Florida court blocks $7.59m Bahamas ruling
A contractor’s bid to enforce a $7.59 million Bahamas Supreme Court judgment against a major global hotel chain has been blocked by a Florida appeals court, which ruled the latter was not involved in a $1 billion Bahamian joint venture.
Broker severs ties with ex-investor over $1m ‘misuse’
A Bahamian broker/dealer yesterday said it had severed all ties with a former shareholder after he allegedly misappropriated $1 million that was intended to be an equity investment in the firm.
Baha Mar becoming ‘huge white dinosaur’
A former Baha Mar director yesterday warned that the Government will soon “have a huge white dinosaur on their hands”, despite the project’s secured creditor promising that a solution is being developed.
Pinder moves one year after ‘amazing’ deal
One year after receiving a “mind blowing” offer he was unable to turn down, former financial services minister Ryan Pinder yesterday confirmed his career is on the move again - this time to the Graham, Thompson & Co law firm as partner.
Physician fears NHI care ‘dumbing down’
A well-known physician yesterday expressed concern that National Health Insurance (NHI) could create “a dumbing down” in healthcare quality in the Bahamas, and likened the gap between the Government and private sector to “a chasm”.
Private sector targets NHI concerns Christmas present
The Bahamian private sector is hoping to present the Government with a consolidated list of its National Health Insurance (NHI) concerns before Christmas, amid fears that the scheme’s cost estimates “might not be the most ideal”.
Bahamian insurers eye TCI CLICO deal
Two Bahamian insurance companies are in negotiations to acquire CLICO’s Turks & Caicos business, Tribune Business can reveal, with the deadline for the cancellation of the insolvent insurer’s local medical policies just two weeks away.
Bahamas ‘open for business’ on oil exploration
The Government was yesterday praised for sending “a signal that the Bahamas is open for business” by moving to bring the oil exploration regulatory regime into law, a move that will facilitate well drilling in 2017.
Bahamas ‘must get it right first time’ on tourism value
The Bahamas Hotel and Tourism Association’s (BHTA) president has warned that this nation will suffer reduced stopover arrivals unless its product value improves, adding: “We need to get it right first time.”
IDB: Baha Mar to up jobless rate 2%
The Bahamas’ unemployment rate will jump by as much as two percentage points due to the 2,000 Baha Mar lay-offs, the Inter-American Development Bank (IDB) is predicting, virtually eliminating the May 2015 decrease.
Chamber chief ‘tired’ of sour economic reports
The Bahamas Chamber of Commerce’s (BCCEC) chief executive is “tired” of receiving repeated negative economic reports on this nation, which needs to become “more agile” to reverse course.
Baha Mar remains Gov’ts economic ‘Achilles heel’
THE Bahamas Chamber of Commerce’s (BCCEC) chief executive yesterday said he was “sceptical on the timelines” for a Baha Mar resolution, describing the $3.5 billion project as the Government’s economic “Achilles heel”.
GB Power seeks ‘unique’ energy storage solution
Grand Bahama Power Company is planning to launch a tender for energy storage technology that is “maybe unique to the world”, in a move that could reduce operating time for at least two generation units.
Bahamasair suffers $8.5m income loss
BAHAMASAIR has warned the trade union rep- resenting its line staff that it faces “stark financial realities”, having lost $8.5 million in income this financial year with the possibility of further setbacks to come.
Bahamasair loses $3.5m crash monies
The Court of Appeal yesterday overturned a $3.5 million damages award to Bahamasair, finding that the airline had failed to install an upgraded part that may have prevented a 2007 crash landing.
Gov’t to commit on CLICO by year-end
The Government has pledged to make a public statement on its long-awaited CLICO (Bahamas) resolution by year-end, but one creditor yesterday said he “doesn’t expect a cheque will come” by Christmas.
Ex-minister pledges to battle $2.57m reversal
An ex-Cabinet minister has pledged "to fight on principle" a $2.57 million damages award against himself and his law firm, which the Court of Appeal last week backed as enforceable.
