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PM confirms approval for Sysco’s BFS deal
PRIME Minister Perry Christie yesterday confirmed that the Government had decided to approve Bahamas Food Services’ (BFS) takeover by multi-bilion US giant, Sysco, promising his administration would ensure that Bahamian wholesalers were not “unduly impacted” by the sale.
Rahming to stay in prison role pending replacement
PRIME Minister Perry Christie yesterday said Dr Elliston Rahming will remain Superintendent of Prisons until the government is able to find a suitable replacement for him.
Benchmark denies 'material impact' via client's liquidation
BENCHMARK (Bahamas) yesterday said the Supreme Court-supervised liquidation of one of its key clients would “not have a material impact” on its financial position or “long-term development”, expressing confidence that it would achieve long-term business development goals.
Moody’s: Hotel ‘enclaves’ lower economic impact
The “enclave” nature of large-scale Bahamian resorts is limiting their impact on the rest of the economy, a leading Wall Street analyst believes, with the ‘jury still out’ on whether Baha Mar will grow or split the high-end visitor market come 2015.
‘Out of whack’: Wall Street downgrades the Bahamas
A Cabinet minister last night said the latest Wall Street downgrade for the Bahamas reflected the fact the fiscal numbers were “out of whack”, with another rating agency expressing scepticism about the Government’s ability to stabilise the debt/deficit in the short-term.
Collapsed entity’s $5m holding in BISX firm
Questions were last night being raised over the future viability of a BISX-listed company, after court documents disclosed that an entity accused of perpetrating a major multinational fraud held all its $5 million preference share capital.
Bahamas First targets 2012 profit ‘multiples’
Bahamas First Holdings (BFH) is on course to generate 2012 profits that will be “multiples” of last year’s $1 million net income, its chief executive yesterday disclosing that an international rating agency had “validated” the turnaround strategy for its Cayman operation.
Scotiabank: $80m mortgages restructured in 18 months
Scotiabank (Bahamas) yesterday disclosed it had managed to restructure more than $80 million worth of mortgages, held by over 500 customers, within the last 18 months, telling Tribune Business just 5-6 per cent of that number had fallen back into delinquency.
Bank unveils 24.5% net income decline
Commonwealth Bank yesterday unveiled a 24.5 per cent net income drop for the nine months ended September 2012, as provisions relating to non-performing loans took their toll on the bottom line.
Wholesalers fear BFS purchase a ‘done deal’
The Bahamian wholesale industry has been told that Government approval of Bahamas Food Services (BFS) acquisition by Sysco is “a done deal”, Tribune Business was informed yesterday, although administration sources were adamant that no final decision had been taken.
Scotia chief: No bad loan rebound until ‘early 2015’
Scotiabank (Bahamas) managing director yesterday predicted the commercial banking sector would not see a “sustainable recovery” in its $1.2 billion non-performing loans pile until early 2015, with his own institution’s retail/personal credit arrears rate running around 20 per cent.
Inventory fraud still 'a big thing'
INVENTORY theft is list the most common fraud witnessed in the Bahamas, the Association of Certified Fraud Examiners (ACFE) local chapter presidnt said yesterday, adding that Bahamian companies must have the necessary controls in place to prevent this.
Just who is NIB Chairman Gregory Moss?
YESTERDAY the newly appointed National Insurance Board came out in full support of their chairman Marco City MP Gregory Moss, who seems unclear about his duties.
'Major jewels' hit spurs bank into 15% consumer loan share
Bank of the Bahamas International yesterday confirmed it had joined the industry trend of focusing on higher-yielding consumer loans, growing these to 15 per cent of its portfolio after the recession hits its “major jewels in the crown”.
Knowles celebrity tennis event a blast
MARK Knowles, not yet feeling the effects of being a retired professional tennis player, was pleased with the support he got from his peers for the 12th version of his Celebrity Tennis Invitational that was held at the Atlantis Tennis Center on Paradise Island over the weekend.
NIB executives urged to sue
FORMER National Insurance Board chairman Patrick Ward yesterday advised executives to seek legal redress after their management bonuses were revealed to the public.
Minister slams former Gov't on $7-$10m EU grant funding 'loss'
A Cabinet minister has blasted the former Ingraham administration’s “complete lack of engagement” for potentially costing the Bahamas $7-$10 million in ‘free’ European Union (EU) grant funding.
Bank unveils 91% profits increase
Bank of the Bahamas International says its business restructuring, coupled with improved margins and an increase in new business, drove a 91 per cent net income increase for its 2013 first quarter.
LPIA in 'substantial' 6.9% seats increase
The Lynden Pindling International Airport (LPIA) has seen “a quite substantial” 6.9 per cent increase in incoming airline seats during the first four months of its current financial year, its operator yesterday saying net income “isn’t the most accurate reflection of our health”.
BEC's $24.3m loss swing 'a shocker'
The Bahamas Electricity Corporation’s (BEC) net loss for the 2012 financial year represents a negative $24.3 million swing from internal projections, a former executive chairman describing this as “a shocker” and adding: “Something seems dreadfully amiss.”
