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Cybots rout Cleaners 104-71, Wreckers clip Rockets 87-86

WHILE the Mail Boat Cybots pulled off a rout, the Y-Care Wreckers had to go right down to the wire before they prevailed in the New Providence Basketball Association’s double header at the AF Adderley Gymnasium on Monday night.

BISX listee's main owner 'fears' for $4-5m stake

Liquidators for a collapsed $471 million fund structure yesterday said they were “very concerned” about continued losses that are undermining the value of a $4-$5 million equity stake in a BISX-listed company, which they are attempting to “monetise”.

Bahamas Waste: 'Big concerns' over VAT's receivables impact

Bahamas Waste yesterday said it was taking “a wait and see “ approach to Value-Added Tax (VAT), with its “biggest concerns” centred on its $2 million-plus receivables and fears it may have to ‘carry’ non-paying customers.

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.

Smith 'incorrect' in claims over new immigration rules

THE Ministry of Foreign Affairs has branded recent remarks made by president of the Grand Bahama Human Rights Association Fred Smith over its new immigration restrictions as a “grave error”.

Commercial real estate VAT change 'a minor victory'

The Bahamas Real Estate Association’s (BREA) president yesterday hailed the Government’s u-turn on commercial property Value-Added Tax (VAT) as “a small victory”, and expressed hope it would listen to the industry’s other tax reform concerns.

Bank in special Xmas dividend

Commonwealth Bank’s 6,000-plus shareholders will have a little more money to spend during the holidays this year when the bank issues a pre-Christmas extraordinary dividend of $0.06 per share.

Haitian group rejects boycott

THE United Association of Haitians and Bahamians has publicly denounced the “vicious and unfair” comments of a Florida politician and a Haitian-Bahamian activist whom they said were “misinformed” and could not speak for those at the centre of the government’s new immigration policies.

Bank 'Resolve' could help mortgage relief

A top banker yesterday suggested the ‘Bahamas Resolve’ concept could be expanded to deal with other commercial bank ‘bad loans’, and potentially kickstart the Government’s stalled Mortgage Relief Plan.

NHI architects tout $160m benefit savings

The National Health Insurance (NHI) plan’s architects yesterday forecast that the scheme would generate almost $160 million in annual benefit savings by 2025, pledging that its impact would be “fiscally neutral”.

Bahamas 'hub' on Lombard Odier's Latam expansion

Top Lombard Odier executives yesterday said they planned to use their Bahamas operation as “a hub” to support further expansion into Latin America, adding that this nation’s financial services industry was likely to join global consolidation trends.

McCartney: I don't trust the govt with implementing VAT

DNA Leader Branville McCartney criticised the government over recent hotel job losses and said that the PLP’s promised “grandiose employment strategy” has “failed to come to fruition”. Mr McCartney said yesterday that the “highly touted” job creation promised by the Progressive Liberal Party during its campaign ahead of the 2012 general election has turned out to be “nothing more than another empty campaign promise”.

Bank of Bahamas: QC urges suit if 'no accountability'

A top QC yesterday urged minority Bank of the Bahamas shareholders to launch a ‘class action’ style lawsuit if the institution fails to fully account for its $100 million ‘rescue’ by the Government.

Bahamas must 'cast its net beyond tourism'

The Bahamas must “cast its net beyond tourism” to grow and diversify the economy, a private sector executive describing this as a key step in attracting more qualified professionals/university graduates back to this nation.

YOUNG MAN'S VIEW: Bank of the Bahamas fiasco highlights social inequality

THE Bank of the Bahamas (BOB) fiasco is a national disgrace and rational, reasonable Bahamians cannot help but wonder how that BISX-listed institution’s loan portfolio could become such a shameful mess with the accrual of hundreds of millions of dollars of non-performing loans. The bank can only be likened to an asue where everyone withdraws and drops out once they have got their share.

Cash flow mismatch costs Gov't $136m

The Bahamian government could slash its borrowing needs by $136 million through implementing basic cash flow management systems, with up to 10 per cent of its annual debt financing deemed “unnecessary”.

$100m bank rescue 'no reflection' on Board and managers

Bank of the Bahamas’ $100 million rescue is “not an adverse reflection” on its management or Board, but epitomises a commercial bank “reality” that was last week reiterated by Scotiabank’s nine-digit Caribbean writedown.

PharmaChem deal gives Chamber chief 'optimism'

The Grand Bahama Chamber of Commerce’s newly-elected president hasexpressed “cautious optimism” for Grand Bahama’s economy, following the recently-completed acquisition of PharmaChem Technologies (Grand Bahama’s) net assets.

'Comprehensive list' of all outstanding VAT issues sought

The Coalition for Responsible Taxation’s co-chairman yesterday urged that a “comprehensive list” of all outstanding Value-Added Tax (VAT) issues be drawn up, with matters involving ‘inclusive’ pricing, loan origination fees and homeowners associations all still unresolved.

BTC left 'flat' by price/cost cutting

The Bahamas Telecommunications Company’s (BTC) controlling shareholder yesterday blamed its “flat” first-half financial performance on preparations for cellular competition, with net income matching last year’s $37 million.

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