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DPM: Bahamas must ‘prove’ itself to S&P
* ‘Not at all’ upset nation still ‘junk’ * Blames former Govt’s failure to deliver * Nation has 12-24 months to execute
The Government must “prove” it can deliver on its fiscal and economic turnaround strategy, the Deputy Prime Minister admitted yesterday, after Standard & Poor’s (S&P) kept the Bahamas at ‘junk’ status. K P Turnquest told Tribune Business he was “not at all” disappointed at the outcome of S&P’s annual review of the Bahamas’ sovereign creditworthiness, despite having previously expressed optimism that the Government could make the case to be upgraded to ‘investment grade’ status.
RoyalFidelity's fund with 'different angle'
RoyalFidelity is planning to launch an “alternative” US$ fund this summer that aims to minimise market volatility risk, a move coinciding with the maturing of another product forecast to generate 50 per cent investor returns.
Baha Mar 'close' to $150m spend on Bahamians
BAHA Mar is "close" to investing $150 million with Bahamian contractors for its Cable Beach redevelopment, as it prepares to today launch the $2.6 billion project's 300 luxury Residences to high net-worth buyers from across the world in London.
Pinder moves one year after ‘amazing’ deal
One year after receiving a “mind blowing” offer he was unable to turn down, former financial services minister Ryan Pinder yesterday confirmed his career is on the move again - this time to the Graham, Thompson & Co law firm as partner.
BTC TARGETS 30-40 STORES BY END-2012
By NEIL HARTNELL Tribune Business Editor The Bahamas Telecommunications Company (BTC) is aiming to expand its retail network to between 30-40 stores at 2012 year-end, an executive yesterday telling Tribune Business it hoped to have a national 4G network
Road project borrowing to strike $206m
Road project borrowing to strike $206m By NEIL HARTNELL Tribune Business Editor Both the Government and Opposition PLP yesterday effectively attempted to blame the other for the poor management and huge cost overruns impacting the controversial New Prov
Nassau world’s 5th most expensive city for hotel vacations
Nassau’s was yesterday ranked as the fifth most expensive city in the world for hotel accommodation, a finding that will further raise concern that this nation is slowly pricing itself out of the global tourism market.
‘I want Schooner Bay progress’, says ex-PM
An ex-prime minister yesterday asserted he wants to see “progress and development” at an Abaco community once held up as sustainable development model following its baffling break with a former management partner.
MSC cruise port: No lease agreement yet
No agreement has yet been reached to transfer the lease of Ocean Cay to Mediterranean Shipping Company (MSC) for its private cruise port, with the current holder saying of the project: "It won't be done overnight."
Services Coalition ‘irony’ over WTO
Lack of private sector involvement has been a key factor in why the Bahamas’ bid for full World Trade Organisation (WTO) membership has lasted 15 years and counting, a former Securities Commission principal believes.
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
BCA chief: 'Many smaller builders' oppose regulation
BCA chief: 'Many smaller builders' oppose regulation By NEIL HARTNELL Tribune Business Editor Many smaller Bahamian contractors do not support the Bahamian Contractors Association (BCA) or its push for legislation to regulate the industry, the latter's
Bahamas can’t afford ‘another five years’ of secretive governance
The Bahamas cannot afford “another five-year cycle” of unaccountable government spending, a governance reformer warned yesterday, arguing that a Fiscal Responsibility Act should have “preceded” Value-Added Tax (VAT).
Governor to ‘bridge gap’ between banks, web shops
The Central Bank’s governor has reaffirmed his commitment to “bridge the gap” between the commercial banking industry and web shop operators, and help ease his licensees’ compliance concerns.
Sixty-day termination notice ‘recipe for woe’
The National Tripartite Council’s co-chairman has branded the proposed ‘60-day advance notice’ that employers must give of impending redundancies as “a recipe for putting your business in trouble”.
12 union-saving law creates a ‘win-win’
The Government’s recent 12 union-saving legislation helped produce what one labour executive yesterday described as a “win-win” in the Court of Appeal, with a Harbour Island resort and its opposition both achieving their main objectives.
TUC chief: ‘jury still out’ on union-saving legislation
A trade union leader said yesterday that “the jury is still out” on whether the Government’s recent union-saving had truly “cured the mischief”, as one attorney confirmed he had filed for a Judicial Review over the issue.
SPEED WEEK CHIEF EYES 2,500-3,000 EXTRA ROOM NIGHTS
By NEIL HARTNELL Tribune Business Editor Bahamas Speed Week's president has estimated that the revival event generated between 2,500-3,000 room nights for the Bahamian hotel industry, describing its economic impact as "quite substantial". While Bahamas S
‘No guarantees’ for web shops
Web shop operators were yesterday said to be “very concerned” over the uncertainty and lack of any guarantees surrounding the industry’s impending legalisation.
Bank braces for $2.4m tax impact
Bank of the Bahamas is bracing for a $2.4 million fourth quarter hit from the 3 per cent ‘bank tax’ unveiled in the 2013-2014 Budget, its managing director yesterday expressing “cautious optimism” it would return to profitability in its 2015 financial year.
