Matthew ‘doubles, trebles’ Fidelity fund withdrawals
RoyalFidelity has seen withdrawals from its investment funds “double, sometimes treble” above normal levels in recent months after Hurricane Matthew sent investors scrambling for funds to effect repairs.
IDB: Bahamas ‘can’t escape’ $7bn debt without fiscal rules
The Bahamas and other Caribbean nations “cannot escape their debt challenges” without implementing so-called fiscal rules, an Inter-American Development Bank (IDB) study recommending this nation impose spending controls.
FamGuard, partner front-runners for NHI insurer deal
Family Guardian and its international partner, Aetna, were yesterday said to have emerged as the front-runners to land the contract to manage the National Health Insurance’s (NHI) public insurer.
‘Global disruption’ to impact local insurers
Bahamas First’s top executive has warned that local insurers are likely to face increasing competition from consumers acquiring coverage online, as the underwriter’s gross and net premiums declined 3 per cent in 2016.
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Commonwealth to fill Spanish Wells’ RBC gap
Spanish Wells residents were yesterday said to be “elated” that Commonwealth Bank has confirmed it will open a branch on the island, filling the vacuum left by Royal Bank of Canada’s (RBC) pull-out.
Foreign currency finance move a ‘work in progress’
The Central Bank will better understand the true level of foreign currency financing demand among Bahamian businesses when the next exchange control liberalisation phase take effect on April 24, its governor said yesterday.
‘No complaints’ on 72% profits decline
Bahamas First’s chief executive was yesterday “not complaining at all” despite a 72 per cent fall in total comprehensive income for 2016, driven by a one-third increase in net claims stemming from Hurricane Matthew.
Vacation rentals ‘explosion’ threat to hotel business
The “exploding” vacation rental market will likely eat into hotel occupancy rates, a Bahamian realtor predicted yesterday, estimating that 20 per cent of this nation’s stopover visitors are currently using such accommodation.
BoB bail-out debtors block property access
Three of the ‘bad’ Bank of the Bahamas’ debtors involved in its bail-out are refusing to grant access to their properties, with the total portfolio transferred now worth 55.6 per cent less than the original valuation.
Insurer promises to tackle ‘affordability’
Bahamas First yesterday pledged to work with the next government on a plan to increase insurance “penetration”, and reduce the devastation caused by Bahamians’ inability to afford adequate coverage.
Bahamas First in ‘exclusive’ Cayman patient refer deal
Bahamas First’s chief executive yesterday said it “definitely has no intention” of entering the local health insurance market, despite a subsidiary obtaining ‘exclusive rights’ to refer Bahamian patients to a Cayman hospital.
Credit Bureau ‘eye opener’ for debt-laden Bahamians
The proposed Credit Bureau will be an “eye opener” for many Bahamian consumers when it exposes just how heavily indebted they are, the Central Bank’s governor said yesterday.
Carnival bands ‘cross fingers’ over profits
Junkanoo Carnival band owners were yesterday said to have their “fingers crossed’” they will still make a profit from this year’s event, with the postponement reversal having driven away both international and local revellers.
Grow GDP six times faster to ‘salvage ship’
The Bahamian economy has to grow “six times’ faster than it is today” to solve the country’s debt and unemployment woes, a governance reform campaigner yesterday questioning whether it was still “a salvageable ship”.
