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‘No guarantees’ for web shops

Web shop operators were yesterday said to be “very concerned” over the uncertainty and lack of any guarantees surrounding the industry’s impending legalisation.

Bahamas ‘on probation’: 17-step action plan cure

The Government has detailed a 17-step ‘action plan’ to strengthen the Bahamas’ anti-money laundering regime, with a top regulator describing this nation as “on probation” over increasing weaknesses.

Trade deficit narrows 9.7%

The Bahamas experienced a 9.7 per cent drop in its trade deficit to $2.554 billion in 2013, largely due to an almost-$300 million fall in its import bill.

Govt told: ‘Stop bragging’ about $852m VAT funds

The Opposition’s finance spokesman yesterday urged the Government to “stop bragging” about its $852 million VAT revenues, as this represented monies sucked away from Bahamian consumers and businesses.

US gives Cable growth ‘4 times’ that in Bahamas

Cable Bahamas yesterday said its US expansion had generated growth that would take three-four years to achieve in this market, having enjoyed an “immediate” 26 per cent top-line boost.

Five years until Credit Bureau is ‘meaningful’

Commonwealth Bank’s president yesterday said it could take up to five years for the proposed Credit Bureau to become a “meaningful tool” for commercial banks, due to the time required to build its database.

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QC demands new Port ownership

A well-known QC has called for new ownership and management at the Grand Bahama Port Authority (GBPA), arguing that this is a major reason for Freeport’s “listlessness”.

PM: Atlantis makes granting Chinese demands impossible

The Prime Minister yesterday said Atlantis’s ‘most favoured investor’ status made it impossible for him to grant the type of incentives the Chinese were said to be demanding over Baha Mar.

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US gov't report 'tremendous blow' to FDI attraction

US government criticisms have dealt “a tremendous blow” to the Bahamas’ prospects of attracting increased foreign direct investment (FDI) at a time when this nation most needs it, the Democratic National Alliance’s (DNA) leader said yesterday.

Green economy gives ‘opportunities galore’

The Government would help create a “far greater” number of “meaningful” Bahamian jobs if it abandoned its current development approach in favour of the ‘green economy’, a well-known QC believes.

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Insurers blast NHI consulting 'facade'

The Bahamas Insurance Association's (BIA) chairman yesterday said the industry remains "vehemently opposed" to the Government's 'public insurer', and slammed its National Health Insurance (NHI) consultation process as "a facade".

Ansbacher in $2myacht lien battle

Ansbacher (Bahamas) is seeking to recover more than $2 million owed by a delinquent borrower by foreclosing on, and selling, his multi-million dollar yacht.

Banks to ‘double’ VAT recovery.... to just 10%

The Bahamian banking industry is hopeful it might be able to recover ‘double’ the amount of Value-Added Tax (VAT) inputs than previously thought, as one institution yesterday revealed its total tax burden will increase by $6-$7 million in two years.

Pensioners left with 30% in City Markets HQ sale

* Claim trustees ‘not acting in our best interest’ * Trustees retain 27% of $3m sale to AML Foods * And lawyer paid almost one-third of proceeds

City Markets pensioners have been “kept in the dark” over the $3 million sale of the plan’s main asset, with just 30 per cent of the proceeds seemingly left for their benefit.

Bran promises ease to exchange control

The Democratic National Alliance’s (DNA) leader has pledged to ease the Bahamas’ exchange control regime if elected to office, and to make the Bahamas known as a “country open for business”.

Gov't 'dragging on everything'

The Tax Coalition’s co-chair yesterday said there ad been no contact with the Government since the Budget’s unveiling more than a month ago, complaining that the Christie administration was “dragging their feet on everything” vital to the private sector.

MSC cruise port: No lease agreement yet

No agreement has yet been reached to transfer the lease of Ocean Cay to Mediterranean Shipping Company (MSC) for its private cruise port, with the current holder saying of the project: "It won't be done overnight."

IDB: Baha Mar to up jobless rate 2%

The Bahamas’ unemployment rate will jump by as much as two percentage points due to the 2,000 Baha Mar lay-offs, the Inter-American Development Bank (IDB) is predicting, virtually eliminating the May 2015 decrease.

Governor: ‘Credible’ growth plan key to satisfying Moody’s

The Central Bank’s governor yesterday said it was “within the Government’s reach” to lay out an economic growth strategy that convinces Moody’s not to further slash the Bahamas’ credit rating.

TUC chief: ‘jury still out’ on union-saving legislation

A trade union leader said yesterday that “the jury is still out” on whether the Government’s recent union-saving had truly “cured the mischief”, as one attorney confirmed he had filed for a Judicial Review over the issue.