(Caribbean 360 News) NASSAU, The Bahamas, Friday July 14, 2017 – International credit rating agency Moody’s Investors Service has threatened to lower The Bahamas’ Baa3 credit rating on the heels of a grim economic report delivered by the Hubert Minnis administration.
The government warned in the recent budget that the country’s weak fiscal position had been underestimated, and it forecast that the government’s debt ratio would worsen over the coming years.
Moody’s, which had projected The Bahamas’ debt ratios would have stabilized this year, said it has little choice but to rethink its position.
“Moody’s review will focus on evaluating the credit risks posed by ongoing economic and fiscal challenges, taking into consideration the recent revelations of fiscal deterioration as well as the new government’s proposals to arrest this deterioration,” the rating agency said in a statement.
(CNN Money) Wimbledon prize money will be worth much less to American players this year because of Brexit.
Venus Williams will play in the ladies' final on Saturday, while Sam Querrey needs to win on Friday to reach the men's final Sunday.
If either go on to win the singles tournament this weekend, they'll take home $2.8 million each when they convert their prize money back into U.S. dollars.
Back in 2015, the last tournament before the Brexit vote, champions Serena Williams and Novak Djokovic won the equivalent of $2.9 million.
Wimbledon isn't trying to save money. The All England Club, which runs the tournament, has actually upped the top prize to a new record high: £2.2 million compared to £2 million last year, and £1.88 million in 2015.
(Reuters) - Qatar Airways said it will go ahead with plans to buy a stake in American Airlines Inc (AAL.O) even though the U.S. carrier is ending their code-share agreement.
American announced on Wednesday that it was cancelling code-share agreements with Qatar Airways and Etihad Airways as "an extension of our stance against the illegal subsidies that these carriers receive from their governments." Both Middle East airlines deny they are state subsidized.
American's decision to end the agreements which allow airlines to book passengers on each other's flights, ramps up an acrimonious dispute between U.S. carriers and Gulf competitors over competitive advantages.
Qatar Airways Chief Executive Akbar al-Baker said on Thursday he was disappointed by the decision, but it would not affect the Middle East carrier's plans to buy up to a 10 percent stake in American, announced last month.
"Our stock purchase request and filing is going ahead as normal. We had to clarify certain questions of the regulator, which we compiled with," al-Baker told reporters in Doha.
(Barbados Today) Despite Minister of Finance Chris Sinckler’s protestations of innocence, it has emerged that the Ministry of Finance is not entirely blameless in the delay of a settlement to the Colonial Life Insurance Company Ltd (CLICO) and British American Insurance Company (BAICO) Ltd matter, at least in the case of the BAICO transfer.
Barbados TODAY investigations revealed that the Ministry of Finance, Sagicor, which is to take over the BAICO portfolio, and the BAICO judicial manager KPMG, have been engaged in a continuing back and forth which has stalled progress towards a resolution.
The May 30 deadline for the transfer of BAICO’s individual life and annuity policies to insurance giant Sagicor was missed, prompting the judicial manager to propose a new transfer completion date of July 31, 2017.
KPMG also pointed out that recent valuation estimated that Government support would be $88.4 million, as opposed to the previously estimated $90 million.
BEIJING (Reuters) - Apple Inc on Wednesday said it is setting up its first data center in China, in partnership with a local internet services company, to comply with tougher cyber-security laws introduced last month.
The U.S. technology company said it will build the center in the southern province of Guizhou with data management firm Guizhou-Cloud Big Data Industry Co Ltd (GCBD).
An Apple spokesman in Shanghai told Reuters the center is part of a planned $1 billion investment into the province.
"The addition of this data center will allow us to improve the speed and reliability of our products and services while also complying with newly passed regulations," Apple said in a statement to Reuters.
"These regulations require cloud services be operated by Chinese companies so we're partnering with GCBD to offer iCloud," it said, referring to its online data storage service.
Apple is the first foreign firm to announce amendments to its data storage for China following the implementation of a new cyber-security law on June 1 that requires foreign firms to store data within the country.