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Newsletter Vol.12, No 10.

TBI monthly news in review - December 16, 2018

SOTIC 2018October was a big month for conferences in The Bahamas. The State of Tourism Industry Conference (SOTIC) 2018 brought hundreds of regional tourism professionals to Atlantis Paradise Island during the first week of the month.

Prime Minister Hubert Minnis delivered the keynote address, saying: “Travel and tourism continue to evolve at a pace that requires us to constantly innovate in order to maintain market share and to meet the expectations of our visitors. We must keep pace with such innovation. But we must also be the drivers of global innovation.”

Meanwhile, Minister of Financial Services, Trade and Industry and Immigration Brent Symonette and Attorney General Carl Bethel took part in the Association of International Bank & Trust Companies in The Bahamas’ (AIBT) Financial Services Boot Camp held on the sidelines of the Nassau Conference at the Baha Mar Convention Centre.

On the international stage, Deputy Prime Minister and Minister of Finance Peter Turnquest attended the 2018 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Bali, Indonesia.

As part of the visit, he attended the Caribbean Caucus Round Table Discussion.

Discussions centred around climate change, building infrastructural resilience and de-risking.

Closing out the month, the Caribbean Association of Banks kicked off its 45th conference and AGM in The Bahamas this week, bringing together bankers from all over the region to discuss industry issues such as Fintech, financial inclusion, regulatory opportunities and trade disruptors.

In other news during month, American Airlines announced it would expand its service from Chicago to Nassau and The Pointe development celebrated another milestone on its journey to completion with a “topping off” ceremony for One Particular Harbour and the official unveiling of Seven, The Pointe’s entertainment venue.

 

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The Bahamas is among the top five international destinations being sought by consumers, according to Travel Leaders Group travel advisors survey. The survey also showed a growing interest in adventure and speciality travel among respondents.

Ministry of Finance has announced its First Quarter Budget Performance Report indicating that performance trends are moving in the right direction compared to the same quarter last year. Listen to Bahamas Information Services report from their Daily Radio Recap here.

The Marine Conservation Institute has announced that the Exuma Cays Land and Sea Park in The Bahamas has earned a Platinum Global Ocean Refuge Award.

Buckeye Partners, which owns an oil storage facility on Grand Bahama, is scheduled to release its 2018 third quarter earnings November 2, 2018.

Minister of State for Grand Bahama Kwasi Thompson and permanent secretary in the Office of the Prime Minister Elise Delancy recently participated in an executive training course in e-government for Caribbean region policymakers and managers hosted by the Inter-American Development Bank in Estonia.

Bahamas Development Bank managing director Dave Smith along with deputy managing director Justin Sturrup paid a courtesy call on the Securities Commission to discuss the commission’s crowdfunding push and other potential capital raising instruments such as SMART Funds.

A mission of the International Monetary Fund’s Statistics Department visited Nassau during October 16-22, 2018, to assist The Bahamas with the implementation of the Enhanced General Data Dissemination System, which was endorsed by the IMF’s Executive Board in May 2015.

The Bahamas Information Service has released an audio recap of recent events in The Bahamas including the National Economic Council’s announcement that it has approved the proposal submitted by Disney Cruise Line Island Development Ltd for its of Lighthouse Point project on South Eleuthera.

Building on its 50-year history in The Bahamas, Royal Caribbean International (RCI) has reaffirmed its commitment to the country, investing $200 million in its Berry Island destination, CocoCay, and donating $28,000 to the LJM Maritime Academy in Nassau.

Star Resort Group Inc. has announced plans for an eco-engineered luxury waterfront destination on Long Island. The mixed-use development is slated to make extensive use of solar in a bid towards operating off-grid.

Minister of Financial Services, Trade and Industry and Immigration Brent Symonette and Attorney General Carl Bethel took part in the Association of International Bank & Trust Companies in The Bahamas' Financial Services Boot Camp held on the sidelines of the Nassau Conference at the Baha Mar Convention Centre last week.

Minister of State for Grand Bahama Kwasi Thompson launched the 2nd annual Grand Bahama Tech Summit last week, noting that the focus of the event will be on showcasing education programmes and future developments.

Deputy Prime Minister and Minister of Finance Peter Turnquest is currently attending the 2018 Annual Meetings of the International Monetary Fund and the World Bank Group in Bali, Indonesia, which runs October 8-15.

Prime Minister Dr Hubert Minnis has said that the government will make a decision by next week on the proposed development of the Lighthouse Point beach property on Eleuthera.

Minister of Tourism and Aviation Dionisio D’Aguilar announced during the closing session of the State of the Tourism Industry Conference last week that during the first six months of 2018 The Bahamas saw a 15.4 per cent increase in stopover visitors. Watch an interview with the minister here.

As Grand Bahama has been declared the technology hub of the country, the island is now gearing up to host the 2nd Grand Bahama Technology Summit November 14-16, 2018 at the Grand Lucayan Resort.

Caribbean Tourism Organization (CTO) board of directors gathered, October 2, in the lead up to opening ceremonies for 2018 State of Tourism Industry Conference at Atlantis Paradise Island being held this week.

Nassau plays host to the Caribbean Tourism Organization's State of the Industry Conference this week, bringing stakeholders together to discuss technology trends, marketing strategies, infrastructure needs and current challenges.

The government has established a formal policy for public private partnerships (PPP) that sets out definitions and terms to govern the process of identifying, screening, procuring and managing PPPs, including how to treat unsolicited proposals. Read the full policy document here.

Prime Minister Hubert Minnis delivered the keynote address at yesterday's opening of the State of the Tourism Industry Conference at Atlantis Paradise Island. Read a transcript of his speech here.

State of Tourism Industry Conference (SOTIC) 2018 being held this week at Atlantis Paradise Island got underway with regional workshop and press briefing yesterday.

Prime Minister Dr Hubert Minnis at the United Nations address the 73rd General Assembly in New York City, September 28, 2018.

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