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Govt plans civil service 'freeze'
The government is planning to freeze all civil service hirings, promotions and salary increases in a bid to limit the size of a potentially massive 2020-2021 fiscal deficit, it was revealed last night.Kimsley Ferguson, the Bahamas Public Service Unio
DIANE PHILLIPS: A bit of common sense and we can unleash at least one economic tiger
This is one of those good news, bad news stories. The difference in this one is the bad news has an easy fix. Here’s how the story begins.
Port suffers 40% May volume fall
Nassau’s main commercial shipping port yesterday predicted it will suffer a “flat” 2020 full year after container import volumes for May to-date dropped by around 40 percent compared to the prior year.Dion Bethell, Arawak Port Development Company’s (
FOCOL scouting for capital raise
BISX-listed FOCOL Holdings is on a capital markets “reconnaissance” mission to determine its best finance-raising options as it “very aggressively” seeks to position itself for growth post-COVID-19. Sir Franklyn Wilson, the company’s chairman, told
Eliminating Immigration corruption is 'key focus'
Eliminating corruption at the Immigration Department is a “primary focus” for the government, a Cabinet minister said yesterday, adding that he “cannot stress how vital” this objective is.Elsworth Johnson, pictured, minister of financial services, tr
BISX-listed firms warn on dividends
Several BISX-listed companies have warned shareholders against “undue optimism” that dividend payments will continue given the need to preserve cash and liquidity during the COVID-19 pandemic. Both JS Johnson and Family Guardian cautioned investors
COVID-19's big economic rebuild - 2020 and beyond
In the first of a new three-part series, Hubert Edwards looks at the scale of the recovery task confronting The Bahamas in the immediate term and further out The Bahamian economy must be rebuilt following this global crisis. We deliberately avoid
Marinas 'chomping at bit' to lead re-opening
Bahamian marinas are “chomping at the bit” to re-open before the wider tourism industry in a bid to make multi-million dollar inroads into the lucrative yacht charter market, it was revealed yesterday.Dionisio D’Aguilar, minister of tourism and aviat
The last thing we need right now is austerity
Government should be wary of the voices out there that are using the Covid-19 pandemic to promote their own agendas by advocating fiscal austerity as a response to the crisis.
DIANE PHILLIPS: Is it time to bite the bullet and sell Bank of The Bahamas?
The time has come to sell Bank of The Bahamas.
Webshops economic vampires
As is commonly known, the public health crisis brought on by the COVID-19 pandemic has resulted in most of our economy being shut down.
Briland developer: Ex-manager cost me $2m
A Harbour Island developer says his former $21,000-per month project manager’s “negligence” in failing to obtain key permits has cost him more than $2m and delayed the project by ten months. Michael Wiener, principal of 4M Harbour Island Ltd, is bla
Grand Lucayan waiting on $20m Dorian claim
The Grand Lucayan has yet to receive its expected $20m Hurricane Dorian insurance claim payout even though the property’s sale to the Royal Caribbean/ITM joint venture was completed over two months ago. Michael Scott, chairman of Lucayan Renewal Hol
Global Ports guarantees capital
Nassau Cruise Port's ultimate parent has pledged to "guarantee" the success of its $130m bond issue by covering any capital shortfall that may exist when the offering closes at the end of this week.
Cruise port chief in 'guarantee' on bond's success
Nassau Cruise Port’s ultimate parent has pledged to “guarantee” the success of its $130m bond issue by covering any capital shortfall that may exist when the offering closes at the end of this week.Mehmet Kutman, Global Ports Holding’s chairman, told
The Vicious Cycle Of Lockdowns, Downgrades And Stimulus Cost
In the final of his three-part series, Hubert Edwards suggests how The Bahamas and other nations can blunt the impact of sovereign credit downgrades.
Restrictions give $300m foreign reserves 'buffer'
The Central Bank’s governor yesterday said measures imposed to restrict foreign currency outflows will create $300m in “buffers” to safeguard the external reserves and the fixed US dollar peg.John Rolle revealed that the regulator has suspended all a
Economy may contract by 'mid to upper teens'
The Bahamian economy may shrink by between 15-19 percent this year with a fully recovery of COVID-19 losses not occurring until 2022, the Central Bank’s governor warned yesterday.John Rolle, in a bleak near-term assessment of the country’s post-pande
'Worst ever mistake' for inflated reserves
The $2bn foreign exchange reserves are less healthy than they appear because of the Minnis administration’s “worst ever mistake”, a former Central Bank governor argued yesterday. James Smith, also a former finance minister, told Tribune Business tha
The vicious cycle of lockdowns, downgrades and stimulus cost
In the second of a three-part series, Hubert Edwards analyses the challenges confronting The Bahamas as it seeks to secure sufficient funding to ride-out the COVID-19 storm.
