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Restaurant chain eyeing 20% bond for expansion
A restaurant entrepreneur, who financed his expansion via crowdfunding, yesterday said he now plans to offer a short-term bond paying 20 percent interest to fund the $150,000 required for outfitting a third location.
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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.
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Central Bank expects growth at ‘moderated pace’ in economy
The Central Bank revealed yesterday that the reduction in external reserve balances for November slowed by over $77.8m from 2022, reflective of net foreign currency outflows through the private sector.
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First BOB dividend in 11 years ‘a miracle’
Bank of The Bahamas’ first dividend payment for 11 years was yesterday hailed as “a miracle” by its long-suffering shareholders after it reported its second consecutive year with profits above $11m.
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BISX-listed firms blame profits drop on inflation
Two BISX-listed companies have blamed surging inflation for a margin squeeze that resulted in first-half and second quarter 2023 profits slipping against prior year comparatives.
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Insurer eyes ‘beyond Caribbean’ expansion despite $3m profit fall
A Bahamian insurer yesterday revealed it is targeting expansion beyond the Caribbean after overcoming a more than $3m net income drop as catastrophe costs “increased over 50 percent”.
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$7m overspend on sports events
BAHAMIAN taxpayers incurred an extra $7m bill to cover cost overruns for two much-hyped sporting events that were hosted last summer, the Government’s financial watchdog has revealed.
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Reserves hit $2.9bn on Gov’t borrowing boost
The Bahamas’ foreign currency reserves expanded by almost $169m in May due to a boost from the Government’s external borrowing activities as they closed the month at near-$2.9bn.
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‘Don’t price ourselves out’ on corporate income tax
Bahamian realtors yesterday said data showing they enjoy near-40 percent gross profit margins is “skewed very far off” as they urged the Government “to be careful we don’t price ourselves out of the market” over corporate income tax.
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'Decade of contraction' ends with $50m credit expansion
The Central Bank's governor yesterday revealed "a decade of steady contraction" in lending to the private sector was halted by 2023's $50.3m credit expansion although mortgage activity remained "subdued".
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National debt up as spending rises faster than revenue growth
The Central Bank revealed yesterday that the national debt grew by $206m over the last quarter.
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Commonwealth hails $63.5m profit amid 91% claw back fall
COMMONWEALTH Bank yesterday hailed its “second most profitable” year-ever through $63.5m in net income that was generated despite a near-91 percent drop on COVID loss provision write-backs.
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Health premiums drop $15m on COVID travel cover end
Bahamian health insurers suffered a near-$15m year-over-year decline in group premiums last year due to the Government ending COVID-19 protection plan for visitors.
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‘Headwinds’ slash J S Johnson profit 12.54%
J S Johnson’s managing director is warning that “industry headwinds” across its business have slashed profits by 12.54 percent or almost $900,000 for the year to end-September 2023.
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Craig Flowers and FML face winding-up petition
FML's ex-chief operating officer has filed a Supreme Court petition to have the web shop chain wound-up as his five-year legal battle with Craig Flowers escalates into a new phase.
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Arawak port beats profit target by 18%
Nassau’s main commercial shipping port yesterday revealed it beat its full-year profits target for 2023 by some 17.7 percent or more than $1.4m compared to original forecasts.
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$657k ‘pipeline’ blockage kept ArawakX insolvent
The Bahamas’ first-ever crowd-funding platform was branded “no longer solvent at February 2023” by external auditors who warned that $656,500 in “pipeline” revenue could not be used to restore a “net equity” position.
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Forget the past
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The international stock markets have experienced an up-and-down week. In the US, the rise in producer prices was spoiling investors’ buying mood at the end of last week and the Dow Jones Industrial Average (DJIA) was falling. The German benchmark index, DAX, reached a new record high on Friday and left trading with slight gains.
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‘Non-controllable’ cost surge blocks bank matching 2022
Commonwealth Bank believes it would have come close to matching 2022’s “extraordinary” nine-month profitability had it not been for $3m in new Business Licence fees and utility costs “more than doubling”.
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Hitting near 3% growth to make ‘incredible difference’
Economic growth in the “upper 2 percent” range and above will make “an incredible difference” to The Bahamas’ economic prospects if achieved consistently, the Central Bank governor asserted yesterday.