Ex-BDB chair: Govt has '$2.5bn problem'
An ex-Bahamas Development Bank (BDB) chairman yesterday argued that mass COVID-19 related unemployment will give the government “a $2.5bn problem” it has no choice but to finance.Lynden Nairn told Tribune Business the Minnis administration’s estimate
Scotiabank joins loan holiday trend
Scotiabank (Bahamas) yesterday became the latest commercial bank to respond to the COVID-19 crisis by offering distressed borrowers a three-month loan repayment holiday.
Coronavirus gives markets the bug and turns Bulls into Bears
The spread of coronavirus and the growing realisation about the impact it will have on the global economy triggered one of the most spectacular U-turns in the history of stock markets.
‘It’s not been this bad in 30 years’
The hotel union’s president yesterday estimated up to 15,000 resort workers and their families have been hit by the wave of industry closures, and said: “I’ve never seen it this bad in 30 years.”
Get 'game changer' industries to reduce external vulnerability
Commonwealth Bank’s president says the COVID-19 pandemic fall-out has again exposed the urgency for The Bahamas to attract “game changer” industries that will diversify its economy.Raymond Winder told Tribune Business that this nation had done little
Fidelity bucks 'blanket' loan deferral trend
A BISX-listed commercial bank says it will not be making “grandiose statements” of “blanket” COVID-19 loan deferrals and instead plans to continue its post-Dorian “case-by-case basis” approach.Gowon Bowe, Fidelity Bank (Bahamas) chief financial offic
Turnquest: Recovery to be slow and anaemic
The Government has not used all the economic stimulus tools available to it, the deputy prime minister revealed last night, having kept some in reserve in case the COVID-19 pandemic is "prolonged".
NIB: New unemployment benefit to launch this week
The National Insurance Board (NIB) is aiming to launch the $10m unemployment benefit scheme for self-employed persons by this Friday, its director told Tribune Business.Dr Nicola Virgil-Rolle confirmed that the social security scheme had last week se
Barbers and beauty salons fret over lockdown survival
Bahamian barber shops and beauty salons say they are trying to determine how they will pay the bills and survive after being placed on COVID-19 lockdown until month’s end.Adam Russell, Stylistic Barbers’ owner, told Tribune Business: “Right now I’m s
Retailer hails 'huge help' of govt lockdown change
A major Bahamian retailer has hailed the government’s decision to modify its “locked down” businesses list as “a huge help” both to its sector and the wider economy.Brent Burrows, vice-president of CBS Bahamas (Commonwealth Building Supplies), told T
Govt told: Increase small business support to $50m
The government has been urged to more than double its planned small business loan support to $50m amid fears firms may lose up to 60 percent of their sales between now and end-June.Mark A. Turnquest, a well-known small business consultant, told Tribu
Galleria: No lay-offs despite our closure
Galleria Cinemas says it does not expect to lay-off any staff despite being forced to close its doors to customers as a result of the coronavirus lockdown. Christopher Mortimer, pictured , the company’s principal, said: “We are following the protoco
More stimulus to come amid 30% jobless rate fear
The government has not used all the economic stimulus tools available to it, the deputy prime minister revealed last night, having kept some in reserve in case the COVID-19 pandemic is “prolonged”. K Peter Turnquest, pictured , in a messaged reply t
Sarkis defeats CCA over $150m 'oppression' claim
Sarkis Izmirlian has fought off a $150m “shareholder oppression” claim in the latest of a series of New York legal victories against Baha Mar’s main contractor. Judge Saliann Scarpulla, sitting in the New York State Supreme Court, ruled that China C
'Stop non-compliance' warning as Atlantis dubbed a ghost town
Bahamians were last night told they must shed “the culture of non-compliance” as “the best way” to minimise COVID-19’s projected $1bn blow to the national economy.
