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CIBC 'disagrees' with fines by the Bahamas

CIBC FIrstCaribbean has expressed its displeasure at fines imposed by Bahamian regulators in documents for its planned $240 million initial public offering (IPO) in New York.The bank, in a section of the IPO document detailing regulatory risks, said

‘No big improvement’ to $1.3bn bad loans in 2015

The $100 million Bank of the Bahamas ‘bail out’ helped to staunch the industry’s 2014 bad loan bleeding, but “no significant improvement” to this problem is expected in 2015.

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Super Value chief urges 'drastic action' over copper thieves

Super Value president Rupert Roberts has urged the Government to take “drastic action” against copper thieves, warning that they were delaying employment for 75 Bahamians after hitting the former City Markets South Beach store three times.

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Tourism surge to ‘overpower’ risks to Bahamas during ‘23

Pent-up tourism demand for The Bahamas will continue to “overpower” global inflation and the threat of a US recession “through to the end of 2023 at a minimum”, the Central Bank’s governor asserted yesterday.

New auto sales plunge 90% at COVID’s peak

New car sales plunged more than 90 percent during the COVID-19 lockdown’s peak, data seen by Tribune Business has revealed, with many dealerships “not selling a single vehicle” for April.

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BREA chief: Do ‘admirable thing’ for existing deals

The Bahamas Real Estate Association’s (BREA) president says it will be “the admirable thing to do” for the government to “honour” current VAT rates on high-end deals agreed before the budget’s unveiling.

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Foreign workers dominate at The Pointe

THE Department of Labour is not happy with the disproportionate number of foreign workers to Bahamians at The Pointe’s construction site, Director of Labour John Pinder said. There are 264 foreign labourers to 90 Bahamian workers at site, Mr Pinder t

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WSC union $5m claim ends with $15k award

A trade union’s bid to secure nearly $5m in damages from the Water & Sewerage Corporation for violating their industrial agreement has been rejected by a Supreme Court judge.

Bahamas First severs Colina General tie-up

Bahamas First has issued Colina General Insurance Company with 90 days’ notice that it plans to terminate their agency relationship because of the latter’s parent re-entering the underwriting business.

$5.5m Port Lucaya acquisition closes

A UK investor has finally closed his long-awaited $5.5 million purchase of Freeport’s Port Lucaya Marketplace, the Prime Minister has disclosed.

'UWC Triathlon Bahamas' set for Clifton Heritage Park

Forty years of service in the Bahamas for a leading international non-governmental organisation, and they seek to cast a spotlight on their organisation while fostering a major fundraising effort.

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PM: Mortgage relief for 350

THE government’s revamped mortgage relief programme has assisted 350 Bahamian homeowners since it was reintroduced, Prime Minister Perry Christie revealed yesterday.

Activists to BPC chief: Go back to England

Environmental activists yesterday urged the Bahamas Petroleum Company’s (BCP) chief executive to “shut his mouth and return to England" after trying to discredit the petition against his firm's activities.

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Hotel Corporation transitioned to the Tourism Development Corporation

THE Hotel Corporation has now transitioned to the Tourism Development Corporation (TDC), according to its Chairman, Pineridge MP Frederick McAlpine.

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Central Bank rethinks overseas data storage

The Central Bank has conceded that Hurricane Dorian’s devastation has prompted a rethink on permitting its financial institution licensees to store confidential client data overseas. The monetary regulator, in its analysis of the “lessons” learned f

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BEC saddled by $86m fuel debt

THE Bahamas Electricity Corporation (BEC) currently owes its major fuel supplier more than $86 million, its executive chairman revealed yesterday, adding that the monopoly energy supplier was paying Shell West excess of $18 million a month “just to keep going”.

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Hield forced to take on larger role for Kings

AS the NBA regular season winds down, Chavano “Buddy” Hield is forced to take on a larger role for the shorthanded Sacramento Kings.

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Hield scores 21 in loss to 76ers

SACRAMENTO, California (AP) — Chavano “Buddy” Hield scored 21 points last night but it wasn’t enough as Joel Embiid’s 25 points and 17 rebounds helped the Philadelphia 76ers turn up the defensive intensity in the fourth quarter to beat the Sacramento Kings 119-111.

Valerie Nesbitt and rebels in the win column

THE Ole Miss Rebels returned to the floor after an eight-day layoff and delivered their most dominant offensive outing of the season as they concluded non-conference play. The Rebels scored a 99-63 win over Alabama State behind some timely shooting

'Plastics ban will increase our business costs'

LOCAL distributors have expressed fears that the upcoming 2020 ban on single-use plastics and Styrofoam will result in a decline of customers purchasing disposable food packaging items.