The Big Story

NASSAU, BAHAMAS — Lawyers for FTX have filed a complaint in a US bankruptcy court claiming that the company’s Bahamian subsidiary FTX Digital Markets is a legal and economic ‘nullity,’ which had been merely created as a ‘front’ to facilitate fraudulent transfers. In the complaint filed against FTX Digital Markets and its joint provisional liquidators Brian Simms, Kevin Cambridge and...

NASSAU, BAHAMAS — Parliament yesterday suspended debate on the Tourism Development Corporation Bill 2023 as an association representing vacation rental owners in the country is seeking to offer its recommendations to the legislation which it says lacked industry consultation. Parliamentarians were set to debate the legislation yesterday. Theofanis Cochinamogulos, Interim President of The Bahamas vacation Rentals Association in a letter...

NASSAU, BAHAMAS — Following last week's signing of a Heads of Agreement (HOA) for a $25 million high-end, low-impact boutique resort on Sampson Cay in the Exuma chain, the government yesterday signed an HOA for a $550 million luxury development on Cave Cay in the Exumas. The HOA with Cave Cay Limited brings the total level of foreign direct investment (FDI)...

Opposition calls for Hanna-Martin to resign NASSAU, BAHAMAS — Prime Minister Philip Davis last night defended Education minister Glenys Hanna-Martin’s recent comments about the pending deal with Royal Caribbean International (RCI) on Paradise Island as a reflection of her longstanding political advocacy and not a violation of the Ministerial Code.  Hanna-Martin told reporters last week that her position opposing the...

NASSAU, BAHAMAS — Police found the body of a man burnt beyond recognition with gunshot wounds to the head, and lacerations about the body early Saturday morning.  The body was found on a dirt road in the Faith Avenue south area, police said. Police said they were alerted to the discovery on a dirt road in the area of Bone...

NASSAU, BAHAMAS — First Caribbean International Bank (Bahamas) saw a $16.4 million increase in its first quarter results year-over-year. The bank’s managing director Jacqui Bend in a review of results for the three months ended January 31, of this year, noted that the BISX-listed lender had delivered solid results in its first quarter having reported a net income of $28.6...

NASSAU, BAHAMAS — A BISX-listed property and casualty insurer says negotiations for its reinsurance contracts for 2023 proved “especially challenging” due to a combination of regional and global factors which will likely persist for the next 12 months if not longer. Patrick Ward, president, and CEO of The Bahamas First Holdings Group made the observation in a report on the...

NASSAU, BAHAMAS — The Bahamas has lost billions in revenue having failed to properly capitalize on its flats fishing industry, according to Bahamas Fly Fishing Industry Association (BFFIA) president Prescott Smith, Smith argued that there should be a minimum of 1,600 professional guides in the country as he responded to a recent report by the American Sportfishing Association (ASA). In...

NASSAU, BAHAMAS — Deputy Prime Minister Chester Cooper said yesterday that there will be no further public announcements on the sale of the Grand Lucayan Resort until “the money is in the bank.” Cooper, the Minister of Tourism, Aviation, and Investments said that three credible offers have been received from entities that have already undergone preliminary due diligence. He told...

NASSAU, BAHAMAS — Grand Bahama’s Chamber of Commerce president said yesterday that the island needs an overall vision, noting that while it remains poised for serious recovery and development, “we need things to happen and happen quickly.” While addressing the Grand Bahama Business Outlook, GB Chamber of Commerce President James Carey said he is "totally convinced that Grand Bahama remains...

NASSAU, BAHAMAS — A Carnival Cruise Lines executive said yesterday that the company is moving “full steam ahead” on the upland and marina component of its Grand Bahama cruise port development which is expected to welcome its first passengers in the second quarter of 2025.  Juan Fernandez vice-president of port operations for Carnival told the Grand Bahama Business Outlook conference...

NASSAU, BAHAMAS — A Grand Bahama-based sustainability investment platform is working with international partners to raise $10 million to fund and support up to 35 cutting-edge science and technology startups working to mitigate climate change, increase ocean health, and build coastal resilience in vulnerable countries like The Bahamas. Rupert Hayward The Blue Action Accelerator supports blue and green companies that...

NASSAU, BAHAMAS —A Bahamian group called Aerodrome Limited will spearhead the redevelopment of the Grand Bahama International Airport in conjunction with two other partners, according to Deputy Prime Minister Chester Cooper. Cooper revealed that the first phase of the $170 million redevelopment of the Grand Bahama International Airport will be completed no later than the first quarter of 2025 while...

NASSAU, BAHAMAS — Nearly 1,500 vendors have registered on the government’s new procurement platform since its launch last November according to Prime Minister Philip Davis, with the government realizing nearly $3 million in savings from its use. During his contribution to the Public Finance Management and Public Procurement Bills debate, Davis said: “We will also have fully digital public procurement...

NASSAU, BAHAMAS — Opposition Finance spokesman Kwasi Thompson yesterday expressed disappointment in the proposed changes to the Public Procurement Act, the Public Financial Management Act and the Fiscal Responsibility Act, arguing that many of the amendments were ‘regressive”. “We are extremely disappointed with the proposed changes to the Public Procurement Act, the Public Financial Management Act and the Fiscal Responsibility...

NASSAU, BAHAMAS — Doctors Hospital Health System (DHHS) has announced that it has started construction on its new $20 million medical facility in Freeport.   Doctors Hospital has reached an agreement to secure the use of the First Commercial Centre for the purpose of establishing a new 25-bed state-of-the-art hospital on the island. The building was acquired for use by...

GENEVA, SWITZERLAND — Bahamian UN CEDAW member, human rights expert and attorney, Marion Bethel, played a pivotal role in a landmark ruling for Filipina sexual slavery victims during the 84th session of the United Nations Committee on the Elimination of All Forms of Discrimination against Women. Marion Bethel Bethel served as one member of five of the Working Group on...

Rolle granted $150k bail NASSAU, BAHAMAS — Former Youth, Sports, and Culture Minister Lanisha Rolle was charged with one count of bribery and 14 counts of conspiracy to commit fraud by false pretenses related to contracts awarded by that ministry and the National Sports Authority. Rolle, her husband Vontenken Rolle, and three others, Alfred Milton Mortimer, Godfrey Luke Burrows, and...