Bank: Baha Mar ‘stripped us’ of $2.45bn security
Baha Mar’s main financier last night accused the developer of “stripping from it through the back door” its $2.34 billion loan security, arguing that there was “no possibility” it could restructure via the Chapter 11 process.
Gov’t debt to fall 1.2% pts in five years
The IMF yesterday forecast that despite Value-Added Tax’s (VAT) implementation the Government’s direct debt-to-GDP ratio will decline by little more than one percentage point over the next five years.
Bahamas to enjoy $250m oil import bill reduction
The Bahamas’ 2015 oil import bill will be slashed in half due to the decline in global prices, it was projected yesterday, saving this nation roughly $240-$250 million.
Albury says VAT is part of a ‘trifecta’ depressing car sales
CONSUMERS are now beginning to feel the true impact of Value-Added Tax (VAT) on the cost of living, a local businessman said yesterday.
Govt announcement on second mobile provider ‘soon’ says Christie
THE Government will make an announcement soon on which of the two remaining contenders in the cellular liberalisation process will move onto the next round, Prime Minister Perry Christie has said.
BIA chairman hopes VAT impact on dropped coverage will be ‘minimal’
HEALTH insurers have revisited and and adjusted their product offerings to aid consumers in a post Value-Added Tax (VAT) environment, the industry association chairman said yesterday, noting that insurers were hoping for ‘minimal’ impact regarding dropped coverage.
Baha Mar rejects claim contractor ‘immovable’
Baha Mar yesterday rejected China Construction America’s claim that it cannot be removed from the $3.5 billion project, as it unveiled a $400 million proposal seeking approval to ‘divorce’ its main contractor.
‘Successful start’ but T-Notes miss first $150m target
The Government’s financial advisers believe its new Treasury Note debt security has enjoyed “a successful start”, despite the first-ever offering raising just two-thirds of the $150 million target.
Sarkis: ‘Impossible’ to run Baha Mar through liquidator
Sarkis Izmirlian has warned the Government that its plan to appoint a provisional liquidator will “make it impossible” to immediately open and operate a completed Baha Mar, since it will jeopardise key hotel and retail/restaurant tenant relationships.
QC ‘terrified’ by Freeport tax grab
An outspoken QC has been “terrified” by what he perceives as the Government’s planned Freeport ‘tax grab’, forcing him to launch a second Judicial Review challenge to its ongoing Hawksbill Creek Agreement (HCA) assessment.
Baha Mar: Contractor ‘obstructing’ settlement
Baha Mar has accused its contractor of “obstructionist tactics” designed to undermine efforts to reach an out-of-court settlement, after it refused to agree to a one-week extension for objections to its bid to dismiss the Chapter 11 bankruptcy protection case.
Tribune Business Analysis: Baha Mar’s $400m ‘quickie’ divorce
Divorces are often messy and expensive. And the Bahamas could be in for its biggest yet, if Baha Mar is able to woo its debt financier into agreeing a $400 million separation from its main contractor.
‘Multiple compelling reasons’ for pension industry legislation
The US Foreign Account Tax Compliance Act (FATCA) provides “another compelling reason in a litany of compelling reasons” for the Bahamas to finally enact modern pensions legislation.
Sponging industry targets value added
The Bahamas Commercial Spongers Association’s president believes this nation has failed to capitalise on the sector’s ‘value added’ component for too long.
Harbour Island hopes for energy resolution
Harbour Island’s recent energy supply challenges appear to be moving towards resolution, a resort operator and lead spokesman for concerned businesses has told Tribune Business.
