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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.
Delinquent mortgage buyer gives insurer $8m ‘windfall’
A Bahamian insurer yesterday said it is targeting a 15 percent profit increase for 2022 once the $8m “one-off windfall” it enjoyed last year from its investment in a delinquent mortgage buyer is stripped out.
Taylor Industries staff gain 33% of severance
Forty-one former staff of now-defunct Taylor Industries will receive just 33 percent of the total termination pay and benefits owed to them in what the company’s liquidator defended as “a relatively positive outcome”.
US to freeze PI ‘Raider’s’ $21m
US regulators have moved to freeze three Bahamian bank accounts owned by the Paradise Island “Raider” as they bid to seize $21.1m in “ill-gotten gains” generated by a $100m multinational securities fraud ring.
Raising the rates for NIB
So, PM Davis will not increase the level of NIB Contributions although the experts, the IMO actuaries say NIB must have higher contributions and experts for 10 plus years have been telling Government it is a must..
Bahamas can be ‘first out gate’ over carbon credits
The Bahamas has “the ability to be first out the gate” in the Caribbean, and earn a potential multi-million dollar boost from the climate change fight, through legislation tabled in Parliament yesterday.
Carbon bill ‘first step’ in bringing payments
PRIME Minister Philip “Brave” Davis said yesterday that the Climate Change and Carbon Market Initiatives Bill 2022 is his administration’s first step in securing carbon credit payments for The Bahamas.
WORLD VIEW: Developing countries also victims of Ukraine war
IN the words of UN Secretary-General, Antonio Guterres, the war on Ukraine by Russia “is fast becoming a matter of life and death for vulnerable people around the world”.
'Misunderstood' on gasoline VAT cap
Abaco's Chamber of Commerce president believes the Government may have "misunderstood" calls for it to cap - not cut - the amount of VAT it earns on gasoline sales in a bid to ease inflationary pressures in the Family Islands.
Gov’t touts 26% VAT rise despite rate cut
The Ministry of Finance’s top official has touted a 26 percent VAT revenue increase, compared to pre-COVID numbers, for the first two months of calendar 2022 as a signal that the rate cut has not impacted government revenues.
