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NAD suffers $13.94M bottom line reversal
Despite suffering a $13.941 million bottom line reversal that dropped it to a net $6.172 million loss for its 2012 financial year, the Nassau Airport Development Company’s (NAD) chief executive said it was still creating “an ideal gateway for the Bahamas”.
FINCO beats the industry despite $107m bad loans
Finance Corporation of the Bahamas (FINCO) yesterday disclosed that despite non-performing mortgage loans totalling $107 million at end-July, as a percentage of total credit this was almost five percentage points below the industry average.
Scotiabank to minimse outsourcing lay-offs
SCOTIABANK (Bahamas) yesterday announced plans to “centralise’ some of its Bahamian back office functions into its Trinidad & Tobago hub, and is attempting to either avoid or minimise staff lay-offs as a result.
'Imbalanced' criteria cuts Bahamas off from WTO grant assistance
A Cabinet minister has called for the Bahamas to receive grants and ‘soft’ loans to assist its integration into global trading regimes, arguing that an “imbalanced” criteria was being used to exclude it from such aid.
Gov't: 20-25% payroll tax for VAT match
The Government would have to implement the private sector’s favoured payroll tax at a rate between to 20-25 per cent to hit its revenue targets, the Financial Secretary saying this meant the average Bahamian worker would see more than $200 per month taken from their salary.
'Gut-wrenching' VAT on BEC bills
FNM Chairman Darron Cash yesterday blasted the government for its “gut-wrenching” decision to apply Value Added Tax to electricity bills.
AML ‘not where we want’ despite $1.22m rebound
AML Foods is “not where we want to be” on third quarter profitability despite enjoying a $1.22 million swing into the black, with the post-Back to School recovery in consumer spending taking longer each year.
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.
