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‘Ship has sailed’ over Bahamas 15% revisit

THE Bahamian financial services industry’s call to “revisit” the 15 percent minimum global corporate tax is too late because “that ship that has sailed”, a prominent local banker warned yesterday.

Low-cost, reliable energy ‘must be 150% the focus’

PRIVATE sector executives yesterday urged the Government to drive for “cost competitive, stable” electricity and not be held hostage by Bahamas Power & Light’s (BPL) trade unions over energy reform.

Fidelity eyes $18m profit after ‘opening the hood’

A BISX-listed bank yesterday revealed it is targeting $18m in full-year profits for 2024 after “opening the hood” to assess why last year’s projections were missed.

Banker backs IMF on tax reform scepticism

A SENIOR banker has backed the International Monetary Fund’s (IMF) scepticism over the Government’s stance that it will hit its deficit and revenue targets solely through better compliance and enforcement.

Central Bank ease ‘won’t open mortgage avenue’

The Central Bank’s recently-unveiled regulatory easing is unlikely to “open up a new avenue of mortgages” being issued to Bahamian home buyers, a senior banker said yesterday.

‘Rebound is welcome – but there’s work to do’

A top financial expert said while the economic rebound was significant, there is still a lot of work left to do to get the country back on a pre-pandemic growth path.

IMF report response blasted as ‘embarrassing if not so serious’

The Government and Opposition responses to the International Monetary Fund’s (IMF) report on The Bahamas “would be embarrassing if it wasn’t such a serious matter,” a financial observer has blasted.

‘Happy medium’ within sight on Business Licence anxiety

The Ministry of Finance’s top official last night voiced optimism that “a happy medium” is close over new Business Licence verification rules that were causing growing private sector anxiety.

No Bahamas taxes on Shell’s $1.55bn profits

The case for imposing a corporate income tax was yesterday said to be have been strengthened by revelations that a Shell subsidiary paid not a cent in tax on $1.55bn of profits generated in The Bahamas.

Fidelity ‘not revising’ $16m profits target

Fidelity Bank (Bahamas) yesterday said it is “not revising” its $16m profit target for the 2023 full-year despite its bottom line for the first nine months slumping by 31.5 percent year-over-year.

Bahamas tackling blacklist ‘symptom, not root cause’

A Bahamian banker yesterday argued this nation is merely “addressing the symptom as opposed to the root” cause of its blacklisting woes as he urged the Government to clarify its corporate income tax goals.

Fiscal responsibility watchdog in limbo

The Bahamas’ main fiscal watchdog is in limbo until its members obtain “clarity” from the Prime Minister on whether their appointments remain valid and how they are to “function” under the new legislative regime.

Fidelity ‘ramp up’ after 30% first half profit fall

Fidelity Bank (Bahamas) yesterday pledged to “ramp up” its performance during 2023’s final months after a near-30 percent first-half decline put the “stretch” $25m profit target for the full year seemingly beyond reach.

Fidelity mulls five for one stock split

Fidelity Bank (Bahamas) is mulling a five-for-one stock split due to its present share price, its chief executive has revealed, with the long-awaited move finally set to happen this quarter.

Fidelity targets $80m loan delinquents for bankruptcy

Fidelity Bank (Bahamas) will “aggressively” pursue delinquent borrowers responsible for $80m in collective consumer loan write-offs via personal bankruptcy judgments, asset seizures and taking liens over their wages.

Bahamas ‘shipwrecked’ if no Development Plan

The Bahamas will “end up shipwrecked” if it fails to fully revive the National Development Plan (NDP) as a mechanism to direct and benchmark improvements on key economic and social metrics, it was argued yesterday.

Moody’s: Govt must broaden revenue

Moody's yesterday asserted that hitting the Government's fiscal targets "rests on broadening the revenue base" as a prominent banker urged the administration: "Stop saying no new taxes."

Corporate tax paper 'setting foundation' to broaden base

A prominent banker yesterday asserted it was no accident that the Government released its corporate income tax 'green paper' just days before the Budget, adding: "It needs to increase its revenue base."

Corporate tax plan 'dead on arrival' unless wider reform

The Government's corporate income tax consultation will be "dead on arrival" if it does not involve a "holistic" approach to comprehensive Bahamian tax reform, a prominent banker warned yesterday.

Fidelity targets $5 with stock split by end-July

Fidelity Bank (Bahamas) top executive has pledged that its long-awaited stock split will occur before its end-July 2023 annual general meeting (AGM) as it targets a share price in the $5 range.

'Real life consequences': Fidelity's $560k Moody's hit

The Government's declining creditworthiness has sparked "real life consequences" for a BISX-listed bank by forcing it to take a "much bigger than expected" $560,000 hit in its 2022 full-year results.

Loss-making SOEs: You’ll ‘pay one way or another’

Bahamians must decide whether to pay the full cost of public services directly or as taxpayers to eliminate the financial “black hole” created by many state-owned enterprises (SOEs), a prominent banker is arguing.

‘Wary’ over deficit rise, $76m spend increase

Bahamians should be “wary” but not alarmed after the Government yesterday revealed a modest $11.4m increase to its forecast 2022-2023 fiscal deficit along with a similar-sized capital spending cut-back.

Fidelity ready to ‘put money behind’ bad mortgage cure

Fidelity Bank (Bahamas) stands ready to "put money behind" a properly structured investment vehicle that could cure this nation's housing and distressed mortgage woes, its top executive said yesterday.

Moody’s claims that we’re optimistic? We have to be

The Bahamas must “hold the line” on government spending to build investor confidence that it is not solely relying on economic growth “to fund any errors” in its fiscal projections, a well-known banker urged yesterday.

$233m IMF rights can’t be viewed as ‘panic exercise’

The Government must not allow its borrowing of $233m in IMF Special Drawing Rights (SDRs) from the Central Bank to be perceived as “a panic exercise”, a Bahamian commercial banker has warned.

Shoppers warned: Don’t go broke for Christmas

A financial expert urged residents to take a “pause” and not to go broke this Christmas season while shopping.

Prepare for a recession, warns Fidelity bank chief

BAHAMIANS have at best until the end of the year to financially prepare should the local economy fall into a recession in the coming months, a financial expert has warned.

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