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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.
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.
Governor adjusts 2022 GDP growth to 6-8%
The Central Bank’s governor yesterday adjusted 2022 economic growth projections to 6-8 percent, with The Bahamas not expected to “fully erase” COVID’s impact before 2023 “at the earliest”.
Cable and Gov’t hit by $41m Aliv losses
Aliv’s near-$41m loss for the year to end-June 2021 continues to drag on both its BISX-listed parent and the Government, just-released financial statements reveal.
BOB: Unleash us for commercial lending
Bank of the Bahamas’ managing director is urging the Central Bank to “level the playing field” by removing the restrictions imposed on its commercial lending in the wake of its near-collapse.
Cable targets $80m New Providence fibre roll-out
Cable Bahamas plans to invest $80m over the next two-three years on rolling out its New Providence fibre-to-the-home network, its top executive has revealed.
Kalik maker eyes 10% supply chain cost rise
Commonwealth Brewery is predicting that global supply chain disruption will increase its costs by 10 percent over the remainder of 2021 as it sustains its return to profitability.
PM 'not minded' to allow oil drilling
PRIME Minister Philip Davis said he is “not minded” to allow oil drilling in The Bahamas and is completely opposed to oil exploitation in the country.
‘We need more from resident billionaires’
The Bahamas “needs a little more than residency” from the multiple millionaires and billionaires that reside within its borders, an accounting firm’s principal is urging.
End to 12% VAT realty rate ‘shows we mean business’
Realtors yesterday hailed the Government’s decision to eliminate the 12 percent VAT rate on high-end property sales as “a very solid move”, adding: “It shows we mean business.”
Fidelity eyes $21m-$22m profit following ‘overshoot’
A BISX-listed bank is targeting full-year net income of $21m-$22m after its exceeding its budgetary target during the first nine months of 2021, its chief executive revealed yesterday.
Port beats revenue forecasts by $1.5m
Nassau’s major commercial shipping port beat its original revenue forecast by almost $1.5m for its 2021 financial year, although profits declined by 7.7 percent year-over-year.
Gov’t pays out $200m in COVID jobless aid
The Government had paid out more than $200m in COVID unemployment benefits at end-September 2021, it was revealed last night, although overall pandemic spending seems to be slowing.
Ole Miss projected no.6 in preseason coaches poll
YOLETT McPhee-McCuin and her Ole Miss Rebels are expected to improve in one of the most keenly contested conferences in all of NCAA Division I.
GB Power targets 13% return on rate changes
Grand Bahama Power Company is seeking returns of close to 13 percent in its proposed revision to the island’s electricity tariffs, it can be revealed.
PETER YOUNG: With the world watching, will our leaders rise to the challenge?
ITALY and Scotland have been the focus of international diplomacy this past week. Rome hosted the two-day G20 meeting of the world’s wealthiest countries, and this was followed on Sunday by the official opening of the UN Climate Change Conference, COP26, in Glasgow, with most of the G20 leaders travelling there direct from their Rome meeting.
GLIMMER OF HOPE: Ratings agency S&P sees economic upturn but private sector cautious
The Bahamas does “not have enough control over our own plight” to take comfort from Standard & Poor’s (S&P) belief that COVID devastation has “bottomed out”, it was argued yesterday.
Bahamas ‘like boxer with hand tied its behind back’
The Bahamas is “like a boxer with one hand tied behind its back” because it has failed to determine the true value of the Government’s multiple assets, a prominent banker argued yesterday.
VAT increase on breadbasket items ‘best practice’
ECONOMIC Affairs Michael Halkitis defended the anticipated increase of value added tax on breadbasket items, saying it follows expert advice and best practices around the world.
