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Business

 
A penny for your thoughts!
Money and power have always held a hypnotic appeal; just ask U.S. Presidential candidate Donald Trump who is on the cusp of becoming the leader of the free world, despite an almost daily disclosure of alleged scandals and potentially inappropriate pu...
 
 
Hill won’t be pinned down on BPL price tag
Bahamas Power and Light Company (BPL) CEO Pam Hill consistently refuses to be pinned down on how much money BPL needs to get the utility’s operations to what she would call “normal”. Her words came as BPL is tasked with recovering from a catego...
 
 
Central Bank reports on Basel II/III impact
On average, 84 percent of licensees regulated by the Central Bank of The Bahamas (CBOB) experienced a decline in total capital adequacy ratio (CAR), and 95 percent of licensees would meet regulatory requirements in respect of minimum CAR under the Ba...
 
 
Financier defends dorm price tag
News that the College of The Bahamas has signed a contract for a 1,000-bed dorm reportedly costing $100 million set off a brief but intense burst of criticism, and the project’s financial backer Kenwood Kerr, of Providence Advisors, spoke with Gu...
 
 
NewCo updates on network, ‘overall coverage good’
NewCo2015 Limited (NewCo) yesterday released an update on the status of its service as required by the Utilities Regulation and Competition Authority (URCA), outlining network damage and repair schedules for New Providence and Grand Bahama in the aft...
 
 
New report highlights youth development
The Bahamas ranked 114th out of 183 countries in ‘employment and opportunity’ for young people, according to the Global Youth Development Index and Report 2016. The index is an initiative by the Commonwealth Secretariat, which ranks 183 countrie...
 
 
Environment ministry seeking legal advice on Renew contract
The Ministry of the Environment and Housing has taken “grave exception” to recent comments made by Renew Bahamas Ltd. (Renew). Minister Kenred Dorsett has issued a statement revealing that his ministry has sought legal advice on the Renew contrac...
 
 
Govt source concerned about $150M management
The disbursement of $150 million via the establishment of a hurricane recovery and reconstruction bond must be scrutinized with exactitude, according to a government insider who requested not to be named. The source spoke with Guardian Business about...
 
 
Superwash CEO: $16K on generator fuel in 13 days
CEO of Superwash Dionisio D’Aguilar said in the 13 days following Hurricane Matthew, his company spent an estimated $16,000 on diesel for fuel generators over the franchise’s 10 locations. “When a hurricane comes along, the biggest challenge i...
 
 
Actuary proposes separate fund for storm recovery
Local actuary Marcus J. Bosland has pointed to the decision by Trinidad and Tobago to create its Heritage and Stabilization Fund to “cushion the impact” or sustain public expenditure capacity during periods of revenue downturn, and said such an a...
 
 
Rebuild Bahamas ramps up Matthew efforts, reports on Joaquin
Rebuild Bahamas has started its relief efforts for islands severely impacted by Hurricane Matthew and released details of its final report on Hurricane Joaquin. Rebuild Bahamas is a partnership between the Bahamas Chamber of Commerce and Employers...
 
 
Central Bank governor assesses Matthew impact
Governor of The Central Bank of The Bahamas (CBOB) John Rolle said the regulator’s concerns about the Bahamian economy in the wake of Hurricane Matthew are “relieved” for several reasons that relate to tourism, reinsurance inflows and net forei...
 
 
No layoffs, redundancies at Sandals Emerald Bay
Employees at Sandals Emerald Bay Great Exuma will not be laid off or made redundant because of the resort’s temporary closure until December 15 for repairs due to damage incurred by Hurricane Matthew, according to resort General Manager Jeremy Mutt...
 
 
BPL CEO: We weren’t ready for Cat 4 storm
Acknowledging the unstinting criticism of the pace of recovery from Hurricane Matthew — and the critics include the prime minister and his hurricane relief czar — Bahamas Power and Light Company (BPL) CEO Pamela Hill yesterday admitted that t...
 
 
Bahamas opts out of regional insurance facility
The Bahamas has opted out of the Caribbean Catastrophe Risk Insurance Facility (CCRIF), and will instead put the $900,000 annual premium in the Disaster Relief Fund, beginning this year. The insurance facility has been around for nearly 10 years, mea...
 
 
Turnquest: Reprioritize spending before borrowing
Shadow Minister of Finance Peter Turnquest has urged government to re-task existing budget contingencies and discretionary project spending to hurricane relief in an effort to reduce the additional borrowing of $150 million the government is resolved...
 
 
$150M borrowing structure undecided
Chief Financial Officer (CFO) of Fidelity Bank (Bahamas) Limited Gowan Bowe said the government and financial institutions are still in discussions about how it will structure the borrowing of $150 million to help cover the cost of relief efforts rel...
 
 
NHI phase one deadline still early ’17
Deputy Chief Medical Officer (CMO) Delon Brennen says the implementation of the first phase of National Health Insurance (NHI) — the rollout of primary care benefits — is still expected to take place at the beginning of 2017 despite the severe da...
 
 
BISX anticipates less fundraising in 2016
The Bahamas International Securities Exchange Limited (BISX) said after a high period of fundraising over the last two years, from a pure fundraising point of view, market observers anticipate that 2016 will be a slightly lower year given that many o...
 
 
BCA demands that PM prove numbers
The Bahamian Contractors Association (BCA) yesterday flatly rejected the number of Bahamian workers Prime Minister Perry Christie claimed work at The Pointe. In fact, BCA President Leonard Sands says Christie’s estimate of “over 500” is “...
 
 
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