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News & Press - May 19/19

 

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Acting president and CEO of the US government’s development finance institution the Overseas Private Investment Corp will travel to The Bahamas, Jamaica, Haiti, the Dominican Republic, and St. Lucia May 19-22. 

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TheBahamasInvestor.com
Friday, May 17, 2019
Friday, May 17, 2019

Bahamas to host US investment delegationOverseas Private Investment Corp (OPIC), the US government’s development finance institution, acting president and chief executive officer David Bohigian will travel to The Bahamas, Jamaica, Haiti, the Dominican Republic, and St. Lucia May 19-22.

Bohigian is leading a high-level OPIC delegation to the Caribbean region to explore investment opportunities in energy and other critical sectors, as well as strengthen relationships with countries that are key partners in fostering stability and security in the Western Hemisphere.

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NAD begins demolition of old terminal at LPIA

Nassau Airport Development Co began a phased demolition of the former domestic and international terminal building at Lynden Pindling International Airport last week. The work is scheduled to take around 10 weeks. 

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TheBahamasInvestor.com
Thursday, May 16, 2019
Thursday, May 16, 2019

Nassau Airport Development Company (NAD) began a phased demolition of the former domestic and international terminal building at Lynden Pindling International Airport (LPIA) last week.

NAD’s maintenance and engineering department is spearheading the project and estimates a 10-week timeline for the initiative.

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Minister of Financial Services Brent Symonette delivered welcome remarks yesterday to delegates attending the 20th Anniversary STEP Conference, a forum for stakeholders in the financial sector. The two-day event, held under the theme Mind the Gap: Future-Proofing IFCs, is taking place at Baha Mar resort in The Bahamas. 

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TheBahamasInvestor.com
Tuesday, May 14, 2019
Thursday, May 16, 2019

FS Minister opens STEP conferenceMinister of Financial Services, Trade and Industry and Immigration Brent Symonette delivered welcome remarks yesterday to delegates attending the 20th Anniversary Society of Trust and Estate Practitioners (STEP) Conference, a forum for stakeholders in the financial sector.

The two-day event, held under the theme Mind the Gap: Future-Proofing IFCs, is taking place at Baha Mar resort.

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Bahamas reports 1.6 per cent real growth – PDF

The National Accounts Section of the Department of Statistics has released the Annual Gross Domestic Product report for 2018 as compiled by the Production and Expenditure Approaches at the Department, May 13, 2019. 

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TheBahamasInvestor.com
Tuesday, May 14, 2019
Tuesday, May 14, 2019

The National Accounts Section of the Department of Statistics has released the Annual Gross Domestic Product report for 2018 as compiled by the Production and Expenditure Approaches at the Department, May 13, 2019.


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Real estate leaders warn of increased compliance

With a booming market and more luxury developments coming on stream than ever before, the real estate industry faces a new era of compliance, industry leaders warned at the Bahamas Real Estate Association held at the beginning of this month. Pictured: (from left) BREA Compliance Committee chairman David Morley, BREA Director Sally Hutcheson of SALCO Realty, centre, and BREA President, Christine Wallace-Whitfield, Island Living Real Estate. (BREA Photo)

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TheBahamasInvestor.com
Monday, May 13, 2019
Tuesday, May 14, 2019

With a booming market and more luxury developments coming on stream than ever before, the real estate industry faces a new era of compliance, industry leaders warned at the Bahamas Real Estate Association (BREA) held at the beginning of this month.

“This has been another interesting year with many obstacles and challenges,” BREA President Christine Wallace-Whitfield told a packed house at the Nassau Yacht Club May 1.

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Buckeye Partners, LP (NYSE: BPL), which operates its flagship marine terminal in The Bahamas, has reported its financial results for the first quarter of 2019. Net income attributable to Buckeye was $80.8 million for the first quarter of 2019 compared to $112.4 million for the first quarter of 2018. 

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Buckeye Partners LP
Monday, May 13, 2019
Monday, May 13, 2019

Buckeye PartnersHOUSTON, May 2019 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL) today reported its financial results for the first quarter of 2019. Net income attributable to Buckeye was $80.8 million for the first quarter of 2019 compared to $112.4 million for the first quarter of 2018. Adjusted EBITDA (as defined below) for the first quarter of 2019 was $216.4 million compared to $261.7 million for the first quarter of 2018.

Buckeye’s first quarter 2019 results were impacted by the sale of the partnership’s 50% equity interest in VTTI, which was completed in January 2019, and the sale of the package of domestic pipeline and terminal assets (the “Domestic Asset Package”), which closed in December 2018. Included in the first quarter 2018 results was a $43.6 million contribution to Adjusted EBITDA from the divested assets.

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PM: New complex to boost regulator synergy

Opened by Prime Minister Dr Hubert Minnis during a ceremony 26 April 2019, the 7.3-acre Poinciana House complex located on East Bay Street is now home to three of the country’s financial regulators. (BIS Photo/Yontalay Bowe)

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TheBahamasInvestor.com
Thursday, May 9, 2019
Thursday, May 9, 2019

Opened by Prime Minister Dr Hubert Minnis during a ceremony 26 April 2019, the 7.3-acre Poinciana House complex located on East Bay Street is now home to three of the country’s financial regulators: the Securities Commission of The Bahamas; the Insurance Commission of The Bahamas; and the Compliance Commission of The Bahamas.

At the opening, the Prime Minister said the presence of financial regulators together at Poinciana House will allow them to take advantage of efficiencies due to their proximity.

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Junkanoo showcased at New Orleans Jazz & Heritage Festival – photos

A Bahamas Junkanoo contingent performed at the 50th Anniversary New Orleans Jazz and Heritage Festival 2019, May 3-4. 

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TheBahamasInvestor.com
Thursday, May 9, 2019
Thursday, May 9, 2019

A Bahamas Junkanoo contingent performed at the 50th Anniversary New Orleans Jazz and Heritage Festival 2019, May 3-4.

The group comprised members of the Saxons Superstars, One Family, Roots, and the Valley Boys.

Minister of Tourism & Aviation Dionisio D’Aguilar, Ministry officials, and entertainers Ronald Simms and Fred Munnings were also at the festival.

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The business news this week in The Bahamas includes the roll out of the new Labour Force Survey and how one Bahamian entrepreneur secured funding for an eco-friendly car rental business through the Small Business Development Centre. Watch the report from ZNS News here. 

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ZNS News
Thursday, May 9, 2019
Thursday, May 9, 2019

Continue to see videoThe business news this week in The Bahamas includes the roll out of the new Labour Force Survey and how one Bahamian entrepreneur secured funding for an eco-friendly car rental business through the Small Business Development Centre.
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Carnival Sunrise makes inaugural visit to Grand Bahama

The Carnival Sunrise made its inaugural visit to Grand Bahama Island May 4. With a total of 5,000 passengers and crew members, the ship sailed from Norfolk, Virginia, to Half Moon Cay and added the brief stop to Freeport before returning to Norfolk, Virginia. (MOTA Photo)

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Ministry of Tourism
Wednesday, May 8, 2019
Wednesday, May 8, 2019

Saturday, May 4th, the Carnival Sunrise made its inaugural visit to Grand Bahama Island, where the Captain and crew were welcomed by members of the Freeport Harbour Company, Freeport Ship Services, and the Ministry of Tourism and Aviation (MOTA).

The visit, which was an unscheduled call to the harbour, was the first voyage made by the ship after its full renovation in April 2019.

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