Friday, March 12, 2010

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Freeport Concrete in 'negative equity' with $1.6M loss By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: The Bahamas has gained global credibility says Spain By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Key vote coming for new accounting standards By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardiancom: Court hears how $15M of Bahamian company shares stolen By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: BPC raises $4 million working capital for Bahamas venture By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: A recent share placement by oil license holder BPC is being described as "well received" and a display of confidence that its delayed Bahamas oil venture would indeed go forward. Securities Commission helps in case of $26 million fraud By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: A Philadelphia court has found a Canadian stock promoter who manipulated $26 million from two Bahamas-based stock brokers guilty of securities fraud, Guardian Business has learned. BTC privatization: your views Our Debate of the Day got you talking as we asked: "Should a privatized BTC be given two years with no rivals, or should it face immediate competition." Quickly readers responded on BTC privatization plan comes under fire By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: An international report on the telecommunications industry in the Caribbean is backing up earlier views of local analysts, calling "disappointing" a government's decision to offer a two-year exclusivity agreement before the sector is liberalized. Bahamasair to partner with domestic airlines By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: Bahamasair and several domestic carriers are in the midst of discussions on creating an interline agreement with the intention of cutting costs at all the airlines and expanding routes for all signed up, Guardian Business has learned. Time for income tax? By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: British Airways strike action looms closer By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Triple win for real company star If real estate was an Olympic sport, Carlyle Campbell would be wearing triple gold. The broker just made a clean sweep, taking top honors in all three categories of awards at Bahamas Realty – top-selling agent, most improved agent and most exclusive listing agent. Three senior bank executives to leave First Caribbean By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Central Bank reviews January performance By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com A curb in consumer demand has translated into a 12 percent slash in tax collections for the first half of the fiscal year — something the Central Bank attributes to the result of a decline in international trade. Bahamas First has rating review while Sagicor deal goes through By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: The president of Bahamas First General Insurance Company Limited (BFG) has called "customary" a move by international insurance rating agency A.M. Best placing the company's credit rating under review with negative implications. UNESCO considering a Nassau City of Design designation through art tour By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: An application has been sent to UNESCO requesting for Nassau to be designated an official City of Design, Guardian Business has learned, with an upcoming art bus tour expected to serve as one of the main attractions under consideration. Crunch time for British Airways walkout By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com: A decision on whether British Airways' cabin crew will stage a strike is likely to be announced today, after a deadline yesterday was extended for last-ditch talks. 'Full steam ahead' for $10 million Straw Market By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Women, it's time to take control of your money! BY Glenn Ferguson: March 8th was International Women's Day, celebrated under the theme "Equal Rights, Equal Opportunities: Progress for All". And to mark the event the Bureau of Women's Affairs of the Ministry of Labour and Social Development held a half-day workshop that focused on women and girls' issues, and I was amongst the few men that were fortunate enough to be thorns amongst so many beautiful roses. Vopak's 1.2 million barrel deal with India By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: OECD should take Bahamas off Grey List 'fairly swiftly' By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Sandals CEO talks on 2009 challenges By Inderia Saunders ~ Guardian Business Reporter ~ Inderia@nasguard.com: Sandals executives are projecting a strong year, with occupancy at its two locations — as well as in the rest of the Caribbean — running at a 90 percent rate currently. Combined strengths By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: European pilots wing their way to The Bahamas By Inderia Saunders ~ Guardian Business Reporter ~ Inderia@nasguard.com: Second-year student Alan Murphy is excited about his first trip to The Bahamas, however the Irish native and his traveling companions are not the usual type of visitor. 3,000-plus spring breakers dancing into town By Inderia Saunders ~ Guardian Business Reporter ~ Inderia@nasguard.com: Nassau is readying to see more than 3,000 free-spirited spring breakers hit its party spots this year, with cheap cruises and a Mexico travel warning putting this year's projections slightly above numbers recorded last year. 