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CCA: WE SHOULD TAKE ADVANTAGE OF BAHAMAS – Contractor reached out for help to son of top govt advisor
Baha Mar's main contractor asked the son of Perry Christie's top policy adviser to intervene when his father proposed changing The Pointe's Heads of Agreement over how many Bahamian construction workers would be employed.
BPL pledges: You’ll have ‘soft landing’ on extra charge
BAHAMAS Power & Light’s (BPL) chairman yesterday pledged to make “the landing as soft as possible” for Bahamian consumers when it adds a debt servicing charge to their bills.
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.
S&P: Gov’ts fiscal, economic reforms ‘will take time’ to work
* 1.5% average growth forecast lower than IMF’s * Grand Lucayan closure takes out 7% of rooms * Debt to rise through 2020 to 52% of GDP
THE Government’s fiscal and economic reforms will take time to “pay dividends”, Standard & Poor’s (S&P) warned yesterday, as it took a more ‘bearish’ view of the Bahamas’ growth prospects. The rating agency, in its latest Bahamas country assessment, expressed confidence that the Minnis administration’s fiscal reforms will “arrest the deterioration” in the Government’s deficit and the national debt.
Union chief: ‘No way’ would I breach law and Bar regulations
A trade union leader yesterday said there was “no way” he would have agreed to an illegal ‘contingency fee’ in taking on Sandals Royal Bahamian all the way to the Privy Council.
BTC mobile competitor ‘not planning to lose’
The Bahamas’ second mobile operator says it is “not planning to lose”, as it kicked-off its market entrance with the introduction of the ‘Aliv’ brand, promising to deliver a superior experience and customer plans.
800 job applications for new mobile player
Cable Bahamas had received around 800 applications for jobs with the nation's second mobile provider by end-last week, it was revealed yesterday, and is confident the new operator can beat its financial targets.
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.
Ex-minister: Dingman case 'waste of judicial resources'
Trying the $1.1 million damages claim against Jamie Dingman's failed Nassau restaurant empire in New York will be "a waste of judicial resources", a former Cabinet minister is arguing.
Buyers 'pull back' on Moody's threat
International buyers are "pulling back" due to uncertainties caused by Moody's threatened downgrading of the Bahamas to 'junk' status, realtors have warned.
Mortgage finance 'biggest hurdle' to housing recovery
Mortgage financing access remains "the biggest hurdle" to reviving the domestic real estate market, causing up to three deals for the same property to fall through.
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.
Ex-Chamber chief ‘100% certain’ of credit downgrade
A former Chamber of Commerce president yesterday said he was “100 per cent certain” the Bahamas’ sovereign credit rating will be downgraded by Moody’s, due to its failure to enact fundamental reforms.
Don’t make Moody’s a ‘political football’
The Bahamas will have “no one to blame but ourselves” if Moody’s follows through with its threat of a potential ‘junk’ downgrade, the Chamber of Commerce’s chief executive yesterday urging all politic
De-risk 'client migration' to benefit larger banks
Correspondent bank 'de-risking' could drive another wave of Bahamian financial services consolidation by sparking "client migration" to larger institutions, a former finance minister has warned.
Gov't urged: 'Change air cargo fines today'
The Government has been urged to "amend right away this Monday" the new and increased Customs sanctions on air cargo operators, a Bahamian courier company branding them "ridiculous".
Govt sought BPL fix in 12-months
The Government wanted Bahamas Power & Light's (BPL) manager to guarantee its facilities would match the operational standards of comparable energy utilities within a year of taking over, Tribune Business can reveal.
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.
