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 […]
Tag: Nassau Bahamas
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 […]
Bankman-Fried pleads not guilty in FTX fraud case
NASSAU, BAHAMAS — FTX founder Sam Bankman-Fried pleaded not guilty in a Manhattan federal court yesterday to charges that he defrauded investors and illegally diverted a massive amount of customer deposits to his Alameda Research crypto hedge fund for his own personal benefit and to help grow his crypto empire. Judge Lewis A. Kaplan set […]
Pintard to URCA: ‘Come clean’ on BPL price hike ruling
FNM leader suggests class-action lawsuit possible NASSAU, BAHAMAS — Opposition leader Michael Pintard has urged the Utilities Regulation and Competition Authority (URCA) to “come clean” on its BPL fuel rate increase decision, asserting that there is a “disconnect” between what is allowed by law and what BPL has been allowed to do by the regulator. […]
Chamber: Get cost of living ‘in line’ to alleviate wage concerns
NASSAU, BAHAMAS — The Chamber of Commerce’s top labour specialist yesterday suggested getting this getting the cost of living in this nation ‘in line’ and eliminating the tax burden on Bahamians are key areas that must be addressed in alleviating wage concerns in the country. Peter Goudie, who heads The Bahamas Chamber of Commerce and […]
SO LONG SAM: Former FTX CEO Sam Bankman-Fried extradited to the US
NASSAU, BAHAMAS — Former FTX CEO Sam Bankman-Fried was extradited to the United States last night bringing an end to the days-long speculation over whether he would continue to fight extradition to face charges for wire fraud and related offenses over the collapse of the crypto exchange. Minister of Foreign Affairs Fred Mitchell, who is […]
FTX investors file writ against former CEO Sam Bankman-Fried and others
NASSAU, BAHAMAS — Several FTX investors have filed a writ in Supreme Court accusing the company’s founder and former CEO Sam Bankman-Fried and his co-conspirators of orchestrating a massive years-long fraud to divert billions of customer funds for his own personal use and to help grow his crypto empire. The writ seen by Eyewitness News […]
Junkanoo police manpower increased amid overcrowding concerns
NASSAU, BAHAMAS — With Junkanoo tickets sold out well over a week ahead of the annual Christmas/Boxing Day parade, Minister of Youth, Sports, and Culture, Mario Bowleg said that they expect to see overcrowding as many people tend to stand up and watch the parade if they did not get tickets in time. With this […]
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 […]
Rotary gifts Bahamian Ph.D. candidate $7k in funding
NASSAU, BAHAMAS — A Bahamian Ph.D. candidate has been selected by the Rotary Clubs of The Bahamas (RCOB) for a scholarship that will help him study at a top-ranked global school in Madrid. Trevor Johnson, who is pursuing an advanced degree in Crisis, Disaster and Emergency Management, attended IE University and Business School in Madrid, […]
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 […]
Pintard refutes BPL $40 million fuel hedge price tag
NASSAU, BAHAMAS — Opposition leader Michael Pintard yesterday in Parliament dismissed suggestions that the government and Bahamas Power & Light (BPL) did not have the $40 million needed to finance fuel hedge trades, arguing that there was “no cost” associated with the execution of those trades. While making his contribution to the Investment Funds Bill […]
Eleuthera family mourns loss of second son in traffic fatality
NASSAU, BAHAMAS — A family in Eleuthera is mourning the loss of their second family member this year who died as a result of a traffic incident. Hatchet Bay resident Jamal McNair, 30, reportedly fell off of the back of a truck as it overtook another vehicle and died on impact. This year the Police […]