Local Business


Dealers 'can't stay afloat' if 47% Q3 drop persists

Auto dealers yesterday warned they "cannot remain afloat" if the 2020 third quarter's 47.37 percent industry-wide decline in new auto sales persists.

Restaurant invests $10k for COVID's growing realities

A Bahamian restaurant yesterday said it has invested $10,000 in developing an e-commerce platform to meet the demands of COVID-19 lockdowns and business restrictions.

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US 'cut off' fear on marijuana pursuit

The Bahamas faces being "cut off from the US" economy and financial system if its banks accept monies generated by a marijuana/hemp industry, top financial executives warned yesterday.

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'Banking desert' fears following Scotia pull-out

Long Island's MP yesterday voiced fears his constituency will become "a banking desert" after Scotiabank unveiled plans to withdraw from four Family Islands with a series of branch closures.

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$100m Love Beach condo project revives

A $100m Love Beach condominium project's planners yesterday voiced optimism that changes to the original design will "overcome" prior objections from nearby residents.

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Rebranded bank targets 40% managed asset rise

A Bahamian investment bank is targeting up to 40 percent growth for its assets under management by the mid-2020s as it eyes expansion into territories such as Jamaica "over the next year".

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Bran: 'Talk cheap, money buy land' on ganja sector

The Democratic National Alliance's (DNA) ex-leader has urged The Bahamas to move "post haste" on developing a medical marijuana and hemp industry, saying: "Talk is cheap and money buy land."

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'Informal economy': 75% of SMES at disadvantage

Some 75 percent of small Bahamian businesses face a persistent competitive disadvantage because they are up against rivals in an "informal economy" that generates up to 30 percent of Bahamian GDP.

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Tourism losing $8.5m yearly to plastic pollution

The Bahamian tourism industry is losing up to $8.5m annually to plastic beach pollution, an Inter-American Development Bank (IDB) report has revealed, undermining the sector's key attraction.

Time to revisit vehicle inspection outsourcing

A Bahamian auto dealer yesterday suggested the COVID-related backlogs and shortages at the Road Traffic Department should reignite discussions on outsourcing the vehicle inspection process.

Suppliers deny long contractor wait time

Building supply and hardware stores say contractors are not having to endure long wait times in their efforts to secure essential supplies.

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Water Corp chief: Cut-off supplier was given $4m

The reverse osmosis plant operator that cut-off central Eleuthera's water supply has been paid $4m this year to cover debts owed by the Water & Sewerage Corporation, it was disclosed yesterday.

Eleuthera businesses suffer 'tremendous' water cut-off hit

Businesses in central Eleuthera yesterday complained that their operations were affected “tremendously" by the water supply cut-off over the past week.

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Grand Lucayan sale needs 'double deal'

The Grand Lucayan's sale will not close until Royal Caribbean and its joint venture partner have sealed the deal for Freeport Harbour, a Cabinet minister disclosed to Tribune Business.

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Bahamas misses over marine genetics share

The Bahamian people are earning nothing from foreign exploitation of this nation's marine genetic resources that has produced over 100 "new natural products", a report has revealed.