The government is developing new legislation to support small and medium sized enterprises (SMEs), and help them fulfill their potential as drivers of the Bahamian economy, according to Minister of State for Investments Khaalis Rolle.

The Minister said that the government is developing an SME development framework in collaboration with the Bahamas Chamber of Commerce and Employers’ Confederation, as well as the Inter-American Development Bank.

The framework will help SMEs with access to financing, as well as business and technical support services.

Minister Rolle said it would “ensure SMEs are based on the soundest possible footing and that they can operate in an environment that is conducive to their success.”

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LANDOVER, Md., Nov. 8, 2012 /PRNewswire/ — Prince Khaled bin Sultan of the Kingdom of Saudi Arabia has been selected as this year’s Perseus award winner. The Perseus Award recognizes yacht owners who have demonstrated exemplary effort and contribution toward marine wildlife conservation.

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New investment in Grand Bahama will allow the government to cut subsidies to the island by more than 50 per cent, according to Minister of State for Investments Khaalis Rolle who said that new development would encourage an economic upswing on the island.

Last month, the government signed an agreement with the Hutchinson Group and Sunwing Travel Group under which the Reef Village at Lucaya will reopen as a five-star resort and Sunwing will begin operating flights between Freeport and Canadian destinations.

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The Bahamas Financial Services Board (BFSB) celebrated the 12th anniversary of its Industry Excellence Awards programme tonight, at a Gala Banquet held at the Sheraton Nassau Beach Resort. At this time, the Recipients for the 2012 Professional of the Year, Achiever of the Year, and Student of the Year were announced – academy award style.
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Preliminary data suggests a continuation of the economy’s mildly positive growth momentum during September, supported largely by tourism sector output, alongside foreign investment and public sector related construction activity. However, as growth remained narrowly based, high unemployment persisted. Indications are that inflation was subdued, reflecting a softening in energy costs over the review period. Fiscal data for the first two months of FY 2012/13 showed that the overall deficit widened, due to higher expenditure. In monetary developments, bank liquidity remained substantially unchanged while external reserves contracted, owing to the traditional firming in demand in the latter half of the year, and increased fuel payments.

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GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS — (Marketwire) — 11/09/12 — Consolidated Water Co. Ltd. (NASDAQ: CWCO), which develops and operates seawater desalination plants and water distribution systems in areas of the world where naturally occurring supplies of potable water are scarce or nonexistent, today reported its operating results for the third quarter and first nine months of 2012. The Company will host an investor conference call on Monday, November 12, 2012, at 11:00 a.m. EST (see details below) to discuss these operating results and other topics of interest.

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Jewelry artisan Ria Newbold is launching a range of unique, handmade necklaces and other accessories at the Colonial Hilton in Nassau tomorrow.

Pictured: Minister of State for Investments Khaalis Rolle speaking Friday, November 9th — the final day of Accountants Week in Nassau. (Photo ©Dupuch/ Harry Cutting)

Pursuing foreign direct investment (FDI) is a key priority for the government in developing a national economic strategy, according to Minister of State for Investments Khaalis Rolle.

Speaking today at Accountants’ Week, Minister Rolle said foreign investors injected $1.5 billion into the Bahamian economy last year and the government was committed to increasing this figure.

“An economic development plan for The Bahamas will include a strong commitment to maximizing the returns from FDI,” he said. “FDI will continue to be a major driver of the Bahamian economy for the foreseeable future.”

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Pictured: The Dominican Republic’s Jean Alain Rodriguez and the Bahamas’ Ryan Pinder. (BIS Photo/Eric Rose)

The Bahamas and the Dominican Republic are considering establishing a joint business council with members of the private sector of both countries.

The council is a proposal of Bahamian Financial Services Minister Ryan Pinder, who said a framework for a Memorandum of Understanding on the idea is expected to be completed by the end of this month.

Pinder was speaking during a press conference with Foreign Minister Fred Mitchell and Agriculture and Marine Resources Minister Alfred Gray following bilateral talks held in the Dominican Republic focusing on alleged poaching in Bahamian waters.

The talks, which were held from Oct. 30 to Oct. 31, also focused on agricultural, trade and economic joint ventures between the two countries.

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This is an excerpt from Caribbean Journal as it appeared on November 9, 2012. For updates or to read the current version of this post in its entirety, please click here.

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As a result of a host of concerns (looming fiscal cliff, European debt crisis, slowing Chinese economy, geopolitical issues, etc.), the Dow has pulled back from its post-financial crisis high of one month ago. For some perspective, today’s chart illustrates the overall trend of the stock market (as measured by the Dow) since 2003. As today’s chart illustrates, the post-financial crisis rally was especially sharp during its first two years. Since then, the rally slowed but continued to trade above support (green line) — until now.

This is an excerpt from Chart of the Day as it appeared on November 9, 2012. For updates or to read the current version of this post in its entirety, please click here.

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