THURSDAY, JULY 21, 2016
business@tribunemedia.net
AML targets second Carl’s Jnr for Q4 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AML Foods yesterday confirmed the second outlet for its Carl’s Jnr burger franchise will open on Carmichael Road during the 2016 fourth quarter, as it continued to bridge “the huge confidence gap” among consumers. Gavin Watchorn, the BISX-listed food retail and franchise group’s chief executive, told Tribune Business that construction on the outlet, which will be located near the Royal Bank of Canada (RBC) branch and Faith Avenue junction, had already begun. “Construction has commenced on it, and we’re looking forward to opening it,” Mr Watchorn said. “As for timing, we will get it open in the fourth quarter this year,” He declined to provide details on the number of jobs created, and value of the investment involved, but the Carmichael Road outlet
The Central Bank last night dismissed suggestions that the Bahamian dollar faces a devaluation threat, pointing out that foreign currency reserves were “well above” global benchmarks at more than $1 billion. John Rolle, its governor, reassured that the one:one peg with the US dollar was under “no imminent or medium-term threat of devaluation”, with pressures on the foreign exchange regime also absent. He added that the Central Bank possessed sufficient foreign currency reserves to support the Bahamian dollar’s value, with its ability to regulate demand for overseas currencies providing another layer of protection. “A predicate to any pressure on the currency is for the foreign reserves to be threatened with depletion,” Mr Rolle said. “As of today’s date, the Central Bank’s holdings of international reserves are still in excess of $1 billion well above the international See pg b4
Group bridging ‘huge confidence gap in country’ Expects to match last year’s sales, profits will be the first expansion since Carl’s Jnr launched in the Bahamas with its first location opposite the Mall at Marathon. Elsewhere, AML Foods continues to shrug off the soft economic and consumer environment, with group sales for the three months to end-April 2016 up by 12.2 per cent year-over-year at $39.052 million. The $4.2 million jump from $34.81 million the year before was driven See pg b4
Governor: Reserves ‘well above’ standard at over $1bn No ‘imminent, medium-term pressures’ in sight ‘Well within Bahamas’ means’ to avoid devaluation
John Rolle
Risk takers’ bank preference exposes ‘state of economy’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The preference shown by ‘risk takers’ for leaving capital in the bank, earning minimal returns, “says a lot about the state of the Bahamian economy”, an auto dealer believes. Ben Albury, Bahamas Bus and Truck’s general manager, told Tribune Business that the ‘low interest rate’ environment See pg b5
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
New outlet to be located on Carmichael Road
Central Bank dismisses devaluation threat fear By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Not out of the woods’ with downgrade escape
Confidence collapse sees aversion to higher returns Baha Mar: 12% of GDP ‘rotting away’ Auto sales reliant on buyers who can ‘write cheques’
Gowon Bowe
The Bahamas will not be “out of the woods” should it escape Moody’s threatened downgrade, the Chamber’s chairman warning yesterday that the country will face continued “scrutiny” on a revolving six-month cycle. Gowon Bowe told Tribune Business that while Moody’s gave no intention of its likely action following meetings with the Government and private sector last
Bahamas to face continuous six-month ‘scrutiny’ ‘Can’t dismiss’ rating agencies’ desire for progress Chamber chair hopes Moody’s buys in to ‘positives’
week, a downgrade would be avoided if it bought into the Bahamas’ message that progress is being made. However, he warned that the Bahamas “should not kid itself” into believing it was ‘scott free’ if Moody’s elected not to downgrade the Government’s creditworthiness. Mr Bowe emphasised that the nation was set to face continued regular scrutiny both from it and its fellow credit rating agency, Standard & Poor’s (S&P), plus the International See pg b6
Contractor chief: PM’s Baha Mar pay pledges ‘don’t mean anything’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Prime Minister’s repeated promises that Bahamian contractors will be paid for Baha Mar work “doesn’t mean anything to us”, the Bahamian Contractors Association’s (BCA) president said yesterday, adding: “It’s all up in the air.” Leonard Sands told Tribune Business that the sector, which is owed a collective $74 million for work on the $3.5 billion project, was
Industry wants ‘definitive info’ on sums owed PM seemed to backtrack on making sector ‘whole’ Sector not waiting on debts as ‘saviour’
waiting for “definitive information” on who would be paid, when and how much. Giving an insight into the industry’s frustration, Mr Sands said it was impossible to know if the Prime Minister was “speaking accurate information” through his insistence that the 123 impacted contractors will be fully compensated. He added that the BCA and its members wanted to hear from the party with “proper authority” to pay what was owed, and called on Mr Christie to start See pg b6
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