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Credit rating downgraded: Baha Mar row leads to cut by S&P, but investment steady
Standard & Poor’s (S&P) last night made good on its threat to downgrade the Bahamas’ sovereign creditworthiness, warning of “depressed growth” due to a combination of the Baha Mar dispute and long-term structural weaknesses in the economy.
Near rock-bottom renewable ranking 'speaks for itself'
The Bahamas’ continued near-rock bottom ranking among developing nations for renewable energy adoption “speaks for itself”, industry players said yesterday amid renewed calls for “clear” government policies to spark the industry’s growth.
Bahamas 'hub' on Lombard Odier's Latam expansion
Top Lombard Odier executives yesterday said they planned to use their Bahamas operation as “a hub” to support further expansion into Latin America, adding that this nation’s financial services industry was likely to join global consolidation trends.
BISX listee's main owner 'fears' for $4-5m stake
Liquidators for a collapsed $471 million fund structure yesterday said they were “very concerned” about continued losses that are undermining the value of a $4-$5 million equity stake in a BISX-listed company, which they are attempting to “monetise”.
Mortgage Corp auditor slams accounts shambles
The Bahamas Mortgage Corporation’s (BMC) chairman yesterday said he was “very confident” that its financial health will improve with every audit, after accountants again blasted its shambolic record-keeping.
S&P: Austerity ‘likely’ to meet Gov’t debt targets
Standard & Poor’s (S&P) last night argued that the Government will likely struggle to meet its debt reduction targets “without material new revenues, significant cost-cutting or well above average economic growth”.
AML: $17m will create ‘real power destination’
AML Foods yesterday pledged to “create a real power destination” through a total $17m investment that will place its Solomon’s and Cost Right brands side-by-side at the former’s Nassau SuperCentre location.
Flowers ordered to pay ex-FML executive $120k
Craig Flowers’ FML web shop chain has been ordered to pay a former senior executive $120,000 plus interest after the Court of Appeal overturned a previous verdict relating to “irregularities” designed to inflate staff earnings.
S&P goes ‘negative’ on Bahamas as debt ratio rises 11% pts
Wall Street last night forecast that the Bahamas’ net government debt would hit 45-47 per cent of GDP by 2013-2014, a double digit rise in three years, as one rating agency slashed its economic outlook on this nation to ‘negative’.
Bahamas broker: 50% of client assets in jeopardy
ALMOST 50 per cent of client assets at Owen Bethel's Nassau-based Montaque Capital Partners, which is reportedly insolvent with a $9.367 million net asset deficiency, are in jeopardy due to a Canadian institution's claim against them, Tribune Business can reveal.
FINCO goes 'organic' through 2013 with $98m problem loans
FINCO is relying on existing borrowers to “carry us through” to the end of its 2013 financial year, having suffered a “bit of a spike” in accounts over 90 days past due during the 2012 third quarter.
Virginia game officials survey snapping turtles
CHARLES CITY, Va. AP — In water to his waist and mud to his calves, Ben Colteaux pulled up a net and found a stinky monster.
VAT health claims change ‘may’ not happen April 1
The Government “may not” implement the new VAT treatment for medical insurance claims payouts by its April 1 target, it was revealed yesterday, with the decision hinging on a meeting with healthcare stakeholders later this week.
‘Slap in the face’ on Dorian’s tax breaks
The Government was yesterday accused of delivering “a slap in the face” to Abaco and Grand Bahama by confirming that both islands’ present Dorian-related tax breaks expire today as scheduled.
Brewery aims to be 'supplier of choice'
Commonwealth Brewery's newly-appointed managing director yesterday said he wants the BISX-listed company to become the Bahamas' alcohol "supplier of choice", noting that it
Bahamasair eyes 'break even' despite $21m loss
Bahamasair eyes 'break even' despite $21m loss By NEIL HARTNELL Tribune Business Editor Despite being on target for a $21 million loss in its 2011-2012 financial year, Bahamasair's chairman says the airline is trending in the right direction and eventua
Bahamasair eyes 'break even' despite $21m loss
Bahamasair eyes 'break even' despite $21m loss By NEIL HARTNELL Tribune Business Editor Despite being on target for a $21 million loss in its 2011-2012 financial year, Bahamasair's chairman says the airline is trending in the right direction and eventua
Committee will probe BTC deal
MORE than five years after a deal was inked by the previous Ingraham administration to sell the Bahamas Telecommunications Company Ltd (BTC), the government yesterday moved a resolution in Parliament to establish a select committee to probe the controversial sale to Cable and Wireless.
Web shop staff call for boycott
WEB shop employees yesterday suggested a boycott of businesses or economic interests of Cabinet ministers as operators pledge to take their fight against an impending tax increase on their sector all the way to the Privy Council.
Realtor: Economic citizenship can lower Bahamian tax burden
A prominent realtor has renewed his call for The Bahamas to introduce economic citizenship, arguing it will create a new revenue source and lessen the tax burden on Bahamians.Mario Carey, the founder of Better Homes and Gardens Real Estate MCR Bahama
