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Dealer's expansion put 'on the shelf'
A leading Bahamian auto dealer yesterday disclosed he had placed western New Providence expansion “on the shelf” as a result of the Budget’s tax increases, as some in the industry reported losing up to $800,000-$1 million per year.
Bank's provisions spike $700k on jobless growth
Bank of the Bahamas yesterday revealed that last month’s 2.2 percentage point increase in the unemployment rate caused a $700,000 one-time spike in its credit loss provisions, as it warned shareholders to brace for more potential losses.
Renewable energy fury at suspension - Providers: Gov’t ‘put cart before the horse again’
Renewable energy firms yesterday slammed the Government’s decision to suspend the self-generation programme, arguing that it had left the industry “in limbo” and again “put the cart before the horse”.
RoyalFidelity equity fund investors see near-20% returns
RoyalFidelity Merchant Bank & Trust’s mutual fund family has enjoyed its “third straight year of positive returns” following their 2012 restructuring, with its equities fund generating near-20 per cent for investors.
Bahamas ‘50% likely’ to suffer credit rating cut
The Bahamas faces “at least” a 50 per cent chance of a sovereign credit rating downgrade within the next 90 days, after Standard & Poor’s (S&P) last night placed this nation on ‘negative creditwatch’ due to Baha Mar’s Chapter 11 filing.
GB Power: 30% system loss cut’s $1.5m in savings
Grand Bahama Power Company (GBPC) yesterday said it had saved consumers $1.5 million in 2014 through slashing system losses by 30 per cent, although its adoption of compressed natural gas (CNG) as an alternate fuel might not happen until “beyond 2018”.
Bahamas urged: ‘Don’t spook clients’ on HSBC
The Bahamas must be careful “not to spook” its high net worth clients over last week’s HSBC revelations, with politicians, businessmen and ex-ministers united in their call: “Don’t assume the worst.”
Bank pledges openness before AGM 'fireworks'
By NEIL HARTNELL
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.
