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Business

 
Halkitis: We’re not out of the woods
Minister of State for Finance Michael Halkitis yesterday said that while the government is “encouraged” by the recent decision by credit ratings agency Moody’s to spare The Bahamas another downgrade, the Christie administration would have to re...
 
 
Dorsett announces new marine protected areas
Minister of the Environment and Housing Kenred Dorsett yesterday announced a passel of new marine protected areas (MPAs) around The Bahamas. The addition of new MPAs marks the continued recognition by The Bahamas of the vital importance of these reso...
 
 
Judge wants objections to reorganization plan filing by 9/14
U.S. Bankruptcy Judge Kevin Carey has set a deadline of 4 p.m. on September 14 for those who want to object to Baha Mar’s request for leave to file its joint Chapter 11 reorganization plan, with the hearing on the motion scheduled for 2 p.m. on Sep...
 
 
BCCEC CEO questions long silence by CLTF, says govt should go ‘back to drawing board’
While the Utilities Regulation and Competition Authority (URCA) has recently resumed the second phase of its selection process to choose the country’s second mobile services provider, Bahamas Chamber of Commerce and Employers Confederation (BCCEC) ...
 
 
Moody’s rates Bahamas’ institutional strength ‘very high’
In its most recent credit analysis of The Bahamas, Moody’s Investors Service assessed the jurisdiction’s institutional strength as “very high” despite a downward revision of its growth estimate to 1.7 percent based on the delay in the opening...
 
 
Friday ruling to guide govt on Baha Mar payroll
Michael Halkitis yesterday stated that the government’s future funding of payroll for Baha Mar’s Bahamian employees could hinge on the outcome of Friday’s winding up hearing. Although Halkitis was unwilling to speculate on how long the governm...
 
 
Western Air set to unveil state-of-the-art terminal in Grand Bahama
Western Air, the largest one hundred percent Bahamian owned and operated airline in The Bahamas, will open its six million dollar, state-of-the-art terminal on Saturday. The passenger terminal, maintenance hangar and corporate offices will officiall...
 
 
Bahamas Waste partners with CIBC FirstCaribbean to ‘Walk For the Cure’
This October the Bahamas Waste family will don their pink shirts again and remind Bahamians about early testing to detect and prevent cancer. They are also very pleased to have been asked to partner with CIBC FirstCaribbean in this year’s “Walk f...
 
 
URCA promotes STEM disciplines to students
The Utilities Regulation and Competition Authority (URCA) supported two Science, Technology Engineering and Math (STEM) camps this summer; the Bahamas Engineering and Technology Advancement (BETA) and “HACK IT” camps. The camps aimed to foster a ...
 
 
CIBC FCIB CEO aims to increase retail loan market share
After a painful restructuring process and a period of intense self-examination, CIBC FirstCaribbean CEO Rik Parkhill said new initiatives aimed at boosting customer service and enhancing the customer experience at the bank are being introduced ar...
 
 
Moody’s: Unleash tourism sector performance
While the most recent credit analysis from ratings giant Moody’s has, for the moment, reaffirmed The Bahamas government bond rating and spared the country from another downgrade, the analyst lowered its expectations for growth of The Bahamas econom...
 
 
Pintard: Deeper consultation needed for GBI success
Free National Movement (FNM) Chairman Senator Michael Pintard has spoken out about some of the challenges facing the Grand Bahama business community, and identified the issue of either poor or non-existent collaboration as a major stumbling block f...
 
 
Labor dept. lawyers talk with Diamonds Int’l over wage dispute
Director of Labour Robert Farquharson yesterday stated that he hopes his department and retailer Diamonds International would find an “amicable solution” to actions taken by the company in response to the private sector minimum wage increase in t...
 
 
BISX sees sharp drop in daily trade volume and value
Despite slight overall growth in the Bahamas International Securities Exchange (BISX) All-Share Index in the second quarter of 2015, BISX has experienced a sharp drop in both the average volume and value of shares traded per trading day, with average...
 
 
BFSB teams up with Rosetta Stone and MoE to expand language learning program
The Bahamas Financial Services Board and the Ministry of Financial Services have partnered with the Ministry of Education and language learning program Rosetta Stone Inc. to introduce a pilot program within public junior and senior high schools throu...
 
 
Halsbury Chambers legal forum
The country’s ever changing legal landscape has demanded that the average Bahamian become more aware of their legal rights, and how changes to the law impact their day to day lives. As has been its tradition for more than 15 years, Halsbury Chamber...
 
 
Baha Mar: Concessions worth $300M, not $1.2B
It appears that Baha Mar is challenging the assertion that it has been the beneficiary of $1.2 billion in concessions from the government of The Bahamas, and it is considered a disputed fact that the government of The Bahamas has granted substantia...
 
 
BML, CCA and CEXIM agree: project more than $300M short
As Baha Mar and its pursuers – China Construction America (CCA) and the Export-Import Bank of China (CEXIM) – jockey for the inside lane amid the flurry of motions and pleadings before U.S. Bankruptcy Judge Kevin Carey in Delaware, the two sides ...
 
 
GBPA must end ‘selective’ oversight, Smith urges
While the Grand Bahama Port Authority (GBPA) has recently committed to expanding its regulatory oversight over the Grand Bahama Power Company (GBPC), a local Queen’s Counsel has charged the Port Authority to live up to its mandate as the local admi...
 
 
CIBC FirstCaribbean touts net income in Q3 2015
On the strength of expense control initiatives, savings from its “restructuring” program and lower losses associated with bad loans, CIBC FirstCaribbean has announced its highest quarterly net income since the second quarter of fiscal 2010, eve...
 
 
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