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News & Press - Oct 16/18

 

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International newswire service profiles the richest man in Brazil, Eike Batista. The ambitious industrialist is looking to build on a base of wide ranging conglomerates ranging from oil and mining to recreation and beauty care. 

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Reuters
Tuesday, December 27, 2011
Tuesday, December 27, 2011

Reuters
Dec. 17/11 (Reuters) – Eike Batista sits atop one of the world’s most expansive industrial conglomerates, ranging from oil and mining to recreation and beauty care. Already the richest person in Brazil, he wants to be the richest in the world.

His country has not seen industrial ambition on this scale since the 19th century, when a banker called Irineu Evangelista de Sousa built the first railroad, helped put steamships on the Amazon and linked South America to Europe with an undersea telegraph.

Since then, Brazil has evolved from a slaveholding backwater addicted to foreign capital into an emerging global power. And yet in skeptical capital markets, Brazil is still trying to prove itself.

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This is an excerpt from Reuters as it appeared on December 27, 2011. For updates or to read the current version of this post in its entirety, please click here.

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IDB Water and Sewerage Corp loan contracts

The Bahamas government recently signed a guarantee contract with the Inter-American Development Bank (IDB) for a loan totalling $81 million for an entire upgrade of the water and sewerage facilities on New Providence. The objective of the programme is to improve efficiency and quality of service provision of potable water and address immediate problems of sanitation. For a closer look at the terms of the agreement view PDFs of the contract here. 

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TheBahamasInvestor.com
Tuesday, December 27, 2011
Tuesday, December 27, 2011

Download/view the WSC support program here.

Download/view the loan contract here.

Minister of Tourism and Aviation Vincent Vanderpool-Wallace has posted a Christmas message on the Tourism Today YouTube channel. In it the Minister says that The Bahamas welcomed five million visitors in 2011 and is expecting the upward trend to continue into next year. Watch the full video here. 

Prime Minister opens new Straw Market

Prime Minister Hubert Ingraham heralds the new Straw Market in downtown Nassau as being a symbol of Bahamian ingenuity and creativity. Read the Prime Minister's remarks here. 

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TheBahamasInvestor.com
Friday, December 23, 2011
Friday, December 23, 2011

Remarks by Rt. Hon. Hubert A. Ingraham
Prime Minister
Official Opening, Historic City of Nassau Straw Market
21 December 2011

Ladies and Gentlemen:
I am especially grateful for the opportunity, along with my colleagues in Government, to play an instrumental role in the creation and reopening of the new Nassau Straw Market at the site where the previous market was destroyed by fire in 2001 when I was earlier in office.

With the official opening of the historic Straw Market, the transformation of Downtown and the City of Nassau is gathering pace.

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Pennine Petroleum Corp has announced it has signed a letter of intent with NPT Oil Corp in respect to the proposed acquisition of all data, deposits and license applications held by NPT or its subsidiaries on the Blake Plateau in the northern territorial waters of The Bahamas, reports MarketWatch website. 

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Marketwatch
Friday, December 23, 2011
Friday, December 23, 2011

MarketWatch
CALGARY, Aberta Dec. 22/11 (ACCESSWIRE-TNW via COMTEX) – Pennine Petroleum Corporation (PNN on TSX.V) (the “Company”) is pleased to announce it has entered into a letter of intent (“Letter of Intent”) dated December 16, 2011 with NPT Oil Corporation (“NPT”) in respect to the proposed acquisition by the Company of all data, deposits and license applications held by NPT or its subsidiaries on the Blake Plateau in the northern territorial waters of the Commonwealth of the Bahamas.

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This is an excerpt from Marketwatch as it appeared on December 23, 2011. For updates or to read the current version of this post in its entirety, please click here.

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Nassau Airport Development Co, which operates Lynden Pindling International Airport in Nassau, has acknowledged three employees for their outstanding contribution over the last year. The airport is currently undergoing a multi-million dollar redevelopment. 

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TheBahamasInvestor.com
Thursday, December 22, 2011
Thursday, December 22, 2011

Three employees at the Nassau Airport Development Co (NAD) walked away with accolades for their hard work and dedication as the company wraps up a busy year at the Lynden Pindling International Airport (LPIA).

NAD-Employee-of-the-Year-2011NAD-Employee-of-the-Year-2011NAD-Employee-of-the-Year-2011

The three employees for their outstanding contribution over the last year (left to right): NAD Employee of the Year 2011 – Gina Johnson, NAD Manager of the Year 2011 – Peter Tynes, and NAD Employee of the Year 2011 – Deandra Pinder.

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New VP appointed at Butterfield Bahamas

Butterfield Bank (Bahamas) Ltd has announced that Timothy Colclough has been appointed Vice President and Head of Trust and Fiduciary Services, according to businesslife.com. 

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Businesslife.co
Thursday, December 22, 2011
Thursday, December 22, 2011

HAMILTON, Bermuda and NASSAU, Bahamas Dec. 21/11 (Businesslife.co): Butterfield Bank (Bahamas) Limited (“Butterfield”) today announced that Timothy J. Colclough has been appointed Vice President and Head of Trust and Fiduciary Services.