IMF slashes Bahamas 2016 growth to 1.5%
The International Monetary Fund (IMF) has slashed its 2016 growth forecast for the Bahamas by a further 0.7 percentage points to just 1.5 per cent, due to the Baha Mar impasse.
Freeport losing investment since climate 'up in the air'
Freeport's largest investor has confirmed that nine-figure investments have been delayed because the Government has left the city's expiring tax incentives "up in the air".
Airport increases US bridge capacity 50%
Lynden Pindling International Airport (LPIA) is predicting that passenger numbers will grow by 2.4 per cent for the year to end-June 2016, as it moves to increase bridge capacity for US carriers by 50 per cent.
MSC cruise port: No lease agreement yet
No agreement has yet been reached to transfer the lease of Ocean Cay to Mediterranean Shipping Company (MSC) for its private cruise port, with the current holder saying of the project: "It won't be done overnight."
PHA exceeds bond target with $26-$27m
The Public Hospitals Authority's (PHA) $25 million bond issue closed slightly oversubscribed, its financial advisers estimating that between $26-$27 million has been raised from investors.
Insurance recovery may wait until 2017
The Bahamian insurance industry may have to wait until mid-2017 to return to strong growth, with one leading underwriter saying its main goal is to “hold the fort”.
Bahamas breaks global standards with jet fuel tax
The Bahamas is breaching international standards by levying 7 per cent import duty on jet fuel, warns a report produced for the Caribbean Development Bank (CDB).
Insurer sees 38% fall from Summit
Summit Insurance blamed reduced real estate valuations for a 38.2 per cent year-over-year profits slump, as it focuses on “defending our book” in a year that will have “negative growth”.
Miller denies running own BEC bid process
Leslie Miller has denied running his own bidding process for the Bahamas Electricity Corporation (BEC), even though one energy group says he encouraged them to submit a proposal after they were kicked out of the official tender.
S&P: Baha Mar to prevent any outlook upgrade
Standard & Poor’s (S&P) says the delayed Baha Mar opening has eliminated any chance that it will raise its ‘negative’ outlook on the Bahamas, as it prepares to “revise downwards” growth estimates for this nation.
Chamber hopes for ‘11th hour’ pre-Budget meeting with Gov’t
The private sector is still hoping for an ‘11th hour’ pre-Budget meeting with the Government, so it can help it present “the most viable” economic plan for the Bahamas.
Bahamas’ debt to ‘stabilise’ near 70%
The Bahamas’ debt-to-GDP ratio is expected to hover near the IMF”s 70 per cent ‘danger threshold’ in 2016, although an international credit rating agency believes it has “stabilised”.
Developer seeks $10m in new equity finance
The developers behind Eleuthera’s French Leave Resort and Marina yesterday said they were “cautiously optimistic” about securing an additional $10 million in equity financing to fund the build-out of 20 more villas.
Freeport consultation ‘a matter of survival’
The negotiations over Freeport’s expiring tax breaks are “very much a matter of survival” for the Grand Bahama Port Authority’s (GBPA) 3,500 licensees, an outspoken QC arguing that these incentives are among the few “not completely breached” yet.
Oil explorer: New fiscal regime does not apply to us
The Bahamas Petroleum Company’s (BPC) chief executive yesterday said the Government’s increased ‘take’ from oil exploration would not apply to its activities, because its fiscal terms were already set.
Gov’t ‘ill-prepared’ on Bill amendments
An FNM MP yesterday slammed the Government’s failure to provide the Opposition with the 12 amendments to the Petroleum Bill before yesterday’s debate, saying: “It’s ridiculous the Government was so ill-prepared”.
QC: ‘No more secrets’ over Freeport’s future
An outspoken QC yesterday made good on his threat to launch Judicial Review proceedings against the consultation on Freeport’s future, warning: “No more secrets. It’s finally time for government in the sunshine.”
