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Bahamas cool over IMF interest rate rise nudge
THE Bahamas has reacted coolly to persistent nudging from the International Monetary Fund (IMF) that it should raise short-term interest rates to narrow the gap with those in the US.
Stopover tourists strike 94% pre-COVID levels
TOTAL air arrivals to The Bahamas in May hit 94.2 percent of pre-COVID’s 2019 high, the Central Bank revealed yesterday, with overall visitor numbers for the first five months of 2023 some 68 percent ahead of last year.
Yacht broker alarm on 'dismal' winter charters
Bahamian yacht brokers yesterday warned charter bookings for the peak winter season are "dismal" with the sector "almost at a standstill" due to VAT's imposition and lack of clarity on how it works.
‘No reason to panic yet’ on 91% deficit
THE Government’s top finance official yesterday assured he has “no reason to panic yet” over the early 2023-2024 fiscal deficit as VAT revenues for December exceeded the prior year by 16-17 percent.
$700m external loan goal ‘looking very favourable’
The Government’s bid to raise almost one-third of its near-$2.2bn gross financing needs for the 2023-2024 fiscal year from external banks is “looking very favourable”, a senior official revealed yesterday.
FOCOL targets wide growth in ‘preparing for the next 50 years’
FOCOL Holdings’ top executive last night said it is targeting growth “in every sector of our business”, including gas stations and electricity generation, and added: “We’re preparing for the next 50 years.”
Bahamian accountant calls for Caribbean united front
A Bahamian accountant has called on the Caribbean to adopt a united front over how mandatory environment, social and governance (ESG) reporting standards will be embraced in regional laws and regulations.
Forget the past
ActivTrades
The international stock markets have experienced an up-and-down week. In the US, the rise in producer prices was spoiling investors’ buying mood at the end of last week and the Dow Jones Industrial Average (DJIA) was falling. The German benchmark index, DAX, reached a new record high on Friday and left trading with slight gains.
PM told: ‘Stop throwing rocks’ at Port Authority
A group of Grand Bahama Port Authority (GBPA) licensees plans to intervene in its escalating dispute with the Government as the Prime Minister was yesterday urged to “stop throwing rocks and come to the table”.
Marina operator says: ‘We’re not better deal’
Marina operators are still voicing concern about The Bahamas’ prospects for the upcoming winter boating season, with one telling Tribune Business: “We’re not a better deal.”
Early 2024 start to protect Junkanoo Beach’s $8.2m
Nassau harbour’s breakwaters will suffer “total failure” if not repaired, it was revealed yesterday, with additional shoreline protection works required to protect Junkanoo Beach’s $8.2m impact and 150 jobs.
Aliv ‘set for success’ with $55m refinance
Cable Bahamas’ top executive yesterday asserted that an “up to” $55m refinancing package agreed with the Government will “set up Aliv for future success”.
Gov’t eyes $140m ‘accrual’ over corporate income tax
The Government is exploring how Bahamas-based companies that will pay the new 15 percent corporate income tax can “accrue” a projected $140m in revenues before the enabling laws are enacted.
Mega Malt basketball camp ‘was a resounding success’
OLYMPIAN Frank Rutherford, with the help of two of his former native basketball recruits Lashann Higgs and Winslow Barry Jr, hosted another successful Mega Malt Basketball Camp and Clinic.
AG: ‘Potential $900m per year in carbon credits’
THE potential revenue from carbon credits for The Bahamas could reach as much as $900m a year, according to Attorney General Ryan Pinder at yesterday’s RF Outlook 2024.
Good start
ActivTrades
Strong big-tech balance sheets lifted Wall Street into positive territory at the end of last week. However, disappointment over the latest US labour market report limited gains.
‘Burden cannot be heavier with corporate income tax’
Corporate income tax must not impose a heavier tax burden on businesses than what already exists, private sector executives are warning, while urging that such proposed reform cannot be viewed in “isolation”.
Gov’t told: Avoid ‘piecemeal approach’ over tax reforms
The Opposition’s leader yesterday urged the Government to avoid “a piecemeal approach” to reform in the FNM’s response to the corporate income tax proposal, warning: “We have a very small margin for error.”
IMF: Those with means pay more for health and water
THE Government can slash “unproductive spending” by $116.5m and, in so doing, boost key public services if Bahamians with means pay more for water and access to public healthcare.
Deficits overwhelm growth six-fold in driving debt hike
Weak economic growth has been overwhelmed by the six-fold greater impact of surging fiscal deficits and failed to keep The Bahamas’ debt ratios in check, a multilateral lender is asserting.
