Bahamas must be more open to inward investment, says ERC co-chair

NASSAU, BAHAMAS — The Bahamas must be more open to inward investment if it wants to accelerate the pace of its economic recovery, the Economic Recovery Committee Co-Chair suggested yesterday. Acting Financial Secretary Marlon Johnson, who was addressing the Bahamas Institute of Chartered Accountants (BICA) conference yesterday in his capacity as ERC co-chair, noted that […]

Retailers relieved over chance for survival

Small and medium-sized businesses were losing 75 percent of their sales NASSAU, BAHAMAS — Retailers last night expressed relief that they have been “given a chance to survive” by getting the green light to allow customers in their establishments once again. During his national address on Sunday, Prime Minister Dr Hubert Minnis announced that “the […]

Government signs agreement with ITU for national cybersecurity project

NASSAU, BAHAMAS — The government yesterday announced that it has signed a partnership agreement with the International Telecommunications Union (ITU) for a ‘historic’ national cybersecurity project. The ITU is the Information and Communication Technology (ICT) arm of the United Nations. The National Cybersecurity Project will provide technical support to The Bahamas through the assessment of […]

Nearly 16 percent of private sector credit remained in deferred status as of September

NASSAU, BAHAMAS — Nearly 16 percent of private sector credit remained in deferred status as of September, according to Central Bank Governor John Rolle. Rolle, while delivering remarks on the regulator’s Monthly Economic and Financial Developments (MEFD) for September 2020, noted that there remains an interim focus on encouraging forbearance on delayed repayments of loans […]

Bahamas edged out by Turks and Caicos in popularity among American travelers in ranking

NASSAU, BAHAMAS — The Bahamas has been surpassed in popularity by Turks and Caicos as the top destination of choice in the region, a US travel insurance aggregator has found. Travel insurance aggregator Squaremouth has listed Turks and Caicos as the fifth most popular destination overall. It furthered border closures and travel restrictions have drastically […]

Cooper: Don’t sugarcoat economic realities facing the country

NASSAU, BAHAMAS — Progressive Liberal Party (PLP) deputy leader and Opposition finance spokesman yesterday urged the government to be forthright in forecasting its financial needs and not “sugarcoat” the economic realities the country faces. Cooper pointed to recent comments by international credit rating agency Moody’s, which said it expects the government’s gross borrowing requirements will […]

Scotiabank’s Family Island branch closures spark “fishing village” fears

NASSAU, BAHAMAS — Family islanders last night voiced fears that their communities are being relegated to “fishing villages”, with one businessman describing Scotiabank’s exit as yet “another nail in the coffin”. Scotiabank yesterday announced that it has decided to consolidate its banking operations on Abaco, Andros, Long Island, and Exuma into branches on New Providence, […]

NHI sees “record” enrollment amid pandemic

NASSAU, BAHAMAS — The National Health Insurance Authority (NHIA) has seen “record” enrollment numbers in the National Health Insurance scheme since the onset of the COVID-19 pandemic, executives said yesterday, noting that in excess of 2,000 people are now being enrolled per month. During a press conference to announce the launch of consultation of the […]

Govt. “betting big” on small business sector, $55 million injection

NASSAU, BAHAMAS — The government is “betting big” on small businesses and the Bahamian entrepreneurial spirit to help mitigate the economic shock of the COVID-19 pandemic and revive the economy, according to Deputy Prime Minister and Minister of Finance K Peter Turnquest. Speaking at a press conference to mark the SBDC’s two-year anniversary, Turnquest noted […]

QC urges govt. to invest in widespread COVID testing, not sidewalks

NASSAU, BAHAMAS — A well-known Queen’s Counsel has suggested that the government commit to more widespread testing in efforts to curb the spread of the coronavirus. Attorney Wayne Munroe, QC, argued that rather than building sidewalks, the government should use financial resources to carry out widespread testing at designated testing centres across New Providence. Prime […]

SBDC launching crowdfunding platform

NASSAU, BAHAMAS — The Access Accelerator Small Business Development Centre (SBDC) is looking to launch a crowdfunding platform, executives said yesterday. During a press conference to mark the entity’s two-year anniversary, Davinia Grant, the SBDC’s executive director said: “We are going to be launching a crowdfunding platform and we will be looking at opportunities for […]