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Airport increases US bridge capacity 50%
Lynden Pindling International Airport (LPIA) is predicting that passenger numbers will grow by 2.4 per cent for the year to end-June 2016, as it moves to increase bridge capacity for US carriers by 50 per cent.
Freeport losing investment since climate 'up in the air'
Freeport's largest investor has confirmed that nine-figure investments have been delayed because the Government has left the city's expiring tax incentives "up in the air".
Bahamas breaks global standards with jet fuel tax
The Bahamas is breaching international standards by levying 7 per cent import duty on jet fuel, warns a report produced for the Caribbean Development Bank (CDB).
Developer seeks $10m in new equity finance
The developers behind Eleuthera’s French Leave Resort and Marina yesterday said they were “cautiously optimistic” about securing an additional $10 million in equity financing to fund the build-out of 20 more villas.
Freeport consultation ‘a matter of survival’
The negotiations over Freeport’s expiring tax breaks are “very much a matter of survival” for the Grand Bahama Port Authority’s (GBPA) 3,500 licensees, an outspoken QC arguing that these incentives are among the few “not completely breached” yet.
BTC profits slump 26.4%
The Bahamas Telecommunications Company (BTC) suffered a 26.4 per cent profits slump for the year to end-March 2015, as its revenues and staffing levels came under pressure in the run-up to mobile liberalisation.
‘Wonderful opportunity’ for Long Island revival
The resolution to a 10-year dispute over Long Island’s one-time largest employer presents “a wonderful opportunity” to revive the island’s economy, its MP yesterday describing the surrounding area as “ghost town”.
Court: ‘No deal’ for 25,000 acre property
An $11.5 million deal to purchase the 25,000 acre property that was once Long Island’s largest employer cannot be concluded because there was never “an enforceable sales contract”, the Privy Council ruled yesterday.
Wilson: Ingraham responsible for Sth. Eleuthera’s ‘demise’
The developer adjacent to a newly-announced $100 million resort project believes they will together make Cotton Bay “the Caribbean’s premier destination”, as he blasted former Prime Minister Hubert Ingraham for decisions that caused South Eleuthera’s “demise”.
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.
Bahamas ‘falls off map’ on Caribbean hospitality lending
The Bahamas has ‘dropped off the map’ among traditional bank lenders to the hotel/tourism industry, with this nation failing to feature among the top 10 Caribbean destinations for new lending.
BEC managerial talks start today
The Government will today begin negotiations with PowerSecure International over the five-year Bahamas Electricity Corporation (BEC) management contract, amid pledges that the deal will be overseen by “a non-partisan” Board.
Gov’t agrees ‘few hundred thousand’ in VAT credits
The Government has approved “several hundred thousand dollars” of Value-Added Tax (VAT) credit refunds, a top official yesterday promising that businesses would not endure “a protracted wait” to receive them.
BEC manager-elect slams 'fraud by hindsight' claim
The Bahamas Electricity Corporation's (BEC) prospective manager has dismissed as "fraud by hindsight" claims that it artificially inflated its stock price prior to a one-day wipe-out that erased $250 million in shareholder value.
Litigation concern on Baha Mar delays
Fears were mounting yesterday that the continued delays to Baha Mar’s opening could spark litigation between the parties involved, a Caribbean tourism expert warning they had “better get their act together” to avoid lasting damage to the project and the Bahamas.
‘Lessons must be learnt’ from Baha Mar’s chinese woe
Lessons must be learned from Baha Mar’s construction woes to ensure other Chinese-led investment projects avoid similar delays, a leading contractor yesterday noting the same company is poised to begin the British Colonial Hilton’s $200 million redevelopment.
Attorney demands promotional body for Grand Bahama
A leading Freeport attorney yesterday demanded that the Grand Bahama Port Authority (GBPA) and Hutchison Whampoa be required to finance a Professional Marketing Organisation (PMO) to internationally promote what he described as “the forgotten island”.
Hotel union on gratuity ‘red alert’
The Bahamas Hotel Catering & Allied Workers Union (BHCAWU) yesterday said it had placed its members on ‘red alert’, amid fears that other New Providence hotels will attempt to follow Baha Mar’s lead and eliminate the 15 per cent gratuity enjoyed by hotel employees.
CIBC: Bahamas worst for ‘bad’ mortgages
CIBC’s top Caribbean executive yesterday revealed that the “magnitude” of non-performing home loans in the Bahamas was “greater than anywhere else” in the region, this nation accounting for 50 per cent of the bank’s ‘bad’ mortgages.
Ryan’s employer: Financial sector’s ‘great opportunity’
Ryan Pinder’s new employer believes the Bahamas has “a tremendous opportunity” in financial services if it is innovative, with its current recruitment drive intended to position the institution “for the next 20 years”.
