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Bahamas could gain $140m from 15% minimum taxation
The Bahamas could earn $140m in revenue from the global tax crackdown on major multinationals, a Cabinet minister disclosed yesterday, while suggesting the initiative is the first step towards “one tax rate for all”.
Bahamian broker’s clients in $1.3m ‘hacking’ fraud
Clients of a now-defunct Bahamian broker/dealer have been accused of abusing its accounts to both conduct and conceal a computer hacking-related securities fraud that netted them $1.3m in collective illegal profits.
Port beats profits 19% via $677k debt slash
The operator of Nassau’s main commercial shipping port beat its original full-year profit target by 19 percent aided by a $30m preference share refinancing that slashed 2022’s debt servicing costs by $677,000.
FamGuard profits 'over $6m' if not for Prime hit
FAMGUARD Corporation yesterday told Tribune Business it would probably have generated "in excess of $6 million" in net income for 2011 had it not been for the Prime rate cut, disclosing that it suffered "close to a $1.3 million hit" through the impact on its reserves and investment income.
City Markets sale may close 'within 2 weeks'
City Markets sale may close 'within 2 weeks' By NEIL HARTNELL Tribune Business Editor City Markets' weekend 'Blow Out' sale was designed to clear all existing inventory prior to the supermarket chain's purchase, its current majority owner revealing a de
PLP defends social security plan in wake of IDB report
ENGLERSTON MP Glenys Hanna Martin yesterday chastised the government for scrapping a $5m welfare reform project “without just cause”, calling it proof the government is more committed to “gimmicks” and “politically sexy” interventions than alleviating human suffering.
Bahamas earn high marks for Optimist sailing
THE Bahamas came away highly regarded in their role as hosts and for their competition in the water at the biggest sailing event the country has hosted to date.
‘We need more from resident billionaires’
The Bahamas “needs a little more than residency” from the multiple millionaires and billionaires that reside within its borders, an accounting firm’s principal is urging.
Sir Franklyn: ‘High chance’ of new Atlantis ownership
Sir Franklyn Wilson says there is “a high possibility” that Atlantis may undergo a change in ownership in 2019, describing this as a “significant” investment boost for The Bahamas.
PM urged: ‘Put your foot down’ on BOB woes
Bank of the Bahamas was yesterday slammed for its latest failure to make timely disclosure to shareholders, having failed to provide the market with the outcome of its $40 million rights issue since it closed two months ago.
BISX-listed firm’s $5m ‘recapitalise’ after SEC settles
A BISX-listed company will have to undergo a $5 million ‘recapitalisation’ as a result of the deal struck by its principal and main subsidiary to settle a lawsuit against them by US federal regulators.
Gov’t gains $96m in tax cheat crackdown
The Government netted almost $96 million in the first six months of its crackdown on corporate and high net worth tax cheats, it has been revealed.
Insurer: 2013 Profits increase ‘for sure’
J. S. Johnson is targeting a “modest single digit” bottom line increase for 2013, its managing director yesterday saying profits would increase “for sure” given reduced claims losses last year.
Bahamas ‘leaps and bounds’ behind rivals on renewable energy
RIVAL Caribbean nations are “leaps and bounds ahead of the Bahamas” on renewable energy implementation, although one local provider is aiming to close the gap by investing in development of a trained installation workforce.
CIBC in $12.2m downsizing hit
CIBC FirstCaribbean International Bank (Bahamas) has taken a $12.2 million one-time hit over the restructuring plan that will ultimately make 66 staff redundant, with some $5.953 million allocated to severance pay alone.
Gov't urged: 'Walk the talk' over new Immigration policy
A top QC yesterday applauded the Government’s promised ‘user-friendly’ Immigration policy as potentially “a significant game changer” for the Bahamian economy, but warned that this nation now had to “walk the talk”.
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.
Majority investor 'seriously concerned' over BISX listee
The majority shareholder of a BISX-listed company yesterday said it was “seriously concerned” that the value of its multi-million dollar investment is being steadily eroded, following a $2.607 million net loss for the year to end-September 2012.
'Internal brain drain'costs Bahamas $3.5bn
The Bahamas is losing nearly $3.5 billion to the “internal brain drain” caused by low worker productivity, a well-known eye doctor yesterday arguing this was having a greater economic impact than the loss of 61 per cent of tertiary-educated Bahamians to jobs abroad.
International arbitration centre plans moving ‘full steam ahead’
Plans towards the establishment of The Bahamas as an international commercial arbitration centre are moving “full steam ahead”, Minister of Financial Services Hope Strachan said yesterday.
