Local Business


Insurer expands to US Virgin islands

A Bahamian insurer has expanded into the US Virgin Islands (USVI) to further its goal of reducing reliance on this nation to just 60 percent of its total business portfolio.Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Busines

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More firms facing 'death sentence'

Grand Bahama’s Chamber of Commerce president last warned that more and more businesses are being “handed a death sentence” as the island’s COVID-19 lockdown was extended to August 19. Greg Laroda told Tribune Business that The Bahamas needed to “fin

How to cope with lockdown stress

The past five months have been a difficult time for businesses and employees as they grapple with reduced hours, pay, work and customer engagement due to COVID-19. These losses have resulted in stress which, for many, has become distress. Large numbe

Landscapers: Two-day opening 'is not working'

Landscapers yesterday said the exemption allowing themselves and pool maintenance companies to operate two days per week during the COVID-19 lockdown “didn’t work then and is not working now”.Conray Rolle, interim chairman of the Bahamas Landscaping

Suppliers able to restock retailers

Food retailers yesterday confirmed that major wholesale suppliers have been allowed to restock their stores on Tuesday’s and Thursday’s amid the latest COVID-19 lockdown. Cyril Carey, general manager of Kenneth’s Food Store on Prince Charles Drive,

Barbers, salons: 'No one talking of closing'

Barbers, hair salons and spas have vowed “to cope” with their latest COVID-19 lockdown as one industry representative revealed: “No one is saying they are going to close down.” Dellarese Taylor, the Bahamian Cosmetologists and Barbers Association’s

IDB loans $200m to aid business climate

The Inter-American Development Bank (IDB) yesterday said it has approved a $200m loan to boost the business climate through increased productivity, innovation and greater diversification. The multilateral lender said the initiative would support the

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Game plan to avoid COVID-19 'salvage'

The Bahamas must urgently develop a COVID-19 “game plan” covering all potential scenarios to prevent its economic recovery from becoming a “salvage” operation, a chamber chief urged yesterday. Ken Hutton, the Abaco Chamber of Commerce’s president, t

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FINAL NAIL IN RETAIL COFFIN: Retail Association warns lockdown may be last straw for many traders

Bahamian retailers yesterday warned that the latest COVID-19 lockdown will be "the nail in the coffin" for multiple companies and jobs in a sector that employs more than 22,000 persons.

Economist warns reserves issues 'loom' long-term

The Bahamas faces a “looming problem” over the “lifeblood” of its economy if it is unable to swiftly attract significant foreign currency inflows, an economics lecturer warned yesterday.Rupert Pinder, who lectures at the University of The Bahamas, to

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AID: 'Still best time' for $8.2m projects

A major Bahamian retailer yesterday said it believes this is “still the best time to go ahead” with its $8.2m investment in new stores despite the latest national COVID-19 lockdown. Jason Watson, Automotive Industrial Distributors (AID) president, t

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BTC suffers 15% revenue decline

The Bahamas Telecommunications Company (BTC) was not spared by the COVID-19 pandemic, it was revealed yesterday, as the carrier suffered a near-15 percent year-over-year first half revenue fall. Liberty Latin America (LiLAC), the ultimate parent for

Auto parts supplier pleads website case

An auto parts supplier yesterday urged the government to permit its website to facilitate delivery and pick-up purchases as The Bahamas entered it second COVID-19 national lockdown. Dwayne Higgs, WHIM Automotive’s general manager, told Tribune Busin

Digital provider: 'We're like domestic credit card'

A digital payment provider, which facilitates the National Insurance Board’s (NIB) unemployment benefit payments, yesterday likened its system to a “domestic credit card”. Sean Smith, SunCash’s business development manager, told Tribune Business tha

Company losing fight against staff lay-offs

An auto parts and hardware store yesterday warned it may lay-off some of its 25 staff members due to the restrictions imposed by the new two-week COVID-19 lockdown.Doreen Rolle, owner/operator of Rolle’s Auto, told Tribune Business: “The hardware sid