DEREK SMITH: Following the crowd fails your business
Risk management is a topic that has increasingly made headlines around the globe due to the COVID-19 pandemic. Locally, after the release earlier this month of my first article in this two-part series on why businesses fail, I have had multiple conversations with colleagues about risk management. What was evident is that views are split about whether proactive risk management or reactive risk management should be deployed by companies.
US departures back to 75% pre-COVID levels
US pre-clearance at Lynden Pindling International Airport (LPIA) expects to be processing 70-75 percent of pre-COVID’s record passenger volumes “by the end of summer”, a top official revealed yesterday.
Construction costs to jump 20% this year
Two ex-Bahamian Contractors Association (BCA) presidents yesterday warned that construction costs will likely increase up to 20 percent this year as cement became the latest product to take a hit.
‘Greater resolve’ to eliminate Bahamas in financial services
A former prime minister yesterday warned that COVID-19 has “only strengthened the resolve” of major nations to eliminate the competitive threat posed by The Bahamas and other Caribbean countries.
Nassau ‘running low’ on cement supplies
New Providence is “running very low” on cement supplies due to a combination of shipping delays and surging post-COVID construction activity, merchants disclosed yesterday.
Sanctions letters for 11 registered agents
The government has issued sanctions warnings to 11 financial services providers for failing to supply beneficial ownership details on corporate entities they act for, the attorney general revealed yesterday.
‘Get creative’ over govt debt aversion
The government was yesterday urged to “become more creative” in the Bahamian debt markets as traditional purchasers of its bonds increasingly reject long-term paper due to the mounting fiscal crisis.
Minister’s cargo hub plans for GB airport
Establishing the city of Freeport as an air cargo transshipment hub could generate the extra income required to make its rebuild attractive to private capital and operators/developers, a Cabinet minister said yesterday.
Minister: ‘No favours’ to payment provider
A Cabinet minister yesterday asserted that “no special favours” were involved in hiring a digital payments provider to handle the health travel via fees generated by tourism’s COVID-19 re-opening.
Shipyard’s ‘really big deal’: Can be 30% of GB output
A top hotelier yesterday hailed the planned $350m investment in the Grand Bahama Shipyard as “a really big deal” that could result in the facility generating up to 30 percent of the island’s economic output.
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.
