Of course I was referring to RBC - Finco (local) when I was comparing it to BoB. Their shares have fallen to $10.00 but I understand that it went back up to $11.00 in recent weeks. Our biggest problem is that we don't support things Bahamian and we have been brainwashed to believe that once something is run by the government it is doomed to fail. We must remember that each and every Bahamian is a shareholder of BoB and the welfare of National Insurance is somewhat vested in the success of BoB. Likewise we, the people, are the power of the government. When we sit back and accept mediocre, then we will get a lousy, corrupt and incompetent government. When we hold them to account there will be transparency accountability and successful governance. Had President Obama not had faith and confidence in America and bailed out the auto industry, that industry would have been mothballed by now and the windows dark. Additional thousands of Americans would have been without work. But not only has Americas auto industry made a dramatic and highly profitable recovery, but this industry will set new records of success and profitability if consumer confidence can be restored and they are convinced that $154.00 oil is a thing of the past. The big profits are in full size and luxury vehicles. Likewise BoB should be given a chance to recover and not be written off as long as there is light at the end of the tunnel and is appears to be accessible.
Can you confirm RBC's profitability by saying when was the last time they paid dividend. can you also confirm or deny that their share price fell by at least 10% since January 2015. BoB was a bank that valued over $1 billion not too long ago, but yes it was raped and raided by political pirates and cronies. But now the situation of massive hemorraging has been harnessed and there is chance for the bank to recover. The sector of government that is running BoB is not the same one that is monitoring it. In essence your position is that government cannot also operate a successful judicial system because it will be compromised the same way. Don't be misleading by saying my information is inaccurate without substantiating what you say.
The Central Bank has made a judgement call on BoB. Allowing it leverage to reorganize and return to profitability as opposed to tightening the screws and forcing the bank to shut its doors. Wouldn't that lead to even more loss of confidence in the Bahamas government if the bank closes? And what about the loss to National Insurance? Obviously the Central Bank realizes the critical need to keep the bank afloat and so it has given it some degrees of freedom against the backdrop that (1) it is under new management (2) there is s new board of directors and most significantly (3) the bank is showing signs of recovery. My reference to RBC is that it is the largest bank in the country, handling all the government's business but is is still incurring losses, despite significant downsizing. The point is the problems of non profitability is not exclusive to BoB.
In an effort to return to profitability the bank must continue to cut its loan losses and its operational losses. Seems that they are making efforts in this vein to do this. Hopefully they can also get their operational revenue up while keeping a cap on their cost of operations. And then see some profitability. The biggest problem is that while many banks have large volumes of non-performing loans on their books, making new loans is difficult because banks have increased their requirements and so many people cannot meet them as the economy remains lean and almost stagnant. Can Mr. Keith Davis say what happened to the RND shares? Last word was several years ago when they were transferred to Colina Real Estate. Are they filing on time and shouldn't they be in a position of profitability now with all the property leased out?
The fact is that when the economy was in recession prices remain significantly high and some even increased. Many persons were unemployed and quite a number lost their homes and vehicles to banks. So there was little recovery and none in some economies. So it was really a period of stagflation. Now that the economy is headed back in its downward cycle commodity prices, headed by oil, along with consumer prices, after a poor winter/holiday season are headed down. But yet consumer confidence is low and spending remains weak. Central banks have resorted to negative interest rates to stimulate their economies. If spending temsins low, prices continue to fall and banks continue to charge then the world can experience a very severe economic depression.
The chances of VAT coming down are slim to none. The Bahamas already has among the lowest bat in the Caribbean and now US States are looking to replace their sales tax with VAT. What is supposed to happen in the Bahamas is customs duties and other taxes(like business license taxes) are supposed to be continually reduced and eventually eliminated once the favorable vat rate is achieved. But one must rembrer that the world economy is on a cycle. Seven years of growth then the period of decline. The downward cycle is coming into effect while the economy has not recovered from the last one. This is a double whammy for world economies and individuals alike
The Zika virus continues to mutate and become a more life threatening disease. It has now been linked to some 30 cases of creeping paralysis in Brazil. The patient slowly loses control of all their muscular activities until they get to a point where they cannot breathe on their own or even blink their eyes. They have to be given oxygen along with other life sustaining drugs and recovery is slow and uncertain. One doctor is referring to this new strain of the virus as 'Zika plus.'
Does the US still have the moral authority to seize and arrest persons trafficking in marijuana? now that tons and tons of weed is being cultivated, processed, distributed and smoked in that country. The Bahamas seems to be caught up in the weave of decision making again. While I don't advocate the outright legalization of marijuana, it should at least be decriminalized for small amounts. Yes there is a great problem of substance abuse in this country, but when someone who is a victim of drug abuse gets a criminal record and cannot get employment, that complicated the problem even more.
John says...
Of course I was referring to RBC - Finco (local) when I was comparing it to BoB. Their shares have fallen to $10.00 but I understand that it went back up to $11.00 in recent weeks. Our biggest problem is that we don't support things Bahamian and we have been brainwashed to believe that once something is run by the government it is doomed to fail. We must remember that each and every Bahamian is a shareholder of BoB and the welfare of National Insurance is somewhat vested in the success of BoB. Likewise we, the people, are the power of the government. When we sit back and accept mediocre, then we will get a lousy, corrupt and incompetent government. When we hold them to account there will be transparency accountability and successful governance. Had President Obama not had faith and confidence in America and bailed out the auto industry, that industry would have been mothballed by now and the windows dark. Additional thousands of Americans would have been without work. But not only has Americas auto industry made a dramatic and highly profitable recovery, but this industry will set new records of success and profitability if consumer confidence can be restored and they are convinced that $154.00 oil is a thing of the past. The big profits are in full size and luxury vehicles. Likewise BoB should be given a chance to recover and not be written off as long as there is light at the end of the tunnel and is appears to be accessible.
