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City Meat chief: $6-$10m to turn 4 stores around

CITY Markets' principal believes an investment of between $6-$10 million is required to turn the supermarket chain's remaining four New Providence stores around, telling Tribune Business he aimed to close their sale to Super Value "by the end of this week".

CITY MARKETS CHIEF HOPING DEAL 'IMMINENT'

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net and NEIL HARTNELL Tribune Business Editor CITY Markets' principal believes the acquisition of the struggling five-store supermarket chain by Super Value's owner and president, Rupe

NEXT GOV'T 'CANNOT IGNORE' TAX REFORM

By NEIL HARTNELL Tribune Business Editor The next Government cannot "ignore the need" for tax reform and moving towards a sales/Value Added (VAT" tax regime, the minister of state for finance telling Tribune Business there was still "a reasonable enough

INSIGHT: When actions don’t support the rhetoric

RIGHT now, people are sitting down to try to save the world. In theory, at least.

Bahamas $500m loan secures over half external finance need

The Bahamas has secured more than half its foreign currency financing needs for the current fiscal year by obtaining a $500m loan partially guaranteed by the Inter-American Development Bank (IDB).

Gov’ts $131m deficit goal ‘already out the window’

The Government’s projected $131m deficit for the current fiscal year is “already out the window” given the performance for the first four months, a financial analyst asserted yesterday.

Unsealed Baha Mar papers show deal done on leases

BAHAMIANS who owned and held shop leases and concessions in the Baha Mar project were permitted by the China Export Import Bank (CEXIM) and the preferred purchaser to continue to hold them under the existing terms and conditions, according to the newly unsealed heads of terms for the West Bay Street project, tabled in Parliament last night.

$100m Stamp Duty foregone on Baha Mar asset transfers

The Christie administration gave up $100 million in Stamp Duty on Baha Mar’s two ‘asset transfers’ in return for securing the project’s construction completion and Bahamian creditor payouts.

Bowe quits DNA over party’s pick of Lincoln Bain

THE Democratic National Alliance’s Southern Shores candidate, engineer Ethric Bowe, resigned from the party last week citing the ratification of talk show host Lincoln Bain in the Pinewood constituency as a “deal breaker” for his association with the group.

Financial services eyes ‘closed Bar’, tax system change

The financial services industry was yesterday said to be in the “initial stages” of determining whether the Bahamas’ ‘no tax’ model and “closed Bar” provide the best platform for ensuring its survival.

Baha Mar Heads show ‘Bahamians paying for deal’

Opposition politicians yesterday argued that Baha Mar’s newly-released Heads of Agreement confirms “the Bahamian people are the ones paying for this deal”, and the $101.5 million creditor payout, via tax breaks granted to the project’s new owner.

Chamber blasts 'unfair' sugary drinks NHI tax

The Government’s plan to part-finance National Health Insurance (NHI) by singling out “sugary drinks” was yesterday blasted as “unfair”, amid calls for such “sin taxes” to be more widely based.The Bahamas Chamber of Commerce and Employers Confederati

Cargo port ‘starts to shrink the gap’

Nassau’s sole cargo port yesterday voiced optimism it has “started to shrink the gap” to pre-COVID business volumes with vehicle imports making up 20 percentage points during May alone.

Gaither looks ahead to Tokyo

SHE'S been holding her own as one of the top sprinters in the country for the past few years, but Tynia Gaither said she's looking for more.

'No justice, no peace': Protests resume in NYC for 4th day

NEW YORK (AP) — New York City officials were looking for a peaceful way forward as the city entered a fourth day of protests against police brutality that have left police cars burned, and led to the arrest of hundreds of people.

Construction costs to jump 20% this year

Two ex-Bahamian Contractors Association (BCA) presidents yesterday warned that construction costs will likely increase up to 20 percent this year as cement became the latest product to take a hit.

Central Bank signals reserves past danger

The Clearing Banks Association’s chairman yesterday said he is “not jumping through hoops just yet” despite the Central Bank’s actions signalling the post-COVID recovery is on “an upward trend”.

TV PROVIDER FACES PROBE ON SERVICE: Watchdog URCA to hold investigation into Cable Bahamas’ breakdowns

Regulators last night pledged to investigate Cable Bahamas’ TV service quality and said they were “majorly concerned” by the length and frequency of outages suffered by customers.

National Trust opposes cruise sector expansion

The Bahamas National Trust (BNT) has placed itself at odds with a cornerstone of the Government’s economic growth strategy by voicing its opposition to the cruise industry’s expansion in The Bahamas.

Auto chief: 25% sales jump ‘if no lockdown’

A top auto dealer yesterday predicted new car sales could increase by over 25 percent this year “subject to no lockdowns” as the industry targets the 2022 second half for a full COVID-19 rebound.

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