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ANOTHER dispute has arisen over the calculation of severance packages for more than 300 former City Markets, Tribune Business was told yesterday, with claims that the now-closed supermarket chain's majority owners were basing payouts on reduced work weeks.
MAJOR construction on Automotive Industrial Distributors' (AID) new Wulff Road headquarters should be completed within eight months, the company's operations manager yesterday told Tribune Business that the company's sales had recovered to 85 to 90 per cent of pre-fire levels.
CHANGES to Bahamian insolvency law will prevent directors/shareholders from putting companies into voluntary liquidation for "sinister reasons", a leading accountant yesterday arguing that the amendments bring this nation "into line with model international law".
IMAGINE this. John Smith lives in Minnesota. The winter has been tough, the job stressful, and so he decides to plan a cruise to the Caribbean. He e-mails his friend to ask him if he and his wife want to accompany him. Then he Googles 'cruises to the Caribbean'.
BAHAMAS Telecommunications Company (BTC) executives said yesterday that service to hundreds of Grand Bahama-based mobile and fixed-line customers had been disrupted due to copper thieves targeting the company's sites across the island, a development also placing a "dark cloud" over the scrap metal industry.
MICAL MP V Alfred Gray accused former Prime Minister Hubert Ingraham of trying to remove him from Parliament - and using the public purse to do so.
THE Ministry of Tourism is predicting that stopover visitors through to end-August 2012 will increase between 5-7 per cent year-over-year, although it said yesterday that leisure travellers were some 66,000 down for the first two months of the year when compared to pre-recession levels.
Insurance Company of the Bahamas (ICB) yesterday said it was “not too despondent” over 2011’s 70.5 per cent drop in net income, telling Tribune Business its $1.16 million bottom line was “pretty reasonable” in a year when it incurred $13 million in gross catastrophe claims.
BAHA Mar is "close" to investing $150 million with Bahamian contractors for its Cable Beach redevelopment, as it prepares to today launch the $2.6 billion project's 300 luxury Residences to high net-worth buyers from across the world in London.
THE Bahamas Telecommunications Company's (BTC) chief executive said yesterday he was "cautiously optimistic" over the outcome of impending talks between the head of its 51 per cent majority owner and Prime Minister Perry Christie.
ALMOST $1 million in forgiven debt could be "reinstated" as a liability for the Broadcasting Corporation of the Bahamas (BCB) if it fails to pay the final $500,000 installment on a copyright settlement, its former chairman said yesterday.
THE US attorney for CLICO (Bahamas) liquidator yesterday said the move by the insolvent insurer's Trinidadian affiliate to examine his client appeared to be "an effort to circumvent" court proceedings in the Bahamas.
The Financial Voice (TFV) forum, which brings together experts from various sectors to discuss issues impacting the Bahamian economy, will make its fifth annual examination of the 2012-2013 Budget on June 19 at the J. Whitney Pinder Building on Collins A
THE Bahamas Telecommunications Company's (BTC) chief executive yesterday said that while the company's post-paid cellular packages were now "within the range" of its regional competitors, its pre-paid pricing was not as competitive as it could be.
BAHAMIAN commercial banks expect that high liquidity and non-performing loan levels, the latter of which now exceeds 19 per cent, will be "maintained for another 12-18 months" at least unless something sparks a dramatic reduction in unemployment.
A NEW Providence businessman who took over a company that failed to obtain approval for a $650 million LNG project is urging the Court of Appeal to stay a judgment that required the firm to pay $468,477 "into court" by Friday last week, on the grounds it has "less than $20,000 in liquid assets" available to meet it.
The Bahamas’ projected $550 million deficit for the 2012-2013 fiscal year has “not set off serious alarm bells yet” on Wall Street, Tribune Business can reveal, with no further downgrade to this nation’s sovereign credit rating likely in the short-term.
SANDALS Royal Bahamian saw a "fairly healthy May and June", its general manager, Patrick Drake, telling Tribune Business that the all-inclusive resort was running at 90 per cent occupancy - a level it expects to hold until about mid-August.
THE Bahamas has been urged to end its embargo on direct agriculture imports from Haiti, with the current system thought to quintuple produce costs via Florida-based middlemen as it transits through the US.
THE Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chairman is hoping its upcoming trade mission to Panama will "inspire" Bahamian entrepreneurs to fully realise Freeport's transshipment/distribution hub potential.
THE Bimini Big Game Club Resort & Marina's owners have unveiled as new logo design that will represent the 51-room property in all future marketing and branding initiatives.
BAHAMIAN commercial banks and the Government are still at the exploratory stage of trying to find "common ground" over the latter's mortgage relief plan, Tribune Business can disclose, with nothing finalised yet.
Attorneys for the Trinidadian affiliate of CLICO (Bahamas) are seeking to examine liquidator Craig A. ‘Tony’ Gomez, in what was yesterday described as a bid to prevent the $10 million
THE former Bahamas Mortgage Corporation (BMC) chairman yesterday said the newly-elected Christie administration's goal of building 1,300 new houses over its five-year term was "probably unachievable", suggesting it should instead focus on continuing to reduce the Corporation's 35 per cent loan arrears rate.
Grand Bahama-based businesses and households are paying 383 per cent more in energy costs than their Florida-based counterparts, a Freeport businessman yesterday telling Tribune Business this was the main reason for the island's 20 per cent-plus unemployment rate.