On Bank of Bahamas still violating key capital indicators
Posted 16 February 2016, 2:19 p.m. Suggest removal
John says...
Can you confirm RBC's profitability by saying when was the last time they paid dividend. can you also confirm or deny that their share price fell by at least 10% since January 2015. BoB was a bank that valued over $1 billion not too long ago, but yes it was raped and raided by political pirates and cronies. But now the situation of massive hemorraging has been harnessed and there is chance for the bank to recover. The sector of government that is running BoB is not the same one that is monitoring it. In essence your position is that government cannot also operate a successful judicial system because it will be compromised the same way. Don't be misleading by saying my information is inaccurate without substantiating what you say.
On Bank of Bahamas still violating key capital indicators
Posted 16 February 2016, 9:36 a.m. Suggest removal
John says...
The Central Bank has made a judgement call on BoB. Allowing it leverage to reorganize and return to profitability as opposed to tightening the screws and forcing the bank to shut its doors. Wouldn't that lead to even more loss of confidence in the Bahamas government if the bank closes? And what about the loss to National Insurance? Obviously the Central Bank realizes the critical need to keep the bank afloat and so it has given it some degrees of freedom against the backdrop that (1) it is under new management (2) there is s new board of directors and most significantly (3) the bank is showing signs of recovery. My reference to RBC is that it is the largest bank in the country, handling all the government's business but is is still incurring losses, despite significant downsizing. The point is the problems of non profitability is not exclusive to BoB.
On Bank of Bahamas still violating key capital indicators
Posted 16 February 2016, 3:28 a.m. Suggest removal
John says...
Has RBC resumed the payment of dividends yet?
On Bank of Bahamas still violating key capital indicators
Posted 15 February 2016, 4:28 p.m. Suggest removal
John says...
In an effort to return to profitability the bank must continue to cut its loan losses and its operational losses. Seems that they are making efforts in this vein to do this. Hopefully they can also get their operational revenue up while keeping a cap on their cost of operations. And then see some profitability. The biggest problem is that while many banks have large volumes of non-performing loans on their books, making new loans is difficult because banks have increased their requirements and so many people cannot meet them as the economy remains lean and almost stagnant. Can Mr. Keith Davis say what happened to the RND shares? Last word was several years ago when they were transferred to Colina Real Estate. Are they filing on time and shouldn't they be in a position of profitability now with all the property leased out?
On Bank of Bahamas still violating key capital indicators
Posted 15 February 2016, 3:53 p.m. Suggest removal
John says...
The fact is that when the economy was in recession prices remain significantly high and some even increased. Many persons were unemployed and quite a number lost their homes and vehicles to banks. So there was little recovery and none in some economies. So it was really a period of stagflation. Now that the economy is headed back in its downward cycle commodity prices, headed by oil, along with consumer prices, after a poor winter/holiday season are headed down. But yet consumer confidence is low and spending remains weak. Central banks have resorted to negative interest rates to stimulate their economies. If spending temsins low, prices continue to fall and banks continue to charge then the world can experience a very severe economic depression.
On Global stock volatility ‘rather disconcerting’
Posted 15 February 2016, 2:23 p.m. Suggest removal
John says...
The chances of VAT coming down are slim to none. The Bahamas already has among the lowest bat in the Caribbean and now US States are looking to replace their sales tax with VAT. What is supposed to happen in the Bahamas is customs duties and other taxes(like business license taxes) are supposed to be continually reduced and eventually eliminated once the favorable vat rate is achieved. But one must rembrer that the world economy is on a cycle. Seven years of growth then the period of decline. The downward cycle is coming into effect while the economy has not recovered from the last one. This is a double whammy for world economies and individuals alike
On Global stock volatility ‘rather disconcerting’
Posted 15 February 2016, 1:47 p.m. Suggest removal
John says...
The Zika virus continues to mutate and become a more life threatening disease. It has now been linked to some 30 cases of creeping paralysis in Brazil. The patient slowly loses control of all their muscular activities until they get to a point where they cannot breathe on their own or even blink their eyes. They have to be given oxygen along with other life sustaining drugs and recovery is slow and uncertain. One doctor is referring to this new strain of the virus as 'Zika plus.'
On Marijuana seizures drop, more cocaine intercepted
Posted 14 February 2016, 8:25 a.m. Suggest removal
John says...
Does the US still have the moral authority to seize and arrest persons trafficking in marijuana? now that tons and tons of weed is being cultivated, processed, distributed and smoked in that country. The Bahamas seems to be caught up in the weave of decision making again. While I don't advocate the outright legalization of marijuana, it should at least be decriminalized for small amounts. Yes there is a great problem of substance abuse in this country, but when someone who is a victim of drug abuse gets a criminal record and cannot get employment, that complicated the problem even more.
On Marijuana seizures drop, more cocaine intercepted
Posted 13 February 2016, 6:47 p.m. Suggest removal
John says...
ALL companies will have to stop roaming charges by 2017. Some have decided to increase the per minute charge on calls to make up for loss revenue.
On BTC’s 9% mobile fall undermines its owner
Posted 13 February 2016, 6:39 p.m. Suggest removal