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Financial services to ‘come back stronger’

The deputy prime minister yesterday admitted there may be “some initial contraction” as the Bahamian financial services sector adjusts to its new regulatory regime, but expressed confidence it will ultimately “come back stronger”.

DPM: We must review taxation after ‘blacklist’

THE Deputy Prime Minister yesterday said the Bahamas’ tax system must be reviewed following the European Union (EU) ‘blacklisting’, with the Government “praying” for a swift removal.

‘Adapt as banks shut their doors’

WHILE the government is “concerned” by the latest consolidation announcement from the Royal Bank of Canada, Deputy Prime Minister Peter Turnquest suggested these situations are inevitable with the constant evolution of technology, which requires less “brick and mortar locations and bodies”.

Turnquest defends AG - but admits debate over legal plans could have been greater

ACTING Prime Minister K Peter Turnquest yesterday defended Attorney General Carl Bethel against criticism he has received for his presentation at the United Nations last week, insisting all the aspects presented overseas “were discussed here” initial

Deputy PM: Audits will be beneficial in the long term

WHILE costs associated with audits launched in several government ministries and departments remain unclear, Deputy Prime Minister Peter Turnquest insisted that whatever is spent on this undertaking will ensure certain actions under the previous administration are revealed to the public.

Memories tied to Lucayan $65m deal

DEPUTY Prime Minister Peter Turnquest yesterday described the signing of a letter of intent (LOI) between owners of the Grand Lucayan hotel strip in Grand Bahama and the Toronto-based Wynn Group a “significant move” for the island’s economy - while the Memories/Sunwing combination is top of the government’s list of potential Wynn partners, Tribune Business was told.

Turnquest warns against sensationalising bill

A DAY after former Prime Minister Hubert Ingraham gave a stinging assessment of the Commercial Enterprises Bill, Deputy Prime Minister K Peter Turnquest replied to the critique, saying everyone is entitled to their own view but should not sensational

‘We have to open up the economy’

FINANCE Minister K Peter Turnquest yesterday accused the Progressive Liberal Party (PLP) of “dumbing down” debate on the “visionary” Commercial Enterprises Bill 2017, as he castigated the opposition for attempting to “stop” the Bahamas’ progress.

Govt seeking new $800m foreign loan

The Government is aiming to raise up to $800 million via a US dollar bond to cover its deficit financing needs for the current and previous fiscal years, Tribune Business can reveal.

‘Low level’ corporation tax studied

The Deputy Prime Minister yesterday revealed the Bahamas “may have to look at” implementing a low-rate corporate income tax, as global regulatory pressures force “hard decisions” upon it.

Gov’t blocks huge Customs shake-up

The Deputy Prime Minister yesterday confirmed he has halted the transfer of more than 250 Customs officers due to the upheaval such a shake-up threatens to cause.

War of words on finance debt

FINANCE Minister K Peter Turnquest last night blasted his Progressive Liberal Party (PLP) counterpart for challenging whether the government had exaggerated the size of the country’s fiscal deficit.

10% cut - that's just for starters

THE government expects to achieve even more savings than the 10 per cent reduction in spending ordered for each ministry, according to Deputy Prime Minister K Peter Turnquest.

Freeport Incentive Act tobe replaced with new plan

DEPUTY Prime Minister and Minister of Finance K Peter Turnquest told business leaders on Grand Bahama the government will amend and replace the Freeport Incentive Act 2016 with a more progressive plan.Mr Turnquest was speaking at the Grand Bahama Cha

Surprise BOB rescue plan weeks away

The Deputy Prime Minister yesterday pledged that “a comprehensive plan” to rescue Bank of the Bahamas will be unveiled by its August 2 shareholders’ meeting, the institution having “abandoned” its legal battle with the Central Bank.

Mortgage relief scheme fails to hit targets

THE mortgage relief programme, which the Christie administration said helped at least 441 people, has not performed as well as expected and will have to be reviewed, Finance Minister K Peter Turnquest said.

Govt to make $234m binge 'near impossible'

The Deputy Prime Minister yesterday pledged that the Government’s planned Fiscal Responsibility legislation will make it “near impossible” to repeat its predecessor’s $234 million pre-election deficit spending binge.K P Turnquest, sticking by his $50

Turnquest says govt aims to stabilise country’s finances

THE economic plan being chartered during the ongoing 2017-2018 budget debate aims to stabilise the country’s finances, Deputy Prime Minister K Peter Turnquest said yesterday, as he underscored the continued need to reduce “discretionary spending” and bring the nation’s expenditure under control.

$429m in subventions for state-owned enterprises

TWENTY-FIVE state owned enterprises will receive $429m in the upcoming fiscal year, with Finance Minister K Peter Turnquest noting that the government receives no returns or dividends from such institutions.

Privatisation is considered for state-run enterprises

DEPUTY Prime Minister K Peter Turnquest said the government will consider turning state owned enterprises or quasi-government corporations over to the private sector as a way of retiring debt because the subsidies provided to them are exorbitant.

Turnquest eyes privatisation of subsidised state bodies to alleviate debt

DEPUTY Prime Minister Peter Turnquest said the government will consider turning state-owned enterprises (SOEs) or quasi-government corporations over to the private sector as a means to retire debt because the subsidies provided to them are exorbitant.

Govt will borrow $722m to pay bills

THE Minnis administration projects borrowing more than $722m to cover inherited outstanding bills along with the costs associated with running the country moving forward, after discovering the current fiscal year is “far bleaker” than anyone could have imagined as the Christie administration left “the cupboard bare,” according to Finance Minister K Peter Turnquest.

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