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IMF's 2.5% Bahamas growth is 'a stretch'
THE Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chairman yesterday said it would "really be a stretch" for the Bahamian economy to achieve the newly-released International Monetary Fund's (IMF) projected 2.5 per cent GDP growth rate for 2012, unless it and the Government knew something 'outsiders' did not.
Insurers ‘not oblivious’ to Bahamas sanctions threat
THE insurance industry “is not oblivious” to the need for the Bahamas to comply with global anti-financial crime standards and avoid sanctions, its chairman said yesterday.
$225m World Mart principals 'very encouraged' over Chinese meetings
ONCE of the principals behind the proposed $225 million trade market proposed for Freeport yesterday told Tribune Business they were "very encouraged" by the outcome of meetings with China-based strategic partners, and hoped to engage the new PLP government over a Heads of Agreement for the project shortly.
BAHAMAS TO BECOME 'CRUISE NO.1' IN 2012
By NEIL HARTNELL Tribune Business Editor The Bahamas is expected to "exceed" and surpass Cozumel as the Caribbean's leading cruise destination if it maintains its current growth rate, the minister of tourism said, with 2011 stopover visitors to this nati
QC: Legalisation of web shops has defied the critics
The web shop industry’s legalisastion has produced the opposite effect to the predictions of many critcs, a well-known QC has argued.
Bahamasair eyes 'break even' despite $21m loss
Bahamasair eyes 'break even' despite $21m loss By NEIL HARTNELL Tribune Business Editor Despite being on target for a $21 million loss in its 2011-2012 financial year, Bahamasair's chairman says the airline is trending in the right direction and eventua
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.
BIA chair warns on Brexit's potential to impact FDI, banking
The Bahamas Insurance Association's (BIA) chairman yesterday warned it was currently impossible to predict how the UK's European Union (EU) exit will impact the Bahamas, adding: "The only certainty is uncertainty".
Bahamian insurer ‘bolstered’ after hurricane losses
* Security and General in Q4 capital injection * Performance ‘marginal’, ‘below average’ * Rival Summit also gets top ratings
A MAJOR Bahamian insurer has seen its balance sheet “bolstered” by its parent as a result of recent hurricane-related losses. A. M. Best, the insurance rating agency, said Security and General Insurance Company had received a fourth quarter capital injection from its Bermuda-based owner following recent storm payouts. The rating agency, which reaffirmed the Bahamian property and casualty insurer’s creditworthiness, provided few details and its top executive, Marlon Graham, did not return Tribune Business’s voice mail message yesterday seeking comment.
Govt told: ‘Cut inefficient taxes across the board’
The Government was yesterday urged by a leading governance reformer to reduce “inefficient taxes across the board” so that it could make room for potential Value-Added Tax (VAT) rate increases.
Property Fund ‘gap’ as PwC to vacate Providence House
THE BISX-listed Bahamas Property Fund is preparing for temporary vacancy at its last fully-occupied property, following a $2.206 million third quarter hit caused by a timing adjustment.
Atlantis takeover 'best thing that ever happened'
By NEIL HARTNELL Tribune Business Editor Brookfield Asset Management's ownership takeover at Atlantis and the One & Only Ocean Club has been described by a leading accountant as "the best thing that ever happened for the Bahamas". Raymond Winder, managin
BTC slammed with $1.581m fine over network outage
The Bahamas Telecommunications Company (BTC) was last night hit with a $1.581 million fine for last March’s network outage, the sector regulator finding it did not take action to maintain a “functioning” communications system.
BPL pledges: You’ll have ‘soft landing’ on extra charge
BAHAMAS Power & Light’s (BPL) chairman yesterday pledged to make “the landing as soft as possible” for Bahamian consumers when it adds a debt servicing charge to their bills.
Super Value chief: Prices up 2-3% with new Port
SUPER Value's owner yesterday warned the price of many grocery items is likely to increase by at least 2-3 per cent, having been told that freight rates will rise by 10 per cent due to the new/revised charges being imposed by the Arawak Cay Port.
Hotels target 'modest increase' for 2012 Q1
By NEIL HARTNELL Tribune Business Editor The Nassau/Paradise Island hotel industry is hoping to enjoy "a modest increase in all key metrics" for January and the 2012 first quarter, the Bahamas Hotel Association's (BHA) president last night pointing out t
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
$112m spent with 'no due process'
$112m spent with 'no due process' By NEIL HARTNELL Tribune Business Editor With more than $112 million in public monies spent "without any evidence of due process", the Bahamian Contractors Association's (BCA) president has urged the Government to use t
