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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.
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Roy Wallace wins men’s title
BAHAMAS TABLE TENNIS FEDERATION’S NATIONAL CHAMPIONSHIPS
ROY Wallace outlasted Amol Pendharkar to win the men’s title of the Bahamas Table Tennis Federation’s National Championships at the AF Adderley Gymnasium on Saturday.
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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.
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NPBA opening night: Rockets and Giants victorious
ON opening night when they didn’t receive their New Providence Basketball Association men’s championship rings, the Discount Distributors Rockets took their frustration out on the runners-up Commonwealth Bank Giants.
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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.
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FTX’s Bahamas creditors unlikely to see full recovery
FTX’s newly-appointed chief executive yesterday asserted that corporate governance was non-existent at its Bahamian subsidiary, adding: “Never have I seen such a complete failure of controls in my 40-plus years.”
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$250m cruise port: ‘We’ll help Long Island flourish’
The proposed $250m Long Island cruise port will handle up to 12,000 persons daily at full build-out, one of its principals revealed yesterday, adding: “Our goal is to help Long Island flourish.”
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BTC revenue growth slows to only 1.3%
The Bahamas Telecommunications Company’s (BTC) year-over-year revenue growth slowed to just 1.3 percent year-over-year for the 2022 third quarter even though it remained ahead of prior year comparatives for the first nine months.
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DRA report highlights Abaco dome project issues
A COMPANY contracted by the former Minnis administration to construct 213 domes and the needed infrastructure on Abaco in the aftermath of Hurricane Dorian discontinued the project after receiving $4.6m of the total $6.4m required to complete the work, despite only completing about 16 percent of the structures.
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VAT’s ‘real’ 15% rise since January’s cut
The Davis administration last night said real VAT revenues increased by 15.1 percent year-over-year following the New Year’s Day rate cut with the deficit for the 2022-2023 fiscal year’s first quarter slashed by $116.4m.
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Arawak port beats Q1 profits target by 56%
Nassau’s main commercial shipping port is targeting an $808,000 year-over-year increase in net profits for its 2023 financial year after first quarter net income exceeded forecasts by some 56 percent.
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Crypto exchange giant FTX collapses, files for bankruptcy
NEW YORK (AP) — It took less than a week for FTX to go from the third-largest cryptocurrency exchange in the world to bankruptcy court.
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Bank’s nine-month $58m beats full-year profit goal
Commonwealth Bank is targeting its growing deposit base for new borrowers after hitting its 2022 full-year profit goal in just nine months through a $58.22m bottom line.
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Bahamian regulator probing FTX woes
The Securities Commission was yesterday investigating the crisis that has left The Bahamas’ flagship digital assets investor on the brink of collapse after a rival crypto currency exchange walked away from a rescue deal.
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‘FTX forced sale will not undermine’ nation plans
The seemingly-forced sale of The Bahamas’ flagship digital assets investor will not undermine the country’s ambitions to become a major “hub” in this space, a prominent banker argued yesterday.
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‘I told you so’: $100m Lucayan sale collapses
The Grand Lucayan’s former chairman last night said “I told you so” after the Government admitted the resort’s $100m sale has collapsed and it is now seeking an alternative purchaser.
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Port beats profits 19% via $677k debt slash
The operator of Nassau’s main commercial shipping port beat its original full-year profit target by 19 percent aided by a $30m preference share refinancing that slashed 2022’s debt servicing costs by $677,000.
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BTC chief says fibre roll-out 70% finished
THE BAHAMAS Telecommunications Company (BTC) will be increasingly relying on a fibre network roll-out that is 70 percent complete to drive revenue growth and market share, its newly-appointed chief executive says.
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Gov’t slashes Q1 deficit by $116m
The Government’s fiscal deficit for the 2022-2023 first quarter was slashed by $116m year-over-year, it was revealed yesterday, with its revenues running 4-5 percent ahead of projections.
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‘Stable footing’: Ban on new payment providers removed
The Central Bank’s governor yesterday disclosed it is lifting the near three-year bar on new entrants to the money transmission and digital payments business with the market now on “a stable footing” post-COVID.
