Business - Tue Mar 2

Tue, Mar 2nd 2010, 07:34 AM

Grand Bahama must act to keep airlines
FREEPORT – Bahamas, Grand Bahama Airport Company is rushing to cut fuel costs that are more than double those in Nassau. Vernice Walkine, director-general of tourism, said some airlines flying to Grand Bahama spend $1 million a year on fuel and have threatened to withdraw services. Read more in the Guardian and Tribune.

Scotiatrust may buy Butterfield Bank

Bermuda-based Butterfield Bank has put its private banking business up for sale, including $2.5 billion in client assets as of September last year. Sources say Scotiatrust is the likely buyer and there are signs the deal could close quickly. The bank opened its Bahamas branch in 2003. Read more in the Guardian and Tribune.

Banks return $20m National Insurance deposits
The National Insurance Board is considering what to do with surplus funds after several banks returned about $20 million in deposits. Officials suspect the banks were hoping to avoid paying interest.
Last year the NIB earned about $78 million on investments in Cable Bahamas, the airport development scheme and government issues.

Bahamian entrepreneurs are missing out

The Bahamas Chamber of Commerce wants to help more small business owners get access to thousands of dollars in funding available from the European Union. Hank Ferguson, trade specialist for the Chamber of Commerce, said he hopes at least 10 businesses will get access to the grants this year.

Small businesses need laws, not handouts
Consultant and business owner Mark Turnquest is pushing for the government and private sector to create a Small Business Act. Turnquest has created a draft of the his proposed legislation, outlining benefits linked to the number of employees, the amount of money paid in public funds and the type of products and services.

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