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THURSDAY, MARCH 26, 2020
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Strike âhappy mediumâ over virus lockdown By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE government was yesterday urged to strike âa happy mediumâ in its battle against COVID19 amid fears that an extended lockdown could âcompletely destroy the Bahamian economyâ. Robert Myers, the Organisation for Responsible Governanceâs (ORG) principal, told Tribune Business there had âto be some balanceâ between fighting the virus and restarting certain industries given that few businesses have the financial reserves to withstand
⢠Extension talk sparks âeconomic destruction fearâ ⢠Private sector urges some opening to ease pain ⢠ORG chief: Closing my businesses âhurts like hellâ
ROBERT MYERS
the lockdown extension being considered by the Minnis administration. Speaking ahead of Mondayâs House of Assembly session, during which MPs will be asked to determine if the current lockdown should be extended by up to 30 days, Mr Myers said the government had made the right call by enacting emergency powers until monthâs end. Backing present measures as critical to preventing a projected surge in the
COVID-19 infection rate, the ORG chief said his key concern was that maintaining the lockdown status quo for another month could put âeverybody out of businessâ and prevent the Bahamian economy from restarting. âI believe the government has made the right decision in the short-term,â Mr Myers told this newspaper. âIf the infection rate was climbing to such a point that
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âPrayingâ Atlantis re-opens May 16 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel unionâs president yesterday said he was âhoping and prayingâ that the COVID-19 related closure of Atlantis and other major Bahamian resorts does not extend beyond May 15. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers (BHCAWU) chief, told Tribune Business that yesterdayâs near two-month closure of the flagship Paradise Island destination resort was little surprise given the total absence of any guests. Atlantisâ decision to temporarily close from yesterday until May 15 brings it into line with
DARRIN WOODS other major hotels such as Sandals, which previously announced the same date as when it would seek to open up its Royal Bahamian and Emerald Bay (Exuma) properties. The announcement also coincided with Baha Marâs shutdown, which also occurred yesterday. The move also means that the duration for which Atlantis employees have been temporarily laid-off
Bahamas cannot be COVID-19 âpariahâ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will experience a much more rapid post-COVID-19 economic recovery if all citizens do their part to prevent infection numbers exploding locally, a Cabinet minister urged yesterday. Dionisio DâAguilar, pictured, minister of tourism and aviation, told Tribune Business that it was âcriticalâ to control, then eliminate, COVID-19âs presence in The Bahamas if
this nation was to enjoy âa better experienceâ economically once the world got the pandemic under control. He warned that The Bahamas cannot afford to
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Pandemic gives online shopping platform lift-off By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A BAHAMIAN-developed online shopping platform yesterday said the COVID-19 pandemic had given its business an immediate lift-off despite impacting the launch. Demetrius Hepburn, Shoppeeâs principal, told Tribune Business: âThings are going well. Shoppee is an online platform where we give sellers and vendors the opportunity to showcase their products on our website to give them and the buyer a sense of security
when they shop online. Since the COVID-19 epidemic, we have uploaded groceries through our app instead of standing on the long grocery store lines.â Mr Hepurn said he is in negotiations with vendors in Panama and other Caribbean territories to enable Bahamians to buy and source goods throughout the region. He added: âThe Bahamian online shopping experience had been relegated to Facebook forums and pages, and general notifications floating
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has increased from an initial four weeks to eight weeks. Audrey Oswell, the resortâs president and managing director, promised affected staff in a note that the property was âworking on a planâ to provide financial assistance although she provided no details. âWe have been navigating the current situation minute-by-minute, day -byday, adjusting as we learn more,â she added in a statement. âOne thing remains constant: Nothing matters more than the health, safety and well-being of our team members, guests and communities. We must confront the reality that togetherness may be a threat to the health and safety of our community and loved ones at this time.â In her note to staff confirming the closure until
May 15, which has been seen by Tribune Business, Ms Oswell said: âAfter the recent horror of Hurricane Dorian none of us could have imagined the magnitude of this COVID-19 pandemic and the resulting fall-out just waiting around the corner. âAnd now here it is. Yet, even during these trying times, we know in our hearts that this, too, shall pass. Our people have, and always will be, our number one priority. It is your future job security and well-being that we are focused on when making the difficult decisions we are focused on when making the difficult decisions we are faced with today.â Backing the action taken by the government to control COVID-19âs spread in
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Lockdown extension fears: 30% of small businesses may go By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SOME 30 percent of small businesses will âautomaticallyâ close if the government extends the nationwide COVID-19 lockdown for another month, a consultant to the sector warned yesterday. Mark A Turnquest, principal of Mark A Turnquest Consulting, told Tribune Business that the government should only extend it for â14 days at the mostâ beyond the present monthâs end expiration if it is to prevent the loss of almost one-third of this sector. With the House of Assembly set to debate a potential 30-day extension to the lockdown, which would see it last until the end of April, Mr Turnquest said that while the launch of the governmentâs $20m Business Continuity Loan initiative would aid some âyou cannot borrow your way into businessâ. He added that micro, small and medium-sized enterprises (MSMEs) that apply for the initiative will need âevery single oneâ of the four months permitted as a grace period before the loans - carrying interest at five percent - have to be repaid given how long the COVID-19 fall-out is likely to last. âAt least 30 percent of them will go out of business with no recovery,â Mr Turnquest told this newspaper, when asked the likely consequences for MSMEs if the government extends the nationwide lockdown to end-April. âItâs going to be very devastating. I would advise the government if they have to do it, if they must do it, that it be 14 days at the most. Iâd advise the government
MARK A TURNQUEST
MARLON JOHNSON to look carefully at the pros and cons, 30 days and 14 days, but they can evaluate it after 14 days. Itâs a safety and economic decision, but on the ground itâs very difficult. People are hurting.â Mr Turnquest said his small business clients were split 50/50 over whether they will take advantage of, and apply, for financial assistance via the governmentâs Business Continuity Loan initiative. He explained: âA loan is not a replacement for sales. If you are in business and you lose your clientele, a loan is not going to save you. You cannot stay in business with a loan. You only get a bunch of principal and interest expense with a loan, and will still go under at the end of the day. âYou cannot borrow your way into business. You need customers, otherwise you have a loan on your hands that you have to pay.â Still, Mr Turnquest praised the Business Continuity
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