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Water Corp: $1.2m claim was resort financing ploy

The Water & Sewerage Corporation has defeated a $1.227m damages claim for trespass that it alleges was merely a ploy attempting to force it to finance a planned Andros eco-resort.

Bank payment charges need ‘legitimate redress’

THE Central Bank yesterday appeared to concede that fees for payment services were too high and “require legitimate redress”, a view shared by 78 per cent of Bahamians.

Pensioners left with 30% in City Markets HQ sale

* Claim trustees ‘not acting in our best interest’ * Trustees retain 27% of $3m sale to AML Foods * And lawyer paid almost one-third of proceeds

City Markets pensioners have been “kept in the dark” over the $3 million sale of the plan’s main asset, with just 30 per cent of the proceeds seemingly left for their benefit.

Title questions raised over $3m AML deal

CITY Markets pension fund trustees have no legal standing to sell the defunct supermarket chain’s former head office to AML Foods for $3 million, it was alleged yesterday.

Development Bank fund ‘sinking’: Covers 1/3 of $46m bonds

* Just 28.4% of loans ‘performing’ * Accumulated losses over $60m * Solvency deficiency at $31.31m

THE Bahamas Development Bank’s (BDB) ‘sinking fund’ covered just one-third of its $46 million outstanding bond debt at year-end 2016, with only 28.4 per cent of its loans ‘performing’. The BDB’s 2016 financial statements, tabled in the House of Assembly in Wednesday by the Prime Minister, reveal the parlous state of another state-owned enterprise (SOE) that has racked up more than $60 million in losses for the Bahamian taxpayer during its 43-year existence.

Kosoy, Sterling eye Hurricane Hole deal

David Kosoy’s Sterling Global Financial is in negotiations to acquire Paradise Island’s Hurricane Hole property from Atlantis’s owner, Tribune Business can reveal.

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McCartney: ‘Look elsewhere’ for Baha Mar purchaser

The Democratic National Alliance’s (DNA) leader yesterday said Baha Mar’s potential purchaser would not be granted a casino licence if the Gaming Board “did proper due diligence”, as he accused the Government of “playing with fire”.

Liquidator targeting Govt’s $720k oil fee

Some $720,000 in oil exploration license fees that were paid to the Bahamas Government are being targeted by a Cayman-based liquidator, who has written to two Cabinet ministers seeking their assistance in recovering the funds.

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Baha Mar expat staff face October 31 wait

Former foreign employees of Baha Mar have to wait until October 31 to see if they will recover what is owed to them, while their Bahamian counterparts have been reminded of the “take it or leave it” approach.

Receiver dismisses 'uninsurable' Baha Mar allegations

Baha Mar's receiver yesterday dismissed claims by firebrand FNM MP, Dr Andre Rollins, that the $3.5 billion development is both "uninsurable" and will cost a further $1.8 billion to complete.

‘No way’ Bahamas can be cut to junk

There is “no way” that Moody’s can cut the Bahamas to ‘junk’ status because it is still meeting all its debt obligations as they become due, a former finance minister argued yesterday.

Govt ‘encourages’ Bahamian group’s landfill ‘win-win’

The Government is seeking a “holistic” solution to the New Providence landfill’s numerous challenges, and is encouraging a Bahamian consortium to advance its proposal for taking away 25 per cent of existing waste streams.

Be ‘mad as hell’ with PLP, FNM

The Bahamian people “should be mad as hell” with both the PLP and FNM for placing the country in a position where it is being threatened with a downgrade to ‘junk’ status, the Democratic National Alliance’s (DNA) leader has charged.

GB Power seeks ‘unique’ energy storage solution

Grand Bahama Power Company is planning to launch a tender for energy storage technology that is “maybe unique to the world”, in a move that could reduce operating time for at least two generation units.

MSC cruise port: No lease agreement yet

No agreement has yet been reached to transfer the lease of Ocean Cay to Mediterranean Shipping Company (MSC) for its private cruise port, with the current holder saying of the project: "It won't be done overnight."

BTC profits slump 26.4%

The Bahamas Telecommunications Company (BTC) suffered a 26.4 per cent profits slump for the year to end-March 2015, as its revenues and staffing levels came under pressure in the run-up to mobile liberalisation.

‘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”.

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”.

Baha Mar guest: ‘I’ll only return to look at the ruins’

A Houston entrepreneur says he will never return to the Bahamas unless it is to view “the ruins of the Baha Mar disaster”, after the enforced cancellation of his wedding left him $100,000 “out of pocket”.