Business – Eye Witness News

BusinessJanuary 28, 2022 at 5:30 am Ava Turnquest

Business

‘PERILOUS STATE’: MOF charts economic recovery to budget surplus by 2024/25 in fiscal strategy report

Ministry of Finance releases 2021 Fiscal Strategy Report and Medium-Term Debt Management Strategy NASSAU, BAHAMAS — The Ministry of Finance (MOF) projects an increase in revenues of up to 25 percent of GDP by the fiscal year 2025/26 with a cap on recurrent and capital expenditure to 20 percent and 3.5 percent of GDP, within […]

Ministry of Finance releases 2021 Fiscal Strategy Report and Medium-Term Debt Management Strategy NASSAU, BAHAMAS — The Ministry of Finance... read more »

January 28, 2022 at 5:30 am | Ava Turnquest

BusinessJanuary 28, 2022 at 3:59 am Natario McKenzie

Business

STILL NUMBER ONE: PM highlights need to stay competitive in tourism as Sandals Royal Bahamian reopens

Some 900 employees to return to work Jamaican PM says investments like Sandals Royal Bahamian will “bear bountiful fruits” NASSAU, BAHAMAS — Prime Minister Philip Brave Davis said yesterday that this nation must redouble its efforts to remain competitive in the tourism industry and diversify its economy while allowing for more tourism integration. Davis was […]

Some 900 employees to return to work Jamaican PM says investments like Sandals Royal Bahamian will “bear bountiful fruits” NASSAU,... read more »

January 28, 2022 at 3:59 am | Natario McKenzie

BusinessJanuary 28, 2022 at 3:47 am Natario McKenzie

Business

TOP OF THE CLASS: Bahamian tourism rebounding faster than rest of the region, says Cooper

Jamaican tourism minister hails Caribbean’s resilience NASSAU, BAHAMAS — The Bahamas’ tourism industry is rebounding even faster than the rest of the Caribbean, according to Minister of Tourism, Investments and Aviation Chester Cooper. Cooper, who was speaking at the reopening of the Sandals Royal Bahamian Spa Resort and Offshore Island yesterday, noted: “This is a […]

Jamaican tourism minister hails Caribbean’s resilience NASSAU, BAHAMAS — The Bahamas’ tourism industry is rebounding even faster than the rest... read more »

January 28, 2022 at 3:47 am | Natario McKenzie

BusinessJanuary 28, 2022 at 3:43 am Natario McKenzie

Business

INFLATION EVERYWHERE: Poultry producer sees operation costs rise 30%; can’t hold back price increase any longer

Pinder stresses importance of Bahamas growing its own food “If you want something, you’re going to have to pay 10, 20 or 100 percent more” NASSAU, BAHAMAS — An Abaco-based poultry producer said yesterday that inflationary prices have driven its operational costs up by as much as 30 percent, noting that it could no longer hold […]

Pinder stresses importance of Bahamas growing its own food “If you want something, you’re going to have to pay 10,... read more »

January 28, 2022 at 3:43 am | Natario McKenzie

BusinessJanuary 28, 2022 at 3:35 am Eyewitness News

Business

CIBC FirstCaribbean helps Girl Guides HQ completion

NASSAU, BAHAMAS — The Bahamas Girl Guides Association (BGGA) is a step closer to providing an empowerment and training hub for their girls throughout The Bahamas and around the globe. CIBC FirstCaribbean recently donated $5,000 to the BGGA to assist in completing the interior of its $1.5 million, West Bay Street headquarters, which will feature […]

NASSAU, BAHAMAS — The Bahamas Girl Guides Association (BGGA) is a step closer to providing an empowerment and training hub... read more »

January 28, 2022 at 3:35 am | Eyewitness News

BusinessJanuary 27, 2022 at 3:57 am Natario McKenzie

Business

WITHDRAW IT: BREA calls on government to drop real property tax reassessment over illegality claim

Department of Inland Revenue defends property reassessment exercise, dismisses claim NASSAU, BAHAMAS — The Bahamas Real Estate Association (BREA) yesterday challenged the legality of the Department of Inland Revenue’s re-assessment exercise, with the latter noting that 10,000 previously unregistered properties have now been accurately assessed and registered. BREA is calling on the government to immediately […]

Department of Inland Revenue defends property reassessment exercise, dismisses claim NASSAU, BAHAMAS — The Bahamas Real Estate Association (BREA) yesterday... read more »

January 27, 2022 at 3:57 am | Natario McKenzie

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BusinessJanuary 27, 2022 at 3:54 am Natario McKenzie

Business

DEVASTATING: BCCEC warns of up to 500% property tax hikes in reassessment exercise

