Family Guardian in near-$6m ‘hit’ from Prime slash
Family Guardian yesterday said it took a near-$6 million hit at year-end 2016 as a result of the Prime interest rate reduction, which impacted “more than 70 per cent” of its investment assets.
US wins $13.9m ‘Ninety’ assets confiscate appeal
The Privy Council yesterday paved the way for a battle over assets allegedly belonging to convicted drug trafficker, Samuel ‘Ninety’ Knowles, after it ruled that the US government’s $13.9 million confiscation order against him can be registered in the Bahamas.
Minister: 2/3 redundancy increase brings Bahamas ‘in line’ with Caribbean
The Minister of Labour yesterday argued that employer concerns over the proposed two-thirds increase in the redundancy pay ‘cap’ were misplaced, arguing that it would bring the Bahamas into line with the rest of the Caribbean.
GB Power demand 10% ‘below normal’
Demand for Grand Bahama Power Company’s (GBPC) electricity is down 10 per cent below normal levels, with its majority shareholder not anticipating a recovery before 2018.
Opposition: Govt ‘worst offender’ on workplace relations
Opposition MPs yesterday slammed the Government as one of “worst offenders” in workplace relations, as debate began in the House of Assembly yesterday on the controversial labour law reforms.
Miller warns over labour law reform
Outspoken PLP MP, Leslie Miller, yesterday warned about the possible repercussions from the Government’s proposed labour law reforms, urging: “We must be reasonable in our approach.”
Large employers mull wages, hirings freeze
The Bahamas’ biggest employers, including some of the largest hotels, are mulling whether to impose a wages and hiring freeze in retaliation for the Government’s decision to force controversial labour reforms “down our throats”.
Baha Mar: No casino license 21 days out
Baha Mar’s prospective purchaser was yesterday said to be confident it will obtain the necessary casino license prior to its April 21 opening, even though one will not be issued before the end of March.
Sebas’s Brickell in Govt PPP market
Sebas Bastian’s Brickell Management Group (BMG) has entered the public-private partnership (PPP) market through a contract to construct a new “multi-purpose” government office complex on Harbour Island.
Aliv in ‘phenomenal position’ financially
The Bahamas’ new mobile operator is in “a phenomenal position” financially, having secured $186 million in start-up funding prior to this week’s planned capital raising.
BORCO gains US court help on $23m claim
The Bahamas Oil Refining Company (BORCO) has obtained US judicial permission to serve subpoenas on a marine accident investigator and his firm, as it pursues a $23 million claim in the Supreme Court.
Govt urged: ‘Don’t penalise all firms’
The Government has been urged not to “penalise” all businesses for the actions of a few through its labour reforms, the Chamber’s chairman calling for longer term employee safeguards to be put in place.
$50m capital raising comes Aliv next week
The Bahamas’ new mobile operator will bring a $50 million capital raising ‘Aliv’ next week, its advisers yesterday predicting “a very successful offering”.
Chamber pledges last ditch ‘appeal’ on labour reforms
The Chamber of Commerce is preparing a last-ditch appeal to the Government to withdraw and “reconsider” its labour law reforms, with “not one employer” yesterday said to be in favour of the changes.
Labour chief dismisses ‘ultra vires’ concerns on law amendments
The Director of Labour yesterday said there was “no basis” to the Chamber of Commerce’s assertion that the labour law reforms were “ultra vires” because they had not been unanimously approved by all National Tripartite Council (NTC) members.
