DPM urges patience on small business financing
The deputy prime minister yesterday urged entrepreneurs to have patience with the Small Business Development Centre (SBDC) as it lacks the necessary staff to meet all private sector demands in a timely manner. K Peter Turnquest, speaking outside the
IMF: Bahamas faces 'deep recession' risk
The Bahamas faces “a deep recession” due to the “unprecedented crisis” caused by the combination of COVID-19 and Hurricane Dorian, the International Monetary Fund (IMF) has warned.The Fund, in approving this nation’s request for an “emergency” $250m
Shell seeks licence for new power plant
Shell North America says it has become the first company to apply for an independent power producer (PP) licence in The Bahamas through its May 29 submission to local regulators.The energy giant, in a statement, said the approval as an IPP is essenti
Development Bank in $3m COVID support
The Bahamas Development Bank (BDB) yesterday said it has approved more than $3m in COVID-19 financing for small businesses as it prepares to open its doors to the public on June 8. The state-owned institution, in a statement, disclosed that it has p
'Revisions' sought to Grand Lucayan deal
A Cabinet minister yesterday said “it’s full steam ahead” on the Grand Lucayan’s redevelopment even though the ITM/Royal Caribbean joint venture is seeking “certain proposed revisions” to the deal. Dionisio D’Aguilar, minister of tourism and aviatio
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
