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Insurer issues profits warning over COVID-19
Colina Holdings (Bahamas) has become the first BISX-listed company to issue a 2020 profits warning due to the COVID-19 pandemic’s impact. The parent of Colina Insurance Company, the life and health underwriter, told shareholders in footnotes to its
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DRILLING BEGINS . . . but Bethel says govt will negotiate a bigger share if oil is found
ATTORNEY General Carl Bethel assured Bahamians that the government intends to renegotiate the scale of royalty fees if commercial quantities of oil are found in the country.
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Gross govt borrowing leaps four-fold to $2bn
The government’s gross borrowings leapt four-fold year-over-year to more than $2bn during the six months to end-2020, it was revealed yesterday, exceeding what was projected for the full fiscal year.
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Clarke and Blazers suffer second straight match loss
SYDNEY Clarke and her University of Arlington Blazers at Birmingham suffered their second straight match loss, dropping a 5-2 decision to the Georgia Tech Yellow Jackets on Friday at the Ken Byers Tennis Complex in Atlanta.
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Brewery’s $1.331m loss exposes COVID fall-out
Commonwealth Brewery yesterday unveiled a negative $11.685m bottom line reversal as full-year 2020 revenues slumped by 28.4 percent due to COVID-19’s economic devastation.
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Aliv set to double Cable ‘contribution’
Aliv is on track to double last year’s $8m “contribution” to Cable Bahamas’ results, its top executive revealed yesterday, while reiterating it was “never a quick dash to the finish line” on net profitability.
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FamGuard payouts drop $3.7m on COVID fall-out
Family Guardian's chairman has attributed a $3.7m decline in policyholder payouts for the nine months to end-September 2020 to a fall-off in medical claims caused by COVID-19.
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Insurers warned: Do not keep 'eggs in one basket'
A top insurer says Bahamian underwriters will find it increasingly difficult to survive “long-term” unless they diversify into other territories.Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business in a recent interview
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Banks suffer 37% profitability decline
Bahamian commercial banks saw total private sector loan arrears increase by $76m during the 2020 fourth quarter as the sector’s collective profitability shrunk by 37 percent year-over-year.
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Seven held in $330k drug bust
FIVE men and two women were arrested after a police search netted 13 croker sacks of suspected marijuana with an estimated street value of $336,000.
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Ayton: 'Respect us'
The Sacramento Kings finally got into the win column while the Phoenix Suns became the only 4-0 team in the NBA restart at the ESPN Wide World of Sports Complex in Orlando, Florida.
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BTC facing ‘day by day’ fight on mobile rebound
The Bahamas Telecommunications Company (BTC) faces “a real day-by-day fight” to reclaim mobile market share lost to Aliv, its newly-appointed chief executive has admitted.
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‘Coach Yo’ agrees to new, 4-year contract extension
The Ole Miss Rebels displayed their long term commitment to head coach Yolett McPhee McCuin and her vision for the women’s basketball programme with her second contract extension since she was named head coach in 2018.
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Turnquest defends budgeting policy
DEPUTY Prime Minister and Minister of Finance Peter Turnquest said government debt under the Minnis administration has increased by $977 million since taking office. He was speaking during the start of the 2020/2021 budget debate yesterday and was r
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Leading banker hits out over VAT ‘maze’
The Government “created a maze” for the Bahamian private sector and consumers when it abandoned the low-rate, broad base VAT model, a prominent banker is arguing.
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IMF calls for austerity in the ‘hundreds of millions’
The International Monetary Fund (IMF) yesterday exposed the harsh austerity Bahamians face post-COVID by urging the government to increase its “net income” by more than $300m over four years.
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Bulk property tax discount 'win-win'
The Government can "get an immediate cash injection" worth potentially hundreds of millions by implementing a series of discounts for bulk real property tax payments, a prominent realtor said yesterday.
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Minister: Give us ‘offset’ to halt oil drilling pursuit
A Cabinet minister yesterday argued The Bahamas should seek "offsetting” compensation from neighbouring countries if it bows to their demands to give up oil exploration.
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Can we bite NIB bullet? ‘Bold decision’ needed - raise contributions to sustain cash assistance
NATIONAL Insurance Minister Brensil Rolle yesterday admitted that no government has been “bold enough” to take on recommendations that National Insurance Board contributions must increase to sustain the financial viability of the social security net.
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'Within the ball park': Gov't debt near $9bn
The Government's first quarter fiscal outturn was "within the ball park" of projections, the deputy prime minister said last night, as $692m in net borrowing drove its direct debt to almost $8.9bn.
