COVID collapse sparked rare $1.7bn ‘dual deficit’
Tourism’s “collapse” at COVID-19’s peak “exposed the fragility” of The Bahamas’ current economic model by producing rare twin goods and services trade deficits worth a combined $1.7bn.
GB Chamber targeting SME boost for island’s West End
The Grand Bahama Chamber of Commerce president yesterday said the group is aiming to stimulate small and medium-sized business growth in the island’s West End after the latest bid to acquire the former Ginn project foundered.
Retailers enjoying rebound in Independence Day sales
Retailers yesterday said Independence Day sales are much stronger than last year with one reporting a 10 percent year-over-year increase.
Getting to the root cause by killing seeds of crime
Allianz Global Corporate and Specialty (AGCS), in a June 15, 2022, report has predicted an increase in strikes, riots, violent protest and general social disorder on a global scale. This continued upheaval has been associated with the post-COVID fall-out, and the increased cost of living that comes with scarce basic human necessities. The United Nations secretary-general, speaking of the war in Ukraine, which has impacted more than 30 percent of the world’s wheat production, said in March: “All of this is planting the seeds of political instability and unrest around the globe.”
Cable beats target by $50m on ‘largest ever refinancing’
Cable Bahamas yesterday revealed it beat its preference share rollover target by $50m as it hailed completion of “the biggest refinancing the market has ever seen”.
Super Value transport budget up 47% as gas prices strike
Super Value’s principal yesterday said shoppers have “cut back drastically” on luxury items to make every dollar count, while revealing the supermarket chain’s own transportation budget has soared 47 percent.
Foreign reserves stay over $3bn despite May decline
The Bahamas’ foreign currency reserves closed May 2022 above $3bn despite a $65m drop-off during the month, with the Central Bank reiterating its belief that they remain “more than adequate” to sustain the US dollar peg.
Collateral Registry hailed as a ‘tremendous move’
The Central Bank’s plan to boost small business access to financing by creating a movable Collateral Registry was yesterday hailed as “a tremendous step in the right direction” provided it is accompanied by the necessary training.
Air arrivals hit 85% of pre-COVID levels
Total air arrivals to The Bahamas rebounded to 85 percent of pre-COVID numbers during April, more than doubling prior year numbers for a period that included the peak Easter holiday weekend.
‘Demystify’ Bahamas treasure recoveries
A US attorney who represents Spain in its claims to underwater treasure and artifacts yesterday urged The Bahamas to demystify what has been recovered from its waters and how much it has earned from such activities.
Small firms sceptical on mobile collateral registry
Small business owners yesterday voiced scepticism over the Central Bank’s plans to transform secured lending in The Bahamas by creating a movable collateral registry, arguing that efforts to aid the sector should be focused elsewhere.
‘No Bahamas slowdown’ from crypto winter freeze
The Bahamas’ top digital assets regulator says there has been no slowdown in applications to do business from this jurisdiction despite the collapse in global cryptocurrency valuations, and is predicting that interest will only increase.
Retailers: We wanted ‘broader’ Budget cuts
Bahamian retailers have been left disappointed by Budget tariff cuts that were “not as broad-reaching as we’d have liked”, adding: “Ten percent of something is better than 45 percent of nothing.”
Collateral Registry to ease 231% loan security burden
The Central Bank has unveiled plans for an Internet-based collateral registry that will ease Bahamian small business access to funding in a market where the security demanded is often more than three times’ the loan amount.
Contradictory Futures
ActivTrades
On the futures markets, metal prices have recently fallen sharply. This is not an all-clear for inflation, because if you look at longer-term price development, the problem becomes more than clear.
