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Baha Mar offering VIP package to inconvenienced guests
The surprise announcement by Baha Mar that it will not open any of its hotels on March 27 has highlighted the difficulties that have been plaguing the $3.5 billion mega development since ground broke in 2011, and raises questions about how the resort...
 
 
Emera CNG facility in Grand Bahama closer to authorization
A proposed compressed natural gas (CNG) project helmed by Emera Incorporated, the majority owner of Grand Bahama Power Company (GBPC), seeks to finally “stabilize and possibly reduce customer electricity rates and stimulate economic growth in The B...
 
 
Regional infrastructure financing worth billions
Infrastructure financing in the Caribbean has been accomplished in many ways, including through bank loans and out-and-out grants from donor countries like China – it is a business worth billions, and it is a business that is becoming increasingly ...
 
 
Tourism must develop new products, destination assessment reveals
Stakeholders in the tourism sector must not be lulled into a false sense of security through increased arrival figures into the country, which do not “tell the whole story” according to Sustainable Travel International (STI) vice president for La...
 
 
Turnquest says expiration of tax concessions “premature”
Allowing a set of tax concessions under the Hawksbill Creek Agreement (HCA) to expire in August would be “premature” and could have an overall detrimental effect on the economic recovery of Freeport and Grand Bahama, according to Shadow Minister ...
 
 
URCA fines BTC $1.5M over March 2014 outage
The Utilities Regulation and Competition Authority has fined the Bahamas Telecommunications Company Limited (BTC) $1.5 million for breaching its Individual Operating License (IOL) in March 2014. The Company had 30 days from December 18 to pay the fi...
 
 
Hutchison principal’s moves not affecting FCP
The recent moves by Li Ka Shing – the billionaire tycoon known in Hong Kong as ‘Superman’ and the chairman of the Hutchison-Whampoa conglomerate – to perhaps reposition Hutchison Ports Holdings (HPH) Trust should not affect operations at ...
 
 
IT expert urges standardized cybercrime framework
The Bahamas needs to adopt a standardized framework for preventing and reporting local cybercrime activity to prevent further security breaches in its financial services and healthcare industries, according to Dr. Raymond Wells, deputy director of In...
 
 
Cost of Baha Mar delays not yet disclosed
Given the millions pumped into marketing, and the billions pumped into the construction and preparation of the resort village, the cost of the now twice-delayed opening of the $3.5 billion Baha Mar project has yet to be disclosed. China Construction...
 
 
Turnquest: Tremendous reliance on Baha Mar may be too much
Shadow Minister for Finance Peter Turnquest yesterday stated that the Baha Mar delay was further evidence of the country’s need to “stop putting all of its eggs in one basket” and diversify its economy to ease its already “tremendous reliance...
 
 
$76M in ELA loans not serviced for more than one year
There are $76.46 million in loans outstanding to the Educational Loan Authority (ELA) that have not been paid on in more than one year: this category of non-performing loan (NPL) is by far the majority of the ELA’s $82 million in outstanding loan...
 
 
Renewable energy act in effect; minister hails “renewable age’
The Electricity (Amendment) Act 2014 came into effect on March 20, 2015, enabling residents in The Bahamas to install and operate renewable energy generating stations which can be connected to the electrical grid, and according to embattled Works Min...
 
 
Cruise official: Overhaul cultural tourism to stay ahead of Cuba
A Royal Caribbean Cruises (RCC) official yesterday argued that while Cuba may not pose an immediate threat to The Bahamas’ cruise ship business, The Bahamas must overhaul its cultural tourism offerings if it wishes to remain competitive within the ...
 
 
Govt investigating use of hydrocarbon technology to reduce energy costs
Minister of the Environment and Housing Kenred Dorsett yesterday announced that the National Ozone Unit of the Department of Environmental Health Services had launched a pilot project to assess the viability of using hydrocarbon technology to reduce ...
 
 
Regulations smooth way for businesses to generate own renewable energy
Local businesses may more easily make greater use of renewable energy technology after the recent Electricity (Renewable Energy) Regulations 2015 stated that the government may permit renewable energy sources in areas where unreliable power sources c...
 
 
NAD: New Bahamian vice president
Nassau Airport Development Company (NAD), today announced the appointment of Deborah Coleby to the position of vice president of operations, effective April 1, 2015. She is the fourth Bahamian named to an executive management position. Coleby joined...
 
 
Despite Resolve swap, NPLs plague Bank of The Bahamas
Non-performing loans continue to plague the Bank of The Bahamas, and the institution continues to suffer from what Managing Director Paul McWeeney conceded are “systematically high loan delinquencies and reduced values on collateral holdings,” de...
 
 
Bethel: Govt must not outpace market in AML/CTF regulation
While the government must move to meet international anti money laundering and counterterrorism financing (AML/CTF) requirements as they relate to international business companies (IBC), it must be wary to “staying ahead of the curve, but not ahead...
 
 
Scotiabank: No layoffs or closures announced yet
Scotiabank Bahamas continues to review its operating model with an eye to improved efficiencies, but a spokesperson for the bank yesterday denied that any layoffs or branch closures have yet been announced internally or otherwise. Questions about wh...
 
 
Foundation cites scarce opportunity as cause for 30% brain drain
Anemic career opportunities in specialized fields of study continues to be the largest cause of brain drain among Lyford Cay Foundation (LCF) scholarship recipients, according to initial survey results. Amanda Marray, director of development and com...
 
 
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