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Friday, May 9, 2008
BIZ BITS—New requirements for realtors
Come December, the process of becoming a certified real estate broker will be more difficult and with more educational requirements standing in the way of qualify.
Boasting that current Bahamas Real Estate Association standards have placed agents in The Bahamas among the most qualified in the region, President William Wong said by December 1, they'll be even better. And the organization is offering classes to ensure this. READ MORELess than half complying with economic survey
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREEPA and Real Estate
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MOREPLP chairman concerned about increase in crime
By TAMARA McKENZIE, Assistant News Editor, tamara@nasguard.com
READ MOREA neat and tide-tossed fiscal house
Modest growth in our number-one industry during the first quarter hasn't moved the Central Bank off its less-than-enthusiastic outlook for the rest of 2008, given the increasingly idle construction sector.
"Despite signs of positive developments in the tourism sector," reads the Bank's Monthly Economic and Financial Developments report for March, "indications point to a softening in economic growth in the first half of the year, as the pace of domestic and foreign-related construction activity slows and accretions to consumer spending remain relatively stable." READ MOREDuncombe: Set limits on Port redevelopment
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MOREProgress on hold?
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MOREPort owners to benefit from tax breaks
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREBiz Bits-Bahama for Obama?
Local support for U.S. presidential candidate Barack Obama has moved one businessman to provide Bahamians with the ultimate way to show off that enthusiam — a good ole fashion T-shirt.
"Bahama 4 Obama" and "Bahama Mamma 4 Obama," tees are selling like hot cakes for Bahamian entrepreneur John Henry Bostwick II. So good, in fact, his sister, Lisa, can point to customers of all ages, races and education. READ MOREKey-Ethanol business not for Bahamas
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MOREMortgage Corp working on 53 foreclosures
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MORED'Aguilar-Bahamians must drive Nassau's economy
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREBiz Bits - A Bahamian gap?
A balanced budget may be increasingly beyond the government's reach, according to new Central Bank data, despite a retreat from infrastructure spending, usually used to spur an idling economy.
Comparing the administration's initial estimates for the first eight months of the fiscal year to actual numbers, "the government's overall deficit widened by 24.4 percent ($18.2 million) to $92.7 million," reads the March economic and development report. "Expenditures grew by 2.8 percent to $966.1 million, surpassing the 1.0 percent rise in revenue receipts to $873.4 million." READ MOREBiz Bits— A fall from grace
The Bahamas has apparently lost its growth-potential edge, at least in the eyes of leading Caribbean bankers, who've recently booted it off a list of Caribbean nations set to perform well even in this difficult environment.
A 2008 KPMG survey of the banking industry has firmly placed Jamaica, Anguilla and St. Lucia in the top spots that The Bahamas, Turks and Caicos and the Dominican Republic (DR) proudly held only a year ago. But, unlike us, the DR dropped down just one notch this year, ranking fourth on the growth potential list. READ MOREShell—Profit margins unchanged
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MORENAD revises coffee vendor request
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREBankers- Hotel supply strips demand
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MOREVesco reportedly died last Nov.
Vesco reportedly died last Nov.
READ MOREBiz Bits- Weekly Market Recap
April 28 — May 2, 2008
The BISX All Share Index lost momentum this week on a mediocre level of trading activity closing at 1,932.78 after a loss of 5.17 points or 0.267 percent. A total volume of 25,448 shares changed hands this week as 24 trades produced an accumulated value of $165,442.94. READ MOREGovernment considers taking some studio land
By INDERIA SAUNDERS, Guardian Business Desk, inderia@nasguard.com
READ MOREPM asserts right to influence GBPA decision-making
By INDERIA SAUNDERS, Guardian Business Desk, inderia@nasguard.com
READ MOREIMF to revise 4% GDP growth for Bahamas
By VERNON CLEMENT JONES, Guardian Business Editor,, vernon@nasguard.com
READ MORESaving less does not mean stop saving
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MORECAB-Buy backs will continue
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MORERose Island developers reiterate commitment
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MORELook who's laughing now
Bahamian hoteliers may be forgiven for envying their counterparts in Cuba.
