Local Business


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'Meaningful recovery' needs 50-75% of tourism staff back

The Bahamas' "economic stagnation" will last at least another 12 months, an ex-Central Bank governor warned yesterday, with recovery only arriving when 50-75 percent of tourism workers are re-hired.

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Cruise port's $25m in 'delay draw' deal

Nassau Cruise Port only received 83 percent of its $150m bond proceeds upfront after agreeing a "delayed draw" deal with "certain investors" for the remainder to be paid by year-end, it can be revealed.

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Downtown chief supporting private island cruise return

The Downtown Nassau Partnership's (DNP) co-chair yesterday backed the cruise industry's plan to restart with voyages to its private islands only, arguing: "It's critical they get it right."

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Economic realities' to dictate COVID support

The deputy prime minister yesterday said "economic realities" will dictate how long the Government can keep financing its individual and business COVID-19 assistance programmes.

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Some workers pushing Atlantis for severance

Atlantis last night reassured employees it had not been sold and branded claims of redundancy packages being offered as "entirely false" despite some furloughed workers pushing for them.

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NAD seeks waiver over $370m debt

The Nassau Airport Development Company (NAD) is asking its bondholders to waive critical debt servicing conditions following its credit rating downgrade, its chairman confirmed yesterday.

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Bahamas urged: Remove bankruptcy burden now

The Bahamas must urgently modernise its centuries' old personal bankruptcy laws to prevent hundreds of persons being marginalised post-COVID-19, a top accountant warned yesterday.

Financial services needs 'swashbuckling' reforms

A Bahamian financial services provider yesterday voiced doubts the Government-appointed Economic Recovery Committee (ERC) will propose the "swashbuckling" reforms needed to revive the sector.

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Cable to repay $30m-plus debt

Cable Bahamas yesterday confirmed it has moved into the second stage of its balance sheet restructuring by unveiling the early redemption of $30m-plus in preference shares.

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Delayed hotel returns a 'tremendous blow'

Tourism operators yesterday admitted that the sector's proposed October 15 re-opening and value chain have been dealt a “tremendous blow” by major hotels deciding not to re-open.

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'Don't get hung up on October hotel return'

A Cabinet minister yesterday urged Bahamians not to get hung up over the October 15 date for the hotel sector's re-opening as the British Colonial Hilton became the latest resort to delay its return.

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BOB rejects $31m Miller 'conspiracy'

Bank of The Bahamas is "categorically denying" that it participated in a "malicious conspiracy" against a former Cabinet minister who it alleges had defaulted on some $30.5m owed to it.

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Cruise chief: 2021 berth bookings up over pre-COVID

Nassau Cruise Port’s top executive says he remains hopeful the cruise industry may return with "very limited sailings" before year-end with 2021 berth bookings exceeding pre-COVID-19 levels.

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ActivTrades: The flights to nowhere

One of the first economic sectors to suffer the full impact of the COVID pandemic was tourism, with aviation being particularly affected.

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Water union election integrity 'in question'

The Water & Sewerage Corporation's line staff union must hold a new election after the Supreme Court found "the overall fairness" and integrity of the first leadership ballot was "called into question".