Matthew’s $1bn blow not a ‘horrid disaster’
A FORMER finance minister says Hurricane Matthew may have cost the Bahamas up to $1 billion in total economic losses, yet the storm is not necessarily “the horrible disaster” it first appears.
Chamber ‘concerns’ over $150m storm restoration bonds
THE Chamber of Commerce has “some concerns” with the proposed $150 million Hurricane Reconstruction Bond that it is seeking to address with the Government, Tribune Business was told.
QC warns insurers over ‘fair’ payouts following Matthew
A WELL-known QC has urged insurance companies to be “fair and generous” with Hurricane Matthew victims over claims settlements, calling on them to avoid “a repeat performance” of 2004.
Insurer: Matthew losses to ‘stick around’ $400m
INSURERS believe Hurricane Matthew’s total insured losses will “stick around” the initial $400 million estimate, with one carrier suggesting it had received just 60 per cent of expected claims by last week’s end.
Liquor merchants hope no Kalik dry up on Brewery woe
LIQUOR merchants and beer lovers are hoping to avoid a Kalik shortage after Commonwealth Brewery suffered a massive hit from Hurricane Matthew, which may cause a production halt lasting “several weeks”.
Chamber of Commerce is targeting economy ‘kick-start’
THE Chamber of Commerce is aiming to “kick start the economy in the shortest possible time”, so that Bahamian businesses and employees can rebuild their lives in the wake of Hurricane Matthew’s devastation.
Freeport’s economy ‘gasping for survival’
FREEPORT faces “a very rough, tough road” just to reach a position of economic survival, a well-known QC warning that Hurricane Matthew had set the city back “many, many years”.
Sarkis’s new offer ‘too late to party’
A prominent QC yesterday dismissed Sarkis Izmirlian’s latest bid to reacquire the $3.5 billion Baha Mar project, saying: “He’s too late to the party.”
Matthew drives construction sector to five-year ‘peak’
The construction industry is the “busiest” it has been in five years as Hurricane Matthew rebuilding ramps up, the Bahamian Contractors Association’s (BCA) president yesterday estimating 90 per cent of the sector is now “fully engaged”.
$150m Hurricane Bond not set yet
The structure and target number for the Government’s proposed Hurricane Reconstruction bond are still being “bandied about”, Tribune Business was told yesterday, although the current goal is to raise $150 million.
New PI resort: Matthew could ‘not have come at a worse time’
Warwick Hotels and Resorts yesterday said it was working feverishly to have its new Paradise Island resort open for business by the end of October, revealing that Hurricane Matthew “could not have come at a worse time”.
Matthew delivers ‘gut punch’ to GB
Hurricane Matthew has delivered “a gut punch” to Grand Bahama’s economy, the island’s Chamber of Commerce president said yesterday, delaying its planned turnaround “quite significantly”.
Arawak port back to 10 weekly calls
The Nassau Container Port yesterday said it was back to its regular 10 weekly cargo vessel calls, after Hurricane Matthew restricted the prior week to just 20 per cent of normal volume.
Sarkis submits last ditch Baha Mar bid
Sarkis Izmirlian yesterday made a last-ditch intervention to regain ownership of the $3.5 billion Baha Mar project, offering to acquire the property for a price “in excess” of what both its secured creditor and ultimate purchaser will pay.
Banks told: Show ‘flexibility’ over lending relaxation
The Chamber’s chief executive yesterday backed the Central Bank’s move to relax its lending guidelines so storm-ravaged businesses and homeowners could finance restoration, emphasising: “We need to have capital flowing.”
