Insurer: 25% of vehicles not covered
Bahamas First is aiming to stop issuing auto insurance ‘cover notes’ by September 1 in a bid to stop their “fraudulent use”, its chief executive estimating that 25 per cent of the vehicles on Bahamian streets are not properly insured.
Room rate rise 'counters' air arrivals drop
A “slight climb” in room rates enabled the Bahamian hotel industry to counter the 3.4 per cent decline in stopover arrivals during the 2013 first quarter, the Bahamas Hotel and Tourism Association’s (BHTA) president said yesterday.
Wells-led group eyes third casino licence
Ex-Cabinet Minister Tennyson Wells is heading the second Bahamian group seeking to obtain a casino licence from the Government, Tribune Business can reveal, with their sights set on the one attached to the South Ocean Resort.
Royal Bank unveils mortgage campaign
RBC Royal Bank this week launched two-product mortgage campaign designed to reinforce its position in the home lending market.
'Power hitters' assess $10m entertainment deal
A $10 million ‘upscale’ entertainment venue proposed for western New Providence has been attracting several “power hitters”, one of its principals telling Tribune Business yesterday that investors could certainly expect a “handsome” return on their capital.
'Vest' $71m dormant funds in Treasury
The $71 million in dormant accounts currently held by the Central Bank should instead be “vested” in the Public Treasury, a leading accountant said yesterday, thus aiding a government desperately needing every cent of revenue it can get.
Freeport needs a Kerzner for 'tourism revolution'
Freeport must attract a Sol Kerzner or Sarkis Izmirlian to “ completely revolutionise its tourism product”, a well-known businessman yesterday warning there was a “horrible disconnect” between visitors’ service expectations and the reality.
Auditors refute Moss's $5m NIB savings claim
The assertion by ex-National Insurance Board (NIB) chairman, Gregory Moss, that $5 million would be saved through hiring the administration vendor he wanted is not supported by any evidence, auditors have found.
BORCO revenues up 14% for Q1
The Bahamas Oil Refining Company (BORCO) produced a 14.3 per cent year-over-year revenue increase to $52.7 million for the 2013 first quarter, as it awaits the likely recovery of a $5 million insurance deductible.
Mango bites into 1,000 micro loans
TRANSFER Solutions Provider (TSP), the Mango Card operator, is undertaking an Inter-American Development Bank (IDB) funded project that aims to create 1,000 new micro loan clients from the ranks of Bahamian entrepreneurs.
Union accuses Sandals of year-long 'bad faith'
The TRADE Union Congress (TUC) president yesterday accused management at Sandals Royal Bahamian of refusing to negotiate an industrial agreement in good faith with the Bahamas Hotel, Maintenance & Allied Workers Union, for more than a year.
Mango operator poised to 'really take off'
TRANSFER Solutions Providers, the Mango Card operator, is currently finalising its SMS payment application, a senior company executive yesterday telling Tribune Business the company expected to “really take off” when the product launches next month.
AML eyes quarterly dividend payments
AML Foods is debating whether to move to quarterly dividend payments, its chairman said yesterday, adding that Freeport now accounted for 40 per cent or $60 million of its annual sales.
1,400 thefts drive vehicle tracker's business increase
A BAHAMIAN-owned vehicle tracking company has seen business increase significantly since its launch last summer, its principal telling Tribune Business yesterday that with three to four cars being stolen on New Providence daily, the company was seeking to expand its customer base even further.
Baha Mar bids beat$400m Bahamian goal
Work bidded out to Bahamian contractors has already exceeded the $400 million commitment Baha Mar made to the Government, a senior executive said yesterday, with building work “only half-way through”.
