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Broker ‘in peril’ if it meets US demands

A Bahamian broker/dealer will “act at its peril” should it comply with US federal regulators’ demands to produce thousands of documents relevant to their ongoing New York legal battle.

Chamber chief ‘tired’ of sour economic reports

The Bahamas Chamber of Commerce’s (BCCEC) chief executive is “tired” of receiving repeated negative economic reports on this nation, which needs to become “more agile” to reverse course.

AG’s Office: We bungled Blackbeard’s Cay appeal

The Attorney General’s Office has admitted that the Government’s appeal over the $8 million Blackbeard’s Cay project was thrown out because it was asleep on the job.

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.

Gov’t urged: Don’t lose momentum on ‘sole tax panacea’

The Government has been urged to set a date for the Central Revenue Agency’s (CRA) creation, the Tax Coalition’s chair fearing that momentum on a tax compliance “panacea” may be lost.

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.

Insurers: Don’t sleep on EU blacklisting ‘breathing room’

The Bahamas must not fall asleep after it gained “two years’ breathing room” to escape the European Union’s (EU) tax blacklist and preserve up to 40 percent of its hurricane reinsurance capacity, insurers are warning.

Bahamasair loses $3.5m crash monies

The Court of Appeal yesterday overturned a $3.5 million damages award to Bahamasair, finding that the airline had failed to install an upgraded part that may have prevented a 2007 crash landing.

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.

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”.

Engineers chief: Our growth is being ‘stymied’

The Bahamas Society of Engineers (BSE) president yesterday bemoaned how local professionals were frequently being ‘frozen out’ of foreign direct investment (FDI) projects, with work “never touching our soil”.

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.

Air cargo pull-out threat result of ‘ill thought-out policy’

The threat of a Bahamas boycott by Florida-based air cargo operators was yesterday branded as “the unintended consequences of ill-thought out policy” by the Opposition’s deputy leader. K P Turnquest warned that as an import-dependent economy, reliant on international transportation links, the Bahamian economy could only suffer if freight companies reduced or eliminated services to this nation.

GB Power seeks ‘unique’ energy storage solution

Grand Bahama Power Company is planning to launch a tender for energy storage technology that is “maybe unique to the world”, in a move that could reduce operating time for at least two generation units.

CWC: BTC ‘lags’ region despite $75m investment

The Bahamas Telecommunications Company’s (BTC) controlling owner yesterday conceded that its network quality “lags” much of the Caribbean and wider world, despite increasing its capital investment by 47 per cent last year.

MSC warns over Customs change shipment delays

The world’s second largest cargo shipper has warned Bahamian companies that their imports will be delayed “until the next sailing” if manifests are not made for compliance with Bahamas Customs’ new requirements.

Development Bank fund ‘sinking’: Covers 1/3 of $46m bonds

* Just 28.4% of loans ‘performing’ * Accumulated losses over $60m * Solvency deficiency at $31.31m

THE Bahamas Development Bank’s (BDB) ‘sinking fund’ covered just one-third of its $46 million outstanding bond debt at year-end 2016, with only 28.4 per cent of its loans ‘performing’. The BDB’s 2016 financial statements, tabled in the House of Assembly in Wednesday by the Prime Minister, reveal the parlous state of another state-owned enterprise (SOE) that has racked up more than $60 million in losses for the Bahamian taxpayer during its 43-year existence.

The Tribune

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