Local Business


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Dollarisation must 'be on the table'

An ex-attorney general says full dollarisation of the Bahamian economy must "be on the table" as the country faces "a tipping point" due to the devastation inflicted by the COVID-19 pandemic.

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Increased testing eyed as tourism's quarantine answer

A Cabinet minister yesterday signalled that post-arrival COVID-19 testing for tourists may be part of the solution to "easing" the mandatory 14-day quarantine impediment to the industry's revival.

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Oil explorer targets pre-Christmas well

The Bahamas may gain an exploratory oil well Christmas 'present' for 2020, it was confirmed yesterday, as the project's proponents urged environmental activists to give "a fair representation of the facts".

Stem cell provider suffered $30m loss

A pioneering Freeport-based stem cell therapy provider lost more than $30m over its lifetime prior to being placed in Supreme Court supervision, it can be revealed.

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ActivTrades: The FinCEN files leak and its impact on the banking sector

Last Sunday, September 20, BuzzFeed News International, a consortium of investigative journalists, published their analysis of a batch of leaked documents from the Financial Crimes Enforcement Network (FinCEN). The leaked files give account of more than 200,000 suspicious financial transaction reports, occurred between 2000 and 2017, that were sent by banks all over the world to the US authorities.

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End-October targeted for digital B$ national roll-out

Bahamians are seeking greater security assurances around online transactions, the Central Bank has revealed, as it readies for the digital currency's national roll-out beginning on October 20.

Exploiting COVID to make tourism more sustainable

World Tourism Day, celebrated on September 27, comes at a sobering time for the Caribbean. Travel is unlikely to return to normal for another year, or even well into 2022. We need to make this a transformational moment to emerge from the pandemic stronger. We must move away from being merely tourist dependent. We need to harness the industry to make our islands safer, greener and more resilient.

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DPM indicates Gov't will continue COVID support

The deputy prime minister yesterday indicated the Government's COVID-19 support initiatives will likely extend beyond their end-September expiry given the delayed re-openings of many major hotels.

Family Islands see no rebound until mid-2021

Family Island businesses have described 2020 as "a wash" despite their recent re-opening and believe economic conditions will not rebound until mid-2021 at the earliest.

Barbers reporting 'sluggish' demand

Barbers say customer demand has been “sluggish” with the sector missing the usual back-to-school boost following the COVID-19 shutdown.

Compliance officers in cyber security focus

The Bahamas Association of Compliance Officers (‘BACO’) focused on cyber security when it delivered its first lunch and learn webinar via Zoom last Thursday.

Royalty-linked property placed for sale at $23m

An 80-acre north Eleuthera property once owned by a former British Cabinet minister and media mogul has been put on the market with a $23m price tag.

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Port's profits slump 65% during COVID

Nassau's main commercial shipping port suffered a 65 percent or $3m year-over-year profits slump during the first five-and-a-half months of the COVID-19 crisis, its top executive revealed yesterday.

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Activists pledge to continue $15.6m GB Power struggle

Activists yesterday pledged to keep fighting Grand Bahama Power Company's bid to recover $15.6m in Dorian restoration costs from customers even though it has been delayed a further three months.

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Reform bankruptcy to avoid 'financial grave'

A well-known QC yesterday backed calls to urgently reform The Bahamas' ancient personal bankruptcy laws as a way to save hundreds of persons from a "deep financial grave" post-COVID-19.