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THURSDAY, OCTOBER 7, 2021
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‘Scared’ by liveable wage uncertainty By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CHAMBER of Commerce director yesterday questioned how The Bahamas will be able to afford the Government’s planned “livable wage” phase-in and VAT cut, saying: “That scares me.” Peter Goudie, who heads the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour division, reiterated his previous pleas for the term ‘livable wage’ to be firmly defined given that Parliament’s opening offered no specific. The Speech from the Throne, which typically only gives the barest outlines of the Government’s policy and legislative direction, stated that the
PETER GOUDIE Government will introduce more consumer protection legislation and “increase the minimum wage and phase in a liveable wage”. No timelines, figures or other details were provided, and Mr Goudie said: “I wish
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A WELL-KNOWN businessman yesterday warned “talk is cheap but money buy land” as he questioned whether the Public Treasury can afford a VAT rate cut given the “dismal” fiscal outlook. Branville McCartney, the former Democratic National Alliance (DNA) leader, told Tribune Business he was unsure whether a rate cut to 10 percent was “practically feasible” at this time although agreeing it would be welcomed by all Bahamians and businesses.
Speaking after the Government effectively doubled-down on its pledge of an “across the board” two percentage point VAT rate cut during yesterday’s Parliament opening, he said: “It sounds good, and I would hope that they are able to implement it. But, practically, where are you going to get the money from? “I think the Prime Minister mentioned a few days ago that our fiscal status is ‘dismal’. I would like to give the Government an opportunity towards implementing what they have promised because
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Bahamas to repay $3.65bn debts to creditors by 2026 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Talk is cheap, money buy land’ on VAT cut By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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THE Bahamas is due to repay $3.65bn in debt principal by the time the next general election is due in 2026, Moody’s has revealed, leading to calls yesterday for “feverish” government action. The credit rating agency, in its just-published full country analysis on The Bahamas, revealed that this nation is scheduled to make significant principal repayments beyond the $900m that is coming due this year. Close to another $700m is set to mature in 2022,
• PM warns: ‘The day of reckoning is here’ • ‘Never repaid debt since Independence’ • Gov’t urged to ‘be bold, work feverishly’ followed by $400m the following year. Basing its graph and figures on data supplied by the Central Bank, Moody’s added that a further $750m - including a $300m foreign currency bond - is due for redemption in 2024. This will be followed by principal maturities of $400m and $500m, respectively, in 2025 and 2026, the latter year being when
the Davis administration’s term in office will likely end. The total $3.65bn coming due for maturity in that time period thus represents 35.2 percent of the total debt stock. Branville McCartney, the ex-Democratic National
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GOWON BOWE
Realtor to ‘catapult forward ten-fold’ in global brand tie-up By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN realtor yesterday said it expects to be “catapulted tenfold from where we are today” after becoming the latest industry player to forge an alliance with a global franchise. Gavin Christie, C.A. Christie Real Estate’s managing partner
and operational head, told Tribune Business the affiliation with Corcoran Group will help drive the company’s expansion into key Family Islands amid the “hottest market” for high-end properties that he has experienced in his 17-year career. Named Corcoran CA Christie Bahamas as of yesterday morning, he said the local firm has already begun receiving client referrals from the global franchise’s network that covers
151 offices in 75 different countries, and includes 5,000 real estate agents. “We have partnered with one of the fastest-growing real estate franchises in the US, and a company known to be a trend-setter,” Mr Christie told this newspaper. “It’s going to benefit us because we will have access to 451 offices globally and over 5,000 different agents.
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