Foreign reserves 'healthy' despite $70m fall from 2012
The Bahamas’ foreign exchange reserves remain “relatively healthy” despite having declined by $70 million year-over-year, the Central Bank’s governor acknowledging recent “challenges” in continually rebuilding them.
30% collateral slash: IMF in ‘real estate indices’ call
The value of property assets used to secure Bahamian commercial bank mortgages has fallen by up to 30 per cent, prompting the International Monetary Fund (IMF) to call for this nation to develop “real estate price indices”.
City Markets pension plan suffers $758k overpayment
The City Markets staff pension plan overpaid some beneficiaries by a collective $757,668 between 2004-2010, although some $4.216 million was left available to pay benefits as at end-January 2012.
IMF's corporate tax an OECD 'Trojan Horse'
The International Monetary Fund (IMF) may be acting as a ‘Trojan Horse’ for the G-20/OECD in pushing for the Bahamas to implement a corporate income tax, a former finance minister has warned.
$10m entertainment project planning 375-job 'Encore'
A BAHAMIAN development firm is looking to construct a $10 million ‘upscale’ entertainment complex in western New Providence, one of its principals telling Tribune Business it would finance the venture through a 60/40 split between a private placement and VIP membership pre-sales.
Chamber chairman in Jobs Bank call
The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman has called for the creation of a ‘Jobs Bank’ accessible to all Bahamians, arguing that not enough information on employment opportunities was being made available.
Cable putting 'final piece' in on $89m US purchases
CABLE Bahamas is putting together the “final piece” in its $89 million acquisitions of three Florida-based telecommunications providers, a senior executive telling Tribune Business that the deals now only await approval by the Bahamian government.
Insurance faces 'significant strain' if rates cut again
The Bahamian insurance industry will be placed under “significant strain” if there is a further cut in the Prime interest rate, with one underwriter also said to require “recapitalisation”.
Offshore sector 'reverses' decline via 12.6% growth
The Bahamas’ international banking industry had “reversed” the recession-induced balance sheet contraction by 2011, growing assets by 12.6 per cent that year.
CHAMBER VOICE: Maximising intern benefits for us all
As we near the summer months and our high school and college students prepare to take their breaks, the market place will soon be flooded with youngsters vying for summer internships and employment.
'Weak' credit unions face sale or wind-up
Three “very small and weak” credit unions, facing a combined $500,000 to $1 million shortfall, will be sold or liquidated prior to the Central Bank of the Bahamas taking over supervision of the sector.
Cable hits 'fantastic' 17k voice subscribers
CABLE Bahamas has attracted more than 17,000 subscribers to its ReVoice fixed-line service since it introduced the offering just over a year ago, its marketing head describing this level of market penetration as “pretty fantastic”.
30% collateral slash: IMF in 'real estate indices' call
By NEIL HARTNELL
IMF calls for Bahamas corporate income tax
The International Monetary Fund (IMF) yesterday warned it was “imperative” for the Bahamas to quickly reduce a national debt-to-GDP ratio that is on course to strike 76 per cent by 2016-2017, having urged the Government to introduce a corporate income tax.
Minister declines permit turnaround time commitment
The minister responsible for immigration yesterday declined to commit to the ‘20-day response’ timeframe sought by the private sector for work permit approvals, admitting that “a drastic increase” in staff and technology was required to achieve this.
