Govt given road map to $2bn pension cuts
The Government could reduce its combined civil service and public corporation pension liabilities by more than $2 billion come 2032, provided it enacts reforms to prevent a major financial and social crisis.
CCA’s Baha Mar creditor committee ‘conflict’ slammed
The Opposition’s deputy leader yesterday slammed the ‘conflict of interest’ created by the inclusion of a senior China Construction America (CCA) executive on the committee that will handle Baha Mar creditor payouts.
$30m ‘game changer’ target for Freeport
A realtor is hoping innovative marketing will enable him to succeed where others have failed in selling Freeport’s $30 million Xanadu Beach Resort, describing a successful deal as “a game changer” for the city.
BOB non-compliant with 80% of regulatory ratios
Bank of the Bahamas shareholders are being asked to “throw good money after bad”, with the BISX-listed institution now non-compliant with four out of five key Central Bank capital ratios.
NewCo2015 seeks 25% higher charges for call termination
The Bahamas Telecommunications Company (BTC) has begun battle with its new mobile rival more than a month before the latter launches, with the two differing sharply over its initial termination rates.
Union leader dismisses Sandals Judicial Review
The Trades Union Congress (TUC) president has dismissed a Judicial Review launched against a trade union by Sandals Royal Bahamian, arguing that it has no impact on its position as the recognised bargaining agent for the resort’s line staff.
Unions team to drive employment reforms
The Bahamas’ two leading trade union bodies have joined forces to develop a draft Bill proposing changes to the Employment Act and the Industrial Relations Act.
Baha Mar details a ‘moving target’
The Opposition’s deputy leader yesterday said the agreement to pay Baha Mar’s creditors and complete its construction appears to be a “moving target”, adding: “The Bahamian people are on the hook for something”.
Union is ‘hoping’ for Sandals meet Friday
Trade union and Sandals representatives are expected to meet with Prime Minister Perry Christie on Friday in a bid to resolve ongoing disputes, with one union leader describing it as “‘very important day”.
Corporations facing $1.6bn pension hole
The Government-owned corporations will have a collective $1.6 billion deficit in their employee pension plans by 2032 unless urgent reforms are enacted, a report obtained by Tribune Business reveals.
BoB rocked by new $24m loss
Bank of the Bahamas suffered another $24 million loss for its 2016 financial year, shareholders have been told, as the BISX-listed institution asks them for a further $40 million in equity capital.
Sarkis slams CCA presence on Baha Mar committee
Sarkis Izmirlian last night slammed the inclusion of a China Construction America (CCA) executive on the committee that will determine how much Baha Mar’s unsecured Bahamian creditors will receive, arguing that it was “not in their best interests”.
BoB ‘can’t be serious’ over $40m rights offer
Sceptical shareholders yesterday said Bank of the Bahamas “cannot be serious” over the share price and one-week timeline for its $40 million rights offering.
Moody’s: Reduced Govt spending ‘key’ to fiscal success
Reduced spending is “key” if the Government is to hit its 2018-2019 surplus target and succeed in its consolidation efforts, Moody’s has warned, as it expressed concern over the “rising risk” posed by public corporations.
Patience a virtue on Baha Mar deal
Whilst I respect the views of Fred Smith QC, as quoted in your Business edition of August 26, I disagree that any court would require the veil of Baha Mar secrecy to be lifted, particularly as the Constitution protects, in Article 15, the rights and freedoms of others and the public interest.
