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CIBC suffers major loss amid $94m dividend wait

CIBC FirstCaribbean International Bank (Bahamas) plunged to a $63.543m net loss for the year to end-October 2020 as it awaits permission to pay almost $94m in total dividends to shareholders.

Cavalier collapse took down affiliate

Cavalier Construction’s insolvency took down its equipment supplier affiliate even though the latter had generated a net profit in each of the previous four years, its liquidators have revealed.

BOB 'open for partners' as profits decline 75%

Bank of The Bahamas (BoB) is open to strategic partnerships, the deputy prime minister said yesterday, as the institution suffered a 75.2 percent profits decline for its 2020 financial year’s first quarter. Speaking outside the Accountants Week conf

BOB: Unleash us for commercial lending

Bank of the Bahamas’ managing director is urging the Central Bank to “level the playing field” by removing the restrictions imposed on its commercial lending in the wake of its near-collapse.

BPL launches grid tie-in for renewables

Bahamas Power & Light (BPL) has announced the start of renewable energy grid tie-ins for residential customers, although per island limits are being imposed on the total amount that can be supplied.

‘Embrace new era’ with investor citizen plan

The Bahamas has been urged to “embrace a new era in financial services” by launching an Investor Citizen programme, a leading accountant describing this as essential if the country is to remain a “player” in the industry.

Food security

Zimbabwe was known as the breadbasket of Africa until 2000 exporting wheat, tobacco, and corn to the wider world, especially to other African nations. However, today Zimbabwe is a net importer of foodstuffs from the Western World. Many farm owners and farm workers have been killed during violent takeovers.

Royal Bank takes top wealth management honours in Caribbean

Royal Bank of Canada's (RBC) regional wealth management arm has been recognised for providing the best private banking services in the Caribbean by Euromoney, a global banking publication. RBC, which markets itself as the sixth largest wealth manager in t

Inflation to stay ‘high’ as food costs up 11%

The Central Bank yesterday warned Bahamian consumers that inflation will remain “high” in the near-term, and decline more slowly than in other countries, with food and drink prices rising 11 percent over the year to end-June 2023.

Doctors targets expansion with $11.9m RBC financing

Doctors Hospital has obtained two Royal Bank of Canada (RBC) loan facilities worth a collective $11.858m to fund expansion plans in “a rebounding Bahamian economy”.Joseph Krukowski, who is stepping down after 14 years as the healthcare provider’s cha

‘No complaints’ on 72% profits decline

Bahamas First’s chief executive was yesterday “not complaining at all” despite a 72 per cent fall in total comprehensive income for 2016, driven by a one-third increase in net claims stemming from Hurricane Matthew.

Mixed emotions

ActivTrades

The upward trend in the stock market continued into 2023 for a second week. The reporting season in the US traditionally starts with the balance sheets of the large financial institutions. However, their quarterly figures were mostly worse than expected.

Sands make 9th year tournament one of giving back

FREEPORT, Bahamas — As spring approaches, so do the hot days of the Bahamian sun, but thankfully the Bahamian Brewery and Beverage Company was able to enjoy a breezy and not too warm Sunday on the greens for their 9th Annual Sands Beer Golf Tournament in Grand Bahama.

GB POWER PLANT 'OVER 60% DONE'

By NEIL HARTNELL Tribune Business Editor Grand Bahama Power Company yesterday said its new generation plant is "more than 60 per cent complete" after a $40 million investment to-date, as the BISX-listed company that holds 50 per cent of its equity unveil

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