Ansbacher enjoys $5m profit swing
The enlarged Ansbacher (Bahamas) appears to have turned the corner after a second merger in six years, engineering an almost-$5 million profit reversal after incurring successive losses.
FINCO cuts staff by 1/3 in 2014
Finance Corporation of the Bahamas (FINCO) cut staffing levels by one-third in its 2014 financial year, taking the reduction in its workforce to 50 per cent over the past five years.
IAN FERGUSON: Avoiding the early business pitfalls
When I speak to business professionals employed in both the public and private sectors, it always amazes me how many have entrepreneurial aspirations and are looking forward to owning their own business - before and after retirement.
‘Cultural opposition’ to savings lamented
Many Bahamians have a “cultural opposition” to long term-savings vehicles such as a pension or retirement fund, a financial services industry executive believes.
Gov’t hopes ‘time’ will reassure on web shops
The Minister of Tourism Minister yesterday said the Government was hoping “over time” to reassure the Bahamian commercial banking industry that it was safe to accept deposits, and transact business, with a legalised web shop gaming industry.
Gov’t urged: ‘Move quick’ over minimum wage rise
A trade union leader yesterday reiterated calls for the Government to increase the minimum wage, urging it to “move quickly’ in that regard.
Owners ‘very aggressively’ marketing ex-Ginn project
The former $4.9 billion Ginn sur Mer project is being “very aggressively marketed” to targeted potential purchasers, Tribune Business was told yesterday, with a $75-$80 million outlay likely to acquire the entire property.
Bahamas bank accused of ‘bad faith’ over fraud lawsuit claims
A Bahamian bank and trust company was yesterday accused of acting in “bad faith” and seeking to gain an unfair advantage by suing an investment promoter over an alleged multi-million dollar fraud.
BOB ‘owes’ revival strategy disclosure to its shareholders
Bank of the Bahamas “owes it to its shareholders” to publicly release its turnaround strategy, one outspoken investor warning it was “of the utmost importance” this be done without further delay.
No fiscal responsibility by ‘mere passage’ of Act
Developing the correct Fiscal Responsibility legislation for the Bahamas cannot be achieved “within a month or two”, a leading QC warning: “The mere passage of an Act of Parliament will not accomplish anything.”
US slams zero money launder prosecutions
The US government yesterday criticised the Bahamas’ almost non-existent number of prosecutions/convictions for money laundering, suggesting there should be far more given the size of this nation’s financial services industry.
Dive operators demand ban on foreign vessels
Top Bahamian dive operators yesterday demanded that the Government stop issuing charter permits to any rival foreign vessel, due to the “miniscule” tax contributions and unfair competition they represent.
CIBC chief: Banks ‘convenient targets’ for tax, politicians
CIBC FirstCaribbean’s regional chief yesterday said commercial banks were “convenient targets” for increased taxes and scapegoating by politicians, warning that this slowed their bottom line recovery.
Canadian banks stand firm on web shop bar
CIBC FirstCaribbean’s Bahamian managing director yesterday confirmed the three Canadian-owned banks were standing firmly behind their position not to accept deposits from a legalised web shop industry.
CIBC hopes bad loan decline addresses Bahamas ‘problem’
CIBC’s regional chief is hoping a “precipitous drop” in early 2015 retail delinquencies develops into a trend that erodes its non-performing mortgage pile, 50 per cent of which are concentrated in the Bahamas.
