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BTC revenue revival after 10k client loss
The Bahamas Telecommunications Company’s (BTC) owner is targeting a 2018 second half turnaround for its slumping top line, after it lost another 10,400 mobile customers due to “competitive intensity”.Balan Nair, Liberty Latin America’s (LiLAC) chief
S&P: Bahamas to shrink by 16%
Standard & Poor’s (S&P) last night forecast that the Bahamian economy will shrink by an “unprecedented” 16 percent in 2020 as it further downgraded this nation’s sovereign creditworthiness.
Doctors Hospital cuts 43 staff over 'blunt fiscal reality'
Doctors Hospital has revealed the termination of 43 workers after aggressive cost-cutting measures proved insufficient to offset “diminished patient activity”.The BISX-listed healthcare provider, in a statement issued at the weekend, warned that it w
Foreign reserves enjoy $200m restriction boost
The Central Bank’s governor yesterday said restrictions imposed on capital outflows have boosted the external reserves by $200m to-date, as he pledged: “Losing control of the peg is not an option.”John Rolle, unveiling the regulator’s economic assess
Financial provider set to trigger expansion
A Bahamas-based multi-family office, which plans to double its workforce by launching a new business and investment fund, says this nation must avoid the “rogue country” label at all costs.
FamGuard chief hails Leno deal as 'win-win'
Family Guardian’s president yesterday hailed the offloading of its under-performing pensions and capital markets business to Leno Corporate Services as a “win-win” for all parties.
URCA: 'All must carry their fair energy share'
Energy regulators yesterday said renewable providers had “misunderstood and misinterpreted” proposed reforms designed to ensure “equitable treatment for all stakeholders”.Shevonn Cambridge, the Utilities Regulation and Competition Authority’s (URCA)
‘Give comfort’ VAT slash makes sense
The Government must “give comfort” that its planned VAT rate cut will not worsen The Bahamas’ already-precarious economic and fiscal position, an ex-Cabinet minister warned yesterday.
Commission’s regulatory powers restored by court
The Appeal Court has overturned a verdict that prevented the Securities Commission “from acting in the public interest”, following its battle with a BISX-listed company over the latter’s compliance with regulatory capital standards.
Freeport 'could attract $100bn if the economic model is right'
A Grand Bahama Port Authority (GBPA) director yesterday argued "Freeport needs $10bn, and could attract $100bn if we get the model right" amid a peace offering from the deputy prime minister.
30% collateral slash: IMF in 'real estate indices' call
By NEIL HARTNELL
30% collateral slash: IMF in ‘real estate indices’ call
The value of property assets used to secure Bahamian commercial bank mortgages has fallen by up to 30 per cent, prompting the International Monetary Fund (IMF) to call for this nation to develop “real estate price indices”.
Bahamas First targets 2012 profit ‘multiples’
Bahamas First Holdings (BFH) is on course to generate 2012 profits that will be “multiples” of last year’s $1 million net income, its chief executive yesterday disclosing that an international rating agency had “validated” the turnaround strategy for its Cayman operation.
Call for foreign attorneys to practice in the Bahamas
Financial Services Minister Hope Strachan yesterday reiterated the call for international attorneys to be allowed to establish business operations in The Bahamas to facilitate cross border business and arbitral maters, arguing that this would in no way harm the Bahamian legal profession but instead expose local attorneys for employment opportunities abroad.
Nassau/PI room revenue up 3%
Nassau/Paradise Island hotels produced a 3 per cent room revenue increase for the 2015 full-year, with average occupancy rates beating 2014 comparatives for eight out of 12 months.
URCA rejects industry’s spectrum fee proposals
Regulators have rejected calls by the Bahamas’ two leading communications providers that radio spectrum fees be based on administrative costs, finding that this would “not maximise” the potential benefits to society.
SEC hits at broker’s ‘whack-a-mole’ game
US federal regulators are urging the southern New York courts to prevent a Bahamian broker/dealer and its principal from playing “a game of whack-a-mole” with their obligations to testify against other defendants.
Superwash: VAT payment down 35% for February
Superwash’s president yesterday said its Value-Added Tax (VAT) payment for February was down 35 per cent month-over-month, as the burden shifts to utilities and others who billed for January a month later.
VAT fraud risk is ‘big deal’ for all Bahamians
Value-Added Tax (VAT) is now here in the Bahamas following years of research, ‘White Papers’, discussions and debates. The Government expects it to produce a net revenue increase equivalent to roughly 2 per cent of GDP, and which will be used for projects that benefit persons living in the Bahamas.
Freeport incompatible with ‘aggressive’ VAT
Freeport’s business model is incompatible with the “blunt and aggressive instrument” that is Value-Added Tax (VAT), a senior Grand Bahama Chamber of Commerce executive believes.
