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 […]
Tag: The Bahamas
D’Aguilar: CDC no sail order lift “small but big step” to cruise revival
NASSAU, BAHAMAS — The US Centre for Disease Control (CDC) has lifted its no sail order on cruise lines, a move Tourism Minister Dionisio D’Aguilar described as a “small but big step” to reviving the cruise industry. D’Aguilar was speaking at a press conference regarding the November 1 reopening of the country’s tourism sector on […]
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 […]
Port volume down as much as 30 percent at onset of pandemic
NASSAU, BAHAMAS — Nassau’s main commercial shipping port saw its volume decrease by as much as 30 percent less than budgeted volumes between March and June as a result of COVID-19. In its annual financials for 2020, Arawak Port Development (APD) noted it has been one of the organizations specifically exempted from lockdowns due to […]
Tourism minister projects 70 percent drop in annual visitor arrivals
NASSAU, BAHAMAS — With the COVID-19 pandemic having a devastating impact on global tourism, the best this nation can expect is 2.2 million visitor arrivals this year, according to Minister of Tourism Dionisio D’Aguilar. D’Aguilar said this represents a “staggering” 70 percent decrease over the record 7.2 million visitors last year. He was speaking at […]
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 […]
SBDC to lead consultation on small business legislation
NASSAU, BAHAMAS — The Access Accelerator is leading a formal consultation on legislation to govern the entity and the small and medium-sized business sector in the country, it was revealed yesterday. Attorney Merrit Storr, a Small Business Development Centre board member while speaking at a press conference yesterday said: “The Access Accelerator has decided to […]