'Banks should be forced to go public on profits' By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Why banks should be forced to declare profits By Dr. John Rodgers: I found the article entitled " Private banks forced to go public" [The Nassau Guardian, Tues, March 2, 2010] very interesting and would like the opportunity to express some views as to why it is of paramount importance for all banks to be completely transparent and fully disclose their financial position, not only to the regulatory bodies, but also to the public. RBC parent bank makes $1.5 billion income By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: India is new tax treaty target By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: New money system for The Bahamas? By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard twitter.com/guardianbiz: 'Companion flies free plan' for Family Islands By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: Calls for cheaper inter-island travel may finally have been answered, with Tourism readying to launch a new domestic tourism campaign set to usher in never before seen specials being offered for travel within The Bahamas. Air Canada lands in Exuma By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: EXUMA - Jackets in hand, nearly 100 Air Canada passengers debarked at the Exuma International Airport Sunday, anticipating sun in the fun as the very first international direct flight travelers to the new Sandals Emerald Bay resort. Multi-million dollar Abaco development opens By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: Developers of the new multi-million dollar Serenity Point second-home development in Abaco officially opened the community's gates to prospective buyers over the weekend. CFAL WEEKLY MARKET RECAP The BISX All-Share Index retracted for the fourth consecutive week, closing at 1,569.38 representing a decrease of 14.88 points or 0.939 percent. However, year to date the Index is up 4.00 points or 0.256 percent. Trading volume decreased week over week as a total of 23,953 shares crossed the NIB seeks to diversify portfolio By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Funding to grow agriculture up for grabs By Inderia Saunders ~ Guardian Business Reporter ~ Inderia@nasguard.com: Businesses searching for funding for export projects are about to get another chance at shoring up grant money, with the Caribbean Export Development Agency (CEDA) set to launch its third call for proposals fitting the criteria of winning a grant. Stock trek - the next generation By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: Twelfth-grader Janay Lowe has no plans to be a stock broker when she's done with school, but she's still keen on learning how to play the market. Caribbean casino competition for The Bahamas By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: Warning bells rung yesterday for this nation's gaming sector following Jamaican lawmakers' approval of amendments to its Gaming and Casino Act — reinforcing the need to review old regulations, say industry executives. BTC debate - your views Our Daily Debate asked readers: "What are the pros and cons of privatizing BTC?" 'BTC insider' responded to the debate saying: "The pros are increased investment and related improved service for fixed, mobile and internet. Business talk By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Nassau's airport deal flying high after award By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Keeping it real By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: RBC increase loan loss provision to $18.5m By Inderia Saunders ~ Guardian Business Reporter ~ Inderia@nasguard.com: Loan loss provisions at the Royal Bank of Canada increased 23 percent for the year ended October 31, 2009, more than the one percent general provisioning required by the Central Bank. FirstCaribbean's chairman hails the bank's 'strong results' By Inderia Saunders ~ Guardian Business Reporter ~ Inderia@nasguard.com: FirstCaribbean's chairman is reporting strong results for the year ended December 31, 2009, with a net income of $78.6 million — one largely impacted by falling international interest rates. MP's call on BTC privatization By Inderia Saunders ~ Guardian Business Reporter ~ Inderia@nasguard.com: A member of Parliament is putting voice to a question that has long gone unanswered, inquiring into the exact status of where the Bahamas Telecommunications Company privatization negotiations are at the moment. International all-clear for Securities Commission By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Security '1st Step' in Nassau's revitalization By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: New VP for Kerzner Kerzner International CEO Sol Kerzner has announced the appointment of Bruce Himelstein as the resort's new Executive Vice President and Chief Marketing Officer for Kerzner International. "Bruce brings a wealth of sales, marketing and award-winning experience to Kerzner, and I feel very fortunate that he will be joining our team to continue our tradition of excellence and leadership in the luxury resort industry," said Kerzner in a statement obtained by Guardian Business. Minister hits back over Saunders Beach 'erosion' concerns By Jasmin Bonimy ~ Guardian Staff Reporter ~ jasmin@nasguard.com: Amid claims that the Arawak Cay Port extension is causing erosion at Saunders Beach, Minister of the Environment Dr. Earl Deveaux said yesterday redevelopment at the popular shoreline is expected to be completed by the end of the year, and he dismissed claims that the project is environmentally harmful.