Restaurants 'can't survive' with 60% sales devastation
Restaurants will simply be unable to survive if the loss of 60 percent of their sales persists amid continuing COVID-19 restrictions, one operator told Tribune Business . Mario Cash, the Burger King franchise’s operations manager, told this newspape
Atlantis further delays reopening to June 25
Atlantis has delayed its phased re-opening until June 25 after informing staff over the holiday weekend that it is “unable to announce a definitive date at this time”.The Paradise Island mega resort has pushed back plans to re-open the Royal Towers,
From 160,000 to near zero at COVID-hit LPIA
Major Nassau/Paradise Island resorts suffered a 28 percent room revenue fall for the 2020 first quarter just before COVID-19 unleashed its full fury with only 445 passengers exiting The Bahamas’ major airport during April. The Central Bank of The Ba
Auto industry re-opening 'matter of life and death'
Auto dealers say today’s full sector re-opening was increasingly becoming “a matter of life and death” with as much as “half the industry” in danger of folding had the Government not relaxed COVID-19 restrictions.Ben Albury, Bahamas Bus and Truck’s g
How human risk-perception influences stock markets
WITH the global economy contracting at the fastest ever peacetime pace, it is bewildering to see stock markets moving in the opposite direction. So, why are investors endangering their capital at a time of such uncertainty by speculating on the perfo
Airlines: We needed more re-open notice
The government should have given more than 24 hours’ notice of its decision to re-open “the lifeline for the Family Islands” so that the private sector could be better prepared, aviation operators said yesterday.Anthony K Hamilton, president of the B
Scotiabank wins regional honour
Scotiabank Bahamas is celebrating its second consecutive Best Bank award after again being named on Global Finance Magazine’s list of 2020 Best Banks in the Latin American region. The selection comes amid an ongoing digital transformation designed t
Exuma Chamber chief: struggle to return 60%
Exuma’s Chamber of Commerce president has warned it will take time for economic activity to return to levels where it can support 60 percent of businesses that existed prior to the COVID-19 pandemic.Hailing the prime minister’s decision to allow full
Development Bank targets $2m investment in poultry
The Bahamas Development Bank (BDB) is planning to facilitate or invest up to $2m to boost local farmers’ share of the fresh poultry market.Aiming to boost farmers’ revenue streams and reduce food imports, the BDB is launching its Community Poultry pi
Pandemic exposes lack of immigration enforcement
Immigration takes place when a country permits non-nationals from other nations to stay (reside) within its borders rather than “come and go” for visiting purposes. Immigrants, meaning those who migrate to another country through immigration, signifi
Weekend closure costs retailers 40% of sales
Bahamian retailers are divided between the “desperate need” to generate more sales by opening at the weekend and preventing the spread of COVID-19. Herbert Marshall, general manager of Sell-All Electronics, told Tribune Business : “Opening up on wee
Airport cuts departure area seating by 30%
Seating in post-security departure areas at Lynden Pindling International Airport (LPIA) has been reduced by 30 percent as part of multiple health-related measures to combat COVID-19. The Nassau Airport Development Company (NAD), LPIA’s operator, sa
Inland Revenue urged: Probe $68m 'tax gap'
The government’s financial watchdog has urged the Department of Inland Revenue (DIR) to be more aggressive in probing discrepancies of up to $68m between a company’s VAT and business licence fee turnover. The auditor-general’s report for the 2016-20
PM puts web shops in 'dice roll' dilemma
Two Bahamian web shop operators must now “roll the dice” on whether to proceed with their legal action against the Prime Minister after he re-opened the industry less than 24 hours after its filing.Wayne Munroe QC, the attorney for Paradise Games and
Taxation out even if no recovery by end-2021
The government yesterday ruled out new and/or increased taxes to cure its fiscal woes even if the Bahamian economy has failed to recover from COVID-19 by winter 2021. K Peter Turnquest, deputy prime minister, speaking at a post-budget press conferen
