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Gospel church honours Wilson for his work for the nation

FRANKLYN R. Wilson, CMG, is another father who was honoured by Mount Tabor Full Gospel Church at a celebration to mark The Bahamas’ 40th Anniversary of Independence. The Tribune is running the church’s profiles of the fathers it honoured.

'No appetite' to avoid $100m in tax increases

A leading businessman yesterday said the 2013-2014 Budget’s $100 million worth of tax increases would not be required if the Bahamas had the “appetite” to tackle the “deeply ingrained” culture of government dependency.

FOCOL meets Ministry over licence 'tripling'

Freeport Oil Holdings Company’s (FOCOL) largest shareholder yesterday urged the Government to “consider very carefully” the impact Business Licence fee increases would have on its hundreds of Bahamian investors, adding that the firm’s payment was set to “triple” to around $3 million.

‘Poised for growth’ with $176m market wealth rise

A top businessman yesterday said the Bahamian economy was “poised to have a good inning”, with stock market investors having seen a collective $176 million increase in the value of their investments year-to-date.

Banks 'inviting' Gov't intervention

Commercial banks are “inviting” the Government to intervene in their lending practices, a top businessman warned yesterday, because they are “fuelling” behaviour that does not benefit the Bahamas.

$500m impact and counting

Arawak Homes’ development of Pinewood Gardens unleashed a $500 million economic impact spread over 30 years, its chairman said yesterday, telling Tribune Business that over 80 per cent of the lot sites it acquired have been built upon.

Gov't told: raise Mortgage Plan's $22,500 'Gap'

Bahamian commercial banks have recommended that the Government increase the $22,500 ‘Gap’ amount in a bid to have more struggling homeowners qualify for its Mortgage Relief Plan, Tribune Business can reveal.

Gov’t urged: ’Take lead’ on $100m spending cuts

The Government was yesterday urged to take the “lead” in shrinking its annual expenditure by $100 million, a leading businessman arguing that specific cuts would give the Bahamas “more credibility” with Wall Street and the International Monetary Fund (IMF).

Fiscal woes require more than ‘band aid’

The Bahamas needs “substantially more than a band-aid” to address its fiscal problems, a leading businessman yesterday questioning whether ongoing maintenance/operating costs for new infrastructure projects had been factored into future Budgets.

Marathon chief 'damn certain' of 3,000 room night boost

Marathon Bahamas organisers yesterday said they were “damn certain” the 2013 event will generate “north of 3,000 room nights” for the hotel industry, its development having “crystallised” what sports tourism could mean for the economy.

BTC talks to start '3rd week in October'

The Government’s negotiating team will hold its first face-to-face negotiations with Cable & Wireless Communications (CWC) in “the third week” of October in their bid to regain a majority 51 per cent Bahamas Telecommunications Company (BTC) stake, Tribune Business was told yesterday.

Mortgage relief criticisms 'legitimate enough', says leading plan architect

A leading architect of the Government’s mortgage relief plan has described criticisms that it will not have the advertised effect as “legitimate enough”, while arguing that it would “be a good start” even if just 20-25 per cent of delinquent borrowers were assisted.

Bahamians urged: Alter behaviour to revive economy

Bahamians must “change their behaviour patterns” to lift the economy out of the doldrums, a leading businessman arguing that based on per capita income most were “worse off than they were 20 years ago”.

BTC negotiator: 'Political risk' now key concern for investors

Foreign developers and lenders are increasingly including ‘political risk’ in their assessments of whether to invest in the Bahamas, a key member of the Government’s BTC negotiating committee conceded yesterday.

Mortgage relief plan a 'significant step forward' says developer

A LEADING Bahamian property developer said yesterday that while the government’s Mortgage Relief Plan does not “totally solve the problem” it was a “significant step forward”, telling Tribune Business that tackling the foreclosed homes issue would have a trickle down affect on new home construction.

'Network seizure' hits Sunshine operations

ARAWAK Homes' chairman, Franklyn Wilson, yesterday urged Bahamian businesses to closely at monitor controls on their computer systems, telling Tribune Business his operations had been "severely disrupted"after a former employee allegedly took control of his companies' domain names and employee e-mail accounts.

Moody's report slammed as 'too aggressive and inappropriate'

A LEADING architect of the Progressive Liberal Party's (PLP) mortgage relief plan yesterday slammed Moody's criticism of the scheme as "extremely aggressive and inappropriate", and urged the Government to "engage" the credit rating agency to ensure no "harm" was done to the Bahamas fiscal/investment reputation.

Out island development 'tempo' still big challenge

DEVELOPMENT on the Family Islands can simply be like a "lake in the middle of the desert", a leading Bahamian developer yesterday telling Tribune Business that the bigger picture needed to be assessed on this issue.

Wilson says $11m bond ruling 'not devastating'

COTTON Bay's chairman yesterday said the Supreme Court verdict that rejected its $11 million performance bond claim against CIBC FirstCaribbean International Bank (Bahamas) would "not be devastating" for the project, adding that he had emerged with his personal reputation intact.

Bank's $11m bond claim win over Wilson-chaired project

A FRANKLYN Wilson-chaired Eleuthera resort development has seen its efforts to enforce $11 million worth of performance bonds rejected by the Supreme Court, which ruled that there was a "pre-ponderance of evidence" to show they were not valid and binding against FirstCaribbean International Bank (Bahamas).

Insurance ensures 'no fiscal risk' from PLP mortgage plan

A LEADING architect of the Progressive Liberal Party's (PLP) mortgage relief plan is arguing that its so-called $105 million 'funding gap' would be covered by insurance, ensuring the Bahamas' "national financial position is not put at risk".

Don't throw PLP mortgage plans 'under the bus'

By NEIL HARTNELL Tribune Business Editor A leading housing developer yesterday urged Bahamians and the banking industry not to "throw under the bus" the Progressive Liberal Party's (PLP) plan to tackle mortgage foreclosures, arguing that the so-called fu

FOCOL in 'major leagues' via $500k aviation fuel entry

FOCOL Holdings' decision to enter the aviation fuel supply business via its $500,000 acquisition of Shell's one-third interest in the Lynden Pindling International Airport (LPIA) fuel consortium takes the company "into the major leagues", its largest shareholder told Tribune Business yesterday.

COMMISSION URGED TO ACT ON $10M PORT PROSPECTUS

By NEIL HARTNELL Tribune Business Editor A prominent businessman has again urged the Securities Commission to "become involved" and ensure the prospectus for the $10 million Arawak Cay initial public offering (IPO) is amended to confirm that the 20 per c

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