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Business

 
BAMSI, Super Value ink deal
The leadership of the Bahamas Agriculture and Marine Science Institute (BAMSI) is trumpeting an agreement for the institute and its associated farmers to supply a range of fruits and vegetables to Super Value, the largest chain of food stores in th...
 
 
Freeport lawyers act to halt HCA consultations
Freeport lawyers Fred Smith, QC, and Carey Leonard – both of Callenders and Co. – have asked the courts for permission to file for judicial review, and to stop the Hawksbill Creek Agreement Review Committee from doing anything further, pending th...
 
 
Govt in discussions with five banks on BEC $460M debt
Prime Minister Perry Christie yesterday announced that the government was in talks with five local banks to “absolve” the Bahamas Electricity Corporation’s (BEC) growing $460 million legacy debt and potentially amortize that debt through a mino...
 
 
Sands: Eleuthera’s economic outlook for the year remains strong
Eleuthera Chamber of Commerce President Thomas Sands yesterday stated that despite many challenges, Eleuthera’s prospects for long-term economic growth “appear to be improving” following announcements for new developments in South Eleuthera and...
 
 
Title defects crippled Eleuthera resort development
Title defects scuppered part of a deal for a $5.6 million resort development that had been planned for Governor’s Harbour, Eleuthera in 2005, and Florida jurors have slapped First American Title Insurance Co. with a $4.45 million judgment in favor ...
 
 
Data protection commissioner warns of conflict between information regimes
Data Protection Commissioner Sharmie Farrington-Austin, noting that the draft Freedom of Information Bill 2015 appears to separate the office of the data commissioner from that of the information commissioner, has warned of the potential for conflict...
 
 
Halkitis: no VAT ‘spending spree’
Although Minister of State for Finance Michael Halkitis yesterday assured that the Christie administration would not go on a “spending spree” with value-added tax (VAT) revenues, he was coy in outlining just where the collected funds, which have ...
 
 
Bahamas only realized 20 percent of value from oil exploration since 1982
Since the early 1980s, the fiscal regime in place surrounding oil exploration in The Bahamas has only yielded 20 percent of the cash flow associated with the profitability of oil exploration and production, according to Environment Minister Kenred Do...
 
 
$8.3M ‘modernization initiative’ for Road Traffic Dept.
The Ministry of Transport and Aviation yesterday officially launched its $8.3 million modernization initiative for the Road Traffic Department (RTD), which will play an essential role in both boosting collected revenues and streamlining operations an...
 
 
New BIA chairman warns insurance industry hanging in the balance
Incoming Bahamas Insurance Association (BIA) Chairman Emmanuel Komolafe says the future of the insurance industry is hanging in the balance in the aftermath of the introduction of the value-added tax in January and ahead of the National Health Insu...
 
 
NCTUB president calls for productivity council talks to resume
A leading trade unionist yesterday called for greater cooperation between the government, employers and the country’s leading trade unions in fast-tracking the development of a National Tripartite Productivity Council (NTPC) to improve diminishing ...
 
 
Press Club welcomes FOIA draft, worries true freedom of information still absent
The Bahamas Press Club has welcomed changes included in the Freedom of Information Bill 2015 that curtail the powers of the minister to exempt certain information from requests, but warned that so many exemptions remain in the 2015 draft bill that in...
 
 
Save The Bays: Act must have ‘more teeth than loopholes’
Environmental non-governmental organization (NGO) Save The Bays (STB) yesterday commended the Christie administration for releasing the draft Freedom of Information (FOI) Bill, 2015, but warned that establishing an independent information commissione...
 
 
Scotiabank hosts client reception in Freeport
FREEPORT – Scotiabank’s Corporate and Commercial Banking (CCBC) team recently hosted a cocktail reception for key clients and industry partners at the branch in Regent Centre, Freeport. The branch came alive, after closure, for a memorable eveni...
 
 
Widespread insecurity in labor market, ILO finds
The International Labour Organization (ILO) was warned against “widespread insecurity” in the global labor market following the concerning results of the World Employment and Social Outlook 2015 (WESO). The WESO found that, among countries with ...
 
 
URCA tight-lipped on ‘stalled’ mobile process
Officials from the Utilities Regulatory and Competition Authority (URCA) have remained tight-lipped about reports of the suspension and indefinite postponement of the spectrum auction, and – already nearly three weeks past Prime Minister Perry Ch...
 
 
John Templeton Jr. dies at 75
John M. Templeton, Jr., M.D., the president and chairman of the John Templeton Foundation and formerly a pediatric surgeon and director of the trauma program at the Children’s Hospital of Philadelphia, died on Saturday, May 16 at his home in Bryn M...
 
 
COB law professor says new FOI Bill ‘significant improvement’
The recently circulated Freedom of Information Bill 2015 represents a “significant improvement” over the 2012 FOI Bill by tackling several of the most contentious issues in the original legislation according to Lisa Benjamin, associate professor ...
 
 
New timeline for BPC exploratory well: April 2017
The government has agreed to extend four licenses held by Bahamas Petroleum Company (BPC) in the waters of the southern Bahamas until the second quarter of 2018, and has pushed back the mandatory drilling commencement date to April 2017. The oil exp...
 
 
Drones could be critical tool to combat poaching, but still need RBDF
Bahamas Commercial Fishers Alliance (BCFA) President Adrian LaRoda yesterday said that while surveillance drones could prove a critical tool in combating poaching in Bahamian waters, significant improvements to defense force patrols are needed to avo...
 
 
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