Regulator backs NewCo on 25% higher charges for termination
Regulators have backed the new mobile operator’s argument that it should be allowed to charge “asymmetrical” call termination rates that are 25 per cent higher than the Bahamas Telecommunications Company’s (BTC) over the short-term.
Bran demands Baha Mar ‘sale’ tax answer
The Democratic National Alliance’s (DNA) leader yesterday demanded that the Government disclose whether the Treasury will receive nine-figure Stamp Duty payments from Baha Mar’s ‘two sales’, as he branded the Supreme Court’s rationale for sealing the deal “a cop out”.
Insurers facing ‘perfect storm’ with Matthew
Bahamian insurers were last night facing “the perfect storm” in Hurricane Matthew, having rated the chances of a ‘direct hit’ on New Providence and other major population centres at “50/50” prior to its latest forecast track.
SPV, $45m bonds in next CLICO resolution phase
The Government yesterday unveiled the next steps in bringing resolution for CLICO (Bahamas) long-suffering policyholders, which include the creation of a new insurance vehicle and $45 million bond issue.
Super Value sees 80% business rise through Matthew
Super Value’s owner yesterday said he had seen an estimated 80 per cent spike in business over the weekend, as Bahamians stocked up on food and water ahead of Hurricane Matthew.
‘Catastrophic’ hit if storm strikes Nassau
The Bahamian economy could suffer “catastrophic” consequences if Hurricane Matthew scores a direct hit on Nassau, the Chamber’s chief executive yesterday warning this nation “cannot take” another Joaquin-style hit.
Bottled water suppliers in 100% business rise
Bottled water suppliers yesterday estimated that business had increased 100 per cent ahead of Hurricane Matthew, with one manufacturer estimating it was moving “three times’ more product than normal”.
Building material firms incur pre-Matthew rush
Lumber distributors and building supply stores yesterday confirmed they had seen a pick-up in business due to a spike in plywood sales ahead of Hurricane Matthew.
BHTA chief becomes top Caribbean hotelier
Bahamian hotelier, Stuart Bowe, has been named the 2016 Caribbean Hotelier of the Year by the Caribbean Hotel and Tourism Association (CHTA).
Baha Mar to be sold twice as court process ends
BAHA Mar’s secured creditor has acquired the project from its receivers for a sum “substantially higher” than that offered by the top bidder, with the property essentially being sold twice as part of the process.
Baha Mar in $6m monthly value fall
Baha Mar’s value is declining at a rate of $6 million per month, a Supreme Court judge has revealed, with none of the purchase offers “anywhere near” to making its Chinese secured creditor ‘whole’.
New mobile operator ‘bang on roll-out goal’
The Bahamas’ second mobile operator and its controlling shareholder yesterday said they were “bang on target” in meeting its first roll-out milestone, describing this and the launch of services as “a miracle”.
Baha Mar companies put in full liquidation
Seven Baha Mar companies have now been placed into full liquidation by the Supreme Court, prompting a well-known QC to say he “can’t understand” the legal strategy pursued by original developer, Sarkis Izmirlian.
AML to add 40 jobs with two Carl’s Jr sites
AML Foods will create 40 jobs with the opening of two more Carl’s Jr. outlets before Christmas, with its inaugural location have experienced 20-30 per cent weekly sales growth in recent months.
Bahamas total debt over 90% of GDP
The Bahamas was yesterday said to be “in a very, very dark position” after the Central Bank revealed that total public sector debt was a mammoth $7.604 billion, a sum equivalent to more than 90 per cent of national economic output (GDP).
