Water & Sewerage Corp spent $60m, made $40m
Operating costs of nearly $60 million dwarfed revenues of $41.9 million, leaving the Water & Sewerage Corporation short 20 million in its 2009 financial year. Minister of State for the Environment Phenton Neymour said there is $725,000 left from the $19 million government subsidy given to the corporation and that the rest would be gone before the end of March. Although Family Island revenues rose by $500,000, revenues in New Providence dropped $3 million.
Colina faces $1.4m price to capture 100% of RND
RND investors will have to decide if they want to sell their shares for $0.40 apiece or stay on as minority investors in a company with new management and a new direction. Plus, some are questioning the $0.40 offer on shares that are probably worth at least $0.70. Investors will have to decide by the March 15 deadline.
Bahamasair rethinking Jamaica flights
Bahamasair is considering taking on the Nassau-Kingston route dropped by Air Jamaica last month but is being careful not to take risks. Bahamasair chairman J Barrie Farrington said although the airline has done a paper on the flight's viability, "With a limited fleet, it increases the risk of providing service in an area that is untried." With the Government providing half the $7 million requested by the National Flag Carrier, Farrington told Tribune Business, "We're going to have to find a way to encourage people to travel for reasons other than shopping in Florida. We're really going to have to intensify sales and marketing, because the competition is very fierce.
Fraud cases up 10%
One of the country's fraud specialists said The Bahamas has seen a 10-15% rise in fraud and forensic cases since the economic recession. Kendrick Christie, who is a certified fraud specialist said companies must protect against employee theft warning that they would "Pay now or pay later". Chrisite said the recession was only partly to blame, saying the people in business today don't have the same values their predecessors.
Chamber of Commerce and Employers' Confederation consider merging
The Bahamas Chamber of Commerce and the Bahamas Employers' Confederation are asking members to send feedback and suggestions as they seek to combine the two groups. In a joint statement by Khaalis Rolle, President of the Bahamas Chamber of Commerce (BCOC), and Brian Nutt, President of the Bahamas Employers' Confederation (BECon) said: "A merged organization representing the entire business community would make advocacy for the private sector more visible, more vocal and therefore stronger".
At least 3,000 Spring Breakers expected
Trip organizer Grad City has already booked 2,600 students for 2009 and expects to have a little more than 3,000 in total. Grad City said it's working with vendors to provide activities and entertainment at Junkanoo Beach (formerly the Western Esplanade).
