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Sarkis loss ‘over $3bn’ if Baha Mar hit targets
Sarkis Izmirlian would so far have “lost more than $3bn” in potential profits alone if the Baha Mar resort from which he was ousted hit his financial projections, an analyst’s report has calculated.
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Insurers: ‘Light at end of tunnel’ over taxation
Bahamian insurers yesterday voiced relief that there is “light at the end of the tunnel” after the Government said it would drop plans to move the industry to a Business Licence fee taxation regime.
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Companies urged to build investor sustainability trust
A Bahamian accountant says it is vital that investors have trust in a company’s sustainability reporting in an environment where increasing emphasis is being placed on climate action.
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Cable unveils its first dividend in five years
Cable Bahamas’ top executive yesterday voiced optimism that it has “set the foundation” to become a dividend-paying stock once again with the unveiling of a first capital return to shareholders for five years.
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Congresswoman hopes arrest will see Bankman-Fried held accountable
UNITED States Congresswoman Maxine Waters expressed hope that former FTX CEO Sam Bankman- Fried’s arrest and arraignment will signal him being held accountable for the alleged “fraud” he committed leading to the giant crypto exchange firm’s disgraceful fall, affecting as many as one million people.
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SBF deal with Deltec chief’s US bank ‘highly irregular’
FTX’s new US chief yesterday confirmed he is probing a “highly irregular” transaction with Bahamas links where Sam Bankman-Fried’s hedge fund paid an “off the charts” sum to buy into a small American bank.
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Cable targets 33,000 Nassau homes for new network in Q1
CABLE Bahamas is targeting 33,000 southern New Providence homes for connection to its new fibre-to-the-home network starting in the 2023 first quarter after overcoming supply chain challenges that delayed the roll-out.
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DIANE PHILLIPS: Influencer wariness
THE UNINTENTIONAL IMPACT OF THE COLLAPSE OF FTX
RONALDO, the drop-dead handsome, talented Portuguese footballer, gets $1.6 million per Instagram post, another $800,000+ per Tweet. When he vouches for dandruff-beating Clear shampoo and hair products, enough of his 443 million followers scamper to scoop up bottles off the shelves that he’s worth every penny of the funds he earns as an influencer.
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Gov’ts deficit jumps $75m but below full-year run rate
The Government incurred a $75m October deficit after it was yesterday revealed that monthly spending on goods and services more than doubled to drive a 24.5 percent year-over-year recurrent spending increase.
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‘Slap in the face’ on Dorian’s tax breaks
The Government was yesterday accused of delivering “a slap in the face” to Abaco and Grand Bahama by confirming that both islands’ present Dorian-related tax breaks expire today as scheduled.
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FTX’s Bahamas properties caught in Chapter 11’s net
FTX’s Bahamian real estate purchases - which could be worth a collective $300m - were made through a company currently covered by US Chapter 11 bankruptcy proceedings rather than the Bahamian provisional liquidators.
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BOB triples value of loan recoveries
Bank of The Bahamas more than tripled the value of recovered loan collateral to $3.5m during its 2022 financial year as a result of intensified focus on reclaiming distressed assets.
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Bahamas beats pre-COVID tourism volumes by 25.8%
The Bahamas has finally beaten pre-COVID tourism volumes as higher-spending stopover visitor arrivals for September exceeded 2019 numbers by almost 26 percent, it was revealed yesterday.
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Central Bank holding steady as reserves drawdown gains pace
The Central Bank yesterday maintained its prediction that The Bahamas’ external reserves will end 2022 ahead of prior year levels even though October’s decline exceeded 2021 by some $58.3m.
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Cable to appeal URCA fines over TV ‘quality’
Cable Bahamas is pledging to appeal the adverse findings and fines levied against it following a probe into the “quality of service” provided to its pay-TV customers during the 2021 calendar year.
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Property insurance costs ‘no doubt’ higher in 2023
Bahamian families and businesses were yesterday warned that property insurance costs will “no doubt be higher” in 2023 even though the country “dodged a bullet” with Hurricane Nicole.
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No. 3 Kansas survives overtime scare from Wisconsin 69-68
PARADISE ISLAND, Bahamas (AP) — Kansas’ Bobby Pettiford Jr. stood all the way out near midcourt, almost on the Battle 4 Atlantis logo, when he saw his teammate launch a shot for the lead with only a few seconds left in overtime.
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BISX-listed fund targets asset-doubling to $100m
A BISX-listed fund is reviving ambitions to “more than double” total assets to over $100m by “looking more aggressively” for property acquisitions following its recent preference share refinancing.
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S&P slashes Bahamas ‘23 growth to just 1.1%
Standard & Poor’s (S&P) yesterday slashed its 2023 economic growth forecast for The Bahamas to just 1.1 percent despite giving the country a break on repeated annual creditworthiness downgrades.
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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.
