New Budget outlay finances 350 jobs
A newly-introduced $5.8m Budget outlay is financing the temporary employment of 350 persons who have largely been jobless since Hurricane Dorian struck three-and-a-half years ago, it was asserted last night.
Gov’t targets $15m egg self-sufficiency
The Government has not cut food security funding by 50 percent but is instead reallocating financing to a $15m project designed to make The Bahamas self-sufficient in egg production, a Cabinet minister has revealed.
‘Rubber hits the road’: 14 airports set for PPP
FAMILY Island Chamber presidents yesterday said “the rubber has hit the road” on critical infrastructure upgrades as they hailed the Government’s move to invite private sector bids on 14 airports.
Bahamas needs to ‘sustain’ doubled GDP growth rate
THE Bahamas must double its average economic growth rate over “a sustained period” through an “aggressive” pursuit of the right foreign direct investment (FDI) opportunities.
No political will to deal with SOEs ‘black hole’
A FORMER minister of state for finance has lamented that “there is no political will” to reform loss-making state-owned enterprises (SOEs) and cease throwing taxpayer monies down a “black hole.”
Digital entrepreneurs expose boating sector to innovations
BAHAMIAN digital entrepreneurs used the first-ever Bahamas Charter Yacht Show to showcase their products and services to potential customers in the maritime industry.
Let’s start digging
ActivTrades
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).
