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CIBC: Bahamas worst for ‘bad’ mortgages

CIBC’s top Caribbean executive yesterday revealed that the “magnitude” of non-performing home loans in the Bahamas was “greater than anywhere else” in the region, this nation accounting for 50 per cent of the bank’s ‘bad’ mortgages.

ROBERTS EARNS TOP DESIGNATION

Larry Roberts, chief executive of NAI Bahamas, the commercial division of Bahamas Realty, has achieved the SIOR office designation awarded by the Society of Industrial and Office Realtors. SIOR is a Washington DC-based international organisation of more

Bahamian management consultants move ahead

Bahamian management consultants move ahead The interim Bahamas Chapter of the Caribbean Institute of Certified Management Consultants (CICMC) has taken another step towards full Chapter certification and affiliation. Dennis Strong, a world-renowned manag

'Little chance' to lower high debt, bad loan levels

The Central Bank of the Bahamas has admitted the current economic climate provides "little opportunity" to reduce high consumer debt and loan delinquency levels, with only 'qualified borrowers' able to access credit.

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'.

PM cuts 2016 GDP growth to just 0.5%

Prime Minister Perry Christie yesterday slashed a full percentage point off the Bahamas’ projected economic growth for 2016, cutting real GDP expansion estimates to just 0.5 per cent.

Gov’t is warned: Don’t fall in love with VAT monies

The Government has been warned not to become “too enamoured” with Value-Added Tax’s (VAT) relatively successful start in preparing next week’s 2015-2016 Budget.

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.

$10M SOCIAL SECURITY REFORMS 'FIRST OF THEIR KIND' IN CARIBBEAN

By NEIL HARTNELL Tribune Business Editor The Bahamas' proposed $10 million social security reform initiative is a 'first-of-its-kind' in the Caribbean, as it will tie welfare payments to "improving human capital" through better educational achievement fo

Don’t make Moody’s a ‘political football’

The Bahamas will have “no one to blame but ourselves” if Moody’s follows through with its threat of a potential ‘junk’ downgrade, the Chamber of Commerce’s chief executive yesterday urging all politic

What employers look for in their workers

What employers look for in their workers By Ian Ferguson In a few months our seniors will be leaving high school, with many of them seeking employment in our already-saturated job market. The question is: "Will many of them be equipped with the competen

BTC TAKES 4G TO GRAND BAHAMA

The Bahamas Telecommunications Company (BTC) has introduced its fourth generation (4G) network on Grand Bahama via a soft launch. Coming almost a month ahead of schedule, it follows the official launch of the same technology in New Providence one week ea

Shareholder outrage over ‘no change’ BOB

Bank of the Bahamas shareholders yesterday reacted with outrage over the decision to nominate the existing Board of Directors for re-election, one demanding: “Where does the buck stop?”

Realtors targeting $40m sales to wake ‘sleeping giant’

Bahamian realtors yesterday said they were targeting “$40-odd million” in total sales as they bid to awaken the ‘sleeping giant’ that is the Lyford Hills project, which is being developed by ex-Cabinet minister Tennyson Wells.

All Govt’s ‘committed sins’ managing nation

A Cabinet Minister yesterday admitted that successive governments had “committed some sins” in failing to properly manage the Bahamas, as he warned: “The world is leaving us behind.”

PM: Atlantis makes granting Chinese demands impossible

The Prime Minister yesterday said Atlantis’s ‘most favoured investor’ status made it impossible for him to grant the type of incentives the Chinese were said to be demanding over Baha Mar.

QC: Don’t reward $35m Nygard ‘law breaking’

The Government was yesterday urged not to reward two decades of alleged law-breaking by approving Peter Nygard’s new development applications, a well-known QC suggesting he had seized land worth $35 million without permission.

BTC mobile competitor ‘not planning to lose’

The Bahamas’ second mobile operator says it is “not planning to lose”, as it kicked-off its market entrance with the introduction of the ‘Aliv’ brand, promising to deliver a superior experience and customer plans.

BAHAMAS URGED: ADDRESS FINANCIAL LAW WEAKNESSES

By NEIL HARTNELL Tribune Business Editor The US government has again urged the Bahamas to strengthen its anti-terror financing laws and make membership of organised criminal gangs a criminal offence, according to a recently-released US State Department r

Florida court blocks $7.59m Bahamas ruling

A contractor’s bid to enforce a $7.59 million Bahamas Supreme Court judgment against a major global hotel chain has been blocked by a Florida appeals court, which ruled the latter was not involved in a $1 billion Bahamian joint venture.

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