Melia closure’s $5m potential hit for bank
A BISX-listed bank has revealed that a major Nassau-based resort’s decision to close for two years has placed more than $5m worth of outstanding loans in potential default.
Procurement reform hit by resistance to change
It was not my intention to write another article until the end of September, as I wanted to give the government the benefit of the doubt regarding its self-imposed September 1, 2021, timeline for when the Public Procurement Act will take effect. However, on Monday, the prime minister during his closing remarks in the budget debate referred to me publicly by warning that “if you push me enough” the details of my personal files when I was employed at the Royal Bahamas Defence Force (RBDF) and the Ministry of Health will be revealed.
Regulator disputes Cabbage Beach ‘no permits’ assertion
A senior government official yesterday disputed assertions by the Ocean Club’s owner that it did not require permits to begin clearing the property at the heart of last week’s Cabbage Beach dispute.
Over the Hill tax-free zone in mixed review
Businesses yesterday cited uncertainty, confusion and lack of information as to why they are not taking advantage of the Over the Hill Tax Free Zone (OHTFZ) incentives.
Oil opponents bid to end legal roadblock
Oil exploration opponents have offered to pay $100,000 to the former Bahamas Petroleum Company’s (BPC) attorneys, and narrow the scope of their Judicial Review, in a bid to remove all legal roadblocks.
QC lashes out on KYC ‘constipation’
An outspoken QC last night warned that “Know Your Customer (KYC) constipation” could undermine The Bahamas’ post-COVID revival, arguing that his law firm’s struggle to open a joint bank account “beggars belief”.
Govt revenues $127m up on budget forecast to May
A Cabinet minister yesterday defended the government’s forecasts for the upcoming fiscal year by revealing that its revenues had exceeded projections by almost $127m over the past six months.
Fishermen brace for legal fight to hit Privy Council
Fishermen in favour of the Fisheries Act’s bar on foreign workers yesterday said they were bracing for legal challenges to the reforms to go all the way to the London-based Privy Council.
Improving worker productivity ‘must be our top priority’
The National Tripartite Council’s (NTC) chairman says improving the Bahamian workforce’s productivity “has to be the number one priority” as the latest effort to eliminate workforce skills gaps launched yesterday.
Bid to block foreign fishermen ban fails
Top fisheries processors, boat owners and foreign workers have lost their bid to block the Fisheries Act’s implementation despite arguing it would cause the “possible collapse or bankruptcy of their businesses”.
PM hails $350m Shipyard move
The prime minister yesterday said the government is working on “a new partnership agreement” with the Grand Bahama Shipyard’s cruise line owners as he hailed their $350m investment in two new dry docks.
FOCOL ‘won’t go past’ $12m on offer’s excess
FOCOL Holdings will retain some of “the oversubscription” on its recent $10m preference share issue, its chairman telling this newspaper: “In our minds we will not go past $12m”.
PM: Borrowing was matter of our ‘survival’
The prime minister yesterday defended the government’s multi-billion dollar borrowing as a matter of “survival” for The Bahamas and the only way to protect the most vulnerable amid COVID-19’s devastation.
PM fires warning shot over procurement whistleblower
The prime minister yesterday seemingly threatened to disclose personnel file details on a former government employee who wrote an article challenging the administration’s procurement reform implementation.
Restaurants praise ‘Vax Pass’ potential
Restaurant owners yesterday said the government’s promised digital vaccination certificate may have a greater impact on their business than the one-hour curfew reduction by facilitating indoor dining.
