Insurers to seek 'restricted driver' judgment stay
Bahamian motor insurers will likely seek an injunction to stop a Court of Appeal ruling that invalidates ‘restricted driver’ clauses from taking effect, warning that it “attacks the heart” of risk underwriting.
Gov't borrows $841m in just nine months
The Government borrowed $840.5 million over the first nine months of the 2012-2013 fiscal year to finance its deficit and capital works projects, it has been disclosed.
'Challenges' delay $2.3m Ocean Club condo's seizure
The receiver for an alleged $22.6 million fraud has applied for a summary judgment against two Paradise Island residents that would seize their Ocean Club Estates condo - one of the best recovery sources for investors.
Offer to re-open second Grand Lucayan property
A ‘major’ hotel group has offered to open and manage the Grand Lucayan’s 192-room Lighthouse Point property, a Cabinet Minister has disclosed. according to Minister of State for Investments Khaalis Rolle.
Home applications dwarf Gov't new builds five-fold
THE Government plans to kickstart its housing programme by building more than 120 homes, although this is equivalent to just one-fifth of the 600 applications received to-date.
Government urged: Pay small business promptly
The Government must promptly pay small business vendors and inform them of the qualification criteria/standards pre-bid, a well-known consultant has warned, otherwise they will be “in a worse state than before”.
Bad loans and credit decline threaten growth
Difficulties in one bank’s commercial loan portfolio seemingly sparked a $38.7 million deterioration in the sector’s ‘bad credit’ position during April, another month in which the Bahamian economy was “relatively subdued”.
Four departments generate over 50% of Gov't savings
More than 50 per cent of the Government’s $162 million expenditure savings in the 2012-2013 fiscal year came from just four ministries/departments, a Cabinet Minister disclosed yesterday, while admitting that revenue projections had been “over-optimistic”.
Legal action threat to BEC, oil firms
The Bahamas Electricity Corporation (BEC) and the major oil companies were yesterday warned they may face legal action related to ongoing oil spills and environmental issues at Clifton Bay area, a well-known QC accusing them of maintaining “a fortress mentality”.
Projected BEC loss cut in half to $22m
The Bahamas Electricity Corporation’s (BEC) executive chairman has slashed its projected 2013 financial year loss by over 50 per cent to $22 million, adding that half its disconnected customers owed less than $2,000.
'Renew' energy security through oil royalties
THE Bahamas could turn “oil into cash” and finance renewable energies from the royalties generated if ‘black gold’ is discovered beneath this nation’s waters, an oil explorer suggested yesterday.
Gov't targeting 20% procurement savings
The Government is targeting savings of up to 20 per cent through planned public procurement reforms, while aiming to annually award the same percentage value to Bahamian small businesses.
Tax amnesty yields $9.1m
The Government’s real property tax amnesty has yielded $9.1 million in extra revenues during its first three months, a Cabinet Minister said yesterday, with more than 1,000 taxpayers “settling” their outstanding bills.
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$60m public pensions to exceed inflation
The over-$60 million public sector pension obligation will grow faster than inflation in the near term, it was revealed yesterday, and “will impose an increasing burden” on the Government’s finances without major reform.
