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Business

 
Providence chairman stands by power offer claims
Touting a “world renowned” plant operating partner — whose identity he did not reveal — chairman of Providence Energy Partners Holdings (PEPH) Kenwood Kerr shared some of the advantages of the power purchase agreement (PPA) PEPH is prepared t...
 
 
NewCo, BTC to share equipment in Family Islands
Utilities Regulation and Competition Authority (URCA) Director of Policy & Regulation Stephen Bereaux has confirmed that URCA is at present consulting with the Bahamas Telecommunications Company (BTC) and NewCo — the company co-owned by Cable...
 
 
IMF gauging effects of lost correspondent banking relationships
As of May 2016, five financial institutions in The Bahamas — representing about 19 percent of the assets of the banking system — had recently lost one or more correspondent banking relationships (CBRs), according to the International Monetary Fun...
 
 
2017 deadline for The Pointe in question
It now appears that China America Construction’s The Pointe may miss its much-touted 2017 deadline. Perhaps underscoring this possibility, business signs that promoted the late 2017 grand opening were removed from The Pointe’s construction site. ...
 
 
Minnis attacks PLP record on tourism
Leader of the Opposition Dr. Hubert Minnis said that the tourism industry is spiraling downward. Minnis issued a press statement yesterday in regards to recent statistics published by the Inter-American Development Bank (IDB). The IDB’s June 2016...
 
 
Rolle: The world is leaving us behind
Minister of State for Investments Khaalis Rolle said if the country does not implement a coherent development plan, the next “State of the Nation Report” (SNR) — a deliverable of the National Development Plan (NDP) — would “not be pretty”...
 
 
Chamber unveils services sector promotion arm
The Bahamas Chamber of Commerce and Employers’ Confederation announced the launch of the Bahamas Coalition of Services Industries (BAHCSI) on Wednesday, boosting competition in the services sector and promoting the export of services. The services...
 
 
Granite Ventures ‘disappointed’ in court ruling
The Supreme Court yesterday dismissed an application by Baha Mar developer Sarkis Izmirlian’s Granite Ventures Ltd. asking the court to appoint a committee to take over management of a $192 million claim filed by Izmirlian against his former partne...
 
 
Fast ferry to GB changes to larger vessel
Operations started yesterday for a new fast ferry to service the estimated 85-mile route between Fort Lauderdale and the port of Freeport, Grand Bahama. The new ferry is an extension of services offered by Baleària Caribbean. Baleària began operat...
 
 
Courtyard Nassau to open July 1
After months of uncertainty, the former Sunset Resort Nassau has been rebranded and will open on July 1 as Marriott International’s first Courtyard Hotel in Nassau, The Bahamas. The 112-room property will be known as the Courtyard Nassau Downtown/J...
 
 
IDB: Tourism arrivals down 0.5 percent in 2015
The Inter-American Development Bank (IDB) June 2016 Caribbean Region Quarterly Bulletin has reported a contraction in tourist arrivals in 2015, as opposed to the “ongoing, modest” growth Prime Minister Perry Christie touted during the recent bu...
 
 
Chamber opposes price control amendments
The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) opposes any amendment to the Price Control Act designed to force businesses to lower the cost of goods due to a lowering or elimination in customs duty. The chamber was respondin...
 
 
U.S. Embassy confirms it will be relocating to new location
After weeks of speculation, the U.S. Embassy has confirmed that it will be relocating to premises yet to be built on a large swath of property off Shirley Street, East Street and Sands Road. The embassy declined to disclose how much the property cost...
 
 
Bahamas Bureau of Standards and Quality studies Jamaica
Bahamas Bureau of Standards and Quality (BBSQ) representatives are back from a study tour in Kingston, Jamaica. Hosted by the Bureau of Standards Jamaica (BSJ), the two-day tour provided an opportunity for the recently established BBSQ to observe the...
 
 
Kerr: ‘Grave mistake’ to raise electricity prices
Kenwood Kerr, chairman of Providence Energy Partners Holdings (PEPH), said his company could provide a power generation solution that would mean Bahamas Electricity Corporation (BEC) subsidiary Bahamas Power and Light Company (BPL) would not need t...
 
 
IDB: Fiscal plan insufficient for medium-term debt reduction
The Inter-American Development Bank (IDB) contends that while the fiscal reforms identified in the Christie administration’s medium-term fiscal framework may reduce the primary deficit and stabilize public debt at current levels, those reforms wi...
 
 
Govt ‘extorting’ businesses, Turnquest charges
Shadow Finance Minister and Deputy Free National Movement Leader Peter Turnquest has accused the government of what he said amounts to extortion because of the way it taxes licensed businesses. The same sort of double-taxation, he alleges, is applied...
 
 
No Brexit effect on CARIFORUM/EU EPA
Financial Services Minister Hope Strachan has asserted that while predicting the degree to which there will be any fallout in The Bahamas’ trading relationship with Britain and the European Union following the so-called “Brexit” is difficult,...
 
 
Bethel: Government intervention in Baha Mar ‘ruinous’
Leader of Opposition Business in the Senate Carl Bethel attacked the government’s decision to oppose recognition of the Baha Mar Chapter 11 proceedings by the Supreme Court of The Bahamas, charging that the government’s intervention in the affair...
 
 
Bowe: Opportunity and threat for Bahamas in Brexit
Chairman of the Bahamas Chamber of Commerce and Employers’ Confederation Gowon Bowe said that there is as much opportunity as there are threats for The Bahamas from Britain’s exit from the European Union (EU). Britons on Thursday last week, in a...
 
 
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