Tuesday, March 16, 2010

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Galanis hits back at 'sham audit' claims By Inderria Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: Accounting firm HLB Galanis Bain is firing back at an offshore report hinting that it contributed to misinformation on a client, arguing that several key factors proving the adherence of due diligence were overlooked. Bank sale sparks UBS Bahamas $32 million writedown By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: In the pursuit of excellence By Scott Armstrong ~ Guardian Business Editor ~ scott@nasguard.com twitter.com/guardianbiz: Bank of the Bahamas eyes recovery By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: Bank of The Bahamas (BOB) is expressing confidence in a 2010 turnaround, with its managing director boasting a 25 percent capital ratio — well above Central Bank requirements. Grand Bahama Power Company's pledge to its customers A pledge to customers has been issued by the Grand Bahama Power Company as the port authority moves out of the Harbour West Shopping Center in Eight Mile Rock. A statement to its customers said that for now the power company was not vacating premises and would continue to operate, however a move in the future was likely. Resort ranks #1 and racks up sales By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: A retirement research team has ranked Exuma's February Point Resort Estates as the best retirement community in The Bahamas — something hotel executives are not that surprised over given the recent 100 percent jump in sales activity. 100% improvement in anti-corruption of awarding contracts By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: The government has improved 100 percent in limiting kickback abuses in the granting of contracts for millions of dollars of work on infrastructure projects, said the local contractors association head. Contractors Bill takes a step forward By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: A new Contractors Bill just may make it to Parliament before summer, with the draft finally passed on to the Attorney General's Office after months of ironing out issues, said president of the Bahamian Contractors Association. Bahamians can make up visitor falloff by 20% By Inderia Saunders ~ Guardian Business Reporter ~ inderia@nasguard.com: The Out Islands Promotion Board is readying to up its marketing ante to Bahamians in an attempt to get locals to make up hotel occupancy in the off season by 20 percent. British Airways strike is on By Scott Armstrong ~ Guardian Business Editor scott@nasguard.com twitter.com/guardianbiz: Restaurant resists recession By Inderia SAunders ~ Guardian Business Reporter ~ inderia@nasguard.com CFAL weekly Market RECAP This week the local securities market experienced a large increase in trading volume and value as 99,430 shares crossed the exchange over 37 trades to accumulate a value of $664,489.83. The BISX All-Share Index continued its downward trend however, falling 0.19 points or 0.012 percent to settle at 1,569.11. On the positive side, year to date, the Index is up 3.73 points or 0.238 percent. Seven of the nineteen publicly traded stocks experienced activity this week resulting in two price shifts. Consolidated Water Company BDRs (CWCB) was the sole advancer, climbing $0.23 or 8.61 percent to settle at $2.90 while Commonwealth Bank Ltd. (CBL) declined, falling $0.01 or 0.15 percent to close at $6.75. 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.