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‘Breath of fresh air’: 150k cruise arrivals over Xmas
The Downtown Nassau Partnership’s (DNP) co-chair yesterday hailed the increase in cruise ship traffic as a “breath of fresh air” for business with close to 150,000 passenger arrivals forecast for Christmas week.
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.
DPM: Bahamas must ‘prove’ itself to S&P
* ‘Not at all’ upset nation still ‘junk’ * Blames former Govt’s failure to deliver * Nation has 12-24 months to execute
The Government must “prove” it can deliver on its fiscal and economic turnaround strategy, the Deputy Prime Minister admitted yesterday, after Standard & Poor’s (S&P) kept the Bahamas at ‘junk’ status. K P Turnquest told Tribune Business he was “not at all” disappointed at the outcome of S&P’s annual review of the Bahamas’ sovereign creditworthiness, despite having previously expressed optimism that the Government could make the case to be upgraded to ‘investment grade’ status.
‘No cause for celebration’ over S&P breathing room
* Bahamas ‘still has to climb out of hole’ * But Chamber chief ‘fully expects’ 2018 upgrade * Many Bahamians don’t realise reform ‘gravity’
PRIVATE sector executives yesterday said the Bahamas has “no cause for celebration yet” after Standard & Poor’s (S&P) elected not to further downgrade its sovereign creditworthiness.
CIBC FirstCaribbean explores US listing
CIBC FirstCaribbean’s parent yesterday confirmed its subsidiary is exploring a US stock exchange listing, a move likely to stoke speculation of a Canadian bank withdrawal from the region.
Corporate redress regime upheld with $33m verdict
The Supreme Court has prevented the Bahamas being perceived as “a parochial, quirky jurisdiction” for international business through its recent ruling on a $33 million insolvency dispute, a former attorney general said yesterday.
Bahamas exports decline by 36% to five-year low
The Bahamas’ merchandise trade deficit fell by 12.3 per cent in 2015 to $2.719 billion, as the decline in imports offset a more than one-third reduction in exports.
Sarkis loses bid to buy $192m claims
The Supreme Court yesterday ruled it was legally impossible for Sarkis Izmirlian to acquire the rights to Baha Mar’s $192 million damages claim against the project’s contractor.
FNM deputy fears ‘bubble pop’ over infrastructure spend
The Government’s lack of investment in infrastructure will be “a bubble that pops” on the next administration, the Opposition’s finance spokesman warned yesterday, adding that this was contrary to the International Monetary Fund’s (IMF) advice.
'Madness': 90% of loan requests are consumer
The Bahamas' consumer loan "madness" is making sustainable economic development impossible, as more than nine out of every 10 credit applications fall into this category.
'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.
Bahamas breaks global standards with jet fuel tax
The Bahamas is breaching international standards by levying 7 per cent import duty on jet fuel, warns a report produced for the Caribbean Development Bank (CDB).
Banks to ‘double’ VAT recovery.... to just 10%
The Bahamian banking industry is hopeful it might be able to recover ‘double’ the amount of Value-Added Tax (VAT) inputs than previously thought, as one institution yesterday revealed its total tax burden will increase by $6-$7 million in two years.
Hotel union on gratuity ‘red alert’
The Bahamas Hotel Catering & Allied Workers Union (BHCAWU) yesterday said it had placed its members on ‘red alert’, amid fears that other New Providence hotels will attempt to follow Baha Mar’s lead and eliminate the 15 per cent gratuity enjoyed by hotel employees.
Bimini Bay facing homeowners revolt
The Bimini Bay Resort is facing a homeowners revolt in the Supreme Court, with multiple purchasers voicing concerns over how their properties and multi-million dollar maintenance fee sums are being managed.
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”.
FUND 'BELOW PAR' AFTER 50% VACANCY CUT FAILURE
By NEIL HARTNELL Tribune Business Editor The Bahamas Property Fund's failure to cut the 20 per cent vacancy rate at its flagship Bahamas Financial Centre by half meant its 2011 performance fell "slightly below expectations", although last May's Bahamian
IDB to combat 'stodgy' image
By NEIL HARTNELL Tribune Business Editor The Inter-American Development Bank's (IDB) country representative yesterday pledged to reach out more effectively to the Bahamian private sector, admitting that the institution was perceived as "too stodgy and bu
DESPITE 41% OF HOTELS SUFFERING 2011 LOSS, MOST POSITIVE FOR 2012
By NEIL HARTNELL Tribune Business Editor Although more than half of this nation's hotels are positive on their 2012 outlook some 41 per cent still suffered a net loss last year, the Bahamas Hotel Association (BHA) yesterday unveiling a survey that was ti
DESPITE 41% OF HOTELS SUFFERING 2011 LOSS, MOST POSITIVE FOR 2012
By NEIL HARTNELL Tribune Business Editor Although more than half of this nation's hotels are positive on their 2012 outlook some 41 per cent still suffered a net loss last year, the Bahamas Hotel Association (BHA) yesterday unveiling a survey that was ti
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