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News & Press - Jan 26/20

 

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The Bahamas is facing a "brave new world" with many challenges for economic growth, but opportunities still exist, according to Peter Turnquest, chamber president and chairman of SkyBahamas Airlines Ltd. 

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TheBahamasInvestor.com
Tuesday, November 30, 2010
Tuesday, November 30, 2010

Speaking during the recent Accountants’ Week 2010, Grand Bahama Chamber of Commerce president Peter Turnquest highlighted some of the key areas in which The Bahamas can nurture economic growth, and called for renewed vigour in achieving national goals.

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In The Bahamas there is an absence of direct taxation, with the government gaining income through taxes on imported goods and materials. The tariff rate of 33 per cent may have to be reviewed once the jurisdiction joins the World Trade Organization. 

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TheBahamasInvestor.com
Wednesday, November 24, 2010
Wednesday, November 24, 2010

Since tariffs are viewed as an impediment to trade, The Bahamas’ bid to join the World Trade Organization (WTO) will likely result in the nation having to slash its 33 per cent average tariff rate, to fall more in line with the nine per cent levied by other WTO members.

“We have to go through a painful process of identifying which categories are going to be changed in order to accomplish a lower average in tariff,”?says WTO chief negotiator and chartered accountant Raymond Winder. He was speaking at a seminar hosted by the Bahamas Institute of Chartered Accountants last week.

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Addressing representatives from the business sector, Financial Secretary Ehurd Cunningham spoke of how an e-government project is set to improve the financial services industry. 

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TheBahamasInvestor.com
Wednesday, November 24, 2010
Wednesday, November 24, 2010

The Ministry of Finance has vowed to bring several key services online by July 2011 in a bid to improve efficiency and communication with the government.

The government hopes the new www.govnet.bs portal will bring about faster processing for applications and payments to a range of departments. Services expected to be online next year under the new initiative include payments for business licence fees and property taxes, renewal of driver’s licences and allowing vendors to monitor purchase orders from government.

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Colina pairs with local design firm to scoop award

The insurance giant Colina Insurance Ltd teamed up with local firm Karma Design on a company-wide rebranding, winning the coveted Silver Quill Award in Publication Design for its 2009 Annual Report. 

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

Insurance company Colina has won a Silver Quill Award in Publication Design for its new look 2009 Annual Report entitled Ahead of the Curve.

The Silver Quill awards are awarded annually by the International Association of Business Communicators (IABC). Colina’s report was entered into the IABC Southern Region category, which includes 14 southern US states and four Caribbean countries.

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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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