Majority compliance in FATF re-rating

AG: Major step forward for financial services sector NASSAU, BAHAMAS – The Financial Action Task Force (FATF) yesterday re-evaluated The Bahamas’ compliance with its anti-money laundering and counter-terrorist financing requirements and found the country compliant with the majority of its recommendations. The re-evaluation and increased compliance ratings are expected to stave off any sanctions from […]

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Bowe: Despite IMF report, Bahamas still walks a “fine line”

NASSAU, BAHAMAS – Despite a recent review by the International Monetary Fund (IMF), which commended the government for several key policy initiatives, Gowon Bowe, the Chief Financial Officer at Fidelity Bank said the country still walks a fine line towards a promising economic state. “While it was a relatively upbeat synopsis of the visit, it […]

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Royal Caribbean hires more than 200 Bahamians

NASSAU, BAHAMAS – Royal Caribbean Cruise Ltd., (RCCL) executives confirmed on Thursday that the international cruise company made good on its promise to provide 200 job opportunities for Bahamians. “We committed last year to the government that we would hire 200 people per year for our positions and today we have just passed the 200 […]

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FNM touts success of govt. after favourable IMF report

NASSAU, BAHAMAS – After a recent review by the International Monetary Fund (IMF) commended the government for several key policy initiatives, the Free National Movement (FNM) said The Bahamas continues to earn positive reaction from the international community, who recognizes the concrete steps the government has taken to rebuild the economy. “We have worked hard […]

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Over $5 million for Grand Lucayan VSEP offer

Exercise to be completed before the end of the year   NASSAU, BAHAMAS – Deputy Prime Minister and Minister of Finance Peter Turnquest yesterday revealed that the government’s special purpose vehicle (SPV) will disburse more than $5 million as part of it voluntary separation packages (VSEPs) to Grand Lucayan employees before the end of the […]

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BTC fined $102,004 by URCA

NASSAU, BAHAMAS – The Bahamas Telecommunications Company (BTC) has paid a total fine of  $102,004.00 to comply with an order handed down by the Utilities Regulation and Competition Authority (URCA). A statement released Wednesday from URCA, said the order came after a comprehensive investigation and determination in which URCA found that BTC had breached the […]

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Three submit bids for the redevelopment of the Nassau Cruise Port

NASSAU, BAHAMAS – While there has been much talk of the government not consulting the public on the development of the Nassau Cruise Port before issuing request for proposals, or RFP’s, the Ministry of Tourism announced that three companies have submitted bids for the redevelopment and management of the Nassau Cruise Port. The companies are […]

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Davis: PLP senators abstained finance bills over unaddressed concerns

NASSAU, BAHAMAS – Opposition Leader Philip Brave Davis said yesterday that while opposition parliamentarians voted in support of a package of financial sector reform bills in the House of Assembly last week, it did so with an understanding that certain concerns expressed about the proposed legislation would be addressed in the Senate. However, the PLP […]

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Businesses report strong sales this holiday season

While the increase of value-added tax (VAT) pinched the pockets of taxpayers in July; the arrival of the holidays has spurred shoppers to increase spending, according to a number of local store owners. Godwin Butler, partner at Milo Butler & Sons, said yesterday that he has not observed a drop-off in sales this season and […]

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IMF report signals positive movement on key issues

NASSAU, BAHAMAS – A recent review by the International Monetary Fund (IMF) has commended the government for several key policy initiatives, including the Fiscal Responsibility Act, 2018, and its strategic plan to create a Disaster Relief Fund. Following its December visit, which was conducted to review the latest economic developments and to prepare for the […]

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Maynard: Shell is the answer to lowering power bills

Minnis says govt. will bring down cost of energy   NASSAU, BAHAMAS – Bahamas Electrical Workers Union (BEWU) President Paul Maynard said yesterday that he does not believe the cost of power in The Bahamas will be reduced in the near future without an intervention by Shell North America. Prime Minister Dr. Hubert Minnis assured […]

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Pinder: 1200 employed through ‘Labour on the Blocks’ initiative

NASSAU, BAHAMAS- Since its inception almost two years ago, the Labour on the Blocks initiative has led to the employment of some 1,200 Bahamians in various areas based on their skills and experience, said Director of Labour John Pinder. The Labour on the Blocks initiative was started shortly after the Minnis-led government took office, to […]

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90% of Grand Bahamians see electricity cost decrease, FNM claims

The Free National Movement on Monday claimed that 90 per cent of Grand Bahamians are expected to see a decrease in the cost of electricity as the government recently took steps to move the value-added tax (VAT) exemption on electricity from $200 to $300. “During the 2017 campaign, the FNM made it clear that we […]

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Thompson: Tourism improving in GB

Minister of State in the Office of the Prime Minister in Grand Bahama, Kwasi Thompson, on Monday, touted the government’s efforts to revive the tourism product in the nation’s second city, which he said reflects a marked improvement. Thompson said according to the Central Bank of the Bahamas latest Monthly Economic and Financial Developments for […]

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Tourism sees 16.5% growth in stopover visitors

NASSAU, BAHAMAS – “Unprecedented” is how Tourism Director General Joy Jibrilu described the country’s 16.5 per cent growth in stopover visitors this year. In a recent interview with Eyewitness News, Jibrilu said The Bahamas is not only outperforming the Caribbean’s expectations, but also global expectations. However, she said the challenge is now what will be […]

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Bowe: Initial public consultation would allay cruise port RFP fears

Businessman Ethric Bowe said yesterday that had the government consulted the public on the Nassau cruise port development before issuing request for proposals (RFP) there would be fewer concerns over the transparency and fairness of the bidding process. “The Cabinet can perhaps propose the parameters that would cause someone to get the bid,” he recommended, […]

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Johnson: Govt. not on witch hunt for non-profits

Minister says legislation not intended to probe earnings   NASSAU, BAHAMAS – Minister of State for Legal Affairs Elsworth Johnson said yesterday it is not the government’s intention to probe the balance sheets of non-profit organizations by passing the Non-Profit Organization Bill. He said, however, the government must ensure that these entities are “fit and […]

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