Receivers set aside $3m for Baha Mar preferential claims
Baha Mar’s receivers have set aside $3 million to pay potential preferred creditors of 17 companies that formed the ownership structure created by original developer, Sarkis Izmirlian.
Govt told: ‘Get tough’ on Hutchison inaction
The Government was yesterday urged to “get tough” with Freeport’s largest investor, amid fears that Memories’ pull-out “will be the death knell” for the island’s tourism sector and wider economy.
Pointe fully leases first phase retail
China Construction America (CCA) is now awaiting approvals for the condominium hotel and marina phase at The Pointe, with all seven available retail outlets fully leased.
500 Chinese permits an ‘arbitrary’ Pointe
An ex-Bahamian Contractors Association (BCA) president yesterday slammed the “arbitrary” justification for granting 400-500 Chinese work permits at The Pointe, and questioned who would ensure Bahamians comprised 70 per cent of the workforce.
Memories pull-out ‘horrible’ for GB tourism industry
Memories’ confirmation that it “vacated” its Freeport resort on Sunday, making several hundred employees redundant, was last night described as “horrible news” for Grand Bahama’s economy and tourism industry.
Investor sceptical on BOB lawsuit merits
An outspoken Bank of the Bahamas minority investor yesterday expressed scepticism over whether investors could successfully sue for compensation via a class action-type lawsuit.
TUC protests to ILO over Govt strike poll move
A Bahamian trade union body has complained to the International Labour Organisation (ILO) about the “substantial limitation” that will be imposed on worker industrial action by the Government’s proposed legal changes.
Baha Mar attracts 9,000 job seekers
Baha Mar’s recruitment drive has attracted 9,000 applicants in just two weeks, its top executive said yesterday, adding that despite the issues that have plagued the project in the past it still has “incredible brand equity”.
RIU PI closing ‘imminently’ for major upgrades
The RIU Palace Paradise Island will be closing its doors for renovations “imminently”, the Ministry of Tourism’s director-general revealed yesterday.
Expedia: Bahamas bookings rise 20%
EXPEDIA, the world’s largest online travel company, yesterday said bookings to the Bahamas increased by 20 per cent during the 2016 third quarter.
Bahamas squandering ‘Caribbean’s best VAT’
Royal Bank of Canada’s (RBC) chief regional economist yesterday accused the Bahamas of squandering the Caribbean’s “most successful Value-Added Tax” by failing to act in a fiscally prudent manner.
Broker principal targets expansion after court win
A Bahamian broker/dealer’s principal yesterday said he plans to double staff to 60-80 persons by year-end, after a New Jersey court dismissed the US government’s securities fraud case against him.
Gov’t ‘blind’ to 75% deficit rise
The Government was yesterday urged to “take off the blinders” and curb its spending, with Opposition politicians describing the fiscal deficit’s 75 per cent expansion as “eerily similar” to the prior year’s performance.
Bahamas in region’s ‘lowest quartile’ on doing business ease
The Bahamas is “underperforming” rival Caribbean economies on the ‘ease of business’, with productivity, employment and GDP growth indicators “up to 50 per cent below” nations of comparable size.
Exchange control changes to Govt during February
The Government will receive proposals for further exchange control liberalisation targeted at the private sector next month, in a bid to boost an “underperforming” economy that contributed to the Bahamas’ ‘junk’ downgrade.
