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News & Press - Jun 20/19

 

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The Family Island's economy has been bolstered by the second-home market, but still needs investment in infrastructure, according to Chamber of Commerce president. Tourism and real estate offer keys to further growth of the island. 

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TheBahamasInvestor.com
Monday, August 22, 2011
Monday, August 22, 2011

Long Island needs further investment to fulfill its economic potential, according to the head of the island’s Chamber of Commerce.

Mario Cartwright, who was appointed president of the chamber in spring 2010, is calling for greater investment in the island to help grow the local economy and, in particular, the tourism industry.

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Securities Commission website gets overhaul

The Securities Commission of The Bahamas recently announced an entire overhaul of its website. The new-look site is in-line with the commission's goals for 2011 and introduces new sections and services. 

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TheBahamasInvestor.com
Thursday, August 18, 2011
Thursday, August 18, 2011

The Securities Commission of The Bahamas recently announced the launch of its redesigned website, www.scb.gov.bs.

The website overhaul is in-line with the commission’s 2011 priorities statement to improve the efficiency of the organization.

The site provides vital information for investors and wealth managers on a range of topics including:

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On the back of OECD directives, The Bahamas government has continued to pursue tax information exchange agreements (TIEAs) with other jurisdictions. Most recent signings include ones with the Republic of Korea, Aruba and Guernsey. 

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TheBahamasInvestor.com
Tuesday, August 16, 2011
Tuesday, August 16, 2011

Although the pace at which The Bahamas is entering into tax information exchange agreements (TIEAs) has slowed since a fevered spell of negotiations last year, OECDthe jurisdiction is still working hard to forge ties with other jurisdictions on taxes, as per the Organisation for Economic Co-operation and Development (OECD) mandate.

Recently, OECD member countries have made it a priority to retrieve tax information about their citizens, especially those who are holding offshore or overseas accounts.

The Bahamas was quick to react to last year’s directives, signing 22 TIEAs by the March 2010 deadline.

This year has seen the signing of further such agreements.

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Lyford Cay Hospital’s $25 million expansion to start in January 2012

New facility will have 20 exam rooms, a CAT scan facility, an underground parking garage and an area dedicated to clinical research. Leading cardiologist hopes to bring international expertise to the new facility to offer a variety of services. 

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TheBahamasInvestor.com
Monday, August 15, 2011
Monday, August 15, 2011

Lyford Cay Hospital’s $25 million expansion is set to get underway next year.

Cardiologist Dr Dean Tseretopoulos is spearheading the development, which will be built adjacent to the existing Lyford Cay Hospital site in western New Providence. He is aiming to attract patients from abroad, with physicians providing highly specialized treatments that may not be available in the patients’ home countries.

“It will be larger than Doctors Hospital and medical tourism will be a central component. We need to maintain standards and quality and make people comfortable with coming from abroad.”

The 60,000 sq ft facility will include around 20 exam rooms, a CAT scan facility, an underground parking garage and an area dedicated to clinical research. Groundbreaking on the development, which is privately funded, is scheduled to take place in January 2012.

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New Nassau Container Port set to be operational by December

Relocated, $70-million freight port will cover 56 acres on Arawak Cay and comprise of administration offices and warehouse facilities. In October, $8 million in shares in the Arawak Port Development Ltd will be offered to the public. 

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TheBahamasInvestor.com
Thursday, August 11, 2011
Thursday, August 11, 2011

Importers, businessmen and other relevant stakeholders were briefed at a luncheon meeting yesterday on the numerous benefits associated with the relocation of commercial shipping from the confines of busy, downtown Nassau to a $70-million, state-of-the-art port facility.

The relocation of the Nassau Container Port to the new 56-acre complex on nearby Arawak Cay frees over 20 acres of prime real estate for the redevelopment and revitalization of downtown. The relocation will provide members of the public with their first opportunity to invest in the shipping sector with a projected 10 per cent return on investments.

