Recovery Zone uncertainty fuels govt 'confidence loss'
The government is today expected to clarify the “confusion and frustration” surrounding the post-Dorian Economic Recovery Zones, amid warnings that the uncertainty is fuelling “a loss of confidence”. Marlon Johnson, the Ministry of Finance’s acting
Solving Customs system woes 'a matter of weeks'
The Ministry of Finance’s top official yesterday voiced optimism that the problems with Customs’ new electronic system will be largely resolved “in a matter of weeks” and “fade quickly into the past”.Marlon Johnson, its acting financial secretary, ad
Customs 'learning curve a bit steeper than we thought'
The deputy prime minister yesterday admitted that Customs’ new system had required “a steeper learning curve than expected” as he pledged to work with the private sector to resolve all woes.Acknowledging “challenges” with the Click2Clear electronic s
Contractor licensing wait 'not an issue' for Dorian rebuild
A Cabinet minister yesterday said the continuing wait to implement the construction industry’s self-regulatory licensing system will “not cause any issues” with post-Dorian rebuilding. Desmond Bannister, minister of works, told Tribune Business that
France acts alone to put Bahamas on blacklist
A former attorney general yesterday warned The Bahamas must "stand up in a smart way" to ensure the survival of its financial services industry amid a threatened "blacklisting" by France.
Davis dismisses $300 VAT light bill bar raise
The government’s plan to increase the $300 VAT-free threshold on monthly electricity bills is an admission that hiking the tax rate to 12.5 percent was a mistake, the opposition’s leader said yesterday. Philip Davis, responding to Tribune Business r
Near-total insurance absence 'critical issue'
The deputy prime minister said the near-total absence of hurricane insurance was a “critical issue” after it emerged that Dorian-ravaged communities in Grand Bahama were virtually uninsured. K Peter Turnquest said The Bahamas needs to develop ways t
VAT exemption level may rise to offset BPL levy
The government is “likely” to raise the $300 VAT-free threshold on electricity bills to minimise the impact from Bahamas Power & Light’s (BPL) $650m refinancing, a Cabinet minister revealed yesterday.
Customs system 'worst thing I have confronted'
Large Bahamian merchants and importers yesterday echoed broker concerns over Customs’ new digital platform, with one blasting: “This is the worst thing I have ever confronted.” Lance Major, in-house customs broker for the d’Albenas Agency, told Trib
Bahamasair flies into action over licence suspend
Bahamasair flew into action after it encountered regulatory turbulence in Canada to ensure the suspension of its charter licence lasted no longer than 24 hours. Tracy Cooper, the national flag carrier’s managing director, blamed an administrative er
Nassau/PI hotel room nights off 10% post-Dorian
Large Nassau/Paradise Island hotels endured a “tepid” October in the wake of Hurricane Dorian with revenues falling on the back of a ten percent decline in room nights sold. The Central Bank, unveiling its October monthly economic report, revealed t
'Bag man' revealed in Sarkis papers dispute
An accountant who sat on Baha Mar’s creditor payout committee has been exposed as the “bag man” who passed Sarkis Izmirlian’s confidential legal papers to the project’s main contractor.Legal filings by the $4.2bn project’s original developer have ide
BISX share index rises by almost 3%
The Bahamas International Securities Exchange’s (BISX) All-Share Index maintained its year-long climb by closing up 2.94 percent for the first nine months of 2019. The trend, which began in the 2018 fourth quarter, reversed the 4.82 percent decline
Bahamas hosting trade infrastructure workshop
The Bahamas is hosting a regional workshop focused on rebuilding quality infrastructure, which is especially timely in Hurricane Dorian’s aftermath. The three-day conference is concentrating especially on the area of trade, based on the framework pr
Retailers optimistic on strong Christmas sales
Bahamian retailers yesterday voiced optimism that a solid Thanksgiving showing will translate into strong Christmas sales as they ready for the most important season in the industry’s calendar. Margo Farrington, chief marketing officer for Lorene’s
