Central Bank: Construction sector to experience a slight slowdown

NASSAU, BAHAMAS – The Central Bank is confirming that the construction sector may experience a slight slowdown as earlier surges in domestic construction have somewhat stalled and small to medium-sized foreign investment projects have kept the country’s construction sector steady. “Construction sector output during the fourth quarter continued to be supported by a number of […]

New Investment Fund Bill a new chapter in Bahamian Financial Services

2019 bill passed in HOA     NASSAU, BAHAMAS – The new Investment Funds Bill, which was passed in parliament on Wednesday, will introduce a “new chapter” in Bahamian Financial Services while attracting new opportunities to the jurisdictions and improving the ease of doing business. Deputy Prime Minister and Minister of Finance, Peter Turnquest said […]

Rise in cost of living, but utilities taper

Economy continues to experience modest growth   NASSAU, BAHAMAS – Notwithstanding a continued rise in the cost of living as a result of consumer price inflation eight months after the government increase value-added tax (VAT), the economy has maintained “modest growth”, according to the Central Bank of The Bahamas. In its most recent Monthly Economic […]

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 […]

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 […]

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 […]

Govt. grants solar exemptions for $2.2 million in goods

NASSAU, BAHAMAS – Businesses that provide solar power equipment and related services are free to apply to the Ministry of Finance to access tax exemptions for the import of solar kits in keeping with the Government’s policy to support renewable energy businesses. Solar kits and components were made duty free during the 2018/2019 budget exercise. […]

Commonwealth Brewery Limited makes 73 jobs redundant

NASSAU, BAHAMAS – Another group of persons will join the unemployment line as Commonwealth Brewery Limited (CBL) announced on Monday that the jobs of 73 employees were made redundant. A statement released yesterday from the company outlined that CBL recently implemented a new structure for the company’s retail division, 700 Wines and Spirits, and the […]

McCartney: Bahamas ‘ought not to have been listed’ on EU’s AML/CFT list

NASSAU, BAHAMAS – The Financial Services sector and the government are on one accord in calling a move ‘not proportionate’ when the European Commission listed The Bahamas among jurisdictions considered deficient in Anti-Money Laundering and Countering Financing of Terror (AML/CFT). The Bahamas Financial Services Board (BFSB) CEO Tanya McCartney yesterday assured that the industry remained […]

Yearly 25,000 Japanese car imports to drop as new car sales expected to hike

NASSAU, BAHAMAS – Auto industry insiders are eyeing a possible decline in nearly 25,000 used Japanese vehicles imported into the country each year as new car imports are tailored to fit the more affordable 25 per cent tax rate. Because of their more economical prices and engine size, anywhere from 15,000 to 25,000 used cars […]

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GB Business Outlook to highlight creative industries

NASSAU, BAHAMAS – With its innovative “Creative Conversations”, the Grand Bahama Business Outlook (GBBO) is putting the spotlight on the value of creative industries, with a focus on the arts.  Scheduled to be held at Freeport’s Grand Lucayan Resort on February 21, the forum is marking its 21st anniversary under the theme “Connecting Resources, Maximizing Opportunities, Transforming […]

TIG zeroes in on recipients for second round of funding

NASSAU, BAHAMAS – It’s no easy feat to identify promising companies and entrepreneurs with the strongest potential to change the way we live and work, but The Investment Group (TIG) is on a mission to do just that as interviews are set to commence this week with shortlisted candidates vying for thousands of dollars in […]

BIA: revised timeline for NHI still “very difficult”

Association to complete substantive review of new NHI structure   NASSAU, BAHAMAS – While expressing support for the government’s efforts to develop a sustainable universal healthcare coverage platform, The Bahamas Insurance Association (BIA) contended yesterday that the timeline for the implementation of NHI is still “very difficult” to achieve. During a press conference at the […]

Stamp tax and VAT revenue up substantially

Deficit reduced by 31%, but three quarters used   Government revenue for the first six months of this fiscal year increased by nearly 15 per cent compared to the same period in 2017/2018, largely due to increased collection in value-added tax (VAT) and stamp tax, according to the government’s budgetary performance report. The report, a […]

OWN Bahamas Foundation survey reveals startling stats on Bahamian entrepreneurs

NASSAU, BAHAMAS – As the OWN Bahamas Foundation ups the ante to support local entrepreneurs through a 2019 expansion, an online survey of OWN Talks participants reveals startling statistics about the state of entrepreneurship in The Bahamas. The survey was distributed to over 1,500 participants in the foundation’s popular motivational speakers’ event which draws crowds […]