Cable Bahamas believes its newly-acquired US business will generate greater than “20 per cent aggregate” revenue growth for it over the next five years, having won contracts to provide services to 16,600 Florida residential units since the purchases closed.
The Bahamas is suffering from “the paradox of the anchor property”, a well-known doctor believes, with tourism and foreign direct investment (FDI) failing to generate the necessary foreign currency earnings.
A well-known western New Providence community is facing a revolt by resident homeowners, who are promising to employ “very stringent measures” to overturn a $660,000 ‘special assessment fee’ levied on them by an absentee Board.
Scotiabank (Bahamas) yesterday confirmed that around 50 staff may lose their jobs as a result of its restructuring exercise, which will result in six branch closures and the downsizing of two others.
A Bahamian broker/dealer has vehemently denied it is “intentionally stalling” its legal action against the Securities Commission, while effectively accusing its US counterpart of ‘ambushing’ it in New York court proceedings.
The Government is teaming with the Carbon War Room (CWR) to invite Bahamian and international companies to submit proposals for a collective 20 Mega Watts (MW) worth of solar farms on several Family Island, in a bid to eliminate exorbitant energy subsidies.
The Government was yesterday urged to implement initiatives to encourage Bahamian as well as foreign investment in the Family Islands, with private sector representative telling Tribune Business that Scotiabank’s decision to close branches on Eleuthera and Long Island “definitely does not help”.
The Government is aiming to begin registration for its residential energy self-generation (RESG) program me by mid-April, a Cabinet minister said yesterday, in a bid to understand the extent to which renewable energy is currently deployed in the Bahamas.
The International Monetary Fund’s (IMF) assertion that Bahamian monetary policy should remain unchanged has been slammed as “unbelievable”, a well-known doctor asserting: “Interest rates must come down.”
The Securities Commission fears the US government will treat it as “powerless and ineffective” because a broker/dealer’s legal “stalling” tactics are preventing it from assisting its foreign counterparts.
The $60 million Bahamian dollar component of Cable Bahamas’ latest preference share issue will be the largest ‘new money’ placement by a private company if fully subscribed, its financial advisor saying there had been “a very positive response” by investors.
Bahamian borrowers have seen no benefits from June 2011’s Prime rate cut, a leading accountant believes, because the average weighted interest rate on loans has subsequently increased by 2.5 percentage points.
A trade union leader believes the Bahamas’ redundancy laws leave the middle class “open to exploitation”, as she called for the Employment Act to be “revamped”.
Construction work on the $3.5 billion Baha Mar project has reached “the stretching point”, an outspoken businessman saying the main Chinese contractor simply “has to deliver” a completed development as rapidly as possible.
Scotiabank (Bahamas) executives will meet this week with the Ministry of Labour to formally present details of its restructuring plan, which will result in branch closures and lay-offs.