FRIDAY, OCT. 12: A bank yesterday made 13 staff redundant, while a city fast food restaurant has had to resort to radical measures to stay afloat in the current economic climate.
But one ray of sunshine in the recession-fuelled gloom is the real estate market, which is experiencing a spike in interest due to the relaxation of laws that restrict house sales to non-Bermudians.
Real estate agents say the changes ? officially gazetted last month ? have sparked fresh interest, especially among Permanent Resident Certificate (PRC) holders. It has widened the pool of potential buyers in a sector where people can wait almost a year on average to shift their homes in a sluggish market. The real estate market is seen as a barometer of the health of the economy overall.
Capital G Bank broke the shock news that 12 Bermudian and one work permit holder would have to go at a meeting of staff yesterday.
Tears shed
Staff shed tears and wondered who might be next for the chop.
Meanwhile, the owners of the Mr Chicken fast food outlet on Queen Street said a mix of increasing operating costs and the recession had made them consider shutting up shop altogether. But David and Beryl Furbert instead opted for a radical change in hours ? including opening to 4am on Friday and Saturday nights ? in a bid to generate more revenue.
Source: http://bermudasun.bm/Main.asp?SectionID=24&SubSectionID=270&ArticleID=61058
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