Salary pressure ‘risk’ via minimum wage increase
Higher-paid Bahamian workers were yesterday warned not to expect, or push for, an automatic pay increase now that the minimum wage is being raised by 40 per cent to $210 per week.
CIBC chief ‘satisfied’ KYC policy followed
JAMAICA - CIBC FirstCaribbean’s top regional executive yesterday said he was “reasonably satisfied” that the necessary Know Your Customer (KYC) policies were in place and being followed, even though a disgraced FIFA official hid nearly $1 million from the US tax authorities in a Bahamian account.
Contractors seek Gov’t Baha Mar ‘intervention’
The Bahamian Contractors Association’s (BCA) president yesterday urged the Government to intervene on behalf of local companies who are owed millions of dollars for work on the Baha Mar project, describing it as “a major issue” with significant economic and social repercussions.
Disgraced FIFA boss stashed $1m at CIBC Bahamas
A disgraced senior FIFA official has agreed to forfeit 50 per cent of the $1 million he had stashed away in a secret CIBC FirstCaribbean International Bank (Bahamas) account, court documents have revealed.
BOB’s ‘problems much bigger’ than Resolve bail out
Bank of the Bahamas’ continued quarterly losses show it has “much bigger problems” than the $100 million in ‘bad’ loans already removed from its balance sheet, the Opposition’s deputy leader said yesterday.
Agent ‘comfortable’ $52m Gov’t debt fully subscribed
The placement agent for the latest $52 million Bahamas Government Stock (BGS) issue yesterday said it was “comfortable” based on market signals that it will be fully subscribed.
Opposition fearing ‘major repercussions’ on FATCA Bill delay
The Opposition yesterday said it was “very, very concerned” that the Bahamas had yet to pass legislation giving effect to its tax information exchange commitments with the US, and warned this could have “serious repercussions” if not addressed soon.
Minister awaits report over Sandyport ‘leak’
A Cabinet Minister said yesterday he is expecting in “short order” to receive a full report on the reported fuel leak at Sandyport’s canal, adding that there were several potential sources for the spill.
Gov’t receives 40-50 self-energy responses
The Government has received between 40-50 registration applications to-date for its residential energy self-generation (RESG) programme, a Cabinet minister noting that the Family Island response had been tepid.
Developer was ‘under siege’ on title defects
An Eleuthera resort developer was left “under siege” after title defects prevented its project from moving forward for four-and-a-half years and threatened valuable investment incentives granted by the Government.
Financial industry fears FATCA start with no legislation
The Bahamian financial industry is concerned it will have to start reporting information for the US Foreign Account Tax Compliance Act (FATCA) without the necessary legislation being in place, Tribune Business can reveal.
Wilson: Mortgage Relief objectives being achieved
A leading businessman yesterday urged critics to “stop harping on” about the Government’s failure to-date to deliver a viable Mortgage Relief Plan, arguing that several of its key objectives had already been achieved.
Cable to expand shareholder base via 3:1 stock split
Cable Bahamas yesterday said its proposed ‘three-for-one’ share split was “a great opportunity” for individual Bahamian investors to “get in on the ground floor”, and benefit from potential upside prospects such as this nation’s second mobile licence.
New Oriental closes location on ‘double digit’ sales decline
New Oriental Cleaners yesterday told Tribune Business that a “double digit” sales decline had forced it to close its Shirley Street/Okra Hill location, although no jobs will be lost.
Wells: Contractor’s Bill would stop BAMSI woe
THE Government was yesterday urged to move “with haste” to bring the long-awaited Contractor’s Bill to Parliament, with one MP it describing it as a “panacea” for many of the industry’s ills.
