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BISX-listed fund targets 40% profit boost from rental
The BISX-listed Bahamas Property Fund is predicting a 40 percent net profit boost from the $455,000 annual lease of office space that will have been empty for more than one year.Michael Anderson, the Property Fund’s administrator, told Tribune Busine
‘No delusions’ on foreign reserves
The Central Bank has “no delusions” over an external reserves mix that will likely fall below pre-pandemic levels of $1.5bn prior to COVID-19 recovery starting, its governor said yesterday.
Fund 'a victim of its own success' with 35% growth
RoyalFidelity’s Prime Income Fund was yesterday said to have become “a victim of its own success” after enjoying 35 per cent growth over the past year.Joseph Euteneuer, the investment bank’s mutual fund manager, told Tribune Business it was increasin
Arawak port beats profit forecast 23%
The Nassau Container Port’s (NCP) operator has beaten its own profit forecast for the 2016 financial year by 23 per cent, with higher-than-projected auto imports enabling it to mitigate the fall-off in Baha Mar volumes.
Freeport 'permissible' under WTO requirements
Freeport’s ‘free trade zone’ status will be “permissible” under World Trade Organisation (WTO) rules, a well-known attorney argued yesterday, because the city has consistently been a net contributor to the Public Treasury.
CIBC: ‘No choice’ but to cut 66 jobs
CIBC First Caribbean International Bank (FCIB) yesterday confirmed plans to cut 66 jobs from its Bahamian workforce, revealing that those posts would be outsourced to Jamaica.
Port in 2.5% tariff rate rise forecast
The Arawak Cay port’s tariff rates are expected to increase by 2.5 per cent per year from 2016 onwards, it has been revealed, matching the Bahamas’ long-term inflation rate.
Tax Coalition: Phase VAT in over three years
The Government should examine “phasing in” Value-Added Tax (VAT) over a three-year period, a co-chair of the private sector’s Coalition for Responsible Taxation warning: “You can’t implement taxes to the peril of the economy.”
AML: $1.5m VAT costs won't wipe-out profit
AML Foods 2013 annual profit would have been wiped out by the $1.5 million annual cost increase the company is projecting from Value-Added Tax (VAT), its chief executive yesterday pledging: “We’re not going to let that happen.”
Bank of Bahamas: 'We'll be profitable within 12 months'
Bank of the Bahamas’ managing director yesterday expressed confidence it would return to profitability “within the next 12 months”, revealing that the loan portfolio “clean up” had largely been completed by end-September 2014.
‘Economy’s turned’: Port targets $10m-plus profit
Nassau’s main commercial shipping port is targeting a 7 percent year-over-year increase to break the $10m profit barrier in 2024, its top executive asserting yesterday: “The economy has turned.”
PETER YOUNG: In the short term, the country’s energy security comes first
HAVING written as recently as August in some detail in this column about climate change, I only refer to the subject again today because it has hit the news in Britain following approval last week of a new offshore oil and gas development in the North Sea called Rosebank.
Sarkis: CCA explanation ‘doesn’t pass smell test’
Sarkis Izmirlian is blasting the explanation given by Baha Mar’s contractor for how it obtained his legal papers, later used to cut a nine-figure damages claim to just $30m, for “failing to pass the smell test”.
Cable says Q3 loss no trend
Cable Bahamas yesterday said the $587,000 net loss suffered in the 2015 third quarter was unlikely to develop into a trend, as it blamed the ‘red ink’ on unanticipated delays in the mobile licence bidding process.
Hield held below 10 points, Sooners lose
HOUSTON, Texas — Kris Jenkins was caught in midair as he tried to draw a foul and just as he was about to lose the the ball or be called for a travel, he hurled a desperation three that fell through the bottom of the net to put the Wildcats up by 40.
Minister’s ‘trepidation’ over financial service
A Cabinet Minister yesterday admitted to “trepidation” over whether the Bahamas’ service levels could match the promises and content of a recent financial services promotional tour.
Laing: Immigration can boost economy
FORMER State Minister for Finance Zhivargo Laing believes that the country should look at its immigration policy as a means of bringing new economic injection in The Bahamas.
Social services project aims to help people ‘rise’
AFTER years of planning and research, the Department of Social Services’ Conditional Cash Transfer project is now a reality following the launch of the Ministry of Social Services’ RISE public relations campaign yesterday.
Carnival chief stands by $50m GDP impact
Bahamas Junkanoo Carnival’s chairman yesterday stood by his projection that the inaugural festival increased Bahamian gross domestic product (GDP) more than $50 million, with the event having a direct economic impact of $19 million.
BOB losses slash NIB income 66%
The National Insurance Board (NIB) suffered a two-thirds cut in total comprehensive income for 2014, due almost entirely to its share of Bank of the Bahamas’ near $69 million net loss.
