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Restaurant chain eyeing 20% bond for expansion

A restaurant entrepreneur, who financed his expansion via crowdfunding, yesterday said he now plans to offer a short-term bond paying 20 percent interest to fund the $150,000 required for outfitting a third location.

Health premiums drop $15m on COVID travel cover end

Bahamian health insurers suffered a near-$15m year-over-year decline in group premiums last year due to the Government ending COVID-19 protection plan for visitors.

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BISX-listed firm ‘qualified’ for second straight year

A BISX-listed company’s top executive yesterday moved to reassure shareholders after auditors issued a “qualified opinion” on its annual financial results for the second consecutive year over the same issue.

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Inflation’s high but ‘not as frightening’

Inflation “may not be as frightening as it was a year to 18 months ago”, a governance reformer argued yesterday, despite food and beverage costs rising by almost 13 percent during the year to April 2023.

‘Major progress’ on one insurance law

Regulators say “significant progress” has been made in combining the Bahamian insurance industry’s regulatory regime into one law after the sector saw gross written premiums increase by $60m in 2022.

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Governor trims Bahamas GDP growth to ‘3% range’

The Central Bank’s governor yesterday again trimmed his 2023 economic growth forecast to “the 3 percent range” as he warned The Bahamas is poised to next year “resettle” back into low expansion rates.

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Central Bank reviews $250m investment currency reforms

The Central Bank’s governor yesterday foreshadowed reforms to protect Bahamian retail investors from potential “headwinds” in an overseas investments market that is this year on track to exceed 2022’s $250m outflow.

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BPL CEO rates company 8 out of 10

BAHAMAS Power & Light CEO Shevonn Cambridge rates BPL’s performance an eight out of ten.

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Fidelity targets $80m loan delinquents for bankruptcy

Fidelity Bank (Bahamas) will “aggressively” pursue delinquent borrowers responsible for $80m in collective consumer loan write-offs via personal bankruptcy judgments, asset seizures and taking liens over their wages.

Deltec to ‘vigorously’ fight new FTX lawsuit

A Bahamian bank and its chairman yesterday denied fresh allegations that they knowingly aided and abetted the multi-billion dollar FTX fraud prior to the crypto exchange’s November 2022 implosion.

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BPL tariff study could lead to increase in base rate

AN upcoming tariff study at Bahamas Power and Light (BPL) may result in a base rate increase for consumers, though BPL’s chief executive officer Shevonn Cambridge said this does not guarantee higher customer bills.

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Bahamas men spike way into semifinals

Ladies suffer third straight loss

The men’s national volleyball team, with a well-rounded effort from every player, swept aside Martinique in three straight sets to advance to the semifinals of the Senior Caribbean Volleyball Championships at the Anthony Nesty Sports Hall in Paramaribo, Suriname.

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Clarke sisters know they will have to ‘battle’ on the tennis court

THEY’RE sisters, but sooner or later Sydney and Sarai Clarke know that they will have to face each other on the opposite side of the net in a tennis march.

‘Quality new credit’ hard to find with $127m drop

Fidelity Bank (Bahamas) says the more than $127m collective decline in outstanding mortgage and consumer loans during 2022 shows “quality new credit” and borrowers will be tough to find despite the economy’s rebound.

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Albany developer charged on ‘brazen insider trading’

The Bahamas-based billionaire who spearheaded Albany’s development was yesterday charged with orchestrating a “brazen insider trading scheme” that allegedly netted millions of dollars in illicit profits for his closest associates.

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PETER YOUNG: Travelling is great, but ‘oh so nice to wander back’

Legendary American entertainer Frank Sinatra famously sang about how nice it was to go travelling but that it was “oh so nice to wander back”. With that in mind, what a pleasure it is to be in harness again today with my weekly column after a short absence while on a visit to England to catch up with family and friends. It is easy to see what he meant. Despite the pleasure of a three-week trip it is good to be home again and back in the old familiar routine.

Insurance cuts ‘false economy’ despite 26-year high premiums

Bahamian homeowners and businesses have been warned that cutting, or dropping, property catastrophe coverage will be “a false economy” in the face of 26-year record-high insurance costs.

Fidelity chief’s ten-point plan to $50m profitability

Fidelity Bank (Bahamas) president has set out what he describes as a ten-point plan to seizing market share and more than doubling annual profits to $50m by its 50th anniversary.

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THE KDK REPORT: Proactive approach needed so all are able to afford health care - Part 2

ON a daily basis, I meet and interact with patients from all walks of life. Last week, I wrote about how a friend from an affluent background complained about the rising price of water lilies, which she needed to purchase for the Koi Pond in her garden.

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Bank stability at 7-year high on $400m profits

The Bahamian commercial banking sector’s stability hit a seven-year high in 2022, the industry’s regulator has revealed, as combined profits soared nearly 59 percent to just shy of $400m.