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Central Bank report: tourism, FDI bolster Bahamas economy

Central Bank's Monthly Economic and Financial Developments Report for June 2011 says that first two quarters results show sustained growth. One-off revenue gained from sale of government asset bolsters the bottom line. 

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Central Bank of The Bahamas
Tuesday, August 9, 2011
Tuesday, August 9, 2011

Increased tourism combined with a rise in foreign direct investment (FDI) is helping to sustain The Bahamas economy, according to the latest report from The Central Bank of The Bahamas.

Despite anemic economic conditions worldwide, The Bahamas has shown sustained growth in the first half of 2011, in part due to an increase in foreign investment, which includes the government’s sale of its 51 per cent stake in the Bahamas Telecommunications Company in April.

Investment in public infrastructure is also a contributing factor, with related spending reaching $12.2 million, according to the Central Bank’s Monthly Economic and Financial Developments Report for June 2011.

Growth was also seen in the tourism sector in the early part of the year, as it benefitted from an increase in stopover visitors and higher hotel revenues. In April 2011, air arrivals increased by 2.8 per cent, while the number of sea visitors rose 19.2 per cent.

According to the Central Bank report: “Amid an improved outlook for tourism output and foreign investment activity, the recovery in the domestic economy is expected to be maintained over the remainder of the year.”

Download a PDF of the Central Bank’s Monthly Economic and Financial Developments Report June 2011 here.

Bahamas unemployment rate dips

The number of women in the workforce has increased, particularly in New Providence, according to Department of Statistics figures released today. Unemployment rate stands at 13.7 per cent. 

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TheBahamasInvestor.com
Friday, August 5, 2011
Friday, August 5, 2011

The Bahamas’ unemployment rate dipped slightly to 13.7 per cent, according to the 2011 Labour Force Survey results released today by the Department of Statistics.

The results are based on information obtained April 25 to May 1 this year. The survey previous to this was conducted in 2009.

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IMF remains optimistic on Bahamian economic outlook

International Monetary Fund (IMF) delegation has concluded that despite the rise in expenditures during fiscal 2010/11, The Bahamas government will ensure stability in 2012. The head of the IMF team, Gene Leon, sees continued growth in The Bahamian economy. 

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TheBahamasInvestor.com
Wednesday, August 3, 2011
Wednesday, August 3, 2011

The Bahamian economy has fared well and is expected to grow despite recent global financial woes, according to the International Monetary Fund (IMF).

A delegation from the IMF visited The Bahamas in July to assess the country’s economic outlook and met with senior figures from the financial sector including Minister of State in the Ministry of Finance Zhivargo Laing and Central Bank Governor Wendy Craigg.

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Scorpio releases HNWIs report on asset allocation trends

London-based wealth management consultancy firm's research was conducted between April and June 2011, with responses from 22 private wealth institutions. Report shows that an increasing amount of assets are being allocated to growth markets and alternative investments. 

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TheBahamasInvestor.com
Tuesday, August 2, 2011
Tuesday, August 2, 2011

The HNW Asset Allocator III report is the third in a series of semi-annual reports by Scorpio Partnership, the London-based wealth management consultancy firm. The research, which tracks asset allocation trends in the global wealth management industry, was conducted in partnership with LPEQ, the listed private equity association.

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Bahamas government launches new portal website

Working in collaboration with the Singapore government's technology subsidiary, The Bahamas government has launched a new, improved website (www.bahamas.gov.bs) offers an new user interface with enhanced services for investors and the local community. 

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TheBahamasInvestor.com
Thursday, July 28, 2011
Thursday, July 28, 2011

The government unveiled its new $10.2 million online portal yesterday , which it says will streamline services and make doing business in The Bahamas more efficient.

“Today marks a very significant milestone in The Bahamas,” Prime Minister Hubert Ingraham told attendees at the website’s official launch, held at the Sheraton Hotel, Cable Beach.

“We are moving government services from the counter only to the computer screen also. This is a fundamental change that will have tremendous benefits for the entire country,” he continued. “Improved responsiveness is critical to building a more effective public service.”

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