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Business

 
Christie: Transition has begun to Civil Aviation Authority
The transition has officially begun to separate the regulatory functions of the Bahamian aviation industry from the operational functions of airports, effectively creating the Civil Aviation Authority (CAA). The body is intended to be solely respons...
 
 
Kelly’s wins case against Customs Dept.
A judgment released last week and received by the media yesterday revealed that the Supreme Court of The Bahamas made a ruling against the Customs Department in a six-year-old case that found the country’s chief revenue earner engaged in “enforce...
 
 
Several Family Islands stores in breach of price control regs
The Price Control Commission found that several stores in the Family Islands were in breach of price control regulations. The commission recently inspected stores in South Andros, Mangrove Cay and Long Island. In South Andros, it found that three g...
 
 
Strachan: Baha Mar, Matthew factors in future credit ratings
Minister of Financial Services Hope Strachan asserted that there is a “balance” of both good and bad developments in the country that international credit ratings giants Moody’s and Standard & Poor’s (S&P) have under consideration for...
 
 
Long Island Business Outlook slated for December 13
Through its Business Outlook Series, now in its 25th year, The Counsellors Ltd. (TCL) has been showcasing the economic opportunities of various islands of The Bahamas, with the number of sites growing steadily. In 2014, Long Island became the seventh...
 
 
BCA members back on Baha Mar site, says Sands
President of the Bahamian Contractors' Association (BCA) Leonard Sands confirmed that Bahamian and Chinese contractors are back on the Baha Mar site. Sands added that some members of the BCA have also been re-engaged, and construction has "picked up ...
 
 
Dept. of Labour investigating release of workers at shipyard
The Department of Labour will submit recommendations to the minister of labor as early as today on the circumstances surrounding the release of 21 people from the Grand Bahama Shipyard over the span of five months, according to Director of Labour Rob...
 
 
Chipman: Little results from govt trips to China
Member of Parliament for St. Anne’s and head of the Public Accounts Committee Hubert Chipman said while he does not know how much the government spends or has spent on trips to China, and despite having made inquires about the government’s expend...
 
 
AIG: Bahamas a leader in U.S. ultra-wealthy home ownership
The Bahamas accounts for 13 percent of ultra-high-net-worth (UHNW) clients in the United States, who on average own nine homes overseas, according to a study of proprietary data by AIG Private Client Group, a division of the member companies of Ameri...
 
 
Govt officials to assess Baha Mar buyer’s operations
Government could be one step closer to confirming Chow Tai Fook Enterprises (CTFE) as the buyer for the Baha Mar megaresort, as four government officials close to the matter are expected to arrive in Hong Kong today to assess the company’s operatio...
 
 
Union boss laments firings at Grand Bahama Shipyard
More than 20 people have been let go from the Grand Bahama Shipyard between July and November of this year, according to President of the Grand Bahama Port Authority Workers Union Mervin Wright. Wright claimed yesterday that personnel have been fire...
 
 
Source: March 2017 timeline for Baha Mar rooms doable for contractors
The March 2017 timeline proposed by Chow Tai Fook Enterprises (CTFE) for the opening of rooms at the Baha Mar development is a plausible endeavor for construction crews, according to sources close to contractors at the restarted construction site. G...
 
 
Carnival on the cards with or without govt support, says Tirelli
Carnival, in particular the Road Fever Parade, will go ahead as planned, even if government does not invest in Carnival 2017, President of the Bahamas Carnival Band Owners Association (BCBOA) Dario Tirelli told Guardian Business yesterday. Tirelli w...
 
 
New boutique hotel opens on Exuma
On a remote cay off Great Exuma sits a small luxury boutique hotel waiting to be explored. Lumina Point, which officially opened at the end of November, features 12 rooms, a gym, spa, pool, restaurant and a pavilion for weddings and yoga overlooking...
 
 
Maria Wells-Rolle joins Coldwell Banker Lightbourn sales team in Abaco
Maria Wells-Rolle has joined the Coldwell Banker Lightbourn sales team in Abaco. Based in Guana Cay, Wells-Rolle has a strong background in the real estate field, having worked in housing management with a pool of over 100 homes. “Maria comes to ...
 
 
Baha Mar buyer seeking to open 700 rooms by March 2017
Chow Tai Fook Enterprises (CTFE), the prospective purchaser of Baha Mar, is pushing forward a schedule to open 700 hotel rooms at the beleaguered resort by March 2017, a well-placed source revealed yesterday to Guardian Business. According to the so...
 
 
Davis: New generation capacity for BPL being negotiated
Government is awaiting the outcome of negotiations by the Ministry of Finance over the purchase of new generation capacity for Bahamas Power and Light (BPL), Deputy Prime Minister Philip Brave Davis said yesterday. Speaking to members of the press ...
 
 
Design plans for Potter’s Cay Dock stalls being revised
The original plans for the upgrade of vendor stalls at Potter’s Cay Dock may have been too “elaborate” and had to be taken back to architects to ensure more “affordable” design and construction, Deputy Prime Minister Brave Davis told Guardi...
 
 
Rolle stresses Matthew’s impact following Moody’s deficit projection
On the heels of Moody’s widening its projection for The Bahamas’ deficit to almost $300 million, Minister of State for Investments Khaalis Rolle lamented the adverse economic impact of Hurricane Matthew. The international credit ratings giant re...
 
 
Komolafe: Fiscal challenges leave little buffer from external shocks
Chief Risk & Compliance Officer at Colina Emmanuel Komolafe said fiscal challenges in The Bahamas have placed the country in a position to have “little to no space or buffer” to be insulated from external shocks and natural disasters like Hur...
 
 
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