Despite signs of a modest slowdown in global growth, key domestic indicators suggest a continuation of the positive, although mild and narrow, recovery momentum over the review month. Aided by modified promotional campaigns and gains in room revenues, tourism sector output firmed modestly, and construction activity benefitted from both private and public sector investments. Average consumer price inflation showed an upward bias, owing to the pass-through effects of the recent firming in global oil prices, while the fiscal situation was characterised by a smaller overall deficit for the first two months of FY2011/12. In monetary developments, elevated net foreign currency outflows, related in part to commercial banks’ dividend payments, contributed to a contraction in both liquidity and external reserves during the review month.

…continue with our excerpt >

This is an excerpt from Central Bank of The Bahamas as it appeared on November 7, 2011. For updates or to read the current version of this post in its entirety, please click here.

Go to the source of this post >

Gulfstream International Airlines has reached an agreement with Saab Aircraft Leasing to obtain six, 34-seat Saab 340Bplus aircraft.

The Fort Lauderdale-based airline, which serves more destinations in The Bahamas than any other US carrier, will deploy all six Saabs on its Florida/Bahamas routes, replacing the smaller, 19-seat Beechcraft 1900D aircraft.

“This investment will enhance our customers’ flight experiences by providing them with the premium service and comfort they value and deserve” says Darrell Richardson, chief executive officer of Gulfstream International Airlines.

…continue >

BAHAMAS INFORMATION SERVICES: Nassau, The Bahamas – Minister of Environment Earl Deveaux addressed the Bahamas Shipowners Association (BSA) annual general meeting, held at Det Norske Veritas (DNV) headquarters in Oslo, Norway.

DNV is an independent classification foundation that represents The Bahamas maritime operations in the Scandinavian country.

BMA Ship Owners Association. From left to right: George Pateras, Chairman of BSA; Peter J Goulandris, Deputy Chair BMA; Ian Fair, BMA Chairman; and Minister of the Environment, Earl Deveaux. (BIS Photo)

“We thank you for coming and sharing your vision for the establishment of a Bahamas Maritime Training Institute. The Bahamas’ dream of a maritime cluster has taken a substantial forward leap. Your goal of training 2,000 seafarers and mariners over 10 years is worthy of all of our support,” he told the gathering.

…continue >

Nov. 4/11 (oecd) – All G20 governments have now agreed to a multilateral convention to tackle tax evasion more effectively.

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters offers a wide range of tools for cross-border tax co-operation. It includes automatic exchange of information, multilateral simultaneous tax examinations and international assistance in the collection of tax due. At the same time, the Convention imposes safeguards to protect the confidentiality of the information exchanged.

“Today we have taken a major step forward to improve global tax cooperation”, said OECD Secretary-General Angel Gurría from the Cannes G20 Summit. “The OECD looks forward to continuing to work with the G20 and other countries to maximize the benefits from this powerful multilateral instrument. Tax co-operation and compliance are of crucial importance for all countries and citizens – and not only in times of a tight fiscal and budgetary environment.”

…continue with our excerpt >

This is an excerpt from oecd.org as it appeared on November 4, 2011. For updates or to read the current version of this post in its entirety, please click here.

Go to the source of this post >

Cable & Wireless Communications Plc (CWC), controlling shareholder of Bahamas Telecommunications Company (BTC) has released its interim 2011/12 results.

Key results include:

• Revenue up 24 per cent to $1,442 million
• EBITDA up 4 per cent to $443 million
• Net profit before exceptional items up 9 per cent to $163 million
• Strong underlying performances in Macau and Monaco & Islands
• Encouraging initial contribution from The Bahamas
• Strong growth in mobile data and enterprise
• Adjusted EPS 3.8 US cents per share
• Interim dividend maintained at 2.67 US cents per share, expect full
• year dividend of 8 US cents per share.

…continue >

Nov. 3/11 (Bloomberg) – Federal Reserve Chairman Ben S. Bernanke signaled additional monetary stimulus may be needed to lower U.S. unemployment as policy makers projected little acceleration in growth after last quarter’s pickup.

Potential actions are “on the table,” including a third round of securities purchases, extending the period of record- low interest rates or being more specific about when rates would rise, Bernanke said at a press conference yesterday after officials met for two days in Washington. Stocks added to gains while the dollar weakened against the euro.

Bernanke warned that economic improvement will probably be “frustratingly slow,” with policy makers forecasting a 1 percentage-point drop in the jobless rate to about 8 percent over two years. The chairman said buying mortgage bonds is a “viable option,” comments that give the idea an “extra push” and increase already-high odds of the move, said Neal Soss, chief economist at Credit Suisse in New York.

“He repeatedly referred to his disappointment with his best judgment about the economy’s prospects,” said Soss, who was an aide to former Fed Chairman Paul Volcker. “If you’re unsatisfied, and you’ve got some tool that might help, in due course you’re supposed to use it.”

Additional easing may occur by February and could coincide with possible actions by new European Central Bank President Mario Draghi to contain fallout from the continent’s sovereign- debt crisis, Soss said.

This is an excerpt from Bloomberg as it appeared on November 4, 2011. For updates or to read the current version of this post in its entirety, please click here.

Go to the source of this post >

The Prime Minister and Finance Minister Hubert Ingraham has released a proclamation marking the month of November 2011 to be Compliance Professional Month.

The announcement coincides with the 12th anniversary of The Bahamas Association of Compliance Officers (BACO).

…continue >

PRESS RELEASE – The Ministry of Finance acknowledges the decision of Standard and Poors to lower The Bahamas’ Credit Rating from BBB+/A-2, to BBB/A-3 and its transfer and currency convertibility assessment from A- to BBB+. During recent discussions with Standard and Poors the Credit Agency made it clear that it was changing its methodology to place greater emphasis on ‘diversification’ and growth ‘prospects’.

…continue with our excerpt >

This is an excerpt from The Bahamas Government as it appeared on November 3, 2011. For updates or to read the current version of this post in its entirety, please click here.

Go to the source of this post >

A total of 28 new attorneys took the oath, signed the roll and were robed and wigged in Supreme Court ceremonies held last week.

…continue >

A crisis is not a crisis unless you can not manage the change it brings, according to Myles Munroe, an internationally renowned bestselling author and life coach.

Munroe made the comments during his address to the 2011 Visionary Business Leaders and?Entrepreneurs Awards Conference, which was held in Nassau last month under the theme Change Agents:?In It To Win It In 2011.

…continue >