business@tribunemedia.net
THURSDAY, DECEMBER 8, 2022
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Debt consolidation ‘uptick’ as credit reports double By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FIDELITY Bank (Bahamas) doubled the number of debt consolidation-linked credit reports it requested for November, its top executive revealed yesterday, as it targets a “flat” loan book outcome for the fourth quarter. Gowon Bowe, the BISX-listed lender’s chief executive, told Tribune Business it had “certainly seen an uptick in the number of people applying for debt consolidation loans” as persons seek to straighten out their overleveraged finances before they can obtain new credit. Acknowledging that the month-over-month credit report requests doubling was a sign many Bahamians remain in financial stress, he added that the
• Flat Q4 loan book will be Fidelity chief’s ‘victory’
ability of the country’s first-ever credit bureau to provide a more complete picture of a borrower’s financial affairs will eventually increase private sector lending by the commercial banks. The Fidelity chief also told this newspaper that he is targeting a “conservative” fourth quarter outcome where the bank’s loan book shrinks no
further than its endSeptember position of $383.102m. This is despite the traditional increase in loan demand, and extension of credit, in the run-up to Christmas as persons seek extra financing to meet enhanced needs. “Arresting the contraction” in the loan portfolio will represent “victory”, Mr Bowe said, adding that the lender is targeting a
THE Government should begin examining “in a very deliberate fashion” the immigration status held by embattled FTX chief, Sam Bankman-Fried, and his close associates, the FNM chairman said yesterday. Dr Duane Sands told Tribune Business it would be “an interesting study” to find out what status the crypto currency exchange’s co-founder, and his senior executives, hold as numerous questions surround whether their permits were “fast tracked”.
DR DUANE SANDS Pointing out that those present in The Bahamas on work permits hold their status for a role that no longer exists, and therefore should be moving to windup their affairs and leave the jurisdiction, he added
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Judge rejects ex-minister’s ‘boutique resort’ evidence By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SUPREME Court judge has rejected evidence from a former Cabinet minister alleging that a Staniel Cay homeowner “circumvented” environmental requirements in constructing a property “typical of of a boutique hotel”. Justice Neil Brathwaite, in a written ruling dated December 6, 2022, but released yesterday, said he “preferred” the assessment provided by Janeen Bullard to that given by Romauld Ferreira, minister of the environment in the former Minnis administration, on behalf of a group of homeowners challenging
the Certificate of Environmental Clearance (CEC) obtained by Kevin Doyle and DeepBlue Properties. In particular, he found that Mr Ferreira’s assertion that DeepBlue Properties had cleared its “entire property” was contradicted by photographic evidence “which shows vegetation intact at various points of the site”. Justice Brathwaite also hinted the former minister’s findings that “dumped material” came from Mr Doyle’s project were unsupported, while his report also ignored that a property owned by one of his clients had similar “setback issues”.
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Marinas suffer 40% or more business plunge By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net
GOWON BOWE 25-25 percent return on equity for the 2022 fullyear and also experiencing a further surge in card services demand from merchants eager to ensure they have the capacity to process card and other digital payment forms this Christmas. Emphasising that Fidelity Bank (Bahamas) remains focused on quality
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FNM chairman queries FTX chief’s local status By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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• Decline blamed on VAT imposition on yacht charters
• Xmas loan demand returns to pre-COVID levels • Merchants impose ‘pressure’ over card services
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BAHAMIAN marinas were yesterday said to have suffered up to a 40 percent or more decline in business that is being blamed on VAT’s imposition on yacht charter fees. Basil Smith, the Association of Bahamas Marinas (ABM) executive director, told Tribune Business that all but one marina has reported a plunge in vessel traffic for the winter season to-date with vessel owners and operators saying they prefer not to deal with the bureaucracy and red tape that comes with having to register their vessels to pay the 10 percent levy. “I’ve been in touch with ten members and every last one of them said business is
down severely, except for one single exception that says he’s doing OK, but that is the only one that has given me a positive response,” Mr Smith said. Some major marinas were reported to be down by as much as 60 percent. “The one that is up said he is up by 30 percent, but the rest of them are saying they are down dramatically and one said it was precipitously. This was cited to me: One marina was down 40 percent and another said they were down 60 percent,” Mr Smith said. The imposition of VAT on yacht charter fees in the 2022-2023 Budget was said to be behind this “lack of competitiveness” for The Bahamas, with many yachts “deciding to head further
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