City Markets staff allege 'conspiracy'
TEN Grand Bahama-based City Markets employees are alleging that the company and its principals deliberately altered their employment terms to "coerce and compel" them to leave voluntarily, thereby relieving the supermarket chain of the need to pay them severance and pension benefits.
Bank warns on provisions rise
BANK of the Bahamas International has warned investors it may have to increase loan loss provisions further during its financial year's second half, its managing director telling Tribune Business it was "grappling" with the inability to rapidly sell distressed real estate assets.
City Markets chief hoping deal 'imminent'
CITY Markets' principal believes the acquisition of the struggling five-store supermarket chain by Super Value's owner and president, Rupert Roberts, is "imminent", telling Tribune Business: "He's a very serious man, and he's very serious about this deal."
Competition fearson Super Value's City Markets 'deal'
RIVAL food retailers have voiced fears that allowing Super Value to acquire City Markets' remaining stores would create a "virtual monopoly" in the New Providence supermarket business, with an estimated 60-80 per cent market share.
Cable pressured by 18.5% cost rise
Cable Bahamas last night unveiled a 2.5 per cent net income increase for 2011 to $20.483 million, as it warned that rising costs continued to "challenge" its financial performance. Unveiling an improvement upon its 2010 bottom line of $19.991 million, the
City Markets name 'should have died'
THE City Markets name was what ultimately caused the struggling supermarket chain to fail to recover, a rival food retailer believes, telling Tribune Business that the Finlayson family "should have let the name die" when they acquired the 78 per cent majority stake back in 2010.
$50m project predicts 30-40% sales increase
A MAJOR western New Providence real estate development is on track to this year surpass 2011 sales by 30-40 per cent, its principal telling Tribune Business yesterday that it was preparing to take total build-out value to $50 million by starting two more construction phases in 2012.
Bahamas goods, services offers sent to WTO
THE Bahamas has already submitted its initial goods and services offers to the World Trade Organisation (WTO) secretariat in Geneva, this nation's lead negotiator told Tribune Business yesterday, arguing that it "had not suffered" from the absence of a dedicated, specialist trade unit within the Government.
City Markets' Nassau staff join GB lawsuit
NASSAU-based City Markets employees have joined a legal action filed back in February on behalf of the supermarket chain's Freeport staff, their former attorney confirmed yesterday, in an effort to preserve salary arrears and severance entitlements.
Stronger BFSB is needed for 'cutting edge' finance sector
THE Bahamas should seek to improve its ranking as an international financial centre by "strengthening" the private sector and giving it the tools to keep this nation "at the cutting edge", a leading accountant said yesterday, rather than expand the size of government through a Ministry of Financial Services.
Royal Fidelity's Insurance trust a 'market first'
ROYALFIDELITY Merchant Bank & Trust yesterday said its newly-launched insurance trust was the first such specific product to enter the Bahamian market, aimed at ensuring life insurance policy proceeds were "used as intended".+
Mixing business and home ownership
I HAVE always regarded my home as my castle, and the place to rekindle my energy. I also enjoy pottering in the garden, and doing odd jobs around the place. I was therefore surprised to find an article on TechCrunch the other day that suggested I am wayward. I am not totally convinced, but I decided to share the theory anyway.
Bimini seaplane ride 'grows a ton'
A US Navy fighter pilot's sea plane company will begin twice weekly scheduled flights between Fort Lauderdale and Bimini today, telling Tribune Business the company had "grown a ton" in less than a year following its $200,000 start-up investment.
Out Island resort bookings up 8-9%
FAMILY Island resorts are reporting high occupancy levels and strong bookings through April, with one hotel manager telling Tribune Business that bookings were up 8-9 per cent through next month and the remainder of the year.
Airline set to deploy new planes on Bahamas routes
SILVER Airways yesterday said it has received Us regulatory approval to operate Saab 340Bplus aircraft, which it will use on its Florida-Bahamas route network.
