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Albany developer’s Bahamas return after spared jail time
ALBANY’S principal investor was given permission to return to The Bahamas as early as yesterday after being spared jail time following his previous guilty plea to securities fraud.
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NIB’s $240m loss at COVID’s peak
COVID-19 has left the National Insurance Board (NIB) facing an “uphill lift” to recovery after plunging the nation’s social security system into a $240m loss at the pandemic’s peak.
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FOCOL targets wide growth in ‘preparing for the next 50 years’
FOCOL Holdings’ top executive last night said it is targeting growth “in every sector of our business”, including gas stations and electricity generation, and added: “We’re preparing for the next 50 years.”
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Sandilands and Centreville Primary girls and boys volleyball champions
SANDILANDS Primary and Centreville Primary emerged as the girls and boys champions of the New Providence Public Primary Schools Sports Association’s 2024 volleyball championships.
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Albany chief in 'devastating and self-inflicted humiliation'
Albany's principal investor has admitted that pleading guilty to securities fraud is "a devastating and self-inflicted humiliation I will have to live with for the rest of my days".
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‘Specialist skills dearth’ hurts financial services
A “DEARTH of specialist skills” in the legal and other professions is undermining the Bahamian financial services industry’s competitiveness, a prominent KC warned yesterday.
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50% fear or pay bribes for building and import permits
Fifty percent of Bahamian companies seeking construction and import-related permits say they have either been asked, or expect, to pay a bribe to obtain the required approvals, it has been revealed.
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Central Bank in multiple exchange control eases
THE Central Bank last night unveiled multiple reforms to further relax The Bahamas’ exchange control regime that it believes will not create any “material” risks for the US dollar peg and wider economy.
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AG: ‘Potential $900m per year in carbon credits’
THE potential revenue from carbon credits for The Bahamas could reach as much as $900m a year, according to Attorney General Ryan Pinder at yesterday’s RF Outlook 2024.
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ArawakX full wind-up sealed without a fight
THE Bahamas’ first-ever crowd funding platform’s fate was yesterday sealed without a fight after its former principals effectively consented to its liquidation amid claims of a near-$4m insolvency.
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Restaurant chain to double staff as revenues rise 15%
A BAHAMIAN restaurant chain is aiming to double its workforce by July through the creation of 48 new jobs with revenues for the year-to-date some 15 percent ahead of 2023.
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Deltec’s terminations ‘to realign workforce’
DELTEC Bank & Trust last night confirmed it has moved “to realign its workforce” via a right-sizing which is said to have resulted in around 11 staff being terminated last week.
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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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ArawakX ‘to be reported’ to police amid $4m insolvency
The Bahamas’ first-ever crowd funding platform is suffering from a near-$4m insolvency, its provisional liquidators have asserted, as they prepare to report “multiple criminal infractions” to the police.
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FOCOL eyes 25% profit surge plus acquisitions
FOCOL Holdings is predicting a profit increase of 25.2 percent over the next three years with proceeds from its newly-launched $25m rights offering set to fund unspecified acquisitions and expansions.
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Freeport 'could attract $100bn if the economic model is right'
A Grand Bahama Port Authority (GBPA) director yesterday argued "Freeport needs $10bn, and could attract $100bn if we get the model right" amid a peace offering from the deputy prime minister.
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‘Very aggressive’ crackdown on $200m smuggling, evasion
The Government’s top finance official last night pledged “a very aggressive” approach to cracking down on smuggling and tax avoidance schemes believed to cost The Bahamas a combined $200m annually.
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Gov’t holds firm as $259m deficit near-double target
The Government has not adjusted any of its 2023-2024 fiscal targets despite revealing yesterday that its $258.7m half-year deficit was almost double the full 12-month goal.
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Gov’t eyes $140m ‘accrual’ over corporate income tax
The Government is exploring how Bahamas-based companies that will pay the new 15 percent corporate income tax can “accrue” a projected $140m in revenues before the enabling laws are enacted.
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Deltec pleaded Bahamas law breach, poverty over FTX evidence demands
Deltec Bank & Trust pleaded poverty and violations of Bahamian law in a failed bid to block aggrieved former FTX investors from forcing it to provide evidence.
