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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.

FNM deputy fears ‘bubble pop’ over infrastructure spend

The Government’s lack of investment in infrastructure will be “a bubble that pops” on the next administration, the Opposition’s finance spokesman warned yesterday, adding that this was contrary to the International Monetary Fund’s (IMF) advice.

PHA exceeds bond target with $26-$27m

The Public Hospitals Authority's (PHA) $25 million bond issue closed slightly oversubscribed, its financial advisers estimating that between $26-$27 million has been raised from investors.

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

Ex-Miss Bahamas accuses Tourism on copyright, $130k

* Khiara Sherman claims song used with no say-so * Copyright infringed in promoting Bahamas to guests * And Ministry ‘breached’ three-year employment deal

A former Miss Bahamas Universe winner-turned-songstress is suing the Ministry of Tourism for allegedly breaching a $130,000 employment contract and violating her copyright. Khiara Sherman, who once represented the Bahamas at the global pageant then-controlled by US president, Donald Trump, is claiming the Ministry failed to obtain permission to use her song, Fly Away With Me, in its multi-million dollar marketing campaigns.

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.

'Five Baha Mars' needed to solve jobless crisis

The Bahamas needs “five Baha Mars going on” simultaneously to achieve the 5.5 per cent GDP growth necessary to slash existing unemployment by 50 per cent and absorb thousands of annual school leavers into the workforce.

Kosoy, Sterling eye Hurricane Hole deal

David Kosoy’s Sterling Global Financial is in negotiations to acquire Paradise Island’s Hurricane Hole property from Atlantis’s owner, Tribune Business can reveal.

AG: We’ll deal with ‘major slippage’ in anti-launder regime

THE Attorney General yesterday pledged to address the Bahamas’ “significant slippage” in the battle against financial crime through roll-out of its National Risk framework before year-end.

Deloitte to collect $100m in ‘bad’ BOB commercial loans

The Government yesterday confirmed Tribune Business’s disclosure earlier this week that Deloitte & Touche has been selected as the accounting firm charged with collecting on $100 worth of ‘bad’ commercial loans formerly belonging to Bank of the Bahamas.

Tourism ‘softness’ exposed with 7% room revenue fall

Tourism “softness” resulted in a 7 per cent year-over-year decline in peak winter room revenues for Nassau’s major hotels, with both occupancies and pricing coming under pressure.

Bahamians urged: Show ‘more ‘outrage’ over financial crimes

BAHAMIANS were yesterday urged to show “more outrage” over financial crime and poor business practices, a prominent cleric arguing that these had become “entrenched in our culture”.

Bahamas ‘shooting ourselves in foot’ on insurance regulation

* Bahamas ‘going beyond’ AML standard * AG: ‘We’ll give general insurers one year’ * Fears captive revival undermined

FEARS were raised again yesterday that the Bahamas could be “shooting ourselves in the foot” by including general and captive insurers within its anti-money laundering regime. Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, urged the Government to provide the “benchmarking” studies and data to support its decision to define both market segments as financial institutions under the Financial Transactions Reporting Act (FTRA).

Liquidation reforms to give nation advantage

By NEIL HARTNELL Tribune Business Editor Reforms to the Companies Act's liquidation regime that deal with assets held in trust are "very progressive" and give the Bahamas a competitive advantage over its main Caribbean international financial centre riva

Liquidator targeting Govt’s $720k oil fee

Some $720,000 in oil exploration license fees that were paid to the Bahamas Government are being targeted by a Cayman-based liquidator, who has written to two Cabinet ministers seeking their assistance in recovering the funds.

Just 12% of mortgages finance 'new buildings'

New Central Bank of the Bahamas date has provided a further insight into the sluggish home construction market, with just 12 per cent of mortgage applications involving 'new builds'.

‘Get out of dark ages’, Gov’t and unions told

* Reformer urges end to worker benefits focus * Calls for more productivity ‘to lift GDP growth’ * And wants wages ‘held’ at current levels

The Department of Labour must “get out of the dark ages” and focus on improved worker productivity if the Bahamas is to enjoy higher GDP growth, a governance reformer urged yesterday. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Labour Department and trade unions needed to stop pushing for increased worker benefits “if we are to lift ourselves out of this socio-economic recession”. Arguing that both were still “singing the same old song”, Mr Myers called for wages and benefits to be “held” at present levels until the Bahamian economy generated improved GDP growth rates.

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