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Non-performing loans up $11.7 million in November
Non-performing loans increased by $11.7 million in November, according to The Central Bank of The Bahamas’ (CBOB) Monthly Economic and Financial Developments (MEFD) November 2016 report that was published recently. However, banks’ credit quality...
 
 
BPL’s fuel charge up 21.1% in third quarter
Amid a global increase in oil prices, Bahamas Power and Light’s (BPL) fuel charge firmed by 21.1 percent over the third quarter of 2016 to $11.27 per kilowatt hour (kWh), but declined sharply by 25.8 percent on an annual basis, according to The Cen...
 
 
Central Bank reduces discount rate to 4%
On the heels of The Bahamas being downgraded to “junk status” by credit ratings agency Standard & Poor’s (S&P), The Central Bank of The Bahamas (CBOB) has decided, effective immediately, to reduce the discount rate – the interest rate...
 
 
Central Bank: No pressure on Bahamian dollar following S&P downgrade
According to The Central Bank of The Bahamas, the downgrade by credit ratings agency Standard & Poor’s will “not exert pressure” on the value of the Bahamian dollar and its fixed exchange rate regime with the U.S. dollar. Central Bank Gove...
 
 
Public debt-to-GDP ratio increases to 85.3 percent
The public debt-to-GDP ratio increased to 85.3 percent, according to The Central Bank of The Bahamas’ (CBOB) September 2016 Quarterly Economic Report (QER) published yesterday. Other gross domestic product (GDP) estimates recorded were direct char...
 
 
PM expounds importance of public-private partnerships at groundbreaking
EIGHT MILE ROCK, Grand Bahama – Public-private partnerships enable the government of The Bahamas to avoid borrowing money to construct buildings and establish enterprises, which in turn allows for more employment and growth of the Bahamian economy....
 
 
Flash Friday brings a boost to Grand Bahama economy
The city of Freeport and surrounding areas were abuzz with the introduction of the Grand Bahama Port Authority’s (GBPA) Invest Grand Bahama Small Business Bureau’s “Flash Friday”. The event, which took place on Friday, December 16, emulated t...
 
 
Turnquest: S&P downgrade confirms economy in a mess
Deputy Leader of the Free National Movement (FNM) Peter Turnquest issued a statement yesterday lambasting the Perry Christie administration for the country’s fourth downgrade in four years, which led to a “junk status” designation by credit rat...
 
 
Consolidated Water commits to Windsor Field overhaul
Consolidated Water Co. Ltd., the BISX and Nasdaq-listed water supply company, has committed to an $8.9 million overhaul of the infrastructure at New Providence’s Windsor Field plant, as a term of its recently signed letter of acceptance to oversee ...
 
 
Halkitis: Downgrade means borrowing costs will go up
The recent downgrade to “junk status” by Standard & Poor’s (S&P) is a great “incentive” for the government to reduce borrowing, Minister of State for Finance Michael Halkitis said yesterday. While appearing as a guest on Guardian R...
 
 
S&P downgrade will impact future investments, says Bowe
Chairman of the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) Gowon Bowe lamented the adverse impact on future investments as a result of Standard & Poor’s downgrade of The Bahamas’ sovereign credit rating to “junk” s...
 
 
Opportunity missed to include recommendations in FOI Bill, says civil society groups
A plethora of civil society organizations, 100,000 strong, are declaring that Minister of Education, Science and Technology Jerome Fitzgerald, “missed” an opportunity to include important recommendations in the country’s Freedom of Information ...
 
 
Bill on automatic financial account information exchange passed
The much anticipated Automatic Exchange of Financial Account Information Bill, 2016 was passed unanimously in the Senate yesterday, after its earlier passage in the House of Assembly. The passage of this legislation evidences The Bahamas’ commitmen...
 
 
BPL: Plan to take govt buildings off grid will not impact revenue
Implementing Bahamas Power and Light’s (BPL) plan to take government buildings off its electrical grid, starting next year, will not cause a significant reduction in revenue, the company’s corporate communications manager, Arnette Ingraham, told ...
 
 
Government expresses disappointment in S&P ‘junk’ downgrade
In a statement released yesterday, the Bahamas government responded to credit ratings agency Standard and Poor’s (S&P) “junk” status downgrade of The Bahamas’ credit rating by insisting that this country continues to realize growth-promot...
 
 
Source: No apologies from Christie administration for spending
In the wake of the revelation that The Bahamas’ credit rating has been reduced to sub-investment grade status by Standard and Poor’s (S&P) – due in part to fiscal imprudence by the Bahamas government, according to the sovereign credit ratin...
 
 
Christie addresses workforce productivity at ILM opening ceremony
Prime Minister Perry Christie noted concerns regarding the level of productivity among the Bahamian workforce while speaking yesterday at the official opening of the National Training Agency’s (NTA) Institute of Leadership & Management (ILM) ap...
 
 
Gibson: Clock ticking on decision to increase NIB contributions or cut benefits
The “clock is ticking” for the government to decide to either increase pension contributions or cut down on benefits offered by the National Insurance Board (NIB), according to Minister of Labour and National Insurance Shane Gibson. However, in ...
 
 
Concern after reports CCA servers were hacked, says sources
Eyebrows of parties close to Baha Mar are being raised after China Construction America’s (CCA) servers were reportedly attacked by a U.S.-based hacker who demanded $17,500 for the release of the computer systems. Sources close to Baha Mar told Gu...
 
 
BBSQ: Non-compliant gas pumps found during inspections
According to the Bahamas Bureau of Standards and Quality (BBSQ) Consumers are not receiving the volume of gasoline they pay for at certain service stations. And a scenario could also exist where consumers get more than what they are paying for, leavi...
 
 
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