For the fourth year in a row the Bahamas Financial Services Board (BFSB) and many of its member firms will be actively seeking business opportunities in Brazil through participation in the Brasil Investment Summit (BIS) in Sao Paolo, May 3-6. BFSB is a Gold Sponsor of BIS, Brazil’s leading investment fund conference.

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A leading financial advisor has warned that the Foreign Account Tax Compliance Act (FATCA) will place a significant burden on financial intermediaries in The Bahamas when it comes into force January 1, 2013.

“FATCA is a huge concern,” says Benno Räber, principal at private wealth risk management firm Prime Advisory Group (PAG). “It will be a big issue for financial institutions in terms of organization.”

Räber believes that financial intermediaries will be most affected by the upcoming legislation, which requires all foreign financial institutions (FFIs) to disclose information on US clients. The Act has broadened the scope of the previous Qualified Intermediary (QI) system to include bodies such as brokers, investment companies and fund structures. Accounting firm Ernst & Young estimates that this will affect 50,000 to 100,000 financial intermediaries worldwide.

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The Bahamas is exploring options for reducing energy consumption and adopting more sustainable technologies through projects funded by the Inter-American Development Bank (IDB).

By partnering with the IDB, the government is hoping to reduce its energy consumption by 30 per cent and derive 30 per cent of its energy from renewable resources by the year 2030.

The IDB’s Sustainable Energy Program for The Bahamas allocates $30 million to fund efforts to reduce the country’s dependency on fossil fuels and promote sustainable energy.

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View or download the Monthly Economic and Financial Developments report for February.

Bimini Bay Resort and Marina is set to undergo a re-branding, as it welcomes new management, bringing a boost to the island’s tourism.

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The government completed the privatization of the Bahamas Telecommunications Company (BTC) today with the sale of 51 per cent of the company’s shares to Cable & Wireless Communications (CWC) Plc.

The shares were purchased at a cost of $210 million.

“This privatization, a process started 14 years ago, is essential for the development of the Bahamian economy. It is no longer about telecommunications; rather we are now in a world of converged communications,”?said Prime Minister Hubert Ingraham, before witnessing the Treasury of The Bahamas sign the Shareholders’ Agreement transferring its majority interest in BTC to CWC.

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Bermuda Premier Paula A Cox will be the recipient of the 2011 Regional Woman of The Year Award to be presented during the Women’s Empowerment Summit 2011, April 27, at Atlantis Paradise Island.

The summit, themed “Embrace Your Power,” is a one-day conference hosted by Oyster Publications (Bahamas) Ltd featuring key speakers on leadership training and motivational activities.

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The Ministry of Tourism and Aviation (MOTA) is teaming up with partners in the private sector to help boost Grand Bahama’s ailing tourism sector.

The government is strategizing with the Grand Bahama Airport Company and Freeport Harbour Company on ways to increase air arrivals to the island, according to David Johnson, Director General of Tourism at MOTA.

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The Act, which came into force on January 1, 2011, repeals and replaces the Business Licence Act, Chapter 329, Statute Laws of The Bahamas (the “repealed Act”). The Act also repeals the following statutes:
• The Liquor Licence Act, Chapter 372, Statute Laws of The Bahamas;
• The Shop Licences Act, Chapter 377, Statute Laws of The Bahamas;
• The Music and Dancing Licences Act, Chapter 374, Statute Laws of The Bahamas; and
• The Registration of Business Names Act, Chapter 330, Statute Laws of The Bahamas

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As part of efforts to consistently show transparency and maintain standards of academic excellence, the Lyford Cay International School has recently released a Development Report that highlights advancements made over the last year through contributions.

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