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Business

 
Bad loans blamed for BOB’s fourth quarter net loss
Bank of The Bahamas (BOB) continues to struggle with bad loans despite what it considers to have been "significant strides made" in its transformation process, as the bank saw an increase in net loan loss provisions of $20.1 million compared to the s...
 
 
BIA exec questions legality of NHI in its current form
Another Bahamas Insurance Association (BIA) executive has pegged National Health Insurance (NHI) as operating illegally in its current form, despite the universal health insurance scheme already having 25,000 people enrolled. Deputy Chairperson of t...
 
 
J.S. Johnson reports income decline; still reeling from Matthew
J.S. Johnson Insurance company is still reeling from the effects of Hurricane Matthew on its bottom line, the company said in recently released second quarter results, reporting an income decline of 17 percent. According to the company, income decli...
 
 
Employee recruitment drive has started at Baha Mar’s SLS
Baha Mar has already begun recruitment for the SLS property, which is expected to open on November 7, Baha Mar Senior Vice President of Government and External Affairs Robert "Sandy" Sands told Guardian Business yesterday. One of the tower's restaura...
 
 
NCTUB: Austerity measures that could affect workers being monitored
The National Congress of Trade Unions of The Bahamas (NCTUB) warned the government in a press statement this week that it was taking note of any measures that could affect workers and carefully scrutinizing them. At the top of the NCTUB's list is th...
 
 
Aliv continues rollout with upcoming opening of Bimini flagship store
Aliv has arrived in Bimini and will be carrying out the opening of its flagship Bimini store this Friday, the company said in a press release yesterday. The company has revealed that, to date, it has more than 70,000 subscribers. Chief Aliv Officer ...
 
 
D’Aguilar wants better deal for shore excursion companies
Minister of Tourism Dionisio D'Aguilar vowed to explore how he and his ministry can get cruise ships to offer shore excursion companies more take-home revenue. Last week, speaking to a room full of tourism industry professionals, D'Aguilar said typi...
 
 
Central Bank notes improvement in banks’ profitability, credit quality
The Central Bank of The Bahamas' (CBOB) Financial Stability Report for December 2016 revealed that banks' credit quality improved in 2016, due in part to the financial institutions offloading bad loans and to the previous government's "modest" Mortga...
 
 
Slight revenue decline for Consolidated Water
Consolidated Water (CW), the company responsible for much of The Bahamas' water supply through desalination plants, reported total revenues for the second quarter of 2017 at $15.3 million, which was slightly below the $15.4 million it reported in the...
 
 
Expedia: Bahamas likely to attract high Labour Day travel traffic
Travel booking website Expedia has pegged The Bahamas as one of those destinations most likely to attract high Labour Day travel traffic thanks to attractive package deals to the destination. According to Expedia, Labour Day is one of the busiest U....
 
 
Three firms to receive capital injection from $1 million fund
Three companies are slated to receive capital from a new investment fund called The Investment Group (TIG). The three companies signed memoranda of understanding (MoU) with TIG last week at a launch ceremony for the fund at the British Colonial Hilt...
 
 
Central Bank notes positive stress test results for financial services sector
The Central Bank of The Bahamas (CBOB) Financial Stability Report for December 2016 heralds a positive outlook for a large part of the financial services sector, given positive stress test results. In October 2016, CBOB facilitated the private secto...
 
 
Colina Holdings reports strong mid-year financial results
Colina Holdings Bahamas Limited (CHBL) is reporting "strong" mid-year financial results "reflecting a continued positive trajectory for 2017". In a press statement released last week, CHBL reported total net income for the first half of 2017, ending...
 
 
Marked increase in debit, credit card transactions
The Central Bank of The Bahamas (CBOB) noted, in its Financial Stability Report for December 2016, a marked increase in the use of debit and credit cards, though it noted cash and checks remain important modes of payment in this country. CBOB called...
 
 
New legislation discussed at financial services industry forum
The Securities Commission of The Bahamas told financial and corporate service providers about its progress in overhauling the legislation governing the sector at a well-attended industry briefing recently. The briefing was held at the British Coloni...
 
 
BTC’s mobile subscriber base down by 24,000
The Bahamas Telecommunications Company (BTC) has suffered a loss of 24,000 mobile subscribers since mobile competitor BeAliv Ltd. entered The Bahamas’ telecoms market last year in November, according to second quarter financial results released by ...
 
 
Bahamas informal sector 20%-30% of total economic activity, notes IDB
A recent study by the Inter-American Development Bank (IDB) estimated the size of The Bahamas’ informal sector at 20 to 30 percent of total economic activity. The research paper titled, “Estimating the size of the informal economy in Caribbean s...
 
 
D’Aguilar: Average spend per visitor too low
The Bahamas’ tourism industry has a “problem, and we have to figure out how to fix that problem”, Minister of Tourism Dionisio D’Aguilar told a room full of tourism stakeholders yesterday. They all agreed that the product is headed for troubl...
 
 
Bahamas signs tax collection MOU with Airbnb
The Bahamas signed a memorandum of understanding with vacation home rental giant Airbnb yesterday, that will see Bahamians who rent their homes and rooms on the site, paying some sort of tax on their accommodations. Minister of Tourism Dionisio D’...
 
 
Hill: BPL not part of talks between former govt, New Fortress Energy
Bahamas Power and Light (BPL) CEO Pamela Hill explained yesterday that she could not comment on negotiations between the former government and New Fortress Energy because the deal was not one “BPL had led or was engaged in”. The former Progressi...
 
 
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