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 […]

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 […]

Nassau Cruise Port bidder focused on increasing passenger spending

Nassau Cruise Port bidder focused on increasing passenger spending NASSAU, BAHAMAS – The CEO of one of three companies vying to win approval for the redevelopment and management of the Nassau Cruise Port, on Sunday expressed that if successful, the company will collaborate with members of the business community –  especially those downtown – toward […]

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“Life is about risks”, D’Aguilar says about Grand Lucayan

Government’s $65 million acquisition of the Grand Lucayan resort will not include the three properties on the hotel strip, according to Minister of Tourism Dionisio D’Aguilar. D’Aguilar revealed during government’s recent tour of the struggling Grand Bahama property, that while the Lighthouse remains open, the government will only be making repairs to and opening the […]

Grand Lucayan owners hold on to insurance money

Had Grand Lucayan hotel owners Hutchinson Whampoa reinvested the insurance monies it received into the property following the 2016 hurricanes, the resort might have remained open.   That, according to Tourism Minister Dioniso D’agular who stated on Wednesday that government remains optimistic that partnerships that once existed with the Memories Resort at Our Lucaya including the Sunwing […]

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Chamber appoints new board members

The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) appointed new board members recently. See full statement from the chamber below:                   The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) welcomed to its Board of Directors the following member professionals, whose appointments were effective as of […]

$10 million dollar move to save GB economy

No timeline for opening  Owners of the Grand Lucaya hotel in Grand Bahama – Hutchinson Whampoa – failed to reinvest into the property after collecting the insurance proceeds from damages sustained in 2016, which prevented the resort from reopening and in essence crippled the Grand Bahamian economy, according Tourism Minister Dionisio D’Agular, who made the revelation […]

Government’s “e-tendering” programme for govt. contracts and services

During his keynote address at the Grand Bahama 20th Annual Business Outlook at Grand Lucayan resort on Thursday, Deputy Prime Minister and Minister of Finance, the Hon. Peter Turnquest outlined some of the programs and initiatives the government is taking in order to remain transparent in its fiscal policies. One of those initiatives is one […]

New approved policy increases assistance for entrepreneurs

The Government will conduct an NSS-wide business process review focused on detailed analysis of current (as-is) processes, identification of gaps, benchmarking standards and best practice and design of future (to-be) processes to enable a seamless integrated, effective and efficient National Statistics System. The announcement came from Deputy Prime Minister of The Bahamas, K. Peter Turnquest, […]

Turnquest: Govt. still on track with finances; revenue increased by $25 million

The government has spent $30 million more than was budgeted since May for “surprise” bills left by the former Christie administration, Deputy Prime Minister and Minister of Finance, Peter Turnquest revealed  yesterday in the House of Assembly. Despite the unexpected expenses however, Turnquest said the government is still on track to bring the country’s fiscal […]

Measures to improve Bahamas’ Ease of Doing Business ranking discussed at investment seminar

The Bahamas’ global ease of doing business ranking could be on the rise as government has announced initiatives aimed at improving how business is conducted. Minister of Financial Services, Trade & Investment, Brent Symonette said recently, that the areas currently under review are the business license process, the investor proposal process and various immigration processes, […]