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RCI spending $50m to restore western PI beach environment

AN estimated $50m will be spent to restore the western Paradise Island environment that will feature Royal Caribbean International’s Royal Beach Club project if it gets final approval, according to RCI’s chief product and innovation officer Jay Schneider.

Boating industry watches for VAT yacht charter ease

A former Association of Bahamas Marinas (ABM) president says the industry is "eagerly" waiting to see if the VAT on yacht charters is adjusted in today's Budget as he blamed its imposition for a 20 percent gross revenue fall at his business.

Corporate tax paper 'setting foundation' to broaden base

A prominent banker yesterday asserted it was no accident that the Government released its corporate income tax 'green paper' just days before the Budget, adding: "It needs to increase its revenue base."

The Budget Communication – as it happened

Prime Minister Davis says the Budget aims to strengthen national security, economic security and the lives of people of The Bahamas. He says the global economy is showing signs of improvement although there is still much work to be done to recover from recent challenges. He adds that average consumer prices rose in the US by eight percent, while policy rate of interest has been raised ten times, driven primarily by rising inflation. He highlights the effects on The Bahamas in terms of higher borrowing costs.

Forecast 78% deficit slash 'significant ask'

Achieving current projections of a 78 percent year-over-year cut in the Government's fiscal deficit will be "a significant ask" based on existing trends, a governance reformer warned ahead of today's 2023-2024 Budget.

Businesses awaiting Budget with 'anxiety'

Bahamian business owners yesterday admitted to feeling "some anxiety" over today's Budget as the Davis administration was urged to prioritise ease of doing business reforms to generate faster economic growth.

FTX chief’s fate lies in Bahamas’ hands

THE FATE of embattled FTX chief, Sam Bankman-Fried, rests in The Bahamas’ hands in determining how many criminal charges he will ultimately face over the crypto exchange’s multi-billion dollar implosion, it was revealed yesterday.

Port Authority wrangling 'not needed' by Freeport

The Grand Bahama Chamber of Commerce's president yesterday said the recent political back and forth over the Grand Bahama Port Authority's (GBPA) ownership and future is not helping Freeport.

Half of Royal Caribbean's PI investment on site clean-up

A senior Royal Caribbean executive yesterday disclosed around half the investment in its Paradise Island project will be spent on cleaning and restoring much of the 17-acre prior to construction starting.

Ras Delancy named Player of the Year

Ras Jesse Delancy, in completing his sophomore year at Benedict College, added another feather to his cap when he was selected last week as the 2023 Division II National Player of the Year.

Denisha caps off fantastic year with NCAA Division II track & field title

VERSATILE Denisha Cartwright capped off another fantastic year at Minnesota State by adding another NCAA Division II Track and Field Championships title and a pair of five finishes to her résumé over the weekend.

PM calls port ‘major step forward’ in revitalising Downtown Nassau

PRIME Minister Philip “Brave” Davis hailed the opening of the new cruise port as a “major step forward in the transformation of Nassau” on Friday, emphasising the importance of the opening to the downtown area.

Cruise port's chair eyes 'missing 10%'

The chair of Nassau Cruise Port's ultimate parent says he is "90 percent-plus satisfied" with its $322.5m transformation as he waits to see it drive increased visitor spend and more passengers exiting their vessels.

'Huge lift': Land free-up for Bay Street's revival

A former tourism minister yesterday admitted that reviving downtown Nassau is "a huge lift" that would require "cutting" a corridor from East Street through to Dowdeswell Street to free-up land for redevelopment.

Sir Franklyn's developer in $7.5m battle with MIT chair

Sir Franklyn Wilson's Eleuthera Properties is locked in a legal battle with Massachusetts Institute of Technology's (MIT) chairman emeritus over the latter's bid to exit his $7.5m investment in the Bahamian developer.

GAS DEALERS WANT 30 CENT INCREASE – Association: Govt discussed change to fuel margins

Petroleum retailers say they refuse to become "paupers" as they intensify demands for a 30 cent per gallon margin increase which they have been seeking to obtain from the Government since April 2022.

Small businesses loss of business is blamed on VAT on charter yachts

BAHAMIAN small businesses servicing the charter yacht industry are hoping the government will reconsider last year’s imposition of Value Added Tax, which they say is driving international vessels away from Bahamian marinas and causing harm to their livelihoods.

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