02212017 business

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business@tribunemedia.net

TUESDAY, FEBRUARY 21, 2017

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Baha Mar ‘fumes’: Govt eyes local landfill solution By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Government was last night leaning towards a Bahamian consortium as its best hope for resolving the New Providence landfill’s woes, amid growing pressure from Baha Mar’s new owner to deal with the fumes and associated health hazards. Tribune Business can reveal that members of the 10-strong Waste Resources Development Group (WRDG) met with Prime Minister Perry Christie yesterday, as the Government becomes increasingly eager for a solution ahead of Baha Mar’s April 21 opening. Kenred Dorsett, minis-

Discusses ‘first shot’ on management takeover

ter of the environment and housing, who has direct oversight of the landfill, was also present yesterday, which was a follow-up to a meeting last week between WRDG members and the

Kenred Dorsett

Graeme Davis

Prime Minister. Tribune Business sources said WRDG, whose members include companies such as Wastenot, United Sanitation, BISX-listed Bahamas Waste and Impac,

has been asked to come up with a management/business plan for the landfill, together with the necessary financing, “in an extremely short time”. See pg b4

BTC deal approval wait now 9 months

Consumer chief urges more banking licenses

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

nmckenzie@tribunemedia.net

Liberty Global’s acquisition of the controlling equity stake in the Bahamas Telecommunications Company (BTC) has yet to be approved by the Christie government nine months after the deal closed. The revelation is contained in Liberty Global’s annual 10K filing with US regulators, which discloses that its acquisition of Cable & Wireless Communications (CWC) last year is still awaiting regulatory review and approval in the Bahamas and several other Caribbean jurisdictions. “Most recently, the CWC acquisition triggered regulatory approval requirements in certain jurisdictions in which CWC operates,” Liberty Global disclosed to its shareholders and broader capital markets. “The regulatory authorities in certain of these jurisdictions, including the Bahamas, Jamaica, Trinidad and Tobago, the Seychelles and the Cayman Islands, have not completed their review of the CWC acquisition or granted their approval. “While we expect to receive all outstanding approvals, such approvals may include binding conditions or requirements that could have an adverse impact on

URCA: It’s not us, implying Govt yet to give nod BTC operating income cut $4m by Matthew Repair costs total $40m; some $22m spent in Q4 CWC’s operations and financial condition.” Liberty’s purchase of CWC, which acquired the controlling equity interest in BTC for $206 million via the 2011 privatisation, was completed on May 16, 2016. This means that the company controlled by renowned cable TV pioneer, John Malone, has been waiting exactly nine months for the Christie administration to approve it as the Government’s new partner in BTC. Stephen Bereaux, acting chief executive of the Utilities Regulation and Competition Authority (URCA), yesterday said the communications regulator had completed its side of the Liberty/BTC approval process. “That’s nothing to do with the regulatory approvals from URCA. They’re See pg b4

By NATARIO McKENZIE

Tribune Business Reporter

The Consumer Protection Commission’s (CPC) chairman yesterday queried whether new banking licenses were required to boost competition, after a majority of Bahamians blasted the industry’s feerelated practices. Jerome Gomez expressed hope that the findings of the Commission’s newlyreleased consumer survey on commercial banking practices would stimulate discussion on whether further reforms and controls needed to be imposed on the sector. He was speaking after the survey, which elicited just 598 responses, found that 83.3 per cent or more than four out of every five respondents felt there was

As Bahamians blast industry’s fee practice Over 80% of consumers feel no protection Feel too many fees, no warning of increases no consumer protection for Bahamian banking customers. When asked to rate their satisfaction with Bahamian commercial banks on a scale of one to 10, with 10 the highest, the majority of those surveyed - more than two-thirds or 70.1 per cent See pg b3

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Mobile number transfer in further month’s delay By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

PM meets with Bahamian waste consortium

Baha Mar chief admits ‘huge concern’

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Regulators yesterday announced a further month’s delay in launching mobile number portability, pushing the start date back to April 25, 2017, as they slammed both the Bahamas Telecommunications Company (BTC) and Aliv. The Utilities Regulation and Competition Authority (URCA), unveiling its final determination on the issue, said it was “clear that both operators had failed to adequately and effectively plan and prepare” for number portability’s launch by the agreed February 14 target date. It added that based on the responses received from both BTC and Aliv, it was “infeasible” to launch mo-

Portability launch now set back 2 months to April 25 URCA criticises both BTC and Aliv ‘readiness’ New players to unveil ‘keep number’ campaign bile number portability before April 14 and, “out of an abundance of caution” due to Easter’s timing, had elected to move the date back to April 25. The latest delay comes just one week after URCA advised that, based on initial assessments, the See pg b4

CIBC’s corporate unit in 40% bad loan shrink By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CIBC FirstCaribbean’s Bahamian corporate and investment banking unit saw non-performing loans shrink by almost 40 per cent in its 2016 financial year, as the bank continued its “solid” recovery from past credit provisioning. Marie Rodland-Allan, CIBC FirstCaribbean International Bank (Bahamas), managing director, told shareholders that the unit had also managed to increase productive loans by a net 20 per cent during the year to end-October 2016. Writing in the bank’s annual report, Mrs Rodland-

Sees net 20% productive loan rise in 2016 Bank’s total delinquent loans fall 4% pts to 8.9% Allan said: “The corporate and investment banking team achieved great success in 2016, driven by a net increase in productive loans of 20 per cent and a notable reduction in non-performing loans of almost 40 per cent. “New client acquisition and loan growth were key contributors to this year’s See pg b3


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