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Cable chief ‘bullish’ despite $17m losses
Cable Bahamas’ top executive yesterday said the company remains “very bullish” on its growth and future earnings prospects, despite suffering a near-$17 million net loss for the 2017 first quarter.
YOUR SAY: Why robust social protection is key to poverty alleviation
The Bahamas has seen an unprecedented amount of challenges over the last few years which have highlighted many infractions in its system of governance, policies and overall national development.
Govt takes just 1/3 of BOB bond
The Government took up just one-third of Bank of the Bahamas’ controversial $30 million bond issue, which is now at the centre of the latter’s regulatory dispute with the Central Bank.
DPM: BOB rescue ‘hasn’t worked’ as losses grow 61%
The Deputy Prime Minister yesterday declared that all efforts to rescue stricken Bank of the Bahamas (BOB) have “obviously not worked to-date”, after the insolvent institution’s losses jumped 61 per cent for the 2017 financial year to-date.
Realtor’s ‘staggering’ Q1 sales volume rise
A leading realtor yesterday revealed his firm had seen a “staggering” year-over-year increase in 2017 first quarter sales volumes, with the new government’s election provided “a great opportunity” to further grow the Bahamian market.
MAB chief: Don’t repeat NHI ‘ram down our throats’
The Medical Association of the Bahamas (MAB) president yesterday urged the new government to be “more honest and open” over healthcare reform than its predecessor, which he accused of “ramming NHI down our throats”.
FamGuard sees 103% increase in Q1 profits
Family Guardian’s parent yesterday reported a 103 per cent year-over-year increase in 2017 first quarter net income, after an 11.5 per cent drop in total benefit payouts offset a $1.7 million revenue contraction.
UPDATED: Christie loses Centreville seat by four votes
DESPITE eight consecutive terms as Centreville’s member of Parliament, former Prime Minister Perry Christie’s loss of the seat became official on Friday after an all-night recount revealed that he lost to Free National Movement (FNM) newcomer Reece Chipman.
Next Govt warned: ‘Immediate’ decision required over BOB
FNM politicians, including former prime minister Hubert Ingraham, yesterday warned that the next government will have to “immediately” decide how to resolve the crisis at Bank of the Bahamas (BOB).
BOB in legal battle with Central Bank
Bank of the Bahamas (BOB) is seeking Supreme Court protection from the Central Bank, with the regulator demanding an “immediate” $50 million increase in loan loss provisions and legal action against “politically exposed” bad borrowers.
Benchmark: ‘We’ve turned the corner’
A BISX-listed company yesterday expressed optimism it has “turned the corner”, its principal adding that its settlement with US federal regulators did “not stipulate” the instant redemption of its $5 million preference share capital.
Govt puts Bahamas ‘at tremendous risk’
The FNM’s deputy leader yesterday accused the Government of treating the Public Treasury as “a bottomless pit” through its pre-election spending commitments, warning that it had placed the Bahamas “at tremendous risk”.
Bahamas ‘may need’ vacation rentals tax
The Minister of Tourism yesterday said the Bahamas has to keep a “close eye” on the booming Airbnb vacation rental market, suggesting the Government may have to levy a room tax on it to maintain a ‘level’ playing field’ with the hotel industry.
URCA mandates 15-year renewable payback clarity
Regulators have mandated that Bahamas Power & Light (BPL) alter its renewable energy interconnection agreement to give homeowners certainty of a 15-year payback, and make it clear that ‘fuel charge’ compensation is only temporary.
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.
Bahamas ‘exception’ to region’s tourism growth
The Bahamas has been branded “the notable exception” to the Caribbean’s tourism growth over the past two decades by an IMF paper, which found this nation is not among those most vulnerable to Cuba’s US opening-up.
Insurer 16-17% ahead of target if no Matthew
A Bahamian general insurer yesterday said it would have beaten 2016 profit forecasts “by 16-17 per cent” had it not been for Hurricane Matthew, which blew gross claims 69.4 per cent higher than its previous record.
Baha Mar Heads show ‘Bahamians paying for deal’
Opposition politicians yesterday argued that Baha Mar’s newly-released Heads of Agreement confirms “the Bahamian people are the ones paying for this deal”, and the $101.5 million creditor payout, via tax breaks granted to the project’s new owner.
POLITICOLE: Finding those who represent us in the field of candidates
AT the Progressive Liberal Party (PLP) rally in Exuma, Prime Minister Perry Christie told the people: “We have some of the highest net worth individuals, meaning some of the richest people in the world living in Exuma and in the cays of Exuma.
Baha Mar ‘asset transfers’ VAT and duty free
THE two ‘asset transfers’ necessary to effect Baha Mar’s sale to Chow Tai Fook Enterprises (CTFE) were “exempt from all relevant taxes”, including VAT and Stamp Duty, with the $4.2 billion project’s completion also escaping the 7.5 per cent levy until end-2019.
