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May 31, 2012

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Attorneys: Real estate legal work down 90%

Two leading attorneys yesterday said real estate-related legal work in Freeport was down by “more than 90 per cent” compared to pre-recession levels, with an Albany or Baker’s Bay-style development vital to a market turnaround.

NAD suffers $13.94M bottom line reversal

Despite suffering a $13.941 million bottom line reversal that dropped it to a net $6.172 million loss for its 2012 financial year, the Nassau Airport Development Company’s (NAD) chief executive said it was still creating “an ideal gateway for the Bahamas”.

Fidelity results 'below target' as provisions up 136%

Fidelity Bank (Bahamas)loan loss provisions rose by 136 per cent during the 2012 third quarter, its chief executive telling Tribune Business this pushed its results for the period “slightly below expectations”.

'Perfect storm' drops broker's volumes by 50%

A Bahamas-based broker/dealer yesterday said it had resorted to pay and working hour cuts to combat a 50 per cent decline in trading volumes, adding that Immigration policies were making it hard to attract top-quality traders.

Bermuda institutions find going in Bahamas tough

The Bahamian subsidiaries of two Bermuda-headquartered financial institutions have found 2012 tough going to-date, due to a mix of losses, redundancy and reduced working hours.

Over $320m reversal in Gov't's fiscal position

The Government suffered a negative swing equivalent to 4.1 per cent of gross domestic product - worth more than $320 million - in its finances during the three month