DEREK SMITH: Don’t simply ‘check box’ for passports over KYC
The fraud industry is booming. A few months before COVID-19 appeared, the Financial Cost of Fraud Report 2019 stated: “Fraud is costing businesses and individuals across the world $5.127tr each year.” Moreover, the results of a survey completed by the Association of Certified Fraud Examiners (ACFE) noted that due to the COVID-19 pandemic, experts have observed an increase in multiple types of fraud. Both historically ,and recently, financial institutions and designated non-financial business and professions (“DNFBPs) are targets of fraudsters.
Gov’t seizes on leading small island FDI status
The Government yesterday seized on The Bahamas’ status as 2020’s top small island state for foreign direct investment (FDI) as “perhaps the strongest indicator of confidence” in this nation. The Ministry of Finance, in a statement, said this nation had bucked the trend of declining FDI inflows at the COVID-19 pandemic’s height via a 47 percent or $286m year-over-year increase in such receipts compared to 2019.
Crystal drops Cat Island on docking
Cat Island business owners said Crystal Cruises was unable to select the island as a port-of-call during its seven-night Bahamas voyages because the water near the public dock was too shallow.
Bimini businesses are mixed on COVID test
Bimini businesses yesterday gave mixed reactions to the Government’s requirement that persons travelling to and from the island must take an RT-PCR COVID-19 test in a bid to contain the latest outbreak.
Project manager creates ‘professional community’
A project manager yesterday said she created a “community” dedicated to professionals in her sector in response to a “great need” for better networking among Bahamians.
Long Island Chamber chief hails ‘incredible’ cruise visit
Long Island’s Chamber of Commerce president has hailed the impact of Crystal Cruises’ first-ever visit to the island as “incredible”.
San Salvador ‘impressed’ with Crystal visit
A San Salvador business owner yesterday said she was “impressed” by how Crystal Cruises guests were treated when they visited the island last week.
Realtor: ‘Best sales in 99-year history’
A prominent realtor has revealed his firm is enjoying “the best year in our 99-year history” with the high-end Bahamian property market “going gangbusters” following its post-COVID lockdown emergence.
Unions target summer 2022 for unification
TRADE union leaders this weekend voiced optimism that the “complete unification of the labour movement into one single body” will be achieved in time for The Bahamas’ 49th Independence celebrations.
Cable: Resolving consumer concerns ‘drilled into ethos’
CABLE Bahamas’ top executive has pledged that resolving customer complaints is “our number one priority” and has been “drilled into the ethos” of all employees ahead of a regulatory probe into its TV services.
Banks eye $700m ‘bridge’ for Gov’t
BAHAMIAN commercial banks are in discussions over providing up to a $700m syndicated loan to the Government to bridge the gap until it places its international bond financing later this year.
Power and prestige from the race into space
As World War II came to an end and the rivalry between the United States and the Soviet Union grew, the space race became one of the main stages where the two superpowers competed for an intangible that often plays a crucial role in capturing the hearts and minds of domestic citizens, as well as those of government officials around the world.
Neutrality boost if ‘get ahead of G-20’
THE Bahamas can become a “neutral” venue for deal structuring and other major transactions “if we can get ahead of the curve” on the latest tax avoidance crackdown, a prominent banker argued yesterday.
Tourism’s ‘perfect storm’ missing out on 15-20%
The hotel industry’s top executive yesterday said that despite “the perfect storm” driving the sector’s recovery he remains concerned about the 15-20 percent of visitor source markets that have yet to re-open.
Govt’s $1.851bn borrowing at ‘lower cost’ to taxpayers
The Ministry of Finance’s top official yesterday voiced optimism that the government’s $1.851bn borrowing this fiscal year will come at a lower cost to the Bahamian people based on “market soundings”.
