Governor: ‘Credible’ growth plan key to satisfying Moody’s
The Central Bank’s governor yesterday said it was “within the Government’s reach” to lay out an economic growth strategy that convinces Moody’s not to further slash the Bahamas’ credit rating.
Be ‘mad as hell’ with PLP, FNM
The Bahamian people “should be mad as hell” with both the PLP and FNM for placing the country in a position where it is being threatened with a downgrade to ‘junk’ status, the Democratic National Alliance’s (DNA) leader has charged.
US govt blasts Bar Association
The US government has criticised the Bahamas Bar Association for failing to pursue complaints about the conduct of member attorneys, disclosing that several of its citizens had suffered “significant losses” on flawed real estate deals.
Central Bank gives Govt ‘an uppercut’
The Central Bank of the Bahamas yesterday delivered “an uppercut” to the Government’s fiscal projections, urging it to rein in spending amid a $266 million deficit for the first 10 months of the 2015-2016 fiscal year.
Moody’s to make Govt ‘come clean’
Moody’s downgrade threat will force the Government “to come clean”, the DNA’s leader said yesterday, and be more accountable and transparent than it has been with the Bahamian people on the nation’s fiscal crisis.
Ex-Chamber chief ‘100% certain’ of credit downgrade
A former Chamber of Commerce president yesterday said he was “100 per cent certain” the Bahamas’ sovereign credit rating will be downgraded by Moody’s, due to its failure to enact fundamental reforms.
Tourism ‘softness’ exposed with 7% room revenue fall
Tourism “softness” resulted in a 7 per cent year-over-year decline in peak winter room revenues for Nassau’s major hotels, with both occupancies and pricing coming under pressure.
Minister to activists: Don’t deny us jobs
A Cabinet Minister yesterday urged environmental activists to be “balanced and responsible” when launching legal actions against legitimate developers, warning that these could deny Bahamians much-needed “economic benefits”.
Don’t make Moody’s a ‘political football’
The Bahamas will have “no one to blame but ourselves” if Moody’s follows through with its threat of a potential ‘junk’ downgrade, the Chamber of Commerce’s chief executive yesterday urging all politic
‘Deceptive indicators’ hurt Budget estimates
The Chamber of Commerce’s chairman believes the use of “misnomers and deceptive indicators” are causing the Government to consistently miss unrealistic Budget and fiscal targets.
Fiscal hawk fears politicians won’t ‘face the music’
The Government yesterday asked Moody’s to ‘take a bet’ that its economic growth and Budgetary initiatives will succeed, as a well-known fiscal hawk said: “They’re not going to have to face the music.”
De-risk 'client migration' to benefit larger banks
Correspondent bank 'de-risking' could drive another wave of Bahamian financial services consolidation by sparking "client migration" to larger institutions, a former finance minister has warned.
Gov't urged: 'Change air cargo fines today'
The Government has been urged to "amend right away this Monday" the new and increased Customs sanctions on air cargo operators, a Bahamian courier company branding them "ridiculous".
Govt sought BPL fix in 12-months
The Government wanted Bahamas Power & Light's (BPL) manager to guarantee its facilities would match the operational standards of comparable energy utilities within a year of taking over, Tribune Business can reveal.
Air cargo costs to rise ‘tremendously’
Bahamians were yesterday warned that the cost of imported air freight will increase “tremendously” as a result of the new Customs fees and fines set to be imposed on operators from today.
Bahamas exports decline by 36% to five-year low
The Bahamas’ merchandise trade deficit fell by 12.3 per cent in 2015 to $2.719 billion, as the decline in imports offset a more than one-third reduction in exports.
Air cargo pull-out threat result of ‘ill thought-out policy’
The threat of a Bahamas boycott by Florida-based air cargo operators was yesterday branded as “the unintended consequences of ill-thought out policy” by the Opposition’s deputy leader. K P Turnquest warned that as an import-dependent economy, reliant on international transportation links, the Bahamian economy could only suffer if freight companies reduced or eliminated services to this nation.
Gov’t ‘accelerates’ WTO member push
The Government’s reconstituted trade negotiating bodies face a “huge task”, its chief negotiator acknowledged yesterday, adding that his appointment showed it wanted to “accelerate” the Bahamas’ accession to full World Trade Organisation (WTO) membership.
Services Coalition ‘irony’ over WTO
Lack of private sector involvement has been a key factor in why the Bahamas’ bid for full World Trade Organisation (WTO) membership has lasted 15 years and counting, a former Securities Commission principal believes.
Bran promises ease to exchange control
The Democratic National Alliance’s (DNA) leader has pledged to ease the Bahamas’ exchange control regime if elected to office, and to make the Bahamas known as a “country open for business”.
Air freight operators in Bahamas boycott threat
Florida-based air cargo companies are threatening to boycott the Bahamas over the new Customs fees and fines set to be introduced tomorrow, with this newspaper told: “It’s D-Day time.”
Engineers chief: Our growth is being ‘stymied’
The Bahamas Society of Engineers (BSE) president yesterday bemoaned how local professionals were frequently being ‘frozen out’ of foreign direct investment (FDI) projects, with work “never touching our soil”.
Sarkis loses bid to buy $192m claims
The Supreme Court yesterday ruled it was legally impossible for Sarkis Izmirlian to acquire the rights to Baha Mar’s $192 million damages claim against the project’s contractor.
All Govt’s ‘committed sins’ managing nation
A Cabinet Minister yesterday admitted that successive governments had “committed some sins” in failing to properly manage the Bahamas, as he warned: “The world is leaving us behind.”
NAD eyes fee rise after $15.1m loss
The Nassau Airport Development Company (NAD) is currently mulling another fee increase, as it predicts a “few more years” of losses following $15.1 million in ‘red ink’ incurred during its 2015 financial year.
