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Bahamas has Caribbean 'low' on import cover

The Bahamas has the “lowest level” of foreign reserve import coverage in the Caribbean, a top Royal Bank of Canada (RBC) economist yesterday describing the situation as “critical”.

Consolidated Water reports two percent revenue increase

THE BISX-listed Consolidated Water Company Ltd (CWCO) is reporting improved operating results and for the 2013 second quarter and first half of 2013, with total revenues for the quarter increasing two per cent to approximately $16.6 million.

Briefly

What is VAT?

Realtor demands $220k over Davis & Co HQ sale

A well-known realtor has slammed several attorneys for “jerking me around” over his $220,000 commission for the sale of a prominent East Bay Street building, telling Tribune Business: “They’re treating me like a step child.”

Bank: 'worst' over in 2014 despite $4.2m loss

Bank of the Bahamas International yesterday expressed confidence that “the worst” of its net losses and bad loan provisions will be behind it after 2014, following a quarter in which shareholders incurred a further $4.172 million in ‘red ink’.

AML targeting 50% dividend 'minimum'

AML Foods yesterday said it was ultimately aiming to return a “minimum” 50 per cent of annual profits to shareholders, while disclosing that the Budget’s Business Licence hikes had discouraged it from further job-creating expansion.

VAT could grow 'black economy'

Value-Added Tax (VAT) could result in the expansion of the ‘black economy’, a leading chief executive has warned, plus undermine consumer spending and the retail economy.

Bimini injunction would have grown developer loss 15%

The developers behind Bimini’s controversial cruise terminal would have suffered “severe and dire consequences”, amounting to a 10-15 per cent increase in their projected $11 million operating loss for 2014, had the Supreme Court blocked its construction.

AML fears for New Year after 'awful' September

AML Foods has serious “concerns” for its early 2014 performance, following a September that its chief executive described as “easily our worst month” since he took the post six-seven years ago.

Payroll best for hotels, but not for households

The fiscal policy reform dilemma facing the Government was yesterday highlighted by a private sector study, which found that while the tourism industry would “fare better”under a payroll tax, the opposite was true for Bahamian households.

Bleeding gums

Do you get bleeding from your gums? Does it happen occasionally? Does it happen daily? Does it happen with pain?

Financial services firms set for 25% contraction

The Bahamas will likely suffer a 25 per cent contraction in the number of financial services industry players, a senior international private banking executive said yesterday, as institutions merge to acquire scale and maintain profitability.

Cable gains 16,600 US clients post-deal

Cable Bahamas’ US business has added 16,600 new residential customers in the two years post-acquisition, and will provide the BISX-listed provider with combined revenue growth of more than 20 per cent over the next five years.

Businessman seeks ‘zero fiscal deficit’

An outspoken businessman yesterday said he was “looking for the fiscal deficit to be zero”, otherwise he would inquire what the Government has done with its Value-Added Tax (VAT) ‘revenue windfall’.

CIBC eyes retail ‘footprint’ growth

JAMAICA - CIBC FirstCaribbean International Bank plans to expand its retail footprint in the Bahamas its top regional executive yesterday describing this nation as “incredibly important” to its banking operations.

Mitchell says no policy discourages investment

IMMIGRATION Minister Fred Mitchell yesterday defended the country’s immigration policy against claims that it has discouraged foreign investment.

Time to build state-of-the-art motorsports circuit with FIA

WITH the progression of the EduKarting series, the attention drawn by Bahamas Speedweek Revival, enthusiasts of the sport suggest it is now time to make good on plans to construct a state-of-the-art motorsports circuit in conjunction with the Federation Internationale de l’Automobile (FIA), world motorsport’s governing body.

CIBC: 70% of staff exits ‘voluntary’

Some 70 per cent of the workers that have left CIBC FirstCaribbean International Bank (Bahamas) as a result of its ongoing restructuring were voluntary departures, its regional chief executive said yesterday.

Cybot Queens roll over Lady Truckers to even series 1-1

THE Super Value Cybot Queens blew out the Johnson Lady Truckers to even the New Providence Women’s Basketball Association best-of-3 series at 1-1.

Nottage calls for regional links to tackle organised crime

NATIONAL Security Minister Dr Bernard Nottage called for “regional intelligence” and “increased information sharing efforts” from various Caribbean countries to better combat “transnationally organised crime” plaguing the Bahamas and the Caribbean region.

The Tribune

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