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Worries about inflation and interest rates flared up again and triggered a price slide on the international stock markets during Friday last week. In the US, the PCE price index for January, which is based on consumer spending, was significantly higher than expected.
‘Heavy spending’ led to deficit rise
A Cabinet minister yesterday blamed an increased deficit on “very heavy spending commitments” incurred during the 2022-2023 fiscal year’s first half, but voiced confidence the Government will “meet or exceed” target.
Loss-making SOEs: You’ll ‘pay one way or another’
Bahamians must decide whether to pay the full cost of public services directly or as taxpayers to eliminate the financial “black hole” created by many state-owned enterprises (SOEs), a prominent banker is arguing.
FTX investors target Bahamas bank in suit
A Bahamian bank and its chairman yesterday pledged to “vigorously defend” themselves against a class action lawsuit’s accusations that they helped “perpetuate” an $8bn fraud by FTX’s founder.
Failed Lucayan sale to cost taxpayers $9.1m
The failed $100m Grand Lucayan sale is set to cost Bahamian taxpayers a further $9.1m with subsidies to the resort for the full fiscal year near-doubling in the 2022-2023 mid-year Budget.
CIBC profits drop 15% on inflation, provisions
A BISX-listed bank has blamed a combination of inflationary pressures and $22m year-over-year increase in loan loss provisions for a near-15 percent decline in its 2022 full-year profitability.
Business licences: More than 10,000 issued within past week
MORE than 10,000 Business Licences have been issued within the past week, a Cabinet minister said yesterday, as he sought to reassure the private sector that “steady progress is being made” in processing their applications.
Gov’t seeking end to price control ‘combat’
THE GOVERNMENT wants to avoid “a combative relationship” with the food distribution industry as it seeks to determine what the industry’s price controls will be once the expanded regime ends on April 17.
‘Abundance of caution’ in $232m loan clean-up
A Cabinet minister yesterday said the Central Bank Act is being “cleaned up out of an abundance of caution” to ensure the Government can lawfully borrow the $232.3m IMF special drawing rights (SDRs).
First-ever yacht show to boost Bahamas potential
A BROKER yesterday voiced optimism that the first-ever Bahamas Charter Yacht Show will draw more focus to this nation’s rising potential as a boating destination.
Bahamas beats airlines; US has ‘strong concerns’
Bahamian airlines yesterday escaped the threat of US sanctions after federal authorities rejected the aviation industry’s accusations that this nation’s air navigation fees regime is “discriminatory”.
‘Come clean’: $232m loan made lawful retroactively
The Opposition yesterday demanded the Government “come clean” over its $232.3m IMF special drawing rights (SDRs) borrowing after reforms were tabled in Parliament to retroactively make the transaction lawful.
‘Don’t water down’ fiscal transparency
Governance reformers yesterday urged that fiscal accountability and transparency are “not lost and watered down” through a comprehensive reform package unveiled by the Prime Minister.
‘Wary’ over deficit rise, $76m spend increase
Bahamians should be “wary” but not alarmed after the Government yesterday revealed a modest $11.4m increase to its forecast 2022-2023 fiscal deficit along with a similar-sized capital spending cut-back.
Depositor protection fund $87m below IMF’s target
THE FUND to protect Bahamian bank depositors had reached just 45.8 percent of the minimum $160.775m target recommended by the International Monetary Fund (IMF) at year-end 2021.
