Business

Cable Bahamas BTC square up
(Sep 3) BTC and Cable Bahamas have found themselves at odds over the issue of"number portability"which allows customers to switch operators and keep their existing number.

The Utilities Regulation and Competition Authority(URCA)has just published a series of responses to

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'Chance' 20 per cent loan default mark reached
(Sep 3) The Clearing Banks Association's (CBA) head yesterday told Tribune Business there was "a chance" commercial bank loan delinquencies could break the 20 per cent mark, adding that increasing uncertainties over the global economic recovery had prompted Bahamian institutions to extend their stress testing models "well into 2012".

Paul McWeeney, who is also Bank of the Bahamas International's managing director, told this

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250m resort project revives
(Sep 2) A proposed $250 million resort project long earmarked for Grand Bahama has been revived, Tribune Business has been informed, with the developers in the throes of concluding their Environmental Impact Assessment (EIA) and working through the various government and Grand Bahama Port Authority (GBPA) approvals processes.

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Hurricane Earl sends $600,000 to The Bahamas
(Sep 1) The Bahamas this week enjoyed cruise passengers spending gains of almost $600,000 through four ships being diverted to this nation due to Hurricane Earl, Ministry of Tourism figures revealed yesterday.

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Business dream a reality through 'co-operation'
(Aug 31) A CULTURAL consortium has come to downtown Nassau, with arts, food and fashion the main focus of the Cultural Gallery and Studio, a company built with sweat equity and a little ingenuity.

Partners Gina Smith and Chevette Williamson had long held the

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'35m gap' needs plug for Baha Mar go-ahead
'35m gap' needs plug for Baha Mar go-ahead (Aug 27) A $35 million gap is separating Baha Mar and Scotiabank from resolving the former's $200 million loan, the last major obstacle to the $2.6 billion Cable Beach project going ahead, as sources familiar with developments told Tribune Business a 'debt-for-equity' swap was being actively discussed by both parties.

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The secrets that no one is telling you about retirement
(Aug 27) When it come to retirement you may not realize but there are only two outcomes-you either die before you retire or you die after you retire.

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'Fairly flat' forecast concerning resorts
(Aug 26) THE Bahamian hotel industry is concerned that current business projections for September and October, the low point of the tourism season, "are fairly flat" against 2009 comparatives, Tribune Business was told last night, although the sector was encouraged by July occupancy levels that almost matched pre-recession figures.

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FirstCaribbean scoops Best Bank title
(Aug 26) FirstCaribbean International Bank Bahamas has been awarded Best Bank in The Bahamas in the Euromoney Awards for Excellence 2010.

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Two-year high for major hotels
(Aug 26) The'Companion Fly Free"program has helped room occupancy in The Bahamas'major hotels soar to a two-year high, though they are still not at pre-recession levels.
According to preliminary statistics released by the Bahamas Hotel Association and The Bahamas Ministry of Tourism, the 14 major New Providence hotels recorded a 78.2 percent occupancy rate for July, the highest recorded level since July in 2008 when occupancy rates reached 78.7 percent.
This occupancy rate, combined with an increase in average daily room rate(ADR)of$18.33 over the same period last year, generated a 17.4 percent room re ...

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200m loan 'impasse' hurdle for Baha Mar
(Aug 25) PRIME Minister Hubert Ingraham yesterday met with Baha Mar's principals and the Chinese Ambassador to further discuss the proposed $2.6 billion Cable Beach redevelopment, sources familiar with developments told Tribune Business, the main remaining obstacle being the $200 million outstanding loan the developer owes to the Scotiabank (Bahamas) syndicate.

Tribune Business revealed months ago that the "impasse" between Baha Mar and Scotiabank over the loan was a significant

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Phoney car invoices costing dealers, Govt 'thousands'
(Aug 25) ESTABLISHED Bahamian auto dealers yesterday said they and the Public Treasury were losing "thousands of dollars" a year due to individuals, including some foreigners, selling imported used cars below their prices through the submission of false invoice amounts that dramatically lowered Customs duty payments.

Brent Fox, proprietor of Montague Motors, told Tribune Business that the problem was "pretty widespread and getting out of hand", with the Customs Department seemingly aware that invoices with false purchase prices were being submitted but unable to make much progress in their investigations.

Taking the Toyota Harrier model as an ...

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New flights planned from West Palm to Eleuthera, Abaco
(Aug 25) US-based AvStar Aviation's newly-appointed chief executive told Tribune Business yesterday that his company is hoping to open up airlift to Eleuthera and Abaco from West Palm Beach by year-end, in a bid to expand the operations of recently-acquired Twin Air Calypso, which has serviced the Bahamas from Fort Lauderdale for more than 50 years.

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Local health costs could mean premiums
(Aug 25) A major insurance group with key Bahamian operations made no underwriting profit in 2009 because 87 per cent of every dollar earned was paid out to cover policyholder health claims, a senior executive revealing that for 2010 to-date it had supported 14 air medical evacuation cases and claims "reserved to exceed in excess of $1 million".

Linda Gibson, president of Atlantic Medical Insurance, the Bahamian-based health insurance subsidiary of Colonial Group International, told the Rotary Club of East Nassau that Bahamians had to "face certain realities" and be "prepared to pay" for the medical services they wanted as costs rose gl ...

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Street vendors on the rise amid recession
(Aug 24) FREEPORT - There has been a significant increase in the number of street vendors and peddlers in recent months on Grand Bahama, where jobs are still scarce and the economy is in recession.

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Long Island business leader says Long Island desperate for foreign investment
(Aug 23) Investments like the$22 million allocated for some Family Islands need to extend to Long Island according to its chamber head, saying the island is in"desperate need"of foreign investors.

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Famous businessman Richard Branson says know when to break the rules
(Aug 20) Knowing when to follow the rules and when to take a step beyond them can be the difference between keeping a loyal customer and losing their business for ever.

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New system to lift Bahamian airlines
(Aug 20) A new flight sharing system set to revolutionize the way travelers book flights to The Bahamas could be up and running within the next six to eight months, a top Tourism official confirmed to Guardian Business.

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Free phone calls till 6pm
(Aug 20) To compensate customers for an nation-wide cut in land and cell phone service, the company will not charge for local land line calls and all post-paid cell calls from 6am to 6pm today.

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Securities Commission confirms top man leaving
(Aug 19) Tributes have been paid to the work of Hillary Deveaux as the Securities Commission of The Bahamas finally confirms its Executive Director is to leave.

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