$30bn fund offers to acquire Hilton, South Ocean hotels
A $30 billion New York-based asset manager has made offers to acquire the British Colonial Hilton and South Ocean resort properties, the Prime Minister confirmed yesterday, with both New Providence hotels on the market for sale.
PM confirms Gov'ts Genting courtship
PRIME Minister Perry Christie yesterday confirmed that the multi-billion dollar Genting Group was assessing various investment opportunities in the Bahamas, as sources suggested it had offered to take a 50 per cent equity stake in Kerzner International’s former Paradise Island properties.
Albany: Bahamians to get 95% of 650 new construction jobs
ALBANY’s developers yesterday said its newly-launched Marina Residences would create 650 construction jobs over the next 18-24 months, telling Tribune Business that approximately $370 million in economic activity had been generated from lot sales.
Exemption permit delay hurting manufacturers
Bahamian manufacturers are paying more than necessary in import duties due to delays in exemption permit renewals, a government minister has been told.
IDB: Road overruns 'exceed expectations'
The size of the $239 million New Providence Road Improvement Project’s cost overruns “exceed usual expectations”, the Inter-American Development Bank (IDB) has admitted, agreeing that Bahamian contractor capacity needs to be assessed when drawing up major infrastructure contracts.
Stamp exemption 'exploited' for tax avoidance
The first-time buyer Stamp Duty exemption was “not designed for what some attorneys” are using it for, one Bahamian lawyer saying their interpretations were resulting in “huge revenue leakage” and something that was “fiscally unsustainable”.
CHAMBER VOICE: Embrace our workplace differences and unite
Age Discrimination…Does it exist in the Bahamian corporate community?
Private inspectors mulled for Gov't housing initiative
The Government is mulling whether to hire private inspection firms to assess construction work on its housing programme, the minister responsible telling Tribune Business it was moving to “really strengthen quality assurance” and controls.
Roads project: over 1,000 design changes
More than 1,000 design revisions have been made to the New Providence Road Improvement project since it was conceived a decade ago, the Inter-American Development Bank (IDB) also revealing that further unanticipated construction material costs will total almost $30 million worth of overruns.
Atlantis booking paceup 7% on 2011 figures
The Atlantis resort’s booking pace was 7 per cent ahead of 2011 comparatives for August, its operator telling Tribune Business it was confident that 2013 group business would “match, if not exceed” this year’s levels.
'Really unjust' Stamp Duty exemption hurting hundreds
The Government was yesterday urged to amend the “really unjust” Stamp Duty exemption policy hurting hundreds of first-time home buyers, attorneys warning it was “prejudicial” against those who could least afford their own property.
Gov't 'unfamiliar' with touted $36.75m project
The Government yesterday said it was “unfamiliar” with, and trying to find out more, about a $36.75 million ‘resort town project’ planned for the Bahamas, which was being promoted by the Orlando-based investment bank/private equity firm supposedly financing it.
BTC's first independent store to open by October
The first independently-owned Bahamas Telecommunications Company (BTC) retail outlet is set to open in Grand Bahama by early October, the newly-privatised carrier yesterday saying its store upgrades had already sparked “a material bump up in sales”.
Economic strategy's first draft to PM 'next week'
The Prime Minister will next week receive the first draft of an economic development strategy, and how to execute it, a Cabinet minister yesterday saying this would enable the Bahamas to “maximise returns” from foreign direct investment (FDI).
BICA executives elected to Caribbean institute
Two executives with the Bahamas Institute of Chartered Accountants (BICA) have been elected to the Board of a Caribbean accounting organisation.
