Local Business


'Champagne pops' on telecoms merger nod

A Bahamian telecommunications provider’s principal is preparing to “pop champagne bottles”, after the Government finally approved a deal that will unleash $50 million in investment and the creation of up to 100 local jobs.

Gov't wants IPO to Bahamians by 2nd mobile firm

Prime Minister Perry Christie has indicated his government wants the winning bidder for the second celluar licence to offer shares to the Bahamian public, something that might force it to follow suit with the Bahamas Telecommunications Company (BTC).

Ex-AG: 'We're up to' coping with automatic tax information

An ex-Attorney General believes the financial services industry will survive even if the automatic exchange of tax information becomes the global standard, warning that this nation “can’t stand apart” from the initiative.

BISX listing for Gov't debt 'definitely still on radar'

The listing of around $3.5 billion in Government debt on the Bahamas International Securities Exchange (BISX) remains “definitely on the radar”, a top official adding that its recently-oversubscribed offering had broadened investor options in the capital markets.

Forwarder aims to beat market by 32%

A Bahamian freight forwarding start-up is aiming to differentiate itself from a crowded market by offering value-added services and prices it says are almost one-third below the industry average.

BTC's $56m capital spend 'largest ever'

The Bahamas Telecommunications Company’s (BTC) $56 million capital investment spend for this year is its largest ever, as it moves to address dropped mobile calls and prepare for this market’s full liberalisation.

Bahamian firm's principal meets Chinese Ambassador

Bahamaren’s chief executive, Latrae Rahming, has met the Chinese Ambassador to the Bahamas, Yuan Guisen, to discuss how the economic and trade relationship between the two nations can be strengthened.

Sterling Financial acquires New Providence-based project

The Nassau-based Sterling Financial Group has launched its New Providence Opportunity Fund, while also acquiring the Ocean Terrace real estate development in the western part of the island.

Non-performing loans breach $1bn barrier

Total tourist arrivals to the Bahamas for the 2014 first half increased by 2.8 per cent to 3.3 million, with higher-yielding stopovers recovering some of 2013’s decline.

Chamber unveils awards ceremony

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) will host its 2014 Best in Business Awards (BIBA) at Sandals Royal Bahamian on Thursday, October 30.

Water Corp's union battle over 'exclusive bid breach'

The Water & Sewerage Corporation is fighting claims it breached an industrial agreement by failing to give the union representing its management staff an “exclusive” first go at winning the contract for an Eleuthera reverse osmosis plant.

Chamber chief hopes Oceania 'can turn the corner' soon

Exuma’s Chamber of Commerce president yesterday said he was hopeful the controversy-torn Oceania Heights project may “turn the corner” soon, adding that its success was equally important as new investors on the island.

Atlantis rates rise 9% in 'very strong' August

Atlantis has enjoyed a “very strong” August with room rates up 9 per cent year-over-year, its top executive adding that the resort was currently on-pace to finish 2014 “ahead” of last year.

Auto prices 11% higher under lower VAT rate

New auto prices will likely be 7-11 per cent higher under the lower rate Value-Added Tax (VAT) than the previous 15 per cent proposal, a leading dealer yesterday suggesting the Government lacked confidence in its own revenue projections.

PI condo seizure awaits court nod

The receiver for an alleged $22.6 million fraud is waiting on the Supreme Court to authorise his seizure of an Ocean Club Estates condo belonging to two Paradise Island residents.