Hayward war will ‘lock up’ Freeport
A former Cabinet minister has been appointed as Judicial Trustee of the late Sir Jack Hayward’s trust, amid a brewing legal war that threatens to disrupt the Grand Bahama Port Authority (GBPA) and undermine Freeport’s future.
Property Fund’s ‘long, hard slog’ on vacancies
The BISX-listed Bahamas Property Fund yesterday said its $12.5 million debt refinancing had boosted annual profits by $200,000, as it a`dmitted filling vacant space at its two flagship properties will be “a long, hard slog”.
Bahamas urged to adopt corporate ‘rescue culture’
The Bahamas needs to begin moving towards a “rescue culture” and create Chapter 11 -style legislation that will allow companies to restructure rather than go into receivership or liquidation, a senior Bahamian accountant argued yesterday.
‘Practical necessity’ to keep web shops open
A former PLP MP yesterday backed the Government’s decision to allowing web shops to remain in operation prior to their legalisation, arguing that this was a “practical necessity” that had generated “sorely needed” tax revenues.
Port: GB Power rates to lower cost for 85%
THE Grand Bahama Port Authority (GBPA) says that the new rate structure being proposed by the Grand Bahama Power Company, if approved, would result in a reduction in the “all-in” price of electricity for 85 per cent for residential customers in Grand Bahama.
Incentives extension keeps Hawksbill Creek ‘status quo’
The Government’s move to extend Freeport’s expiring investment incentives “maintains the status quo” of the Hawksbill Creek Agreement, a Supreme Court judge yesterday explaining this was why she refused to grant an injunction blocking Cabinet decisions on the issue.
Gov’t to buy UBS’ East Bay St. HQ
The Government is set to acquire the UBS (Bahamas) headquarters building on East Bay Street, Tribune Business can reveal, with the deal including the purchase of the ‘annex’ building and vacant land stretching all the way to Shirley Street.
IMF slashes Bahamas 2015 growth to 1.2%
The International Monetary Fund (IMF) yesterday slashed the Bahamas’ 2015 economic growth forecast to just 1.2 per cent, further “widening the gap” with the 7 per cent rate it says is needed to slash this nation’s near-14 per cent unemployment rate in half.
Gov’t set to launch $100m BGS bonds
The Government will next week launch the first $100 million Bahamas Government Stock (BGS) offering of its 2015-2016 fiscal year, with the interest yields on offer “slightly lower” than the inaugural programme.
Joaquin ‘wipes out’ Long Island fishing
Long Island’s fishing fleet was “wiped out” by Hurricane Joaquin, Tribune Business was told yesterday, devastating “a big part” of its economy.
Chamber chief ‘refuses to accept’ Bahamas has exhausted its potential
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive yesterday said he “refuses to accept” the notion that this nation has exhausted its economic potential, arguing that it must stop treating diversification as a “taboo” subject.
RICHARD COULSON: Foreign lawyers needed to reverse offshore drop
In a recent speech, Hope Strachan, minister of financial services, reported that we block the entry of foreign, specialised lawyers needed to kick-start our financial industry. The Bar Association’s president, Elsworth Johnson, retorted that we let foreigners in whenever needed, and our objective should be to hire more Bahamian lawyers anyway.
Resort ‘amazed’ at little storm damage
A well-known Family Island resort said yesterday it was “amazed and incredibly thankful” that it had sustained very little damage during Hurricane Joaquin.
Cuba not ready for tourism ‘prime time’
Cuba is not yet ready for tourism “prime time” despite its new relationship with the US, although a senior American attorney conceded it will ultimately be a “very worthy competitor” for the likes of the Bahamas.
Web shop legalisation ‘fundamentally flawed’
The Grand Bahama Chamber of Commerce’s president yesterday slammed the web shop gaming legalisation process as “fundamentally flawed”, warning it could be “unwittingly” jeopardising the financial services industry.
