New mobile player hits ‘record’ pace
The Bahamas’ second mobile operator yesterday boasted that it was moving at “record” pace to roll-out its network, having already built more than 90 per cent of its planned cellular towers in Grand Bahama.
‘We’re no longer the best owner’ for Bahamian bank
A Swiss financial group has sold its 85 per cent majority stake in Nassau-based Private Investment Bank (PIB), conceding that it “might no longer be the best owner” for the institution.
No agreement details until Baha Mar sold
The Opposition’s deputy leader yesterday questioned what was “so sensitive” in the agreement for Baha Mar’s construction completion that required the court file to be sealed, amid indications full details will not be revealed until the project has been sold.
Major issues affecting insurance industry ‘largely ignored’
Bahamas Insurance Association (BIA) chairman Emmanuel Komolafe said yesterday that, while changes to the insurance legislation are being driven by the push to roll out National Health Insurance (NHI), it is “disappointing” that other major issues impacting the industry and requiring revisions to the Insurance Act and Regulations have been largely ignored.
Bahamas ‘losing out’ on film opportunities
This nation has been “losing out” on the opportunity to tap into the multi-billion film industry having failed to offer incentives necessary to attract big budget productions, Bahamas International Film Festival (BIFF) founder and Executive Director Leslie Vanderpool said yesterday.
Baha Mar creditors: Over 90 per cent to be paid
Baha Mar’s secured creditor agreed to fund the $3.5 billion project’s completion because potential purchasers have told it they will not buy an unfinished mega resort, with more than 90 per cent of local creditors set to be paid.
Moody’s backs IMF over $100m fiscal deficit overshoot
Moody’s yesterday backed the International Monetary Fund’s (IMF) prediction that the Bahamas’ 2015-2016 fiscal deficit is set to overshoot the Government’s estimate by around $100 million.
Bran ‘concerned’ taxpayers to fund Baha Mar payouts
The DNA’s leader yesterday said he was “very concerned” that Bahamian taxpayers will ultimately be landed with the multi-million dollar bill for compensating Baha Mar’s creditors via the tax incentives granted to the Chinese.
Contractors not joining ‘celebration bandwagon’ over Baha Mar deal yet
Bahamian contractors yesterday said they were “not joining this bandwagon of celebration” over the Government’s Baha Mar agreement just yet, amid suggestions contracts held directly with the former developer may not be honoured.
‘Ball in our lap’ to avoid further Moody’s action
The Chamber of Commerce’s chief executive yesterday said responsibility for avoiding a further credit rating downgrade “falls squarely in the Bahamas’ lap”, as he accused Moody’s of having long planned its latest action.
Tourism Ministry ups marketing efforts amid Zika concerns
Tourism Minister Obie Wilchcombe said yesterday that his ministry was ramping up its marketing efforts to curb the tourism fall-out from Zika fears, with Canada already having issued a travel advisory on the nation.
Ex Baha Mar director: Govt going ‘all in’ with Chinese is a bad move
An ex-Baha Mar director said yesterday that while getting the stalled Baha Mar development going again is positive news, going “all in” with the Chinese would be a bad move long term.
Government ‘relieved’ at Moody’s rating
State Finance Minister Michael Halkitis said yesterday the Government is “relieved” that credit ratings agency Moody’s had decided to only downgrade The Bahamas’ rating by a single notch, from Baa2 to Baa3, noting that economic developments over the next 12-18 months should improve the nation’s outlook.
Bahamas ‘dodges junk status bullet’
The Bahamas yesterday “dodged a bullet” after Moody’s chose not to downgrade its creditworthiness to ‘junk’ status’, and instead upgraded its outlook on this nation to ‘stable’.
Creditors hail PM for ‘not blinking’ in Baha Mar talks
Bahamian contractors and other Baha Mar creditors yesterday hailed Prime Minister Perry Christie and his government for “not blinking” in negotiations with China for payment of multi-million dollar sums owed to them.
