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Reserves slide continues trend with four percent fall

External reserves slid by four percent in November, continuing a trend, according to the Central Bank of The Bahamas.

Bahamian law firm in awards nominee first

A Bahamian law firm has been shortlisted for Offshore Firm of the Year at this year’s Chambers High Net Worth Awards 2019. Lennox Paton said its shortlisting as one of three finalists marks the first time a local law firm has been in contention for

$200m GB cruise port beneficial if ‘balanced’

East Grand Bahama’s MP said yesterday that the $200 million Carnival cruise port for his constituency will boost the economy, provided the deal is balanced and Bahamians are the net beneficiaries.

‘Bureaucratic delays’ drive Doctors losses

Doctors Hospital’s chairman has blasted the “many bureaucratic obstacles” it has faced in obtaining approvals for its medical tourism initiatives, implying that this played a key role in driving a 190 per cent year-over increase in its net losses.

Bank's equity investors see 60.7% income drop

Bank of the Bahamas International’s shareholders have seen a 60.7 per cent decline in net income available to them from the 2012 financial year, largely due to increases in preference share dividends and loan loss provisions.

GB Power targets 42% profits rise for 2013

Grand Bahama Power Company (GBPC) is projecting that its net income will “improve significantly” by 42.1 per cent this year, rising to $12.331 million on the back of cost efficiencies and its ‘return-based’ tariff structure.

Arawak port bulks up as autos fall off

A 59,000 ton increase in bulk aggregate imports, combined with a $109,000 year-over-year expenses decline, enabled the Arawak Cay port’s operator to beat profit targets by nine percent.

Colina suffers 96% fall on investment income

A BISX-listed life and health insurer has revealed that 2020 first-half profits were down $3m year-over-year after its investment income plummeted 96 percent due to COVID-19's impact. Colina Holdings (Bahamas), the parent of Colina Insurance Company

COVID alcohol bar cuts Brewery revenue 48%

Commonwealth Brewery has disclosed that the COVID-19-related bar on alcohol sales slashed its 2020 second quarter revenues by 48 percent year-over-year, dropping it to a $3.16m first half net loss.

CIBC loan deferrals decrease by $420m

Just $6m worth of loans remained in CIBC FirstCaribbean International Bank (Bahamas) COVID loan deferral initiative at end-October 2021 compared to $426m exactly one year earlier.

Net profit of $1.06 million FOR AML

AML Foods Limited recorded a 26 per cent total sales increase for its fourth quarter ending January 31, 2013, during which it recorded a net profit of $1.06 million. 

GB Power offering 35% oversubscribed

Grand Bahama Power Company (GBPC) yesterday announced that its $32 million preference share issue had closed a week earlier than planned, after it was oversubscribed by more than 35 per cent.

Sports inbrief

BAHAMAS LAW

VAT may increase poverty levels

POVERTY levels in the Bahamas could rise with Value Added Tax without safety net programmes in place, a new study by the Inter-American Development Bank has revealed.

Governor raises reserves forecast as $3bn beaten

The Central Bank yesterday raised its year-end forecast for The Bahamas’ external reserves holdings after they started May above $3bn following a $523m expansion during the first three months of 2022.

Accountant slams Business Licence fee 'disaster'

A top accountant yesterday urged the Government to replace the “disastrous” Business Licence fee with a corporate income tax, warning that the current system discouraged growth and investment.

Cable produces 37% profit rise

Cable produces 37% profit rise Cable Bahamas yesterday unveiled a 37.4 per cent net income increase to $6.339 million for the 2012 first quarter, up from $4.614 million during the same period in 2011. The growth was driven by a 23.5 per cent revenue rise

FINCO in profit boost as bad loans hit $100m

FINCO in profit boost as bad loans hit $100m By NEIL HARTNELL Tribune Business Editor The $5.4 million boost from changes to its loan loss provisioning calculation enabled Finance Corporation of the Bahamas (FINCO) to enjoy a 3.18 per cent net income in

Licensing delays cost Doctors Hosp $1.275m

Licensing and permit delays for its medical tourism programme cost Doctors Hospital $1.275 million in its last financial year, helping to propel it to a collective $261,391 net loss.

BANK AND ROTARY PARTNERS FOR CHARITY GOLF TOURNEY

SCOTIABANK is partnering with the Rotary Club of East Nassau and Scout Association of The Bahamas on their 32nd annual charity golf tournament set for next month.The bank is a gold sponsor of the annual event with 100 per cent of the net proceeds rai

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