Grand Bahama Power Co has embarked on a $1-million upgrade of the island’s power facilities. Watch an interview with Paul Lockhart, vice president of the Grand Bahama Power Co here.

Financial Services Minister Ryan Pinder’s address in the House of Assembly on trade and the opening of a new branch office for CIBC top the business news from ZNS this week. Watch the full report here.

The president of the Bahamas Institute of Financial Services (BIFS) Tanya McCartney along with executive director Kim Bodie and chairman of the Education Committee Jane Major made a courtesy call on the Minister of Financial Services Ryan Pinder last week.

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Latin America is one of the largest and most rapidly growing markets in the world, according to Frank Comito, president of The Bahamas Hotel Association. A Spanish language programme is being launched to help the jurisdiction attract more visitors from the region. Watch a report on the initiative here.

KRyS Global, a corporate asset recovery, insolvency, forensic accounting and business advisory services firm, has been recognized as a leading player in The Bahamas.

The firm has taken first place in ACQ magazine’s 2012 ACQ Global Awards for Corporate Recovery and Insolvency Advisory Firm of the Year and Forensic Accounting Advisory Firm of the Year in The Bahamas.

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A larger than life political figure, Ingraham headed three administrations during the 15 years he held the nation’s most important job.

Ingraham said that he had been promised the opportunity to speak early in the House of Assembly proceedings. The House was packed with FNM supporters, members of the media and members of the public all anticipating that the former Prime Minister’s address would be the first item topping the Parliamentary agenda.

After being told that he would be allowed to speak at some point later in the House proceedings, Ingraham packed up his things and left, releasing the speech to the media shortly after.

Hours after his Free National Movement (FNM) government was defeated in the May 7 general elections, Ingraham announced his resignation both as party leader and as the Member of Parliament for North Abaco, a constituency he had served for eight consecutive terms, beginning at the age of 29.

His resignation was an unprecedented move. Although, a long-held custom of various parliamentary democracies, Ingraham was the first defeated Bahamian Prime Minister to take such an action.

Former Bahamas Prime Minister Hubert Ingraham (front row right) at his final sitting in the House of Assembly, ending a 35 year political career.

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The Financial Services Minister’s tour of the new Coca-Cola plant and the knock-on economic effects of the London Olympic Games top the news stories for the ZNS Business Beat report. Watch the full report here.

NASSAU, Bahamas, July 24, 2012 (GLOBE NEWSWIRE) — Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR) (the “Company”), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), today announced the sale of a further 14 wet and dry barges to a third party in Colombia. The barges are scheduled for delivery starting at the end of 2012 and extending through the second quarter of 2013. This sale will provide the Company with proceeds of $20.3 million, of which 50% will be advanced by the buyer. With this sale, the yard is fully employed until the end of the first quarter of 2013.

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Mega-resort Atlantis Paradise Island is to sponsor the Miss Bahamas Universe and Miss Bahamas World pageants. Watch a press conference with Michelle Malcolm, president of Miss Bahamas, Michelle Wilshire, vice president of special events at Atlantis, and Jerome Sawyer, media relations director Miss Bahamas, here.

Earl Miller, general manager of vertical markets for the Ministry of Tourism in Plantation, Florida, says that partnerships are key to bringing more visitors to The Bahamas. Watch an interview with Miller here.