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LETTER TO THE BUSINESS EDITOR: Why Wal-Mart’s big box does not fit the Bahamas

Kindly allow me space to reply to Richard Coulson’s February 25 letter to the editor, and to the public at large, with further insight on why Wal-Mart or a similar company entering the Bahamian market is not a good thing for the country.

DIANE PHILLIPS: Now why didn't I think of that?

It’s official. As of this week, Jeff Bezos, age 54, is the richest man in the world and the first on Forbes magazine’s richest people list whose net worth tops $100bn. For anyone who has spent the last 20 years under a rock studying whatever lives u

Turnquest: 865 fewer people in public sector

DEPUTY Prime Minister and Minister of Finance Peter Turnquest pushed back yesterday against the claim of major public sector firings under the Minnis administration, saying 865 fewer people were employed in the public sector between June and December

'Bail like hell' to rescue $570m spending spree

The Bahamas was yesterday urged to “bail like hell to rescue the ship” after it was revealed that the Christie government’s $570 million spending spree dwarfed the VAT-led revenue rise.K P Turnquest, the Deputy Prime Minister, told Parliament there w

Cable ‘turning corner on plan’ despite $31m loss

Cable Bahamas’ top executive yesterday said Aliv and its Florida investments will “turn the corner on plan” within the next 12-18 months despite a near-$31 million half-year loss.

FINCO profits near-double on 50% loan provision fall

FINANCE Corporation of the Bahamas (FINCO) profits near-doubled in 2017 due to a more than 50 per cent drop in loan loss provisions, even though bad credit increased to $121 million.Royal Bank of Canada’s (RBC) mortgage arm, in financial statements r

Gov't changing law for Oban

THE Government has committed to changing the Bahamas’ tax incentive laws solely to “accommodate” Oban Energies’ $5.5 billion oil refinery and storage terminal.A little-noticed section in the February 19, 2018, Heads of Agreement (HOA) for the now-con

'Case not made' for joining WTO

The Government “has not yet made the case” for joining the WTO, a senior Chamber executive arguing that the Bahamas had “squandered” a 16-year period to ready itself for this day.Darron Pickstock, who heads the Chamber of Commerce’s trade and investm

Banks are challenged over renewable energy lending

A Chamber executive has challenged Bahamian commercial banks to explain their reluctance to finance renewable installations, as homes and businesses continue to “bleed energy”. Debby Deal, head of the Chamber’s energy and environment division, questi

Pensioners left with 30% in City Markets HQ sale

* Claim trustees ‘not acting in our best interest’ * Trustees retain 27% of $3m sale to AML Foods * And lawyer paid almost one-third of proceeds

City Markets pensioners have been “kept in the dark” over the $3 million sale of the plan’s main asset, with just 30 per cent of the proceeds seemingly left for their benefit.

Stop 'looking in mirror' on fiscal blame game

The Government was yesterday urged to “get past looking in the mirror”, as it again blamed the Christie administration’s “overhang” for exceeding the prior year’s fixed-cost spending.Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) p

UPDATED: Full disclosure – Inside story on the men behind $5bn refinery deal

The Government was last night facing serious questions over Grand Bahama’s proposed $5.5 billion oil refinery, after the project’s chief promoter confirmed his involvement in two lawsuits alleging misuse of investor monies.

Timberwolves rout the Knights 65-41 on day 2

With the return of point guard Dominic Bridgewater in their line-up, the Anatol Rodgers Timberwolves feel as if they can shake off the disappointment of losing the Government Secondary Schools Sports Association’s senior boys championship title and w

Busy weekend of tennis for promising young players

IT was a very busy weekend of tennis for the most promising young tennis players in The Bahamas with every contestant playing five or more matches at the National Tennis Centre.The first in a series of five 2018 events in The Winterbotham IC Junior S

COB clerk guilty of $640k theft

FORMER College of the Bahamas employee Chimeka Gibbs was unanimously convicted by a Supreme Court jury yesterday for stealing over $600,000 from the college over a seven-year period.

Proper governance needed to protect multi-million MPAs

THE multi-million dollar benefits generated by the Bahamas’ Marine Protected Areas (MPA) will be endangered unless proper management systems are implemented, a study has warned.An economic valuation of ecosystems in the Bahamas’ 40 MPAs, conducted fo

Buddy Hield leads World past USA 155-124

IT was an active weekend for Buddy Hield during the NBA All-Star festivities in Los Angeles, California.

Aliv capital raising ‘3x oversubscribed’

Aliv’s $15 million capital raising has been more than three times’ oversubscribed with a full working week left before closing, its advisers have revealed.

Fidelity targeting 10% profits rise

FIDELITY Bank (Bahamas) is targeting 10 per cent profits growth for 2018, following a year in which the “cost of business” exceeded staff payroll and benefits.Gowon Bowe, the BISX-listed institution’s chief financial officer, told Tribune Business th

BOB profits near $2m for half-year

BANK of the Bahamas (BOB) yesterday provided further evidence that its $167.7 million bail-out may provide the foundation for a sustainable future, as half-year profits neared $2 million.The troubled BISX-listed bank enjoyed two consecutive profitabl

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