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EMPLOYEES at Spotless Cleaners, the dry cleaning chain, were yesterday left without a job work as the company announced the permanent closure of all 10 Nassau locations.
The Government-sponsored venture capital fund is set to receive a total $1.5 million funding injection in 2013, its administrator confirming yesterday that it received the first tranche on Monday.
A leading Government negotiator yesterday suggested Cable & Wireless Communications (CWC) may not necessarily need to retain a majority 51 per cent stake in the Bahamas Telecommunications Company (BTC) to consolidate the latter’s performance in its overall financial results.
Super Value’s president yesterday said the supermarket chain would apply to the Government’s roadworks relief initiative, even though it was likely owed more - on its own - than the total $15 million compensation package being made available.
Whether we like it or not, we are all salesmen.
The House of Assembly will today begin debate on the proposed Employees Pension Fund Protection Bill, the Minister of State for Finance said yesterday.
JUST over 100 employees of the Paradise Island Habour Resort received their severance package back in mid-December, a hotel union executive confirmed to Tribune Business yesterday.
Bahamas Speed Week’s investors are hoping the 2013 version will finally deliver a return on their “multiple six-figures” investment, its president yesterday disclosing that the 2012 event failed to reach the ‘break even’ target despite injecting more than $500,000 into the local economy.
The Central Bank’s governor yesterday said that “ample” banking system liquidity of $931 million would ensure the Government’s deficit financing needs did not ‘crowd out’ private sector capital raisings, telling Tribune Business there were “no concerns from that standpoint”.
Grand Bahama Power Company’s (GBPC) $32 million private preference share issue was last night said by capital markets sources to be “pretty much fully subscribed”, with analysts expecting it to exceed its target.
RECOVERING misappropriated assets remains a major challenge for Bahamian businesses, a leading private sector executive said yesterday, calling it “very disturbing” that the police were only able to recover close to 2 per cent of some $11.5 million worth of monies and goods alleged to have been stolen in 2012.
THE Bahamas has not seen any major changes to its real estate conveyancing laws for more than 100 years, an attorney said yesterday, stating that this jurisdiction was really playing “catch up” on the issue.
Homeowners at the controversy-torn Oceania Heights development last night expressed “disappointment, but not surprise”, that the developers had not committed to meeting them on Thursday this week.
The Government was yesterday urged to take the “lead” in shrinking its annual expenditure by $100 million, a leading businessman arguing that specific cuts would give the Bahamas “more credibility” with Wall Street and the International Monetary Fund (IMF).
A Bahamian bank holds the key to any chance defrauded Canadian investors have of recovering their collective $69 million investment, with liquidators for both parties engaged in delicate negotiations over access to the institution’s banking records
A well-known agent for Netherlands Antilles General Insurance Company (NAGICO) has hit back at claims that its ‘20 per cent or greater’ price undercutting threatens to destabilise the market, arguing it will benefit Bahamian consumers and smash an industry “oligarchy”.
The Grand Bahama Port Authority (GBPA) receives around $2 million per year from the Grand Bahama Power Company (GBPC) through various fees and “contributions”, Tribune Business can reveal.
Super Value chief Rupert Roberts is working on a plan that could “cut in half” the $1,300 per container landing fee his business currently faces.
TOURISM Minister Obie Wilchcombe said his Ministry is looking to increase stopover visitor arrivals to 1.6-1.8 million per year, acknowledging that the Bahamas had lost market share to rival Caribbean nations.
THE Bahamas Telecommunications Company (BTC) sold more than 15,000 handsets during the Christmas shopping period, “far exceeding” initial sales targets of between 10,000-12,000 handsets.
THE Bahamas is expecting a strong 2013 group business performance starting with three to four major conferences this month, the Minister of Tourism telling Tribune Business these were expected to generate around 4,000 stopover visitors.
A leading developer has urged the Government to “see value” in reforming the Quieting Titles Act, agreeing that it is being abused to aid pure “fraud and stealing” of land in the Bahamas.
As one year closes and another rises, businesses are often forced to re-evaluate positions taken in the previous year and sometimes do things differently.
A confirmed date for a meeting between the developers and homeowner group over the long-running Oceania Heights dispute should be locked down today, according to the Exuma Chamber of Commerce’s president.
By NEIL HARTNELL