DPM: All relief contributions will be accounted for

Caribbean Catastrophe Risk Insurance Facility worth it, says Turnquest NASSAU, BAHAMAS — All contributions received by the Bahamian government to aid Hurricane Dorian relief efforts will be accounted for, Deputy Prime Minister and Minister of Finance K Peter Turnquest said. Speaking outside of the Churchill Building, Turnquest said, “We are pleased with the level of […]

Central Bank: Bahamas economy sustained “upward trajectory”

NASSAU, BAHAMAS – The Bahamas’ economy continued to experience “upward trajectory” in February as an increase in long-stay visitors underpinned by improvements in the tourism sector, and foreign-led investments projects shored up activity in construction, according to data from The Central Bank of The Bahamas. The latest Central Bank Monthly Economic and Financial Developments (MEFD) […]

Maura: Vendors should embrace port redevelopment project

NASSAU, BAHAMAS – Following the government’s announcement that Global Ports Holding was chosen as the preferred bidder for the redevelopment of the Nassau Cruise Port, Chief Executive Officer of Arawak Port Development (APD), Michael Maura expressed on Monday that vendors in the Prince George Wharf area should be happy about the redevelopment project. “I would […]

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 […]

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 […]

“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 […]

GB vendors say Grand Lucaya their lifeline

Vendors that occupy the straw market in Port Lucaya Market Place in Grand Bahama told Eyewitness News on Wednesday, that they remain optimistic about government’s plan to buy the now-closed Grand Lucaya Resort. Vendors said government’s investment in the property would improve their economic standing at a critical time, as they insisted they have fallen […]

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 […]

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 […]

BDB names new Bahamian managing director

The Bahamas Development Bank (BDB) has a new managing director, as the Ministry of Finance announced in a statement yesterday the appointment of Dave Smith to the position. The bank plays an integral role, according to government, in it’s concentrated push to build a culture of entrepreneurship and to support small business. Smith, the statement […]

$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 […]

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 […]