Turnquest: $94.7 million in mortgage commitments

NASSAU, BAHAMAS – A surge in domestic construction to $86.7 million by Q3 2018 may not necessarily be duplicated this year as officials report a decline in construction commitments going forward. While many FDI ventures bolstered the construction sector for 2018, the completion of some of the bigger projects may mean a falloff in activity […]

Govt.’s 2018/2019 budget guided by stringent fiscal requirements

NASSAU, BAHAMAS — Acting Prime Minister Peter Turnquest said the Government’s 2018/19 Budget was a watershed budget, as it was guided by the stringent fiscal requirements of the then-pending Fiscal Responsibility Act. The subsequent Fiscal Strategy Report of November then set the stage for the medium-term framework that will underpin the development of the 2019/20 […]

Cruise line private islands divert traffic from capital

NASSAU, BAHAMAS  – The government has once again admitted that a trend in granting approvals to cruise lines for private islands may be taking much-needed foot traffic further away from the local retailers in the capital. It’s an effect opposite to an uptick in passenger arrivals – and economic activity – these mega cruise liners […]

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DPM: Moody’s deficit assessment “reasonable and responsible”

Moody’s projects 2-2.5% deficit for 2018/2019; govt. targets 1.8%   NASSAU, BAHAMAS – Deputy Prime Minister and Minister of Finance Peter Turnquest yesterday called Moody’s assessment that the government will likely not meet its deficit projections based on conservative projections “reasonable and responsible”. Turnquest adopted a softer tone in response to the international credit ratings […]

DPM: “No End to OECD/EU demands”

The Bahamas will remain a “clean and compliant” jurisdiction regardless of how many times the nation is blacklisted, Deputy Prime Minister and Minister of Finance Peter Turnquest reinforced yesterday. Speaking at Royal Fidelity’s Business Economic Outlook, Turnquest expressed concern that no matter how cooperative the nation is or how compliant with demands to become more […]

Turnquest: Focus on private sector rather than govt. jobs

NASSAU, BAHAMAS – Acting Prime Minister and Minister of Finance K. Peter Turnquest on Tuesday encouraged persons entering the workforce to focus more on private sector rather than government jobs. “The era of finishing school and looking for a good job with government is over,” Minister Turnquest said. The deputy prime minister’s comments came yesterday […]

Up to $300k in penalties with stricter guidelines under Substance Requirements Act

NASSAU, BAHAMAS – The government is ready to crack the whip on non-compliant companies with the release of more stringent guidelines to the Financial Services sector yesterday, detailing penalties up to $300k and the outright removal of entities breaching these new rules. The new parameters are structured to ensure The Bahamas is removed and stays […]

Beckles: Govt. has to make tough fiscal decisions

NASSAU, BAHAMAS – As credit ratings agency Moody’s encourages the Minnis administration to exercise restraint in public spending while predicting it will miss its deficit target, the private sector said yesterday it expects the government to make some “very tough decisions” in its commitment to meet its 2018/2019 targets. “There is still a degree of […]

Butterfield Bank restructuring will not affect Bahamas Trust office

NASSAU, BAHAMAS – Butterfield Trust Bahamas is assuring that any cost-cutting measures in line with its group internationally will not involve the restructuring of any of the 19 positions at its local office. Instead, Managing Director Craig Barley said the Bank would be implementing a reorganization that will integrate greater technology into its daily operations […]

BTC saves 32% in energy consumption with local alternative energy business

FREEPORT, BAHAMAS – Energy costs remain high and continue to rise for many CARICOM countries; including The Bahamas. Many are now embracing alternative energy and energy conservation measures to help offset these costs. PowerPlus Bahamas, a Bahamian owned Alternative Energy Business and their group of international partners (GENPRO Energy, Green Energy Services, GREENFIRE Capital, POWERSHAVER, […]

Royal Caribbean Cruise Lines hosts job fair in GB

FREEPORT, GRAND BAHAMA – Dozens of Grand Bahamians had the chance to sign up for immediate employment opportunities on Thursday morning; thanks to a job fair hosted by Royal Caribbean Cruise Lines (RCCL) which is in search of approximately 100 new associates to staff its “Perfect Day,” getaway at Coco Cay. The cruise line hosted […]