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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.
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.
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”.
Nassau world’s 5th most expensive city for hotel vacations
Nassau’s was yesterday ranked as the fifth most expensive city in the world for hotel accommodation, a finding that will further raise concern that this nation is slowly pricing itself out of the global tourism market.
RoyalFidelity predicts ‘double digit millions’ for new fund
RoyalFidelity believes its latest mutual fund will attract “double digit millions” from Bahamian investors through its promise to pay them a 4 per cent annual dividend.
Bimini Bay facing homeowners revolt
The Bimini Bay Resort is facing a homeowners revolt in the Supreme Court, with multiple purchasers voicing concerns over how their properties and multi-million dollar maintenance fee sums are being managed.
Illegal netting threatens $1.5m bonefish investment
A Long Island bonefishing lodge owner says his $1.5 million investment and six jobs are being jeopardised by illegal netting, which threatens to “wipe out” the industry within the next five years.
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.
Atlantis eyes 100k extra room nights in Marriott tie-up
Atlantis is hoping its 10-year franchise deal with Marriott International will generate an extra 50,000-100,000 room nights per year, its top executive describing the agreement as “the most significant tourism stimulus for the Bahamas this decade”.
Atlantis 'savours' $1.9bn refinance
Atlantis was yesterday said to be “savouring” its completed $1.9 billion debt refinancing, its owner having invested some $500 million in the property since taking control two years ago.
‘No doubt over VAT chaos’ on January 1
A well-known businessman yesterday said he had “no doubt” the Government will be unable to seamlessly implement Value-Added Tax (VAT) come January 1, suggesting “chaos” would result from failing to promptly educate the private sector.
Baha Mar avoids damages on $10m 'credit letter'
Baha Mar has reached a legal settlement that prevents a former hotel partner seeking specific damages against it for trying to draw down a $10 million Letter of Credit, although arbitration proceedings remain alive.
'No doubt over VAT chaos' on January 1
A well-known businessman yesterday said he had “no doubt” the Government will be unable to seamlessly implement Value-Added Tax (VAT) come January 1, suggesting “chaos” would result from failing to promptly educate the private sector.
Port's 25% growth hides missed trade potential
Freeport is failing to attract “a wider range” of businesses and become a true logistics/distribution hub, despite the Container Port outstripping all Caribbean rivals with 25 per cent cargo throughput growth.
RoyalFidelity funds enjoy $10m injection
RoyalFidelity Merchant Bank & Trust yesterday said investors had injected a collective $10 million into its three-strong domestic mutual fund family for the year to end-May 2014, aided by the low interest rate “perfect storm”.
Gov't 'good faith' key to Brewery's 100-job growth
Sands Beer’s manufacturer yesterday said its planned $15 million growth strategy, which could more than double its workforce via the creation of “over 100” jobs in the next five-10 years, depends on the Government maintaining the ‘tax advantage’ it holds over its BISX-listed rival.
Pension providers enjoy ‘significant’ 100% inquiry rise
Pension plan administrators yesterday said they had seen a 100 per cent increase in employer inquiries over the past 12 months, describing the surge as “significant” given existing low participation levels.
