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Nassau/PI resort room revenues decline 7.4%

The Bahamian economy remained “relatively flat” in September, the Central Bank of the Bahamas revealing yesterday that Nassau/Paradise Island hotel room revenues were down 7.4 per cent year-to-date for the first nine months of 2013.

Controversial project's developers now at war

The developers of the controversy-torn Oceania Heights project are now feuding with each other, Tribune Business can reveal, having fallen out over the proposed solution to the long-running dispute with homeowners.

Fidelity funds in 45% restructuring boost

RoyalFidelity Merchant Bank & Trust yesterday said the “major move” it made in restructuring its mutual fund family appeared to have reaped rewards, with assets under management up by as much as 45 per cent since 2012 year-end.

BORCO revenues increase 13.3%

The Bahamas Oil Refining Company (BORCO) saw revenues for the nine months to end-September 2013 increase by 13.3 per cent year-over-year to $160.2 million, as it enjoyed Supreme Court success over the multi-million damage done to its jetty.

Businessman targets Dubai trade mission for January 2014

A Bahamas-based businessman yesterday said he was aiming to organise a private sector-led Trade Mission to Dubai by January 2014, in a bid to exploit both the Government’s recent visit and capital markets/construction opportunities.

THE ART OF GRAPHIX: Separating visual from the graphic

What separates Visual Art and Graphic Design? This fine line has been mulled over for a very long time. And even though both compose visuals and have a shared toolkit and knowledge base, there is still a distinct difference. Pinpointing the exact difference is where things become a little tricky.

URCA boosts BTC with promotion 'cool-off' slash

Regulators have reduced the time span between when communications providers can launch ‘similar promotions’ from 120 to 90 days, after the Bahamas Telecommunications Company (BTC) complained existing restrictions were harming consumer welfare and its ability to fight competitors.

Secure estate planning needs top constitution

Families, like countries, should have a constitution, says Halsbury Chambers associate, Mikia Cooper.

Scotiabank gains regional award

Scotiabank has been named Bank of the Year in the Caribbean by LatinFinance.

Bahamas drops one place in Specialised Financial Centre ranks

The Bahamas dropped once place to fourth spot among Specialised Financial Centres in the 2013 ranking of International Financial Centres (IFCs)by The Banker, published by The Financial Times.

A VAT we hate, but politicians love

Politicians love the cumbersome system we call Value-Added Tax (VAT) as much as businesspeople resent it. Governments prefer it to direct taxation because they hope voters will believe the tax rate is lower than it really is. Those in commerce regard it as another example of labor-draining government bureaucracy.

Public Hospitals Authority targets $100m from investors

The Public Hospitals Authority (PHA) is seeking to ultimately raise $100 million from investors via a series of bond issues, despite its financials showing it is ‘technically insolvent’ without the Government’s annual subsidy.

Bahamas 'escapes another bullet' on sovereign rating

The Bahamas was last night said to have “escaped another bullet” after Standard & Poor’s (S&P) chose not to further downgrade this nation’s sovereign credit rating, with successful fiscal reform key to any improvement.

Retailer: reforms could boost economy 'ten-fold'

The Bahamas could become “the shopping mecca of the Caribbean” and boost the economy “ten-fold” if it was easier for retailers to do business, with one proprietor yesterday warning that Value-Added Tax (VAT) was likely to cause job losses.

FNM questions Gov't priorities on bank infusion

THE Free National Movement’s (FNM) chairman yesterday called into question the Government’s financial priorities in light of its $31.5 million capital injection into Bank of the Bahamas International (BOB), telling Tribune Business: “There appears to be a bigger story than meets the eye”.

Bahamian outrage on landfill 'deal'

THE head of a Bahamian waste disposal company yesterday said it was “regrettable” that the Government had decided to award a recycling/remediation contract for the New Providence landfill to a foreign company, noting that a local consortium had offered a package involving an initial public offering (IPO) and creation of 60-100 jobs at full roll-out.

Dubai trade mission could spark 1990's style 'resurgence'

A financial services provider yesterday said the Government’s recent trade mission to Dubai could pave the way for “a resurgence along the lines of what the Bahamas experienced in the 1990s”, as it moves to open its own office in that country in time for the New Year.

PM 'encouraged' by Hilton, South Ocean sale talks

PRIME Minister Perry Christie said yesterday he was “encouraged” by ongoing negotiations to sell both the British Colonial Hilton and the South Ocean Resort properties, adding that he expected to meet with “would be purchasers” of the former as early as today.

Consultant to hold seminar for business empowerment

Mark A. Turnquest & Associate Companies will be hosting an Entrepreneur Empowerment Workshop on Saturday, November 16, = at Holy Cross Anglican Church Auditorium in Highbury Park (off Soldier Road).

BFSB teams up for captives seminar

The Bahamas Financial Services Board (BFSB) has teamed with the Insurance Commission of the Bahamas (ICB) and the Insurance Institute of the Bahamas (IIB) to host a half-day seminar on forming and operating a captive insurance company.

Bimini resort expecting 'best Wahoo turnout yet'

The Bimini Big Game Resort is exepcting its “best turnout yet” for its Wahoo Smackdown III, scheduled for November 21-23.

Bank's provisions spike $700k on jobless growth

Bank of the Bahamas yesterday revealed that last month’s 2.2 percentage point increase in the unemployment rate caused a $700,000 one-time spike in its credit loss provisions, as it warned shareholders to brace for more potential losses.

Auto dealer: Gov't VAT take up 21-32% but margins slashed

A leading auto dealer yesterday told Tribune Business that while Value-Added Tax (VAT) would increase the Government’s revenue take on its cheapest vehicle by between 21-32 per cent, price controls would slash its gross profit margins.

Bank wants Gov't to underwrite Out Island expansion

A BISX-listed bank yesterday said it was effectively looking for its majority Government shareholder to underwrite its branch expansion to Bimini and Abaco, and expects to have a presence in the former “within six months”.

North Abaco’s resorts ‘in crisis’ on airlift

North Abaco tourism is “in crisis and danger of collapse” over the lack of affordable airlift, one resort operator yesterday telling Tribune Business: “We’re running at 20 per cent occupancy right now due to the lack of available airlift”.