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 […]

Elnet Maritime Breaks Ground for New Center in Grand Bahama

FREEPORT, Grand Bahama – Minister of State in the Office of the Prime Minister, Senator Kwasi Thompson, said both foreign and local investors continue to display confidence in the Grand Bahamian economy by starting new businesses or expanding existing ones. Minister Thompson, who was the keynote speaker at the groundbreaking ceremony for Elnet Maritime Center […]

$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 […]

House members debate new crime bill

Parliamentarians began debate on a compendium of bills in the house of assembly today which, among other things, will permit the courts to seize assets that cannot be explained through legitimate means from public figures or questionable people. National Security Minister, Marvin Dames, said the bills will expose persons, organizations and companies involved in criminal […]

Local farmers welcome diverse agricultural imports

While there may be farmers who aren’t keen on the idea of Haitian imports being introduced to the local Agricultural industry, there are some agriculturalists who are rallying behind Prime Minister, Hubert Minnis’ efforts to widen the variety of agricultural imports into the country. Some, like Bahamian agricultural, Shomekhan Cargill, acknowledged that many Bahamian farmers […]

Oban Energies begins meetings in Grand Bahama

Preliminary discussion on the environmental impact assessment (EIA) of the $5.5 billion oil refinery and storage facility by Oban Energies began in Grand Bahama yesterday. Oban engineers and environmental teams, met with the Bahamas Environment Science & Technology (BEST) Commission and local government committee members for East Grand Bahama at the Office of the Prime […]

Sumner: Govt. should revisit size of cabinet, public service hiring freeze

Despite efforts to balance the country’s books and slash government expenses, Bahamas Chamber of Commerce and Employer’s Confederation CEO, Edison Sumner, told reporters yesterday that the Minnis Administration has more work to do if they want to get the country’s fiscal house in order and suggested the prime minister begin with, what Sumner calls, a […]

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, […]