Exuma resort buyer eyes $700k upgrades
The prospective purchaser of Exuma’s Club Peace & Plenty resort yesterday said it was planning $700,000 worth of upgrades to revitalise the destination and make it “the premier property in Georgetown proper”.
‘Tremendous opportunity lost’ on fiscal responsibility
The Chamber’s chairman has backed Fiscal Rules “principles” for the Bahamas, describing the Christie administration’s failure to initiate consultation on the issue as “a tremendous opportunity lost”.
RoyalFidelity: No international fund plans ‘in near future’
RoyalFidelity has no plans to create more international investment funds “in the near future”, with low domestic interest rates making it difficult to guarantee for Bahamian investors’ principal.
Bahamas moves to combat correspondent de-risking
Improvements to the Bahamas’ anti-money laundering framework and electronic payment solutions will help this nation combat the threat posed by correspondent banking ‘de-risking’, the Central Bank’s governor believes.
Air traffic sick-out creates ‘black eye’
The ‘sick-out’ by air traffic controllers over the Easter holiday weekend has given this nation’s tourism and aviation sector “a black eye”, with one Bahamian airline executive telling this newspaper: “It definitely cost us money”.
Matthew ‘doubles, trebles’ Fidelity fund withdrawals
RoyalFidelity has seen withdrawals from its investment funds “double, sometimes treble” above normal levels in recent months after Hurricane Matthew sent investors scrambling for funds to effect repairs.
IDB: Bahamas ‘can’t escape’ $7bn debt without fiscal rules
The Bahamas and other Caribbean nations “cannot escape their debt challenges” without implementing so-called fiscal rules, an Inter-American Development Bank (IDB) study recommending this nation impose spending controls.
FamGuard, partner front-runners for NHI insurer deal
Family Guardian and its international partner, Aetna, were yesterday said to have emerged as the front-runners to land the contract to manage the National Health Insurance’s (NHI) public insurer.
‘Global disruption’ to impact local insurers
Bahamas First’s top executive has warned that local insurers are likely to face increasing competition from consumers acquiring coverage online, as the underwriter’s gross and net premiums declined 3 per cent in 2016.
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Commonwealth to fill Spanish Wells’ RBC gap
Spanish Wells residents were yesterday said to be “elated” that Commonwealth Bank has confirmed it will open a branch on the island, filling the vacuum left by Royal Bank of Canada’s (RBC) pull-out.
Foreign currency finance move a ‘work in progress’
The Central Bank will better understand the true level of foreign currency financing demand among Bahamian businesses when the next exchange control liberalisation phase take effect on April 24, its governor said yesterday.
‘No complaints’ on 72% profits decline
Bahamas First’s chief executive was yesterday “not complaining at all” despite a 72 per cent fall in total comprehensive income for 2016, driven by a one-third increase in net claims stemming from Hurricane Matthew.
Vacation rentals ‘explosion’ threat to hotel business
The “exploding” vacation rental market will likely eat into hotel occupancy rates, a Bahamian realtor predicted yesterday, estimating that 20 per cent of this nation’s stopover visitors are currently using such accommodation.
BoB bail-out debtors block property access
Three of the ‘bad’ Bank of the Bahamas’ debtors involved in its bail-out are refusing to grant access to their properties, with the total portfolio transferred now worth 55.6 per cent less than the original valuation.
