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News & Press - Oct 22/19

 

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CEO of insurance company targets new trends in the market, such as third party administration and self-funded healthcare, to stay ahead in economic downturn. 

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TheBahamasInvestor.com
Friday, November 19, 2010
Friday, November 19, 2010

BAF Financial & Insurance (Bahamas) Ltd is tapping into new markets and capitalising on industry trends to ride out the financial downturn and ensure future growth.

Chief executive officer Chester Cooper explains: “We are building on our core values, finding new ways to serve our clients and attract new ones. We want to expand the reach of our offerings.

“We are going where the people are–people need to save and invest more now than ever before to enhance their quality of life and improve their stake for their children. Everybody aspires for their children to be better off than they were. We are giving them the tools to do that.”

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Organization reaches out to online community

Together with fellow Bahamian and web enthusiast Chad Bowe, Forsythe set up The Bahamas Internet Association in an effort to provide some cohesion to the burgeoning industry. Here he explains some of the thinking behind the project: 

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TheBahamasInvestor.com
Friday, November 12, 2010
Friday, November 12, 2010

Upon returning to The Bahamas in 2007 after obtaining a degree in e-commerce, Damien Forsythe saw the need to establish an organization in his home country to promote the Internet as a tool for business, and increase communication within the online sector as a whole.

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New guidelines seek to balance critical watchdog functions of the financial sector regulators and the Financial Intelligence Unit (FIU) in ensuring effective operation of the AML/CFT regime in The Bahamas. 

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TheBahamasInvestor.com
Friday, November 12, 2010
Friday, November 12, 2010

The Central Bank of The Bahamas rolled out a new protective measure this month – one which seeks to strengthen the anti-money laundering, counter-financing of terrorism (AML/CFT) regime, further safeguarding the jurisdiction.

The Guidelines for Assessing the Fitness and Propriety of Money Laundering Reporting Officers (MLROs) in The Bahamas have been agreed to by the Group of Financial Services Regulators.

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Charles Galante, managing partner of New York-based Real Infrastructure Capital Partners LLC notes that numerous island nations face regulatory issues when trying to develop or implement renewable energy strategies. 

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TheBahamasInvestor.com
Tuesday, November 2, 2010
Tuesday, November 2, 2010

Industry experts say that although renewable energy would be beneficial to the Caribbean region, more needs to be done to make it viable.

According to the Caribbean Renewable Energy Survey 2010 conducted by financial services firm KPMG, 75 per cent of regional countries polled, including The Bahamas, say national governments need to take the lead in pursuing renewable energy interests, while 74 per cent believe that government subsidies are required.

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Speaking at the Caribbean Renewable Energy Forum, Frank Comito, executive VP at the Bahamas Hotel Association, said that the organization had completed an audit of the country’s hotel sector as regards energy usage. 

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TheBahamasInvestor.com
Tuesday, November 2, 2010
Tuesday, November 2, 2010

The Bahamas Hotel Association (BHA) is calling for greater energy efficiency in the hotel sector and urging the government to help businesses make energy savings through financial incentives.

Executive vice-president of the BHA, Frank Comito, says that hotels in The Bahamas use 40 per cent of the country’s electricity, and they could cut their consumption by as much as 53 per cent by adopting energy-saving practices.

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Panel discussion at energy forum addresses emerging technologies and possible solutions to the region's growing waste disposal problems, and calls for government support. 

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TheBahamasInvestor.com
Thursday, October 28, 2010
Thursday, October 28, 2010

Treating waste as a valuable energy resource is a technology that should be embraced not only in The Bahamas, but also the entire Caribbean region, say environmental energy experts.

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Echoing English novelist Charles Dickens, former attorney General Tennyson Wells admitted that these are the best and worst of times “depending on where one sat.” 

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TheBahamasInvestor.com
Thursday, October 28, 2010
Thursday, October 28, 2010

Business leaders and entrepreneurs were told how they could “Survive and Thrive in 2010 and Beyond” during the second annual conference hosted by Visionaire Marketing.

“History has shown that some of the world’s most famous businesses, such as Microsoft, General Electric, Fortune Magazine and FedEx, were started during recessions, and if they made it, so can we,” said event organizer, Anastacia Stubbs in welcoming attendees to the all-day event held at the British Colonial Hilton. She encouraged business owners to reposition their organizations in order to ascend to the “next level.”

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Companies help Customs Department iron out the kinks in the new online, automated customs system. To date, six shipping companies and two brokers are using the file transfer method. Three companies are utilizing the custom’s website. 

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TheBahamasInvestor.com
Thursday, October 21, 2010
Thursday, October 21, 2010

A few select businesses are helping a government department iron out any kinks in a new, automated system before its official launch in the next few weeks. The Bahamas Customs Department, which is charged with collecting close to 70 per cent of the government’s revenue, has reevaluated and upgraded its methods of tax collection.

The new system will allow customs brokers, shipping and airline companies, and other importers, to submit customs declarations online via the department’s web site, or through a file transfer. The latter is for those companies with an existing computerized system for data entry so that they can simply transfer those files to customs electronically. The web site helps to create a form for those without an automated system.

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PM calls for more sustainability at renewable energy forum

In his address the prime minister said that The Bahamas, in particular, faces a number of environmental challenges, primarily the threat from global warming–noting that a 2m rise in sea level would submerge 80 per cent of the nation’s landmass. 

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TheBahamasInvestor.com
Thursday, October 21, 2010
Thursday, October 21, 2010

Adding his voice to a growing number of environmentalists and conservationists in the region, Prime Minister Hubert Ingraham has said that the “importance of achieving a sustainable energy future is critical” for the Caribbean.

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The local economy continues to show signs of improvement, according to a newly released economic report. 

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TheBahamasInvestor.com
Tuesday, October 12, 2010
Tuesday, October 12, 2010

The local economy continues to show signs of improvement, according to a newly released economic report.

The Central Bank of The Bahamas’ Monthly Economic and Financial Developments (MEFD) Report released October 6, is based on data from the month of August. It indicates that the country’s number one industry, tourism, showed a modest upturn bolstered by a rebound in the “high value-added” air travel market.

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