NASSAU, BAHAMAS — The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) yesterday warned that real property tax increases as high as 500 percent could devastatingly impact businesses and employers, particularly in an economic downturn. In a statement, the BCCEC urged the government to consider a glide path approach to implementing the changes prompted by […]

NASSAU, BAHAMAS — The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) yesterday warned that real property tax increases as... read more »

January 27, 2022 at 3:54 am | Natario McKenzie

BusinessJanuary 27, 2022 at 3:40 am Natario McKenzie

Business

BIT MORE FRUGAL: Government urged to carefully manage debt burden in the wake of pandemic spending

NASSAU, BAHAMAS — The government will have to be a “bit more frugal” with its spending as it manages the country’s debt burden, a senior financial executive cautioned yesterday. David Slatter, RF Group’s Vice President of Investments, forecast the country will likely return to pre-pandemic growth levels in 2024 if the International Monetary Funds (IMF) […]

NASSAU, BAHAMAS — The government will have to be a “bit more frugal” with its spending as it manages the... read more »

January 27, 2022 at 3:40 am | Natario McKenzie

BusinessJanuary 26, 2022 at 3:48 am Natario McKenzie

Business

Customs promotions to come as review and recommendation process underway, says minister

NASSAU, BAHAMAS — Minister of State for the Public Service Pia Glover-Rolle said yesterday that the government is moving ahead with necessary reviews and recommendations to carry out promotions for Customs officers. Speaking with reporters ahead of a Cabinet meeting yesterday Glover-Rolle said: “Promotional exercises are being reviewed. The Customs promotions are happening in terms […]

NASSAU, BAHAMAS — Minister of State for the Public Service Pia Glover-Rolle said yesterday that the government is moving ahead... read more »

January 26, 2022 at 3:48 am | Natario McKenzie

BusinessJanuary 26, 2022 at 3:46 am Natario McKenzie

Business

Crawfish prices hit record highs amid one of the best seasons in 15-20 years

NASSAU, BAHAMAS — The 2021/2022 crawfish season was yesterday described as one of the best in the last 15-20 years, with prices having risen by more than 40 percent per pound. Keith Carroll, the Bahamas Commercial Fishers Alliance (BCFA) vice-president said: “The price for crawfish right now is about $20 or $21. It’s the first […]

NASSAU, BAHAMAS — The 2021/2022 crawfish season was yesterday described as one of the best in the last 15-20 years,... read more »

January 26, 2022 at 3:46 am | Natario McKenzie

BusinessJanuary 26, 2022 at 3:43 am Natario McKenzie

Business

BREA received multiple complaints over real property tax bills

NASSAU, BAHAMAS — Bahamas Real Estate Association (BREA) president Christine Wallace-Whitfield said yesterday that the industry association and its members have received multiple complaints about 2022 real property tax bills, telling Eyewitness News, “a lot of people have been shocked”. Wallace-Whitfield said: “We have been receiving lots of complaints regarding the increases in real property […]

NASSAU, BAHAMAS — Bahamas Real Estate Association (BREA) president Christine Wallace-Whitfield said yesterday that the industry association and its members... read more »

January 26, 2022 at 3:43 am | Natario McKenzie

BusinessJanuary 25, 2022 at 3:45 am Natario McKenzie 1

Business

‘NOT A RATE HIKE’: Increase in some real property tax result of revaluation, says economic affairs minister

Minister maintains “everyday, working-class Bahamian” not being targeted NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis said yesterday that while real property tax rates across the country have not increased, a complete reassessment of the property tax register has led to some properties being revaluated. In an interview with Eyewitness News yesterday, Halkitis explained: “The […]

Minister maintains “everyday, working-class Bahamian” not being targeted NASSAU, BAHAMAS — Economic Affairs Minister Michael Halkitis said yesterday that while... read more »

January 25, 2022 at 3:45 am | Natario McKenzie | 1

BusinessJanuary 25, 2022 at 3:43 am Natario McKenzie

Business

ALIBI: Govt blames delays in publishing key reports on outdated systems and ‘overly complex legislation’

Govt to publish overdue documents this week Min of Finance says opposition only bringing this up as distraction from food distribution program controversy NASSAU, BAHAMAS — Outdated management information systems and overly complex legislation are to blame for delays in publishing key reports required by the country’s fiscal transparency and debt management legislation, according to […]

Govt to publish overdue documents this week Min of Finance says opposition only bringing this up as distraction from food... read more »

January 25, 2022 at 3:43 am | Natario McKenzie

BusinessJanuary 25, 2022 at 3:39 am Eyewitness News

Business

ERA Dupuch and Concierge show sneak peek at last available PI fantasy estate

ERA Dupuch real estate links in Concierge Auctions Fantasy island-like property on Paradise Island hits market at $12.25 million NASSAU, BAHAMAS — In a land where fantasy properties seem to pop up everywhere, estate agent Adam Duncombe knows he is standing on the real thing — the last fantasy property available today on western Paradise […]

