Gov’t not just rescuing major loan defaulters
A Cabinet Minister yesterday said the Government was not seeking to absolve “big borrowers” of their debt to the Bank of the Bahamas, after an MP questioned its philosophy regarding troubled smaller borrowers.
$30m recovery from leading CLICO asset
CLICO (Bahamas) liquidator is likely to recover more than $30 million from the insolvent insurer’s main asset, although significant hurdles remain before this can be returned to Bahamian creditors.
Financial services firms set for 25% contraction
The Bahamas will likely suffer a 25 per cent contraction in the number of financial services industry players, a senior international private banking executive said yesterday, as institutions merge to acquire scale and maintain profitability.
Resolve ‘not ruling anything out’ over more bad BOB loans
Bahamas Resolve’s chairman yesterday admitted he “wouldn’t rule out anything” when it came to the possibility of removing more toxic loans from Bank of the Bahamas.
‘I don’t remember removing Hayward trust’s guardians’
The elderly protector for the late Sir Jack Hayward’s family trust signed documents within a month of his removing two trustees saying he had “no memory or recollection” of doing so, amid allegations they “mishandled” a deal to acquire the Grand Bahama Port Authority (GBPA).
Businesses missed Baha Mar’s ‘risk/reward’ dangers
The Bahamas was yesterday warned to “brace for significant economic fall-out” as a result of Baha Mar’s slide into receivership, with the private sector failing to equate the project’s “higher reward with higher risk”.
Selecting the correct solar energy options
So, you want solar power for your home or business. You know you are tired of paying the Bahamas Electricity Corporation (BEC). You know solar power is a well-tested, warrantied solution that more and more Bahamians are using. You know that you want to be the next to get it.
Bank eyes ‘huge opportunity’ for Bahamas unit
Andbank’s chief executive said yesterday that the private bank was optimistic about its prospects in the Bahamas, as it sees a “huge opportunity” in connecting this nation to Latin America’s private wealth market.
Gov’t making business into ‘social safety nets’
The Government was yesterday accused of seeking to transform Bahamian businesses into “social safety nets” by eliminating the Employment Act’s current ‘12-year cap’ on redundancy pay.
Baha Mar contractors need urgent ‘lifeline’
Bahamian construction companies owed a collective $74 million over Baha Mar were yesterday said to be in urgent need of “a lifeline”, amid continuing questions on why the project’s Chinese contractor was not required to post a performance bond.
‘Patently false’: Bahamas not violating tax rules
A former finance minister yesterday slammed as “patently false” suggestions by a prominent tax advocacy group that the Bahamas is “disregarding the rules” and flouting global information exchange and transparency standards.
80% DIY anglers is ‘absolute nonsense’
The Fly Fishing Industry Association’s (BFFIA) president said yesterday it was “absolute nonsense” to suggest that so-called ‘do-it-yourself’ anglers (DIY) anglers represent 80 per cent of the industry, questioning the credibility of a 2010 survey that pegged the sector’s economic impact at $141 million.
Sarkis to ‘rise and go again’
A former Baha Mar director yesterday suggested that Sarkis Izmirlian will “rise up and go again”, but not in the Bahamas with its “sullied” investment reputation as a result of the project’s demise.
Gov’t ‘took back’ LPG dealer profits
Any profits that liquefied petroleum gas (LPG) dealers made from the fall in global prices has been “taken back” by the Government via increased taxes, Tribune Business was told yesterday
Babak slams GBPA finder fee ‘nonsense’
Hannes Babak has slammed as “nonsense” documents purporting to show he, and others, would have received ownership stakes in key Freeport utilities as ‘Finder’s Fee’ compensation over the Grand Bahama Port Authority’s (GBPA) sale.
