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S&P goes ‘negative’ on Bahamas as debt ratio rises 11% pts

Wall Street last night forecast that the Bahamas’ net government debt would hit 45-47 per cent of GDP by 2013-2014, a double digit rise in three years, as one rating agency slashed its economic outlook on this nation to ‘negative’.

Statements retraction

In a recent letter that I had written and that was published by The Freeport News, I had wrongly stated that the Grand Bahama Port Authority Limited (GBPA) owned 20 per cent of the Grand Bahama Power Company (GBPC); and that the Canadian corporation Emera Inc owned 80 per cent. Actually, Emera owns 80.4 per cent of the local power company, according to the local power company's website.

$55m project: 'At least 60%' spent' with Bahamians

A $55 million, three-phase western New Providence real estate development yesterday said "at least 60 per cent" of its total investment had been injected into the Bahamian economy, with its final stage one of the few to buck the recession.

Water Corp needs 'topup' to $20m subsidies

By NEIL HARTNELL Tribune Business Editor The Water & Sewerage Corporation will "definitely need" an increase to the existing $20 million taxpayer subsidy allocated to it for the 2011-2012 fiscal year, its gene

FRONT PORCH: A national lottery can help Bahamians in countless ways

IN our 50th year of independence, the national debt remains a source of deep concern, with state resources stretched across our archipelago. The country remains at risk of downgrade from various rating agencies. The debt will worsen with the next major hurricane, pandemic and/or financial crisis.

Up to $100m targeted in Abaco ports investment

The Government is eyeing a combined $100m investment to transform Abaco’s two commercial shipping ports into facilities that meet global best practices and standards.

Central Bank mortgage ease may not have instant impact

A realtor yesterday hailed the Central Bank's bid to help more persons "accomplish the Bahamian dream" although he warned the impact may not be felt instantly.

Gov’t and Opposition fight on GDP growth

THE Government and Opposition yesterday battled over what real GDP growth that fell below expectations for 2023 means for The Bahamas’ short-term economic prospects.

Civilian divers find plane wreckage just 40 mins into search

A CIVILIAN effort to locate the plane of missing pilot Byron Ferguson proved fruitful after a team mobilised by Gina Knowles, co-founder of online support group HeadKnowles, discovered plane debris in the waters off Nirvana Beach yesterday.

Ice cream firm is 'licked' over unfair dismissal

A Lickety Split employee, whose husband conducted a year-long harassment campaign against her boss over suspicions they were having an affair, has won her claim for unfair dismissal.Justice Indra Charles, in a September 14, 2017, ruling found that th

'Unfair' to tax web shops into losses

The government should not force the web shop industry out of business through the imposition of onerous taxation, a top accountant is arguing.

Family Islands urge: ‘tax web shops to the hilt’

Family Island businessmen yesterday urged the government to “tax the web shop industry to the hilt” because it has left many communities “in shambles”.

Rival landfill bids 'too ambitious' on waste-to-energy

Rival proposals were too ambitious over the “enormous amount” of waste-to-energy they believe the New Providence landfill can generate, the winning bidder argued yesterday.Kenwood Kerr, pictured, Providence Advisors’ chief executive, told Tribune Bus

Breanna killing accused wait as prosecution rests

THE Crown has formally closed its case against two women accused of murdering teenage mother Breanna Mackey last year.Prosecutor Cassie Bethel announced yesterday afternoon that the Crown would not be calling any more witnesses to testify against Zar

‘WE DIDN’T MURDER BREANNA, THEA DID’: Alleged killers blame friend for fatal attack

A janitor and her friend both told police they did not know teenage mother Breanna Mackey was being stabbed to death by their other friend until it was too late, jurors heard yesterday.

Angry hotel unions raise strike threat

Hotel workers were yesterday warned it would be “absolute madness” to further damage a tourism industry already “reeling” from Hurricane Dorian with industrial action during the peak winter season.

Environmental nod 'huge milestone' for oil explorer

A Bahamas-based oil explorer yesterday hailed the receipt of all necessary environmental approvals from the government as “a massive milestone” towards drilling its first exploratory well.Simon Potter, pictured, the Bahamas Petroleum Company’s (BPC)

Biodiesel firm is 'coiled spring ready to explode'

A Bahamian biofuel producer yesterday described itself as “a coiled spring ready to explode” with ramped-up sales after four painstaking years of perfecting its product. Scott Metcalf, Bahamas Sustainable Fuels’ general manager, told Tribune Busines

Laying out the road map for economic resilience

In the latest of his series, Hubert Edwards says growth must be The Bahamas' focus amid the COVID-19 quagmire If the problems faced by The Bahamas are to be solved in a sustainable way, it is critical there should be a proper problem definition.

Insurers 'sorry' for 15% hike . . . but it's worth it

Major Bahamian insurers yesterday warned property owners they face “a minimum” 15 percent premium rate rise in 2020 with Dorian-related claims set to hit peak estimates of $2bn. Patrick Ward, Bahamas First’s president and chief executive, told Tribu

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