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Bahamas in $40m foreign property buyer ‘outflows’

The Bahamas has suffered two consecutive years of $40 million-plus net real estate outflows due partly to the exit of foreign buyers, the Central Bank’s governor confirmed yesterday, with inward investment flows falling to $163.2 million in 2016.

Arawak port predicts 20% profits plummet

New Providence's major commercial shipping port is projecting a near-20 percent year-over-year profit decline for its current financial year as COVID-19 depresses demand for cargo imports.

Insurer closes on $25m net equity 'landmark'

A Bahamian general insurer is expecting to hit the $25 million net equity “landmark” by mid-2013, after last year’s net income performance beat budget targets by 30 per cent.

Illegal netting threatens $1.5m bonefish investment

A Long Island bonefishing lodge owner says his $1.5 million investment and six jobs are being jeopardised by illegal netting, which threatens to “wipe out” the industry within the next five years.

COVID lockdown's $1bn tourism blow

The Bahamas lost around $1bn in tourism earnings at the COVID-19 lockdown's peak as this nation became a "net payer" for travel-related services for likely the first time in its history.

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.

GB Power capital raising ends $19m ‘current deficit’

Grand Bahama Power Company’s (GBPC) successful $32 million preference share issue will eliminate a $19.205 million deficit that previously existed between its current assets and liabilities, with its net income performance already showing the benefits of its revised tariff structure.

FINCO’s repossessed collateral jumps 30%

Royal Bank of Canada’s (RBC) BISX-listed mortgage arm narrowly beat prior year comparatives with $40m in profits for the year to end-October 2022 following recovery of more than $16m in credit loss provisions.

NPIF reports 7.25% return year-to-date

THE New Providence Income Fund Ltd (NPIF) launched by Sterling Financial Group last January, has reported a year-to-date return of 7.25 per cent to its investors.

COB worker’s pay changed, jury told

SUPREME Court jurors heard yesterday how former College of the Bahamas employee Chimeka Gibbs’ salary deductions and consequent net pay fluctuated both monthly and yearly, from 2008 to 2015.

Gov't pays '3x' value of BOB's toxic loans

Bank of the Bahamas’ (BOB) latest bail-out has cost Bahamian taxpayers more than three times’ the net value of toxic loans purchased from the stricken BISX-listed bank. The full-year 2017 accounts, released yesterday, reveal that the Government paid

Gov’ts Central Bank debt soars 85% on IMF SDRs

The Government’s controversial borrowing of IMF special drawing rights (SDRs) reversed five years of decline by causing its net debt to the Central Bank to soar by 85.4 percent to $805.6m.

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.

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.

BOB profits near $2m for half-year

BANK of the Bahamas (BOB) yesterday provided further evidence that its $167.7 million bail-out may provide the foundation for a sustainable future, as half-year profits neared $2 million.The troubled BISX-listed bank enjoyed two consecutive profitabl

Latin American slip 'no cause for alarm'

The 2012 decline in Latin America’s high net worth statistics is “no cause for alarm” in the Bahamian financial services industry, with overall global growth presenting “more opportunities” for this nation.

Accused ‘offered to pay back’ money from COB

SUPREME Court jurors heard yesterday how former College of The Bahamas employee Chimeka Gibbs told officials, when confronted about allegations of theft, that she was willing to return some of the money she is accused of stealing from the institution.

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