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$112m spent with 'no due process'
$112m spent with 'no due process' By NEIL HARTNELL Tribune Business Editor With more than $112 million in public monies spent "without any evidence of due process", the Bahamian Contractors Association's (BCA) president has urged the Government to use t
PRIVATE SECTOR LOAN DEFAULTS HIT $301M
By NEIL HARTNELL Tribune Business Editor Almost one-third of commercial bank loans to Bahamian businesses are in arrears, something the Bahamas Chamber of Commerce and Employers Confederation's (BCCEC) chairman described as a sign that economic recovery
'Little chance' to lower high debt, bad loan levels
The Central Bank of the Bahamas has admitted the current economic climate provides "little opportunity" to reduce high consumer debt and loan delinquency levels, with only 'qualified borrowers' able to access credit.
$500M REVENUE RISE NO FISCAL GAP BRIDGE
By NEIL HARTNELL Tribune Business Editor The Government's annual fiscal deficit averaged more than $170 million during the 2002-2008 'economic boom' years despite an almost $500 million rise in revenues over that period, showing that reining in out-of-co
Atlantis eyes 100k extra room nights in Marriott tie-up
Atlantis is hoping its 10-year franchise deal with Marriott International will generate an extra 50,000-100,000 room nights per year, its top executive describing the agreement as “the most significant tourism stimulus for the Bahamas this decade”.
RENEWABLE ENERGY 'AMAZING CHANCE' FOR DIVERSIFICATION
By NEIL HARTNELL Tribune Business Editor The Bahamas has an "incredible opportunity" to diversify its economy by becoming a renewable energy exporter, a leading Caribbean expert yesterday saying it could emulate Israel's 92 per cent penetration rate if i
BORCO: 58% OF STORAGE MONIES FROM 3 CLIENTS
By NEIL HARTNELL Tribune Business Editor The Bahamas Oil Refining Company's (BORCO) parent has listed the Grand Bahama-based facility's narrow customer base among its material risks, with 58 per cent of its core oil storage revenues coming from just its
BORCO: 58% OF STORAGE MONIES FROM 3 CLIENTS
By NEIL HARTNELL Tribune Business Editor The Bahamas Oil Refining Company's (BORCO) parent has listed the Grand Bahama-based facility's narrow customer base among its material risks, with 58 per cent of its core oil storage revenues coming from just its
BORCO: 58% OF STORAGE MONIES FROM 3 CLIENTS
By NEIL HARTNELL Tribune Business Editor The Bahamas Oil Refining Company's (BORCO) parent has listed the Grand Bahama-based facility's narrow customer base among its material risks, with 58 per cent of its core oil storage revenues coming from just its
Port licensees' 'left at mercy' of Customs
By NEIL HARTNELL Tribune Business Editor The Supreme Court has left Grand Bahama Port Authority (GBPA) licensees and their $80-$120 million 'bonded economy' "without any recourse" against alleged Customs abuses, a leading QC telling Tribune Business he w
Second mobile operator begins launch process
Cable Bahamas yesterday said the clock had started running on the aggressive roll-out timetable for the second mobile operator to launch services to 99 per cent of New Providence within three months, after the Government approved its licensing.
Tourism ‘softness’ exposed with 7% room revenue fall
Tourism “softness” resulted in a 7 per cent year-over-year decline in peak winter room revenues for Nassau’s major hotels, with both occupancies and pricing coming under pressure.
Chamber chief says 'space for third mobile operator'
The Bahamas Chamber of Commerce's chief executive believes "there is space for another mobile player", and is urging the Government to issue a third licence come 2019.
Gov’t agrees ‘few hundred thousand’ in VAT credits
The Government has approved “several hundred thousand dollars” of Value-Added Tax (VAT) credit refunds, a top official yesterday promising that businesses would not endure “a protracted wait” to receive them.
Skills transfer woe still a ‘sad reality’
The Bahamas must change “the sad reality” that key skills and knowledge are not being passed on to local workers by expatriate work permit holders, a prominent contractor argued yesterday.
Gov’t plans to narrow VAT payment window
The Government yesterday unveiled plans to shrink the Value-Added Tax (VAT) payment window by seven days, and other revenue enforcement measures, amid the numerous tariff rate cuts consistent with a pre-election Budget.
URCA 'u-turn' over third cellular player
URCA 'u-turn' over third cellular player By NEIL HARTNELL Tribune Business Editor The Bahamian communications regulator has reversed course by deciding not to reserve space in the key 700 MHz radio frequency spectrum for a third cellular operator, while
BTC to 'exceed' $60- $80m earnings goal
BTC to 'exceed' $60- $80m earnings goal By NEIL HARTNELL Tribune Business Editor The Bahamas Telecommunications Company (BTC) will beat its $60-$80 million operating income projections for 2012 after generating cost savings faster than anticipated, alth
2,000 homeowners 'non-performing'
2,000 homeowners 'non-performing' By NEIL HARTNELL Tribune Business Editor An estimated 1,500-2,000 Bahamian homes have mortgage loans that are more than 90 days past due, the Clearing Banks Association (CBA) told Tribune Business yesterday, with the se
$150M TRUST URGED TO RESCUE HOUSING MARKET
By NEIL HARTNELL Tribune Business Editor The Government was yesterday urged to invest $100-$150 million into a Foreclosure Trust as a way to solve this nation's mortgage/housing crisis, a well-known businessman telling Tribune Business that the returns g
