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Court asked to decide Cavalier’s $54k VAT bill

The Supreme Court will be asked to determine if a Cavalier Construction affiliate must pay an outstanding $54,161 VAT bill owed by the insolvent contractor, it has been disclosed.

Deficit target missed if not for aborted $86m PHA loan

The Opposition's finance spokesman yesterday charged that the Government would have missed its 2021-2022 deficit target but for the repayment of an aborted $86.2m Public Hospitals Authority (PHA) loan.

‘Not claiming victory’: Yet deficit is beaten by $70m

The Ministry of Finance’s top official yesterday said he “won’t claim that victory yet” despite the prior fiscal year’s $689.5m deficit coming in almost $70m below the final projection outlined in May’s Budget.

NAGICO mulls exit after $6m losses

A property and casualty insurer is mulling whether to exit the Bahamian market by seeking a buyer for its existing portfolio almost a decade after being licensed by the Insurance Commission.

Running Mon Marina and Resort purchased by Xquisite Yachts

The Running Mon Marina and Resort in Grand Bahama has been acquired by Xquisite Yachts, an award-winning yacht manufacturing company that plans to invest in the region of $3m to $5m to undertake major upgrades at the property.

Insurers to Gov’t: ‘We’re in this together’ with tax

Bahamian insurers yesterday said they have presented the Government with recommendations for solving the industry’s twin tax-related concerns without causing “disruption or confusion” in the market.

Bahamian broker’s clients in $1.3m ‘hacking’ fraud

Clients of a now-defunct Bahamian broker/dealer have been accused of abusing its accounts to both conduct and conceal a computer hacking-related securities fraud that netted them $1.3m in collective illegal profits.

STATESIDE: Difficult choices for undecided voters

ACCORDING to the venerable Gallup Poll, over the past two years, forty percent of surveyed voters have consistently identified their political affiliation as “independent.” Roughly thirty percent said they were Republicans and a similar percentage declared themselves to be Democrats.

BISX-listed fund still eyeing downtown parking solution

A BISX-listed fund yesterday declared its continuing interest in solving downtown Nassau’s parking woes by redeveloping the Registrar General’s former home as it renews ambitions to expand to a $100m property portfolio.

Fidelity’s $500k behind but ‘still on $25m track’ despite falling

Fidelity Bank (Bahamas) is “still on track” to deliver $25m in full-year profits despite falling $500,000 behind pace at the 2022 half-way mark, its top executive said yesterday, as he looks to merchant services to close the gap.

Inflation jumps five-fold to back PM’s warning

The Central Bank yesterday revealed that annual inflation for the year to June 2022 increased almost five-fold compared to the previous 12 months to give a stark indication of the cost of living crisis facing many Bahamian families.

Bahamas’ arrivals at 3m, just 16% off pre-COVID

The Bahamas received almost three million tourist arrivals during the 2022 first half, it was revealed yesterday, with June’s numbers just 16 percent down on the record-breaking pre-COVID pace set in 2019.

Gov’t’s ‘precarious finances’ rule out tax offset to inflation

TAX and duty cuts to counter surging inflation are ruled out given the Government’s “precarious finances” and $12b-plus national debt, a governance reformer warned last night.

‘Misguided’ focus over corporate income tax

The Government’s approach to corporate income tax has been branded “misguided” by a prominent banker because the focus is largely on ensuring compliance with international demands.

Insurer eyes expansion into ‘big boys’ territory’

A Bahamian insurer yesterday said it will decide within the next five years whether “to venture into big boys’ territory” via US expansion, saying: “We cannot rest on our laurels.”

ArawakX: No deep analysis of foot crowdfund success

A Bahamian crowd-funding platform is “still learning the market” on a capital raise that has outpaced the next closest listing by 232 percent with 75 days left in its raise process.

35 percent revenue rise for insurance firm Colina

The Bahamas’ largest life and health insurer has posted a 35 percent increase in premium revenues for the past six months ending in June.

Relaxed lending rules for domestic credit

THE Central Bank of The Bahamas is relaxing the guidelines for domestic banks and credit unions around the qualification criteria for provision of credit to the private sector. This takes account of the domestic economy’s increased capacity to sustainably absorb more credit expansion, given the potential for credit growth to stimulate greater imports and increase the net use of foreign exchange.

Fiscal snapshot: $33m revenue increase over 12 months

THE Ministry of Finance yesterday released its fiscal snapshot that showed a $33m increase in revenue over 12 months as the economy continues to rebound.

WORLD VIEW: Has CARICOM reached its limits of regional integration?

In the first part of this commentary - published last week - the conclusion was reached that the great ideals, set out in the 1973 Treaty of Chaguaramas (the CARICOM Treaty) and its revision in 2001, remain unfulfilled. But does this reality mean that, as the CARICOM project reaches its 50th anniversary next July, it has reached the limits of regional integration?

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