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Lone tennis player to represent Bahamas at Pan Am Games

PHILIP Major Jr has his bags packed and is ready to leave town today to compete in the 17th Pan American Games.

The Hawksbill agreement - and its importance to Grand Bahama

FREEPORT would not be in existence without the Hawksbill Creek Agreement, which has given rise to major infrastructural and investment developments on the island of Grand Bahama.

Broker earned $14.5m in ‘ill-gotten’ proceeds

A Bahamian broker/dealer and its principal allegedly earned nearly $14.5 million in “ill-gotten gains” from breaching US securities laws, regulators alleged in court filings this week.

Bahamas Waste eyes ‘all options’ for loss making recyclings

Bahamas Waste is “looking at all the options” for its two recycling ventures that lost a combined $329,000 in 2014, warning that it could not continue “great environmental initiatives” with losses of such magnitude.

CIBC: Bahamas stands tall versus rest of Caribbean

The Government’s fiscal reform efforts have been praised by CIBC FirstCaribbean’s Canadian parent, which believes the Bahamas’ sovereign rating “measures up pretty well against” over Caribbean nations.

RoyalStar ‘in position’ for IPO by year’s end

A leading Bahamian insurer yesterday said it “will be in position” by year’s end to become a public company should its Board decide to move in this direction.

Bahamas athletes settled and ready to compete

TEAM Bahamas is all set to begin competition at the 15th IAAF World Championships with Jeffrey Gibson first out of the blocks in the heats of the men’s 400 metres hurdles on Saturday.

Bahamas’ big night at Heat game

MIAMI, Florida - It was dubbed the ‘Bahamas Tourism and Baha Mar Theme Night’ and it was an opportunity to show off the Bahamas to the world.

CWC: BTC ‘lags’ region despite $75m investment

The Bahamas Telecommunications Company’s (BTC) controlling owner yesterday conceded that its network quality “lags” much of the Caribbean and wider world, despite increasing its capital investment by 47 per cent last year.

SPORTING MISCHIEF & MAYHEM: Perseverance and persistence pays off

THIS week’s column is dedicated to 13 tough-as-nails baseball players in the coach pitch division of JBLN (the Junior Baseball League of Nassau) - the Bahamas Wi Max Cubs. The 0-9 Cubs ... pardon me, now the 1-9 Cubs!

Web shop chief backs delay in licence bid deadline

THE head of the country’s largest web shop chain has confirmed that the government’s decision to extend the deadline for web shops to submit their bids for licences was due to a “discrepancy on the back taxes and the interpretation of what turnover is”.

Ex-minister ‘in dark’ on F’port committee role

A former Cabinet minister yesterday said he only found out the Government wanted to appoint him to the committee that will determine Freeport’s future when it was announced in the House of Assembly.

'Reinvest VAT monies in economy stimulus'

A Bahamian fraud expert has urged the Government to use some of its Value-Added Tax (VAT) windfall as an “economic stimulus”, and counter a likely initial increase in unemployment caused by the new tax.

Chamber chief: Delay joining WTO until 2017

The Bahamas should “put off” becoming a full World Trade Organisation (WTO) membership until 2017, a leading private sector executive said yesterday, as this would provide enough time to assess Value-Added Tax’s (VAT) performance.

Minnis: Name the politicians with delinquent Bank of Bahamas debts

THE FNM yesterday demanded that the government reveal the names of all politicians whose delinquent debts may have contributed to the government’s proposed $100 million bail out of the Bank of The Bahamas (BOB), a move the party dubbed as nothing more than continued political cronyism.

Chamber chief urges 'feasibility plan' over bank rescue

The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday called for the Government to produce a “feasibility plan” for the Bank of the Bahamas ‘rescue’, questioning why no other institution had experienced similar problems.

Gov’t ‘forgets’ 10% spend cut vital for VAT success

Government policymakers have “certainly forgotten” that a real 10 per cent spending cut must combine with 7.5 per cent Value-Added Tax (VAT) if the Bahamas is to eliminate its fiscal deficits.

S&P ‘closely monitoring’ Bank of Bahamas situation

Standard & Poor’s (S&P) says it is still “closely monitoring” the $100 million Bank of the Bahamas ‘bailout’ to ensure this is an isolated event, describing the situation as a “downside risk” for this nation.

Thinking sex

By Ian Bethell Bennett

LETTER TO THE BUSINESS EDITOR: A taxpayer gift to private shareholders

Years of poor management, poor lending discipline and politically-related loans have led Bank of the Bahamas (BoB) to a loan book where 39 per cent ent of total credit was non-accrual (impaired) at June 30, 2014. No, that was not a typo, 39 per cent. For perspective, a non-accrual ratio of 3 per cent or less is considered healthy, and Commonwealth Bank had a respectable 4 per cent ratio at year-end.

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