Minister accepts fly fish election results
The Minister of Agriculture and Marine Resources yesterday said his ministry accepts the election results from last month’s Bahamas Fly Fishing Industry Association (BFFIA) annual general meeting, even though some industry stakeholders are threatening to mount a legal action over the outcome.
Union executive ‘prays’ no Baha Mar lay-offs
A hotel union executive yesterday said it would be a “sad situation” if Baha Mar is unable to resolve its dispute with its Chinese partners by next Monday, and ultimately have to lay-off 2,500 workers, adding: “We hope and pray it doesn’t come to that”.
Baha Mar parties in ‘good faith talks’
A Cabinet Minister yesterday confirmed that the parties to the $3.5 billion Baha Mar dispute “appear to be negotiating in good faith”.
Just 50 Baha Mar staff left if no deal
Baha Mar will reduce its workforce to just 50 key employees essential to run a “skeleton operation” if it is unable to resolve the dispute with its Chinese partners by next Monday.
Legal challenge brews to fishing ‘standard setter’
A legal challenge to the Bahamas Fly Fishing Industry Association’s (BFFIA) disputed elections was said to be brewing yesterday, amid opposition to the organisation being selected as the ‘standard-setter’ for fishing guides.
‘Strong bank interest’ sparks hope $150m issue fully subscribed
The Government’s new Treasury Note security will ultimately reduce its debt financing costs, its financial adviser said yesterday, conceding it was “difficult to tell” whether the first $150 million issue will be fully subscribed.
Bahamas can be ‘global pacesetter’ over fishing
THE Bahamas has an opportunity to become a “global pacesetter” in fisheries protection and preservation under proposed regulations to govern the fly fishing industry, the sector’s association president said yesterday.
Permit roadblocks to Baha Mar’s $80m Chapter 11 financing
Baha Mar faces further Government roadblocks even if it obtains Supreme Court recognition of the Chapter 11 bankruptcy protection, as it has yet to obtain necessary Bahamian approvals for the $80 million financing facility created by its principal.
Consultant ‘tweaks’ plan to cut young jobless 50%
A well-known business consultant said yesterday he had ‘tweaked’ his pilot programme designed to turn ex-criminals into entrepreneurs, and was going “full force” to a national development focus with the aim of cutting youth unemployment by 50 per cent.
Threat to Baha Mar’s $16m casino hardware
A gaming supplier yesterday sought court permission to repossess $16 million worth of casino equipment leased to Baha Mar, arguing that the $3.5 billion developer had made no provision to pay due rent under Chapter 11 bankruptcy protection.
Baha Mar claiming ‘deliberate sabotage’
Baha Mar has accused its main contractor of “deliberate sabotage” and the removal of key construction documents, implying this is part of a cover-up to hide “false accounting practices” that inflated its costs.
Gov’t launches new bond in $150m issue
The Government will launch its new short-term debt security on July 22 via a $150 million offering to institutional investors, Tribune Business can reveal.
Baha Mar: 60 days to ‘financial devastation’ for local contractors
The $3.5 billion Baha Mar dispute must be resolved within 60 days to prevent the Bahamian construction industry suffering “a financially devastating” impact, a well-known contractor has warned.
Baha Mar’s contractor ‘tardy’ over workforce
Baha Mar’s main contractor breached its construction contract through “often tardy” scheduling and a workforce that was inadequate to meet timelines for completing the project’s 50,000 square foot convention centre.
VAT takes real estate ‘in wrong direction’
Real estate is being taken “in the wrong direction” by the Government’s Value-Added Tax (VAT) policy, which will create costly “roadblocks” to closing transactions.
