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EDITORIAL: Digging a hole ever deeper at NIB
IN today’s Tribune, we reveal the scale of losses to the National Insurance Board due to the COVID-19 pandemic. What we cannot reveal is what anyone is doing about it.
Development Bank aided by $20m NIB bond switch
Some $37m in Bahamas Development Bank (BDB) bonds held by the National Insurance Board (NIB) were converted into a long-term 20-year loan as the lender’s solvency deficiency rose to $13.629m at year-end 2020.
GB church leader calls for ‘new economic paradigm’
GRAND Bahama Christian Council president Rev Kenneth Lewis believes The Bahamas must establish “a new economic paradigm” that will allow Bahamians to compete in all aspects of the country’s economy. While delivering his independence message, the clergyman indicated that it is now time for Bahamians to be encouraged to own hotels and banks.
NIB reserves ‘in a state of decline’
THE National Insurance Board yesterday said its reserves are in a state of decline because the amount of benefits paid out annually have exceeded the incoming contributions since 2016.
Banks’ fee income doubles in decade
Bahamian commercial banks are generating an ever-increasing share of their income from the fees detested by many consumers, which now account for more than $1 out of every $5 in earnings.
Team Bahamas shines at Arkas Optimist World Championships
Team Bahamas delivered several milestone performances at the 2022 Arkas Optimist World Championships.
Bahamas among most exposed to Ukraine war
The Bahamas must brace for multiple economic “uncertainties” over the next 12-18 months, a governance reformer warned yesterday, after it was named among the eight Western Hemisphere states most vulnerable to the Ukraine war.
Cable beats target by $50m on ‘largest ever refinancing’
Cable Bahamas yesterday revealed it beat its preference share rollover target by $50m as it hailed completion of “the biggest refinancing the market has ever seen”.
Foreign reserves stay over $3bn despite May decline
The Bahamas’ foreign currency reserves closed May 2022 above $3bn despite a $65m drop-off during the month, with the Central Bank reiterating its belief that they remain “more than adequate” to sustain the US dollar peg.
Air arrivals hit 85% of pre-COVID levels
Total air arrivals to The Bahamas rebounded to 85 percent of pre-COVID numbers during April, more than doubling prior year numbers for a period that included the peak Easter holiday weekend.
Sanctions harm Bahamas
Prime Minister Philip “Brave” Davis’ pleas to Washington, DC, to lift sanctions on the Nicolás Maduro administration in Venezuela seems to have fallen on deaf ears, judging from a recent press release by the US State Department. Maduro has been president of that South American country since 2013. His government can now be classified as a dictatorship. Venezuela has the largest oil reserves in the world.
Gov’t turns down Ginn bid and plan
The Government has rejected a bid to acquire the former Ginn sur mer project, which planned to construct a 28-storey “iconic tower” modelled on Alexandria’s ancient lighthouse, in its present form.
OTABOR WINS GOLD IN JAVELIN: Team Bahamas nets three silver medals
The Bahamas will return home from the inaugural Caribbean Games in Baie-Mahault, Guadeloupe, with a total of four medals, inclusive of a gold from strongwoman Rhema Otabor and three silver from quarter-miler Megan Moss, hurdler Oscar Smith and judoka Daniel Strachan.
DIANE PHILLIPS: Growing the economy doesn’t happen when you do what you’ve always done
PRIME Minister Philip “Brave” Davis set off a maelstrom of misdirected mischief when he announced elimination of duty on pleasure boats, a concept that goes back decades and was intended to come to fruition at least ten years ago.
Insurers ‘totally in blind’ on Budget tax changes
Bahamian insurers yesterday said they are “totally in the blind” as to how Budget tax reforms will work with “time having run out” to make any adjustments due to the new fiscal year beginning today.
‘No bang for the buck’: Insurer eases off motor
A Bahamian insurer says it is “shying away” from providing third-party motor coverage because “the bang for the buck is not worth it” when returns are weighed against potential losses.
The Marxist Leninist neighbour
The month of June saw an uptick in the number of Cuban migrants being apprehended by Defence Force and US Coast Guard personnel.
Stock split revival with Fidelity ‘on $25m track’
Fidelity Bank (Bahamas) will unveil plans for its long-awaited stock split at next month’s shareholder meeting, its chief executive revealed yesterday, as it eyes a total $17.5m dividend payout to investors in 2022
Davis says govt will ‘hold the line’ on NIB increase
AN increase in National Insurance Board contributions will not come off the table until the Davis administration decides whether or not to accept the recommendations of experts regarding the sustainability of the NIB fund, Prime Minister Philip “Brave” Davis said yesterday.
Bahamians take ‘partial’ medicine on VAT return
THE Democratic National Alliance’s (DNA) former leader says Bahamians have increasingly been obtaining “partial” as opposed to full prescriptions after VAT was reimposed on medicines with effect from January 1.
