Local Business


‘Laying the staff off worst day of my life’

A major Bahamian hardware retailer's principal yesterday said it was "the worst decision I've had to make in my life" to temporarily lay-off nearly 70 staff in response to the COVID-19 pandemic.

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‘Lockdown directive left us in chaos'

Super Value's principal yesterday said inadequate warning of the weekend lockdown caused late Friday "chaos" at food stores with police officers even threatening to shoot unless persons went home.

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$700m needed to support up to 100,000 jobless

The government needs to borrow $700m from the domestic banking system to support household incomes given that the jobless total may reach six-figures, a Bahamian banker warned yesterday.Julian Brown, pictured, president and chief executive of BISX-li

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Bahamas needs 'asue mentality' for its recovery

The Bahamas must “pool resources like never before” if it is to successfully jump-start the economy once COVID-19 has passed, a banker urge yesterday, adding: “We need that asue mentality.”Gowon Bowe, pictured, Fidelity Bank (Bahamas) chief financial

COVID-19 to 'absolutely' cause business closures

A Chamber of Commerce director has warned there will “absolutely” be permanent business closures across the Bahamian economy once it emerges from the COVID-19 pandemic. Tara Morley, who is also the Bahamas Federation of Retailers (BFR) co-president,

Paying the price in battling COVID-19

The United Nations’ (UN) Economic Commission for Latin America and the Caribbean (ECLAC) has predicted the the economic impact from COVID-19 is expected to be more intense that the 2008 global financial crisis. The Caribbean is expected to be impacte

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ACTIVTRADES: The end of the line for cruise ships?

The fallout from the coronavirus pandemic over the global economy is threatening to trigger an unprecedented depression; the latest forecast from Goldman Sachs for the United States predicts a contraction of 34 percent in GDP on the second quarter of

Govt identifies $300m in COVID-19 funding

The government has to-date identified $300m in funding it can access should the COVID-19 pandemic force it to go outside its revised post-Dorian financing structure. K Peter Turnquest, deputy prime minister, told Tribune Business : “We have lined up

NIB: Over $500,000 to tourism self-employed

The National Insurance Board (NIB) yesterday said it has paid-out more than $500,000 in the first tranche of help for self-employed persons in the tourism sector hit by the COVID-19 pandemic. The social security system, in a statement, disclosed: “T

Broker refutes regulator's 'ponzi scheme' assertions

A former Bahamas-based broker/dealer last night accused the Securities Commission of failing to understand a business model that the regulator had branded “akin to a ‘ponzi’ scheme”.Guy Gentile, principal of SureTrader and MintBroker International, t

Price regulators back ‘no gouging’ on eggs

Consumer protection regulators have confirmed there is no “price gouging” on eggs despite complaints that costs have doubled in just two weeks.

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'Govt cannot save everyone'

A Cabinet minister yesterday said he was “on his knees” hoping the cruise lines’ Grand Bahama projects pull through, as he warned: “Government cannot rescue everyone from this crisis.” Dionisio D’Aguilar, pictured , minister of tourism and aviation,

New auto sales facing '50% hit' at a minimum

New car sales will take at least “a 50 percent hit” due to the COVID-19 pandemic, a major dealer is forecasting, having already slashed his orders for the next three months by some 60 percent.Fred Albury, the Bahamas Motor Dealers Association’s (BMDA

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'We fell asleep' over chance of tourism freeze

The Bahamas failed to plan for the possibility of a total tourism shutdown because it was lulled “to sleep” by years of record arrivals and earnings, a former finance minister said yesterday.James Smith, also a former Central Bank governor, told Trib

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'No gouging' on eggs as prices rise over 100%

A leading food retailer yesterday reassured Bahamian consumers “there’s no price gouging on eggs” despite prices increasing by “more than 100 percent” over the past two weeks. Philip Beneby, head of the Retail Grocers Association, told Tribune Busin