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MONDAY, APRIL 15, 2019
$4.70 GB Power owner fears ‘major loss’ if deal reversed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Power Company’s Canadian owner will suffer “substantial loss and damage” if a prominent QC succeeds in quashing the approvals to buy-out all Bahamian shareholders. Timothy Eneas, a McKinney, Bancroft & Hughes attorney, argued before the Supreme Court that Emera should be added as a party to the Judicial Review challenge filed by Fred Smith QC and his company, SeSaChe Ltd, because it had most to lose if the action succeeded. Should that occur, Mr Eneas warned it would result in a “mess” that he likened to “the unscrambling of the egg” where Emera would have to unwind the near-$35m buyout of Bahamian investors who had
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SUPER Value’s principal has warned he may have to close his paper manufacturing plant due to tariff cuts, as he called on the government to outline WTO’s benefits instead of attacking him. Rupert Roberts, pictured, told Tribune Business he was surprised that the government’s chief World Trade Organisation (WTO) negotiator, Zhivargo Laing, has chosen to criticise the basis for his opposition to The Bahamas
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE government has narrowed its $185m revenue gap, the deputy prime minister has revealed, as it “keeps a close eye” on its agencies’ spending as the 2018-2019 fiscal year-end looms. KP Turnquest told Tribune Business that the traditionally revenue-rich first quarter of the calendar year had helped “tighten” the difference between the government’s actual and projected revenue collection ahead of the upcoming 2019-2020 budget.
joining the rules-based trading regime rather than laying out the advantages of doing so. Arguing that it was “imperative” that the Government make the case for The Bahamas’ accession to full WTO membership, Mr Roberts argued that its failure to do so to-date made him question whether it had something to hide. And, while Mr Laing had pledged that the retail and wholesale sectors were “off the table” when it came to the WTO talks, as they
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Aircraft registry: ‘Tangible’ progress by year-end 2019 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas wants “to have something tangible in place” for an aircraft registry by year-end 2019, it was revealed last night, after hiring a leading consultant to give effect to its ambitions. Algernon Cargill, pictured, director of aviation, told Tribune Business that such a registry will be “well in place” by 2020 after confirming that the government had signed a Memorandum of Understanding (MoU) with the
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Govt ‘narrowing’ its $185m revenue gap
Super Value chief warns on potential paper plant close By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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company responsible for creating such facilities in Aruba and San Marino. The Bahamas is now looking to “piggy back” off the expertise and reputation previously established by the Aviation Registry
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KP TURNQUEST
Lucayan managers to ‘very shortly’ get new payout offer By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
budget, with the Minnis administration aiming to be “faithful” to a threeyear consolidation plan that targets elimination of the fiscal deficit and payment of $360m in total unfunded arrears. The International Monetary Fund’s (IMF) recent visit to The Bahamas for the annual Article IV consultation had also “confirmed a lot of our thinking”, Mr
THE Grand Lucayan’s managers should “very shortly” receive a new voluntary payout offer following “a productive meeting” last Friday with the minister of tourism. Obie Ferguson, the Bahamas Hotel Managerial Association’s (BHMA) president and chief negotiator, last night told Tribune Business he was awaiting several items discussed with Dionisio D’Aguilar prior to making another trip to Freeport for a membership. Confirming that Mr D’Aguilar had delivered on his promise to produce a “modified version” of the managers’ voluntary separation package (VSEP) prior to Friday’s meeting, Mr Ferguson declined to discuss specifics although he indicated the differences
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• ‘Keeping close eye’ on agency spend • Especially ‘where no legitimate need’ • DPM: ‘IMF thinking in line with ours’ Suggesting this had further boosted confidence that the year-end $237.6m deficit target will be achieved, Mr Turnquest said the Ministry of Finance was closely scrutinising all ministries, departments and agencies to ensure there are no last-minute spending binges “where there is no legitimate need”. He added that there were unlikely be to any “major” changes to expenditure allocations in the 2019-2020
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