Merchant: Absence of e-commerce no barrier
Some merchants able to offer delivery and pick-up services yesterday argued that the absence of an e-commerce platform is not hindering their return to business following the six-week lockdown. Anwar Knowles, Variety Disposable Products’ assistant g
The Vicious Cycle Of Lockdowns, Downgrades And Stimulus Cost
In the final of his three-part series, Hubert Edwards suggests how The Bahamas and other nations can blunt the impact of sovereign credit downgrades.
Bahamas downgrade hits cruise port costs
The Bahamas’ sovereign credit downgrade has increased the Nassau Cruise Port’s financing costs to a level “never” considered just 90 days ago, its top executive has revealed. Michael Maura, the cruise port operator/developer’s chief executive, told
Realtors: 'No brainer' over sector restart
Re-opening the real estate sector to allow property viewings should be “a no brainer” given its economic importance, the Bahamas Real Estate Association’s (BREA) president argued yesterday. Christine Wallace-Whitfield said she and other BREA directo
Return to business sends firms 'ecstatic'
Bahamian firms able to offer delivery and curb-side pick-up were yesterday “ecstatic” about resuming commerce after a six to seven-week shutdown during which many earned zero income. Brent Burrows, general manager of CBS Bahamas (Commonwealth Buildi
Restrictions give $300m foreign reserves 'buffer'
The Central Bank’s governor yesterday said measures imposed to restrict foreign currency outflows will create $300m in “buffers” to safeguard the external reserves and the fixed US dollar peg.John Rolle revealed that the regulator has suspended all a
Economy may contract by 'mid to upper teens'
The Bahamian economy may shrink by between 15-19 percent this year with a fully recovery of COVID-19 losses not occurring until 2022, the Central Bank’s governor warned yesterday.John Rolle, in a bleak near-term assessment of the country’s post-pande
Liquor stores among businesses reopening
Commonwealth Brewery’s retail arm was among multiple liquor stores able to yesterday start selling inventory that the industry feared might go past its sell-by date had the lockdown not eased.Ron Hepburn, Commonwealth Brewery’s director of retail, sa
No cruise tourists for five months (at least)
Nassau Cruise Port is projecting passenger numbers will plummet by 61.4 percent in 2020, with no new arrivals for at least five months, as it today launches its $130m bond financing. Michael Maura, Nassau Cruise Port’s chief executive, said the oper
Contractor chief wanted another week to re-open
The Bahamian Contractors Association’s (BCA) president yesterday said he had wanted the industry’s re-opening delayed another week, and said: “We’re keeping health before wealth.”Michael Pratt told Tribune Business he had sought an extra week to allo
'Worst ever mistake' for inflated reserves
The $2bn foreign exchange reserves are less healthy than they appear because of the Minnis administration’s “worst ever mistake”, a former Central Bank governor argued yesterday. James Smith, also a former finance minister, told Tribune Business tha
Deltec confirms 15 redundancies
A major Bahamian international bank yesterday confirmed it had terminated 15 staff as part of a restructuring focused on automation and financial technology (Fintech). Deltec International Group, in a statement responding to Tribune Business inquiri
BTC aids Health Ministry with communication need
The Bahamas Telecommunications Company (BTC) has teamed with the Ministry of Health (MoH) to improve its communications in response to the global COVID-19 pandemic.The carrier donated ten mobile devices equipped with post-paid services. These will be
GB: 82% of firms plan to re-open
Some 82 percent of closed Grand Bahama businesses surveyed by the island’s Chamber of Commerce expect to re-open, it has been confirmed, with just two firms saying they will go out of business.The COVID-19 survey of 127 companies found that 42 percen
The vicious cycle of lockdowns, downgrades and stimulus cost
In the second of a three-part series, Hubert Edwards analyses the challenges confronting The Bahamas as it seeks to secure sufficient funding to ride-out the COVID-19 storm.
