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Rival Bahamian bidders in fight for last Gov’t hotel
Rival Bahamian-led bids with strong Andros connections are battling to acquire the last government-owned hotel, Tribune Business can reveal, with at least one proposal focusing on eco-tourism. Prescott Smith, owner of Stafford Creek Lodge, confirmed to Tribune Business that he was heading one group seeking to buy the Fresh Creek-based Lighthouse Club from the Government-owned Hotel Corporation of the Bahamas.
US judge slams broker chief’s ‘court disregard’
A Bahamian broker/dealer’s principal has been accused of “disregard for the court’s authority”, resulting in a New York judge blocking his bid to retreat from two multi-million dollar securities fraud lawsuits.
Contractors Association: No Baha Mar woe reports yet
Senior Bahamian Contractors Association (BCA) executives say they have yet to receive reports of local construction companies not getting due payments for work done on the $3.5 billion Baha Mar project.Senior Bahamian Contractors Association (BCA) executives say they have yet to receive reports of local construction companies not getting due payments for work done on the $3.5 billion Baha Mar project.
Union: No concern over BEC manager integrity
A BEC union leader yesterday said he had no concern over the integrity of its preferred management partner due to assurances given by the Government, telling Tribune Business: “It is what it is”.
Gov’t told: Don’t adjust tariffs at ‘last minute’
The Government was yesterday warned it has one month to inform auto dealers about whether the industry’s Excise Tax rates will be lowered to compensate for Value-Added Tax (VAT), otherwise it may see revenue generated by the sector drop-off in the New Year.
‘No doubt over VAT chaos’ on January 1
A well-known businessman yesterday said he had “no doubt” the Government will be unable to seamlessly implement Value-Added Tax (VAT) come January 1, suggesting “chaos” would result from failing to promptly educate the private sector.
1,200 room loss left Bahamas as 'most exposed' in Caribbean
1,200 room loss left Bahamas as 'most exposed' in Caribbean By NEIL HARTNELL Tribune Business Editor The Royal Oasis and Nassau Beach Hotel closures left the Bahamas as the "most exposed destination by far" in the Caribbean when the recession hit, the
Gov’t to commit on CLICO by year-end
The Government has pledged to make a public statement on its long-awaited CLICO (Bahamas) resolution by year-end, but one creditor yesterday said he “doesn’t expect a cheque will come” by Christmas.
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”.
Drug wholesalers yet to feel PHA’s 20% spend rise
Major Bahamian pharmaceutical wholesalers last night said they were yet to feel the benefits of the Public Hospitals Authority’s (PHA) 20 per cent ‘local’ spending increase, with two reporting a decline in government sales this year.
COLINA GENERAL HAD $2M ASSET DEFICIENCY
By NEIL HARTNELL Tribune Business Editor Colina General Insurance Agency had an almost-$2 million balance sheet solvency deficiency when it was acquired by its sister company, BISX-listed Colina Holdings (Bahamas), in early December 2011 for just $1, Tri
RoyalFidelity predicts ‘double digit millions’ for new fund
RoyalFidelity believes its latest mutual fund will attract “double digit millions” from Bahamian investors through its promise to pay them a 4 per cent annual dividend.
IMF slashes Bahamas 2016 growth to 1.5%
The International Monetary Fund (IMF) has slashed its 2016 growth forecast for the Bahamas by a further 0.7 percentage points to just 1.5 per cent, due to the Baha Mar impasse.
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.
Gov't accounting switch 'fantastic'
The Government’s planned switch to an accrual financial reporting system has been praised as “fantastic”, a leading accountant arguing it will boost accountability and improve Budget planning.
BAHAMAS 'UNAWARE' OF FINANCIAL 'WATCH LIST' PLACEMENT
By NEIL HARTNELL Tribune Business Editor A government minister last night said the Ingraham administration "was not aware of any international concerns" relating to the Bahamian financial services industry, after reports surfaced that this nation had bee
Insurers: ‘Light at end of tunnel’ over taxation
Bahamian insurers yesterday voiced relief that there is “light at the end of the tunnel” after the Government said it would drop plans to move the industry to a Business Licence fee taxation regime.
Realtor has ‘never seen such high rental rates’
A Bahamian realtor says he has “never seen such high rental rates” as now exist in some of western New Providence’s most upscale communities with demand in this segment now suppressing available-for-sale inventory.
Price controls ‘out window’ with WTO
The Bahamas Motor Dealers Association’s (BMDA) president yesterday expressed hope that WTO membership will result in price controls “going out the window” to be scrapped.
BEC survives a fuel ‘emergency’
The Bahamas Electricity Corporation (BEC) suffered an “emergency situation” on Wednesday night after it almost ran out of fuel due to bad weather disrupting shipping.
