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The Prime Minister’s efforts to regain majority ownership of the Bahamas Telecommunications Company (BTC) rated not a mention at Cable & Wireless Communications (CWC) Friday results conference, but a key member of his negotiating team pledged: “The public will soon be presented with considerable evidence as to why this was an horrendously bad deal.”
The Government’s fiscal deficit for the first five months of the 2012-2013 Budget year rose 46.7 per cent or $70.3 million to hit $220.9 million, imposing further strain on the nation’s finances by taking the administration’s direct debt burden to $4.23 billion.
The Bahamas’ official unemployment rate declined by 70 basis points over a six-month period to hit 14 per cent in November 2012.
MAJOR hotel properties on Nassau/Paradise Island have expressed concern over the impact a massive snow storm affecting the northeastern US may have on their business, with one property already reporting “a dozen or more” cancellations.
SKY Bahamas hopes to break ground on its $1.6 million hangar during the first week in March, its chief executive telling Tribune Business that the facility could immediately save the airline 20-30 per cent in direct maintenance costs.
Baha Mar yesterday forecast “a mixed bag for 2013” at its two existing resorts, predicting 4 per cent occupancy growth at the Sheraton but a “deterioration” at the Wyndham sparked - at least in part - by a 25-30 per cent room inventory drop.
DEMOCRATIC National Alliance (DNA) leader, Branville McCartney, yesterday urged the Government to expand services on its e-government portal and offer incentives to investors who used it, stating: “We are operating in a 19th century environment competing in a 21st century world.”
A Cabinet Minister yesterday said he was “focusing a lot of my efforts” on reopening closed hotels and resort development projects halted by the recession, particularly those that could revive Grand Bahama’s “dead” economy.
The Bahamas Institute of Chartered Accountants (BICA) has met the Securities Commission of The Bahamas (SCB) in continuing efforts to ensure regulation meets best practices and standards.
The Bahamas Telecommunications Company’s (BTC) regional parent, LIME, yesterday announced that its chief executive was stepping down after four years at the helm.
Former chief Central Bank of the Bahamas economist, John Rolle, has been appointed as the Ministry of Finance’s financial secretary, Tribune Business can reveal.
The Bahamas’ window of opportunity to establish a competitive international aircraft registry “won’t remain open very long”, a local attorney warned yesterday, as rival international business centres continue to get a head start on this nation.
The owner of Freeport’s Circle Mall yesterday said he was “very confident” the newly-opened shopping complex would not be placed into receivership, arguing that there were “no circumstances that would warrant” such a development.
THE Inter-American Development Bank (IDB) and the Government are planning discussions over implementing energy sector reforms outlined in a 2010 report, the Bahamas having received more than $3 million over the past four years to assist with such projects.
For the fourth time in less than a year, a Bahamian attorney will attend a major international aviation conference with the goal of leaving home with a brief case and returning with new information and industry relationships.
Mortgage lending on Grand Bahama has declined by more than 90 per cent, in both volume and value, compared to the pre-recession ‘boom’ years, data obtained yesterday by Tribune Business shows.
THE web shop industry is arguing that the sector’s “development of technology and business methods” have taken it outside the regulatory purview of the Lotteries & Gaming Act.
A leading realtor believes the Government could achieve a “double win” if it implements creative policies to bolster Stamp Duty and real property tax revenues, while also stimulating the ‘investment property’ market.
A Grand Bahama realtor is doing his part to ensure Freeport “is no longer the bridesmaid but the bride”, as he yesterday called for increased direct airlift to supplement marketing efforts that have reached as far afield as Russia and Brazil.
A Bahamas-based title services provider yesterday described title insurance as”the way of the future” for this nation, suggesting it could “serve as a precursor” for moving to a Registered Land system.
The Bahamian liquidators of an alleged multinational fraud that has ensnared a BISX-listed firm’s affiliate have applied to the Supreme Court for an Order that the first creditors meeting be held during April 2013.
By NATARIO McKENZIE
The principal and former receiver of a major Bahamian food retailer yesterday traded accusations that each had left the business “in shambles”, with both threatening to continue their verbal battle by filing more Supreme Court lawsuits.
Superwash is set to invest $2 million in constructing a new laundromat and shopping complex at the former Pricebusters warehouse on Soldier Road, its president yesterday saying work would start in the “next couple of months” to ensure it caught the anticipated economic upturn.
The Supreme Court has overturned the receivership of a major Bahamian food retailer on the grounds that attorneys acting for its landlord, Hannes Babak, made a “material non-disclosure” over a botched attempt to serve legal papers on their counterparts.