Port expects $43m offer 'gobbled up'
The Arawak Port Development Company (APD) believes its upcoming $43 million private placement will be 100 per cent “gobbled up” by investors, telling Tribune Business yesterday it was seeking the “optimal” low cost solution.
Moody's: Tourism, domestic demand woe make Budget too 'optimistic'
A Wall Street rating agency yesterday effectively warned the Christie administration its Budget sums were unlikely to add up, with the tourism industry - down 18 per cent from its pre-recession visitor spending peak - set to lag the overall economic recovery.
FOCOL meets Ministry over licence 'tripling'
Freeport Oil Holdings Company’s (FOCOL) largest shareholder yesterday urged the Government to “consider very carefully” the impact Business Licence fee increases would have on its hundreds of Bahamian investors, adding that the firm’s payment was set to “triple” to around $3 million.
Housing securitisation plan like 'junk bonds'
A former Bahamas Mortgage Corporation (BMC) chairman yesterday likened plans to ‘securitise’ its loan portfolio to “junk bonds”, warning that this nation was already suffering a ‘sub-prime mortgage crisis’.
BTC confident of retaining fixed 'lion's share'
The Bahamas Telecommunications Company (BTC) yesterday said it welcomed the imminent arrival of number portability on September 3, adding that it had retained “the lion’s share” of fixed-line customers despite Cable Bahamas’ market entrance.
Number Portability to launch Sept. 3
THE Utilities Regulation and Competition Authority (URCA) said yesterday that number portability for landline services would be launched on September 3, creating a “strong competitive enabler” in the telecommunications sector.
URCA unveils consumer protection regulations
THE Utilities Regulation and Competition Authority (URCA) yesterday released its draft consumer protection regulations, which seeks to address contracts and services, customer complaints handling ands billing and credit management.
Housing re-start is 'breath of fresh air'
THE Government’s plan to kickstart its housing programme will be a “breath of fresh air” for many small and medium-sized contractors , the Bahamian Contractors Association’s (BCA) president said yesterday.
Rogue drivers undermine compensation fund plan
Establishing a fund to compensate Bahamian victims of ‘hit and run’ and uninsured drivers could be prohibitively expensive, insurance companies have warned, given that an estimated 25 per cent of vehicles are not ‘playing by the rules’.
Brewery faces $2.5m cost rise via Budget
Commonwealth Brewery has warned that the 2013-2014 Budget’s tax and fee increases will have “a significant impact” on the company, increasing its annual costs by around $2.5 million.
Water Corp signs $7.5m water treat plant deal
The Water & Sewerage Corporation yesterday signed an agreement to provide Bah Mar and western New Providence with wastewater treatment services through a $7.5 million plant off Gladstone Road.
Insurer's flood claims equal 30% of profits
A Bahamian insurer believes its net loss from last month’s flooding in New Providence will equal 30 per cent of its projected 2013 profits, and be greater than that incurred from Hurricane Sandy.
Atlantis: BEC gives $75m Gov't taxes 'run for their money'
ATLANTIS’s top executive believes the resort could end up spending $69-$70 million on electricity this year, a sum close to what it pays the Government in taxes.
Business Licence rises 'discourage' firms from growing
The Government’s Business Licence fee reforms will act as a disincentive for Bahamas-based companies to expand and become “bigger”, a well-known businessman has warned.
Atlantis 'refreshing' for 24% repeat ratio
Atlantis needs to reward its 20-24 per cent repeat visitor ratio with product that is continually refreshed, the resort’s top executive disclosing it was investing $25 million to upgrade The Cove and Royal Towers.
