Local Business


RoyalFidelity targeting 15% client asset growth

RoyalFidelity Merchant Bank & Trust is targeting 15-20 per cent growth in client assets under management for 2016, with its president admitting yesterday that last year’s profits will be “hard to match”.

GB Power in 69% capital spend rise

Grand Bahama Power Company (GBPC) yesterday said the 69 per cent increase in its 2016 capital investment budget is being driven by the planned lighting switch-out, an initiative that will save customers a collective $1 million per year.

Gov’t deficit now $100m from target

The Government is getting further away from its $141 million full-year deficit estimate, the Central Bank revealed yesterday, with the ‘gap’ to its target standing at more than $100 million at end-February.

Gov’t to seek new Baha Mar wind-up delay

The Government will today seek a further adjournment of its Baha Mar winding-up petition from the Supreme Court, with the next hearing likely to be pushed back to September 2016.

Hotels endured weak 2016 start

The Nassau hotel industry endured “a relatively weak” first two months of 2016, the Central Bank revealed yesterday, with total room revenues down 9 per cent year-over-year.

Bran: Set Baha Mar ‘nationalise’ date

The Democratic National Alliance’s (DNA) leader yesterday urged the Government to set a date for when it would nationalise the Baha Mar project, if the parties to the dispute failed to make progress on a resolution.

‘Fortunate one-offs’ in $4m Fidelity boost

Fidelity Bank (Bahamas) chief executive yesterday conceded that its record-breaking 2015 profits may have been “fortunate”, after they received a $3-$4 million boost from ‘one-off’ events.

Cable’s BTC purchase objections dismissed

Regulators yesterday rejected Cable Bahamas’ arguments that the impending change in majority control at its major rival would undermine competition in the pay-TV and international bandwidth markets.

Benchmark tackles portfolio ‘volatility’

Benchmark (Bahamas) yesterday said it had “reduced the risk exposure” in its investment portfolio in a bid to boost profitability, as it continues to tackle its local and international regulatory issues.

Insurer beats 2015 profit goal by 7.3%

A Bahamian property and casualty insurer yesterday revealed it had beaten its own 2015 profit expectations by 7.34 per cent, even though its bottom line declined by almost $700,000 year-over-year.

Lower energy bills are major home value boost

Have you ever wanted to make your home more valuable, while paying less to own it? Homeowners often undertake improvement projects with that in mind. While some home improvements can greatly increase property values, others do little to impact them.

Sarkis: Am I the ‘stalking horse’?

Sarkis Izmirlian yesterday slammed the “astounding” praise lavished by Baha Mar’s receivers on the project’s contractor, and questioned whether his bid was being used as “a stalking horse” to ultimately justify rejecting all offers for the property.

‘Fait accompli’ fear on Abaco Club project

Environmental activists fear a proposed marina facility at the heart of the Bahamas’ “only carbon-free community” is being treated as “a fait accompli”, forcing them to initiate another legal action.

Cruise lines eye $500m Bahamas investments

The Minister of Tourism yesterday said the major cruise lines “without question” remain committed to the Bahamas, with the industry preparing more than $500 million worth of investments for this destination over the next two years.

Inactive account owners face 60% reclaim time cut

The Central Bank is proposing to slash by 60 per cent the time allowed for owners of some $86 million in inactive accounts to claim their funds, as it moves “more in line” with global standards.