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BTC's first independent store to open by October

The first independently-owned Bahamas Telecommunications Company (BTC) retail outlet is set to open in Grand Bahama by early October, the newly-privatised carrier yesterday saying its store upgrades had already sparked “a material bump up in sales”.

Economic strategy's first draft to PM 'next week'

The Prime Minister will next week receive the first draft of an economic development strategy, and how to execute it, a Cabinet minister yesterday saying this would enable the Bahamas to “maximise returns” from foreign direct investment (FDI).

BICA executives elected to Caribbean institute

Two executives with the Bahamas Institute of Chartered Accountants (BICA) have been elected to the Board of a Caribbean accounting organisation.

Nothing's perfect this side of.....

I left the last part of the headline intentionally blank, because we are all different and I did not want to try to convert you to the wrong parade. The point James Altucher made in an amazing blog the other day is that being in business is never going to be perfect either, and we need to learn to turn the downside right-side up.

Water Corp's service losses 30x those of proper-run utility

NON-REVENUE water losses in New Providence account for 56 per cent of the Water and Sewerage Corporation’s supply, its general manager said yesterday, adding that system leaks were about three-four times’ the international average for a properly-run water utility.

Companies passing up 35-40% cost savings

Many Bahamian and Caribbean companies are passing up potential 35-40 per cent “raw material” cost savings, a Nassau businessman has told Tribune Business, saying the biggest challenge for his new venture is “changing people’s habits”.

Developer waits for return of'90% of market'

A New Providence developer yesterday said he was effectively “waiting for 90 per cent” of the real estate market to “come back”, and suggested it would have benefited more if the Government had imposed “time limits” on its recent tax cuts.

BEC 'falls down tremendously' by no live repairs

The Bahamas Electricity Corporation (BEC) “falls down tremendously in applying best practices” because it does not carry out repair work on live lines, its former executive chairman questioning whether plans to introduce this by end-September had “died” with the general election.

Miller: Ex-Robin Hood store 'must open' before Christmas

MARIO’S Bowling and Entertainment Palace chief, Leslie Miller, said that despite earlier setbacks he expects to have the former Robin Hood store open by Christmas, telling Tribune Business: “We have to catch Christmas season.”

Gov't urged: close deal for $500,000 'millstone'

The Christie government was yesterday urged to “seize the initiative” and complete a deal to sell its last wholly-owned hotel to Scheck Industries, the Hotel Corporation’s former chairman describing the property’s $500,000 annual losses as “a financial millstone around our national neck”.

COLUMN: The three gambles of Perry Christie

Prime Minister Perry Christie was elected on promises about fixing the country’s main social problems: crime and education. Any solutions for these deep-rooted dilemmas will be long-term, and changes will only appear incrementally.

Abaco Business Outlook plans unveiled

THE ninth annual Abaco Business Outlook (ABO)conference is scheduled to be held on September 26 at the New Vision Ministries Centre in Marsh Harbour, Abaco.

Tax reform not just about more revenue

PROVIDING incentives for businesses, and ensuring these align with World Trade Organisation (WTO) rules, must be factored into discussions over a new tax regime for The Bahamas, a leading accountant said yesterday.

Tax system must be 'more progressive and efficient'

Bahamas-based cporate entities have partnered to stage a national tax reform symposium, a move Sunshine Holdings chairman yesterday said will expand and deepen discussions on the issue.

BEC to slash over $12m overtime pay

THE Bahamas Electricity Corporation (BEC) is looking to slash the more than $12 million it pays annually in employee overtime by implementing a shift system, its executive chairman yesterday telling Tribune Business this currently accounted for almost one-third of payroll costs.

'Pioneer' targets logistics, light manufacturing

A Nassau businessman yesterday said his Freeport-based venture was in talks to expand into the logistics and light manufacturing sectors, moves that could more than double staff numbers and “double” the projected $10-$12 million annual sales from its already-operating distribution business.

Accountants see 10-15% fraud probes increase

Bahamian accountants specialising in internal theft/fraud investigations have seen a general 10-15 per cent increase in such assignments since the recession began, Tribune Business was told yesterday.

Genting assesses Nassau 'business opportunities'

The multi-billion dollar Genting Group is assessing various “potential business opportunities” in New Providence after being heavily courted by the Christie administration, Tribune Business has been told, with the Atlantis resort said to be among the options.

Stock market 'most promising it's looked for three-four years'

The Bahamian stock market’s current position is “the most promising it’s looked for three-four years”, a leading investment banker said yesterday, recovery having started in February 2012 after the long-standing oversupply of ‘Sell’ orders was eliminated.

Believe passionately in products you sell

“I don’t understand,” said a friend of mine in a meeting with my international mastermind group...

Hotels see little impact from Isaac

New Providence hotels reported no significant impact from Tropical Storm Isaac, with executives at several major properties telling Tribune Business yesterday they saw minimal cancellations due to the storm.

'Positive interest’ in 307 Baha Mar luxury residences

BAHA MAR has seen “positive interest” in its 307 luxury residences offering thus far, a senior executive said yesterday.

80% tourist share a Quality 'bonus'

Super Value’s president yesterday said his first Quality Supermarket had received “a little bonus” through tourists generating 80 per cent of sales, telling Tribune Business he expected the Cable Beach site to be “profitable from day one”.

'Very difficult' for Bahamas to take more premium rises

Bahamian homeowners and businesses are unable to absorb further increases in catastrophe-related property insurance premiums, a leading insurer acknowledged yesterday, as the industry kept a wary eye on Tropical Storm Isaac’s potential impact on the US Gulf Coast.

Ex-minister slams BTC claims as 'utter rubbish'

A former state finance minister yesterday blasted as “utter rubbish” his predecessor’s assertion that the Bahamas Telecommunications Company’s (BTC) privatisation was “flawed”, and warned that “the big prize” - communications sector liberalisation - was now under threat.