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Business

 
NewCo sitting on $125M
CEO of NewCo Limited 2015 Damian Blackburn said the company is sitting on a war chest of $125 million. Blackburn also said NewCo’s official brand would be unveiled as the company approaches its first deadline to provide coverage for 99 percent of N...
 
 
Ministry: OECD antipathy to bilateral approach surprising
According to the Ministry of Financial Services, the Organization for Economic Cooperation and Development’s (OECD) attack on The Bahamas, by way of the recent unattributed Economist article which blasted The Bahamas as a “holdout” and ...
 
 
Duncombe laments fisheries regulation change
ReEarth President Sam Duncombe said she finds it “very disturbing” that just this week the barriers to taking fish caught recreationally in The Bahamas to Florida by water were lowered. Duncombe was talking about a change in regulations which bec...
 
 
BTC submits amended RAIO
The Utilities Regulation and Competition Authority (URCA) has published the Bahamas Telecommunications Company’s (BTC) amended Reference Access and Interconnection Offer (RAIO). Amendments were made to BTC’s list of services, which include sessi...
 
 
Bowe: Baha Mar deal seal ‘reasonable step’
Chairman of the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) Gowon Bowe said sealing the agreement signed by the government and the Export-Import Bank of China (CEXIM) to complete, sell and open Baha Mar was a “commercially re...
 
 
The good psychopath
The term psychopath is usually used when referring to serial killers or super-villains in Hollywood blockbusters. However, it’s claimed that many successful business leaders, lawyers, bankers and even politicians (are you really surprised?) share c...
 
 
Bahamas rejects outright Economist article
The Bahamas has rejected outright an attack by UK publication The Economist, which claims The Bahamas’ choice to implement automatic exchange of information (AEOI) through bilateral agreements is an intentional “go-slow approach” based on...
 
 
Turnquest: UK magazine attack ‘unfortunate’
Shadow Finance Minister and Free National Movement (FNM) Deputy Leader Peter Turnquest, citing an increasingly competitive and threatening environment in international financial services, called it “unfortunate” that UK publication The Econ...
 
 
Call for lien law implementation
Contractor Stephen Wrinkle said it’s time to address the absence of lien laws in The Bahamas, contending the unfortunate situation with the $3.5 billion Baha Mar megaresort is a “very expensive education”, and with a lien law regime, would ha...
 
 
Basel impacts on capital ratios examined
In a summary of its second Basel II & III Quantitative Impact Study (QSI 2), The Central Bank of The Bahamas (CBOB) revealed that the average capital adequacy levels for international banks used in the study fell by 25 percentage points in compar...
 
 
Rolle to unveil national risk assessment soon
The Central Bank of The Bahamas (CBOB) intends to promote policy changes that would help reduce the prevalence of transactions that are susceptible to being infiltrated by criminal elements and regulate un-banked activities and un-banked persons with...
 
 
Sterling Global finances land assembly for major Boston redevelopment
Sterling Global Financial, an integrated banking and financial services provider with more than US$9 billion in assets under administration and operations in The Bahamas and the Cayman Islands, revealed today that one of its funds has provided bridge...
 
 
No guarantee Baha Mar claims to be paid
Baha Mar creditors are not guaranteed to receive any payment at all from the new claims payment process. Nonetheless, one Cabinet spokesperson insisted that the new process means Bahamian creditors who are owed $500,000 or less – numbering more th...
 
 
Sands: FAQ and PM ‘night and day’ on claims process
President of the Bahamian Contractors Association (BCA) Leonard Sands said an explanation is owed to the Bahamian people by Prime Minister Perry Christie for the revelation that creditors owed by Baha Mar have no assurance of being paid through the n...
 
 
Consumer protection czar questions commitment to ease of doing business
Chairman of the Consumer Protection Commission Senator Jerome Gomez expressed his doubt in the government’s ability to improve The Bahamas’ ease of doing business ranking, which currently stands at 106 out 189 economies according to the World Ban...
 
 
NewCo touts per second billing intent
NewCo Limited 2015, The Bahamas’ second cellular mobile licensee, plans to offer customers a per second billing (PSB) plan, rather than a per minute billing (PMB) plan. NewCo said, “You will only pay for what you use. You will only be billed per ...
 
 
Symonette: Law should apply to everyone
Even as the process of legalizing online gambling at web shops continues to move at a pace some have questioned, and despite the issuance of so-called “provisional licenses”, at least one prominent businessman is commenting on the disparity betwe...
 
 
D’Aguilar: ‘bamboozled’ contractors should sue
Former Baha Mar director Dionisio D’Aguilar said the government’s claim that Bahamian contractors would be paid is “incorrect” to a certain extent and they “bamboozled” the Bahamian contractors into thinking they would get paid. In fact, ...
 
 
Symonette laments business environment
Prominent businessman and former politician Brent Symonette has characterized the business environment in The Bahamas as “frustrating, restrictive, depressive - all of those words”. In fact, echoing growing concerns about a slide in competitivene...
 
 
Senator: Unions have ‘distorted’ business environment
Consumer Protection Commission Chairman Senator Jerome Gomez argued that the heavy presence of unions in The Bahamas has created a “distortion” in the market and business environment. Gomez said this could be seen in the case of over 600 workers ...
 
 
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