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The Water & Sewerage Corporation’s “financial difficulties” caused the sums it owes to BISX-listed Consolidated Water to jump to $7.6 million at year-end 2012, it was revealed last night, with the company refusing to obtain a performance bond until this amount was paid.
Creditors of the now-defunct Gulf Union Bank (Bahamas) and Suisse Security Bank & Trust are “pretty upset” there has been further delay in recovering what they are owed, a Bahamian attorney yesterday describing this as “totally unnecessary”.
Super Value owner Rupert Roberts yesterday renewed calls for a ban on copper exports after his Wulff Road store sustained “thousands” of dollars in damages Tuesday night, and warned the thieves “could bring the country to its knees” if unchecked.
THE Bahamian luxury real estate market could be poised for a rebound this year following a disappointing 2012, a top realtor believes, adding that inventory shortages were always a possibility in such a small market.
Upgraded airport facilities and changes to the Nassau Airport Development Company’s (NAD’s) staffing structure have led to higher passenger satisfaction scores at the Bahamas’ major airport.
Have you ever met anyone who does not enjoy music? Well, I have met a few who do not like art, dancing, sports, movies or even socialising..... but music? Almost everyone likes some sort of music.
A Freeport-based oil recovery plant is in talks with the Grand Bahama Port Authority (GBPA) over design modifications designed to facilitate its future expansion, having received inquiries about processing 500,000 gallons of ‘slop’ in the past six weeks.
The Minister of Financial Services met with the Light Manufacturers’ Association at its general meeting last week to address concerns surrounding tax reform and World Trade Organisation (WTO) accession.
The Bahamas took further strides to attract captive insurance business at the annual CICA International Conference, which took place from March 11-12 in Palm Springs, California.
The tourism industry’s direct contribution to Bahamian gross domestic product (GDP) is projected to increase by 5.2 per cent in 2013, it was revealed yesterday, showing services will remain the nation’s “economic linchpin for this generation”.
EXPATRIATE workers account for no more than 10 per cent of the Freeport industrial sector’s workforce, one executive said yesterday, telling Tribune Business that the real challenge was finding employees with the required skills at entry level.
The Government’s newly-announced work permit policies “will cripple our economy” if implemented, a former immigration minister warned yesterday, while its ‘no approvals’ threat to Freeport’s industrial sector would “shut Grand Bahama down full stop”.
The Bahamas’ 27 per cent gross foreign direct investment (FDI) ratio led the entire Latin American and Caribbean region in 2012, a Wall Street rating agency yesterday ranking this nation as one of only two projected to achieve above average economic growth in 2012.
The Government’s plan to eliminate work permits for certain jobs categories within one year was yesterday branded as ‘unworkable’ by a former Immigration minister, who said that based on personal experience Bahamians were simply unwilling to do this work.
The final tweet by Pope Benedict XVI before retiring was: “Thank you for your love and support. May you always experience the joy that comes from putting Christ at the centre of your lives.”
A well-known businessman yesterday backed the Government’s decision to allow exploratory oil drilling ahead of any referendum, saying this essentially paved the way for “an easier sell”.
The Government was yesterday warned not to make any Immigration policy statements that could be “self-defeating to the foreign direct investment crusade” vital to dragging the Bahamian economy out of recession.
THE BAHAMIAN Contractors Association’s (BCA) president yesterday said many smaller operators were anxiously awaiting a revival of the Government’s housing programme, telling Tribune Business this group makes up 70-80 per cent of construction teams in the country .
Halsbury Chambers founder and managing partner, Branville McCartney, will attend the second Offshore Investment Conference in Panama from March 13-14.
The Bahamas Oil Refining Company’s (BORCO) owner has invested $320 million in the two years since it acquired the Grand Bahama-based facility, believing it is an “ideal location” to serve the 20-30 per cent tanker traffic increase projected from the Panama Canal expansion.
An all-Bahamian investor group led by a former Water & Sewerage Corporation chairman has approached the Government about taking over one of the New Providence-based reverse osmosis plants currently operated by BISX-listed Consolidated Water, Tribune Business can reveal.
THE Government is eyeing “substantial” fee increases for work permits, permanent residency and citizenship, the minister of foreign affairs and immigration yesterday publicly criticising named businesses for their approach to hiring Bahamians.
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman yesterday said failing to permit exploratory oil drilling risked “leaving money on the table at a time when the country can least afford to do so”.
Kalik exports “are becoming less competitive” due to the Bahamian economy’s high operating costs, Commonwealth Brewery’s managing director revealed yesterday, with revenues from the US market down 20.4 per cent year-over-year.
THE Small & Medium Sized Development Bill could be presented to Parliament before the 2013 summer recess, and will allow the Government to be more effective in its support for small and medium-sized enterprises, a senior attorney said yesterday.