In an effort to modernize the Bahamian economy and better protect its financial system, debate in the House of Assembly kicked off Wednesday on a bill that seeks to provide the legislative and regulatory framework for the oversight of non-cash financial transactions, such as pre-paid credit cards.

…continue >

Medium size hotels such as the 700-room Sheraton Nassau Beach Resort, the 850-room Wyndham Nassau Resort Hotel and the British Colonial Hilton have exceeded occupancy forecasts by an “unprecedented level” through December and so far in January, according to Robert “Sandy” Sands, immediate past president of the Bahamas Hotel Association (BHA).

Sands, who relinquished office in 2010, served as BHA president for over six years–longer than any other individual in the organization’s 60-year history.

He called the rise in demand an “encouraging sign.”

“We are hoping certainly that the amount of inquiries to our call center continues, because that augurs well for an industry that has been somewhat stagnant for a long period of time, so we are very encouraged by those results,” said Sands, who is now the senior vice president of government and external affairs for the $3.5-billion Baha Mar development.

…continue >

Pictured from left are Dr Patricia Rodgers, Permanent Secretary, Ministry of Foreign Affairs; High Commissioner Bhutto; Sir Arthur Foulkes, Governor-General; and Lady Joan Foulkes.
(BIS Photo/Derek Smith)

The Commonwealth of The Bahamas and the Federal Republic of Nigeria are seeking to forge ties in tourism and other areas of economic development.

Governor-General Sir Arthur Foulkes made the announcement as he accepted Letters of Commission presented by Laraba Elsie-Bhutto, accrediting her as Non-Resident High Commissioner from Nigeria to The Bahamas during a ceremony at Government House on January 19.

…continue >

It’s “business as usual” at Atlantis Paradise Island, with the hotel expecting a 12 per cent increase in business year on year, according to George Markantonis, president and managing director of Kerzner International Bahamas.

Atlantis on Paradise Island is the flagship resort of Kerzner International, a leading international developer and operator of destination resorts, casinos and luxury hotels.

In November, news broke that Kerzner International would transfer its ownership of the Atlantis Resort and Paradise Island properties to Brookfield Asset Management as a part of a broad $2.5-billion debt restructuring.

If the $175-million debt for equity swap had gone through, Kerzner would go from owner operator to a resort management company in The Bahamas. However, bigger lenders filed a lawsuit blocking the deal.

Although Atlantis fate remains up in the air, Markantonis says that hasn’t prevented the resort from moving ahead with a major capital investment programme.

…continue >

The largest single-phase resort development in the history of the Caribbean, Baha Mar, is getting set to reveal the brand behind its new casino, according to Robert “Sandy” Sands, senior vice president of government and external affairs for Baha Mar Ltd.

…continue >

The Organisation for Economic Cooperation and Development’s (OECD) seventh meeting of the Forum on Tax Administration (FTA), which brought together the heads of tax administrations from 43 countries, concluded with a unified and strengthened commitment to combat offshore tax abuse, according to a communique released at the end of last week.

“Our strategy includes unprecedented sharing and exchange of information and coordinated action to better identify and tirelessly pursue the promoters and users of abusive offshore schemes. Those who once felt safe concealing their money and assets overseas are now in an increasingly risky position,” the communique read.

…continue >

The Bahamas Financial Services Board (BFSB) announced last week a list of conference and events that it intends to attend in the upcoming months. Key events around the world include the Brasil Investment Summit in Sao Paulo on April 24-25, the Transcontinental Trust Conference in Geneva, Switzerland, June 20-21, and the STEP Asia Conference in Hong Kong in November.

In 2012, the BFSB will also be presenting its “Bahamas Landfall” promotional briefings in Miami, London, Geneva, Zurich, Toronto, Rio de Janeiro, Sao Paulo, Shanghai, Beijing and Hong Kong.

Although dates and events are subject to change, the BFSB has pledged to attend as many events as feasible in-line with its mandate to promote the Bahamas financial services sector and the jurisdiction in general.

Download the full, BFSB 2012 international conference and event calendar.

To broaden its appeal, the Sheraton Nassau Beach Resort & Casino is introducing a series of initiatives as part of the overall rebranding of the site as Baha Mar.

“As part of Baha Mar – one of the world’s most exciting new tourism developments – the Sheraton Nassau Beach Resort & Casino’s mission is to elevate our reputation as a leading family-friendly property, but also to diversify our approach and concentrate on promoting all that we have to offer,” said Manny Corral, the resort’s director of sales and marketing. “We believe our resort is poised for success in 2012 and beyond.”

…continue >

A colourful carnival parade of local performers greets attendees at the opening ceremony of the Caribbean Hotel and Tourism Association’s Caribbean Marketplace conference. (BIS Photo/Derek Smith)

A dancer preforms an acrobatic leap to entertain delegates at the opening ceremony. (BIS Photo/Derek Smith)

…continue >

In light of the recent news concerning the ownership of Atlantis Paradise Island mega resort and the One&Only Club, the Prime Minister of The Bahamas Hubert Ingraham made a public statement at the end of last week underscoring his government’s commitment to protecting jobs in the tourism sector.

…continue >