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'Wherewithal' for National Health scheme questioned

A former Bahamas Chamber of Commerce head yesterday said the Government was picking the wrong time to introduce National Health Insurance (NHI), and questioned whether this nation had the “wherewithal” to implement it and other major reforms simultaneously.

'Skills gap trap' creates 40-year-old workforce

Skills shortages among high school leavers have resulted in the Bahamas having “a pretty old workforce” with an average age of 40, a private sector executive yesterday warning there was “no easy fix” to this nation’s labour problems.

Chamber: Just two firms exploit free book-keeping

The Bahamas Chamber of Commerce’s (BCCEC) chief executive yesterday criticised small businesses for failing to fully exploit all the assistance available to them, disclosing that just two companies had taken advantage of its free book-keeping service over the past year.

Chamber leader brands 2014 VAT 'overly aggressive'

PLANS to implement a Value-Added Tax (VAT) by July 2014 are “overly aggressive”, the Bahamas Chamber of Commerce’s (BCCEC) chief executive has warned, arguing that the private sector be given “at least two years” to prepare if the new tax is to work “properly”.

Chamber chief: 2-2.5% growth is 'a stretch'

The Bahamas Chamber of Commerce’s (BCCEC) chief executive yesterday said it would be “a stretch” for this country to generate even 2-2.5 per cent economic growth for 2013, although he expressed hope that last year’s 5.5 per cent decline in commercial loan arrears was a “sign of things to come”.

Chamber chief ‘astounded’ by 4,000 VAT payers

The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive yesterday said he was “astounded” by government figures showing less than 4,000 companies would be liable to pay Value Added Tax (VAT), adding that this emphasised the urgency of passing legislation designed to strengthen the small business sector.

Bahamas needs ‘world class’ IP protection

The Bahamas needs “a world class intellectual property rights system”, a leading private sector executive said yesterday, as the Government unveiled a seven-strong Bill package designed to bring this nation in line with “international best practices” and World Trade Organisation (WTO) requirements.

Bahamas urged to ‘modernise’ retail pricing

The Bahamas needs to “modernise” its entire retail pricing system, a senior Chamber of Commerce executive said yesterday, arguing that this nation should fall into line with major jurisdictions by using ‘shelf pricing’ as opposed to ‘item pricing’.

Bahamian firms' fears over PHA supply 'travesty'

A senior Chamber executive last night said it would be “a travesty” if Bahamian medical and pharmaceutical equipment suppliers were excluded from bidding on contracts associated with the Princess Margaret Hospital (PMH) expansion, with the sector seeking a “level playing field” and “transparent, open” process.

Prospects for 21% pension cover improvement 'not high'

The prospects of improving the Bahamas’ dismal 21 per cent pension coverage ratio are “not very high” because proposed legislation does not make participation mandatory, a senior private sector official yesterday adding it was “not the right time” to bring the Bill forward.

Most SMEs 'hanging on by skin of their teeth'

Most Bahamian small businesses are “hanging on by the skin of their teeth”, a senior private sector official saying it was vital to implement the right support structure for their survival and growth.

World Bank study slashes Bahamas' competitiveness

The Bahamas is standing still and allowing rival jurisdictions to “leapfrog” it on economic competitiveness, the Chamber of Commerce’s chief executive warned yesterday, after this nation slipped another six spots to 77th in the World Bank’s Ease of Doing Business rankings.

Bahamas must avoid 'knee jerk' policy over manufacturing

The Bahamas must use “a holistic approach, not a knee jerk reaction” to provide long-term sustainable support for its manufacturers, a senior Chamber official telling Tribune Business the former government’s five-year incentives limit policy should have been more nuanced.

Property tax waiver 'wide open to abuse'

PRIVATE sector executives yesterday expressed concern that proposed legislative amendments to provide certain companies with real property tax breaks were “too vague” and “wide open to abuse”, failing to conform with best governance practices.

Bahamas must 'really be concerned' over BTC investor message

The Bahamas must “really be concerned” about the negative message it is sending to international investors over the Bahamas Telecommunications Company (BTC), a senior Chamber official yesterday saying developers “should never” have to factor political risk into their calculations.

Bahamas second highest oil import spender in Latin American region

The Bahamas spends the second highest sum in the Latin America/Caribbean region, as a percentage of gross domestic product (GDP), on oil imports , something a senior private sector official yesterday described as “concerning”.

Economy 'cannot support' National Health scheme

The Bahamian economy “cannot support” the Government’s proposed comprehensive National Health Insurance (NHI) scheme, a leading private sector official warning it would act as a barrier to reducing already-high unemployment and threatened to create a “dependency” culture.

Economy 'not over hump' despite 2.8% growth claim

BAHAMIANS must not think the economy is "over the hump" despite projections it will grow by 2.8 per cent in 2012, a senior private sector official yesterday saying current anemic activity was likely to persist for "another 12-18 months".

Chamber chief: PM's BTC intent 'very concerning'

THE Prime Minister's stated intent to reclaim majority ownership of the Bahamas Telecommunications Company (BTC) sends a "very concerning message" to the Bahamian and international business community about the "validity of contracts" they enter into with the Government, a senior private sector official has warned.

Gov't to 'walk tightline' over Budget

The Government will "have to walk a tight line" between its pre-election promises and the need for fiscal prudence when it delivers the 2012-2013 Budget today, a senior priv

Education key to alternative tax

EDUCATION and implementation will be key in the Bahamas' move to an alternative system of taxation, the Bahamas Chamber of Commerce and Employers C

Gov't urged to pass Small Business Bill

THE Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chief executive yesterday urged the Government to prioritise passing the Small and Medium-Sized Enterprises Development Bill left behind by the former Ingraham administration, saying this was "vital" to creating jobs and turning the economy around.

Private sector's National Health fears unchanged

THE private sector's concerns over the proposed National Health Insurance (NHI) initiative have not changed since the first Christie-led administration introduced the scheme in 2006, the Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chief executive warning on the further added cost burden it would impose.

Private sector has 'work cut out' with $302m loan arrears

THE Bahamian business community has its "work cut out" with more than $302 million worth of loans to it in arrears, a leading private sector official saying this showed companies were "not recovering as we had hoped".

45% FDI growth in 2011 exposes 'diversity' need

DESPITE the Bahamas seeing a 45 per cent increase in foreign direct investment (FDI) to $840 million during the first nine months of 2011, a senior private sector official yesterday said this nation needed to divert more capital into industries long "devoid of any focus".

8,000 PI jobs guarantee is 'exceptional'

PRIVATE sector leaders have hailed the Government's achievement in getting the new Atlantis and One & Only Ocean Club owners to commit to maintaining a minimum 8,000 employee level on Paradise Island as "exceptional", adding that this and other assurances seemed to be "a win-win for all concerned" in the short-term at least.

IMF's 2.5% Bahamas growth is 'a stretch'

THE Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chairman yesterday said it would "really be a stretch" for the Bahamian economy to achieve the newly-released International Monetary Fund's (IMF) projected 2.5 per cent GDP growth rate for 2012, unless it and the Government knew something 'outsiders' did not.

Chamber chief in jump start concern

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net WITH the recent launch of the Government's Jump-Start programme expected to foster entrepeunership, the Bahamas Chamber of Commerce and Employer's Confederation's (BCCEC) chairman h

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