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Business

 
Dorsett: Govt buildings to be taken off BPL grid next year
Government buildings will be taken off Bahamas Power and Light’s (BPL) electrical grid starting next year, with Anatol Rodgers High School hosting the pilot project for a commercial-scale solar set-up generating up to 300 kilowatts of electricity f...
 
 
Grand Bahama Power Co. to absorb hurricane damage costs
The Grand Bahama Power Company (GBPC) will absorb $27.5 million in hurricane damage costs and refrain from increasing customers’ bills for at least five years, as the company enters cost management mode following Hurricane Matthew, the company reve...
 
 
Contractors Bill passed
The Contractors Bill 2016 was finally passed on Monday, marking a historical move in The Bahamas for the construction sector. This particular piece of legislation encompasses necessary regulation of the construction sector and has been in the works ...
 
 
Mario Carey triples property management division; adds commercial management
Declaring that the purchase of a property should not be the end of a relationship with a real estate company, but the start of a new chapter, leading broker Mario Carey announced this week that he has launched a full-fledged property management divis...
 
 
Strachan meets with consultants on trade liberalization vulnerability study
The Minister of Financial Services Hope Strachan met with consultants from BKP Development Research and Consulting, an economic research and consulting firm based in Germany, and the World Trade Institute, an academic institution of the University of...
 
 
IMF: Hurricane Matthew will impact short-term growth
Hurricane Matthew will have a negative impact on short-term growth for The Bahamas, as well as its “fiscal and external accounts”, according to findings from an International Monetary Fund (IMF) team, which completed a six-day mission to assess t...
 
 
Venetian West sold out
Venetian West, a first-class gated community, is sold out just two short years since breaking ground. The 205-unit condominium community is conveniently located in the thriving and upscale Old Fort Bay area. The community has been coined as providin...
 
 
URCA gives green light on BPL’s renewable energy grid tie-in plan
A document released on Monday by the Utilities Regulation and Competition Authority (URCA) gives Bahamas Power and Light (BPL) the go-ahead to approve the set up and grid tie-in of small-scale renewable generation systems. Though URCA is still await...
 
 
One Eleuthera Foundation invests $4M in hotel
The One Eleuthera Foundation has invested $4 million in a mixed-use hotel property that includes a training institute; it is set to open in the first or second quarter of 2017, the foundation’s founder and CEO Shaun Ingraham told Guardian Busines...
 
 
CTFE confirms Baha Mar purchase
Hong Kong-based global conglomerate, Chow Tai Fook Enterprises Limited (CTFE), announced that it has finalized an agreement with the Bahamas government and the Export-Import Bank to own and operate Baha Mar, and pledged to sink another $200 million i...
 
 
Baha Mar deal remains sealed by court order
The details surrounding the recent deal struck between Hong Kong-based conglomerate, Chow Tai Fook Enterprises Limited (CTFE), the Bahamas government and the Export-Import Bank of China remain sealed by court order, despite both CTFE, by way of a pre...
 
 
Sandals Emerald Bay to reopen on Thursday
On Thursday a total of 600 employees are expected to return to Sandals Emerald Bay Great Exuma, following a temporary closure for repairs due to damage incurred by Hurricane Matthew. General Manger Jeremy Mutton stressed the importance of the resort...
 
 
PM: Megaresort to draw 315K additional air passengers
Baha Mar is anticipated to draw approximately 315,000 additional air passengers, annually, to The Bahamas, representing a 19 percent increase over the total visitor arrivals in 2015. During his contribution in Parliament yesterday, Prime Minister Pe...
 
 
IDB report highlights low growth, private sector deficiencies
The Bahamas, like most Caribbean countries, has a debt to GDP ratio above 60 percent, putting a downward pressure on economic growth, according to a recent report. The concerns of low growth and private sector deficiencies in the Caribbean are highl...
 
 
BISX furthers engagement with listed issuers
The Bahamas International Securities Exchange (BISX) spent Thursday, December 1 in a closed session conclave with its listed issuers. The purpose of the BISX 2016 Listed Issuer Conclave was to meet with senior representatives of listed issuers to dis...
 
 
CIBC FirstCaribbean Bahamas wins Bank of the Year award
The Bahamas operations of CIBC FirstCaribbean International Bank have captured the prestigious 2016 Bank of the Year Country Award in The Banker Magazine’s 17th Annual Bracken Awards Programme. This is the bank’s fifth time winning the title for ...
 
 
BPL: No immediate plan for renewable energy on NP
It is unlikely that New Providence will see the benefits of renewable energy as a reliable source of power in the near-term as Bahamas Power and Light (BPL) has “no immediate plan for utility scale renewables in New Providence”, according to the ...
 
 
Troubetzkoy: Tourism must pay attention to de-risking threat
The Bahamas, like many of its regional partners, faces a significant threat to its tourism industry from the continued trend of de-risking, an act that results in the loss of correspondent banking relationships (CBRs). President of the Caribbean Hot...
 
 
Turnquest blasts govt on state of GB hotel properties
Peter Turnquest lambasted the government yesterday for the state of depressed properties and stalled investments on Grand Bahama. He also expressed concerns over the fate of employees at the Treasure Bay Casino. Minister of Tourism Obie Wilchcombe re...
 
 
Disney investing in improvements to Castaway Cay
For The Bahamas, the economic contribution from Disney Cruise Line is expected to increase in the new year. President of Disney Cruise Line Karl Holz announced the company’s upcoming commitments to The Bahamas last week during his contribution to ...
 
 
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