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Payroll tax unable to cover NHI

A 3 per cent payroll tax will not be sufficient to cover the proposed National Health Insurance (NHI) scheme’s total costs, the private sector yesterday warning that sticking to a January 2016 implementation will create a “challenging sprint to the finish”.

Gov’t renews oil explorer’s four licences

A Bahamas-based oil explorer last night said it had obtained “hugely significant clarity” from the Government renewing its key licences for a further three years, removing a potential obstacle to finding a joint venture partner and drilling its first exploratory well.

SIR SOL STEPS DOWN AS KERZNER CEO

Sir Sol Kerzner yesterday stepped down as Kerzner International's chief executive in favour of long-time company executive, Alan Leibman, though he remains as the company's chairman. In that capacity, Sir Sol will work closely with Mr Leibman, former chie

Gov’t ‘won’t ruin’ economy revival with labour laws

* Minister reassures private sector on changes * No move on ‘controversial’ issues yet * Will only proceed if business/union ‘consensus’

THE Government “will not do anything to ruin” efforts to revive the Bahamian economy, a Cabinet Minister pledged yesterday, as he sought to reassure businesses over labour law reforms. Dion Foulkes, the Minister of Labour, told Tribune Business that the Minnis administration had yet to move on “contentious” election commitments to raise the 12-year redundancy pay ‘cap’ and increase the notice period for terminated employees.

QC: VAT rejected if no ‘value for money’

The Bahamian people will not accept Value-Added Tax (VAT) unless the Government convinces them they will receive “value for money” in return, a top QC warned yesterday.

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.

'STRAW THAT BREAKS THE CAMEL'S BACK'

By NEIL HARTNELL Tribune Business Editor Failure to implement crime-prevention methods "could be the straw that breaks the camel's back" for many struggling Bahamian companies, private sector leaders warned yesterday, with "slack" businesses more suscept

'STRAW THAT BREAKS THE CAMEL'S BACK'

By NEIL HARTNELL Tribune Business Editor Failure to implement crime-prevention methods "could be the straw that breaks the camel's back" for many struggling Bahamian companies, private sector leaders warned yesterday, with "slack" businesses more suscept

Bahamian insurers eye TCI CLICO deal

Two Bahamian insurance companies are in negotiations to acquire CLICO’s Turks & Caicos business, Tribune Business can reveal, with the deadline for the cancellation of the insolvent insurer’s local medical policies just two weeks away.

AML chair: three food retail players likely to survive

By NEIL HARTNELL Tribune Business Editor The Bahamian food retail market will ultimately be dominated by just three major players, AML Foods' chairman telling Tribune Business in the wake of Robin Hood's demise that consolidation was "inevitable". Dionis

Contractor loses ‘millions’ in 4-year BEC theft fight

A former Bahamian Contractors Association (BCA) president yesterday said his business had lost “millions of dollars” during his four-year fight against electricity theft charges, and he was now trying “to put the pieces together again”.

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”.

Bahamas ‘shooting ourselves in foot’ on insurance regulation

* Bahamas ‘going beyond’ AML standard * AG: ‘We’ll give general insurers one year’ * Fears captive revival undermined

FEARS were raised again yesterday that the Bahamas could be “shooting ourselves in the foot” by including general and captive insurers within its anti-money laundering regime. Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, urged the Government to provide the “benchmarking” studies and data to support its decision to define both market segments as financial institutions under the Financial Transactions Reporting Act (FTRA).