Grand Lucayan’s sale ‘down to final papers’
A senior Royal Caribbean Cruise Lines executive yesterday voiced optimism that its Grand Lucayan acquisition will finally “close this summer”, adding that negotiations were “down to a handful of documents”.
‘Distinguish’ Nassau through five-year tax break extension
The Downtown Nassau Partnership’s (DNP) co-chair has hailed the government’s five-year tax break extension for giving investors certainty and helping to “distinguish” Nassau’s city from other areas.
Activist: Spanish Wells cruise call ‘very bad policy’
An environmental activist is urging the government not to compound The Bahamas’ economic woes with “bad policy” by permitting Crystal Cruises to call on Spanish Wells as a home port destination.
Travel visa purchases ‘much higher’ for May
A Cabinet minister yesterday argued local COVID case numbers are the only obstacle to tourism’s revival as May’s health travel visa purchases were “substantially higher” than the prior month.
Economic reliance on New Providence rises
The Bahamas is becoming ever-more reliant on New Providence to generate three-quarters of its annual economic growth with the Family Islands’ combined contribution having reduced to 11 percent of GDP.
‘Too much for the taxpayer to bear’
Bahamasair’s $52m-and-counting subsidy “is too much for taxpayers to bear”, its chairman admitted yesterday, while adding that it has “got to make” the next fiscal year’s $30m allocation work.
Attorney fails to overturn $640k loan ‘negligence’
A Bahamian attorney has failed to overturn a “negligence” verdict over a $640,000 loan issued by an insurer whose owners include the PLP’s deputy leader.
Baha Mar seeks to keep documents confidential
Baha Mar’s current owner is becoming increasingly embroiled in a legal battle with Sarkis Izmirlian related to the latter’s $2.25bn fraud and breach of contract claim against the project’s main contractor.
Fashion and the Inflation Dilemma
ActivTrades
EVER wondered why fashions come and go? How come skinny jeans, for example, will be trendy one season only to be frowned upon by the fashion police just a few months later?
‘Walk and chew gum’: Subsidies, debt cost $938m
The Bahamas “must walk and chew gum” on its fiscal and economic revival, a leading banker has warned, with $938.5m - one third of government spending - taken up by debt and subsidy costs.
Business licence ‘not fit’ to realise digital ambitions
A technology entrepreneur has warned the business licence process is “not fit” for the government’s digitisation ambitions given a frustrating “five-plus months” trying to obtain approval.
Marinas chief raises clearance concerns
The Association of Bahamas Marinas (ABM) president is predicting the industry will have been “at 70 percent” of pre-COVID levels over the Memorial Day weekend as he urged government to ease vessel clearance.
Tax increases ‘have to come’
Accountants have warned new and/or increased taxes “have to come” if The Bahamas is to slash its near-$10bn debt, as they branded the Budget “no game changer” for the nation’s economic crisis.
DEREK SMITH: Third-party risks are key danger
Based on the past 15 months, corporate leaders must adopt a new approach to third-party risk management in response to growing business, information technology (IT) and security concerns, which have continued to shift in unpredictable ways. No matter the company’s size or industry, managing third-party risk is important. If you factor in existing or pending regulations in certain industries, the potential cost of inaction becomes very high. Today’s complex enterprises, resource constraints and a fear of the unknown are no longer valid reasons to delay taking an integrated approach to managing third-party risks.
DANIEL FERGUSON: Raising concerns on procurement reform
The Government of the Bahamas, almost one year after introducing the Public Procurement Bill to Parliament, finally passed the same on March 15, 2021. However, according to officials at the Ministry of Finance, the Act is not to come into effect until September 2021. This is the second administration to pass such a Bill, as the previous administration passed the Financial Administration and Audit Act 2013, which never came into effect.