$6.6bn debt ‘well beyond’ the need for stabilisation
The Bahamas is “well beyond” the point where it merely needs to “stabilise” its $6.6 billion national debt, a former Chamber chairman said yesterday, as he warned that the economy was showing “no desire for growth”.
Price control proposal like ‘Gestapo tactics’
The Bahamas Chamber of Commerce (BCCEC) warned yesterday that any Government move to force businesses to reduce prices in line with import duty cuts would be akin to “economic dictatorship” and “Gestapo tactics”.
MSC warns over Customs change shipment delays
The world’s second largest cargo shipper has warned Bahamian companies that their imports will be delayed “until the next sailing” if manifests are not made for compliance with Bahamas Customs’ new requirements.
FNM deputy fears ‘bubble pop’ over infrastructure spend
The Government’s lack of investment in infrastructure will be “a bubble that pops” on the next administration, the Opposition’s finance spokesman warned yesterday, adding that this was contrary to the International Monetary Fund’s (IMF) advice.
Telecom provider pledges ‘unheard of’ service levels
A newly-launched telecommunications provider yesterday promised “unheard of” service quality levels for the Bahamian market, as it will incur financial penalties for failing to meet customer expectations.
Provider: We can support asset ‘doubling’ to $900m
A Bahamian financial services provider yesterday said it has the infrastructure to support a “doubling” in size to over $900 million in assets under administration, as it seeks to avoid being “pigeon-holed” in the corporate market.
Gov't pushes deficit elimination forecast back three years
The Government has pushed back its original projections for eliminating the fiscal deficit by three full years, and is now pinning its hopes on a $449 million, four-year 'swing' into surplus.
IDB: Bahamas needs $560m 'adjustment'
The Bahamas needs a $560 million "adjustment" at present growth rates just to cut its debt-to-GDP ratio to 60 per cent by 2021, amid warnings this nation now lies on the fiscal "dark side".
$600m Sarkis claims branded 'hogwash'
An ex-Baha Mar director has slammed as "hogwash" claims that Sarkis Izmirlian lacked the $600 million financing needed to complete the project, accusing the Government of "playing the blame game".
Ex-Hard Rock franchisee queries transfer to ex-MP
Hard Rock Cafe's former Nassau franchisee has questioned why the business was so readily handed to its Bahamian landlord, when a decade earlier he had been "forced" to pay $1 million to end their partnership.
Bran: 'Very dodgy' to interfere with business pricing
The Government will be "in very dodgy territory" should it seek to interfere with how Bahamian businesses price their goods and services, the DNA leader has warned.
BIA chair warns on Brexit's potential to impact FDI, banking
The Bahamas Insurance Association's (BIA) chairman yesterday warned it was currently impossible to predict how the UK's European Union (EU) exit will impact the Bahamas, adding: "The only certainty is uncertainty".
PM: Atlantis makes granting Chinese demands impossible
The Prime Minister yesterday said Atlantis’s ‘most favoured investor’ status made it impossible for him to grant the type of incentives the Chinese were said to be demanding over Baha Mar.
PM cuts 2016 GDP growth to just 0.5%
Prime Minister Perry Christie yesterday slashed a full percentage point off the Bahamas’ projected economic growth for 2016, cutting real GDP expansion estimates to just 0.5 per cent.
Second mobile operator begins launch process
Cable Bahamas yesterday said the clock had started running on the aggressive roll-out timetable for the second mobile operator to launch services to 99 per cent of New Providence within three months, after the Government approved its licensing.
BOB two years from profitability
Prime Minister Perry Christie yesterday revealed it will take a further two years for Bank of the Bahamas to return to profitability, as he confirmed plans to recapitalise the troubled institution.
Revived Mortgage Plan may assist ‘over 1,000’
The Government yesterday unveiled a revised Mortgage Relief Plan it believes could assist “upwards of 1,000 delinquent borrowers”, via a 20-25 per cent cut to monthly loan payments.
Tax break may help 41,000 homeowners
Prime Minister Perry Christie yesterday said more than 41,000 homeowners could benefit from the Government’s decision to waive real property tax arrears for owner-occupied homes valued at less than $250,000.
Gov’t plans to narrow VAT payment window
The Government yesterday unveiled plans to shrink the Value-Added Tax (VAT) payment window by seven days, and other revenue enforcement measures, amid the numerous tariff rate cuts consistent with a pre-election Budget.
Just 12% of mortgages finance 'new buildings'
New Central Bank of the Bahamas date has provided a further insight into the sluggish home construction market, with just 12 per cent of mortgage applications involving 'new builds'.
Bahamasair's $120m finance for new fleet
Two major global financial institutions have been hired to raise $120 million for Bahamasair before year-end, Tribune Business can reveal.
China provides 'no Baha Mar comfort'
Baha Mar's Bahamian creditors and former employees "can't take much comfort" from the project's financier breaking its silence, the FNM's deputy leader arguing that it merely confirmed "no deal is in hand".
Insurers blast NHI consulting 'facade'
The Bahamas Insurance Association's (BIA) chairman yesterday said the industry remains "vehemently opposed" to the Government's 'public insurer', and slammed its National Health Insurance (NHI) consultation process as "a facade".
'Little chance' to lower high debt, bad loan levels
The Central Bank of the Bahamas has admitted the current economic climate provides "little opportunity" to reduce high consumer debt and loan delinquency levels, with only 'qualified borrowers' able to access credit.
'Madness': 90% of loan requests are consumer
The Bahamas' consumer loan "madness" is making sustainable economic development impossible, as more than nine out of every 10 credit applications fall into this category.
