Local Business


Tease photo

SUPER VALUE CHIEF: FOOD COST UP 30% – Roberts reveals assessment of 15 common items

Super Value’s principal yesterday said a review of 15 commonly-bought items revealed The Bahamas sustained food inflation of around 30 percent over the past two years, adding: “The customers are re-training us.”

Tease photo

S&P: Austerity ‘likely’ to meet Gov’t debt targets

Standard & Poor’s (S&P) last night argued that the Government will likely struggle to meet its debt reduction targets “without material new revenues, significant cost-cutting or well above average economic growth”.

Tease photo

BPL: We’ve regained 56% of fuel cost ‘under-recovery’

Bahamas Power & Light (BPL) yesterday revealed it had regained 56 percent of its “under-recovered” fuel costs by end-August 2023 while reassuring that surging global oil prices will not derail this strategy.

Tease photo

‘Structural vulnerabilities’ weigh on robust growth

Standard & Poor’s (S&P) yesterday forecast Bahamian economic growth for 2024 will fall back to historical trends at 1.8 percent as it warned that such levels, together with “structural vulnerabilities”, weigh on improved credit ratings.

ArawakX issuers await funds, investor listing

Two companies that raised equity capital through the embattled ArawakX crowd-funding platform yesterday complained that they are either still owed money or have yet to learn who their new shareholders are.

Tease photo

ArawakX dismissed top investor as ‘over his head with Fintech’

ArawakX’s chairman dismissed the company’s largest investor as someone who “can’t use a computer” and was “over his head on Fintech” after he turned whistleblower over its financial, governance and regulatory concerns.

$657k ‘pipeline’ blockage kept ArawakX insolvent

The Bahamas’ first-ever crowd-funding platform was branded “no longer solvent at February 2023” by external auditors who warned that $656,500 in “pipeline” revenue could not be used to restore a “net equity” position.

Tease photo

Retailers ‘not easing up’ on gas margin increase

The Bahamas Petroleum Retailers Association’s (BPRA) president yesterday asserted that the industry is “not easing up” on demands for a margin increase with several dealer “unable to survive” more than another two months.

Tease photo

FTX MEETING CLAIM DENIED BY PM OFFICE: US chief says founder’s father was to meet Davis - but PM was in Egypt

The Prime Minister’s Office last night refuted claims that he was due to meet Sam Bankman-Fried’s father on the day FTX imploded because he was away battling on The Bahamas’ behalf against climate change.

Caribbean’s climate financing need up ‘hundreds of millions’

Caribbean governments and private companies have increased their pursuit of sustainable and climate resilient financing by hundreds of millions of dollars, a senior CIBC FirstCaribbean executive has revealed.

Stronger infrastructure key to climate resilience

Stronger climate resilient infrastructure is critical to the region's future economic prospects, according to presenters at the 2023 Caribbean Infrastructure Forum (CARIF).

Crowd-funder: From $4m to $200m in 14 months

The Bahamas’ first-ever crowd-funding platform purportedly increased in value from just $4.38m to an astonishing $201.75m in just 14 months, it was alleged yesterday, despite accounts revealing a $2.659m “deficit” at end-July 2022.

Tease photo

Petroleum dealers ‘won’t force Govt’s hand’ despite $100 oil

Bahamian petroleum retailers yesterday conceded their margin woes “cannot easily be fixed overnight” and promised “not to force the Government’s hand” with oil prices currently on track to reach $100 per barrel.

Tease photo

PM unveils $500m climate finance plan

The Prime Minister yesterday unveiled ambitions for The Bahamas to raise $500m to bolster its resiliency, and sustainability, against negative climate change impacts in partnership with Resilience Capital Ventures.

Tease photo

‘Room for improvement’: Trade deficit expands 28% to $1.09bn

The Bahamas Trade Commission’s chairman yesterday said “there’s a lot of room for improvement” after this nation’s trade deficit expanded by almost $184m or 28 percent year-over-year to hit $847m in the 2023 second quarter.