Deltec to ‘vigorously’ fight new FTX lawsuit
A Bahamian bank and its chairman yesterday denied fresh allegations that they knowingly aided and abetted the multi-billion dollar FTX fraud prior to the crypto exchange’s November 2022 implosion.
RODERICK A SIMMS: Devolved governance a Family Islands necessity
Decentralisation is not just an option but a crucial need for The Bahamas given its estimated 30 inhabited islands. The current centralised governance model poses limitations and hampers the nation’s ability to effectively address the diverse challenges and opportunities presented by its unique geography. By pushing for decentralisation, The Bahamas can unlock immense potential and pave the way for inclusive development.
DEREK SMITH: Privacy policies and notices both boost data protection
Data protection is of the utmost importance in today’s data-driven world. As technology advances and businesses collect more data than ever before, it is increasingly important to understand the difference between data privacy policies and privacy notices in order to protect individual rights and to maintain compliance with regulatory requirements.
Gov’t set to make VAT-free initiative ‘more meaningful’
The Ministry of Finance’s top official yesterday revealed the Government is seeking to “tweak” this year’s Back to School ‘VAT-free holiday’ to provide merchants and consumers with “more meaningful benefits”.
Governance reformers call for more transparency focus
Governance reformers yesterday urged the Government to improve The Bahamas’ anti-corruption standing by prioritising and speeding-up reforms to promote transparency after it was accused of “stalling” on several measures.
‘Racism and elitism’ hit climate change efforts
A Bahamian scientist is denouncing what she branded as “racism”, “bias” and “elitism” that are impacting the battle against climate change - especially when it comes to the provision of financing to mitigate its impacts.
Central Bank: ‘Stay alert’ on credit card fraud rise
The Central Bank is urging Bahamians “to stay alert” due to an increase in credit card fraud incidents.
Prepare for soft landing
ActivTrades
In view of the slowdown in inflation, US consumers increased their consumption significantly in June. The US Commerce Department said last Friday that consumers increased their spending by 0.5 percent from the previous month. Economists had expected growth of just 0.4 percent, down from a revised 0.2 percent in May. Private consumption is a cornerstone of the US economy, which continued to grow robustly in the spring, also thanks to consumer spending.
Baha Mar blames BPL for $8.5m hit to profits
Baha Mar yesterday warned that soaring energy bills will “have a significant impact on our profitability” for 2023 by adding an extra $8.5m to its full-year operating costs.
Tax dodgers ‘dominate’ foreign yacht charters
The Ministry of Finance’s top official yesterday hit back over concerns about VAT’s imposition on foreign yacht charters by arguing the sector was “dominated” by a few large tax-dodging companies that need “to pay their fair share”.
Fears ‘non-peak’ airlift undermined spark clash
The Ministry of Finance’s top official and a senior airline executive yesterday clashed over fears that Customs overtime fees will undermine The Bahamas’ ambitions to attract airlift “outside of peak hours”.
Top finance official says: Tourism can pay more
The Ministry of Finance’s top official yesterday argued the tourism industry can pay “a little bit more in taxes without hampering its viability as vacation rentals came under the microscope once again at a sector gathering.
SBF charges dropped on Bahamas objection
US prosecutors will drop charges of illegal election campaign contributions against embattled FTX co-founder, Sam Bankman-Fried, after The Bahamas objected to their inclusion in his indictment following extradition.
CIBC opens new Eleuthera branch
CIBC FirstCaribbean International Bank (Bahamas) this week opened its new Governor’s Harbour branch in the Charlow’s Bay Plaza.
$30m Milo Butler upgrade will extend to Cowpen Rd.
The Ministry of Works and Utilities yesterday said the $30m upgrade to Sir Milo Butler highway will extend it beyond Carmichael Road through to Cowpen Road.
