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CIBC loss to unions: 'Don't rattle the cage'
CIBC FirstCaribbean’s $174 million net loss is a warning signal to Bahamian trade unions not to make unrealistic demands or engage in the threatened three-day national strike, a leading businessman believes.
Union: No CIBC lay-offs likely before September
THE Bahamas Financial Services Union (BFSU) does not foresee any redundancies at CIBC FirstCaribbean International Bank (Bahamas) before September 30, its president expressing concern over the outsourcing of decision-making authority in the commercial banking industry.
Colina generates 27% investor profit rise
Colina Holdings (Bahamas) yesterday said a strong 2014 first quarter had generated a 27.2 per cent increase in net income attributable to ordinary shareholders, with total assets growing $14.8 million in three months.
Bahamas Waste beats Q1 profit goals by 24%
Bahamas Waste has returned to historical first quarter profit levels after its net income more-than-tripled year-over-year, a result that exceeded its own expectations by 24 per cent.
Ya Hear
• Ya hear Jay Z and Beyoncé playing it cool? By this time most of the world has probably seen the infamous video of Solange Knowles attacking ‘the Hov’ in the elevator of the Standard Hotel in New York after the Met Gala Ball last week.
PM's adviser: Join 'bandwagon' for Investor Citizens
A senior adviser to Prime Minister Perry Christie yesterday urged the Bahamas to “join the bandwagon” by introducing an Investor Citizenship programme to target the world’s wealthiest individuals, something that could have “the most transformative effect” on the economy.
Oil explorer targets 50 per cent well cost cut
The Bahamas Petroleum Company (BPC) is hoping to slash costs associated with drilling its first exploratory well by up to 50 per cent “without compromising” health and environmental safety standards.
'Special demands' sank $20m project
The Government refused to approve a $20 million agriculture project for North Andros because it did “not warrant” the special treatment it was seeking in the form of investment incentives.
FamGuard's 36% profit rise meets 'strong expectations'
Family Guardian’s holding company met “strong budgetary expectations” for 2013 with a 26.3 per cent comprehensive income rise, with net assets boosted by over $20 million via the consolidation of its mutual fund family.
GB Power: We missed return target by $5.26m
Grand Bahama Power Company says it undershot its regulator-approved rate of return by $5.26 million for the year to end-December 31, 2013, due to the weak economy and reduced sales.
'What's point of WTO if still uncompetitive?'
A Tax Coalition co-chair has questioned the rationale for the Bahamas becoming a full World Trade Organisation (WTO) member, given that it cannot compete with lower cost Caribbean rivals.
Deposit insurer facing upgrade
The Central Bank has moved to review the “legislative framework” for the Deposit Insurance Corporation, which saw its assets increase by $4.5 million to end 2013 at $32.1 million.
Costa Rica shows Bahamas way on nature preservation
A Bahamian environmentalist says Costa Rica has shown every country in the Caribbean that preserving natural beauty pays, appealing to visitors who treasure flora, fauna and natural wonders above t-shirts and trinkets.
No 'empowerment for jobs' trade-off on $50m aragonite plan
East Grand Bahama’s MP yesterday said he would have “difficulty” with a proposed $50 million aragonite mining project if it forced his constituents to trade their self-empowered lifestyle for jobs, given its potential impact on the area’s main fisheries source.
Environmentalist praises Costa Rica's green thinking
A LEADING environmentalist in The Bahamas said Costa Rica has shown every country in the Caribbean that preserving natural beauty pays, appealling to those who treasure flora, fauna and natural wonders above t-shirts and trinkets.
Fund close to $1.1m tax dispute solution
The Bahamas Property Fund’s administrator yesterday said “the future lies” with securing multiple small tenants instead of larger ones, as it moves to seal the resolution of a $1.082 million tax dispute with the Government.
GB Power earnings $5.26m above rate approved by Port
Grand Bahama Power Company’s earnings exceeded its regulator-approved rate of return by $5.26 million for the 18 months to end-December 2013, with its bottom line undergoing an almost-$29 million year-over-year reversal.
$100m Cable offer oversubscribed on its launch day
Cable Bahamas’s $100 million preference share issue was oversubscribed on its first day, but Bahamian institutional investors were yesterday urged to continue buying in as the company will “take what it can get”.
Fidelity 'reverses' banking outsource
Fidelity Bank (Bahamas) has bucked the commercial banking sector’s overseas ‘outsourcing’ trend by consolidating back office operations in the Bahamas, a move that increased staff numbers by 6 per cent in 2013.
Cable 'excluded' from 55% of market
Cable Bahamas is currently excluded from 55 per cent of the Bahamian communications market, a senior executive arguing it should be “in top spot” to gain the second cellular licence.
