Central Bank reviews $250m investment currency reforms
The Central Bank’s governor yesterday foreshadowed reforms to protect Bahamian retail investors from potential “headwinds” in an overseas investments market that is this year on track to exceed 2022’s $250m outflow.
More hotel rooms key to beyond COVID recovery
The Bahamas must increase its supply of hotel rooms and cruise passenger spending to maintain tourism’s growth pace beyond 2023 with industry earnings now “more than recovered” from COVID’s devastation.
Soaring BPL costs delay inflation ease
Bahamians will have to wait for Bahamas Power & Light’s (BPL) soaring energy bills to ease before “the moderation of inflation starts to look more like” other countries, the Central Bank’s governor warned yesterday.
Fidelity targets $80m loan delinquents for bankruptcy
Fidelity Bank (Bahamas) will “aggressively” pursue delinquent borrowers responsible for $80m in collective consumer loan write-offs via personal bankruptcy judgments, asset seizures and taking liens over their wages.
‘Beyond dispute’: But marinas demand proof
The Ministry of Finance’s top official yesterday asserted it was “beyond dispute” that boating fees due to the Government had not been paid amid demands from the marina industry to “show us the evidence”.
Minnis: BPL chief says we’re right over Wartsila
Dr Hubert Minnis says Bahamas Power & Light’s (BPL) chief executive has vindicated his administration’s $90m Wartsila investment as he queried whether the utility is increasingly reliant on rental generation once again.
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.
