Bahamas Telecommunications Company (BTC) is on track to save over $10 million in operating costs and expects to meet its projected income estimates by the end of the financial year, according to chief executive officer Geoff Houston (pictured).

“We have achieved some significant spend reductions,” said the CEO as he outlined the company’s plan to restructure the business and pass on savings to customers. “We expect that BTC will make a profit this year. Our parent company is very pleased with our performance to date.”

Since Cable & Wireless Communications Plc took ownership of the company in April, BTC has seen a seven per cent increase in traffic on their mobile network, a reduction in dropped calls and positive customer feedback.

…continue >

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) has announced the introduction of a new service for members and businesses: The BCCEC Human Resource & Labour Help Desk.

(Members of the BCCEC from left to right are: Brian Nutt, Ian Ferguson, Winston Rolle and Peter Goudie)

By calling the BCCEC Help Desk at 242 322-2145 or 242 322-3320, members can request the assistance of a human resource consultant at reduced rates.

Businesses can ask advice on sourcing and recruitment, compensation and benefits, training and development, employee services and policies and procedures. Each company will receive a written assessment with recommendations to improve any deficiencies that would help strengthen their company and their employee relations.

Additionally, companies can call the Help Desk for assistance with industrial relations issues, including mediation services, labour conciliation meetings and industrial tribunal hearings.

The BCCEC has partnered with other chamber members with expertise in human resource consulting, and labour consultants and labour lawyers available to assist members of BCCEC and other businesses.

When the new $12-million straw market officially opens in a few weeks time it will symbolize a Renaissance or rebirth of sorts for downtown Nassau, according to Prime Minister Hubert Ingraham.

Some 500 hundred vendors–including 14 woodcarvers–will be accommodated at the new custom-built display and storage stalls in the new market.

Speaking in the House of Assembly Monday, on a bill intended to create a Straw Market Authority to provide for the operation and maintenance of the Straw Craft Market, Ingraham said that in the months ahead there will be even greater evidence of the renewal and restoration of the historic city centre, beginning with the transformation of the current site of the temporary straw market tent into “a green oasis” at the western entrance to Bay Street.

…continue >

With the October 14 application deadline fast approaching, officials remain tight-lipped over the search for a new chief executive officer and executive director of the Bahamas Financial Services Board (BFSB)–a multidisciplinary body at the forefront of the jurisdiction’s financial services sector.

“I cannot make any comments while we’re going through the process. Suffice to say there’s been a very positive response,”?says BFSB chairman Paul Winder, who heads the five-person interview committee.

…continue >

Small Island Developing States (SIDS) are unified in equatorial resilience against climate change, according to Minister of the Environment Earl Deveaux, and The Bahamas remains committed to environment-friendly practices.

The Minister made the comments whilst addressing an audience at the College of The Bahamas (COB) Performing Arts Centre, which included representatives from the United Nations Educational, Scientific, and Cultural Organisation (UNESCO) last month.

Minister Deveaux explained how the marine environment and integrated ecosystems are experiencing their own natural destruction as the nation’s coral reefs are showing signs of bleaching and dying under the intense pressure of rising global temperatures.

“Climate change is already affecting and will continue to impact our coral reefs and integrated ecosystems,” said Deveaux.

“The Bahamas is fortunate in one sense that we are bordered on one side by deep Atlantic Ocean. But, the Great Bahama Bank and Little Bahama Bank, which provides for most of our fisheries, would be the most likely threatened environments of the increasing of sea water temperature.”

…continue >

The tenth meeting of the Conference of Caribbean Chief Justices and Heads of Judiciary, along with the second biennial conference of the Caribbean Association of Judicial Officers (CAJO), officially opened yesterday in Nassau.

Thirteen judiciaries and 80 delegates are participating in the three-day events. The theme for the Heads of Judiciary Conference is Emerging Technologies-Challenges and Opportunities and the CAJO conference is being held under the theme Bringing the Law Closer to the People.

…continue >

Initial indications for the economic developments for the month of August released by the Central Bank of The Bahamas are that the gradual improvement in the domestic economy was upheld, supported mainly by ongoing construction sector projects and more modest gains in the tourism sector.

Given the weakness in real sector activity, high unemployment persisted, while inflationary pressures were relatively benign, although impacted by the recent firming in global oil prices.

The fiscal situation for the first month of FY2011/12 showed a contraction in the overall deficit, while monetary developments continued to feature high and stable levels of bank liquidity and external reserves, amid soft private sector demand.

The Monthly Economic and Financial Developments report is compiled by the Central Bank to provide the public with more frequent information on its economic surveillance activities.

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

The non-stop Copa Airlines service between Panama City and Nassau has brought a flood of Latin American visitors to The Bahamas, according to new figures from the Ministry of Tourism and Aviation (MOTA).

MOTA statistics show arrivals from the region grew by 40 per cent between May and July this year when compared with the same period in 2010, and tourism officials say the rise is largely due to the Copa service, which began weekly flights between Nassau and Panama in June 2011.

“From the beginning we knew that Copa had positioned its flights into Nassau in such a way that it allowed for connections from throughout South and Central America,” said MOTA Director General David Johnson.

According to MOTA, 33 per cent of Copa’s flyers in the May to June period were from Colombia, 13 per cent from Argentina, eight per cent from Panama and seven per cent from Brazil.

…continue >

Businesses in The Bahamas will be able to draw on a pool of highly trained experts for guidance on improving their productivity, following last week’s launch of the Bahamian chapter of the Caribbean Institute of Certified Management Consultants (CICMC).

“Having a chapter like this allows for knowledge to be available more widely,” said Astrid Wynter, local representative for the Inter-American Development Bank (IDB) at the launch of the new branch held at the Sheraton, Cable Beach, on Friday last week.

“[The IDB is] a bank of knowledge, and management consultants are the bedrock for generating a lot of the practical knowledge to advance objectives in our member countries,” she continued.

The branch, which is seeking full chapter status by end of the second quarter 2012, is being sponsored by Scotiabank Bahamas and supported by the IDB and the Caribbean Export Development Agency (CEDA). One of its primary objectives will be to support small and medium size enterprises (SMEs).

…continue >