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Business editor's review of BoB issue

EDITOR, The Tribune.

S&P: Hit 3% VAT goal to escape credit downgrade

The Bahamas was yesterday warned that hitting Value-Added Tax (VAT) revenue targets equivalent to 3 per cent of GDP is “key” to avoiding another credit downgrade, with Wall Street also “watching” the Bank of the Bahamas situation.

Arawak port eyes 40% profit growth

The Arawak Port Development Company (APD) is projecting a 40.2 per cent net income increase for its 2015 financial year, while raising security and tax evasion concerns over Potter’s Cay and Family Island ports.

Fidelity's 46% profit growth aided by $1m affiliate boost

Fidelity Bank (Bahamas) yesterday unveiled a 45.8 per cent net income increase for the year to end-September 2014, aided by a $1 million contribution from the 50 per cent equity stake it holds in its merchant bank affiliate.

Atlantis chief warns on hotel 'casualties'

Atlantis’s top executive yesterday warned there will be “casualties” among New Providence’s resorts if the island keeps adding hotel rooms without a matching increase in airlift.

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Call for overhaul of BOB directors

FNM chairman Darron Cash called yesterday for a complete overhaul of the board of directors at the Bank of the Bahamas and criticised Central Bank governor Wendy Craig for agreeing with the government's decision to establish a company that will absorb $100 million of BOB's toxic commercial loan debts.

Bank: Commercial exit 'double edged sword'

Bank of the Bahamas yesterday said its decision to “curtail” its commercial lending activities was a “double-edged sword” for the country, as it would potentially retard private sector and economic growth.

Bank of Bahamas: 'We'll be profitable within 12 months'

Bank of the Bahamas’ managing director yesterday expressed confidence it would return to profitability “within the next 12 months”, revealing that the loan portfolio “clean up” had largely been completed by end-September 2014.

Bahamas avoids tax exchange 'disaster'

The Bahamas is “in the best possible position” following last week’s OECD Global Forum, a private sector executive warning yesterday that it would have been “disastrous” not to agree to automatically exchange tax information.

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.

BFSB plans briefing on insurance sector

The Bahamas Financial Services Board (BFSB) will later this month host a half-day Insurance Industry briefing that includes a ‘Captives 201’ component.

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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.

Bank of Bahamas: $69m loss drove insolvency fears

Bank of the Bahamas’ shareholders suffered a $68.747 million net loss for the year to end-June 30, wiping out its retained earnings prior to Friday’s $100 million bail-out.

OPINION: Bank of Bahamas investors to enjoy bail-out boost

Let’s not mince words: Everyone in the commercial banking industry knew that Bank of the Bahamas has been in trouble for some time. The only questions were the size of the damage, and how the Government would fill the ‘hole’.

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Wildcats win opener over Andros

The Sigma Wildcats came up with a big five-run bottom of the fourth inning to secure an 11-7 victory over Andros to open the Bahamas Softball Federation’s National Round Robin Tournament on a high note last night in the Banker’s Field at the Baillou Hills Sporting Complex.

'Exclude' renewable energies from VAT

The Government has been urged to “exclude” renewable energy devices from Value-Added Tax (VAT), a leading sector provider suggesting this would incentivise their use and match existing tax policy.

Auto dealers fear VAT 'perfect storm'

Bahamian auto dealers yesterday said they feared Value-Added Tax (VAT) would combine with a flat economy to create “another perfect storm”, with new car sales still 45 per cent below their 2007 peak.

Near rock-bottom renewable ranking 'speaks for itself'

The Bahamas’ continued near-rock bottom ranking among developing nations for renewable energy adoption “speaks for itself”, industry players said yesterday amid renewed calls for “clear” government policies to spark the industry’s growth.

Court 'quashes' Commission probe into BISX firm's broker

The Securities Commission is appealing a court verdict that “quashed” its bid to assess the solvency of a BISX-listed company’s broker/dealer affiliate, which is embroiled in an ongoing $340 million fraud probe.

IDB project to unlock Andros's $260m 'capital'

The Government is seeking to develop a sustainable framework for unlocking Andros’s ‘natural economic capital’, which studies have suggested could deliver $260 million a year “in net economic benefits”.