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BISX-listed firm’s $5m ‘recapitalise’ after SEC settles
A BISX-listed company will have to undergo a $5 million ‘recapitalisation’ as a result of the deal struck by its principal and main subsidiary to settle a lawsuit against them by US federal regulators.
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Gov’t’s $206.5m deal with Goldman ‘speaks volumes’
The Ministry of Finance’s top official yesterday asserted that the Government’s $206.5m “repurchase” deal with Goldman Sachs “speaks volumes” to the credibility of its fiscal and economic plans.
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Gov’t doubles social assistance to $14m
“Front-loaded” salary increases for public sector workers were the main driver behind the $36.4m year-over-increase in the Government’s first quarter fixed-cost spending, it was disclosed yesterday.
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‘Nothing sinister’ over $206m Goldman repo
The Government must ensure it has “the expertise to manage the legal and financial risk” arising from its “innovative” $206.5m repurchase deal with Goldman Sachs, a prominent banker says.
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Benchmark: ‘We’ve turned the corner’
A BISX-listed company yesterday expressed optimism it has “turned the corner”, its principal adding that its settlement with US federal regulators did “not stipulate” the instant redemption of its $5 million preference share capital.
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FNM claims govt broke law on finance
THE Opposition’s finance spokesman yesterday challenged whether the Government may have violated public finance laws by drawing on $133m from its “sinking funds” to pay debts coming due.
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Bahamas Waste chief: 'Stock 30% below true value'
Bahamas Waste yesterday became the latest BISX-listed company to unveil a share buyback programme, its managing director suggesting that its stock was undervalued by around 30 per cent.
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$233m IMF rights can’t be viewed as ‘panic exercise’
The Government must not allow its borrowing of $233m in IMF Special Drawing Rights (SDRs) from the Central Bank to be perceived as “a panic exercise”, a Bahamian commercial banker has warned.
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AML chief urges change to BISX pricing method
AML Foods’ chief executive yesterday called for the Bahamas International Securities Exchange (BISX) to change the way it calculates daily stock prices, warning that a small 1,200 share trade can currently “wipe out” $1.5 million in value for his company’s investors.
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Gov't: We have maturing $300m US bond 'covered'
The Government is "very confident that we have covered" the $300m external US dollar bond due to mature in mid-January 2024, its top finance official said last night.
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BISX: Majority of stocks don’t move more than 5%
The Bahamas International Securities Exchange (BISX) has “consistently” found evidence to support its method for calculating share prices, with most companies’ stocks never moving more than 5 per cent from the previous day’s close.
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Bahamas waste eyes 20% rise in recycled supplies
By NEIL HARTNELL
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CJ’s concerns over $3m City Markets pension deal
The now-Chief Justice had concerns over the deal that saw City Markets’ employee pension fund invest $3 million in a sale-and-leaseback deal over the now-defunct supermarket chain’s assets, saying he was “troubled” that the plan involved 25 per cent of the fund’s assets.
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Debt for nature
Prime Minister Philip Davis KC was in the UK last week and spoke at the Caribbean Council reception in London, where he said once more that about 40 percent of the county’s $11bn-plus national debt was the result of post-hurricane repairs and restoration efforts. He stated further that climate change is the greatest threat that The Bahamas is facing. But this battle against climate change is a costly endeavour, and the country must be innovative in creating new sources of income and reducing the crippling debt it is faced with.
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Bahamian hotel owner defeats lender’s probe
A Bahamian asset manager’s bid to probe more deeply into a Nassau-based resort owner’s alleged $7.5m-$9m insolvency has been thwarted for a second time by the judicial system.
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Commission's top executive departs
The Securities Commission’s executive director, Dave Smith, has been forced out of his post amid “industry concerns” about how the capital markets supervisor is approaching its regulatory mandate.
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AML bucks 'post-Xmas lag' via 10% same-store rise
AML bucks 'post-Xmas lag' via 10% same-store rise By NEIL HARTNELL Tribune Business Editor AML Foods yesterday said fears of a top-line hit from consumers taking ever-longer to recover from Christmas had failed to materialise, with its same-store sales
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AML bucks 'post-Xmas lag' via 10% same-store rise
AML bucks 'post-Xmas lag' via 10% same-store rise By NEIL HARTNELL Tribune Business Editor AML Foods yesterday said fears of a top-line hit from consumers taking ever-longer to recover from Christmas had failed to materialise, with its same-store sales
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Insurer ‘re-lends’ $15m to offshore bank affiliate
BISX-listed Colina Holdings has taken a $15 million credit facility from FirstCaribbean International Bank (Bahamas) and re-lent it - on the same terms and conditions - to its offshore bank affiliate.
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