ERA Dupuch real estate links in Concierge Auctions Fantasy island-like property on Paradise Island hits market at $12.25 million NASSAU,... read more »

January 25, 2022 at 3:39 am | Eyewitness News

BusinessJanuary 24, 2022 at 3:47 am Eyewitness News

Business

Eeden Farms becomes Eeden Acres

CINCINNATI, OHIO, USA — Prime Minister Philip Brave Davis and Minister of Agriculture, Marine Resources and Family Island Affairs Clay Sweeting joined a delegation of stakeholders and the owners of Eeden Farms in Hamilton, Ohio, on Friday, January 21, 2022, to tour the world-class flagship 70K Farm owned by 80 Acres Farms. This top-class revolutionary […]

CINCINNATI, OHIO, USA — Prime Minister Philip Brave Davis and Minister of Agriculture, Marine Resources and Family Island Affairs Clay... read more »

January 24, 2022 at 3:47 am | Eyewitness News

BusinessJanuary 24, 2022 at 3:39 am Eyewitness News

Business

Organic baby products supplier receives over $140K through Access Accelerator

NASSAU, BAHAMAS — From a desire to affordably improve a daughter’s food options to a successful startup, Tiny Tot’s Organics is moving into 2022 in a fabulous fashion. The Access Accelerator Small Business Development Centre (SBDC) facilitated an investment of $140,730 for Tiny Tot’s Organics. The Bahamas Entrepreneurial Venture Fund provided the organic baby products […]

NASSAU, BAHAMAS — From a desire to affordably improve a daughter’s food options to a successful startup, Tiny Tot’s Organics... read more »

January 24, 2022 at 3:39 am | Eyewitness News

BusinessJanuary 22, 2022 at 3:43 am Natario McKenzie

Business

NEW DAY AGENDA: Minister unveils 10-point plan to improve the public service

NASSAU, BAHAMAS — The public service is reportedly set to benefit from a series of changes as a part of the 10-Point New Day plan being spearheaded by Minister of State for the Public Service Pia Glover-Rolle. Glover-Rolle spoke to the initiative at the first Strategic Planning Committee Meeting for several newly launched units formed […]

NASSAU, BAHAMAS — The public service is reportedly set to benefit from a series of changes as a part of... read more »

January 22, 2022 at 3:43 am | Natario McKenzie

BusinessJanuary 21, 2022 at 3:47 am Natario McKenzie

Business

IN BREACH: Pintard accuses govt of failing to comply with fiscal accountability and transparency legislation

Opposition leader asks: Where’s the Fiscal Strategy Report? NASSAU, BAHAMAS — Opposition Leader Michael Pintard yesterday accused the Davis administration of being in breach of key elements of the law regarding fiscal accountability and transparency. Pintard, in a statement last evening, noted that while the Davis-led administration has made a commitment in its blueprint and […]

Opposition leader asks: Where’s the Fiscal Strategy Report? NASSAU, BAHAMAS — Opposition Leader Michael Pintard yesterday accused the Davis administration... read more »

January 21, 2022 at 3:47 am | Natario McKenzie

BusinessJanuary 21, 2022 at 3:45 am Natario McKenzie

Business

Major crypto conference set for The Bahamas as FTX teams up with SALT

Invitation-only Crypto Bahamas conference set for April 26-29 at Baha Mar NASSAU, BAHAMAS — The Bahamas is set to play host to a major new crypto conference to be held in April. Sam Bankman-Fried, CEO of FTX, and Anthony Scaramucci’s SALT have teamed up on a multi-year arrangement to launch a cryptocurrency conference in The […]

Invitation-only Crypto Bahamas conference set for April 26-29 at Baha Mar NASSAU, BAHAMAS — The Bahamas is set to play... read more »

January 21, 2022 at 3:45 am | Natario McKenzie

BusinessJanuary 21, 2022 at 3:41 am Natario McKenzie 2

Business

BOOZE UP…LITERALLY: Premium alcohol sales rise; regional exec says it’s a positive indicator for tourism

CEO links pandemic lockdowns to increase in premium wine and spirits sales “The desire to get out and enjoy oneself is probably higher than it’s ever been” NASSAU, BAHAMAS — The rise in sales and consumption of alcoholic beverages, particularly in the high-end segment, in the Caribbean is a positive indicator of the region’s tourism outlook, […]

CEO links pandemic lockdowns to increase in premium wine and spirits sales “The desire to get out and enjoy oneself... read more »

January 21, 2022 at 3:41 am | Natario McKenzie | 2