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Gov't accounting switch 'fantastic'

The Government’s planned switch to an accrual financial reporting system has been praised as “fantastic”, a leading accountant arguing it will boost accountability and improve Budget planning.

Gov’t braces for tax breaks legal battle

The Government was last night bracing for an outspoken QC’s latest Judicial Review salvo, after it missed his deadline to provide “an undertaking” that no decisions will be taken on Freeport’s tax and economic regime.

Sir Jack tells QC: Put money where mouth is

A key Grand Bahama Port Authority (GBPA) shareholder yesterday urged an outspoken QC to ‘put his money where his mouth is’ and find a buyer for the quasi-governmental entity.

Price control proposal like ‘Gestapo tactics’

The Bahamas Chamber of Commerce (BCCEC) warned yesterday that any Government move to force businesses to reduce prices in line with import duty cuts would be akin to “economic dictatorship” and “Gestapo tactics”.

Services Coalition ‘irony’ over WTO

Lack of private sector involvement has been a key factor in why the Bahamas’ bid for full World Trade Organisation (WTO) membership has lasted 15 years and counting, a former Securities Commission principal believes.

Tax delinquents warned to brace for ‘shock treatment’

Major tax defaulters were yesterday warned to brace for “shock treatment” from the Government’s recently-unveiled tax crackdown, the Bahamas Chamber of Commerce’s (BCCEC) chairman giving his “strong support” to the initiative.

Gov’t to commit on CLICO by year-end

The Government has pledged to make a public statement on its long-awaited CLICO (Bahamas) resolution by year-end, but one creditor yesterday said he “doesn’t expect a cheque will come” by Christmas.

Physician fears NHI care ‘dumbing down’

A well-known physician yesterday expressed concern that National Health Insurance (NHI) could create “a dumbing down” in healthcare quality in the Bahamas, and likened the gap between the Government and private sector to “a chasm”.

CWC: BTC ‘lags’ region despite $75m investment

The Bahamas Telecommunications Company’s (BTC) controlling owner yesterday conceded that its network quality “lags” much of the Caribbean and wider world, despite increasing its capital investment by 47 per cent last year.

Insurer sees 38% fall from Summit

Summit Insurance blamed reduced real estate valuations for a 38.2 per cent year-over-year profits slump, as it focuses on “defending our book” in a year that will have “negative growth”.

MSC warns over Customs change shipment delays

The world’s second largest cargo shipper has warned Bahamian companies that their imports will be delayed “until the next sailing” if manifests are not made for compliance with Bahamas Customs’ new requirements.

Ex-minister: Dingman case 'waste of judicial resources'

Trying the $1.1 million damages claim against Jamie Dingman's failed Nassau restaurant empire in New York will be "a waste of judicial resources", a former Cabinet minister is arguing.

Oil explorer: New fiscal regime does not apply to us

The Bahamas Petroleum Company’s (BPC) chief executive yesterday said the Government’s increased ‘take’ from oil exploration would not apply to its activities, because its fiscal terms were already set.

GB Power urged: Don’t seek quick $25m recovery

Grand Bahama Power Company (GBPC) and its majority owner were yesterday urged not to target “the shortest period of time” to recover their $25 million in Matthew restoration costs from storm-devastated consumers.

Bahamasair suffers $8.5m income loss

BAHAMASAIR has warned the trade union rep- resenting its line staff that it faces “stark financial realities”, having lost $8.5 million in income this financial year with the possibility of further setbacks to come.

QC: ‘No more secrets’ over Freeport’s future

An outspoken QC yesterday made good on his threat to launch Judicial Review proceedings against the consultation on Freeport’s future, warning: “No more secrets. It’s finally time for government in the sunshine.”

Chamber hopes for ‘11th hour’ pre-Budget meeting with Gov’t

The private sector is still hoping for an ‘11th hour’ pre-Budget meeting with the Government, so it can help it present “the most viable” economic plan for the Bahamas.

Ex-minister files suit against BREA

A former PLP Cabinet Minister yesterday confirmed he had instructed his attorney to proceed with legal action against the Bahamas Real Estate Association (BREA) for publicly naming him among 70 realtors who had allegedly failed to pay their annual licence fees.

‘Penny wise and pound foolish’

A well-known surgeon has branded the Public Hospitals Authority’s (PHA) move to exclude Bahamian wholesalers from the pharmaceutical drugs supply chain as “penny wise and pound foolish”.

Sarkis loses bid to buy $192m claims

The Supreme Court yesterday ruled it was legally impossible for Sarkis Izmirlian to acquire the rights to Baha Mar’s $192 million damages claim against the project’s contractor.

The Tribune

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