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Sanctions harm Bahamas
Prime Minister Philip “Brave” Davis’ pleas to Washington, DC, to lift sanctions on the Nicolás Maduro administration in Venezuela seems to have fallen on deaf ears, judging from a recent press release by the US State Department. Maduro has been president of that South American country since 2013. His government can now be classified as a dictatorship. Venezuela has the largest oil reserves in the world.
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BTC not at Liberty’s top as revenue rise flattens
The Bahamas Telecommunications Company (BTC) was not among its ultimate parent’s best Caribbean performers during the 2022 second quarter as revenues flat-lined against prior year comparatives.
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Banks’ fee income doubles in decade
Bahamian commercial banks are generating an ever-increasing share of their income from the fees detested by many consumers, which now account for more than $1 out of every $5 in earnings.
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35 percent revenue rise for insurance firm Colina
The Bahamas’ largest life and health insurer has posted a 35 percent increase in premium revenues for the past six months ending in June.
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ArawakX: No deep analysis of foot crowdfund success
A Bahamian crowd-funding platform is “still learning the market” on a capital raise that has outpaced the next closest listing by 232 percent with 75 days left in its raise process.
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Gov’t drove 59% of $523m reserve rise
The Government accounted for 59 percent of the 2022 first quarter’s $523m rise in The Bahamas’ foreign currency reserves, the Central Bank’s governor has revealed, although the banking sector subsequently took on the greater share.
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10% increase for social safety net
THE government will next month increase the rates of the Social Safety Net Benefits Assistance Programme by ten percent across the board, according to Social Services and Urban Development Minister Obie Wilchcombe.
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Port’s profits to decline 7% despite pre-COVID bounce
Nassau’s major commercial shipping port is forecasting a 7 percent year-over-year profit decline for 2022 despite predicting container volumes will return to pre-COVID levels in the first quarter.
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URCA: Renewable policies not working
Bahamian energy regulators have conceded their renewable policies are “not attractive” for companies and investors seeking to enter the sector, and are proposing a pricing structure switch.
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$6m claims jump drives Bahamas First into loss
Bahamas First has warned “it will take some time” to correct problems with its Cayman subsidiary’s life and health portfolio that have been blamed for a $6m-plus jump in claims payouts.
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External reserves jump on banks’ $84m inflow
The Bahamas’ external reserves grew by almost $55m in February 2022 as commercial banks collectively received a net $84.2m foreign currency inflow from their customers.
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17-member Jr Pan Am team named
THE Bahamas Olympic Committee named its 17-member team set to compete at the inaugural Junior Pan American Games.
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NCAA swim: Student athletes make a splash
SEVERAL Bahamian student athletes set school records, new personal bests and earned spots on the medal podium at their respective NCAA swimming conference championships.
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$200 fine over Indian hemp possession
A MAN was fined $200 in a Magistrate’s Court yesterday on a drug charge.
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CIBC loan deferrals decrease by $420m
Just $6m worth of loans remained in CIBC FirstCaribbean International Bank (Bahamas) COVID loan deferral initiative at end-October 2021 compared to $426m exactly one year earlier.
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Governor raises reserves forecast as $3bn beaten
The Central Bank yesterday raised its year-end forecast for The Bahamas’ external reserves holdings after they started May above $3bn following a $523m expansion during the first three months of 2022.
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Reserves slide continues trend with four percent fall
External reserves slid by four percent in November, continuing a trend, according to the Central Bank of The Bahamas.
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200 Haitian migrants repatriated
NEARLY 200 Haitian migrants were repatriated to their homeland in two separate charter flights yesterday.
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BOB targeting ‘real growth, not loan loss management’
Bank of The Bahamas yesterday said it was seeking to drive sustained profitability “from real growth as opposed to managing delinquency provisions” after enjoying a positive $14m bottom line swing.
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Brewery chief: Pre-COVID revenues not back till 2023
Commonwealth Brewery’s managing director has warned shareholders not to expect the group’s revenues to fully recover from COVID-19 “before 2023” following a $38.2m drop-off last year.
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