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Deputy PM ‘misled’ Parliament over BAMSI

WORKS Minister Philip “Brave” Davis yesterday backtracked from his initial comments that the Bahamas Agriculture and Marine Science Institute’s fire-damaged dorm’s insurance policy had lapsed.

CIBC hopes bad loan decline addresses Bahamas ‘problem’

CIBC’s regional chief is hoping a “precipitous drop” in early 2015 retail delinquencies develops into a trend that erodes its non-performing mortgage pile, 50 per cent of which are concentrated in the Bahamas.

BTC profits slump 26.4%

The Bahamas Telecommunications Company (BTC) suffered a 26.4 per cent profits slump for the year to end-March 2015, as its revenues and staffing levels came under pressure in the run-up to mobile liberalisation.

Insurers: NHI costs $300m underestimate

The Bahamian insurance industry yesterday warned that the Government’s consultants had underestimated the proposed National Health Insurance (NHI) scheme’s costs by $300 million or one-third, pegging its total price tag as high as $965 million.

Further taxes too on alcohol and tobacco and rise in NIB ceiling

GOVERNMENT consultants have suggested the Christie administration levy a 5.8 per cent pay roll tax, increase taxes on “luxury items” such as alcohol and tobacco and “double” the ceiling for National Insurance Board contributions to fund the proposed National Health Insurance scheme, The Tribune understands.

CIBC regional chief ‘more optimistic’ on Bahamas recovery

CIBC FirstCaribbean’s regional chief executive is “certainly more optimistic” about the Bahamas’ immediate recovery prospects compared to many of its local rivals, describing the Caribbean economy as having reached “a tipping point”.

Credit unions focus 73% of lending on consumers

Bahamian credit unions have concentrated more than two-thirds of their lending in “small scale consumer purchases”, with the sector’s delinquency ratio ending 2013 some two percentage points higher than international benchmarks.

Bank: Commercial exit 'double edged sword'

Bank of the Bahamas yesterday said its decision to “curtail” its commercial lending activities was a “double-edged sword” for the country, as it would potentially retard private sector and economic growth.

Pastor calls on web shops to keep staff

DR Philip McPhee, pastor of Mount Calvary Baptist Church, Dr Philip McPhee yesterday called for web shop bosses to “act in good faith” and find “constructive ways” to keep their workers employed.

VAT guidance notes undermine core financial sector policy

The Government’s “inconsistent” Value-Added Tax (VAT) positions are threatening to undermine core financial services policy objectives, a top QC warned yesterday, threatening a loss of competitiveness and high-value business.

Bahamas embraces 'all enemies' of smooth VAT implementation

The Bahamas has embraced “all the enemies” of a smooth Value-Added Tax (VAT) implementation, a top QC warning that the Government’s failure to provide consistent, clear answers was helping to foster “negative” public attitudes.

BISX-listed fund 'bit disappointed' on tenant search

By NEIL HARTNELL

BoB chief 'fully endorses' minority Board directors

By NEIL HARTNELL

Investor demands 50% BoB director fee cut

An outspoken Bank of the Bahamas shareholder has demanded that its directors’ fees be cut by 50 per cent, branding them as “excessive given that the bank loses oodles of money”.

Gov’t to ‘clarify’ VAT communications

The Government has agreed to “clarify” Value-Added Tax (VAT) communications previously slammed as misleading by retailers, in a bid to avoid stoking tensions between the two sides and consumers.

Auto dealers seek up to 15% pt margin rise

Bahamian auto dealers are pushing for price control margin increases of up to 15 percentage points, warning that these are vital to their survival now Value-Added Tax (VAT) has been implemented.

Briefly

THE Tenement Museum, on the Lower East Side of Manhattan, is one of my favourite places in New York City. It’s a Civil War-vintage building that housed successive waves of immigrants, and a number of apartments have been restored to look exactly as they did in various eras, from the 1860s to the 1930s (when the building was declared unfit for occupancy). When you tour the museum, you come away with a powerful sense of immigration as a human experience, which — despite plenty of bad times, despite a cultural climate in which Jews, Italians, and others were often portrayed as racially inferior — was overwhelmingly positive.

The Tribune

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