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BOB shedding ‘haunted’ past with 20% growth goal for ‘23
Bank of The Bahamas top executive yesterday asserted it is moving beyond the bail-outs that “will forever haunt” the institution with predictions it will grow this year’s forecast $7m profit by a further 20 percent in 2023.
Kalik maker: Product shortages ‘inevitable’
Kalik’s manufacturer has continued to warn that product shortages and price hikes are “inevitable” due to continued supply chain disruptions post-COVID despite generating $1.3min profits for the 2022 first quarter.
Fraudsters plunder $2m through bank’s blunder
A Bahamian financial institution’s “serious error and negligence” resulted in fraudsters plundering more than $2m from one of its client’s accounts, the Supreme Court has revealed.
Men’s national soccer team split games
AFTER winning their opener by a pair of goals, the Bahamas men’s national soccer team lost by one to the Turks and Caicos Islands in the second game of their two friendly matches played over the weekend at the Thomas A Robinson National Stadium.
RF gives back with charity golf tourney
LOCAL golf enthusiasts are gearing up for the 35th Annual Charity GolfTournament hosted by the Rotary Club of East Nassau & The Scout Association of The Bahamas.
Economy rebounds with 8% growth
The International Monetary Fund says the country’s recovery is “strong” with real GDP growth pegged at eight percent this year.
Managers in three-year wait for $821k owed by PI resort
Hotel managers and their union have now been waiting “almost three years” to recover a collective $821,292 allegedly owed to them by a shuttered Paradise Island resort, it was revealed yesterday.
McPhee-McCuin agrees to new contract
Yolett McPhee- McCuin has signed a contract extension as head coach of the Ole Miss Women’s basketball programme that will see her remain at the helm through the 2026 season.
Gov’t drove 59% of $523m reserve rise
The Government accounted for 59 percent of the 2022 first quarter’s $523m rise in The Bahamas’ foreign currency reserves, the Central Bank’s governor has revealed, although the banking sector subsequently took on the greater share.
New NAD fees hailed as ‘lot less onerous’
The private aviation industry yesterday hailed the Nassau Development Company’s (NAD) alterations to the new fees imposed on it as “a lot less onerous” compared to what was originally proposed.
Sands: Poor sacrificed ‘on tax efficiency altar’
The FNM’s chairman yesterday accused the Government of driving more Bahamian families into poverty, and sacrificing them “on the altar of tax efficiency”, by refusing to eliminate VAT on medicines and breadbasket foods.
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.
$700m optimism Bahamas can ‘take oil price pressure’
A “$700m-plus” increase in US dollar purchases from the commercial banks during the 2022 first quarter has given the Central Bank’s governor optimism The Bahamas “can absorb” much of the pressure from high global prices.
Governor warns economy ‘overpowered’ after 2023
The Central Bank’s governor yesterday warned that surging global inflation and other external risks “could overpower” the Bahamian economy once the return to pre-COVID output levels is completed in 2023.
BNT director supports govt move on carbon credits
THE director of Bahamas National Trust has applauded the Davis administration’s pledge to become the first country to sell blue carbon credits and to generate at least 30 percent of the country’s energy from renewable sources by 2030.
Bank wipes out $30m loss in three months
A BISX-listed bank says its best first quarter for a decade has more than wiped out the near-$30m full-year loss it suffered for 2021, which was sparked by a 41.4 percent jump in bad loan impairments driven by COVID-19 fall-out.
Hope and Fear
ActivTrades
THE recovery on the European financial markets continued vigorously in the second half of last week. Good corporate balance sheets and low prices beat fears of war and the return of COVID lockdowns.
Gas stations hope for industry ‘modernising’
Gas station dealers are hoping the Government will either agree to a margin increase or “modernising” the industry’s structure, with a solution agreed before the 2022-2023 Budget is unveiled in just over three weeks’ time.
‘No more time to avoid pain’ over NIB reforms
Governance reformers yesterday warned “there is no more time to avoid the pain” associated with saving the National Insurance Board (NIB) as they called for “a clear plan” of rescue that will gain widespread buy-in from society.