Mr. Colclough is returning to Butterfield, where he was previously Head of Business Development for over five years, after an absence of one year.

Originally from Jersey, Mr. Colclough has lived and worked in The Bahamas for more than 15 years. He has extensive experience in fiduciary services and a depth of knowledge of both local and international trust structures. He is a Chartered Company Secretary, holds an LL.B (Hons) law degree from the University of Buckingham, is a Member of the Society of Trust and Estate Practitioners and is an Individually Chartered Member of the Chartered Institute for Securities and Investment.

This is an excerpt from Businesslife.co as it appeared on December 22, 2011. For updates or to read the current version of this post in its entirety, please click here.

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The Arawak Cay port will add an extra $800 million to the gross domestic product, and more than 1,200 full-time jobs, over an initial 20-year period, by freeing up 20 acres of prime land in downtown Nassau for redevelopment, reports local paper The Tribune. 

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The Tribune
Wednesday, December 21, 2011
Wednesday, December 21, 2011

THE Arawak Cay port will generate an extra $800 million in Bahamian gross domestic product (GDP), and more than 1,200 full-time jobs, over an initial 20-year period by freeing up 20 acres of prime Bay Street land for downtown Nassau’s redevelopment.

These projections, contained in the Economic Impact Statement produced for the Nassau Container Port project by KPMG Corporate Finance, described “the most significant impact” from the $83 million project as being the relocation of the container shipping industry from the heart of Nassau’s city centre.

The findings, disclosed in the report obtained by Tribune Business, came as the placement agents for the $10 million Arawak Port Development (APD) initial public offering (IPO) expressed great optimism that the offer will be “fully subscribed” well before its January 31, 2012, close.

The APD IPO is the first one to be held over the Christmas period. Previous offerings have traditionally avoided such timing, given that investor minds and disposable income, especially on the retail side, are traditionally deployed elsewhere, but Providence Advisors’ chief executive, Kenwood Kerr, said the IPO had already attracted great interest since its Friday launch.

“We’re very confident that the offer will be fully subscribed, notwithstanding the time of year,” Mr Kerr told Tribune Business yesterday.

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This is an excerpt from The Tribune as it appeared on December 21, 2011. For updates or to read the current version of this post in its entirety, please click here.

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The Arawak Cay port is projecting to generate between $4.918 million to $5.761 million in operating income between 2013-2015, according to local newspaper The Tribune. Unveiling the $10 million initial public offering for the Nassau Container Port's holding company, Arawak Port Development (APD) chief executive, Michael Maura Jr, said the company's annual gross revenues could fluctuate between $25-27 million over the next three years. 

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The Tribune
Tuesday, December 20, 2011
Tuesday, December 20, 2011

Dec. 19/11 (NATARIO McKENZIE) THE ARAWAK CAY port is projecting to generate between $4.918 million to $5.761 million in operating income between 2013-2015, its chief executive saying it expected to enjoy a significant boost in container throughput volumes from the $2.6 billion Baha Mar project.

Unveiling the $10 million initial public offering (IPO) for the Nassau Container Port’s holding company, Arawak Port Development (APD) chief executive, Michael Maura Jr, said the company’s annual revenues could fluctuate between $25 and 27 million over the next three years.

Mr Maura said the Government, in the Memorandum of Understanding (MoU) signed with the 19 private sector shipping industry companies, had sought to strike a balance between investor returns and minimising shipping costs and associated tariffs for the Bahamian business community and general public. The MoU, he said, permits APD to earn an investment return rate of between 10 to 12 per cent.

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This is an excerpt from The Tribune as it appeared on December 20, 2011. For updates or to read the current version of this post in its entirety, please click here.

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Wells Fargo & Company (NYSE: WFC) and EverKey Global Partners (EverKey) announced last week that they have signed a definitive agreement for Wells Fargo to acquire EverKey, an investment boutique that offers global equity strategies to institutional clients, reports insurancenewsnet.com. EverKey has offices in The Bahamas and New York and manages global equity strategies for institutional clients in Japan and North America. 

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Insurance News
Monday, December 19, 2011
Monday, December 19, 2011

SAN FRANCISCO, Dec. 15/11 – Wells Fargo & Company (NYSE: WFC) and EverKey Global Partners (EverKey) announced today that they have signed a definitive agreement for Wells Fargo to acquire EverKey, an investment boutique that offers global equity strategies to institutional clients.

EverKey Global Partners was established in December 2007 by Jeff Everett, formerly president and chief investment officer of Templeton Global Advisors Limited. In this role, Mr. Everett had responsibility for all portfolio management activities for all funds within the Templeton Global Equity Group, encompassing 35 portfolio managers and analysts. He served as lead portfolio manager of the $10 billionTempleton World Fund from 1995 to 2007, in addition to several other funds and accounts totaling approximately $35 billion in assets under management. The 11Zmember EverKey team has offices in the Bahamas and New York and manages global equity strategies for institutional clients in Japan and North America.

…continue with our excerpt >

This is an excerpt from Insurance News as it appeared on December 19, 2011. For updates or to read the current version of this post in its entirety, please click here.

Go to the source of this post >

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