Yesterday saw the opening of the Global Financial Summit 2012 held at Atlantis Paradise Island and in his opening address, conference founder and organiser Mark Skousen (pictured), criticized US fiscal policy, saying: “Bailouts and easy money policies are short-term policies. There has been woeful over-spending and over-promising and under-delivering.”

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The World Bank released its 2012 Global Economic Prospects report last month, saying that “the world economy has entered a very difficult phase characterized by significant downside risks and fragility.”

“The financial turmoil generated by the intensification of the fiscal crisis in Europe has spread to both developing and high-income countries, and is generating significant headwinds,” according to the report. “Capital flows to developing countries have declined by almost half as compared with last year, Europe appears to have entered recession, and growth in several major developing countries (Brazil, India, and to a lesser extent Russia, South Africa and Turkey) has slowed partly in reaction to domestic policy tightening. As a result, and despite relatively strong activity in the United States and Japan,
global growth and world trade have slowed sharply.”

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The Securities Commission of The Bahamas announced yesterday the appointment of Dave Smith as executive director, effective March 1, 2012.

Smith succeeds Philip Stubbs, who has been acting in the capacity of interim executive director since September 1, 2010. Stubbs will continue to serve as chairman of the commission, having been appointed to this position for a five-year period effective July 1, 2007.

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Expert economists from all over the world will converge on Atlantis Paradise Island today, as the resort plays host to the Global Financial Summit 2012.

The event, which runs from Wednesday to Saturday this week, is expected to attract hundreds of top executives, business leaders and investors.

“We’ll gather and discuss proven free market solutions to the problems of inflation, economic crisis, unemployment, recession and depression,” says summit organizer and founder Mark Skousen.

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This is an excerpt from Tourism Today as it appeared on January 31, 2012. For updates or to read the current version of this post in its entirety, please click here.

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On February 16, 2012, The Bahamas Financial Services Board (BFSB) will partner with the Society of Trust and Estate Practitioners (STEP), the Association of International Banks & Trust Companies (AIBT) and The Bahamas Institute of Chartered Accountants (BICA) to host a full-day seminar entitled: The Bahamas Advantage: An Evolving and Dynamic Legislative Regime.

The seminar will provide an in-depth look at a number of the recent financial services related acts passed at the end of last year, including the Trustee Amendment Act, 2011, Rule Against Perpetuities (Abolition) Act, 2011, Executive Entities Act, 2011, International Business Companies (Winding Up) Amendment Act, 2011 and Companies Act (Winding Up) Amendment Act, 2011.

The cost of the event is $150 per person, which includes breakfast, lunch and presentation materials.

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The Ministry of Tourism and Aviation (MOTA) expects to welcome 1.3 million cruise passengers to Grand Bahama in 2012, a 29 per cent rise from the previous year, injecting more than $30 million into the local economy.

MOTA Director of Business Development Terrance Roberts released the figures as he addressed the Rotary Club of Lucaya last week and said the surge was due to a concerted effort by the Ministry to work with other organizations, such as the Freeport Harbour Company.

“The Ministry of Tourism remains committed to working closely with the Harbour Company to improve the visitor experience,” he said, noting that cruise ship arrivals had been increasing steadily over the past three years, with 208 cruise calls in 2009, 242 in 2010 and 277 in 2011.

The Ministry expects this figure to reach 359 calls in 2012.

The Grand Bahama Port Authority, Florida-Caribbean Cruise Association and Harbour Company are coming together to host a one-day business conference next month to look at ways of stimulating further growth and encouraging local entrepreneurs into the industry.

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NASSAU, Bahamas, Jan. 27, 2012 (PRNewswire) – Engaged couples considering options for their big day should add destination wedding to the top of their lists. According to a recent survey commissioned by the Bahamas Ministry of Tourism*, not only are most Americans likely to accept invitations to a destination wedding (78%), but they consider them a better value for their money than traditional wedding receptions (56%). This is good news for the betrothed who have always dreamed of saying “I do” in a tropical locale but feared that a wedding away might hinder the size or style of their nuptials.

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Lush winter vegetables grow in North Andros. (BIS Photo/Gladstone Thurston)

The Bahamas Ministry of Agriculture and Marine Resources officially launched the Agri-Business Expo 2012 on Thursday.

The annual event, now in its sixth year, has been a “dedicated means of showcasing the product of the hard work, skill and expertise of the farmers, fishers and processors in our agriculture and fisheries sector,” said Minister of Agriculture and Marine Resources Lawrence Cartwright speaking at the launch in Nassau.

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With economic growth for 2012 projected at 2.8 per cent and last year’s growth estimated at about two per cent, Prime Minister Hubert Ingraham believes the country is making “significant and meaningful” progress, though he stopped short of suggesting that there are no more difficult days ahead.

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