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CIBC First Caribbean CEO assures staff over new partner

COLETTE Delaney, CEO of CIBC FirstCaribbean, assured employees Friday that the bank remains committed to them as a new partner assumes majority ownership of the bank.

Consumers told to brace for ‘adjustment’ to BPL bills

Electricity consumers were yesterday told to brace for an "adjustment" to their bills via an extra charge as Bahamas Power & Light (BPL) confirmed plans for its mammoth $650m-plus refinancing.

Colina raises policy reserves by $20.2m

Colina Holdings Bahamas (CHBL) yesterday unveiled a $20.2m increase in reserves to cover future policyholder payouts in the wake of Hurricane Dorian.The rise, likely undertaken in anticipation of increased benefits claims, occurred as the BISX-listed

BTC suffers $30m blow from Dorian

The Bahamas Telecommunications Company (BTC) has been dealt a $30m blow by Hurricane Dorian with network repairs set to last into 2020, it was revealed last night.

Union's 'red flag' over CIBC buyer

The Bahamas Financial Services Union’s (BFSU) president yesterday voiced concerns about an early “red flag” that has been raised over CIBC FirstCaribbean’s proposed purchaser. Theresa Mortimer told Tribune Business that initial checks with Colombian

Team Bahamas named

Despite the fact that some of the players in college won’t be available, Nesly Jean likes the makeup of Team Bahamas that will play host to the British Virgin Islands in the next leg of the Nations League.

6,000 restructure debt during 2019 first half

More than 6,000 Bahamian borrowers applied for debt consolidation loans during the 2019 first half, making it the most sought-after form of consumer credit by some distance. The Central Bank’s latest Lending Conditions Survey, released yesterday, re

CIBC deal positive if 'breaks up the cartel'

An ex-Central Bank governor yesterday said the proposed acquisition of CIBC FirstCaribbean could be positive for the Bahamian economy if it “breaks up the cartel” in the banking industry.James Smith, pictured, told Tribune Business that the Colombia-

Bahamas Tennis Federation to host North American IC Rod Laver Jr Challenge this weekend

THE Bahamas Tennis Federation is all set to host the North American IC Rod Laver Junior Challenge at the National Tennis Centre this weekend with teams from Barbados, USA, Mexico and the Bahamas participating. The competition features top players 16

Broker: Too many Bahamians priced out of mid-market homes

A well-known real estate broker has urged the country to tackle the growing problem of housing affordability, warning that too many Bahamians are being priced out of the mid-range market.“Home ownership has been shown to be the foundation of safer, h

New VAT policy to aid Abaco & Grand Bahama

PRIME Minister Dr Hubert Minnis announced a new VAT policy for Abaco and Grand Bahama yesterday to assist with rebuilding efforts.

Dorian to drive national debt to near $9bn

The Ministry of Finance’s top official last night said Hurricane Dorian had reinforced “why fiscal discipline is so important” even though it is set to drive the national debt to almost $9bn. Marlon Johnson, the acting financial secretary, told Trib

Dorian debris clear needs big 'ramp up'

Abaco’s Chamber of Commerce president yesterday called for post-Dorian debris removal to be “ramped up significantly” given the huge obstacle it presents to the island’s reconstruction. Ken Hutton, pictured , told Tribune Business that the authoriti

Ease committee: Prioritise registrar general upgrades

The government’s ease of doing business committee yesterday warned The Bahamas will see minimal improvement in property registration until reforming the Registrar General’s Department becomes “a priority”.

Dorian 'recovery zones' ready by November 11

The deputy prime minister yesterday said the post-Dorian Economic Recovery Zones should be “completely up and running” by November 11 following a declaration by the Prime Minister. K Peter Turnquest said: “We hope to be in position to have the Prime

BOB signs deal to sell $103m trust business

Bank of The Bahamas has signed a deal to sell its $103m trust portfolio, the BISX-listed institution’s just-released 2019 financial statements have revealed.Virtually no details are provided about the sale, such as price and buyer identity, other tha

$250m transformation from 'break even' port

A Cabinet minister yesterday described Nassau’s cruise port as a “break even operation” as Parliament debated legislation to facilitate its $250m transformation.Renward Wells, minister for transport and local government, said the Harbour Dues Amendme

'Negligent' BOB defeats ex-minister's $6m default

Bank of The Bahamas has defeated an ex-Cabinet minister’s bid to enforce a $6m default judgment against it despite being branded “careless and negligent” in its approach to the case. Stephana Saunders, the Supreme Court’s deputy registrar, found tha

Renewable adoption hit by 'out of sync' approvals

A renewable energy provider yesterday said an eight month to four-year approvals process featuring “out of sync” government agencies is the greatest obstacle to the technology’s adoption. Philip Holdom, president of Alternative Power Supply (APS), s

IAN FERGUSON: How you can practice better corporate citizenship

Most companies have engaged in some form of corporate social responsibility over the course of their business lifespan. Good corporate citizenship means that, in the normal course of business, a company is operating in ways that enhance society and t

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