Local Business


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Bahamas suffered $400m 'shortfall' on foreign inflows

The Bahamas suffered a more than $400m foreign currency "shortfall" in 2020 that had to be covered by the Government's overseas borrowing activities, the Central Bank's governor revealed yesterday.

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BPL chair touts 40% outage fall

Bahamas Power & Light's (BPL) chairman yesterday pledged that it will be half-way towards its renewable energy targets by end-2025 as he hailed a 40 percent-plus drop in electricity outages.

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Major PI resort to shut Sunday

A major Paradise Island resort will offer workers voluntary separation packages following this Sunday's closure that will put at least 85 percent of staff back on temporary furlough.

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Governor in bank fee 'transparency' pledge

The Central Bank's governor yesterday pledged to deliver "greater transparency" on commercial bank fees as the country's first credit bureau prepares to start issuing reports by the 2021 second quarter.

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Gov't and BPC 'dispute' outstanding licence fees

Bahamas Petroleum Company (BPC) yesterday warned against "making mountains out of molehills" after it was revealed the Government had refused to accept its payment of outstanding licence fees.

Entrepreneurial ideas for beating COVID-19

This year has already gotten off to a rocky start. Most economists have given 2021 slow growth potential at best. With recessions looming, a raging pandemic still lurking and new strains mutating every day, a slow vaccination process and thousands of businesses fighting for survival, we all seem to be in for a long ride.

Resort founder debuts new seaplane service

A high-end boutique resort's founder yesterday unveiled the February launch of a seaplane service that aims to further unlock Family Island tourism's multi-million dollar potential.

$200m slash to food import bill

The Bahamas could slash its annual food import bill by $200m through focusing on the production of 77 organic items, a Cabinet minister said yesterday, adding: "We have another stab at this."

Sovereign wealth fund to help plug $2bn infrastructure gap

The Prime Minister yesterday pledged that the Government will “accelerate” implementation of the long-promised sovereign wealth fund as part of efforts to kickstart $2bn in infrastructure upgrades.

Contractor: Industry talking 'record year'

A Bahamas-based contractor yesterday said building materials and concrete suppliers had informed him they are enjoying “record years" despite the COVID-19 pandemic's devastation.

Just $1m small business COVID relief to distribute

The Prime Minister yesterday said the Small Business Development Centre (SBDC) has just $1m of COVID-19 relief funding that remains to be distributed to successful applicants.

Crisis management to be permanent tourism feature

A top tourism official yesterday said crisis management will be a permanent part of the Ministry of Tourism’s strategy moving forward due to the fall-out from COVID-19.

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Bahamas 'pushes' for U.S. COVID exemption

The Bahamas is pushing "to be at the front of the queue" should the US introduce exemptions from its new COVID-19 testing policy that threatens to be "a significant deterrent" to tourism.

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DPM: BPL initials no longer a 'bad word'

A Cabinet minister has voiced optimism that Bahamas Power & Light's (BPL) initials will no longer be "a bad word" as it readies to break ground on its latest power plant once a $535m bond is placed.

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BPC director: Oil resistance 'futile'

A Bahamas Petroleum Company (BPC) director yesterday blasted "the frightening lengths" that oil exploration opponents will go to demean its project, as he branded their resistance "futile".