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BEC 'decimation' will inhibit major reforms

By Michael Moss

Dingman comes to Bay Street

An investor group headed by Jamie Dingman has leased 25 per cent of the units in a major Bay Street shopping plaza, Tribune Business can reveal, with plans to create a restaurant destination unmatched “except for Marina Village”.

Bahamas 'ass backwards' over oil negotiations

A well-known attorney yesterday said the Bahamas had done an “ass backwards” job in negotiations with the Bahamas Petroleum Company (BPC), arguing that the country should receive “no less than 60 per cent” of the proceeds if commercial quantities of oil were discovered.

Bahamas can't 'sit and wait for next Baha Mar'

Small businesses will have to drive economic growth for the next two-three years, a leading accountant said yesterday, arguing that he did not see “any significantly large business coming to the Bahamas” post-Baha Mar.

BEC pollution liability 'could be over $100m'

The successful bidder(s) for the Bahamas Electricity Corporation (BEC) will inherit potentially massive environmental liabilities, it was revealed yesterday, in addition to a $350 million debt mountain and $81 million employee pension fund deficit.

BEC's 170% fuel charge rise masks operating woe

The Bahamas Electricity Corporation’s (BEC) fuel charge increase was more than seven times’ that for fuel prices between 2010-2012, a leading environmental attorney suggesting this showed how the utility masked its “poor operating performance”.

Gov’t ‘very close’ on Walker’s Cay deal

The Government believes the purchase of Walker’s Cay, the northernmost island in the Abacos, could be sealed by June, with the Bahamas “back in play” as a top investment destination.

Tax Coalition urges price control end

The private sector’s Tax Coalition has added its voice to those urging that Price Controls be abolished, warning that food store overheads would have increased by between 7.5-12 per cent under a 15 per cent Value-Added Tax (VAT).

Tax reform clouded by critical missteps

For several months now, I have deliberately excluded myself from the ongoing discussions over the pending implementation of a Value-Added Tax (VAT) regime. Several years ago I wrote a four-part series on taxation options for the Bahamas, in which my conclusion was that:

Expiring incentives spark BORCO 'adverse cash flow' warning

Warnings that the Bahamas Oil Refining Company’s (BORCO) cash flow might be “materially affected” if Freeport’s expiring investment incentives are not renewed were yesterday said to underscore how the city risked becoming “a lame duck”.

Cox, Charlton off to good start with Boilermakers

THEY left for Purdue University last year as close friends and rivals off and on the track. Now as room-mates and team-mates, hurdler Devynne Charlton and sprinter Carmiesha Cox are hoping to strike terror in their opponents as they compete for the Boilermakers women’s athletic team.

AML: $1.5m VAT costs won't wipe-out profit

AML Foods 2013 annual profit would have been wiped out by the $1.5 million annual cost increase the company is projecting from Value-Added Tax (VAT), its chief executive yesterday pledging: “We’re not going to let that happen.”

Low cost carrier adds 55,00 seats

A ‘low cost’ US airline will bring almost 55,000 seats into the Nassau market annually once it launches service by July 1, its officers yesterday describing this nation as “the jewel in the Caribbean”.

Oil explorer targets 50 per cent well cost cut

The Bahamas Petroleum Company (BPC) is hoping to slash costs associated with drilling its first exploratory well by up to 50 per cent “without compromising” health and environmental safety standards.

Gov't projects more gradual deficit drop

The Government is forecasting a more gradual reduction in its Budgetary financing gap as a result of the restructured Value-Added Tax (VAT), and will not eliminate its total GFS deficit by the 2015-2016 fiscal year as originally projected.

ART OF GRAPHIX - Designing your ad for maximum effect

As a proud Bahamian I cannot begin without congratulating the Local Organising Committee, Minster Danny Johnson and his Ministry, the athletes and everyone else who contributed to making the IAAF World Relays a success. Well done, and it was a testament to teamwork and collaboration.

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