BTC owner dismisses Cable’s mobile threat
The Bahamas Telecommunications Company’s (BTC) controlling owner yesterday dismissed the competitive threat Cable Bahamas will pose if it wins the second cellular licence, saying it was “not a big player” when compared to the likes of Digicel.
BTC profits slump 26.4%
The Bahamas Telecommunications Company (BTC) suffered a 26.4 per cent profits slump for the year to end-March 2015, as its revenues and staffing levels came under pressure in the run-up to mobile liberalisation.
CWC: BTC ‘lags’ region despite $75m investment
The Bahamas Telecommunications Company’s (BTC) controlling owner yesterday conceded that its network quality “lags” much of the Caribbean and wider world, despite increasing its capital investment by 47 per cent last year.
‘Wonderful opportunity’ for Long Island revival
The resolution to a 10-year dispute over Long Island’s one-time largest employer presents “a wonderful opportunity” to revive the island’s economy, its MP yesterday describing the surrounding area as “ghost town”.
Ex-BCA chief may not have obtained ‘fair trial’
Prosecutors “singularly failed” to prove that a former Bahamian Contractors Association (BCA) president stole electricity at a prominent downtown Nassau property that he managed, the Court of Appeal ruled.
MP fears Baha Mar impact on sovereign rating
An Opposition MP yesterday warned that the Bahamas’ sovereign creditworthiness could be “very negatively” impacted if the $3.5 billion Baha Mar project fails to open within the next three to six months.
Gov’t renews oil explorer’s four licences
A Bahamas-based oil explorer last night said it had obtained “hugely significant clarity” from the Government renewing its key licences for a further three years, removing a potential obstacle to finding a joint venture partner and drilling its first exploratory well.
Contractor loses ‘millions’ in 4-year BEC theft fight
A former Bahamian Contractors Association (BCA) president yesterday said his business had lost “millions of dollars” during his four-year fight against electricity theft charges, and he was now trying “to put the pieces together again”.
Wilson: Ingraham responsible for Sth. Eleuthera’s ‘demise’
The developer adjacent to a newly-announced $100 million resort project believes they will together make Cotton Bay “the Caribbean’s premier destination”, as he blasted former Prime Minister Hubert Ingraham for decisions that caused South Eleuthera’s “demise”.
Court: ‘No deal’ for 25,000 acre property
An $11.5 million deal to purchase the 25,000 acre property that was once Long Island’s largest employer cannot be concluded because there was never “an enforceable sales contract”, the Privy Council ruled yesterday.
Baha Mar guest: ‘I’ll only return to look at the ruins’
A Houston entrepreneur says he will never return to the Bahamas unless it is to view “the ruins of the Baha Mar disaster”, after the enforced cancellation of his wedding left him $100,000 “out of pocket”.
Baha May delay’s 50% cut to growth
Baha Mar’s delayed opening could potentially slash 50 per cent off the Bahamas’ 2015 economic growth forecast, a well-known businessman has warned.
Contractors Association: No Baha Mar woe reports yet
Senior Bahamian Contractors Association (BCA) executives say they have yet to receive reports of local construction companies not getting due payments for work done on the $3.5 billion Baha Mar project.Senior Bahamian Contractors Association (BCA) executives say they have yet to receive reports of local construction companies not getting due payments for work done on the $3.5 billion Baha Mar project.
SEC moving for sanctions against broker’s principal
US federal regulators are seeking sanctions and a default judgment against the Bahamian principal of a broker/dealer for failure to comply with a New York court’s order.
Gov’t is warned: Don’t fall in love with VAT monies
The Government has been warned not to become “too enamoured” with Value-Added Tax’s (VAT) relatively successful start in preparing next week’s 2015-2016 Budget.
Freeport: Further uncertainty over VAT TIN demand
Fears are mounting that Freeport’s commercial environment is being further stifled by a new Customs edict that all Grand Bahama Port Authority (GBPA) licensees must obtain a VAT TIN number.