While a recent survey of local players suggests their occupancy rates were challenged in the first quarter, the Cuban tourism economy experienced a minor boom courtesy of a spike in visitor arrivals over the same three-month period. READ MOREHG Christie puts out Turks shingle
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MORED'Aguilar-Cost of living increases too costly
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MOREScotia economist-U.S. downturn offers mixed blessing
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MORETour operator ups ad budget 20% to combat slowdown
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREBORCO sale finalized
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREInsurer meets the grade
Ratings agency AM Best is giving Family Guardian a grade of A-(Excellent) on its financial strength score, citing, among other things, its ramp up in marketing.
The agency, also extending the insurer an issuer credit rating of "A-", chalked up the scoring to Family Guardian's positive risk-adjusted capitalization, profitable aggregate operations and expanded marketing presence in The Bahamas. READ MOREU.S. stimulus checks unlikely to stimulate Bahamian economy
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREBISX investors working harder for less money
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MOREBiz Bits-Business absolutely trans-fixed by deposits
It is likely that big business, and not small savers, was responsible for an uptick in fixed deposits last February - specifically corporations looking to lock into higher interest rates they feared would soon take a beating.
While overall Bahamian dollar deposits advanced by $2.9 million to $49.5 million by the end of February 2008, it was fixed deposit growth that nearly doubled to $41.7 million, according to newly released data from the Central Bank. Money squirreled away in savings and checking accounts wasn't nearly so impressive, the latter actually falling by $3.9 million from February 2007 numbers. READ MOREBiz Bits-Androsia's design strategy
A manufacturer of the country's most recognizable contribution to the fashion world is re-tooling his operation in an effort to fend off competition from counterfeiters and protect the jobs of its 18 employees.
Adapting in today's global market: Recently, Androsia secured local financing to invest in several new strategies in that fight for survival. The Andros fabric producer has launched an on-line shopping cart, facilitating domestic and international sales. It is also revising its product line and is in the process of redesigning its Web site. In addition, the company has been seeking new retail distributors throughout The Bahamas. READ MOREBank—Foreclosure now on the table
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREGovernment launches grant program targeting unemployed youth
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREBiz Bits—Courting our American cousins
The Ministry of Tourism is stepping up its effort to market The Bahamas as a leading destination, hosting African-American journalists in Grand Bahama over the weekend hoping to gain a better grip on their audience.
Starting today, half a dozen representatives from media organizations geared towards black America will engage in a range of activities on the island, with intentions of reporting their experiences to readers numbering in the hundreds of thousands. READ MOREFlipped subdivision churns up questions about $9b list
By INDERIA SAUNDERS, Guardian Staff Reporter, Inderia@nasguard.com
READ MOREDevelopment Bank ups collection efforts
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MORECabbies-Eyesore strains tourism industry
By INDERIA SAUNDERS, Guardian Business Desk, Inderia@nasguard.com
READ MORETeaching Kids about Money
A. Keshelle Kerr, For The Guardian
READ MOREUBS Bahamas leads Eastern charge
By INDERIA SAUNDERS, Guardian Business Desk, inderia@nasguard.com
READ MOREPharmacist's prescription — a tough pill to swallow
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREBiz bits—Bank breaks new ground
Swiss banking giant UBS broke ground on its new Nassau building project yesterday, initiating a process set to expand its presence as well as its workforce.
CEO Richard Voswinckel asserts that with the new location — to spring up at the back of its present East Bay office — the bank will make good on a pledge to deepen its investment in this country's offshore. READ MOREWater bottler seeking buyer
By INDERIA SAUNDERS, Guardian Staff ReporterInderia@nasguard.com
READ MOREMoss-Single port purchaser, a flawed idea
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREAG court submission-Govt retains Port shares
By VERNON CLEMENT JONES, Guardian Business Editor, vernon@nasguard.com
READ MOREBiz Bits—Another lucky escape
Citigroup's Bahamian employees appear once again to have escaped the axe, even as the bank, America's largest, moves to shed another 9,000 jobs from its worldwide workforce - that's in addition to the 25,000 pink slips it handed out only months ago.
According to a spokesman for the troubled institution, which announced an additional $14 billion in write-downs last Friday, the Bahamian operation and its 195 employees are off the hit list. READ MORE
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