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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.
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UB Mingoes men earn 10-1 win over Baha Juniors
THE University of The Bahamas men’s soccer team seemed as if it just could not stop scoring against Baha Juniors Football Club in Bahamas Football Association play on Sunday at the Roscow AL Davies field.
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Repair projects target of $38m increase for Education
THE government has increased the capital budget allocation for the Ministry of Education and Technical and Vocational Training by over $30 million, Prime Minister Philip “Brave” Davis revealed in the House of Assembly yesterday.
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‘Wary’ over deficit rise, $76m spend increase
Bahamians should be “wary” but not alarmed after the Government yesterday revealed a modest $11.4m increase to its forecast 2022-2023 fiscal deficit along with a similar-sized capital spending cut-back.
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PM's mid-year budget communication: Revenue is up
PRIME Minister Phillip “Brave” Davis said for the first six months of the year, revenue collections are estimated at $1.2bn, which represents a $111.5m increase over the same period in the previous fiscal year.
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PM meet’s ‘way to defuse’ VAT health claims dispute
The Prime Minister’s Business Round Table with senior corporate executives may have created a pathway for “defusing” the row over the VAT treatment of health insurance claims, one attendee said last night.
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Rumour has it
ActivTrades
The ups and downs in the international markets continued last week. Robust economic data fuelled concerns about interest rates but, at the same time, consumer activity remained strong. This created a dilemma for many investors.
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DIANE PHILLIPS: When hallmark holidays exact a toll on our soul, just bring on the super sports
SUPER Bowl Sunday was enough excitement for the week so when Valentine’s Day rolled around 48 hours later, some of us just weren’t quite ready for another celebratory occasion, though there’s little doubt that restaurants were full, jewellery was flying off the shelf and you couldn’t find a red rose in town unless you spray painted it.
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Fidelity targets $25m annual profits despite 2022’s miss
Fidelity Bank (Bahamas) is targeting $25m in net profits for 2023 despite failing to achieve the same goal last year, its top executive revealed yesterday.
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Cable’s $10.69m profits swing amid refinancing drive on Aliv
Cable Bahamas yesterday unveiled a positive $10.69m bottom line turnaround for the first half of its 2023 financial year despite encountering frustration over the pace of Aliv’s debt refinancing.
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VAT health claims change may drain foreign reserves
THE changed VAT treatment on health insurance claims payouts could further drain The Bahamas’ foreign reserves by driving patients to seek care outside the country, a senior executive warned yesterday.
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STATESIDE: Republican competition for presidential nominee warming up
WHAT state seems to be the centre of the American political universe these days? Some feel that it’s Florida, home now to both former president Donald Trump and his most talked-about potential heir, governor Ron DeSantis. The governor, aided by the Republican-controlled legislature, is plowing headlong into one culture war after another, from packing with conservatives the board of trustees at quirky, progressive New College in Sarasota to casting doubt about school curricula that teach youngsters about the history of African-Americans.
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BOB eliminates ‘external influences’ of past rescue
Bank of The Bahamas has “eliminated a lot of the external influences” that helped produce two taxpayer-funded rescues, its top executive has revealed, with the institution “on track” to hit this year’s $8m-$9m profits target.
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Debt jumps $256m on IMF rights borrowings
Much of the $256.2m increase in the national debt during the six months to end-December was driven by the Government’s “use” of $232.3m in IMF special drawing rights (SDRs), it has been revealed.
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FTX’s Bahamas cash shrank 76% in month before collapse
Cash assets held by FTX’s Bahamian subsidiary were “materially depleted” to the extent they shrank by 76 percent - or more than three-quarters - in the five weeks immediately prior to the crypto exchange’s implosion.
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Avoid ‘jack up numbers’ on Business Licence renewal
Companies are only suffering delayed Business Licence renewals if they have “jack up numbers” and are unable to provide proof of income, a small business consultant and activist argued yesterday.
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Rejected web shop loses licence appeal
The Gaming Board’s decision to reject a web shop’s licence bid during the industry’s legalisation was fully vindicated yesterday by the Supreme Court.
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'Full-throated' effort urged on regulatory compliance
The Bahamas must display a "full-throated commitment" fighting all forms of financial crime, the attorney general reiterated yesterday, while pointing to the imminent challenge posed by global corporate tax reforms.
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$250m resort developer: We want to be with ‘best of best’
The developer behind Grand Bahama’s $250m Six Senses project yesterday said he wants it to be viewed “at the top level of resort development in the world” with a construction start targeted for early 2024.
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Stop ‘squeezing blood from stone’ on taxation
The Bahamas must reform a tax system that “squeezes blood from a stone”, a well-known banker argued yesterday, renewing his plea for greater “equity” via income-based taxation.
