Bahamas First ‘could not meet increased demand’
Bahamas First has been unable to meet new property insurance demand that “exceeded our expectations” despite securing additional reinsurance capacity for 2022 in a bid to generate growth.
Legal battle hits Albany’s South Ocean ambitions
A controversial Austrian investor says he has cut 60 percent of planned rooms from his proposed South Ocean redevelopment to “accommodate Albany” even though the property remains entangled in litigation he initiated.
Cable chief optimistic $2.8m profit is trend
Cable Bahamas’ top executive is voicing optimism that $2.8m first quarter profits represent the start of a trend with its fibre network set to cover all New Providence “on a home pass basis” by year-end 2023.
DEVELOPER SUES GOVT FOR $3BN: Austrian takes action over blocked project in Abaco’s Treasure Cay
A controversial Austrian developer is demanding an astonishing $3bn-plus in damages and interest from the Government after it blocked his bid to acquire Abaco’s Treasure Cay project.
Mini speedboat excursion invests $200k to ride wave
A TOUR and excursion provider says its plans to offer a “different experience” for both Bahamians and tourists after investing more than $200,000 over the past year in its launch.
Regional investment summit eyes Bahamas as location
THE CARIBBEAN Export Development Agency (CEDA) wants to bring the Caribbean Investment Forum (CIF) to The Bahamas following this year’s successful staging in Trinidad and Tobago this November.
Fidelity cuts profits target by $2-$2.5m
Fidelity Bank (Bahamas) has cut its full-year profit forecast by $2m-$2.5m after incurring more upfront costs than anticipated with the ongoing roll-out of its merchant and card services.
BOB chief: Bahamas ‘long way from default’
Bank of The Bahamas’ top executive says the country is “a long way away from a debt default” even though constant sovereign downgrades are “taking their toll” on the banking industry and wider economy.
FTX’s fall ‘won’t ruin’ high-end real estate
Bahamian realtors believe the FTX crypto currency exchange’s implosion will not “ruin” western New Providence’s high-end property market as bargain hunters start to circle its $74m worth of holdings.
DID FTX BREACH FREEZE ORDER? Filing for bankruptcy could have violated Supreme Court ruling
Fears have been voiced that FTX’s co-founder violated a Bahamas Supreme Court Order when he placed some 134 group entities under Chapter 11 bankruptcy protection in Delaware.
Insurer: Hurricane season end ‘can’t be soon enough’
A TOP Bahamian insurance executive says the official end to the 2022 hurricane season “can’t come soon enough” given that Hurricane Ian will further “tie our hands” on premium prices for local consumers.
Pintard: ‘It’s too early to tell’ on DARE reform post-FTX
THE Opposition’s leader says it is still too early to determine how The Bahamas’ laws and regulations governing the digital assets industry should be reformed following the FTX crypto exchange’s spectacular implosion.
$1m Sand Dollar hand out aims to boost usage
THE CENTRAL Bank plans to hand out $1m worth of its Sand Dollar digital currency throughout the Family Islands next year in a bid to encourage greater adoption by residents and businesses.
Long Island mixed on $250m cruise project
LONG Island businesses have given mixed reactions to the island’s proposed $250m cruise port, with some arguing it lacks the capacity to sustain the project and others asserting it is vital to prevent communities “dying out”.
Timeless Gold
ActivTrades
THE fact that gold prices have been subdued over the past year must be one of the most counterintuitive financial market dynamics of recent times. The precious metal is known as a safe haven, and a hedge against rising inflation. We certainly have had plenty of both recently, so why are gold prices down by more than 15 percent in relation to the yearly maximum reached in March? The answer is relatively straightforward: Blame the US dollar.
