Bay Street 'assured' on new Junkanoo bleacher protocol
DOWNTOWN Nassau stakeholders have been “assured a new protocol” will be put in place for Junkanoo bleacher placement starting next year, Tribune Business was told yesterday.Ed Fields, the Downtown Nassau Partnership’s (DNP) managing director, also su
IAN FERGUSON: Better ways for corporate giving
PEOPLE often refer to Christmas as the season of giving. It is a time when most corporate donors ‘show their shape’ and give to charitable organisations, churches, the homeless and other non-profit entities.We trace the spirit of giving to sacred scr
Sarkis strikes with $2bn writ
Sarkis Izmirlian yesterday launched a $2.25 billion damages claim against Baha Mar’s main contractor, accusing it of “one of the largest construction-based frauds in this hemisphere”.
Sarkis: CCA's 'up front' failure cost over $50m
BAHA Mar’s original developer yesterday alleged that the project’s main contractor cost it more than $50 million by failing to deliver on its ‘up-front’ obligations.Sarkis Izmirlian, in a $2.25 billion damages claim filed against China Construction A
Sarkis says CCA misused my $54m to acquire Hilton
BAHA Mar’s original developer yesterday accused the project’s main contractor of misusing a disputed $54 million payment to finance its British Colonial Hilton acquisition.Sarkis Izmirlian, in a $2.25 billion damages claim against China Construction
Sarkis alleges multiple construction defects
BAHA Mar’s original developer yesterday revealed multiple alleged construction defects that could have endangered guests and staff at the $4.2 billion project.Sarkis Izmirlian, in a $2.25 billion damages lawsuit against China Construction America (CC
Taxpayers ‘dodge bullet’ on $65m Lucayan deal
BAHAMIAN taxpayers “will dodge a bullet” if the Wynn Group can complete its $65 million ‘all-cash’ Grand Lucayan purchase, a prominent QC says.
‘Get out of dark ages’, Gov’t and unions told
* Reformer urges end to worker benefits focus * Calls for more productivity ‘to lift GDP growth’ * And wants wages ‘held’ at current levels
The Department of Labour must “get out of the dark ages” and focus on improved worker productivity if the Bahamas is to enjoy higher GDP growth, a governance reformer urged yesterday. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the Labour Department and trade unions needed to stop pushing for increased worker benefits “if we are to lift ourselves out of this socio-economic recession”. Arguing that both were still “singing the same old song”, Mr Myers called for wages and benefits to be “held” at present levels until the Bahamian economy generated improved GDP growth rates.
Bahamian insurer ‘bolstered’ after hurricane losses
* Security and General in Q4 capital injection * Performance ‘marginal’, ‘below average’ * Rival Summit also gets top ratings
A MAJOR Bahamian insurer has seen its balance sheet “bolstered” by its parent as a result of recent hurricane-related losses. A. M. Best, the insurance rating agency, said Security and General Insurance Company had received a fourth quarter capital injection from its Bermuda-based owner following recent storm payouts. The rating agency, which reaffirmed the Bahamian property and casualty insurer’s creditworthiness, provided few details and its top executive, Marlon Graham, did not return Tribune Business’s voice mail message yesterday seeking comment.
Gov’t ‘won’t ruin’ economy revival with labour laws
* Minister reassures private sector on changes * No move on ‘controversial’ issues yet * Will only proceed if business/union ‘consensus’
THE Government “will not do anything to ruin” efforts to revive the Bahamian economy, a Cabinet Minister pledged yesterday, as he sought to reassure businesses over labour law reforms. Dion Foulkes, the Minister of Labour, told Tribune Business that the Minnis administration had yet to move on “contentious” election commitments to raise the 12-year redundancy pay ‘cap’ and increase the notice period for terminated employees.
Super Value chief in VAT ‘exclusive’ push
* Blames ‘inclusive’ switch for 10% sales fall * Plans to ‘go back at Gov’t’ over issue * ‘We don’t have to be contrary to world’
SUPER Value’s owner yesterday said will appeal to government for permission to revert to Value Added Tax (VAT) ‘exclusive’ pricing, blaming the switch for this year’s 10 per cent sales decline. Rupert Roberts, while likely reigniting the ‘inclusive’ versus ‘exclusive’ VAT pricing debate, told Tribune Business that Super Value’s 2017 top-line had seen a marked decline in comparison to the two years prior, during which time the food store chain had used VAT ‘exclusive’ pricing.
AML chief: ‘Size of pie yet to be seen’
* Uncertainties over Xmas spending * Hopes December ‘uptick’ will persist * All retailers see October/November fall-off
BISX-listed AML Foods has warned that “the size of the pie” remains unknown when it comes to Bahamian consumer spending this Christmas. Gavin Watchorn, the group’s president and chief executive, told Tribune Business that while it was “very confident” of gaining its due share, the extent of holiday expenditure was difficult to predict given continued economic uncertainty and fragile confidence.
Retailers await ‘busy weekend’
BAHAMIAN retailers yesterday said sales have began to pick-up in the week prior to Christmas, amid anticipation of a “very busy weekend”. “The response to our retail Christmas offer has been outstanding. We are so thankful to our subscribers for their continued support of us, and we are looking forward to closing out the season with a bang,” Aliv’s chief business developer, Gravette Brown, told Tribune Business.
Papa John’s return to create 100 jobs
Papa John’s Bahamian comeback is the core of a new $2.5 million franchise group that will create 100 new Bahamian jobs at full-build out, its principal revealed yesterday.
Gov’t ‘modelling what if’ impacts from tax reform
The Government yesterday confirmed it is “modelling” the impact of potential tax reforms, while vehemently denying it is being forced into unwanted changes by Europe and the OECD.
