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Regulator accuses broker, principal of ‘gaming system’

US federal regulators have moved quickly to prevent attorneys for a former Bahamian broker/dealer and its principal ceasing to represent them in two New York court cases, alleging they are “gaming the system” to evade producing critical evidence.

RICHARD COULSON: Bahamians entitled to more on BEC deal

Last week’s announcement by Deputy Prime Minister Philip Davis finally ended 20 months of suspense about the Bahamas Electricity Corporation’s (BEC) immediate future.

Broker’s principal admits defeat in battles with SEC

The principal of a now-defunct Bahamian broker/dealer has conceded defeat in his legal battle with US federal regulators, and is now exposed to summary judgments he cannot pay.

‘Far too premature’ for PM to claim VAT success

A well-known businessman yesterday said it was “far too premature” for the Prime Minister to boast about Value-Added Tax (VAT) being successful, accusing him of “gloating” over the hundreds of millions of dollars the tax will suck out of the Bahamian economy.

Bahamian ICON set to 'double funds business'

The Bahamas was yesterday aiming “to at least double” its registered investment funds business through an ‘ICON-ic’ product’s launch, plus steal market share from rival international financial centres (IFCs).

Bahamas First ‘not desperate’ to make further acquisitions

Bahamas First is “not desperate” to make further acquisitions, even though its top executive concedes this is the only viable route to growth.

Cable confirms capital raising profits ‘drag’

Cable Bahamas has acknowledged that costs associated with recent debt capital raisings “have dragged on profitability and cash flow”, helping push it into a $14.371 million net loss for 2015.

Close finishes on day 2 of High School Soccer Nationals

A SERIES of close finishes highlighted day two of the National High School Soccer Championships, as the matchups are all square for tomorrow’s final.

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.

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.

SBF: Bahamas attacks motivated by prejudice

Sam Bankman-Fried planned to mount an impassioned defence of The Bahamas before the US Congress by implying that attacks on it over FTX's implosion were motivated by racism and prejudice.

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.

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.

Ex-minister’s $6m judgment plunges BOB back into loss

A $6m default judgment obtained by a former Cabinet minister’s companies has plunged Bank of The Bahamas back into multi-million dollar losses and halted its financial recovery efforts.

Fidelity: Refinance drives 9.5% growth in loan portfolio

Fidelity Bank (Bahamas) is on track to beat 2011’s net profit by more than 60 per cent, although its chief executive yesterday said the 9.5 per cent growth in its loan book during the 2012 first half did not come from “originating new credit”.

Grand Bahama's power costs 383% ahead of Florida

Grand Bahama-based businesses and households are paying 383 per cent more in energy costs than their Florida-based counterparts, a Freeport businessman yesterday telling Tribune Business this was the main reason for the island's 20 per cent-plus unemployment rate.

Brewery targeting 'modest' volume increase for 2012

COMMONWEALTH Brewery is this year targeting a "modest increase" over the 187,000 hectolitres it sold in 2011, its managing director yesterday saying it was ramping up marketing activity and remained "moderately positive" about its near-term prospects.

BEC: Over 60% of clients were 'non-performing'

MORE than 60 per cent of the Bahamas Electricity Corporation's (BEC) 102,444 customers were over 90 days past due in paying their bills at the recession's peak, it has been revealed, with the monopoly power provider seeing a major decrease in its current solvency deficiency to $17.75 million at the end of its 2010 financial year.

‘Stable footing’: Ban on new payment providers removed

The Central Bank’s governor yesterday disclosed it is lifting the near three-year bar on new entrants to the money transmission and digital payments business with the market now on “a stable footing” post-COVID.

GB Power minimises $4.7m recovery effect

GB Power minimises $4.7m recovery effect By NEIL HARTNELL Tribune Business Editor The Grand Bahama Power Company (GBPC) has received regulatory approval to minimise the consumer impact of recovering a $4.7 million impairment charge by spreading it out o

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