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Bahamas ranked in bottom three of finance centres
A FORMER Bahamas Financial Services Board (BFSB) chairman yesterday said a report that ranked the Bahamas a lowly 75th out of 77 global financial centres would "not impact" this jurisdiction's core private wealth management client base, adding that he was "more worried" about G-20 driven regulatory initiatives.
FINCO in profit boost as bad loans hit $100m
FINCO in profit boost as bad loans hit $100m By NEIL HARTNELL Tribune Business Editor The $5.4 million boost from changes to its loan loss provisioning calculation enabled Finance Corporation of the Bahamas (FINCO) to enjoy a 3.18 per cent net income in
Broker clients want right to sue for $25
By NEIL HARTNELL Tribune Business Editor Clients of a failed Bahamian broker/dealer are seeking a Supreme Court order that would assign them the right to sue those deemed responsible for their collective $24.5 million loss, fearing they may lose forever
Wind farm targets 2013 'commission'
By NEIL HARTNELL Tribune Business Editor A renewable energy provider is looking to "commission" its Eleuthera wind farm by early 2013, having invested $250,000 in completing the first project phase involving the construction of a Meteorological tower. Th
COMMISSION URGED TO ACT ON $10M PORT PROSPECTUS
By NEIL HARTNELL Tribune Business Editor A prominent businessman has again urged the Securities Commission to "become involved" and ensure the prospectus for the $10 million Arawak Cay initial public offering (IPO) is amended to confirm that the 20 per c
FUND 'BELOW PAR' AFTER 50% VACANCY CUT FAILURE
By NEIL HARTNELL Tribune Business Editor The Bahamas Property Fund's failure to cut the 20 per cent vacancy rate at its flagship Bahamas Financial Centre by half meant its 2011 performance fell "slightly below expectations", although last May's Bahamian
Credit union member growth expands 29%
By NEIL HARTNELL Tribune Business Editor Bahamian credit unions have outpaced commercial banks through an average total asset growth rate of 9.25 per cent over the past five years, the Central Bank's governor said yesterday, their collective membership h
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.
Bahamas 'top of pack' on wealth management
By NEIL HARTNELL Tribune Business Editor Revised legislation will leave the Bahamas "at the top of the pack" among Caribbean financial centres when it comes to private wealth management, the Attorney General told Tribune Business yesterday. Lauding amend
Investor group eyeing $20-$30m water sales
Investor group eyeing $20-$30m water sales By NEIL HARTNELL Tribune Business Editor The investor group that acquired the former Bacardi plant believes its ECH2O bottled water brand can generate $20-$30 million in annual sales in five to six years time,
BFSB makes Landfall in Miami and Europe
BFSB makes Landfall in Miami and Europe The Bahamas Financial Services Board's (BFSB) main promotional event is set to make Landfall in Europe and Miami in June, as it seeks to educate intermediaries and their high net worth clients on what this jurisdi
$20M FIRE LOSSES 'UNPRECEDENTED'
By NEIL HARTNELL Tribune Business Editor A leading Bahamian general insurer yesterday said the pre-recession 60/40 split in its auto book had been reversed in favour of third party coverage, with 2011 an "unprecedented" year for large fire-related claims
LAW FIRM BLASTS CUSTOMS OVER 'WHIMSICAL FANCY'
By NEIL HARTNELL Tribune Business Editor A leading Bahamian law firm yesterday blasted as "almost unbelievable" Customs' second effort within two years to allegedly disrupt Freeport's $70-$120 million 'bonded goods' economy, arguing that arbitrary requir
ROYALSTAR INVESTORS GET '200% PAY OUT'
By NEIL HARTNELL Tribune Business Editor RoyalStar Assurance is expecting to generate a $2-$3 million net profit for 2011 despite enduring a tough year, its managing director yesterday saying the company had to-date "paid out almost 200 per cent" of the
'Unsustainable' costs drive Old Fort Club's 67% fee rise
By NEIL HARTNELL Tribune Business Editor The exclusive Old Fort Bay club yesterday warned members it had "no alternative" but to implement the first ever increase in annual membership dues, raising them by 67 per cent to $5,000 per year, given that costs
CREDIT BUREAU TARGET FOR END 2012/START 2013
By NEIL HARTNELL Tribune Business Editor A Bahamian credit bureau should be established by "the latter part of this year or early 2013", the Central Bank's governor has told Tribune Business, with its activation designed to prevent the almost-20 per cent
'UNSUSTAINABLE' COSTS DRIVE OLD FORT CLUB'S 67% FEE RISE
By NEIL HARTNELL Tribune Business Editor The exclusive Old Fort Bay club yesterday warned members it had "no alternative" but to implement the first ever increase in annual membership dues, raising them by 67 per cent to $5,000 per year, given that costs
Kerzner couldn't get 'unqualified' 2010 accounts
By NEIL HARTNELL Tribune Business Editor Kerzner International defaulted on its $2.5 billion loan agreement in May 2011, a lawsuit has alleged, with auditors unable to provide a set of 2010 'unqualified' financial statements for the Atlantis and One & On
OIL EXPLORER TO 'MOST DEFINITELY' BISX LIST IN 2012
By NEIL HARTNELL Tribune Business Editor A Bahamas-based oil exploration company is "most definitely" seeking to list on the local stock market this year via a Bahamian Depository Receipt (BDR) offering, its chief executive yesterday describing the data
Tackle other 'flies in ointment' of Freeport, says QC
By NEIL HARTNELL Tribune Business Editor The Government's decision to establish a committee to revise the Customs Guide to Freeport was yesterday hailed as "a first step to breathe modern life back into the Hawksbill Creek Agreement", a leading QC tellin
