Tax hike 'shockwaves' hit high-end properties
Foreign investors were yesterday said to have halted construction projects, with some threatening to sell their high-end properties, as the “shockwaves” from Budget tax changes hit home.Robert Myers, the Organisation for Responsible Governance’s (ORG
Bahamas to miss 'upward swing' in GDP on VAT hike
A former finance minister fears The Bahamas may miss out “on a really good upward swing” in GDP growth as a result of the VAT rate hike and other budget measures.James Smith, pictured, also an ex-Central Bank governor, told Tribune Business that “all
Stubborn jobless rate shows 'growth focus' need
The Bahamas needs a “more significant focus” on economic growth to further dent a national unemployment rate that remains stubbornly flat - and high - at ten percent.Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, yesterd
'Flights threshold' to combat rogue pilots
A Cabinet minister yesterday revealed he is pushing for a “threshold mechanism” to address a regulatory “quirk” that aids rogue pilots in the Bahamian aviation industry.Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business he wa
Oil explorer extends JV talks one month
An oil explorer has touted the one-month extension of exclusive talks with a “major oil company” over a Bahamian well joint venture as “a clear indication of progress”.Bahamas Petroleum Company (BPC), in a statement to the markets, said the unnamed o
Bahamas unblocks education qualifications with blockchain
The Bahamas has become the first country in the Caribbean and Latin American region to implement a national credentialing system using blockchain technology.The government successfully completed a pilot project, Bahamas Blockcerts, which will improve
Bank and trust sector confirms board line-up
The Deputy Prime Minister, K P Turnquest, gave the keynote address to the Association of International Banks and Trust Companies in The Bahamas (AIBT) recent Annual General Meeting.Bruno Roberts of The Private Trust Corporation, and Ivan Hooper of Wi
Govt 'talking' on national lottery
THE “conversation” has started within government on the creation of a National Lottery, according to the deputy prime minister.“I want to make millionaires, and we do that by taking risk and being creative. A National Lottery gives the opportunity to
Grand Lucayan's fate decided 'in 30 days'
Key decisions on the Grand Lucayan resort’s future will be made “in 30 days”, the deputy prime minister says, amid growing suggestions the government will be forced to step in and acquire the property.K Peter Turnquest, speaking at a recent meeting o
Compliance officers target regional unity
The Bahamas Association of Compliance Officers (BACO) newly-installed executive team is aiming to foster regional unity to ensure the financial services industry meets global standards.“Regional cohesion and assisting the financial services sector in
Deal imminent to get BPL 'out of dark ages'
A Cabinet Minister yesterday confirmed that a deal for Nassau’s new power plant could be signed as early as next week to bring the energy sector “out of the dark ages”.Desmond Bannister, minister of works, told Tribune Business that the signing of a
Home insurance drop-off may 'get more extensive'
A Bahamian insurer yesterday branded its top rating as “a feather in the cap”, while expressing fears that under-insurance among homeowners may “get more extensive” via the VAT reforms.Anton Saunders, RoyalStar Assurance’s managing director, told Tri
Bahamas must 'get on board' following UK's marijuana bid
The UK’s decision to approve marijuana for medical use shows why The Bahamas must “get on board”, one advocate yesterday dismissing estimates pegging its economic impact at $5m as “jokey”.Terry Miller, chairman of the Bahamas Cannabis Research Instit
Less than 20% of suspicious deals passed to Police Force
Despite a 46 percent surge in suspicious transactions reports (STRs) in 2017, the Financial Intelligence Unit (FIU) passed less than one in five over to the police for further investigation.The FIU’s annual report, tabled in Parliament on Wednesday,
2,765 overtime hours but no payment due
A former Grand Bahama Power Company manager should have taken 2,765 overtime “in-lieu” hours before voluntarily resigning rather than suing for compensation two years later.The Court of Appeal, in a unanimous verdict written by Sir Hartman Longley, i
