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Cable Bahamas has urged regulators not to link its proposed 27 per cent basic cable TV fee increase to the company’s universal service obligations (USO), warning that to do so would “be a breach of natural justice” and open URCA to “scrutiny of its integrity”.
The auction sale of a Paradise Island resort has been put back by one week to September 13, Tribune Business was told yesterday, with interest in the property - priced at a base $6 million - said to be “significantly high”.
A Finter Bank & Trust (Bahamas) fund officer, Herbert Bischof, has passed the Series 7 examination in the US after studying with the Nassau-based Securities Training Institute (STI).
The Bahamas Golf Federation (BGF) yesterday said it was in the process of returning $130,000 to its members, after its plans for a two-year deal to lease the South Ocean resort’s golf course appeared to have been derailed by a $30 billion asset manager’s offer to purchase the property.
TOURISM minister Obie Wilchcombe yesterday said that while air arrivals were trending upwards by up to 11 per cent, “we’re still not where I want us to be”. He told Tribune Business he was looking at increasing the numbers, particularly out of the Florida market.
Cable Bahamas will continue to “incur a loss” on its basic cable TV package without its proposed 27 per cent price increase, the BISX-listed communications provider arguing that current revenues were insufficient to cover service costs.
A leading architect of the Government’s mortgage relief plan has described criticisms that it will not have the advertised effect as “legitimate enough”, while arguing that it would “be a good start” even if just 20-25 per cent of delinquent borrowers were assisted.
MARKETING REVOLUTION: Every Christmas the toy companies play a wonderful trick on us parents that “forces” us to double the money we spend.
Accountants believe increased competitiveness and a better-regulated industry should follow from the Securities Commission’s commitment to meaningful dialogue with capital markets stakeholders.
THE Utilities Regulation and Competition Authority (URCA) announced yesterday that it has commenced public consultation on the communications regulator’s review of Cable Bahamas’ proposed 27 per cent increase in its monthly charge for basic cable TV service.
By NATARIO McKENZIE
Bahamians must “change their behaviour patterns” to lift the economy out of the doldrums, a leading businessman arguing that based on per capita income most were “worse off than they were 20 years ago”.
Liquidators for Gulf Union Bank (Bahamas) are predicting that depositors/creditors will recover “not less” than 45 per cent of what is owed to them, having reduced its insolvency by $5.836 million over the past 14 years.
A $30 billion New York-based asset manager has made offers to acquire the British Colonial Hilton and South Ocean resort properties, the Prime Minister confirmed yesterday, with both New Providence hotels on the market for sale.
PRIME Minister Perry Christie yesterday confirmed that the multi-billion dollar Genting Group was assessing various investment opportunities in the Bahamas, as sources suggested it had offered to take a 50 per cent equity stake in Kerzner International’s former Paradise Island properties.
ALBANY’s developers yesterday said its newly-launched Marina Residences would create 650 construction jobs over the next 18-24 months, telling Tribune Business that approximately $370 million in economic activity had been generated from lot sales.
Bahamian manufacturers are paying more than necessary in import duties due to delays in exemption permit renewals, a government minister has been told.
The size of the $239 million New Providence Road Improvement Project’s cost overruns “exceed usual expectations”, the Inter-American Development Bank (IDB) has admitted, agreeing that Bahamian contractor capacity needs to be assessed when drawing up major infrastructure contracts.
The first-time buyer Stamp Duty exemption was “not designed for what some attorneys” are using it for, one Bahamian lawyer saying their interpretations were resulting in “huge revenue leakage” and something that was “fiscally unsustainable”.
Age Discrimination…Does it exist in the Bahamian corporate community?
The Government is mulling whether to hire private inspection firms to assess construction work on its housing programme, the minister responsible telling Tribune Business it was moving to “really strengthen quality assurance” and controls.
More than 1,000 design revisions have been made to the New Providence Road Improvement project since it was conceived a decade ago, the Inter-American Development Bank (IDB) also revealing that further unanticipated construction material costs will total almost $30 million worth of overruns.
The Atlantis resort’s booking pace was 7 per cent ahead of 2011 comparatives for August, its operator telling Tribune Business it was confident that 2013 group business would “match, if not exceed” this year’s levels.
The Government was yesterday urged to amend the “really unjust” Stamp Duty exemption policy hurting hundreds of first-time home buyers, attorneys warning it was “prejudicial” against those who could least afford their own property.
The Government yesterday said it was “unfamiliar” with, and trying to find out more, about a $36.75 million ‘resort town project’ planned for the Bahamas, which was being promoted by the Orlando-based investment bank/private equity firm supposedly financing it.