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News & Press - Apr 19/18

 

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While the Caribbean has long been a celebrated destination among US and European travellers, new data from the Expedia group reveals a rising demand for intra-Caribbean travel. 

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TheBahamasInvestor.com
Friday, March 23, 2018
Friday, March 23, 2018

ExpediaWhile the Caribbean has long been a celebrated destination among US and European travellers, new data from the Expedia group reveals a rising demand for intra-Caribbean travel.

Based on data for flights occurring between January 1, 2017-December 31, 2017 compared to the same timeframe in 2016, Expedia group reports a 15 per cent increase in ticket demand for travel from Caribbean origins to a Caribbean destination, approximately three times the growth rate of international inbound travel.

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LPIA sees high-season spike in arrivals

Nassau Airport Development Co has reported that air arrivals at Nassau’s Lynden Pindling International Airport during December 2017 and January 2018 were the highest in the company’s 11-year history of managing the facility and exceeded pre-recession travel levels for the first time in a decade. Pictured: NAD chief executive officer Vernice Walkine. (Photo courtesy NAD)

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TheBahamasInvestor.com
Friday, March 23, 2018
Friday, March 23, 2018

Nassau Airport Development Co (NAD) has reported that air arrivals at Nassau’s Lynden Pindling International Airport (LPIA) during December 2017 and January 2018 were the highest in the company’s 11-year history of managing the facility and exceeded pre-recession travel levels for the first time in a decade.

Some 151,454 passengers landed at LPIA in December, 140,314 in January, the largest numbers since the pre-recession holidays of 2007/2008. December’s increase was the highest in a single month, up nearly 15,000 over the second-best year a decade earlier.

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PM addresses Parliament on Mid-year Budget – PDF

Prime Minister Dr Hubert Minnis addressed Parliament earlier this week during the House of Assembly debate on the Mid-year Budget. Read or download his comments here. 

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TheBahamasInvestor.com
Thursday, March 22, 2018
Thursday, March 22, 2018

Prime Minister Dr Hubert Minnis addressed Parliament 20 March 2018 during the House of Assembly debate on the Mid-year Budget.

Read the Prime Minister’s address here:

Mr. Speaker:
I rise today to make my contribution to the debate on the 2017/18 Mid-Year Budget Performance Statement.

I do so on behalf of the wonderful people of Killarney, whom I have the privilege of serving in this chamber.

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DPM lays out EU compliance criteria

Deputy Prime Minister and Minister of Finance Peter Turnquest recently gave details on the European Union Code of Conduct Group's compliance criteria for jurisdictions, including The Bahamas, to follow. He made the comments during a regular financial services industry briefing last week. 

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TheBahamasInvestor.com
Thursday, March 22, 2018
Thursday, March 22, 2018

Deputy Prime Minister and Minister of Finance Peter Turnquest said the European Union (EU) Code of Conduct Group (COCG) has set compliance criteria for jurisdictions, including The Bahamas, to follow.

DPM Turnquest addressed financial industry officials on the EU Finance Ministers’ decision at their regular monthly meeting 13 March 2018 to discuss the decision from the Council of the EU to include The Bahamas on the list of non co-operative jurisdictions for tax purposes.

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‘Critical’ infrastructure projects named in Budget debate

New bridges, new schools, roadworks, and repair and construction of seawalls are among the “critical” projects that the government will focus on in the upcoming year, according to Minister of Public Works Desmond Bannister's contribution to the Mid-Term Budget Debate March 19, 2018. 

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TheBahamasInvestor.com
Wednesday, March 21, 2018
Wednesday, March 21, 2018

New bridges, new schools, roadworks, and repair and construction of seawalls are among the “critical” projects that the government will focus on in the upcoming year, according to Minister of Public Works Desmond Bannister’s contribution to the Mid-Term Budget Debate March 19, 2018.

Minister Bannister said there is much to be done in the Family Islands and his Ministry “eagerly” embraces the challenge.

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One Ocean developers eye early May completion

The developer of One Ocean on Paradise Island says it is targeting early May for completion of Phase 2 of 79-unit, 10-storey residential complex. Pictured: One Ocean, Paradise Island. Click here to see a full size photo. (Photo courtesy One Ocean)

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TheBahamasInvestor.com
Monday, March 19, 2018
Tuesday, March 20, 2018

The developer of One Ocean on Paradise Island says it is targeting early May for completion of Phase 2 of 79-unit, 10-storey residential complex.

In 2015, Vancouver-based RePlay purchased 52 of the 79 units left unfinished when the original developer defaulted.

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Government approves $45m Harbour Island development

Officials of the government of The Bahamas March 14 signed a Heads of Agreement with 4M Harbour Island Ltd for the redevelopment of the Harbour Island Marina. 

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TheBahamasInvestor.com
Monday, March 19, 2018
Monday, March 19, 2018

Officials of the government of The Bahamas March 14 signed a Heads of Agreement with 4M Harbour Island Ltd for the redevelopment of the Harbour Island Marina.

The $45 million Harbour Island Resort and Marina Development, scheduled to be completed in two-and-a-half years, is expected to enhance the natural attributes of Harbour Island while invigorating and stimulating the economies of Harbour Island and the surrounding Eleuthera communities.

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PM tours PharmaChem’s $180m expansion project – photos

Prime Minister Dr Hubert Minnis recently toured the PharmaChem Technologies plant on Grand Bahama as the manufacturer proceeds with a $180m expansion project. Pictured: (left) Following the tour of the PharmaChem plant March 16, Prime Minister, Dr Hubert Minnis addresses the media. (BIS Photo/Andrew Miller)

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TheBahamasInvestor.com
Monday, March 19, 2018
Monday, March 19, 2018

Prime Minister Dr Hubert Minnis recently toured the PharmaChem Technologies plant on Grand Bahama.

PharmaChem president Pietro Stefanutti and CEO Randy Thompson hosted the Prime Minister and his delegation at the plant.

PharmaChem is in the process of completing a $180m expansion project, which would add about 80 additional Bahamian staff members.

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The Bahamas Information Services (BIS) has released the first copy of its BIS Weekly, a regular news re-cap of events and activities of the government of The Bahamas. Read or download the PDF here. 

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Bahamas Information Services
Wednesday, March 14, 2018
Wednesday, March 14, 2018

PORT-AU-PRINCE, Haiti – The Bahamas’ advance delegation to the 29th Inter-Sessional Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM) arrived in the Republic of Haiti on Thursday afternoon February 22. The conclave was held Monday, Feb- ruary 26 and Tuesday, February 27. The Bahamas’ delegation participated in a number of High Level and other meetings leading up to the Inter-Sessional assembly.

This is an excerpt from Bahamas Information Services as it appeared on March 14, 2018. For updates or to read the current version of this post in its entirety, please click here.

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Central Bank releases Q4 review – PDF

The Central Bank of The Bahamas has released its Quarterly Economic Review for the fourth quarter of 2017. Indications are that the domestic economy maintained its mildly positive growth path, supported by an improvement in the tourism sector. Read or download the PDF here. 

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Central Bank of The Bahamas
Wednesday, March 14, 2018
Wednesday, March 14, 2018

The Central Bank of The Bahamas has released its Quarterly Economic Review for the fourth quarter of 2017. Indications are that the domestic economy maintained its mildly positive growth path, supported by an improvement in the tourism sector.

The domestic economy’s mildly positive growth trajectory was sustained during the fourth quarter of 2017. Tourism output increased, given the relatively mild impact of hurricanes on the domestic hotel sector, compared to a more significant retrenchment after the passage of Hurricane Mathew in 2016.

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