‘Banner year’: Resorts beat revenue target by 10% pts
Resorts on major Family Islands are targeting “a banner year” in 2023 after room revenues through to end-October beat the industry’s post-COVID target by ten percentage points.
FTX LIQUIDATOR IS FROZEN OUT: Access to company records blocked – and documents could be lost forever
The joint provisional liquidators for FTX’s Bahamian subsidiary have revealed a month-long block on access to the company’s records is “frustrating” their efforts to secure and protect assets.
BPL fuel charge hike to recover $76m cost
BAHAMAS Power & Light (BPL) is hiking its fuel charge to recover $76m in costs that it failed to pass on to customers after the late 2021 oil purchases designed to underpin its hedging strategy were not executed.
Nassau/PI hotels enjoying 136% room revenue jump
ROOM revenues for Nassau/Paradise Island hotels have increased by 136 percent year-over-year in 2022, it has been revealed, with non-US source markets also producing triple digit percentage increases in visitors.
Baha Mar’s Xmas bookings up 40%
BAHA Mar’s booking pace for the Christmas and New Year period is some 40 percent ahead of 2021 comparatives, a senior executive has revealed, with group bookings for 2023 up by 33 percent.
Market outlook for 2023
ActivTrades
THIS year has been a fertile one for market volatility. After decades of relative price stability, inflation returned with a vengeance, forcing a policy shift by developed country central banks and triggering interest rate hikes around the world.
‘New farming model’ to aid 57,000 trapped in poverty
A “new food production model” will aid up to 57,000 poverty-stricken Bahamians through the location of ten hydroponic container farms “in poor and vulnerable communities”, it has been revealed.
Bahamian bank, chair under US senate scrutiny on FTX
A Bahamian bank and trust company, and its chairman, are coming under increasing scrutiny by US senators over their links to FTX and other entities owned by the collapsed crypto currency exchange’s founder, Sam Bankman-Fried.
‘We didn’t have $40m for fuel hedge trades’
The Government and Bahamas Power & Light (BPL) last year lacked the $40m in free cash needed to finance cut-price oil purchases that would have saved electricity consumers millions, it was argued yesterday.
BPL’s solar drive targets $30m consumer savings
Bahamas Power & Light’s (BPL) chief executive yesterday said the utility could create $30m per year in savings when its proposed 60 Mega Watt (MW) solar project for New Providence becomes operational.
Sears admits misleading House on BPL fuel hedge
A Cabinet minister yesterday admitted misleading Parliament by initially denying he was briefed on the Bahamas Power & Light (BPL) fuel hedging controversy that will allegedly cost households and businesses over $100m.
Debt consolidation ‘uptick’ as credit reports double
Fidelity Bank (Bahamas) doubled the number of debt consolidation-linked credit reports it requested for November, its top executive revealed yesterday, as it targets a “flat” loan book outcome for the fourth quarter.
Marinas suffer 40% or more business plunge
Bahamian marinas were yesterday said to have suffered up to a 40 percent or more decline in business that is being blamed on VAT’s imposition on yacht charter fees.
FNM chairman queries FTX chief’s local status
The Government should begin examining “in a very deliberate fashion” the immigration status held by embattled FTX chief, Sam Bankman-Fried, and his close associates, the FNM chairman said yesterday.
