Insurers: Monday night floods a ‘wake-up call’
Bahamian insurers yesterday said Monday night’s heavy rainfall and flooding should be a “wake-up call” for all home and vehicle owners, plus businesses, ahead of what is expected to be an active 2022 hurricane season.
Unions won’t ‘twiddle thumbs’ on industrial agreement delay
A union leader yesterday warned that the labour movement will “not sit around twiddling our thumbs” as he voiced displeasure with the Government’s failure to progress multiple industrial agreement negotiations.
BPL woes can’t be solved ‘overnight’
Bahamas Power & Light’s (BPL) struggles to keep the power on are the result of “legacy issues” that cannot be solved “overnight”, a trade union leader asserted yesterday.
Cable in $169m refinance amid return to profitability
Cable Bahamas yesterday unveiled plans to refinance $169m in preference share debt, and slash annual interest payments by $500,000, after generating its first quarterly net profit for several years.
Sands beer’s tax advantage threatened in Budget reform
Budget reforms designed to brew “a level playing field” among Bahamian beer manufacturers are threatening to cost one Grand Bahama producer the tax advantage it has long enjoyed over its BISX-listed rival.
‘Fantastic’ food tariff cuts won’t fully offset inflation
The Budget’s tariff cuts “can’t compensate” fully for the 20 percent increase in food prices since late 2021, Super Value’s principal said yesterday, although they may cover “half of what was lost” by the return of breadbasket VAT.
March air arrivals near to 75% of pre-COVID
Tourist arrivals to The Bahamas increased almost ten-fold in March 2022 compared to the prior year aided by the continued easing of COVID-related border restrictions and a rebound in global travel, it was revealed yesterday.
Ex-BACO president in ‘non-compete’ dispute
A past Bahamas Association of Compliance Officers (BACO) president was yesterday said to be free to “engage in her profession” after a Florida appeals court refused to extend a non-compete injunction relating to a two-year legal battle.
New union body’s ‘breath of fresh air’ targets more members
The Bahamas Taxi Cab Union’s (BTCU) president yesterday cited unspecified “political interference” as the reason for why it has defected from the Trade Union Congress (TUC) and joined a new umbrella union body.
‘Swinging for the fences’ as tax breaks hit $486m
The Government is “doing a bit of swinging for the fences” in its future revenue projections, a governance reformer believes, amid indications $486m in tax concessions were granted during the first nine months of the 2020-2021 fiscal year.
All truss-ed out on Budget’s tax cuts
A Bahamian contractor yesterday warned that the Government’s decision to eliminate 20 percent duty on imported roof trusses will “put us out of business” in a segment that has kept his overall operation afloat.
‘Game changer’: Out Islands to retain to 25% of revenue
Family Island economies will ultimately retain a minimum 25 percent of real property taxes and Road Traffic fees generated on their specific islands through legislation that was yesterday described as a potential “game changer”.
The Fed’s latest conundrum
ActivTrades
OVER the last six months, inflation fears have focused the attention of policymakers, economic agents and investors. Central banks have tilted towards a more hawkish stance, while headline-grabbing rises in the cost of living came to dominate the media narrative. In the markets, dynamics shifted dramatically. Risk appetite evaporated, stocks tumbled and bonds were sold.
FINAL DEMAND: Tax arrears rocket $260m in blow to revenue targets
The Government is owed more than $261m in “outstanding arrears” that were due for payment from three key revenue streams within the 21-month period to end-March 2022, it has been revealed.
Law’s ‘inflexibility’ forces $251m extra borrowing
The Ministry of Finance’s top official yesterday hit out at the “inflexibility” of the Government’s own financial management laws for forcing it to seek parliamentary approval to borrow an extra $251.4m.
