70 employees of the Hutchison Whampoa group in Grand Bahama were gven pink slips on Wednesday.
The employees, mainly middle management personnel and a few line staff, from the Freeport Airport Company, Freeport Container Port and the Freeport Harbour Company were let go.
The lay-offs were said to part of an international downsizing act by Hutchison Whampoa Group of companies due to the economy and the resulting decline in business. Some 400 persons were said to be laid-off in the UK.
Cruise ship business, and air travel are both suffering in Grand Bahama.
Standard & Poor’s Ratings Services on Wednesday affirmed and then withdrew its ‘A-‘ long-term unsolicited corporate credit rating on Hong Kong-based property developer Cheung Kong (Holdings) Ltd. (CKH) which is also the 49.9 percent-ownership of Hutchison Whampoa Ltd.
