Bahamas ‘can’t afford’ to ignore oil discovery
The Bahamas “cannot afford” to ignore commercial oil discoveries within its territory, an ex-Central Bank governor argued yesterday, while pleading for far greater government transparency on the issue.
Cavalier suffered $1m loss ahead of liquidity crunch
A major Bahamian contractor suffered more than $1m in operating losses over a four-year period before it collapsed into insolvency due to an “unmanageable liquidity shortfall” in early 2020.
Oil opponents seek to ‘draw line in sand’
Oil exploration opponents are persisting with their Judicial Review challenge in a bid to “draw a line in the sand they will not back away from” over future drilling activities, a prominent QC is warning.
Melia Nassau Beach to close for two years
Baha Mar today announced its Melia Nassau Beach resort will close for two years to undergo a $100m renovation, which will result in several hundred more hotel workers losing their jobs.
The 21st century tulip bubble?
ActivTrades
THE 1600s were undoubtedly the Dutch golden age, a period during which the European country became a leading arts, science and military global power. As Holland became rich and powerful so did its citizens, with many using growing disposable incomes to invest and speculate, creating a thriving financial market where concepts such as future contracts were first traded. It was around this time that occurred one of the most famous and bizarre episodes in the history of finance: The tulip bubble.
Bahamasair’s $40m taxpayer blow-out
Bahamian taxpayers have spent $40m “and counting” to prop up Bahamasair over the past seven months, its chairman has revealed, while confirming the airline was late meeting payroll last week.
‘Revamp agriculture in its entirety
BAHAMIAN farming “needs to be revamped in its entirety”, an agriculture group’s head has conceded, arguing that this nation has “no choice but to support its own” with wide-ranging reforms.
PRIVATE SECTOR MIXED ON OIL DRILLING RESULTS
A MAJOR realtor said it was a “good thing” that the Bahamas Petroleum Company (BPC) did not find commercial quantities of oil as the private sector offered mixed views on the exploratory drilling results.
Exuma resort owners seek $11m in auction
THE owners of an Exuma resort are seeking at least $11m when the property is sold via international auction in two weeks’ time.
Cable’s $70m loan remedies ‘breaches’ with Aliv bond terms
Cable Bahamas’ $70m long-term loan to its Aliv affiliate was yesterday said to have remedied the mobile operator’s non-compliance with conditions attached to $60m in previously-issued bonds.
Law needs to alter for GB airport deal
The government must change the Airport Authority Act to facilitate its acquisition of Grand Bahama International Airport, a Cabinet minister has revealed, adding that a deal “is so close I can feel it”.
Oil opponents: ‘Books not closed’ on drilling
Oil exploration opponents last night said the fight against drilling is not over despite the Bahamas Petroleum Company’s (BPC) failure to strike a commercial find as they renewed calls for a lasting ban.
Fusion Superplex cut-off over $506,000 BPL dispute
The Fusion Superplex was yesterday locked in urgent negotiations with Bahamas Power & Light (BPL) after its electricity was cut-off over a $506,000 debt despite fully complying with a payment plan.
Activists bid to seize $14m Nygard Cay
Environmental activists are urging the Supreme Court to permit a receiver to seize possession of Nygard Cay, which was last valued at $14m, and sell it to satisfy its owner’s Bahamian legal debts.
Super Value cuts Sunday hours on 25% sales drop
Super Value has slashed Sunday shopping hours after sales “dropped off 25 percent”, its principal revealed yesterday, adding: “They aren’t coming to show off their church hats any more.”
