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Bahamians ‘can’t have it both ways’ on economic model

Bahamians cannot have it both ways over this nation’s economic model, a top private sector executive yesterday arguing that free market capitalism could not simultaneously co-exist with “socialist safety nets”.

Junkanoo Carnival set to boost hotels

THE Bahamas Junkanoo Carnival’s top organiser said yesterday that the event would likely create a significant boost for Nassau/Paradise Island hotel occupancies during a traditionally slow period for the sector.

Top economist: Bahamas 20% current deficit a ‘concern’

A SENIOR Caribbean economist yesterday described the Bahamas’ current account deficit of roughly 20 per cent as “concerning”, revealing it was one of the widest she was aware of.

PM: Banks ‘complicit’ on unchecked consumer debt

PRIME Minister Perry Christie yesterday blasted commercial banks and other private lenders for being “complicit” in creating an “out of control consumerist culture” that has left many Bahamians burdened by unsustainable personal debt.

FOCOL to drive 36% profit rise for Sunshine

Sunshine Holdings is projecting its net income will increase by 36 per cent over the next three years to more than $9 million, with BISX-listed FOCOL Holdings driving much of the improvement.

Consultant selected to develop plane registry

THE Government has selected an aviation consulting firm that will develop the framework for a Bahamian aircraft registry, a Cabinet minister said yesterday.

Sunshine Holdings ‘tests water’ for $20m

Sunshine Holdings is “testing the waters” with a $20 million preference share offering, its chairman revealing that the proceeds will be used for balance sheet restructuring.

Condemns promotion of immodesty at carnival

ALTHOUGH the g-string clad beauties who come with the controversial Bahamas Junkanoo Carnival, did not shock PLP chairman Bradley Roberts, the remarks of the eye-brow raising president of the Bahamas Christian Council certainly did.

Gov’t, web shops at odds on ‘back taxes’

The Government and web shop industry are at odds over how the sector’s ‘retroactive taxes’ are to be calculated, with the proposed method seen as “inconsistent” with both the Gaming Act and international norms.

Airline: Combined tax impact forces business model review

A Bahamian-owned airline yesterday said it will “have to look at our whole business model again”, with the combined effect of multiple tax increases negating its $3 million-plus investment in a new service hangar.

S&P ‘closely monitoring’ Bank of Bahamas situation

Standard & Poor’s (S&P) says it is still “closely monitoring” the $100 million Bank of the Bahamas ‘bailout’ to ensure this is an isolated event, describing the situation as a “downside risk” for this nation.

BEC customers will pay full 7.5% on bills

DESPITE a promise that the Bahamas Electricity Corporation will “absorb” some of the value added tax cost, BEC Executive Chairman Leslie Miller said yesterday it has been decided that customers will pay the full 7.5 per cent.

Minimal hotel impact from US snowstorm

New Providence’s major hotels yesterday said they had suffered “minimal” impact from the blizzard conditions in the north-east US, with visitor cancellations offset by those who had to extend their stay in the Bahamas.

‘We can’t defy Bahamian law’, broker tells SEC

A Bahamian broker/dealer and its principal are arguing that they “cannot defy” Bahamian law, and expose themselves to client lawsuits, simply because US federal regulators have chosen to do so.

VAT fraud risk is ‘big deal’ for all Bahamians

Value-Added Tax (VAT) is now here in the Bahamas following years of research, ‘White Papers’, discussions and debates. The Government expects it to produce a net revenue increase equivalent to roughly 2 per cent of GDP, and which will be used for projects that benefit persons living in the Bahamas.

Gov’t ‘forgets’ 10% spend cut vital for VAT success

Government policymakers have “certainly forgotten” that a real 10 per cent spending cut must combine with 7.5 per cent Value-Added Tax (VAT) if the Bahamas is to eliminate its fiscal deficits.

Nottage calls for regional links to tackle organised crime

NATIONAL Security Minister Dr Bernard Nottage called for “regional intelligence” and “increased information sharing efforts” from various Caribbean countries to better combat “transnationally organised crime” plaguing the Bahamas and the Caribbean region.

The Tribune

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