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Drug wholesalers yet to feel PHA’s 20% spend rise
Major Bahamian pharmaceutical wholesalers last night said they were yet to feel the benefits of the Public Hospitals Authority’s (PHA) 20 per cent ‘local’ spending increase, with two reporting a decline in government sales this year.
PHA: 20% local spend rise rebuts ‘wipe out’ fears
The Public Hospitals Authority (PHA) yesterday said the 20 per cent increase in spending with Bahamian pharmaceutical wholesalers over a two-year period proves that fears it is intent on “wiping out” the industry are groundless.
QC slams ‘free lunch’ for Port and Hutchison
A well-known QC has slammed the Government’s Freeport incentive legislation for “giving a free lunch” to those who can most afford it - Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) two family shareholders.
OECD attacks like ‘unofficial blacklisting’ of the Bahamas
A former finance minister says the recent OECD-inspired media onslaught against the Bahamas is akin to an “unofficial blacklisting” of its financial services industry, describing the situation as “a new form of international colonialism”.
800 job applications for new mobile player
Cable Bahamas had received around 800 applications for jobs with the nation's second mobile provider by end-last week, it was revealed yesterday, and is confident the new operator can beat its financial targets.
Chamber chief says 'space for third mobile operator'
The Bahamas Chamber of Commerce's chief executive believes "there is space for another mobile player", and is urging the Government to issue a third licence come 2019.
De-risk 'client migration' to benefit larger banks
Correspondent bank 'de-risking' could drive another wave of Bahamian financial services consolidation by sparking "client migration" to larger institutions, a former finance minister has warned.
Bahamas exports decline by 36% to five-year low
The Bahamas’ merchandise trade deficit fell by 12.3 per cent in 2015 to $2.719 billion, as the decline in imports offset a more than one-third reduction in exports.
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.
Telecom provider pledges ‘unheard of’ service levels
A newly-launched telecommunications provider yesterday promised “unheard of” service quality levels for the Bahamian market, as it will incur financial penalties for failing to meet customer expectations.
FNM deputy fears ‘bubble pop’ over infrastructure spend
The Government’s lack of investment in infrastructure will be “a bubble that pops” on the next administration, the Opposition’s finance spokesman warned yesterday, adding that this was contrary to the International Monetary Fund’s (IMF) advice.
Gov't pushes deficit elimination forecast back three years
The Government has pushed back its original projections for eliminating the fiscal deficit by three full years, and is now pinning its hopes on a $449 million, four-year 'swing' into surplus.
Ex-Hard Rock franchisee queries transfer to ex-MP
Hard Rock Cafe's former Nassau franchisee has questioned why the business was so readily handed to its Bahamian landlord, when a decade earlier he had been "forced" to pay $1 million to end their partnership.
$600m Sarkis claims branded 'hogwash'
An ex-Baha Mar director has slammed as "hogwash" claims that Sarkis Izmirlian lacked the $600 million financing needed to complete the project, accusing the Government of "playing the blame game".
PM cuts 2016 GDP growth to just 0.5%
Prime Minister Perry Christie yesterday slashed a full percentage point off the Bahamas’ projected economic growth for 2016, cutting real GDP expansion estimates to just 0.5 per cent.
Revived Mortgage Plan may assist ‘over 1,000’
The Government yesterday unveiled a revised Mortgage Relief Plan it believes could assist “upwards of 1,000 delinquent borrowers”, via a 20-25 per cent cut to monthly loan payments.
Tax break may help 41,000 homeowners
Prime Minister Perry Christie yesterday said more than 41,000 homeowners could benefit from the Government’s decision to waive real property tax arrears for owner-occupied homes valued at less than $250,000.
Gov’t plans to narrow VAT payment window
The Government yesterday unveiled plans to shrink the Value-Added Tax (VAT) payment window by seven days, and other revenue enforcement measures, amid the numerous tariff rate cuts consistent with a pre-election Budget.
'Madness': 90% of loan requests are consumer
The Bahamas' consumer loan "madness" is making sustainable economic development impossible, as more than nine out of every 10 credit applications fall into this category.
Just 12% of mortgages finance 'new buildings'
New Central Bank of the Bahamas date has provided a further insight into the sluggish home construction market, with just 12 per cent of mortgage applications involving 'new builds'.
