$30m Gov’t guarantee delays CLICO wind-up
The transfer of CLICO (Bahamas) 14,000-strong insurance policy portfolio to a new underwriter is being held up by the protracted delay in obtaining the long-promised $30 million Government guarantee, Tribune Business can reveal.
Real Property tax reforms can ‘double’ revenues to $200m
The Government has been advised that it could double real property tax collections to almost $200 million per year through better enforcement and ensuring all eligible properties are on the roll, a Cabinet minister has disclosed.
Cable withdraws ‘fast track’ for $24m Florida deal
Cable Bahamas has withdrawn its application to US regulators for ‘fast track’ approval of its latest $24 million Florida acquisition, with the BISX-listed company’s “greater financial strength” expected to improve services yet again.
Bank confusion over Gov’t $10m Mortgage funds
The Government has yet to inform Bahamian commercial banks how they can access its $10 million contribution to the Mortgage Relief Plan, with other institutions joining Scotiabank (Bahamas) in confirming they have no to few distressed borrowers qualifying.
Businessman predicts further downgrade for Bahamas in 18-24 months
A leading businessman has predicted a further Wall Street downgrade of the Bahamas’ sovereign credit rating within the next 18-24 months if the Government does not move quickly to get its fiscal house in order, saying: “We have been living on borrowed money long enough.”
$10m Marsh Harbour overruns ‘should not have happened’
SKY Bahamas chief executive has urged the Government to formulate a strategic plan for the aviation industry, noting that the logistical and design issues plaguing the Leonard Thompson International Airport in Marsh Harbour highlighted the importance of proper oversight and regulations.
‘No shenanigans’ over Tourism booking deal
There were “no shenanigans” involved in the Ministry Of Tourism’s tender for an online booking solution, the former minister disclosing that no contract was ever signed with the company central to the ‘controversy’.
CHAMBER VOICE: Using staff appraisals correctly for success
Last week we explored the benefits of performance management for companies ready to move into a new era of success.
Downgrade undermines ‘blue chip’ financial centre signal
THE Bahamas cannot send the message that it is a “blue chip” financial services centre if Wall Street credit rating agencies are suggesting it cannot manage its own fiscal affairs, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman believes.
Moody’s: Hotel ‘enclaves’ lower economic impact
The “enclave” nature of large-scale Bahamian resorts is limiting their impact on the rest of the economy, a leading Wall Street analyst believes, with the ‘jury still out’ on whether Baha Mar will grow or split the high-end visitor market come 2015.
Junior Junkanoo takes to the streets
MORE than 2,000 Junkanoo enthusiasts turned out last night for the Silver Jubilee 2012 Esso Jr Junkanoo Parade.
‘Out of whack’: Wall Street downgrades the Bahamas
A Cabinet minister last night said the latest Wall Street downgrade for the Bahamas reflected the fact the fiscal numbers were “out of whack”, with another rating agency expressing scepticism about the Government’s ability to stabilise the debt/deficit in the short-term.
Collapsed entity’s $5m holding in BISX firm
Questions were last night being raised over the future viability of a BISX-listed company, after court documents disclosed that an entity accused of perpetrating a major multinational fraud held all its $5 million preference share capital.
Bahamas First targets 2012 profit ‘multiples’
Bahamas First Holdings (BFH) is on course to generate 2012 profits that will be “multiples” of last year’s $1 million net income, its chief executive yesterday disclosing that an international rating agency had “validated” the turnaround strategy for its Cayman operation.
Scotiabank: $80m mortgages restructured in 18 months
Scotiabank (Bahamas) yesterday disclosed it had managed to restructure more than $80 million worth of mortgages, held by over 500 customers, within the last 18 months, telling Tribune Business just 5-6 per cent of that number had fallen back into delinquency.
