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TEN Grand Bahama-based City Markets employees are alleging that the company and its principals deliberately altered their employment terms to "coerce and compel" them to leave voluntarily, thereby relieving the supermarket chain of the need to pay them severance and pension benefits.
BANK of the Bahamas International has warned investors it may have to increase loan loss provisions further during its financial year's second half, its managing director telling Tribune Business it was "grappling" with the inability to rapidly sell distressed real estate assets.
CITY Markets' principal believes the acquisition of the struggling five-store supermarket chain by Super Value's owner and president, Rupert Roberts, is "imminent", telling Tribune Business: "He's a very serious man, and he's very serious about this deal."
RIVAL food retailers have voiced fears that allowing Super Value to acquire City Markets' remaining stores would create a "virtual monopoly" in the New Providence supermarket business, with an estimated 60-80 per cent market share.
Cable Bahamas last night unveiled a 2.5 per cent net income increase for 2011 to $20.483 million, as it warned that rising costs continued to "challenge" its financial performance. Unveiling an improvement upon its 2010 bottom line of $19.991 million, the
THE City Markets name was what ultimately caused the struggling supermarket chain to fail to recover, a rival food retailer believes, telling Tribune Business that the Finlayson family "should have let the name die" when they acquired the 78 per cent majority stake back in 2010.
A MAJOR western New Providence real estate development is on track to this year surpass 2011 sales by 30-40 per cent, its principal telling Tribune Business yesterday that it was preparing to take total build-out value to $50 million by starting two more construction phases in 2012.
THE Bahamas has already submitted its initial goods and services offers to the World Trade Organisation (WTO) secretariat in Geneva, this nation's lead negotiator told Tribune Business yesterday, arguing that it "had not suffered" from the absence of a dedicated, specialist trade unit within the Government.
NASSAU-based City Markets employees have joined a legal action filed back in February on behalf of the supermarket chain's Freeport staff, their former attorney confirmed yesterday, in an effort to preserve salary arrears and severance entitlements.
THE Bahamas should seek to improve its ranking as an international financial centre by "strengthening" the private sector and giving it the tools to keep this nation "at the cutting edge", a leading accountant said yesterday, rather than expand the size of government through a Ministry of Financial Services.
ROYALFIDELITY Merchant Bank & Trust yesterday said its newly-launched insurance trust was the first such specific product to enter the Bahamian market, aimed at ensuring life insurance policy proceeds were "used as intended".+
I HAVE always regarded my home as my castle, and the place to rekindle my energy. I also enjoy pottering in the garden, and doing odd jobs around the place. I was therefore surprised to find an article on TechCrunch the other day that suggested I am wayward. I am not totally convinced, but I decided to share the theory anyway.
A US Navy fighter pilot's sea plane company will begin twice weekly scheduled flights between Fort Lauderdale and Bimini today, telling Tribune Business the company had "grown a ton" in less than a year following its $200,000 start-up investment.
FAMILY Island resorts are reporting high occupancy levels and strong bookings through April, with one hotel manager telling Tribune Business that bookings were up 8-9 per cent through next month and the remainder of the year.
SILVER Airways yesterday said it has received Us regulatory approval to operate Saab 340Bplus aircraft, which it will use on its Florida-Bahamas route network.
CITY Markets' principal yesterday said "two very serious" Bahamas-based players were now assessing the possible acquisition of the struggling five-store supermarket chain, describing them as "some of the most respected business people in this town and business".
THE value of the City Markets' staff pension fund's main asset "supersedes" what is owed to plan beneficiaries by some $2 million, one of its trustees saying yesterday that he hoped to conclude a deal for its sale "within the next week".
INFAMOUS Lyford Cay resident, Viktor Kozeny, was yesterday celebrating judicial victory over the US Government after the London-based Privy Council reaffirmed decisions by the Bahamian courts to reject his extradition over an alleged $200 million investment fraud.
FOCOL Holdings' decision to enter the aviation fuel supply business via its $500,000 acquisition of Shell's one-third interest in the Lynden Pindling International Airport (LPIA) fuel consortium takes the company "into the major leagues", its largest shareholder told Tribune Business yesterday.
A TRADE dispute hearing filed on behalf of some 200 City Markets employees is set for this Friday, as staff seek to secure their financial compensation, pension and other benefits from the embattled supermarket chain.
NOTHING can teach us what should be in a business contract more than experience, and unfortunately some of us have had to learn the hard way what the 'musts' are in a design agreement. Unfortunately, not every project goes well, and has the potential to turn ugly. Consequently, there may come a time when the enforcement of a contract is necessary. And it's at that point you'll thank yourself for having gone through the trouble of creating a sound legal document.
BAHAMASAIR is working with Sandals Emerald Bay on a summer flight schedule to facilitate better airlift, its general manager revealed yesterday, telling Tribune Business the carrier had already made adjustments to its existing flights to accommodate passengers travelling out of Nassau.
THE Bahamas' $70 million per year spiny lobster (crawfish) exports are under pressure from market access and poaching issues, the Department of Marine Resources' director told Tribune Business yesterday.
COLINA General Insurance Agency had an almost-$2 million balance sheet solvency deficiency when it was acquired by its sister company, BISX-listed Colina Holdings (Bahamas), in early December 2011 for just $1, Tribune Business can reveal.
A FORMER Bahamas Financial Services Board (BFSB) chairman yesterday said a report that ranked the Bahamas a lowly 75th out of 77 global financial centres would "not impact" this jurisdiction's core private wealth management client base, adding that he was "more worried" about G-20 driven regulatory initiatives.