Local Business


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Breezes chief: Baha Mar ‘tragedy for Bahamians’

SuperClubs Breezes owner yesterday said its own expansion and creation of up to 300 jobs would be further delayed by Baha Mar’s woes, adding of the latter: “It’s a tragedy for the Bahamian people.”

Bahamas ‘50% likely’ to suffer credit rating cut

The Bahamas faces “at least” a 50 per cent chance of a sovereign credit rating downgrade within the next 90 days, after Standard & Poor’s (S&P) last night placed this nation on ‘negative creditwatch’ due to Baha Mar’s Chapter 11 filing.

$80m Baha Mar funds may have been ‘killed’

The $80 million financing facility created by Sarkis Izmirlian to cover Baha Mar’s Chapter 11 operating expenses may have effectively been ‘killed at birth’ by the outcome of yesterday’s Supreme Court hearing, Tribune Business can reveal.

Baha Mar pay offer’s ‘dangerous precedent’

The Government was yesterday warned it would be setting “a dangerous precedent” if it stepped in to pay Baha Mar’s $7.337 million monthly wage bill, following yesterday’s Supreme Court hearing.

Cable Beach rental vacancy up 20-30% on Baha Mar woe

Baha Mar’s woes have resulted in a 20-30 per cent increase in rental unit vacancies in the nearby Cable Beach area, a well-known realtor told Tribune Business yesterday.

Fly fish chief slams ‘backdoor sneakers’

The Bahamas Fly Fishing Industry Association’s (BFFIA) president said yesterday that many persons were “sneaking through the backdoor” into the industry, warning that there was a growing trend of vacation owners converting their homes into fishing lodges.

Chamber targets Cuba trade MOU

THE Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is expecting to sign a Memorandum of Understanding (MoU) with its Cuban counterpart to advance trade between the two countries.

Baha Mar neighbour moves on construction

A multi-million dollar project just steps away from Baha Mar confirmed yesterday that its construction will continue, despite the neighbouring $3.5 billion Baha Mar resort project filing for Chapter 11 bankruptcy.

Baha Mar gets $2m severance pay nod

Baha Mar yesterday obtained Bankruptcy Court authorisation to pay almost $2 million in severance monies, with July 20 now seemingly set as the date that will determine the fate of several thousand employees.

Retail’s 20-30% fall exacerbates tough economy

Retail sales declines of between 20-30 per cent for the 2015 half-year are compounding an already-weak investment climate that will now be hit by Baha Mar’s travails, a well-known businessman warned yesterday.

Bran: No Baha Mar until 2017

The $3.5 billion Baha Mar project is unlikely to open before the next general election in 2017, the Democratic National Alliance’s (DNA) leader warned yesterday.

Gov’t urged: Keep VAT ‘simple’ for real estate

A leading realtor yesterday urged the Government to eliminate potential market “confusion” by reducing the Value-Added Tax (VAT) rate on conveyances to 5 per cent, thereby maintaining the existing tax split.

Baha Mar confidence impacts ‘substantial’

Baha Mar’s rush into bankruptcy protection will have a “substantial” negative impact on private sector confidence, a leading businessman yesterday warning that it would also further slash the Bahamas’ economic growth.

Union president’s ‘deep concern’ on Baha Mar

THE hotel union’s president yesterday said she was “deeply concerned” over the fate of more than 2,000 Baha Mar workers, adding that the developer’s pledge to pay salaries and benefits for the next three weeks was “little to no consolation”.

VAT Task Force results ‘speak for themselves’

The Value-Added Tax (VAT) Education Task Force’s remit came to an end on Tuesday after achieving most of its mandate, one member saying: “The results speak for themselves.”