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The Arawak Port Development Company (APD) believes its upcoming $43 million private placement will be 100 per cent “gobbled up” by investors, telling Tribune Business yesterday it was seeking the “optimal” low cost solution.
A Wall Street rating agency yesterday effectively warned the Christie administration its Budget sums were unlikely to add up, with the tourism industry - down 18 per cent from its pre-recession visitor spending peak - set to lag the overall economic recovery.
Freeport Oil Holdings Company’s (FOCOL) largest shareholder yesterday urged the Government to “consider very carefully” the impact Business Licence fee increases would have on its hundreds of Bahamian investors, adding that the firm’s payment was set to “triple” to around $3 million.
A former Bahamas Mortgage Corporation (BMC) chairman yesterday likened plans to ‘securitise’ its loan portfolio to “junk bonds”, warning that this nation was already suffering a ‘sub-prime mortgage crisis’.
The Bahamas Telecommunications Company (BTC) yesterday said it welcomed the imminent arrival of number portability on September 3, adding that it had retained “the lion’s share” of fixed-line customers despite Cable Bahamas’ market entrance.
THE Utilities Regulation and Competition Authority (URCA) said yesterday that number portability for landline services would be launched on September 3, creating a “strong competitive enabler” in the telecommunications sector.
THE Utilities Regulation and Competition Authority (URCA) yesterday released its draft consumer protection regulations, which seeks to address contracts and services, customer complaints handling ands billing and credit management.
THE Government’s plan to kickstart its housing programme will be a “breath of fresh air” for many small and medium-sized contractors , the Bahamian Contractors Association’s (BCA) president said yesterday.
Establishing a fund to compensate Bahamian victims of ‘hit and run’ and uninsured drivers could be prohibitively expensive, insurance companies have warned, given that an estimated 25 per cent of vehicles are not ‘playing by the rules’.
Commonwealth Brewery has warned that the 2013-2014 Budget’s tax and fee increases will have “a significant impact” on the company, increasing its annual costs by around $2.5 million.
The Water & Sewerage Corporation yesterday signed an agreement to provide Bah Mar and western New Providence with wastewater treatment services through a $7.5 million plant off Gladstone Road.
A Bahamian insurer believes its net loss from last month’s flooding in New Providence will equal 30 per cent of its projected 2013 profits, and be greater than that incurred from Hurricane Sandy.
ATLANTIS’s top executive believes the resort could end up spending $69-$70 million on electricity this year, a sum close to what it pays the Government in taxes.
The Government’s Business Licence fee reforms will act as a disincentive for Bahamas-based companies to expand and become “bigger”, a well-known businessman has warned.
Atlantis needs to reward its 20-24 per cent repeat visitor ratio with product that is continually refreshed, the resort’s top executive disclosing it was investing $25 million to upgrade The Cove and Royal Towers.
Bahamian motor insurers will likely seek an injunction to stop a Court of Appeal ruling that invalidates ‘restricted driver’ clauses from taking effect, warning that it “attacks the heart” of risk underwriting.
The Government borrowed $840.5 million over the first nine months of the 2012-2013 fiscal year to finance its deficit and capital works projects, it has been disclosed.
The receiver for an alleged $22.6 million fraud has applied for a summary judgment against two Paradise Island residents that would seize their Ocean Club Estates condo - one of the best recovery sources for investors.
A ‘major’ hotel group has offered to open and manage the Grand Lucayan’s 192-room Lighthouse Point property, a Cabinet Minister has disclosed. according to Minister of State for Investments Khaalis Rolle.
THE Government plans to kickstart its housing programme by building more than 120 homes, although this is equivalent to just one-fifth of the 600 applications received to-date.
The Government must promptly pay small business vendors and inform them of the qualification criteria/standards pre-bid, a well-known consultant has warned, otherwise they will be “in a worse state than before”.
Difficulties in one bank’s commercial loan portfolio seemingly sparked a $38.7 million deterioration in the sector’s ‘bad credit’ position during April, another month in which the Bahamian economy was “relatively subdued”.
More than 50 per cent of the Government’s $162 million expenditure savings in the 2012-2013 fiscal year came from just four ministries/departments, a Cabinet Minister disclosed yesterday, while admitting that revenue projections had been “over-optimistic”.
The Bahamas Electricity Corporation (BEC) and the major oil companies were yesterday warned they may face legal action related to ongoing oil spills and environmental issues at Clifton Bay area, a well-known QC accusing them of maintaining “a fortress mentality”.
The Bahamas Electricity Corporation’s (BEC) executive chairman has slashed its projected 2013 financial year loss by over 50 per cent to $22 million, adding that half its disconnected customers owed less than $2,000.