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VOLUME:118 No.07, DECEMBER 1ST, 2020
THE PEOPLE’S PAPER: $1
WOMAN: CHRISTMAS ON A BUDGET DURING COVID
FAMILIES PILE ON DEBT MOUNTAIN Overdue loans and mortgage arrears soar $58m in one month
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
MORTGAGE and consumer loan delinquencies increased by $58m during October with a senior banker warning it may take five to seven years to recover from COVID-19’s “true fall-out”. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, speaking as the Central Bank unveiled data exposing the extent of households’ inability to meet their obligations as payment deferrals come to an end, said the
October data represented neither “the beginning” nor “the end” for commercial banks and their borrowers. With the sector’s “end game” focused on “how we manage our loan portfolios to get to the other side”, Mr Bowe said Bahamas-based institutions were now likely facing a similar scenario to the 2008-2009 financial crisis and subsequent recession when it took some borrowers between six to seven years to recover and get back on track with their repayments. FULL STORY - SEE BUSINESS
government of The Bahamas dismissed a private loan arrangement with a foreign finance firm in favour of an international bond offering, the bi-weekly tabloid, The Punch, has launched a relentless attack on me and the Ministry of Finance,” Mr Turnquest said in a statement yesterday. “The rationale for the decision made, following extensive analysis by technical experts at the ministry, were fully and objectively explained in Parliament. Yet the personal attacks continue. One has to wonder why.” SEE PAGE THREE
By KHRISNA RUSSELL Tribune Chief Reporter krussell@tribunemedia.net NATIONAL Insurance Board Minister Brensil Rolle admitted yesterday that he did not take Nicola Virgill-Rolle seriously when she revealed in a conversation last Wednesday that she was considering resigning after more than two years as NIB’s director. Once her decision was made official in writing over the weekend, Mr Rolle said the board sought to dissuade Mrs Virgill-Rolle, but their efforts were unsuccessful. Mrs Virgill-Rolle’s resignation was announced yesterday in unusual fashion, with her new employer making public her new post before an official government statement was released. She will leave NIB to become the next executive director of Lyford Cay Foundations, a release from SEE PAGE THREE
EMERGENCY ORDERS TO BE EASED ON ELEUTHERA
TURNQUEST TURNS HIS GUNS ON THE PUNCH
By TANYA SMITHCARTWRIGHT tsmith-cartwright@ tribunemedia.net FORMER Deputy Prime Minister and Minister of Finance K Peter Turnquest has fired back at tabloid “attacks” against his reputation and term in office, which he suggests is motivated by the Minnis administration’s dismissal of a private loan agreement. His statement came after The Punch carried a front-page report and headline that contained several new allegations against the former Cabinet minister. “Ever since the
NIB DIRECTOR RESIGNS TO TAKE ‘MORE STABLE’ ROLE
RIGHT TIME, RIGHT PLACE ELSADA Hield is on the road to becoming a millionaire - before the age of 30. Read all about the secret of her success - and how she found a way to thrive during the pandemic, in her interview with Felicity Darville on page eight.
PRIME Minister Dr Hubert Minnis has announced that COVID-19 restrictions on Eleuthera have been relaxed with immediate effect. While speaking at a groundbreaking ceremony for a new government subdivision in the Carmichael area yesterday, Dr Minnis acknowledged the “stress and strain” Eleuthera residents have endured due to emergency protocols over the past several weeks. He said restrictions on the island would be relaxed, including easing the nightly curfew from 6pm to 10pm and allowing restaurants to permit indoor and outdoor dining. SEE PAGE FOUR
LYFORD RESIDENTS’ FURY AT AMERICANS’ PARTY LYFORD Cay residents have been left fuming after an American couple arrived in the gated community last week and hosted a 40-strong party that has led to a number of COVID-19 cases. The Tribune understands Cynthia and Bernard Curry arrived at a residence from New York last Monday and the following day hosted an event at the property The following day, Mrs Curry is believed to have
LYFORD CAY attended Lyford Cay Hospital where she was subsequently confirmed as COVID positive. Police and government officials have been unable
to provide any details to The Tribune on exactly what transpired. Sources say at least six people who attended the party have now tested positive. Residents also told The Tribune that “COVID police” attended the party and that a number of onthe-spot fines were handed out. Police were unable to provide any comment on their involvement.
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SEE PAGE FOUR
CHARITY BEGINS AT HOME... BUT FOR HOW LONG?
SEE PAGE NINE