Cuba threat goes beyond tourism
Tourism is not the only Bahamian industry which could face competition as a result of the renewed diplomatic relations between Cuba and the US, a leading private sector executive said yeserday, arguing that
Post Office accounts set for BOB transfer
Accounts at the Post Office Savings Bank, which has been plagued with alleged fraud and theft, will be transferred to Bank of the Bahamas, a Cabinet Minister revealed yesterday.
Ex-City Markets staff in new wait
The attorney representing former City Markets employees in their more than four-year legal battle for pension and severance payments yesterday pledged to continue working for resolution, after the SupremeCourt case was again adjourned to late April.
Baha Mar sale process begins
Baha Mar’s receivers have launched a formal sales process for the stalled $3.5 billion project by hiring a Canadian-headquartered real estate firm to market it to potential purchasers.
BEC: 2013 loss increased to massive $58m
The extent of the task awaiting the Bahamas Electricity Corporation’s (BEC) new manager has been exposed by its 2014 annual financial statements, which reveal that the utility’s net loss for the prior year has been increased to a mammoth $58.035 million.
Bacon slams ‘own goal’ disclosure of e-mails
Louis Bacon yesterday branded the disclosure of private e-mails by a Cabinet Minister as an “own goal” that will undermine the Bahamian financial services industry and investor confidence in this nation.
Chamber chief slams Nygard/Save the Bays claims as ‘disgraceful’
A senior private executive yesterday branded the allegations swirling around the Peter Nygard/Save the Bays battle as “disgraceful”, and warned that the Bahamas’ reputation was now at stake.
$10m BDR cap rise for broker/dealers
The Central Bank is preparing to increase the sum granted to local broker/dealers for investments outside the Bahamas by $10 million per annum as part of further exchange control liberalisation.
Freeport ‘FLIPs’ over mega hardware store
Freeport business owners fear they will be “wiped out” by a new mega hardware store that is allegedly owned by the Grand Bahama Port Authority’s (GBPA) new foreign partners.
BREA hails ‘great day’ in court fight with ex-Minister
The Bahamas Real Estate Association’s (BREA) president has pledged to “aggressively push” for changes to the industry’s governing law, following last week’s court “victory” over an ex-Cabinet minister.
Insurer ‘re-lends’ $15m to offshore bank affiliate
BISX-listed Colina Holdings has taken a $15 million credit facility from FirstCaribbean International Bank (Bahamas) and re-lent it - on the same terms and conditions - to its offshore bank affiliate.
‘Transformational shot’ from new industry park
Freeport’s economy will receive “a transformational shot in the arm” from a 300-acre light industrial park venture, which will see an $18 million first phase investment.
Bahamians urged: Shake off ‘apathy’ on bad governance
A newly-formed civil society organisation is urging Bahamians to shake-off their “apathy” and demand the governance reforms essential for this nation’s long-term prosperity.
Grand Lucayan outcome vital for GB tourism sector
A swift conclusion to the Grand Lucayan resort’s sales process is critical to maintaining travel industry confidence in Grand Bahama, a senior tourism executive believes.
Nygard/Baha Mar headlines damaging financial services
A Bahamian financial services practitioner has warned that episodes such as Baha Mar’s bankruptcy collapse and the Peter Nygard/Louis Bacon controversy must be avoided if the industry is to prosper.
