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Business

 
Govt collects $852M in VAT in 18 months
From January 2015 to June 2016, the government collected almost a billion dollars in value-added tax (VAT). The government recorded a total of $852.6 million in value-added tax (VAT) receipts up to the mid-year. For the opening quarter of the fisca...
 
 
Halkitis: Revamped mortgage relief plan expected to build momentum
Minister of State for Finance Michael Halkitis revealed details on the number of eligible borrowers for the Christie administration’s revamped mortgage relief plan (MRP). “To date, some 1,160, or 64 percent of the total potentially eligible 1,82...
 
 
Flowers: Still no word as Wilchcombe reveals official web shop licenses ‘likely’ granted this week
On Sunday, Tourism Minister Obie Wilchcombe, who has Cabinet responsibility for gaming, said that official licenses for seven eligible web shops were “likely” to be granted this week. However, CEO of FML Group of Companies Craig Flowers said that...
 
 
BAMSI, CARDI partner to improve local agriculture sector
President of the Bahamas Agriculture and Marine Science Institute (BAMSI) Godfrey Eneas said the primary purpose of having BAMSI serve as a home base for two agriculture specialists from the Caribbean Agricultural Research & Development Institute...
 
 
Sands: Baha Mar timeline extremely aggressive
President of the Bahamian Contractors’ Association (BCA) Leonard Sands said the opening of the $3.5 billion Baha Mar megaresort before the end of the 2016/2017 winter season is “extremely aggressive”. In addition, Sands said the BCA could not ...
 
 
Corporate registry files leak ‘much ado about nothing’, says Pinder
Partner at Graham Thompson Co. Ryan Pinder said in his opinion, the cache of 1.3 million files leaked from The Bahamas’ corporate registry in September by the International Consortium of Investigative Journalists (ICIJ) was “much ado about nothin...
 
 
Pinder touts benefits of local trading hub for Chinese currency
If The Bahamas becomes established as a trading hub for Chinese currency, it would help to broaden and further grow The Bahamas’ financial services sector, according to Ryan Pinder, partner at law firm Graham Thompson. “Anything that would diver...
 
 
Concerns expressed about impact of Brexit on tourism, financial services
Former Managing Director of the Turks and Caicos Financial Services Commission Kevin Higgins expressed concerns about the impact of Brexit on The Bahamas’ two leading industries: tourism and financial services. He expressed his concerns while speak...
 
 
Americas securities regulators meet in The Bahamas
The Securities Commission of The Bahamas hosted securities regulators from 18 jurisdictions across the Americas to discuss cross-cutting securities regulatory matters, further developing the capital markets regulator’s regional and international pr...
 
 
Company hired by Hutchison Whampoa to oversee sale of its Freeport resorts
The search is on for a potential buyer for three major hotels in Freeport, Grand Bahama that are owned by Hutchison Whampoa – an investment holding company based in Hong Kong. The hotel assets are Lighthouse Pointe, the Grand Lucayan Beach & G...
 
 
NewCo’s offices, call center hiring 30 in GB
The country’s second mobile operator is the creator of approximately 30 new jobs at its administrative office and call center in Freeport, Grand Bahama. Last week, NewCo Limited 2015 unveiled the brand under which it would operate, called Aliv, an...
 
 
Pharmacies concerned about the lack of NHI details
As the year-end approaches, local pharmacies are becoming more concerned about the lack of details regarding the implementation of National Health Insurance (NHI), according to Bahamas Pharmaceutical Association (BPA) President Michelle Finlayson. A...
 
 
Ward: VAT may have impacted number of insurance policies
In the wake of Hurricane Matthew, the demand for insurance coverage could increase, but the affordability factor still plays a major role in deciding whether or not people purchase insurance. President and CEO of Bahamas First Patrick Ward said “a...
 
 
The Bahamas to host international civil aviation conference
An upcoming international conference being hosted by The Bahamas is expected to have a “direct and positive impact” on the economy. The Bahamas will host the International Civil Aviation Negotiation Conference (ICAN) in New Providence from Decemb...
 
 
Christie: Accountants on the front line of business entities
Prime Minister and Minister of Finance Perry Christie said that accountants are on the "front line" of The Bahamas’ business and commercial entities, as they are an integral part of the inner workings of the country's firms and government enterpris...
 
 
Komolafe: Thousands of claims post Matthew; most settled
The Bahamas Insurance Association (BIA) has commenced the collation of industry data in order to conduct a detailed economic assessment of the impact of Hurricane Matthew. The process will continue in the weeks ahead. A month after Hurricane Matthew...
 
 
Finlayson: Govt did next best thing to procure pharmaceuticals directly
The government did the “next best thing” to directly procure certain pharmaceuticals, according to President of the Bahamas Pharmaceutical Association (BPA) Michelle Finlayson. While acknowledging that going directly to manufacturers for bids fo...
 
 
Debt financing not the way to go on disaster relief, report says
A recent report warned that disaster relief shortfalls financed through debt may endanger the debt positions of some small island developing states (SIDS). The Bahamas and fellow small island developing states (SIDS) continue to be faced with financ...
 
 
Strachan: Trump admin. likely to impact local financial services industry
Minister of Financial Services Hope Strachan said the recent election in the United States is likely to affect The Bahamas’ financial services industry in some way, “whether negatively or positively”. The fate of the Foreign Account Tax Compli...
 
 
NewCo unveiling branding and commercial services today
Today NewCo Limited 2015 will unveil its branding and commercial services. Speaking with Guardian Business yesterday, CEO of NewCo Damian Blackburn said that more details of products and prices would be revealed at the launch ceremony this afternoon...
 
 
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