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THE Bahamas produces only 10 per cent of what it consumes, according to Agriculture and Marine Resources Minister V Alfred Gray, who recently told the Inter-American Institute for Cooperation on Agriculture (IICA) that one of the main challenges facing the country was making agriculture an attractive option.
THE Bahamas Telecommunication Company (BTC) plans to invest at least $10 million more into its 4G network, according to the company’s CEO, Geoff Houston, who revealed that the company had already begun testing its Long Term Evolution (LTE) network.
THE “Baha Mar effect” has led to a surge in real estate activity in western New Providence, a local realtor yesterday urging Bahamians to “buy now”as a significant price appreciation on properties in the area is expected in the coming years.
The Grand Bahama Power Company’s (GBPC) majority shareholder yesterday confirmed it had been given regulatory approval to recover $18.3 million tied up in retired generation units, although it emphasised this would not lead to an increase in customer tariffs.
Trustees for the City Markets employee pension fund would have “been in absolute breach of trust” had they sold the former supermarket chain’s head office to a Bahamian wholesaler for $3.8 million, with one charging the buyer “wanted something for nothing”.
The Supreme Court will likely have to determine whether ex-City Markets staff are entitled to one or both of their severance pay and pension savings, a spokesman for the workers yesterday saying he had been advised trust law “supersedes” the Employment Act.
The Government is moving to cut recurrent spending projections by 5.6 per cent for the current fiscal year to compensate for a $120 million drop in revenues, with a Wall Street analyst yesterday saying execution would be “key” if it was to hit is deficit/debt reduction targets.
The Bahamas International Securities Exchange (BISX) is exploring the creation of a Global Depository Receipt (GDR) that would allow international companies based in this nation to issue securities in any currency, its chief executive yesterday saying multi-million dollar investors had already expressed interest in the product.
A Freeport realtor gave an overview of ‘10 great reasons to buy real estate in the Bahamas’ during last week’s Bahamas International Business & Investment Forum (BIBIF).
My wife’s Blackberry makes an obnoxious sound every time an e-mail comes in.
Haiti’s Ambassador to the Bahamas has undertaken a first official, fact-finding visit to Grand Bahama to coincide with the Bahamas International Investment and Business Forum.
The Bahamas Chamber of Commerce & Employers Confederation (BCCEC) announced yesterday that its chief executive, Winston Rolle, will demit office on March 31, 2013, to focus full-time on personal business ventures.
A Bahamian auto dealer yesterday described plans to lower Excise Tax rates by 20 percentage points on certain trucks as “a tremendous blessing”, telling Tribune Business his sales in this category had fallen by 75 per cent since the 2010-2011 Budget.
While describing the Government’s real property tax amnesty/incentive programme as “a good start”, a well-known realtor yesterday said it should have offered rebates of up to 20-25 per cent to homeowners who were current on their payments.
The $2.5 million remaining from the sale of its leasehold interests will not be enough to fully compensate City Markets’ creditors, its principal revealed yesterday, adding that by law the company’s former employees were not entitled to receive both their severance pay and pensions.
THE Bahamian Contractors Association’s (BCA) president, Godfrey Forbes, yesterday said “relatively small” progress had been seen in engineering a construction sector rebound, adding that the industry still anticipated a marginal increase in business this year.
A GRAND Bahama hotelier yesterday said the lease agreement between Hutchison Whampoa and the Sunwing Travel Group meant that the island’s properties would no longer be fighting “over the same piece of cake”.
The Government is targeting improved revenue yields equivalent to 4 per cent of Gross Domestic Product (GDP) as the centrepiece of its plan to generate a recurrent Budget surplus within three years, it was disclosed yesterday.
The Government yesterday said it would still hit its ‘6.5 per cent of GDP’ fiscal deficit target for the current Budget year, despite having to borrow a further $100 million to meet “carry over expenditures” it inherited from the former Ingraham administration.
SEVERAL Bay Street retailers yesterday reiterated concerns that they would effectively be squeezed out of the Baha Mar project due to rival John Bull’s ‘master leasor’ for retail agreement at the $2.6 billion project.
The Bank of N.T. Butterfield & Son yesterday announced that a senior trust executive will relocate to its Bahamas offices and take on a senior role in promoting this product.
City Markets’ principal yesterday threatened to ‘let the courts decide’ if the company was unable to resolve its differences with the Securities Commission over its recently-postponed shareholder meeting, arguing it was impossible to meet the regulator’s requirements.
Hemingway, Playboy, running with the bulls (sharks that is), seaplane landings and take-offs, a sunset serenade with country artist Craig Morgan and 3,400 pounds of wahoo made for one of the Bahamas’ most intriguing fishing tournaments in recent memory.
A Bahamian ‘quadruple play’ provider is in negotiations with three foreign investor groups vying to invest the $7.5 million critical to completing its network build-out, a development that would create “no fewer than” 20 jobs in Nassau.
The chief executive of a BISX-listed company faces a grilling from liquidators investigating an alleged multinational fraud, who are seeking information on a series of multi-million dollar transactions involving his company.