Pension Protection Bill debate starting today
The House of Assembly will today begin debate on the proposed Employees Pension Fund Protection Bill, the Minister of State for Finance said yesterday.
Over 100 hotel staff receive severance pay
JUST over 100 employees of the Paradise Island Habour Resort received their severance package back in mid-December, a hotel union executive confirmed to Tribune Business yesterday.
‘Six-figure’ investors still seeking Speed Week returns
Bahamas Speed Week’s investors are hoping the 2013 version will finally deliver a return on their “multiple six-figures” investment, its president yesterday disclosing that the 2012 event failed to reach the ‘break even’ target despite injecting more than $500,000 into the local economy.
Governor: $931m liquidity means no ‘crowding out’
The Central Bank’s governor yesterday said that “ample” banking system liquidity of $931 million would ensure the Government’s deficit financing needs did not ‘crowd out’ private sector capital raisings, telling Tribune Business there were “no concerns from that standpoint”.
GB Power’s $32m issue ‘likely oversubscribed’
Grand Bahama Power Company’s (GBPC) $32 million private preference share issue was last night said by capital markets sources to be “pretty much fully subscribed”, with analysts expecting it to exceed its target.
Stolen business assets: Less than 2% recovered
RECOVERING misappropriated assets remains a major challenge for Bahamian businesses, a leading private sector executive said yesterday, calling it “very disturbing” that the police were only able to recover close to 2 per cent of some $11.5 million worth of monies and goods alleged to have been stolen in 2012.
Bahamas in ‘catch up on land conveyancing'
THE Bahamas has not seen any major changes to its real estate conveyancing laws for more than 100 years, an attorney said yesterday, stating that this jurisdiction was really playing “catch up” on the issue.
Oceania meeting falls through
Homeowners at the controversy-torn Oceania Heights development last night expressed “disappointment, but not surprise”, that the developers had not committed to meeting them on Thursday this week.
Gov’t urged: ’Take lead’ on $100m spending cuts
The Government was yesterday urged to take the “lead” in shrinking its annual expenditure by $100 million, a leading businessman arguing that specific cuts would give the Bahamas “more credibility” with Wall Street and the International Monetary Fund (IMF).
Bahamian bank key to $69m fraud ‘recoveries’
A Bahamian bank holds the key to any chance defrauded Canadian investors have of recovering their collective $69 million investment, with liquidators for both parties engaged in delicate negotiations over access to the institution’s banking records
NAGICO agent hits at insurance ‘oligarchy’
A well-known agent for Netherlands Antilles General Insurance Company (NAGICO) has hit back at claims that its ‘20 per cent or greater’ price undercutting threatens to destabilise the market, arguing it will benefit Bahamian consumers and smash an industry “oligarchy”.
Port extracts $2m per year from GB Power
The Grand Bahama Port Authority (GBPA) receives around $2 million per year from the Grand Bahama Power Company (GBPC) through various fees and “contributions”, Tribune Business can reveal.
Super Value aiming to slash container landing fees ‘in half'
Super Value chief Rupert Roberts is working on a plan that could “cut in half” the $1,300 per container landing fee his business currently faces.
Bahamas targeting 1.6-1.8m stopovers
TOURISM Minister Obie Wilchcombe said his Ministry is looking to increase stopover visitor arrivals to 1.6-1.8 million per year, acknowledging that the Bahamas had lost market share to rival Caribbean nations.
BTC smashes projection via 15,000 handset sales
THE Bahamas Telecommunications Company (BTC) sold more than 15,000 handsets during the Christmas shopping period, “far exceeding” initial sales targets of between 10,000-12,000 handsets.
