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Gov’t, web shops at odds on ‘back taxes’

The Government and web shop industry are at odds over how the sector’s ‘retroactive taxes’ are to be calculated, with the proposed method seen as “inconsistent” with both the Gaming Act and international norms.

Insurers seeking VAT input credit clarity

The Bahamian insurance industry yesterday urged the Government to clarify which inputs it will be allowed to claim Value-Added Tax (VAT) credits on during the 2015 first half, a leading carrier saying this “makes all the difference in the world”.

Cable readies $30m pref share offering

Cable Bahamas is again preparing to tap the Bahamian capital markets for a further $30 million in preference share financing, which will help fund the roll-out of this nation’s second mobile provider.

Gov’t deficit now $100m from target

The Government is getting further away from its $141 million full-year deficit estimate, the Central Bank revealed yesterday, with the ‘gap’ to its target standing at more than $100 million at end-February.

SBF deal with Deltec chief’s US bank ‘highly irregular’

FTX’s new US chief yesterday confirmed he is probing a “highly irregular” transaction with Bahamas links where Sam Bankman-Fried’s hedge fund paid an “off the charts” sum to buy into a small American bank.

Insolvent contractor’s staff recover just 10%

The Government and former workers are set to receive just over 10 percent of what they are owed by a Cavalier Construction affiliate, its liquidators have revealed.

Act like a developed country

The World Bank classifies The Bahamas as a “high income, developed country”, while the International Monetary Fund places our nominal wealth per capita as slightly higher than that of Japan. We have, in our independent history, never been a “middle income” country or even close.

Pastors calling for all gambling to be outlawed

AS the Bahamas Christian Council hits out at the government for rushing a gambling referendum, some local pastors are taking it one step further and calling for all gambling participation – including the participation of tourists in casinos – to be outlawed.

Bahamas Waste profits beat forecast 7%

Bahamas Waste’s $269,784 2012 first quarter net income beat its own internal projections by 7 per cent, Tribune Business was told yesterday, with a $200,000 cash flow increase during the period leaving it well-placed to repeat last year’s dividend this year.

Investors in $18m boost as bank beats target 10%

Commonwealth Bank yesterday said it beat 2022 profit targets by 10 percent as it used its record net income to return $18m to shareholders via two extraordinary dividend payments.

Crypto exchange giant FTX collapses, files for bankruptcy

NEW YORK (AP) — It took less than a week for FTX to go from the third-largest cryptocurrency exchange in the world to bankruptcy court.

Fidelity ‘not revising’ $16m profits target

Fidelity Bank (Bahamas) yesterday said it is “not revising” its $16m profit target for the 2023 full-year despite its bottom line for the first nine months slumping by 31.5 percent year-over-year.

Bahamas cool over IMF interest rate rise nudge

THE Bahamas has reacted coolly to persistent nudging from the International Monetary Fund (IMF) that it should raise short-term interest rates to narrow the gap with those in the US.

Stopover tourists strike 94% pre-COVID levels

TOTAL air arrivals to The Bahamas in May hit 94.2 percent of pre-COVID’s 2019 high, the Central Bank revealed yesterday, with overall visitor numbers for the first five months of 2023 some 68 percent ahead of last year.

Sebas’s property group in ‘extraordinary growth’

Sebas Bastian’s property development and construction group boasted $83 million in assets under management at year-end 2015, having made an extremely fast transition from start-up to profitability.

Consumer chief to banks: ‘We can’t take all of this’

The Consumer Protection Commission’s chairman is openly questioning whether Bahamians benefit from foreign-owned banks, and urged this country to “get to the position where we say enough; we can’t take all of this”.

AML chief’s concern on ‘awful’ Freeport economy

AML Foods is expressing concern that Freeport’s “awful” economy could drag down previously strong sales growth, its chief executive saying reports of the city’s unemployment levels were “staggering”.

Cable ‘turning corner on plan’ despite $31m loss

Cable Bahamas’ top executive yesterday said Aliv and its Florida investments will “turn the corner on plan” within the next 12-18 months despite a near-$31 million half-year loss.

Bahamas suffers 3-2 loss to Switzerland

It was a valiant effort by Team Bahamas in their FIFA Beach Soccer World Cup debut, but a late surge in the third period fell just short.

Tourism ‘weakens’ as LPIA traffic off 6.5%

The Central Bank believes Bahamian tourism industry performance in the 2017 first quarter “weakened” compared to last year, with passenger traffic at Lynden Pindling International Airport (LPIA) down 6.5 per cent.

The Tribune

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