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BIZ BITS-Bully pulpit on banks The Bahamas Chamber of Commerce head is once again calling for commercial banks in this country to offer Bahamians a chance to share in their profits, suggesting the government seriously look at taxing those institutions that refuse to extend that investment opportunity. Dionisio D'Aguilar asserts that Canadian banks like RBC and Scotia must move to expand the investment horizon for Bahamians, likely through BISX listing, in order to allow them to share in the success of those institutions. Yesterday, he floated the idea of a government incentive program that would essentially tax retail banks that refuse to list, even bank depository receipts, on BISX or to provide some alternative means by which Bahamians can take ownership in their very lucrative businesses. He points specifically to RBC now celebrating its 100th anniversary in this country. RBC is not listed on the local exchange, although its mortgage house FINCO, 75 percent owed by the Canadian institution, is. As part of its acquisition of Trinidadian banking titan RBTT, RBC is considering listing on that country's local exchange. There's been no public talk of it doing the same here.
* Norwegian Star to boost GB's tourism
The rise in gas prices may be just what Grand Bahama's tourism product needed, with the Norwegian Cruise Lines expected to make a minimum of 42 calls to that destination by the end of the year. Minister of Tourism and Aviation, Neko Grant, said the company's latest move to add another ship the Norwegian Sky will play a significant role in boosting the island's struggling economy. "It is expected that the Sky will make 21 calls to Grand Bahama Island by the end of this year, an average of one (1) per week, delivering at least 39,900 passengers," he said. On average, a passenger spends $60 on shore at each stop. Grant asserts that his ministry continues to meet with cruise officials to explore ways of bumping up their presence in The Bahamas. Those efforts will likely to be enhanced by growing interest on the part of cruise companies to rein in on just how far their ships travel as a way of cutting fuel costs.
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Copyright © 2006 The Nassau Guardian. All rights reserved.
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