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Business

 
Bahamas Mortgage Corp. has 42% delinquency rate
Over the past six years, the Bahamas Mortgage Corporation’s (BMC) arrears have increased three to five percent, and statistics provided to Guardian Business reveal that the government-owned entity to date has a 42 percent delinquency rate. Informa...
 
 
J.S. Johnson estimates $60 million in Hurricane Matthew claims
J.S. Johnson paid out 75 percent of its claims during the three months following the passage of Hurricane Matthew across The Bahamas, the company's senior manager, Charles Johnson, said recently. Speaking to the media at a press conference for the R...
 
 
Anderson: Technology will continue to replace retail banking jobs
President of Royal Fidelity Merchant Bank & Trust Ltd. Michael Anderson said the number of jobs replaced by technology in the retail banking sector is likely to increase over the next few years. Anderson told Guardian Business that the prolifera...
 
 
U.S. Embassy warns of scam
The United States Embassy in The Bahamas is warning U.S. citizens about a scam seemingly originating out of The Bahamas, that attempts to scam a visitor’s family members out of money by convincing them that funds are needed for a medical emergency....
 
 
Ocean Terraces finally opens after renovations
The Ocean Terraces property on West Bay Street, once embroiled in litigation, has finally opened to much excitement after “many millions” were spent on renovations and redevelopment by Sterling Global Financial’s Bahamas subsidiary. The proper...
 
 
Govt, UOB sign MOU for national training and development of public service
The government and the University of The Bahamas (UOB) signed a memorandum of understanding (MOU) yesterday for the national training and development of the public service. The MOU is intended to facilitate the training of civil servants. Courses off...
 
 
Govt building new post office, refurbishing General Post Office
Minister of Labor and National Insurance Shane Gibson said yesterday the government has entered into a public-private partnership (PPP) to construct a new post office at the independence shopping center opposite A.F. Adderley Junior High School. In ...
 
 
Darville: Economic growth will take combined effort of key institutions
FREEPORT, Grand Bahama – Minister for Grand Bahama Dr. Michael Darville believes in a tripartite agreement for the economic growth and development of Grand Bahama, which is inclusive of the government, the Grand Bahama Port Authority and the Grand ...
 
 
Bahamian airlines soon exempt from FAA overflight fees
Bahamian airlines taking off and landing in The Bahamas will soon be exempt from paying overflight fees to the Federal Aviation Administration (FAA), and The Bahamas could soon be collecting millions in overflight fees for the public coffers when it ...
 
 
Bahamas Maritime Authority’s revenue up 6.26 percent
The Bahamas Maritime Authority's (BMA) revenue rose by 6.26 percent in the financial year 2015/2016 due to an increase in receipts of annual fees, new registrations, seaman’s licenses and wreck removal certifications. According to the BMA’s fina...
 
 
Michielsen: Stellar could deliver 75 megawatts to NP in two years
Stellar Energy could be ready to deliver 75 megawatts of power to New Providence within two years and save consumers up to 28 percent on their electricity bills, if it can finalize a deal to take over the New Providence landfill, the company’s chie...
 
 
Carnival adds Princess Cays to itinerary of six ships
Princess Cays, a private port of call at the southern end of Eleuthera, was added to the itineraries of six Carnival Cruise Line ships beginning in May 2017. The cruise line giant is expected to make 40 calls to Princess Cays in 2017 and 98 the foll...
 
 
The Mall at Marathon to continue multimillion-dollar renovation
Under the theme “The excitement is building”, The Mall at Marathon, home to over 100 of Nassau’s finest stores, will continue the multimillion-dollar upgrade of its facilities. Mall officials announced yesterday that the next phase of the mall...
 
 
Financial statements reveal $83 million PHA accumulated deficit
The Public Hospitals Authority’s (PHA) latest audited financial statements reveal that the corporation had an accumulated deficit of over $80 million as of June 2014, and it would not be able to continue as a financially viable entity without gover...
 
 
Report: Baha Mar delay led to $2.5B GDP loss
A new economic impact assessment on the delay of Baha Mar shows the extent to which the government has forfeited hundreds of millions of dollars in tax revenue, and the grim outlook on the country and resort's reputation due to the handling of the re...
 
 
Komolafe: Prime rate reduction could penalize investors, savers
Chairman of the Bahamas Insurance Association (BIA) Emmanuel Komolafe pointed out that the recent reduction in the prime rate from 4.75 percent to 4.25 percent could penalize investors and savers while favoring new and existing borrowers. Komolafe e...
 
 
Smith: Downgrade can be beneficial if it leads to regulatory changes
The Bahamas financial services sector, while still healthy and attractive, will have a tough time removing its stigma as a tax haven, especially as regulations from countries that enforce Organisation for Economic Cooperation and Development (OECD) s...
 
 
Christie headlining 26th Annual Bahamas Business Outlook
With Prime Minister Perry Christie headlining, the 26th Annual Bahamas Business Outlook is scheduled to be held January 23, 2017 at Melia Nassau Beach resort on Cable Beach. In addition to Christie, presenters will include Gowon N.G. Bowe, chief fin...
 
 
Increase in bank fees over the past six years
A study has revealed that over the past six years, banks in The Bahamas have raised their fees on a significant number of services and have even added new fees on existing facilities. The information, which comes amid consumer complaints regarding c...
 
 
Less than three months left to pay real property tax arrears
Bahamians with outstanding real property taxes now have less than three months to pay in full in order to avoid penalties. The Department of Inland Revenue (DIR) in a statement published yesterday reminded all individuals with real property tax arre...
 
 
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