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Lincoln Bain defends declared net worth and liabilities

COALITION of Independents leader Lincoln Bain defended his $1.8m net worth yesterday, telling The Tribune that he gained his wealth through a successful investment strategy.

Reserves hit $2.9bn on Gov’t borrowing boost

The Bahamas’ foreign currency reserves expanded by almost $169m in May due to a boost from the Government’s external borrowing activities as they closed the month at near-$2.9bn.

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.

'Decade of contraction' ends with $50m credit expansion

The Central Bank's governor yesterday revealed "a decade of steady contraction" in lending to the private sector was halted by 2023's $50.3m credit expansion although mortgage activity remained "subdued".

Gov’t doubles social assistance to $14m

“Front-loaded” salary increases for public sector workers were the main driver behind the $36.4m year-over-increase in the Government’s first quarter fixed-cost spending, it was disclosed yesterday.

‘Headwinds’ slash J S Johnson profit 12.54%

J S Johnson’s managing director is warning that “industry headwinds” across its business have slashed profits by 12.54 percent or almost $900,000 for the year to end-September 2023.

Health premiums drop $15m on COVID travel cover end

Bahamian health insurers suffered a near-$15m year-over-year decline in group premiums last year due to the Government ending COVID-19 protection plan for visitors.

Commonwealth hails $63.5m profit amid 91% claw back fall

COMMONWEALTH Bank yesterday hailed its “second most profitable” year-ever through $63.5m in net income that was generated despite a near-91 percent drop on COVID loss provision write-backs.

$657k ‘pipeline’ blockage kept ArawakX insolvent

The Bahamas’ first-ever crowd-funding platform was branded “no longer solvent at February 2023” by external auditors who warned that $656,500 in “pipeline” revenue could not be used to restore a “net equity” position.

Arawak port beats profit target by 18%

Nassau’s main commercial shipping port yesterday revealed it beat its full-year profits target for 2023 by some 17.7 percent or more than $1.4m compared to original forecasts.

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.”

Hitting near 3% growth to make ‘incredible difference’

Economic growth in the “upper 2 percent” range and above will make “an incredible difference” to The Bahamas’ economic prospects if achieved consistently, the Central Bank governor asserted yesterday.

Reserves stay ‘buoyant’ though growth reduced

The Central Bank yesterday said The Bahamas’ external reserves are set to remain “buoyant” in 2023 although June’s growth is $44.4m short of 2022’s expansion.

Delay dividends to give bigger payout, BOB told

Bank of The Bahamas should have waited to pay a more substantial dividend than its recent one cent per share declaration after a 49.6 percent jump in profits, an investor argued yesterday.

Governor trims Bahamas GDP growth to ‘3% range’

The Central Bank’s governor yesterday again trimmed his 2023 economic growth forecast to “the 3 percent range” as he warned The Bahamas is poised to next year “resettle” back into low expansion rates.

Good start

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Strong big-tech balance sheets lifted Wall Street into positive territory at the end of last week. However, disappointment over the latest US labour market report limited gains.

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