‘Tax free zone’ urged for Joaquin-hit islands
The Government was yesterday urged to designate the storm-ravaged southeastern Bahamas as a ‘tax-free zone’ to give the area’s island economies a “shot in the arm”.
Joaquin highlighted communications woe
The absence of reliable communications was one of the major challenges exposed by Hurricane Joaquin, Rotary’s distrct governor said yesterday, stressing the need for a co-ordinated, reliable connnection.
Chamber works on extra $500,000 for hurricane relief
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive yesterday said it was working with the Government to generate an extra $500,000 to assist Hurricane Joaquin-ravaged businesses.
‘No complacency’ over S&P break
The Central Bank’s governor yesterday warned there was “no room for complacency”, even though Standard & Poor’s (S&P) gave the Bahamas a much-needed break by maintaining its ‘investment grade’ credit rating.
S&P: Primary surplus key to stable rating
The Government will take a major step towards convincing Standard & Poor’s (S&P) to maintain the Bahamas’ ‘investment grade’ rating if it can hit primary Budget surplus targets from the 2015-2016 fiscal year onwards.
Sir Franklyn to the US: ‘Cure yourself’
A well-known businessman yesterday said there was less corruption per capita in the Bahamas and English-speaking Caribbean than the US, and told the Obama administration: “Cure yourself.”
S&P: Bahamas will avoid ‘grey listing’ from Panama Papers
The Bahamian financial services industry has received a major vote of confidence from Standard & Poor’s (S&P), which believes this country will not be ‘blacklisted’ or ‘greylisted’ as a result of the ‘Panama Papers’ leak.
Baha Mar: Bahamian creditors owed $170m
The continuing uncertainty surrounding the $3.5 billion Baha Mar project is “jeopardising the Bahamas’ fragile growth prospects”, Standard & Poor’s (S&P) believes, with local companies owed a collective $170 million.
BOB needs $30m capital injection
Bank of the Bahamas needs to increase its capital base by $30 million to meet global regulatory requirements, with its Board now assessing “various options” to achieve this.
Receivers ‘delusional’ if thinking Sarkis’s offer can be beaten
Sarkis Izmirlian says efforts to ‘buy back’ his $3.5 billion development have been foiled because Baha Mar’s receivers have failed to provide him with details and “timelines” on the Supreme Court-approved sales process they are running.
Financial services is over ‘as we knew it’
The Bahamas must accept that the financial services industry it has relied upon for decades is over, a well-known executive saying: “We are going to have to step up our game.”
BOB chair admits political influence over past lending
Bank of the Bahamas chairman has admitted that political considerations influenced lending decisions under previous Boards, amid warnings that a turnaround is impossible until fundamental corporate governance flaws are fixed.
FNM urged: Push on BOB report tabling
The Free National Movement’s (FNM) former chairman will urge his party’s leadership to demand that the Government table a controversial report on Bank of the Bahamas in Parliament.
BOB turnaround to last 18-24 months
Bank of the Bahamas’ turnaround will take at least 18-24 months, its chairman has implied, with a Restructuring Committee appointed to oversee its progress.
‘Collective will’ urged to boost productivity
A well-known Bahamian financial services executive has called for “collective will” to ensure productivity levels improve, arguing: “We can no longer accept the status quo.”
