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Renewable provider proposes solar for 25% BEC needs
A BAHAMIAN renewable provider has presented the Government with an “energy mix” proposal to allow for 25 per cent of the Bahamas Electricity Corporation’s (BEC) daytime generating capacity to be derived from solar power.
FINCO net income triples despite $100m bad loans
Despite an almost $100 million-strong non-performing mortgage portfolio, Finance Corporation of the Bahamas’ (FINCO) 2013 first half net income more than tripled on the back of reduced operating costs and loan loss provisions.
AML switches $1m from expansion to energy efficiency
AML Foods says the Budget’s tax increases, coupled with Value-Added Tax (VAT) uncertainty, have pushed it to switch $1 million earmarked for food store expansion into energy efficiency.
BNT targeting $32m over 'best kept secrets' plan
The Bahamas National Trust (BNT) is aiming to raise $32 million to finance its latest five-year plan, its executive director yesterday disclosing it planned to unlock this nation’s “best kept secrets” for tourists.
Port's $21m offering 'beats' market price
The Arawak Port Development Company’s (APD) planned $21 million preference share issue, set to come to market next week, will have debt servicing costs two percentage points lower than projected.
Bill 'clarifies' Stamp Tax exemption concern
The 2013 Stamp Tax amendments appear to eliminate a key concern for the real estate industry by making it clear that mortgage and conveyancing values will not be combined to disqualify first-time buyers from getting the duty exemption.
High net worth growth of 10% can aid Bahamas
The 10 per cent rise in the collective wealth of the world’s high net worth individuals (HNWIs), which hit $46.2 trillion at end-2012, shows the Bahamian financial services industry still has much to play for.
Bahamas Waste suffers 72% profit fall in 'terrible' Q1
Bahamas Waste’s managing director yesterday said it endured a “terrible” 2013 first quarter with net income down 72.3 per cent, due to a combination of key cost increases and reduced residential rates.
Licence fee rises 'will not break' private sector
The “marginal” Business Licence fee increases are “unlikely to be the proverbial straw that breaks the camel’s back”, a former finance minister said yesterday, praising the 2013-2014 Budget for “hitting more than the right notes”.
Ministry says changes in payments could prevent end-of-month queues
OFFICIALS at the Ministry of Social Services and Community Development said a pilot study of the Proxy Means Test that will be used as part of the Conditional Cash Transfer System of the Bahamas Social Safety Net Programme went “extremely well” – despite some minor issues.
Griffin: Budget aggressively deals with social issues
THE government’s 2013-14 budget contains an “aggressive, socially-driven, agenda that will wipe every tear from every eye,” Minister of Social Services and Community Development Melanie Griffin said.
Fund's 'flagship' targets 10% pts occupancy growth
The Bahamas Property Fund is targeting a 10 percentage point increase in occupancy rates at its flagship downtown Nassau building to 80 per cent by year-end, having successfully leased “a couple thousand square feet” for 2013 to-date.
Communications in 6% licence burden 'hit'
The 2013-2014 Budget will make the communications sector one of the Bahamas’ most heavily taxed industry, a major player estimating that its various licence fees now equalled around 6 per cent of total annual revenues.
Super Value: 131% fee rise 'big pill to swallow'
Super Value’s owner has described the impending 131 per cent increase in its annual Business Licence fee to $3 million as “a big pill to swallow”, and fears it will increase the cost of living.
'No appetite' to avoid $100m in tax increases
A leading businessman yesterday said the 2013-2014 Budget’s $100 million worth of tax increases would not be required if the Bahamas had the “appetite” to tackle the “deeply ingrained” culture of government dependency.
Commission forces Benchmark into broker 'guarantee'
BISX-listed Benchmark (Bahamas) has been forced to “guarantee” its broker/dealer subsidiary will meet all financial obligations for “at least 12 months”, after regulators expressed concern over whether it was a ‘going concern’.
Budget forces AML into focus on franchises
AML Foods plans to refocus on developing and strengthening its ‘low volume/high yield’ franchise offerings, its chairman telling Tribune Business yesterday that its food store businesses had been unfairly targeted by the Government’s 2013-2014 Budget.
'Optimistic' five new oil licences approved in 2013
The Government is expected to decide this year whether to approve a further five oil exploration licences, with its current licensee aiming to secure a joint venture partner “after the summer”.
Mortgage Corp may need $117m capital inject
The Bahamas Mortgage Corporation (BMC) needs a capital injection of more than $117.129 million to enable it to meet all bond principal and interest payments when they become due.
Minister seeking to 'level playing field' on redundancy
LABOUR Minister Shane Gibson yesterday emphasized the need for a strengthened social safety net for workers in cases of redundancy, telling Parliament his ministry was looking at ways to “level the playing field” and ensure measures were in place for employees to receive compensation.
