The Cabinet Office announced today that Prime Minister Perry Christie has advised the Governor-General to make the following cabinet appointments, with additional appointments to follow:

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Philip Edward Davis officially took the oath of office and received his instruments of appointment as the country’s Deputy Prime Minister and Minister of Works and Urban Development May 9 in a ceremony presided over by Governor General Sir Arthur Foulkes.

Philip Edward Davis takes the oath during a ceremony in the ballroom at Government House on May 9. (BIS Photo/Letisha Henderson)

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Governor General Sir Arthur Foulkes swore in Perry Gladstone Christie as the fifth Prime Minister of the Commonwealth of The Bahamas during an Appointment Ceremony at Government House May 8, 2012.

Perry Christie waves his instrument of appointment as Prime Minister of the Commonwealth of The Bahamas after being sworn in by Governor General Sir Arthur Foulkes at Government House May 8, 2012. (BIS Photo/Patrick Hanna)

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Graig Woods, Bahamas Film Commissioner, says Ministry of Tourism and Aviation promotes the involvement of Bahamians in the film industry. Watch an interview with Woods here.

Bahamas Petroleum Company’s share price increase tops ZNS news network’s business round-up this week. Watch the full broadcast here.

ATLANTA, May 08, 2012 (BUSINESS WIRE) — RedPrairie Corporation, a global supply chain and retail technology provider, announced today that Jacksonville, Florida-based Beaver Street Fisheries, Inc., and Bahamas Food Services, its sister company in Nassau, Bahamas, selected RedPrairie’s enterprise solutions to help support their rapidly expanding food distribution businesses.

Beaver Street Fisheries is a seafood and meat supplier for food service, wholesalers, retailers, distributors and national restaurant chains in North America. It plans to use RedPrairie Warehouse Management (WMS), Workforce Management (WFM) and Transportation Management System (TMS) at its Jacksonville facility to maximize efficiencies and reduce costs.

Bahamas Food Services is one of the largest full-line foodservice distributors in the Bahamas. As part of its plan to double the size of its Nassau warehouse, Bahamas Food Services is deploying RedPrairie WMS and WFM solutions to replace manual processes, increase inventory visibility and accuracy, expand workforce management capabilities, and optimize all aspects of operations.

This is an excerpt from MarketWatch - Business Wire as it appeared on May 9, 2012. For updates or to read the current version of this post in its entirety, please click here.

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International Protector Group (IPG), a leading international fiduciary services provider, has announced a major new service to allow the organisers of complex trusts, wherever they are based worldwide, to take advantage of The Bahamas Executive Entity.

The Executive Entity is a unique and ground breaking new instrument designed specifically to resolve complex governance issues in fiduciary and wealth management structures.

The new service will enable clients to establish greater control over the administration and security of their wealth by establishing an Executive Entity as a protector or shareholder as part of the trust or foundation structure.

It allows a client to appoint himself or other individuals upon whom he can depend to be officers or council members to safeguard his interests.

The provision of this new financial service/product has been made possible by the passage of the Bahamas Executive Entities Act 2012, a completely new concept in private wealth management introduced by the government of The Bahamas.

Andrew Law (below – left), chief executive officer of IPG, was closely involved with the government of The Bahamas in the development of the legislation.

He explains: “An Executive Entity is designed to act as a power holder and to encapsulate powers currently offered in the sphere of wealth management within a legal entity. In its legal construction, the Executive Entity has similarities in its standalone nature to a foundation and also to a purpose trust. By incorporating an IPG Executive Entity into their proposals, trustees and their legal advisers may simplify the operations and lower the cost of many of today’s more complex structures.”

Speaking about the development of the Executive Entities Act, Paul Winder (above – right), chairman of the Bahamas Financial Services Board (BFSB), said: “The Bahamas has led the way in providing innovative legislation to support leading service providers in the global estate and inheritance planning industry. We were pleased to draw on the wealth of expertise offered by industry specialists in drawing up the new bill and believe it will offer an important new capability as part of the structure of major wealth preservation trusts.”

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A day after his Progressive Liberal Party (PLP) won the 2012 general elections by a landslide, PLP Leader Perry Christie was sworn in as Prime Minister of The Commonwealth of The Bahamas. Watch a ZNS news broadcast of the swearing in here.

San Juan, Puerto Rico – It is time for all Caribbean governments to wake up to the need to support intra-regional airlift, according to regional tourism officials.

“There is nothing wrong with subsidizing. We just do not like the word,” said Ricky Skerritt (right) Minister of Tourism for St Kitts and the chairman of the Caribbean Tourism Organization (CTO). “It is [still] investing in regional airlift.”

The remarks were made during the 16th annual Caribbean Hotel and Tourism Investment Conference (CHTIC) held in San Juan, Puerto Rico last month.

CHTIC is a forum that provides delegates with the latest statistics, analysis, predictions and projections for the Caribbean’s tourism industry.

According to Skerritt, Caribbean leaders must put their heads together and formulate a plan–one that would help regional carriers operate in an affordable and efficient manner.

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The outcome was positive for the company, sending its share price up 22.5 percent to 10 pence this morning, making Bahamas Petroleum one of the most popular searches on Google Finance.

Perry Christie will now take over as prime minister after beating incumbent Hubert Ingraham, who said he would not permit drilling in the Bahamas if he won. Christie’s Liberal Party is believed to be more friendly to the oil and gas sector, while the new PM has served as a consultant to Bahamas Petroleum.

However, Bahamian media has reported that Christie intends to initiate a referendum on the matter to allow the people decide whether to ban drilling. On message boards, some investors expressed confidence that the country will vote in favour of drilling, paving the way for the company to secure a farm-out partner.

This is an excerpt from ProactiveInvestors.co.uk as it appeared on May 8, 2012. For updates or to read the current version of this post in its entirety, please click here.

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