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Business

 
NewCo delivers major progress update on Grand Bahama
FREEPORT – NewCo 2015 Limited (NewCo), recipient of the nation's second license for the provision of cellular and data services, announced on Wednesday that 20 of its 22 planned cell sites have been fully constructed on Grand Bahama and are current...
 
 
Strachan: Downgrade linked to Baha Mar
Minister of Financial Services Hope Strachan said that Moody’s decision to downgrade The Bahamas’ sovereign credit rating was heavily influenced by the government’s inability to resolve the Baha Mar affair in a timely matter. On Monday, the in...
 
 
Turnquest: More questions than answers in Baha Mar deal
Shortly after Moody’s downgraded The Bahamas’ sovereign credit rating from Baa2 to Baa3, Prime Minister Perry Christie announced “vague” details of an agreement made between the government and the Export-Import Bank of China (CEXIM) that will...
 
 
Tourism ministry working to reassure visitors on Zika
Amid the additional Zika cases confirmed this week, Minister of Tourism Obie Wilchcombe said the ministry is working diligently to ensure that visitors know their health and safety is secured in The Bahamas. The Ministry of Tourism will also spend m...
 
 
Cambridge: BIA’s data could have helped KPMG
Regional Director of Generali Worldwide Tina Cambridge continues to question the $100 million figure validated by the government’s hired consultant, KPMG, for the first phase of national health (NHI). Cambridge, who is also a spokesperson for the ...
 
 
Replay Destinations opens condominium residences
Replay Destinations (Bahamas) Ltd. has announced the public opening of One Ocean luxury oceanfront condominium residences on Paradise Island. At a private cocktail event at Atlantis Resort Friday night and at One Ocean on Saturday, Replay unveiled a...
 
 
Faith Fest to attract tourists to Grand Bahama for spiritual rejuvenation
Grand Bahama Island can expect to see a spike in visitors, October 27-29, 2016 as hundreds converge at the beautiful Grand Lucayan Resort to attend Faith Fest, a fun-filled weekend designed for spiritual immersion and physical rejuvenation. The even...
 
 
Finance: Moody’s downgrade ‘temporary’
The government yesterday admitted disappointment in Moody’s Investors Service’s decision to downgrade The Bahamas’ sovereign credit rating, but expressed confidence that “this rating outcome is temporary and an improvement will be secured in ...
 
 
Sands: Local contractors benefiting from Sandals closure
Sandals Royal Bahamian Resort recently hired several local Bahamian contractors to complete repairs and upgrades which forced the resort’s closure on August 15 and led to over 600 employees being made redundant. The upgrades are being fast-tracked...
 
 
VAT removed on ancillary education fees
The Department of Inland Revenue (DIR) has advised that no valued-added tax (VAT) will be applied on ancillary education fees going forward from July 1, 2016 for all private and public preschools, primary schools, high schools and tertiary level inst...
 
 
BIA wants KPMG costing report on NHI released
The Bahamas Insurance Association (BIA) is requesting the immediate release of KPMG’s costing report on the primary healthcare phase of NHI. BIA asserted that the report is “extremely important to ensure full disclosure on the assumptions suppor...
 
 
Kemp: Investors welcome, but protect interests of Bahamians
Financial Spokesman for the Democratic National Alliance (DNA) Youri Kemp said foreign direct investment (FDI), like the $3.5 billion Baha Mar megaresort, must be negotiated in public, and laws should be enacted to prohibit the negotiation or sale of...
 
 
Economist calls for cost–benefit analyses on FDI concessions
Economist Rupert Pinder said proper cost–benefit analyses should be performed on the amount of concessions given to foreign investors in the tourism sector, while asserting the importance of accommodating more tourism projects in the Family Islands...
 
 
KPMG signs off on $100M cost for NHI
Dr. Mark Britnell, global chairman of healthcare for KPMG, said the firm has tested and validated cost estimates that say the first phase of the National Health Insurance (NHI) scheme will cost $100 million. That figure was initially floated by Dep...
 
 
Sandals job losses leave questions, Turnquest says
Shadow Minister of State for Finance Peter Turnquest said the multiplier effect of each lost job on the business environment, and as a result on government revenue production, is a significant mid- to long-term effect. Given that effect, in the wake ...
 
 
Sandals exec defends redundancies, timing of closure
Director of Corporate Services at Sandals Resorts International Jeremy Jones said the resort decided not to consult with the employees about what was possible with respect to their employment situation in the context of the need to close the resort f...
 
 
Sandals job losses leave questions, Turnquest says
Shadow Minister of State for Finance Peter Turnquest said the multiplier effect of each lost job on the business environment, and as a result on government revenue production, is a significant mid- to long-term effect. Given that effect, in the wake ...
 
 
ATR paying to lease Bahamasair Dash 8
While Bahamasair is awaiting delivery of the final plane from French manufacturer ATR, Guardian Business has learned that the carrier is leasing a Dash 8 it previously owned. ATR is paying for the lease. Bahamasair sold its Dash 8s in anticipation...
 
 
Used car sales plummeting for some
General Manager of Bahamas Bus and Truck Company Ltd. Ben Albury said the company’s used car sales are down by more than 600 units in the past four to six years. Albury estimated that the ratio of used car sales is now 75 percent versus 25 percent ...
 
 
$48M in fees, taxes from web shops
A day after the Gaming Board met this week, with the much-anticipated Zoning Regulations on the agenda, Tourism Minister Obie Wilchcombe elaborated on the zoning process. He also revealed that $48 million has been collected in fees and taxes from the...
 
 
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