Total private sector arrears see 3% drop in November

Central Bank: External reserves contracted by $113 million in November NASSAU, BAHAMAS — Total private sector areas fell by $23.8 million or three percent last month, according to the latest data from the Central Bank. The regulator, in its Monthly Economic and Financial Developments report for November, noted: “Commercial banks’ credit quality indicators improved during […]

BEHIND THE BALL: Bahamas has catching up to do on digital economy & infrastructure, says PM

Davis: Introduction of digital currency in Caribbean has potential to leap-frog us into the future NASSAU, BAHAMAS — The Bahamas still has “much to do” to catch up with the rest of the world to create the desired digital economy and infrastructure, according to Prime Minister Philip Brave Davis. Davis, who was addressing Crypto Isle’s […]

Habitat conservation vital to sustaining $169 mil annual flats fishing industry, says researcher

NASSAU, BAHAMAS — Flats fishing has an annual economic impact of roughly $170 million, affecting some 8,000 Bahamians across the country, according to local research and conservationist Justin Lewis. Lewis, the Bonefish Tarpon Trust’s Bahamas Initiative manager, addressed the Andros Business Outlook yesterday. He referenced data from the Ministry of Tourism, which indicated that 56 […]

PAYING ITS DUE: Water Corp cuts outstanding debt to main supplier down to nearly $15M

NASSAU, BAHAMAS — The Water & Sewerage Corporation’s (WSC) main supplier said yesterday that so far it has received nearly $15 million towards the corporation’s outstanding debt, which was just over $21 million at the end of its second quarter. David Sasnett, chief financial officer of the BISX-listed, Cayman-headquartered water solutions provider, said during a […]

Uniform supplier says sales at just 35% of pre-COVID level due to uncertainty over upcoming school year

School supplies retailers hoping for business bump as Lloyd announces school restart date NASSAU, BAHAMAS — A local retailer said yesterday his business was seeing just 35 percent of pre-COVID-19 sales, noting that uncertainty regarding how schools will reopen this fall has kept many consumers at bay. James Wallace, owner and operator of the popular […]

LET’S SEE IT: Eleuthera Chamber head awaiting detailed plans for “essential” Glass Window Bridge

ELEUTHERA, BAHAMAS — Eleuthera Chamber of Commerce President Thomas Sands said yesterday he is looking forward to seeing the government’s detailed plans for the Glass Window Bridge, describing it as “essential” to the island of Eleuthera. During a presentation to the Eleuthera Business Outlook last week, Deputy Prime Minister and Minister of Works Desmond Bannister […]

UNDETERRED: Oil company still views Bahamas as ripe for investment after judicial review discontinued

NASSAU, BAHAMAS — Challenger Energy’s chief executive said the company’s confidence in The Bahamas as a reliable investment location has been reinforced after an environmentalist-driven judicial review was discontinued in court. The Supreme Court last week endorsed a consent order that effectively brought to an end a judicial review of the government’s approvals to the […]

“WE WILL COMPLY”: Procurement legislation will allow govt to publish names of beneficial owners, says Thompson

Political opponents demand govt to reveal details on pandemic contracts NASSAU, BAHAMAS — State Minister for Finance Kwasi Thompson said yesterday the provisions of the Public Procurement Act provide for the government’s ability to publish the names of beneficial owners for recipients of government contracts. Thompson was responding to Eyewitness News inquiries after an auditor […]

IT’S A PROCESS: Govt reassures investor community over ease of doing business and procurement reforms

“The investor community has continued to recognize The Bahamas is a best-in-class destination for business” Ministry of Finance to announce new changes that simplify the business license process even further NASSAU, BAHAMAS — The government has reassured the investor community that it has taken concrete steps to improve the procurement process and address deficiencies that […]

NOT WHAT WE DESERVE: Coalition of Independents up in arms over new measures against COVID

COI chair claims political campaign restrictions “calculated and diabolical” attempt to suppress other parties Green: Different restrictions for vaccinated vs unvaccinated “unfair, oppressive and unconstitutional” NASSAU, BAHAMAS — The Coalition of Independents (COI) is pushing back against a series of newly announced restrictions aimed at curbing a sharp rise in coronavirus infections and deaths in […]

OUTSIDE OF THE BOX: Simplified Lending ventures into insurance field with acquisition of firm

“We are trying to be an alternative lender and help customers based on the current economic reality” CEO anticipates Bahamas economy will come back stronger based on strong demand for tourism NASSAU, BAHAMAS — Robert Pantry, the principal of Bahamian financial services firm Simplified Lending, said yesterday he was “cautious but bullish and optimistic” on […]

MAKE IT EASIER: Thompson says govt looking to streamline process of opening a business

Business license turnaround time to be lowered; crowdfunding options introduced  Thompson: This initiative will launch Bahamas ahead in World Bank ease of doing business rankings NASSAU, BAHAMAS — The government is looking at ways to further streamline the process of opening a business, according to State Finance Minister Senator Kwasi Thompson, as it expands the […]

TAKE FLIGHT: Bahamas must maximize returns on airspace takeover, urges local aviation industry operator

“Aviation is more than flying a plane; we have to bring in aviation mechanics and when you look at it, that is revenue that Bahamians are missing out on” NASSAU, BAHAMAS — A local aviation industry operator yesterday stressed that this nation must maximize returns from the management of its sovereign space, noting: “We have […]

Pharmaceutical Association files injunction over lack of council representation and fee changes

NASSAU, BAHAMAS — The Bahamas Pharmaceutical Association (BPA) has filed an injunction against the Bahamas Pharmacy Council (BPC), the minister of health and the attorney general for allegedly failing to comply with the Pharmacy Act, 2009 and fee changes. The association contends that Minister of Health Renward Wells failed to comply with the Pharmacy Act, […]