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AID’s $1.5m reason for ‘no Christmas stock shortages’

A major Bahamian retailer yesterday pledged there will be “no Christmas inventory shortages” despite ongoing global supply chain disruption, with $1.5m in merchandise due to arrive this month.

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Construction costs to jump 20% this year

Two ex-Bahamian Contractors Association (BCA) presidents yesterday warned that construction costs will likely increase up to 20 percent this year as cement became the latest product to take a hit.

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Pre-COVID output ‘not good enough’

The Central Bank’s governor yesterday warned that returning to pre-COVID economic output “is not enough” as he reaffirmed forecasts that GDP will expand by 8 percent in 2022.

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Super Value fighting price hikes ‘as long as we can’

Super Value’s president yesterday pledged to hold-off food price increases as long as possible, but reiterated that eight to ten percent rises by Christmas “is not a prediction but a fact”.

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Pushed to ‘brink of collapse’ through 40% cost hikes

An ex-Bahamian Contractors Association (BCA) president yesterday said many contractors are “on the brink of collapse” due to fixed-price contracts that exclude the impact of 40 percent cost hikes.

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GROCERY BILL SET TO SOAR: Supermarket boss warns families face 8-10% price hikes

Super Value’s president yesterday warned that consumers will have “a big pill” to swallow by Christmas, as he predicted that grocery and meat prices will increase by eight percent and 10-12 percent respectively.

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Insurers ‘hold line’ over property rates

Bahamian insurers are “trying to hold the line” on property premium rates for 2021 after post-Dorian pressures resulted in increases of up to 30 percent for businesses and homeowners last year.

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‘So much work to do’ on Prospect Ridge

JOBETH Colbey-Davis said that although her team is confident the Davis administration can still proceed with the Prospect Ridge project, the government cannot commit to the cost benefits the Minnis administration promised because so much work is still required on the development, including the production of a master plan, a feasibility study and topography studies.

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Nygard suffers new court defeat

THE United States District Court for the Southern District of New York has dismissed a complaint by Peter Nygard made under the Racketeer Influenced and Corrupt Organisations (RICO) Act in the United States.

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Governor: We saved $500m for reserves

The Central Bank’s governor yesterday disclosed that restrictions on foreign currency outflows imposed at COVID’s peak could have saved up to $500m in external reserves.

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Banks suffer $145m hit to cover COVID losses

The Bahamian commercial banking industry booked $145m in collective provisions last year to cover expected COVID-19 loan losses, the Central Bank’s governor revealed yesterday.

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‘True extent’ of loan delinquency soon revealed

The Central Bank’s governor yesterday warned that the “true extent” of COVID-19 loan delinquencies will soon reveal itself as the final 8.5 percent of credit balances in deferral exit these arrangements.

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Doubling China freight rates hitting local firms

Bahamian businesses sourcing product from China saw shipping container rates double in recent months with raw material price rises of up to 50 percent set to inflict a further squeeze for some.

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Innovation Centre will benefit 1,500 students

The Bahamas’ first and “only” Centre of Entrepreneurship and Innovation will develop a business and technology incubator designed to benefit 1,500 students, it has been revealed.

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Bahamas nominated for 20 tourism awards

The Bahamas has been nominated in 20 categories at the upcoming Caribbean Journal Travelers’ Choice Awards 2021.

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Bahamas nominated for 20 tourism awards

The Bahamas has been nominated in 20 categories at the upcoming Caribbean Journal Travelers’ Choice Awards 2021.

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PM leaves for climate conference

BEFORE leaving for the UN Climate Change Conference in Glasgow, Scotland, over the weekend, Prime Minister Philip “Brave” Davis said he hoped to use the event to sensitise world leaders about the impacts the crisis has on small nations like The Bahamas.

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NIB reserves still ‘stable’ at $1.6bn

A Cabinet minister yesterday said the National Insurance Board’s (NIB) reserve fund “remains stable” at $1.6bn despite multi-million dollar COVID-related unemployment benefit payouts.

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FREEDOM FARM REPRESENTS BAHAMAS WELL AT CAL RIPKEN MAJOR/70 WORLD SERIES

FREEDOM Farm Baseball League returned to the Babe Ruth’s Cal Ripken Baseball Major/70 World Series and finished fourth in the International Bracket.

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‘Grave bearing’ for shipping’s safety

The Nassau Container Port’s top executive yesterday called for long-needed repairs to the harbour’s breakwaters to become a high-priority item given the “grave bearing” for shipping safety.

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