Private sector to ‘up the ante’ on fiscal governance
The private sector yesterday pledged to “up the ante” on fiscal responsibility via the October launch of a renewed public relations campaign, after the Government failed to meet its own summer target for publishing a policy paper on the issue.
Credit rating downgraded: Baha Mar row leads to cut by S&P, but investment steady
Standard & Poor’s (S&P) last night made good on its threat to downgrade the Bahamas’ sovereign creditworthiness, warning of “depressed growth” due to a combination of the Baha Mar dispute and long-term structural weaknesses in the economy.
‘Desperate attempt’ to keep Baha Mar afloat
Sarkis Izmirlian’s near-$15 million advances to Baha Mar were last night branded “a desperate attempt” to keep the Chapter 11 case alive, with the project’s contractor accusing him of attempting to “manufacture” connections to the US.
Melia can ‘barely’ sustain operations
The Melia Nassau Beach Resort can “barely” generate enough cash flow to finance its own operations - an admission that was yesterday seized upon by Baha Mar’s contractor.
S&P ‘blows a hole’ in fiscal projection
Reactions to the Bahamas’ latest sovereign credit rating downgrade were mixed last night, with conflicting suggestions that it would “blow a hole” in the fiscal projections while “too much emphasis” was being placed on the Baha Mar dispute.
‘Staggering’ difference on NHI plan numbers
The Bahamian insurance industry finally ended its year-long wait for a meeting with the Prime Minister on National Health Insurance (NHI) on Monday, amid concerns that the numbers produced by the scheme’s consultants “don’t make any sense”.
Baha Mar ‘twisted facts’ on creditors
Baha Mar was last night accused of “misrepresenting” its creditor base in a bid to justify its Chapter 11 bankruptcy protection filing, as the majority - more than 68 per cent - are Bahamian.
Retailers waiting for back-to-school boost
LOCAL retailers said yesterday that they were expecting back-to-school sales to escalate this weekend, with one retailer telling Tribune Business that sales this season were “definitely much slower” than in previous years.
‘Tremendous’ VAT pricing improvement
PRICE Control Commission (PCC) chairman E J Bowe said that there has been a ‘“tremendous improvement” in the overall compliance by merchants with price-controlled goods under Value-Added Tax (VAT), noting that the Commission has effectively carried out inspections on all of the major islands.
Road Traffic Act reforms prepared
THE government has undertaken a “comprehensive modernisation” of the country’s “antiquated” Road Traffic Act, Minister of Transport and Aviation Glenys Hanna Martin has confirmed to Tribune Business.
China: Baha Mar no ‘people’s champion’
Baha Mar’s contractor yesterday slammed assertions by the developer that it was “a more effective and appropriate champion” of the Bahamian people’s best interests than the Christie administration over the $3.5 billion project.
Gov’t to replace ‘doomed to fail’ Planning Act
A prominent developer yesterday praised the Government’s move to revise the Bahamas’ key planning and development legislation, describing the current Act as “a disaster from the start”.
‘Kiss of death’ fear over GB cruise port
Freeport’s cruise economy will suffer “the kiss of death” if the Government approves Carnival Cruise Lines’ proposed private port in eastern Grand Bahama, an outspoken QC warned yesterday.
‘Cosy’: CCA unites with Gov’t on Baha Mar inside 24 hours
China Construction America’s (CCA) admission that it began co-operating with the Government on legal strategy within 24 hours of Baha Mar’s Chapter 11 filing “says a lot about their very cosy relationship”, one of the developer’s directors said yesterday.
‘Agitated’ workers await plan for BEC
The Bahamas Electricity Corporation’s (BEC) unions yesterday said they were “anxiously” waiting for PowerSecure to unveil its five-year business plan and take over the managememnt, one saying: “We’re trying to be patient and cordial.”
