MONDAY, JUNE 27, 2016
business@tribunemedia.net
$600m Sarkis claims branded ‘hogwash’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN ex-Baha Mar director has slammed as “hogwash” claims that Sarkis Izmirlian lacked the $600 million financing needed to complete the project, accusing the Government of “playing the blame game”. Dionisio D’Aguilar told Tribune Business that the Christie administration was seeking to distract attention from its failed Baha Mar strategy by publishing copies of the advice it received on the matter from its UK and US attorneys. He said that despite the Government’s best efforts “to bamboozle the Bahamian people”, most persons realised a “backroom deal” was done with the Chinese based on their promises to
THE Government has pushed back its original projections for eliminating the fiscal deficit by three full years, and is now pinning its hopes on a $449 million, four-year ‘swing’ into surplus. Research by Tribune Business shows that the Christie administration forecast in 2013 that it would eliminate the GFS fiscal deficit in the current 2015-2016 Budget year, reducing it to zero. With the Government projecting at least a $150 million deficit for this fiscal year, those projections have been well off the mark, leading the Opposition’s finance spokesman to again label its Budget forecasts as “overly-aggressive”. See PG B7
THE Government will be “in very dodgy territory” should it seek to interfere with how Bahamian businesses price their goods and services, the DNA leader has warned. Branville McCartney told Tribune Business that proposals to force businesses to pass on import duty reductions in the prices they charged consumers would deter entrepreneurs from going into commerce. He was speaking after Price Control Commission chairman, E. J. Bowe, suggested the Price Control Act will be amended to force companies to reduce product prices in line with import duty reductions and exemptions. Such a measure appears
Cutting debt to 60% of GDP needs 7% reverse
Ex-Izmirlian director accuses Gov’t of ‘playing blame game’
Constant 5-10% ‘shortfall’ from Budget forecast
D’Aguilar: Trying to distract from their own failure
Debt increases now depressing economic growth
complete the project if Mr Izmirlian was removed as developer. With the Chinese having failed to deliver on See PG B6
Originally projected current fiscal year Now seeking $449m ‘swing’ in 4 years Opposition says ‘overly-aggressive’
K P TURNQUEST
Bran: ‘Very dodgy’ to interfere with business pricing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Nation now on ‘dark side’ of debt-growth link
Joe Lewis, Tavistock in one of two shortlisted Baha Mar bids
Govt pushes deficit elimination forecast back three years By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
IDB: Bahamas needs $560m ‘adjustment’
Urges caution on Price Control proposal Fears Gov’t crossing ‘fundamental line’ Warning of no growth without freedom designed to ensure businesses pass reduced/eliminated taxation on to Bahamian consumers in the form of lower prices, but many in the private sector will likely view the proposal as a further example of Government over-reach. See PG B8
MAY THE FORCE BE WITH BAHAMAS - IDB says nation’s debt has joined Darth Vader on the ‘Dark Side’.
Ex-Hard Rock franchisee queries transfer to ex-MP By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HARD Rock Cafe’s former Nassau franchisee has questioned why the business was so readily handed to its Bahamian landlord, when a decade earlier he had been “forced” to pay $1 million to end their partnership. Kevin Doyle, HRCC (Bahamas) principal, in legal documents obtained by
Alleges subfranchise fall-out with Marvin Pinder ‘Forced’ to buy back rights from him for $1m Yet franchise given to him for ‘zero’ decade later
Tribune Business, asked why ex-MP, Marvin Pinder, had been allowed to take over the Nassau franchise given their previously troubled relationship. His June 20 affidavit, filed with the middle Florida district court, alleges that HRCC’s 2002 decision to sub-license the rights for Hard Rock’s Nassau restaurant to Mr Pinder ultimately ended in acrimony. Mr Doyle alleged that See PG B12
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas needs a $560 million “adjustment” at present growth rates just to cut its debt-to-GDP ratio to 60 per cent by 2021, amid warnings this nation now lies on the fiscal “dark side”. The Inter-American Development Bank (IDB), in a newly-released report, warns that the Christie administration’s fiscal See PG B9
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