Hotel News

BHA Executive Says Renewable Energy Initiatives Needed

The Bahamas needs "to move faster" on renewable energy initiatives and programmes designed to reduce electricity costs, business leaders said yesterday, arguing that import duty exemptions to facilitate efficiency in the sector were not having the desired effect because complementary equipment was still being heavily taxed.
Last Updated on Wednesday, 28 October 2009 19:31

Tourism Not Expected To Rebound For Another Year

While hotel performance for September and October appears to be "slightly better" than the same period last year, a tourism expert does not expect the industry to fully rebound from the grips of the economic downturn for at least another year.

Bahamas Business Expo And Energy Conference


The Bahamas Chamber of Commerce and the Bahamas Hotel Association are bringing together buyers and sellers of goods and services to promote New Business Opportunities and reinforce existing relationships in their annual Bahamas Business Expo & Energy Efficiency Conference.

The event takes place at the Sheraton Cable Beach Resort, Independence Ballroom, Nassau, The Bahamas on Friday, November 13th and Saturday, November 14th.


New US Ambassador Pushes Sustainable Energy

New United States Ambassador to the Bahamas, Nicole Avant, would like to see greater use of sustainable energy in her new host country.

In her first meeting with the media, Ms Avant revealed that alternative and sustainable forms of producing energy is a particular interest of hers.

"I believe we must lay the groundwork to protect the environment in order to ensure future economic prosperity," said the 41-year-old at her Cable Beach home, Liberty Overlook.
Last Updated on Monday, 26 October 2009 18:28

Long Recession For Tourist-Dependent Nations

The Bahamas is among the Caribbean nations that have suffered the highest declines in tourist arrivals during 2009, a new International Monetary Fund (IMF) report has confirmed, warning that the industry's recovery and that of the wider Bahamian economy will not happen before 2011.

The IMF, in its assessment of the tourism outlook for the Caribbean, entitled A less crowded Caribbean next year?, said that for the year to May tourism arrivals to the Bahamas were down by 14.1 per cent, compared to a 3.4 per cent increase for Jamaica and falls of just 2.4 per cent and 9.4 per cent for the Dominican Republic and St Lucia respectively.

Also faring better than the Bahamas, comparatively speaking, were Barbados and Antigua & Barbuda, whose tourist arrivals to July 2009 were down by 10.7 per cent and 12.8 per cent respectively.

The only Caribbean nations faring worse than the Bahamas were St Vincent & the Grenadines and St Kitts and Nevis, who were off by 17.4 per cent and 27 per cent respectively for the year to June 2009.

And the IMF analysis warned that tourist-dependent countries such as the Bahamas were likely to experience a relatively long recession compared to other nations, because the consumer confidence and employment levels in developed countries, upon which they depended, typically lagged behind output recoveries.

With US unemployment rates set to enter double digits for the first time in 60 years, and forecast to remain in that territory until the 2010 fourth quarter, it seems reasonable to assume that economic recovery in the Bahamas may not commence until the 2011 mid-point - the 2011 winter season or first quarter at the earliest.

"The effects of the financial crisis on the Caribbean will likely persist into 2010 because tourism depends on employment conditions in advanced economies, which typically lag output recoveries," the IMF said.

"In the 2001 recession, for example, declines in tourist arrivals to Mexico and the Caribbean followed increases in unemployment rates which did not improve until 2003, despite an output recovery in 2002."

The outlook for Bahamian tourism, the IMF suggested, could be further impacted by the increasing US openness towards Cuba and a "potentially sharp recovery in Mexico".

It pointed out that the US move to lift travel restrictions on residents with family in Cuba had boosted their arrivals to the island nation by 11 per cent, and overall arrivals by 6 per cent.

"Although the impact on the Caribbean of this change is likely to be small, further near-term opening of US travel to Cuba would increase regional competition significantly," the IMF warned.

And while the Caribbean had benefited from reduced tourist travel to Mexico amid swine flu and security concerns, "should Mexico recovery quickly in 2010, this would put further pressure on the Caribbean".

Source: The Tribune

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