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Business

 
PM to address cruise ship ban impacting vendors
Since May of this year, at least two cruise lines have prohibited their passengers from bringing woodcarvings and certain straw goods from The Bahamas onto their ships. The restriction has led Prime Minister Perry Christie to pledge a 48-hour deliver...
 
 
Gaming legislation targets personal property, sets betting caps
The government has proposed an amendment to the Proceeds of Crime Act that would enable the confiscation of property obtained from the commission of offences under the proposed Gaming Act and also under the Travellers Currency Declaration Act. The P...
 
 
Oil exploration company blames lack of partner on slow government progress
The lack of “any tangible progress by the government with regard to producing modernized and strengthened petroleum regulations as promised” is a “key constraint” for companies that might potentially be able to partner with BPC in drill...
 
 
Average clause
If you have a property insurance policy, you certainly would have received a notice at renewal drawing your attention to the “average clause” in your policy wording. There is a statutory requirement for insurers to notify their policyholders in w...
 
 
Johnson: Economic impact studies following HBCUX football game
Minister of Youth, Sports and Culture Dr. Daniel Johnson has revealed that the government will undertake economic impact studies following the recent HBCUX (Historically Black Colleges and Universities Experience) Classic football game, suggesting ...
 
 
National financial crisis management plan in the works
The Central Bank has reported on some of its major initiatives that will continue over the course of this year, including collaboration with other regulatory agencies on the creation of a National Financial Crisis Management Plan. The report noted t...
 
 
Kerzner International announces billion-dollar deal In Dubai
Kerzner International has announced a $1.4 billion investment in the next phase of its Atlantis resort in Dubai. The resort developer plans to build nearly 800 new guestrooms and more than 250 luxury residences as it expands the Dubai property, acc...
 
 
New scholarship fund to help develop engineering sector
A corporate entity is collaborating with the Bahamas Society of Engineers (BSE) to help stimulate the participation of more Bahamians in a critical sector in the Bahamian economy. BHM Co. Ltd., formerly Bahamas Hot Mix Co. Ltd., and the BSE have esta...
 
 
Sandyport resort incorporates Bahamian culture in rooms upgrade
Sandyport Beaches Resort and Hotel in the Sandyport Marina has given a chic Bahamian-style upgrade to its 72 rooms and suites. Following a year of record-breaking high occupancy, the RCI Gold Crown-winning resort has incorporated Bahama Hand Prints l...
 
 
Genting Group buys additional property in Bimini for $24.6 million
Malaysia-based conglomerate Genting has purchased 6.6 additional hectares in Bimini for $24.6 million, which will be used to further develop its Resorts World Bimini (RWB) operation. In a filing to exchange holding company Bursa Malaysia last week, ...
 
 
D’Aguilar: BAMSI not a ‘prudent’ use of funds
A leading Bahamian businessman has questioned the government’s decision to heavily invest in the Bahamas Agriculture and Marine Science Institute (BAMSI), arguing that it is not a “prudent” use of funds, given the country’s “horrible fiscal...
 
 
Okyanos praises stem cell legislation, regulations
A stem cell treatment facility in Grand Bahama has welcomed last week’s Stem Cell Research and Therapy Regulations, praising The Bahamas for providing the necessary legislative framework to advance stem cell research. A statement from the Okyanos ...
 
 
Resorts World Bimini to seek 200-300 more staff
A Resorts World Bimini (RWB) official has welcomed the completion of the first phase of its port facility, stating that the new services offered will have a significant impact on business and the island’s economy. RWB Director of Public Affairs Mi...
 
 
Top lawyer: Govt stalling over FOIA
Save The Bay’s (STB) legal director has called the proposed 2016 date for the implementation of the Freedom of Information Act (FOIA) “unacceptable” and said that the public is demanding government transparency and accountability. Prominent at...
 
 
MacDonald’s executives receive team building training
Under the theme “Team building to lead”, President and CEO of Benchmark Consulting Services Billie Bowe accompanied the senior leadership team of DanBrad Ltd., the MacDonald’s franchise owners, to their first annual management retreat on Harbou...
 
 
D’Aguilar: Healthcare reform needed
A prominent businessman has thrown his support behind changes to the current healthcare system, arguing that too much is being spent and too many are “dying by the roadside” for lack of access to healthcare. Dionisio D’Aguilar commented after ...
 
 
Official: ‘Effective implementation’ of web shop regulation key
Various sectors of society will have to contribute to ensuring that The Bahamas’ reputation as a financial sector “remains intact” once legislation governing the numbers industry is enacted, the country’s top anti-money laundering official ha...
 
 
Accountant: Increase bank tax to 10 percent
A leading accountant has argued that commercial banks must pay more tax, urging the government to “look very seriously” at increasing the tax on repatriating profits out of the country to 10 percent. Philip Galanis said that the increase in this...
 
 
Pinder: Gaming Bill allows for entrepreneurs ‘empowerment’
Minister of Financial Services Ryan Pinder has applauded the recent Gaming Bill for providing the framework for “continued empowerment” of Bahamian entrepreneurs. Speaking in the House of Assembly on Wednesday, Pinder claimed that the bill would...
 
 
Chinese investment could fix Downtown ‘disaster’
A leading businessman is supporting proposed foreign investment to redevelop downtown Nassau, arguing that Bay Street is a “disaster and dying” in its present state. Speaking with Guardian Business, Superwash President and former president of th...
 
 
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