
FTX’s Bahamas liquidators slam ‘inflammatory’ claims
FTX’s Bahamian liquidators yesterday slammed their US counterparts for “bizarre” and “inflammatory” claims while they themselves were accused of seeking to “torpedo” the Chapter 11 proceedings for the failed crypto exchange.
Water Corp cuts debt to main supplier by $5.2m
The Water & Sewerage Corporation’s debt to its main BISX-listed supplier was slashed by 24 percent during 2022 to $16.3m at year-end, although close to two-thirds of that sum remained delinquent.
Deltec agrees $50m FTX loan resolution
The role played by FTX’s former Bahamian chief in arranging a $50m loan to Deltec Bank & Trust’s parent company yesterday came under scrutiny through fresh legal filings.
Briland delinquency targeted in tax raids
The Ministry of Finance’s top official yesterday warned tax deadbeats “there’s consequences for non-compliance” after several Briland businesses this week saw their assets seized over alleged unpaid debts to the Public Treasury.
