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February 26, 2024
FOCOL launches $25 million rights offering to fund expansion plans
NASSAU, BAHAMAS — FOCOL, the BISX-listed petroleum products supplier, has launched a $25 million right offering to support its expansion plans. Colina Financial Advisors Ltd (CFAL) recently announced the commencement of the Secondary Rights Offering exclusively for current shareholders of FOCOL Holdings Ltd. (FOCOL) throughout the upcoming month, until March 22. FOCOL aims to generate [...]
February 26, 2024
GB Shipyard projects $250 million annual turnover within five years
NASSAU, BAHAMAS — The Grand Bahama Shipyard projects an annual turnover reaching $250 million within five years, with its top financial executive noting firm reservations extending into 2029. Linda Turnquest, the CFO of Grand Bahama Shipyard, addressed the recent Grand Bahama Business Outlook, highlighting the shipyard's potential for growth. She emphasized the region's lack of [...]
BTC parent anticipates finalizing cell tower deal in first half of year, generating $70 Million
February 26, 2024
BTC parent anticipates finalizing cell tower deal in first half of year, generating $70 Million
NASSAU, BAHAMAS — Liberty Latin America (LLA), the parent company of The Bahamas Telecommunications Company (BTC), plans to conclude the deal allowing it to sell its towers to a third party in the first half of this year, a transaction from which it expects to generate $70 million. The company revealed as much in its [...]
February 23, 2024
Government targeting $25-$50 million from the sale of delinquent properties
NASSAU, BAHAMAS — Financial Secretary Simon Wilson revealed on Thursday that the government aims to generate $25 to $50 million from the sale of delinquent properties. Legislative changes were made in 2022, enabling the Department of Inland Revenue to sell not only vacant land owned by foreigners who have not paid their real property tax [...]
MORE FOR GRAND BAHAMA: Carnival Cruise Lines to invest an additional $100 million in Celebration Key
February 22, 2024
MORE FOR GRAND BAHAMA: Carnival Cruise Lines to invest an additional $100 million in Celebration Key
NASSAU, BAHAMAS – Carnival Corporation has announced plans for an additional $100 million investment in its Celebration Key development, bringing its total investment to $600 million. The world's largest cruise line revealed plans on Thursday for a $100 million pier extension that will double the arrival capacity of Celebration Key, Carnival Cruise Line's new exclusive [...]
February 22, 2024
The Bahamas Shatters Tourism Records with Over 9.65 Million Arrivals in 2023
In an extraordinary display of the strength of our country’s tourism sector, the Bahamas Ministry of Tourism, Investments & Aviation is proud to announce record-breaking visitor arrivals for 2023, which exceeded the forecasted projections.
Tax revenue collections improve by nearly $73 million during first six months of the fiscal year
February 22, 2024
Tax revenue collections improve by nearly $73 million during first six months of the fiscal year
The deficit exceeded the budget forecast by $127.6 million at the halfway mark. NASSAU, BAHAMAS – Prime Minister Philip Davis announced a $72.9 million improvement in tax revenue collections during the first six months of the fiscal year, reaching $1.2 billion, which accounted for 40.1 percent of the budget target. In his mid-year budget statement, [...]
February 21, 2024
PM: Government Losing Hundreds of Millions of Dollars
NASSAU, BAHAMAS - Prime Minister Philip Davis told Parliament hundreds of millions of dollars have been lost yearly through alcohol and tobacco smuggling.
Public sector debt up $191 million in Q2
February 12, 2024
Public sector debt up $191 million in Q2
NASSAU, BAHAMAS — Public sector debt at the end of the second quarter increased by just over $191 million or 1.5 percent over the first quarter performance, according to the Ministry of Finance. "At end-December 2023, public sector debt outstanding was estimated at $12,747.5 million, which corresponded to respective gains of $191.4 million (1.5 percent) [...]
February 09, 2024
$10 million to be invested in 'incubation centers' in the coming year
NASSAU, BAHAMAS — Approximately $10 million will be invested in incubation centers across New Providence, Exuma, and Grand Bahama in the coming year. The almost completed Tourism Development Corporation Incubation Center on Bay Street is poised to house seven small and micro business startups. Deputy Prime Minister and Minister of Tourism, Investments, and Aviation Chester [...]
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