Search results for : Deposits
RBC Finco reports nearly 48 percent decline in net income for 2023, amounting to $21.1M
April 29, 2024
RBC Finco reports nearly 48 percent decline in net income for 2023, amounting to $21.1M
NASSAU, BAHAMAS — RBC Finco saw a nearly 48 percent drop in net income for 2023, which, according to the BISX-listed mortgage lender's chairman, was primarily driven by lower releases of provisions for credit losses compared to the prior year. Chris Ronald noted to shareholders in the mortgage lender's 2023 annual report that for the [...]
April 24, 2024
CENTRAL BANK: "Steady progress" being made toward cheque usage reduction goal
Steering committee on cheque reduction endorses strategy to strengthen domestic payments environment NASSAU, BAHAMAS — The Central Bank said yesterday that 'steady progress' is being made toward the goal of reducing cheque usage in the country, noting that a legal opinion outlining the optimal approach to implementing regulatory changes necessary to support a reduction in [...]
North Andros Chamber seeking to bolster digital payment education amidst banking decline
April 11, 2024
North Andros Chamber seeking to bolster digital payment education amidst banking decline
NASSAU, BAHAMAS — The President of the North Andros Chamber of Commerce says that the chamber is exploring the possibility of hosting an educational expo to raise awareness and provide guidance on digital payments, assisting residents in transitioning away from traditional banking systems, which have shown signs of decline and may not maintain a presence [...]
Kamalame Cay finds success with SandDollar payroll
March 14, 2024
Kamalame Cay finds success with SandDollar payroll
NASSAU, BAHAMAS — On many of the family islands where there is limited to virtually no commercial banking presence, businesses are turning to approved digital payment solutions providers and utilizing the SandDollar as a means to quickly, safely, and efficiently process payroll and make necessary purchases. Portland Bain, Chief Financial Officer at Kamalame Cay, who [...]
March 11, 2024
Labour Minister confirms Deltec to teriminate 23 employees, 11 let go last week
NASSAU, BAHAMAS — Deltec has indicated its intention to terminate 23 employees, with 11 already let go last week, as confirmed by Labour and Public Service Minister Pia Glover-Rolle. Deltec has not commented on the matter. The reasoning behind the layoffs remains unclear, but speculation suggests they may stem from the fallout of the FTX [...]
March 01, 2024
CANCEL THE DEAL: Opposition condemns air freight terminal outsourcing arrangement
NASSAU, BAHAMAS — The Opposition has strongly condemned and called for the cancellation of a reported $25 million airfreight terminal outsourcing arrangement at Lynden Pindling International Airport, suggesting that it would impose an additional tax burden on Bahamians. "What is reported cannot be defended. It simply cannot be that the government has signed onto a [...]
Deltec denounces "meritless" allegations in new lawsuit, asserts it had no prior knowledge of FTX misconduct
February 19, 2024
Deltec denounces "meritless" allegations in new lawsuit, asserts it had no prior knowledge of FTX misconduct
NASSAU, BAHAMAS — Deltec says that it will vigorously defend against what it deems as "meritless claims" amidst allegations in a new lawsuit, with the bank maintaining that it did not know about FTX misconduct. The lawsuit alleges that Sam Bankman-Fried's Alameda Research artificially inflated the growth of the cryptocurrency Tether using a secret short-term [...]
December 28, 2023
Foreign currency outflows see $70 million contraction in November year-over-year
NASSAU, BAHAMAS — Foreign currency outflows saw a $70 million contraction during November relative to the same period in 2022, according to the Central Bank, with transactions for debit and credit cards in particular declining by just over $53 million. The Central Bank in its Monthly Economic and Financial Development report for November, ind that [...]
Underwater photographer calls to regulate chumming
December 22, 2023
Underwater photographer calls to regulate chumming
A POPULAR underwater photographer joined calls to regulate chumming following a shark attack that killed Lauren Erickson Van Wart, 44, two weeks ago as she paddle-boarded three-quarters of a mile off Sandals Resort.
December 18, 2023
Sand Dollars in circulation increase to $1.46 million
NASSAU, BAHAMAS — The volume of the Sand Dollar digital currency in circulation increased to $1.46 million as of November, representing an approximately 40 percent increase over the first 11 months of the year, according to the Central Bank. Through September, 117,610 digital wallets were reported to be in use, an increase of 25 percent [...]
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