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Foreign receiver hits at Bahamas ‘legal hurdles’
A Canadian receiver has hit out at the Bahamian “legal hurdles” complicating his efforts to recover assets from two Paradise Island residents, who have been accused of perpetrating a $22.6 million fraud.
Rental cars hit at ‘too high’ NAD fees
Rental car companies yesterday hit out at the Lynden Pindling International Airport’s (LPIA) operator over lease rates that they argued were “too high”, suggesting their resistance was behind its recently-launched search for new players.
GB Power in 69% capital spend rise
Grand Bahama Power Company (GBPC) yesterday said the 69 per cent increase in its 2016 capital investment budget is being driven by the planned lighting switch-out, an initiative that will save customers a collective $1 million per year.
Scotiabank playing its part in climate change battles
The recent spate of mega storms, hurricanes and other natural disasters in the Caribbean has served as a stark reminder of how our way of life is affecting the climate. It is a wake-up call for us to seriously reconsider our treatment of planet earth.
Insurance cuts ‘false economy’ despite 26-year high premiums
Bahamian homeowners and businesses have been warned that cutting, or dropping, property catastrophe coverage will be “a false economy” in the face of 26-year record-high insurance costs.
Albany developer charged on ‘brazen insider trading’
The Bahamas-based billionaire who spearheaded Albany’s development was yesterday charged with orchestrating a “brazen insider trading scheme” that allegedly netted millions of dollars in illicit profits for his closest associates.
Doctors: Patient days down 25% from 2010
Doctors Hospital Health Systems yesterday told Tribune Business it was “in the third year of a downward trend”, with patient days off 25 per cent compared to 2010 as it eyes “measurable growth” from its re-opening Bahamas Medical Centre.
National Basketball Championships begin
The return of the Bahamas Basketball Federation’s National Basketball Championships saw the New Providence champions Giants produce mixed results as competition in the weekend tournament got underway at the Kendal Isaacs Gymnasium.
Downgrade forces NAD debt reserve ‘doubling’ to $38m
The Nassau Airport Development Company (NAD) has been forced to double its debt reserve to $38 million after losing its ‘investment grade’ credit rating, the Minister of Tourism revealed yesterday.
$750m bond 'prolongs savers' punishment'
THE Government has “prolonged the punishment of savers” through its recent $750 million bond issue, a former finance minister has warned, as the effects work through the monetary system.James Smith, also a former Central Bank governor, said the impac
Family Guardian in near-$6m ‘hit’ from Prime slash
Family Guardian yesterday said it took a near-$6 million hit at year-end 2016 as a result of the Prime interest rate reduction, which impacted “more than 70 per cent” of its investment assets.
Aliv capital raising ‘3x oversubscribed’
Aliv’s $15 million capital raising has been more than three times’ oversubscribed with a full working week left before closing, its advisers have revealed.
Cable pushes $97m debt repay to 2020
Cable Bahamas has secured a two-year extension for repaying $97.169m of debt that was falling due, and which had caused current liabilities to exceed assets by 95.6 percent.The BISX-listed communications provider, in its just-released annual report,
Bahamas developers blast OECD's 'cynical' targeting
Bahamas-based developers have blasted the OECD’s “cynical” attempt to ““de-legitimise” this nation’s key investment product by suggesting it threatens the global fight against tax evasion. The newly-formed Bahamas Developers Association (BDA), in a r
'Mergers' boost Fidelity funds' assets by $8m
RoyalFidelity Merchant Bank & Trust yesterday said it had used ‘mergers’ to increase the asset bases of its two oldest mutual funds by $8 million apiece, adding that a net $1 million subscriptions inflow into its equities fund indicated renewed demand for listed stocks.
Commission forces Benchmark into broker 'guarantee'
BISX-listed Benchmark (Bahamas) has been forced to “guarantee” its broker/dealer subsidiary will meet all financial obligations for “at least 12 months”, after regulators expressed concern over whether it was a ‘going concern’.
VAT to cut auto gross profits 8%
Bahamian auto dealers plan to introduce labels that will allow consumers to compare current prices with those post-VAT implementation, Tribune Business was told yesterday, with buyers warned to brace for 4-5 per cent increases at least.
Over 1,000 firms escape mandatory VAT registration
The Government yesterday estimated it would lose over 1,000 mandatory Value-Added Tax (VAT) payers in increasing the registration threshold to $100,000, but would still “capture” almost 98 per cent of economic activity.
Iesha ousted in quarters at Goombay Splash Bowl
Iesha Shepherd, the last Bahamian playing in the main draw of the International Tennis Federation’s Goombay Splash Bowl, got ousted in the quarter-final of the girls’ singles after putting up a gallant effort against top ranked Jacqueline Pelletier of the US.
Joaquin insurance loss stands at $14m
The Bahamian insurance industry is currently pegging gross losses caused by Hurricane Joaquin at $14 million, a sum equivalent to just 23 per cent of the initial $60 million damages estimate.
