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The better solutions for fiscal salvation

By JOHN BOSTWICK II

Property Fund’s ‘long, hard slog’ on vacancies

The BISX-listed Bahamas Property Fund yesterday said its $12.5 million debt refinancing had boosted annual profits by $200,000, as it a`dmitted filling vacant space at its two flagship properties will be “a long, hard slog”.

Tease photo

Giants take 2-0 lead, Regulators win opener

WHILE the Commonwealth Bank Giants continue their impressive winning streak by pushing the defending champions PJ Stingers on the brink of elimination, the Mr Ship It Freight Regulators are looking to make it to their first championship appearance in the New Providence Basketball Association (NPBA) postseason.

Wind-up delay gives Baha Mar resolution time

The Attorney General yesterday suggested the three-week delay to Baha Mar’s winding-up hearing was intended to give all parties more time to reach a “hoped for” commercial resolution to the $3.5 billion dispute.

Bahamas banker loses $200k over real estate fraud

A well-known Bahamian banker is alleging that he has been personally defrauded of $200,000 over a Chinese real estate investment.

Bank outsourcing: Middle class on ‘unstable footing’

The continued outsourcing of financial services jobs is placing the Bahamian middle class “on a very unstable footing”, the Opposition’s labour spokesman saying yesterday: “I don’t know how we’re going to arrest this.”

Insurer: 10% rate fall to ‘soften VAT blow’

A leading insurer yesterday expressed hope that a 10 per cent year-over-year fall in property and casualty premiums will “soften the blow” from Value-Added Tax (VAT) for Bahamian consumers.

NPBA: Divisional semi-finals set to jump off tonight

THE Patron Regulators and PJ Stingers survived their respective third and deciding games in the first round of the New Providence Basketball Association playoffs to advance to the divisional finals.

Sunshine Holdings ‘tests water’ for $20m

Sunshine Holdings is “testing the waters” with a $20 million preference share offering, its chairman revealing that the proceeds will be used for balance sheet restructuring.

Gov’t targets ‘balanced Budget’ until end-June

The Government is targeting a near-balanced Budget for the fiscal year’s second half, a target that one private sector executive yesterday described as “very ambitious”.

Govt 'hard ball' over web shops

The Gaming Bill and accompanying regulatory package fails to address the multi-million dollar ‘parallel banking system’ created by a web shop industry that is unlikely to “suddenly give that up”, Tribune Business was told yesterday.

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.

Bank’s unwitting role in multi-million fraud action

Clients of a Bahamian bank and trust company are suing for more than $1.75 million in damages related to a Chinese real estate investment, in which it allegedly played a “liaison” role.

Atlantis groups up 16% despite VAT concerns

Atlantis’s “very strong” 2016 group booking pace is 16 per cent ahead of this year, despite the twin threats posed by Value-Added Tax (VAT) and competition from Baha Mar.

Galanis slams ‘ludicrous’ $4.6m loan default claim

A former PLP MP and Senator last night slammed a US financier’s bid to obtain a $4.605 million default judgment against him as “ludicrous”, and promised a “serious court battle” over the issue.

Gov't to amend VAT 'travel ban'

The Government is proposing to amend the controversial section in the Value-Added Tax (VAT) Bill that prevents delinquent taxpayers from leaving the island, and will instead require such persons to lodge a bond covering their liabilities.

Gov't: 'Flat Rate' firms may obtain VAT advantages

Businesses with an annual turnover below $400,000 “may gain a small advantage” over larger rivals when it comes to their Value-Added Tax (VAT) burden, the Government has admitted, although there are some catches.

Bahamas Waste: Biodiesel deal ‘huge win-win’

Bahamas Waste yesterday said it had created “a win-win” for all stakeholders by selling a majority 51 per cent interest in its fledgling biodiesel business to a local partner for just $180,433.

Legal liberalisation ‘won’t advance’ if backing inadequate

Legal profession ‘liberalisation’ “will not advance” unless research shows a majority of Bar Association members are in favour, a group of attorneys pledged yesterday.

Govt raises deficit estimate to $100m

The Government yesterday forecast a more modest pace for fiscal consolidation, projecting a higher $100 million GFS deficit for the upcoming 2016-2017 Budget year compared to its estimates a year ago.