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New Brewery posts to ‘hold job lossed at 43’

A CABINET minister yesterday voiced optimism that Commonwealth Brewery’s creation of 30 new posts would minimise recently-unveiled job losses to a “net” 43.

BPL can pass license fee on to consumers

The Utilities Regulation and Competition Authority (URCA) has rejected Bahamas Power & Light’s (BPL) argument that fuel costs not be included in the calculation of its annual license fee.

Environmentalist: Oil will change Bahamas instantly

Wall Street will “immediately revise” its opinion on the Bahamian economy’s prospects and fiscal outlook if commercial quantities of oil are discovered in this nation, a local environmental expert believes.

Getting caught in the VAT net

Value-Added Tax (VAT) is a levy on profit in terms of the difference between the input cost and the amount billed. The Bahamian model is still evolving. No doubt, there will be more exemptions and exceptions. That said, we will undoubtedly be implementing it. The only doubt is when this will happen.

Arawak port eyes 40% profit growth

The Arawak Port Development Company (APD) is projecting a 40.2 per cent net income increase for its 2015 financial year, while raising security and tax evasion concerns over Potter’s Cay and Family Island ports.

CIBC: Bahamas worst for ‘bad’ mortgages

CIBC’s top Caribbean executive yesterday revealed that the “magnitude” of non-performing home loans in the Bahamas was “greater than anywhere else” in the region, this nation accounting for 50 per cent of the bank’s ‘bad’ mortgages.

Bank of Bahamas in further $6.5m loss

Bank of the Bahamas appears to have incurred a further $6.511 million net loss for the first quarter of its 2015 financial year, its top executive describing the past 12 months as “the most challenging for me personally”.

BEC breaches $100m bond issue conditions

The Bahamas Electricity Corporation (BEC) breached the financial terms of its existing plan $100 million bond issue, forcing it to seek a four-year waiver from investors.

BOB shedding ‘haunted’ past with 20% growth goal for ‘23

Bank of The Bahamas top executive yesterday asserted it is moving beyond the bail-outs that “will forever haunt” the institution with predictions it will grow this year’s forecast $7m profit by a further 20 percent in 2023.

10-15% alternative energy penetration within next decade

RENEWABLE energies could penetrate between 10-15 per cent of Bahamian homes and businesses within the next decade, a local provider telling Tribune Business yesterday that consumers were receiving "payback" on his company's solar water heaters in "less than a year".

Insurer: Profits goal beaten by 57% if no Irma

A Bahamian insurer yesterday said it would have beaten 2017 profit projections by 57 per cent had Hurricane Irma not inflicted a $2 million net loss on its Turks & Caicos portfolio.

Aliv set to double Cable ‘contribution’

Aliv is on track to double last year’s $8m “contribution” to Cable Bahamas’ results, its top executive revealed yesterday, while reiterating it was “never a quick dash to the finish line” on net profitability.

Bahamas Waste suffers 72% profit fall in 'terrible' Q1

Bahamas Waste’s managing director yesterday said it endured a “terrible” 2013 first quarter with net income down 72.3 per cent, due to a combination of key cost increases and reduced residential rates.

'Struck by abuse' of 15% VAT's exemptions

The New Zealand tax consultants were “struck by the potential for abuse” created by the “substantial list of exemptions” under the Government’s initial 15 per cent Value-Added Tax (VAT) model.

Energy self-generation plan ‘confusion’ worry

The Government was last night warned that its energy self-generation initiative would cause “some confusion” without further clarification, although it was praised for getting renewables “out of the starting blocks”.

Nightclub raid nets women for solicitation and immigration offences

FOURTEEN women - 12 Jamaican and two Bahamian - have been arrested for solicitation and immigration infringements after a nightclub raid by Flying Squad officers on Friday night.

BEC: 2013 loss increased to massive $58m

The extent of the task awaiting the Bahamas Electricity Corporation’s (BEC) new manager has been exposed by its 2014 annual financial statements, which reveal that the utility’s net loss for the prior year has been increased to a mammoth $58.035 million.

‘No doubt’ BoB will be profitable by end-2015

Bank of the Bahamas’ managing director yesterday said he had “not one doubt” the institution will return to profitability by December 2015, despite its shareholders incurring a collective $9.895 million net loss for the current year’s first six months.

Insurer: Hurricane season end ‘can’t be soon enough’

A TOP Bahamian insurance executive says the official end to the 2022 hurricane season “can’t come soon enough” given that Hurricane Ian will further “tie our hands” on premium prices for local consumers.

Bank warns on provisions rise

By NEIL HARTNELL Tribune Business Editor Bank of the Bahamas International has warned investors it may have to increase loan loss provisions further during its financial year's second half, its managing director telling Tribune Business it was "grappling

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