ArawakX urges greater emphasis on FPI to supplement foreign direct investment

NASSAU, BAHAMAS — ArawakX executives say that more emphasis needs to be placed on foreign portfolio investment (FPI) which allows foreigners to invest in local companies. ArawakX executives say this could supplement foreign direct investment (FDI) and directly add to this nation’s foreign reserves.  With the change in the investment landscape in the United States […]

Bread supplier laments commodity price volatility as “new normal”

NASSAU, BAHAMAS — A well-known Bahamian bread supplier yesterday lamented the price volatility and availability of necessary commodities, telling Eyewitness News, “this appears to be the new normal.” Kimani Smith, Purity Bakery’s general manager said: “The cost of doing business is increasing for everyone. Commodity prices have increased. We are still having challenges with the […]

Government signs Heads of Agreement for $175 million development in the Exuma Cays

NASSAU, BAHAMAS —The government yesterday signed a Heads of Agreement (HOA) with the developers behind a $175 million luxury resort and residential development on Torch Cay – the southernmost tip of the Exuma chain. Prime Minister Philip Davis yesterday described the development being undertaken by PMR Bahamas as a groundbreaking new residential community that promises […]

CEASE AND DESIST: Customs Department to pursue violators of distributorship rights for alcoholic beverages

NASSAU, BAHAMAS- The Customs Department’s top officials issued a “cease and desist” warning yesterday to persons selling alcoholic beverages in the Bahamian market in violation of distributorship rights. Ralph Munroe, Customs Comptroller during a media briefing at the Office of the Prime Minister yesterday acknowledged that the Customs Department has received complaints on the issue […]

NO SPECIAL TREATMENT: Sam Bankman-Fried in maximum security sickbay with five other men

NASSAU, BAHAMAS — Bahamas Department of Correctional Services acting Commissioner of Corrections Doan Cleare has confirmed that embattled former FTX CEO Sam Bankman-Fried is currently in the sick bay of the maximum security block with five other men. Cleare told Eyewitness News that the 30-year-old disgraced billionaire seemed to be in good spirits when he […]

Former FTX CEO Sam Bankman-Fried fights US extradition, denied bail

NASSAU, BAHAMAS — Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, was yesterday remanded to the Bahamas Department of Correctional Services as he fights extradition to the United States. Citing his access to “substantial finances”, Chief Magistrate Joyann Ferguson-Pratt said she did not believe there was any bail condition she could impose that would […]

SEC complaint alleges Bankman-Fried orchestrated scheme to defraud investors of billions for speculative investments and to grow crypto empire

NASSAU, BAHAMAS — The US Securities Exchange Commission (SEC) has charged disgraced former FTX CEO Sam Bankman-Fried with orchestrating a scheme to defraud investors of billions of dollars which he diverted to his Alameda Research crypto hedge fund for his own personal benefit and to help grow his crypto empire. The regulator claims that since […]

New FTX CEO says liquidation process in The Bahamas lacks transparency, alleges pushback from government and regulators

NASSAU, BAHAMAS — FTX CEO John Ray III in a congressional hearing into the company’s collapse yesterday slammed The Bahamas’ company liquidation  process as lacking transparency, claiming that the ‘pushback’ being received from the Bahamian government and regulators was ‘extraordinary’ and ‘irregular.’  Ray was addressing a House Financial Services Committee hearing into the collapse of the […]

Former FTX CEO Sam Bankman-Fried arrested

NASSAU, BAHAMAS — Former FTX CEO Sam Bankman-Fried (SBF) is expected to appear before a magistrate today after police arrested him over the alleged breach of various financial offenses related to the collapse of the crypto exchange. In a statement, Attorney General Ryan Pinder confirmed the arrest followed the receipt of a formal request from […]