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BEC chairman: Renewable firm 'mischaracterised' RFP-end response
By NEIL HARTNELL Tribune Business Editor BEC's executive chairman has told Tribune Business that the Corporation's renewable energy tender (RFP) ended because no proposal met its required standards, adding that his answer on this had been "mischaracteris
Gaming Board lacks ‘oversight structure’ for numbers houses
* Minister: Changes to make regulator ‘more relevant’ * Gaming Board will ‘look very different’ in five years * ‘92,000 didn’t vote for us to maintain status quo’
RECENT downsizings are intended to make the Gaming Board “more relevant” and help it cope with the “seismic changes” created by web shops, a Cabinet minister said yesterday. Dionisio D’Aguilar, who has ministerial responsibility for gaming, told Tribune Business that the industry regulator will “look extremely different from the Gaming Board of today within five years”.
CONSTRUCTION & MANUFACTURING: 8,800 JOBS LOST IN 3-YEAR PERIOD
By NEIL HARTNELL Tribune Business Editor The Bahamas lost a total 8,870 jobs in its construction and manufacturing industries between 2007-2010 as a result of the global recession, a United Nations (UN) Body has reported, with per capita GDP only now beg
Developer seeks $10m in new equity finance
The developers behind Eleuthera’s French Leave Resort and Marina yesterday said they were “cautiously optimistic” about securing an additional $10 million in equity financing to fund the build-out of 20 more villas.
Miller confident on Robin Hood replacement
By NEIL HARTNELL Tribune Business Editor Robin Hood's landlord yesterday told Tribune Business he is extremely confident about finding a replacement tenant for the closing retailer, describing the Summerwinds Plaza location as "second to none" and "the b
Port chair pledges to address 'vitally important' breaks
THE Grand Bahama Port Authority's (GBPA) newly-confirmed chairman yesterday pledged to address Freeport's "critically important" Business Licence and real property tax exemptions, due to expire in 2015, with the Governmsent once the election was over.
Brewery unveils'strong Q1' with44% profits rise
Commonwealth Brewery is today unveiling a "strong first quarter" for 2012 with net income up 44.2 per cent year-over-year, its management team telling Tribune Bus
Development Bank fund ‘sinking’: Covers 1/3 of $46m bonds
* Just 28.4% of loans ‘performing’ * Accumulated losses over $60m * Solvency deficiency at $31.31m
THE Bahamas Development Bank’s (BDB) ‘sinking fund’ covered just one-third of its $46 million outstanding bond debt at year-end 2016, with only 28.4 per cent of its loans ‘performing’. The BDB’s 2016 financial statements, tabled in the House of Assembly in Wednesday by the Prime Minister, reveal the parlous state of another state-owned enterprise (SOE) that has racked up more than $60 million in losses for the Bahamian taxpayer during its 43-year existence.
AML TO INVEST $3-4M IN NEW FRANCHISE DEAL
By NEIL HARTNELL Tribune Business Editor AML Foods is planning to invest $3-$4 million over the next five years in building its new Carl's Jr franchise to a five-store chain, a business projected to generate an annual $15 million top-line at full build-o
AML chair: three food retail players likely to survive
By NEIL HARTNELL Tribune Business Editor The Bahamian food retail market will ultimately be dominated by just three major players, AML Foods' chairman telling Tribune Business in the wake of Robin Hood's demise that consolidation was "inevitable". Dionis
Renewable energy firm 'sidelined' by BEC on tender
By NEIL HARTNELL Tribune Business Editor A renewable energy provider has told Tribune Business it felt "sidelined" by the Bahamas Electricity Corporation's (BEC) decision to close its open bidding process and then subsequently sign an agreement with Ocea
'Almost $900m' raised on LPIA redevelopment
THE Nassau Airport Development Company (NAD) yesterday told Tribune Business it had now raised "almost $900 million" via six separate financial transactions, having just closed the final $225 million round to fund Lynden Pindling International Airport's (LPIA) $409.5 million redevelopment.
Bahamas shrugs off FTX for perfect ‘40 out of 40’
The Bahamas yesterday shrugged off FTX’s implosion through what the attorney general hailed as the “enormous accomplishment” of a perfect score in the fight against financial crime.
AML chair: City Markets deal 'kept changing'
AML Foods chairman yesterday said its efforts to acquire City Markets' remaining business fell apart because the latter's principal, Mark Finlayson, "kept changing the terms of the deal" on a daily basis, and had nothing to do with the BISX-listed food retail group refusing to take on the chain's staff.
BTC mobile competitor ‘not planning to lose’
The Bahamas’ second mobile operator says it is “not planning to lose”, as it kicked-off its market entrance with the introduction of the ‘Aliv’ brand, promising to deliver a superior experience and customer plans.
Sky Bahamas chiefs deny share allegation
SKY Bahamas' principals yesterday told Tribune Business they completely "deny" allegations by a former executive of the airline that they conspired to squeeze him out of his equity stake in the company, and recorded incorrect shareholdings in the Companies Registry.
GB Power minimises $4.7m recovery effect
GB Power minimises $4.7m recovery effect By NEIL HARTNELL Tribune Business Editor The Grand Bahama Power Company (GBPC) has received regulatory approval to minimise the consumer impact of recovering a $4.7 million impairment charge by spreading it out o
Skills transfer woe still a ‘sad reality’
The Bahamas must change “the sad reality” that key skills and knowledge are not being passed on to local workers by expatriate work permit holders, a prominent contractor argued yesterday.
AML Foods closes Carl’s Jr franchise
AML Foods has decided to pull the plug on its Carl’s Jr franchise and close all three outlets, Tribune Business confirmed yesterday, although no job losses will result.
GROWTH FOCUS 'LATITUDE' VIA AML'S $10M PREF RESTRUCTURE
By NEIL HARTNELL Tribune Business Editor AML Foods says its latest preference share restructuring has given it "a tremendous amount of latitude" to focus on growth opportunities, having raised a further $4.28 million in capital and reduced dividend (inte
