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Business

 
$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...
 
 
Duncombe calls for survey of Bahamas fish stock
Founder of reEarth Samantha Duncombe said the global fishing stock is in a decline and a greater effort should be placed into finding out the status of The Bahamas’ fish stock. Duncombe spoke with Guardian Business in regards to a new rule finaliz...
 
 
New car sales down 63 percent since 2007
New car sales decreased by 63 percent from 2007 to 2015, according to Nassau Motors Company (NMC) Director and Operations Manager Rick Lowe. The figure consists of car sales from the 15 members of the Bahamas Motor Dealers Association (BMDA), exclud...
 
 
Caribbean tourism businesses must adapt to succeed
The President of the Caribbean Hotel and Tourism Association (CHTA), Karolin Troubetzkoy sees the upcoming Caribbean Hospitality Industry Exchange Forum (CHIEF) as an opportunity for hotels and tourism-related businesses to take stock and to "open ou...
 
 
BIPA seeks meeting with PM
As the jousting between the Medical Association of The Bahamas (MAB) and the Bahamas Independent Providers Association (BIPA) continues into a second week, MAB President Dr. Sy Pierre has questioned whether BIPA leader Dr. Conville Brown and his as...
 
 
Consumer loans for debt consolidation up in Q1 2016
The bulk of the 9,126 consumer loan applications in the first quarter of 2016 (Q1 2016) was for what The Central Bank of The Bahamas (CBOB) termed “consumer deleveraging”, or debt consolidation. And the overwhelming majority of those loans ...
 
 
URCA CEO doubts second mobile rollout could be faster
CEO of NewCoLimited2015 (NewCo) Damian Blackburn yesterday assured Guardian Business that the company is “fully funded” to begin and complete the rollout of its mobile phone services in accordance with the terms of the license issued on Jul...
 
 
With tourism ‘indirect spend’ of $4B, Bahamas doing ‘very well’
Responding to the raw data included in the United Nations World Tourism Organization (UNWTO) Tourism Highlights 2016 Edition, Tourism Minister Obie Wilchcombe yesterday stressed that with indirect visitor “spend” of over $4 billion, The Bahamas...
 
 
$5B in taxes, $33B in GDP at stake in Baha Mar stall
Over the next 19 years, Baha Mar’s economic impact could have led to an increase of more than $5 billion in government tax revenue; near $33 billion in value added output (GDP); more than $12 billion in wages and salaries; and an addition of 11,921...
 
 
Clearing banks: Lending conditions ‘stable’
According to The Central Bank of The Bahamas’ (CBOB) Quarterly Bank Lending Conditions Survey Report for March 2016, banks in The Bahamas saw a downtick in loan applications across the board in the first quarter of 2016. Still, according to the reg...
 
 
Cuba, Dom. Rep, others ahead of Bahamas tourism in 2015
The United Nations World Tourism Organization (UNWTO) Tourism Highlights 2016 Edition showed The Bahamas vis-a-vis its regional competition for overnight tourists, with Cuba, the Dominican Republic, Jamaica and Puerto Rico all pulling more overnigh...
 
 
Atlantis $30M renovation on schedule
Atlantis, Paradise Island, has hit its August 15, 2016 target date to begin a $30 million renovation at the Coral Towers, but despite rumors of a single digit percentage staff reduction, Guardian Business sources yesterday asserted that there would...
 
 
Web shop locations down by 200, Wilchcombe says
Tourism Minister Obie Wilchcombe says the government has reduced the number of physical web shop gaming premises from 600 to 400, and said he expects that once the licensing process is complete that number will come down. Wilchcombe also told Guardi...
 
 
New NOAA rule imposes marine mammal protection standards
The National Oceanic and Atmospheric Administration (NOAA) has finalized a new rule requiring nations exporting fish and fish products to the United States to meet fishing standards for protecting marine mammals equal to those American fishermen fo...
 
 
Why looking good has never been so important
There was a time when maintaining your personal image involved nothing more than simply brushing your hair and ensuring that you wore a clean shirt. How times have changed! If you thought that developing and maintaining your own unique personal bra...
 
 
Almost $2B in GDP lost due to Baha Mar closure
The Bahamas lost almost $2 billion in gross domestic product (GDP) over the 18-month period following the closure of the stalled Baha Mar project, according to a report on the economic impact of the failure to open Baha Mar. The report asserted that...
 
 
Pierre: IPA ‘not in best interest of country’
Medical Association of The Bahamas (MAB) President Dr. Sy Pierre says the MAB is “totally against any independent provider association being the primary instrument through which National Health Insurance (NHI) is funneled to provide universal h...
 
 
BIA president questions section 21 of NHI Bill
Chairman of the Bahamas Insurance Association (BIA) Emmanuel Komolafe said section 21 of the National Health Insurance (NHI) Bill 2016 raises questions as to whether or not persons will be able to access benefits under the proposed NHI scheme until t...
 
 
NHI does not mean giving up private insurer, Gomez insists
In an attempt to allay fears over the impact of National Health Insurance (NHI) on persons who already pay for private health insurance, Minister of Health Dr. Perry Gomez asserted that NHI does not mean that persons will have to give up their privat...
 
 
Sandals meets with redundant employees
Sandals Royal Bahamian Spa Resort & Offshore Island said that the screening and rehiring process to engage the resort’s full complement of 750 staff is currently underway. The process would involve the assistance of Sandals Resort International...
 
 
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