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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.

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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.

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The 2012 Bahamas Handbook, now on sale, is packed full with insightful features, beautiful photographs and rich illustrations that bring the stories to life, reports the jurisdiction's biggest daily newspaper The Tribune. 

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The Tribune
Friday, December 16, 2011
Friday, December 16, 2011

Bahamas Handbook 2012Dec. 15/11 – THE Bahamas Handbook 2012 is now in stores, offering readers fascinating and little known facts about the Bahamas, its people, culture, economy and history.

In its 626 pages, the handbook is filled with insightful features on the Bahamas, beautiful full colour photographs and rich illustrations that bring the stories to life.

The handbook reveals previously unknown details about the second world war, the general strike of 1958, and the first ever distribution of weapons in The Bahamas.

Readers can discover how German and Italian U-boats stalked and torpedoed Allied freighters in Bahamian waters during the second world war, trying to prevent them from carrying war materials to Britain, and how islanders of high and low station helped to rescue and care for the survivors.

Relive the anger and resentment that led to the General Strike of 1958 and how the Bahamian police force was issued with weapons for the first time in history – as seen through the eyes of a gazetted police officer of the day.

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This is an excerpt from The Tribune as it appeared on December 16, 2011. For updates or to read the current version of this post in its entirety, please click here.

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The Inter-American Development Bank (IDB) announced the approval of a $50 million loan to The Bahamas to support an air transport reform programme, according to CaribbeanPressReleases.com. The modernization requires an overhaul of the existing institutional and regulatory framework. 

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caribbeanpressreleases.com
Friday, December 16, 2011
Friday, December 16, 2011

Dec. 16/11 – The Inter-American Development Bank (IDB) announced the approval of a US$50 million loan to The Bahamas to support an air transport reform program.

“The Bahamian economy is based on two pillars: tourism and international financial services, both of which are aviation intensive,” said IDB team leader Esteban Diez Roux. “The program will promote the development of safe and efficient air transport in the country following international standards. The air transport is crucial to ensure mobility and transport of goods, services and people in the country, as well as to integrate The Bahamas within the Caribbean region and also internationally.”

Air transport in The Bahamas is provided by 17 international airlines and 5 domestic ones. There are a total of 53 licensed airports in the country. A modern air transport sector needs to provide the greatest connectivity to global markets and invest in its facilities. A comprehensive reform of the existing institutional and regulatory structure will require the implementation of a new legal framework and arrangements for financing and infrastructure management.

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This is an excerpt from caribbeanpressreleases.com as it appeared on December 16, 2011. For updates or to read the current version of this post in its entirety, please click here.

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Royal Bahamian Police Force receives vehicles worth around $350,000 in total in ceremony held on Wednesday. The donation is part of on-going joint efforts under the Caribbean Basin Security Initiative. 

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TheBahamasInvestor.com
Friday, December 16, 2011
Friday, December 16, 2011

The US Embassy donated six sport utility vehicles valued at around $350,000 in total to the Royal Bahamian Police Force (RBPF) in a ceremony on December 14.

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Inter-American Development Bank says debt management strategies will be key to The Bahamas' economic sustainability, while the Bahamas Financials Services Board is looking for brand ambassadors, reports the ZNS television news network. Watch the business news round-up here. 

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TheBahamasInvestor.com
Friday, December 16, 2011
Friday, December 16, 2011

Regional carrier took delivery of the first 34-seat aircraft scheduled to fly on Bahamas-Florida routes. The airplane is the first of a fleet of six ordered by the US company. 

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travelagentcentral.com
Friday, December 16, 2011
Friday, December 16, 2011

Silver Airways Corp., a new regional carrier launched with assets from the former Gulfstream International Airlines, took delivery of its first Saab 340Bplus aircraft today.

Unveiled as the centerpiece of a special launch event held today at the carrier’s Fort Lauderdale/Hollywood International Airport headquarters, the modern, 34-seat aircraft is the first to feature the new Silver Airways livery.

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This is an excerpt from travelagentcentral.com as it appeared on December 16, 2011. For updates or to read the current version of this post in its entirety, please click here.

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GulfStream International Airlines rebrands as Silver Airways

New name and logo evoke vibrancy and dynamism, say company officials. The brand will be used on all Florida-based services, including those to The Bahamas. 

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TheBahamasInvestor.com
Friday, December 16, 2011
Friday, December 16, 2011

Silver AirwaysGulfstream International Airlines has announced that it is adopting a new name and brand: Silver Airways.

Gulfstream International Airlines was founded in May 2011 when Victory Park Capital, a Chicago-based investment firm, acquired select assets from the former Gulfstream International Airlines, which filed for bankruptcy in November 2010. Silver Airways continues the evolution of the carrier under Victory Park.

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