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Cable Bahamas has withdrawn its application to US regulators for ‘fast track’ approval of its latest $24 million Florida acquisition, with the BISX-listed company’s “greater financial strength” expected to improve services yet again.
The Government has yet to inform Bahamian commercial banks how they can access its $10 million contribution to the Mortgage Relief Plan, with other institutions joining Scotiabank (Bahamas) in confirming they have no to few distressed borrowers qualifying.
A leading businessman has predicted a further Wall Street downgrade of the Bahamas’ sovereign credit rating within the next 18-24 months if the Government does not move quickly to get its fiscal house in order, saying: “We have been living on borrowed money long enough.”
SKY Bahamas chief executive has urged the Government to formulate a strategic plan for the aviation industry, noting that the logistical and design issues plaguing the Leonard Thompson International Airport in Marsh Harbour highlighted the importance of proper oversight and regulations.
There were “no shenanigans” involved in the Ministry Of Tourism’s tender for an online booking solution, the former minister disclosing that no contract was ever signed with the company central to the ‘controversy’.
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THE Bahamas cannot send the message that it is a “blue chip” financial services centre if Wall Street credit rating agencies are suggesting it cannot manage its own fiscal affairs, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman believes.
The “enclave” nature of large-scale Bahamian resorts is limiting their impact on the rest of the economy, a leading Wall Street analyst believes, with the ‘jury still out’ on whether Baha Mar will grow or split the high-end visitor market come 2015.
MORE than 2,000 Junkanoo enthusiasts turned out last night for the Silver Jubilee 2012 Esso Jr Junkanoo Parade.
A Cabinet minister last night said the latest Wall Street downgrade for the Bahamas reflected the fact the fiscal numbers were “out of whack”, with another rating agency expressing scepticism about the Government’s ability to stabilise the debt/deficit in the short-term.
Questions were last night being raised over the future viability of a BISX-listed company, after court documents disclosed that an entity accused of perpetrating a major multinational fraud held all its $5 million preference share capital.
Bahamas First Holdings (BFH) is on course to generate 2012 profits that will be “multiples” of last year’s $1 million net income, its chief executive yesterday disclosing that an international rating agency had “validated” the turnaround strategy for its Cayman operation.
Scotiabank (Bahamas) yesterday disclosed it had managed to restructure more than $80 million worth of mortgages, held by over 500 customers, within the last 18 months, telling Tribune Business just 5-6 per cent of that number had fallen back into delinquency.
INVESTMENTS minister Khalis Rolle confirmed yesterday a $20 million “poultry project” for North Andros was currently under review, telling Tribune Business the Government should be in a position “in a couple of weeks” to make a final decision on the proposal.
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Commonwealth Bank yesterday unveiled a 24.5 per cent net income drop for the nine months ended September 2012, as provisions relating to non-performing loans took their toll on the bottom line.
Fears were yesterday raised that the National Insurance Board (NIB) could massively overpay for the former City Markets head office and warehouse facility, with Tribune Business told it was looking at a $9 million deal - double what a previous bidder had offered.
Super Value’s owner yesterday said his two supermarket brands will collectively employ more than 1,000 persons when the final store opens in February, adding that he would be “thrilled” if the latest location attracted 20,000 customers per week.
Ministry of Tourism executives felt the company at the centre of a probe into former minister, Vincent Vanderpool-Wallace, was embroiled in “conflicts of interest” because its principals reviewed a bidding process they were also participating in.
Scotiabank (Bahamas) has no plans to list on the Bahamas International Securities Exchange (BISX), leaving it as the only local commercial bank that has not offered an equity stake to the Bahamian public.
The Bahamas Real Estate Association (BREA) was yesterday urged to “be cautious” in using its Multiple Listing Service (MLS) to produce market data reports, given that its listings only represented 25 per cent of total activity.
Aldeka King, the winner of this year’s Financial Services Student of the Year Award, will use her prize funds to open an investment account at CFAL.
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THE Public Hospitals Authority (PHA) said yesterday that there was no policy of exclusion for Bahamian medical equipment and pharmaceutical suppliers over the ongoing Princess Margaret Hospital (PMH) expansion, adding that it would “rigorously avoid” exclusive arrangements or some firms gaining an unfair advantage.
The Bahamian wholesale industry has been told that Government approval of Bahamas Food Services (BFS) acquisition by Sysco is “a done deal”, Tribune Business was informed yesterday, although administration sources were adamant that no final decision had been taken.