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Bahamas ‘nowhere near crisis’ despite new US recession fear
A prominent businessman yesterday sought to reassure that The Bahamas “is nowhere near crisis mode” despite mounting global economic gloom with suggestions that the US is now in an “unofficial recession”.
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Contractors brand concrete supplier shrinkage ‘big blow’
Bahamian contractors yesterday warned that a Grand Bahama concrete manufacturer’s decision to shut down two of its units is “a big blow” for major commercial and infrastructure projects in this country.
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Hot Mix’s expansion ‘not connected’ to Gold Rock
Bahamas Hot Mix’s chairman yesterday said the imminent expansion of its Freeport-based concrete and asphalt production capabilities has “got absolutely nothing to do” with a rival supplier’s troubles.
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Bahamas in $7.5bn combined loss from Dorian and COVID
COVID-19 and Hurricane Dorian will inflict a combined $7.5bn loss on The Bahamas, a United Nations (UN) agency is forecasting, “inhibiting social and economic development for years to come”.
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Restoring fiscal health, investing in our future
In 2022, the Davis administration is laser-focused on moving The Bahamas beyond recovery into a period of robust, broad-based economic growth. This means building an economy that widens the circle of opportunity and lifts all Bahamians - not just a few.
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Digital banking can’t be ‘rammed down throats’
A senior banker yesterday said the industry must adopt the “Mary Poppins with medicine” approach in encouraging more Bahamians and businesses to switch to digital transactions.
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Legacy of the FNM
I recently heard Tommy Turnquest, a former leader of the Free National Movement, listing his party’s accomplishments after four terms in office.
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Bank loss leaves Family Islands ‘out of economy’
Exuma’s Chamber of Commerce yesterday said it is aiming to engage the Government over the “devastating” impact the island has suffered from losing “two-thirds” of its bank branches.
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Bank branches shrink 30% in seven years
The number of commercial bank branches in The Bahamas has declined by almost 30 percent over the past seven years, the Central Bank’s governor revealed yesterday.
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‘Prove IMF wrong or Bahamas sinks’
The Bahamas “must prove the IMF wrong” by soundly beating economic growth forecasts that “cannot work” in sustaining this nation’s spiralling debt, a governance reformer warned yesterday.
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Suddenly, we have an easy choice
Last week was an epiphany to some. But the shocking allegations of conflicts of interest by members of the present government (and their insulting, but predictable refusal to adequately address them by shifting the discussion back to the PLP) should have at least one positive effect.
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AML targeting slash to $6.8m shrinkage
AML Foods is targeting an improvement in inventory shrinkage during its current 2022 financial year after failing to achieve the anticipated reduction during the 12 months to end-April 2021.
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INSIGHT: Minnis isn’t so much the problem as is an outdated playbook
THE major takeaway following last week’s Budget communication by Prime Minister Dr Hubert Minnis is that we are continuing to traffic in hope and prayer. Long-term relief seems to be dependent on a tourism rebound hinged to vaccinations of tens of thousands of Bahamians.
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Banks suffer $145m hit to cover COVID losses
The Bahamian commercial banking industry booked $145m in collective provisions last year to cover expected COVID-19 loan losses, the Central Bank’s governor revealed yesterday.
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'Let's get out of the private sector's way'
The Bahamas must not lose sight of urgent structural reforms as it focuses on immediate needs, a governance reformer warned yesterday, adding: "Let's get out of the private sector's way."
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IMF: Four-year haul on COVID recovery
THE Bahamas faces “anything but a V-shaped recovery” from COVID-19 with the International Monetary Fund (IMF) yesterday warning a four-year haul to regain economic output lost in 2020 lies ahead.
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BTC's revenues drop over $21m
The Bahamas Telecommunications Company's (BTC) fell by more than $21m year-over-year for the nine months to end-September 2020 despite further slowing the erosion of its mobile customer base.
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Complete tourism rebound pushed back until 2023
Tourism's full rebound has been delayed until 2023, the Central Bank's governor predicted yesterday, as he conceded that The Bahamas' recovery from COVID-19 is "further behind than expected".
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IMF slashes Bahamas prospects for rebound
The International Monetary Fund (IMF) yesterday dampened The Bahamas' prospects of a swift rebound from COVID-19 by slashing this nation's projected 2021 economic growth to 4.6 per cent.
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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.