$4.5m investor recovery derailed by perfect storm
A $4.5m recovery for long-suffering investors in a Bahamas-based investment fund structure has been derailed by a combination of Hurricane Dorian, COVID-19 and the loss of a major tenant.
Resorts ‘pleasantly surprised’ over Easter booking numbers
A senior Atlantis executive yesterday said he is “encouraged” by Easter bookings despite tourism not yet recovering to 2019 levels.
Water Corp’s main supplier debt near $20m by March 1
The Water & Sewerage Corporation’s debts to its main supplier rose by 17 percent over the two months to end-February 2021 to reach almost $20m, it was revealed last night.
Union leader files actions over COVID redundancy
A trade union leader yesterday said he has taken court action against Atlantis on behalf of individual workers over claims involving unfair dismissal, breach of contract and COVID-19 redundancy pay.
VISIONARIES: US defence giant Raytheon fully backing local venture which will raise $300m for cash-strapped govt
A GROUP of Bahamian entrepreneurs have the “green light” for a $427m investment in what Raytheon Technologies (a merger of Raytheon, Pratt & Whitney and Collins Aerospace) has termed will be the “first-of-its-kind aviation, climate, meteorological, navigation, 3D terrain, street and chart mapping and severe weather sensing network exceeding that of any other industrialised nation” —thereby enhancing the safety of The Bahamas, boosting key industries vital to the Bahamian economy’s post-COVID rebound and providing Dr Minnis’ Administration with the vital prerequisite components that are necessary to legally and lawfully collect what is projected to be more than $300m in “overflight fees” from the 594,000 flights from each and every commercial, cargo and private carrier using Bahamas’ sovereign airspace (archipelagic baselines, territorial seas, contiguous and exclusive economic zone.
Financier cautions on Family Island airport ‘plans’
AN international financier with experience in infrastructure projects in The Bahamas has cautioned the country’s airport expansion projects need “significant planning”.
Minister ‘disappointed’ on false COVID tests
TOURISM Minister Dionisio D’Aguilar said yesterday the proliferation of fake COVID-19 PCR tests are “disappointing” and warned the public – “it is not worth the risk”.
Accounting woes for investment funds
INVESTMENT Funds should have a qualified accountant confirm their records are up to international standards, says Securities Commission of The Bahamas (SCB) executive director.
Tour operators: ‘There are no incentives’ to scale up
TOUR and excursion operators say they need more incentives and tourists in order to scale up operations.
‘Terrifying proposition’ of COVID third wave
Reimposing COVID-19 restrictions to combat a “third wave” of infections was yesterday branded “a terrifying proposition” for Bahamian businesses already struggling with pandemic-inflicted devastation.
Minister issues challenge: Develop ‘projects of scale’
A Cabinet minister has challenged Bahamian entrepreneurs to develop “projects of scale” that can accommodate hundreds of cruise ship passengers in similar manner to Atlantis.
Nassau/PI hotels suffer 90% room revenue decline
Nassau/Paradise Island hotels suffered a 90 percent year-over-year decline in January room revenues to highlight just how slow the initial post-COVID rebound actually was.
Activists demand 90-day extension to Disney review
Environmental activists yesterday urged the government to extend the consultation over the Lighthouse Point project to 90 days while accusing it of leaving the process “in Disney’s hands”.
‘Phenomenal’: Briland at 90% of pre-COVID levels
Harbour Island resort operators yesterday revealed business activity is at 90 percent of pre-COVID levels for Easter and beyond as they hailed a “phenomenal” rebound from the pandemic.
COVID inflicts $3bn tourist spending blow
COVID-19 likely cost The Bahamas up to $3bn in lost in-country tourist spending last year, with a Cabinet minister asserting yesterday: “We have to get the sector back into operation.”
