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Bahamas broker: 50% of client assets in jeopardy

ALMOST 50 per cent of client assets at Owen Bethel's Nassau-based Montaque Capital Partners, which is reportedly insolvent with a $9.367 million net asset deficiency, are in jeopardy due to a Canadian institution's claim against them, Tribune Business can reveal.

VAT 'not total' tax reform answer

VALUE Added Tax (VAT) is not the complete solution to the Bahamas' taxation reform needs, this nation's leading World Trade Organisation (WTO) negotiator yesterday warning that changes also needed to encourage targeted investment and be trade agreement-compliant.

FamGuard targets improved profits 'through 2012' after 54% Q1 rise

FAMGUARD Corporation's 54.4 per cent net income increase for the 2012 first quarter "came close to expectations", its chief executive yesterday expressing optimism that its alliance with a major international 'third party' healthcare provider would further help reduce claims.

'Unhappy players' to drive insurance consolidation

THE Insurance Advisory Commission's (IAC) chairman yesterday predicted that consolidation will occur among Bahamian general insurance carriers within the next two-three years, arguing that the industry's 2011 average Return on Equity (RoE) of 3.6 per cent meant "there must be some unhappy players".

Wimbledon: Sweeting reaches the 2nd round

For the second consecutive year, Ryan Sweeting has advanced to the second round of arguably the most noteworthy and legendary grand slam. Sweeting ad

Attempts to reclaim BTC are a monumental waste

IN 1997, the Free National Movement ran for re-election on a platform that explicitly called for the privatisation of BaTelCo - the state-owned telecoms monopoly that everyone loved to hate for its studied incompetence and arrogance.

Property Fund in 'waiting game' via 20%+ vacancies

VACANCY rates of more than 20 per cent at its two main properties have left the BISX-listed Bahamas Property Fund in "a waiting game", its administrator said yesterday, with its bottom line "not going to change much" until new tenants were attracted.

Bank: E-platform can 'equal' credit for profit share

BANK of the Bahamas International's managing director yesterday said its business e-commerce platform had the potential to "equal" the contribution its loan portfolio made to its bottom line, telling Tribune Business the facility was expected to be "profitable from year one".

Fidelity 'expects' to beat $4m net profits for 2012

FIDELITY Bank (Bahamas) is "comfortable" with projections that its 2012 full-year net income will exceed last year's $3.844 million, yesterday telling Tribune Business it expected its bottom line to increase quarter-over-quarter throughout this current financial year.

Knowles to team up with Hanley for Wimbledon

FOR the past 21 years, Mark Knowles has not missed a trip to London, England, to participate in Wimbledon – the most prestigious Grand Slam Tournament on the ATP circuit.

Ex-BEC chairman: Tariff cut return will 'spell disaster'

THE Bahamas Electricity Corporation's (BEC) former executive chairman believes it is "vitally important" for the new government and Board to pick up where he and their predecessors left off, warning that a return to the tariff-cutting policies of 2002-2007 would "spell disaster".

Colina drops interest in CLICO (Bahamas)

COLINA Insurance Company has dropped its interest in acquiring CLICO (Bahamas) policy portfolio, Tribune Business can reveal, due to concerns over whether supporting back office data could be successfully obtained from the insolvent insurer's Trinidadian affiliate.

G-20 tax intent a 'serious threat' to financial sector

THE continued G-20/OECD push towards the automatic exchange of tax information poses "a serious threat" to the Bahamian financial services industry, a senior attorney urging this nation to "get ahead of the curve" in responding to their demands

Eurozone crisis hits $2-$4m real estate 'sweet spot'

THE Eurozone's sovereign debt crisis has boosted sales volumes in the Bahamian high-end real estate market over the past year, Tribune Business has been told, with deals hitting the "sweet spot" of between $2-$4 million on average.

Baha Mar 'very encouraged' by interest generated from upscale London launch

THE London launch of the $2.6 billion Baha Mar project's 303 luxury residences has generated significant interest, a senior executive said yesterday, telling Tribune Business: "We were very encouraged."

Minister 'very optimistic' about upcoming investment projects

MINISTER of State for Investments Khalis Rolle said yesterday that he was very optimistic regarding a number of investment projects currently in the pipeline, telling Tribune Business that these projects varied between sectors such as tourism, agriculture and energy.

Shareholders hear positive report on Commonwealth

MORE than 250 Commonwealth Bank shareholders filled the ballroom at SuperClubs Breezes, Cable Beach for the Bank’s annual general meeting to hear a positive report

Bahamas urged: 'Look outside' financial sector on Brazil, Asia

THE Bahamas Financial Services Board's (BFSB) immediate past chairman yesterday urged the Bahamas to look beyond financial services when seeking to attract Asian and Brazilian investors to these shores, after the 2012 World Wealth Report identified both regions as the fastest growing market for high net worth individuals.

Brewery targeting 'modest' volume increase for 2012

COMMONWEALTH Brewery is this year targeting a "modest increase" over the 187,000 hectolitres it sold in 2011, its managing director yesterday saying it was ramping up marketing activity and remained "moderately positive" about its near-term prospects.

$50m project to 'strongly target international market

More than $50 million will have been invested into an eastern New Providence real estate development by year-end, its chief executive telling Tribune Business

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