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News & Press - Jul 19/19

 

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The sale of Bahamas Telecommunications Co to Cable & Wireless Communications (CWC) Plc stole all the headlines in the Spring of 2011, but there were plenty of other newsworthy stories. Here is a selection of the top posts on thebahamasinvestor.com during the second quarter of 2011. 

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TheBahamasInvestor.com
Wednesday, December 28, 2011
Wednesday, December 28, 2011

The Bahamas GovernmentApril
By the March 2011 deadline, The Bahamas had met all the Organisation for Economic Cooperation and Development’s (OECD) compliance stipulations, with the signing of the requisite amount of tax information exchange agreements (TIEAs). In April, the jurisdiction also proved competent in the first round of Peer Reviews.

In response to the dynamic global economic environment, the government amended the National Investment Policy in this month, raising the minimum dollar requirement for foreign direct investment (FDI) in a commercial undertaking and removing the restriction prohibiting international investment in restaurants and/or entertainment facilities.

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Bahamas Investment Authority optimistic about FDI through 2012

In an exclusive interview in The Bahamas Investor January-July 2012 issue, Viana Gardiner, acting director of investments at BIA, says she expects the upward trend in foreign direct investment to continue through 2012. 

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

Speaking during a question and answer session with The Bahamas Investor magazine, Viana Gardiner, acting director of investments at the Bahamas Investment Authority (BIA), said she expects continued growth of foreign direct investment (FDI).

“In 2008, we had a decline [in FDI], with the [approved] figure that year being $1.2 billion. In 2009, it dipped to $928 million. However, in 2010, it was back on the rise at $1.2 billion.”

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New Providence Development Co gets new majority shareholder

H Hunter "Terry" White III and his family have acquired Lynum Investment Group Ltd's shares in the New Providence Development Co Ltd. The property developer counts the prestigious Old Fort Bay among its landholdings. 

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

Tavistock Group has announced that H Hunter “Terry” White III and his family have acquired Lynum Investment Group Ltd’s shares in the New Providence Development Co Ltd (NPDCo).

Since 1998, the diversified Bahamian land development company has been jointly owned and operated by the White family and Lynum Investment Group, an affiliate of Tavistock Group, which is a private investment company.

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The first few months of 2011 saw the start of some major developments in The Bahamas, particularly in tourism and infrastructure. Here is a selection of the top posts on thebahamasinvestor.com during the first quarter of 2011. 

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

The Bahamas Investor Spring/Summer 2011January
The beginning of 2011 saw the publication of The Bahamas Investor January-July issue featuring the Bank of The Bahamas and marked the launch of a range of new features on the website. The News & Press section provided a platform for news updates, profiles, excerpts from interviews and coverage of industry events and conferences.

The top stories in January included the release of further details regarding the new US tax compliance regulations contained within The Foreign Account Tax Compliance Act (FATCA) and the opening of The College of The Bahamas’ (COB) new $10-million Northern Bahamas Campus (NBC) in east Grand Bahama.

COB

The month also saw the Employers Confederation (BECon) and the Bahamas Chamber of Commerce (BCOC) consolidated to form one organization.

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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.

Go to the source of this post >
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.

Go to the source of this post >

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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