Share this page on Facebook
Press Releases
Ministry of Finance: Moody’s maintains Bahamas’ ratings outlook
Submitted by BIS   
Tuesday, 01 September 2015 08:22

NASSAU, Bahamas -- Today Moody’s Investor Services upheld The Bahamas’s investment grade credit rating and the stable ratings outlook. Moody’s expressed confidence that The Bahamas is on course to see a reduction in its debt burden over the near and medium-term.

To the credit of the Government’s fiscal reform process and the improving economic outlook, the ratings agency’s assessment keeps the Bahamas appropriately paced amongst its international peers, notwithstanding the Baha Mar construction delay.

In this regard, it is worth emphasizing, again, that the Government is committed to securing a timely resolution and completion of the Baha Mar project, in a manner that would serve the best interest of the country.

The Ministry of Finance acknowledges that a deepening of the reforms, including persistence in expenditure discipline would reduce the ongoing vulnerabilities highlighted by Moody’s. The Government, while being patient, will redouble its efforts to advance initiatives that boost private sector confidence and stimulate employment.

 
CIBC FirstCaribbean records highest quarterly net income since the second quarter of 2010
Submitted by Chauntez Wilson   
Tuesday, 01 September 2015 07:26

BRIDGETOWN, Barbados -- CIBC FirstCaribbean today announced its results for the third quarter of this fiscal 2015, recording its highest quarterly net income since the second quarter of fiscal 2010.

The Bank continued to deliver solid results against its strategic objectives of accelerating profitable revenue growth and improving operational efficiency by recording net income of $34.8 million in the third quarter, up $11.4 million or 49% over the prior year’s third quarter net income of $23.4 million.

For the nine month period ended July 31, 2015, net income was $87.0 million, up $31.9 million or 58% over prior year’s adjusted net income of $55.1 million for the same period.

Total revenue during the third quarter of fiscal 2015 increased by $7.1 million compared to the second quarter of fiscal 2015. Total revenue over the nine month period was down $7.9 million year over year primarily due to lower interest earnings from loans and securities. Some countries continue to experience low credit demand, additionally interest margins on loans and securities yields were lower.

While productive loans balances are down slightly over the prior year, an improved performance over the second quarter of 2015 was recorded with $80.6 million in loan growth as a larger proportion of the sales pipeline was converted into productive loans during the latter half of this quarter. Operating expenses over the nine month period were down by $3.0 million compared with the same period last year as we continue to benefit from expense control initiatives and savings from our restructuring program.

Read more...
 
Gradual weakening expected of Hurricane Fred off West Africa
Submitted by NEMA Bahamas   
Monday, 31 August 2015 11:50

NASSAU, The Bahamas - THIS IS A NEWS ITEM ON HURRICANE FRED ISSUED BY THE BAHAMAS DEPARTMENT OF METEOROLOGY FORECAST OFFICE SECTION, AT NOON, MONDAY, 31ST AUGUST, 2015.

STRONG WINDS AND HEAVY RAIN SPREADING NORTHWESTWARD ACROSS THE NORTHERN AND NORTHWESTERN CAPE VERDE ISLANDS.

AT 11AM, THE CENTER OF HURRICANE FRED WAS LOCATED NEAR LATITUDE 16.4°NORTH AND LONGITUDE 23.7° WEST OR ABOUT 45 MILES –EAST SOUTHEAST OF RIBEIRA BRAVA IN THE CAPE VERDE ISLANDS.

FRED IS MOVING TOWARD THE NORTHWEST NEAR 12 MPH AND THIS GENERAL MOTION IS EXPECTED TO CONTINUE THROUGH TONIGHT. A TURN TOWARD THE WEST-NORTHWEST IS EXPECTED ON TUESDAY. ON THE FORECAST TRACK, THE CENTER OF FRED IS EXPECTED TO PASS NEAR OR OVER THE NORTHWESTERN CAPE VERDE ISLANDS LATER TODAY.

MAXIMUM SUSTAINED WINDS HAVE INCREASED TO NEAR 85 MILES PER HOUR (MPH) WITH HIGHER GUSTS. LITTLE CHANGE IN STRENGTH IS EXPECTED THROUGH EARLY TONIGHT WHILE FRED MOVES THROUGH THE CAPE VERDE ISLANDS.

GRADUAL WEAKENING IS FORECAST TO BEGIN ON TUESDAY.

 
Cellular Liberalization Task Force announces resumption of the Phase 2 spectrum auction
Submitted by BIS   
Monday, 31 August 2015 08:34

NASSAU, Bahamas -- The Cellular Liberalization Task Force (the Task Force) advises that on August 19, 2015, the Utilities Regulation and Competition Authority (URCA) resumed Phase 2 of the competitive selection process for the second cellular mobile provider. The auction itself will take place during the month of September.

Background

On April 29, 2015 the Task Force announced that Cable Bahamas Ltd. (CBL) and Virgin Mobile (Bahamas) Limited (VMBL) had both moved forward to the auction phase of the selection process, which was scheduled to be conducted by URCA in May.

Postponement and Resumption of Auction

It will be recalled that in April, URCA launched an investigation into the purpose of several electronic communications towers that had been or were being constructed by CBL throughout New Providence.

Subsequently URCA advised the Task Force that matters arising in the investigation had the potential to impact the selection process, and that it was advisable to postpone Phase 2 of the selection process pending their full consideration and determination.

Read more...
 
DNA commentary: PLP crime strategy = much of the same
Submitted by the DNA party   
Monday, 31 August 2015 08:31

After months of escalating gang violence, near double digit homicides, multiple international travel warnings by the US, UK and Canada – the most recent of which was issued just last week – as well as a recent spate of police involved shootings, National Security Minister Dr. Bernard Nottage has finally broken his silence on the terror which has gripped our communities. After months of waiting for this Christie led administration to outline its plan of action in dealing with the scourge of crime, Bahamian families who have been impacted by the criminality facing our country and those who live in fear of being next on the list of the criminal element were deeply disappointed by the Minister’s hollow promises and political rhetoric.

The Minister began his address by citing the importance of valuing the Rule of Law. Ironically enough however, this administration, like the ones before it, has failed at every turn to do just that. In fact, I dare say that the complete lack of respect shown for the laws of this country by those in the executive and legislative arms of government has only served to embolden the criminal element. In recent weeks, reports of alleged corruption and conflicts of interest involving both FNM and PLP members of Parliament have been plastered across local news media and even now 3 years into this term in office scores of government ministers have failed to adhere to important laws on public disclosure. It is therefore hypocritical for this administration and members of the opposition to demand adherence to the law when they themselves have flouted the law at every turn; doing so without consequence.

After admitting to interfering in a judicial matter involving one of his constituents, MICAL MP V. Alfred Gray walked away with nothing more than a slap on the wrist. Even more disturbing in that matter was the fact that PM Perry Christie was not prepared to take immediate action against him, in fact it was Mr. Gray who recommended to the PM that he step down from his post as Local Government Minister.

Read more...
 
<< Start < Prev 1 2 3 4 5 6 7 8 9 10 Next > End >>

Page 2 of 323