Small businesses urged to invest in renewables
The Bahamian private sector continues to suffer a “great level of frustration” over the frequency of productivity-inhibiting power blackouts, the Chamber’s chief executive yesterday urging businesses to invest in renewable energy as a back-up plan.
FNM deputy: ‘It’s too late’ for Moody’s hope
The Opposition’s deputy leader yesterday said it was “a bit too late” to base the Bahamas economic future on “hope”, arguing that this was “no strategy” to combat Moody’s downgrade threat.
Devaluation issue ‘of when, not if’
A former Chamber of Commerce chairman yesterday warned that devaluation of the Bahamian dollar “is not a question of if; it’s a question of when”, describing the country as “a rudderless ship”.
BORCO loses $22m battle on destroyed jetty
The Bahamas Oil Refining Company (BORCO) yesterday lost its battle to gain $22 million in damages from the owners of an oil tanker that caused “substantial damage” by crashing into one of its jetties.
QC slams ‘mockery’ of new Freeport consult
The further month of consultation on proposed reforms to Freeport’s Hawksbill Creek Agreement has been rendered irrelevant by the “fait accompli” of the Government’s deal with the Grand Bahama Port Authority (GBPA), an outspoken QC argued yesterday.
Bar ‘wants to be 21st century self-regulator’
The Bar Association’s president has conceded that the profession is “not properly regulated”, adding: “We want to become a 21st century self-regulatory body.”
Govt ‘execution capacity’ inhibits key infrastructure
The Government has admitted that project management and execution restrictions are preventing it from following the IMF’s call for greater investment in “growth enhancing infrastructure” developments.
Auto dealers warn on ‘skeleton’ staffing cuts
Leading Bahamian auto dealers yesterday warned they are close to cutting employment to “skeleton” levels, as new car sales fell 8 per cent year-over-year during the 2016 first half.
FNM backs URCA’s ‘Freeport takeover’
The Opposition’s current leadership has backed the Utilities Regulation and Competition Authority (URCA) taking responsibility for supervising the Grand Bahama Power Company, despite acknowledging that this would “pierce” Freeport’s founding law.
Auto dealer chief in used car ‘pull-out’
The Bahamas Motor Dealers Association’s (BMDA) president yesterday said his Auto Mall business will imminently withdraw from the used car market, as it “cannot compete” with unlicensed roadside vendors operating throughout Nassau.
BOB extends search for ‘independent directors’
Leading shareholder critics of Bank of the Bahamas yesterday said they were unaware of last week’s Extraordinary General Meeting (EGM), with one criticising the “silly process” to find two independent directors.
‘Zero error margin’ over fiscal reforms
The Bahamas has “zero margin for error” in bringing order to the Government’s finances, the Insurance Association’s (BIA) chairman warning that this needed to be balanced with initiatives such as healthcare reform.
Broker: I was FBI’s ‘bait’ for fraudsters
A Bahamas-based broker and its principal have allegedly been used as “bait” by the Federal Bureau of Investigations (FBI) to help snare numerous international securities fraudsters.
Sir Franklyn: Bahamas is ‘in very dangerous spot’
Arawak Homes’ chairman has urged ‘risk takers’ to do more if the Bahamas is to shake off its economic malaise, warning that the country “is in a very dangerous spot”.
‘Gratified’ by Grand Lucayan bid quality
Hutchison Whampoa’s property arm should “soon” announce the Grand Lucayan’s fate, its advisers saying they were “gratified’ by the quality of bids submitted to purchase the resort.
