Local Business


Resort developer wins $4m title woe damages

The original developer of a Bahamas-based resort was this week awarded more than $4 million in damages against the insurer that cost it “millions of dollars” and threatened the project’s very “survival” by failing to spot title defects.

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.

Cotton Bay developer: ‘Open up’ work permits

Prime Minister Perry Christie yesterday said the developers behind the proposed Four Seasons resort project at Cotton Bay had asked the Government to “open up on work permits”, so the development could maintain the brand’s standards.

Eleuthera suffers ‘boom and bust’

Eleuthera’s economy is suffering from a “boom or bust” trend that makes it difficult for businesses to plan for long-term growth, the island’s Chamber of Commerce president said yesterday.

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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.

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$8.3m contract to aid Road Traffic revenue

THE Government yesterday signed an $8.3 million contract to modernise the Road Traffic Department, as it bids to improve customer service and maximise revenue.

Union leader calls for Productivity Council

A leading trade unionist has called for the creation of a tripartite National Productivity Council, arguing that the Bahamian education was “designed for students to fail”.

Education reform first step in ‘skills gap’ fight

CURRICULUM reform in the school system should be the first step in tackling this nation’s ‘skills gap’, a veteran educator arguing that the education system must shift to a model that requires all students to meet a certain standard before they can obtain a high school diploma.

‘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.

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.

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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”.