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FATCA's huge 'cost burden' for Bahamian institutions

While the US Foreign Account Tax Compliance Act (FATCA) represents a “huge cost burden” for Bahamas-based financial institutions, a well-known attorney said the industry can remain competitive by focusing on “quality service” and responding quickly to client needs.

Gov’t ‘more strict’ over work permits

THE Immigration Department has reduced average work permit processing times by 50 per cent, the minister responsible said yesterday, telling Tribune Business that while the Government will be stricter than its predecessor in granting approvals it had “no intention of crippling the business community”.

Business owners: ‘Don’t fear risk’

THE willingness to take risks and using attorneys as “confidants” were among the points stressed as keys to creating a successful business during Scotiabank’s Small Business Seminar, which featured a panel of successful Bahamian female entrepreneurs.

Airline to slash $280k from maintenance spend

WESTERN Air’s chief executive, Rex Rolle, said yesterday that $4.6 million had been invested in the airline’s new terminal and maintenance facility on Grand Bahama, telling Tribune Business it would cut the firm’s costs by just over $250,000 a year.

Bay Street property up for $17.9m sale

A property critical to Bay Street’s revitalisation is on the market for $17.9 million, its realtor telling Tribune Business: “We want to bring life back into the city”.  

From start-up to 'A1 rated'

A Bahamian microfinance lender is aiming to progress his entrepreneur/start-up clients through the developmental stages necessary to transform them into “A1 rated companies”, creating loan products for small and medium-sized enterprises (SMEs).

BTC: 50% client growth belies bottom ranking

The Bahamas Telecommunications Company (BTC) yesterday charged that this nation’s joint last ranking on mobile Internet penetration was based on “dated” data, telling Tribune Business it had enjoyed 50 per cent subscriber growth to 30,000 mobile broadband clients over the last year.

BEC plant verdict: 'We got everything we wanted and more'

A leading opponent of the Bahamas Electricity Corporation’s (BEC) $105 million Wilson City power plant yesterday said “we got everything and more that we wanted” from Monday’s Court of Appeal ruling, suggesting it would force the Government to end the “secrecy” that surrounded major investment and public works projects.

BTC unveils its internet upgrades

THE Bahamas Telecommunications Company (BTC) will spend another $60 millionplus to upgrade its land-line service in a bid to win back residential users and create the fastest Internet service in the country.
 Fresh off the heels of a $40 million-plus investment that netted an 800 per cent increase in data usage following transformation of its mobile network,
BTC’s chief executive said the company is spending another $60-plus million to upgrade landline service.

Compliance officers meet with Commission

THE Bahamas Association of Compliance Officers (BACO) last week paid a courtesy call on the Securities Commission of tThe Bahamas (SCB) to continue talks on regulatory reforms and the critical role its members play.

Gaming Board in US on reform mission

Members of the Bahamas Gaming Board (GBB) and the Bahamas Hotel Association (BHA) Casino Committee are on a fact-finding mission at the Global Gaming Expo 2012 (G2E), the industry’s largest conference and trade show.

Court orders BEC: 'fully consult' on $105m power plant

The Bahamas Electricity Corporation (BEC) has been ordered by the Court of Appeal to engage in “full and proper public consultation” over the operation of its new $105 million Abaco power plant, a move the project’s opponents yesterday described as “a victory for the entire Bahamian public”.

Gulf Union: Liquidators ready $0.10 dividend

Liquidators for Gulf Union Bank (Bahamas) are preparing to pay a further “10 cents on the dollar” dividend to the now-defunct institution’s creditors, having returned a total $7.456 million to-date.

Bahamas close to covering 50% of infrastructure gap

The Bahamas is close to covering 50 per cent of the $2.1 billion infrastructure gap identified five years ago by a leading accounting firm, a senior executive yesterday saying it will be impossible for this nation to meet all its needs without private investment capital.

Bahamas top climber in Financial Index

Despite achieving the highest points climb, the Bahamas is “not satisfied” with its continued position near the basement of the Global Financial Centres Index 2012, a senior executive told Tribune Business last night .

The eyes have it in making sales

“Look me in the eye when I am speaking to you,” I heard the father tell his son. I was in a comic book store in Evanston, Illinois.

Bimini hotel set to host Wahoo Smackdown

The Bimini Big Game Club Resort & Marina yesterday announced it will host the Bahamas Wahoo Smackdown fishing tournament between November 15-17.

Bosses aim to inspire future generations

Young professionals who have been dreaming about leaving their 9am to 5pm to become their own boss will get some candid advice from three of the country’s seasoned business owners during a panel presentation on Thursday, October 4. The event is free to the public and takes place at The Nassau Yacht Club from 6:30pm.

‘Don’t tax people out of business’

THE Government was yesterday again urged to take a serious look at the Bahamian aviation industry, one senior airline executive telling Tribune Business that continued fee increases could effectively tax local carriers out of business.

SAFE & SECURE: How to select the best security team

A few years ago I had the pleasure of working for a major developer/investor here in the Bahamas, who specialises in gated developments and is a major player in three high-end communities in the Bahamas.

Arawak Port 'right in line' via 31,000 volume

Arawak Port Development Company’s (APD) potential $45 million private placement is unlikely to take place until the New Year, Tribune Business was told yesterday, with the 31,000 twenty-foot equipment units (TEUs) handled since April putting its container volumes ahead of projections.

Doctors: Patient days down 25% from 2010

Doctors Hospital Health Systems yesterday told Tribune Business it was “in the third year of a downward trend”, with patient days off 25 per cent compared to 2010 as it eyes “measurable growth” from its re-opening Bahamas Medical Centre.

Consultant: 'I've lost 50% of my client base'

A leading small business consultant told Tribune Business he has “lost at least 50 per cent” of his client base over the last three years, as he urged potential microlenders to focus on the technology, manufacturing and creative sectors.

Oil explorer pegs first well spend between $100-$120m

THE Government needs to find “the right formula” for stable economic development in the Family Islands, according to outgoing Exuma Chamber of Commerce president, Floyd Armbrister, who yesterday said boutique-type resort properties were the way forward.

BFSB elects new Board members

The Bahamas Financial Services Board (BFSB) has held its 2012 Annual General Meeting (AGM), electing a new Board of Directors for the 2012-2014 term. Its officers will be selected at an early Board Meeting.