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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.

Govt sought BPL fix in 12-months

The Government wanted Bahamas Power & Light's (BPL) manager to guarantee its facilities would match the operational standards of comparable energy utilities within a year of taking over, Tribune Business can reveal.

Sarkis loss ‘over $3bn’ if Baha Mar hit targets

Sarkis Izmirlian would so far have “lost more than $3bn” in potential profits alone if the Baha Mar resort from which he was ousted hit his financial projections, an analyst’s report has calculated.

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.

OECD attacks like ‘unofficial blacklisting’ of the Bahamas

A former finance minister says the recent OECD-inspired media onslaught against the Bahamas is akin to an “unofficial blacklisting” of its financial services industry, describing the situation as “a new form of international colonialism”.

Bahamasair loses $3.5m crash monies

The Court of Appeal yesterday overturned a $3.5 million damages award to Bahamasair, finding that the airline had failed to install an upgraded part that may have prevented a 2007 crash landing.

Broker warns Feds: 'I'll plead the Fifth'

A Bahamian broker/dealer's principal has warned US federal regulators that their efforts to obtain evidence from him over two alleged multi-million dollar securities frauds will be futile, as his lips will be sealed.

Bahamas ‘on probation’: 17-step action plan cure

The Government has detailed a 17-step ‘action plan’ to strengthen the Bahamas’ anti-money laundering regime, with a top regulator describing this nation as “on probation” over increasing weaknesses.

IMF fiscal reform delays 'may jeopardise recovery'

By NEIL HARTNELL Tribune Business Editor A failure to rapidly implement tax reforms "could jeopardise a sustained recovery" in the Bahamas, the International Monetary Fund (IMF) warning the Government's plans were "not sufficient" to reverse a rising $4.

Casino reforms keep expat resident bar

The Government’s decision not to allow permanent residents and work permit holders to gamble in Bahamian casinos is a “miniscule” issue that will not delay much-needed reform, a tourism industry executive said yesterday.

Air cargo costs to rise ‘tremendously’

Bahamians were yesterday warned that the cost of imported air freight will increase “tremendously” as a result of the new Customs fees and fines set to be imposed on operators from today.

‘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.

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