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Port expects $43m offer 'gobbled up'
The Arawak Port Development Company (APD) believes its upcoming $43 million private placement will be 100 per cent “gobbled up” by investors, telling Tribune Business yesterday it was seeking the “optimal” low cost solution.
Moody's: Tourism, domestic demand woe make Budget too 'optimistic'
A Wall Street rating agency yesterday effectively warned the Christie administration its Budget sums were unlikely to add up, with the tourism industry - down 18 per cent from its pre-recession visitor spending peak - set to lag the overall economic recovery.
Brewery faces $2.5m cost rise via Budget
Commonwealth Brewery has warned that the 2013-2014 Budget’s tax and fee increases will have “a significant impact” on the company, increasing its annual costs by around $2.5 million.
Insurer's flood claims equal 30% of profits
A Bahamian insurer believes its net loss from last month’s flooding in New Providence will equal 30 per cent of its projected 2013 profits, and be greater than that incurred from Hurricane Sandy.
Gov't borrows $841m in just nine months
The Government borrowed $840.5 million over the first nine months of the 2012-2013 fiscal year to finance its deficit and capital works projects, it has been disclosed.
Projected BEC loss cut in half to $22m
The Bahamas Electricity Corporation’s (BEC) executive chairman has slashed its projected 2013 financial year loss by over 50 per cent to $22 million, adding that half its disconnected customers owed less than $2,000.
TOUGH CALL: Energy desperately needs to be addressed
THE budget proposals relating to BEC are clear evidence of the government’s failure so far to create a new energy model for the country.
Bank targets stability, not growth, for 2013
Commonwealth Bank’s chairman has told shareholders that 2013 will not be about growth, but stability and strength.
Investors unanimously re-elect Bank's Board
Commonwealth Bank’s shareholders have voted unanimously to return all 10 directors to the Board at its Annual General Meeting.
AML: $2m in extra tax equals 60% of profits
AML Foods is facing a $2 million increase in its annual tax bill due to the Budget, a sum equivalent to 60 per cent of its projected net income.
Baha Mar facing 'lot of pressure'
Baha Mar faces “a lot of pressure” to drive economic and fiscal recovery, a Moody’s analyst yesterday questioning whether there was enough tourist demand to fill the net 2,100 room increase at Cable Beach.
Moody's: Budget 'hit right notes'
The Government’s 2013-2014 Budget “hit a lot of the right notes” for one Wall Street analyst, who yesterday told Tribune Business the plans should prevent the Bahamas’ debt metrics “spiralling out of control”.
Halkitis aims for 50% debt by 2016/17
ALTHOUGH the country is “moving in the direction where we are borrowing less,” the government is planning on borrowing $465 million this fiscal year, according to Minister of State for Finance Michael Halkitis.
Gov't 'right to penalise' Canada banks via taxes
A leading businessman yesterday backed the Government’s move to “hit the banks hard” with new and increased taxes, arguing that the Canadian-owned institutions had helped to bring this upon themselves.
$10m for Medical Centre expansion
Dr Conville Brown has been trying to raise $10 million from Bahamian investors to expand his Centreville-based The Medical Pavilion Bahamas, Tribune Business can reveal, with stem cell and surgical therapies included in the plans.
Doctors targeting 23% capital investment rise
Doctors Hospital is planning to invest $4.2 million in capital improvements to its business during its 2014 financial year, the previous year’s bottom line having been impacted by a $1.135 million ‘start-up’ loss.
Sporting events brings in $13m
THE Bahamas is expected to earn more than $13 million in revenue from sports tourism in 2013, particularly due to the success of some recent events according to Tyrone Sawyer, director of sports tourism development at the Ministry of Tourism.
Doctors targeting 23% capital investment rise
By NEIL HARTNELL
BTC ‘not immune’ from CWC’s $100m cost push
The Bahamas Telecommunications Company (BTC) will “not be immune” to the $100 million savings drive of its majority shareholder, which yesterday said its Bahamian asset’s operating costs were still “higher than we’d like to see”.
