'Serious' Bahamas groups assess City Markets deal
CITY Markets' principal yesterday said "two very serious" Bahamas-based players were now assessing the possible acquisition of the struggling five-store supermarket chain, describing them as "some of the most respected business people in this town and business".
$2m safety margin for City Markets pension fund
THE value of the City Markets' staff pension fund's main asset "supersedes" what is owed to plan beneficiaries by some $2 million, one of its trustees saying yesterday that he hoped to conclude a deal for its sale "within the next week".
Kozeny defeats US government extradition bid
INFAMOUS Lyford Cay resident, Viktor Kozeny, was yesterday celebrating judicial victory over the US Government after the London-based Privy Council reaffirmed decisions by the Bahamian courts to reject his extradition over an alleged $200 million investment fraud.
FOCOL in 'major leagues' via $500k aviation fuel entry
FOCOL Holdings' decision to enter the aviation fuel supply business via its $500,000 acquisition of Shell's one-third interest in the Lynden Pindling International Airport (LPIA) fuel consortium takes the company "into the major leagues", its largest shareholder told Tribune Business yesterday.
City Markets trade dispute set for Friday
A TRADE dispute hearing filed on behalf of some 200 City Markets employees is set for this Friday, as staff seek to secure their financial compensation, pension and other benefits from the embattled supermarket chain.
Contracting for successs
NOTHING can teach us what should be in a business contract more than experience, and unfortunately some of us have had to learn the hard way what the 'musts' are in a design agreement. Unfortunately, not every project goes well, and has the potential to turn ugly. Consequently, there may come a time when the enforcement of a contract is necessary. And it's at that point you'll thank yourself for having gone through the trouble of creating a sound legal document.
Bahamasair works on Emerald Bay, GB airlift changes
BAHAMASAIR is working with Sandals Emerald Bay on a summer flight schedule to facilitate better airlift, its general manager revealed yesterday, telling Tribune Business the carrier had already made adjustments to its existing flights to accommodate passengers travelling out of Nassau.
Market access, poaching threat to $70m exports
THE Bahamas' $70 million per year spiny lobster (crawfish) exports are under pressure from market access and poaching issues, the Department of Marine Resources' director told Tribune Business yesterday.
Colina General had $2m asset deficiency
COLINA General Insurance Agency had an almost-$2 million balance sheet solvency deficiency when it was acquired by its sister company, BISX-listed Colina Holdings (Bahamas), in early December 2011 for just $1, Tribune Business can reveal.
Bahamas ranked in bottom three of finance centres
A FORMER Bahamas Financial Services Board (BFSB) chairman yesterday said a report that ranked the Bahamas a lowly 75th out of 77 global financial centres would "not impact" this jurisdiction's core private wealth management client base, adding that he was "more worried" about G-20 driven regulatory initiatives.
Commission urged: Take 'strong action' over City Markets
A well-known financial analyst yesterday urged the Securities Commission to take strong, swift public action to protect the 22 per cent minority investors in City Markets' operating company, warning that "the integrity and reputation" of the Bahamian capital markets were threatened.
More Bahamian homeowners if smaller lots sized permitted
MORE Bahamians would be homeowners today if the authorities had acted on a 1984 report by now-Prime Minister Hubert Ingraham advocating that houses by constructed on lots under 5,000 square feet, the Bahamas Real Estate Association's (BREA) newly-affirmed president said yesterday.
Tell, but don't sell, your firm's story
THE first time I tried to use Facebook Ads in one of my businesses a couple of years ago, I lost a lot of money. I mean, everything seemed to be going so well. A lot of people were expressing interest in my page judging by the number of 'Likes' I received.
Union still seeking City Markets talks
TRADE union executives up to last night were still attempting to arrange a meeting with the principal of the City Markets foodstore chain to discuss the fate of the stores and its employees.
Region falls back over aquaculture
THE Caribbean is far behind the rest of the world in developing aquaculture, the executive director of the Caribbean Regional Fisheries Mechanism (CRFM) telling Tribune Business that the sector accounted for between 1-2 per cent of total fish production in the region.
