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Newsletter Vol.13, No 8.

TBI monthly news in review - October 19, 2019

July got underway with a high-level delegation led by Prime Minister Dr Hubert Minnis travelling to St Lucia to attend the 40th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM).

On the sidelines of the meeting, the Prime Minister urged CARICOM to work closely with regional tourism organizations, such as the CTO, to enhance the visitor offering through better analysis of data.

“It is only through the use of empirical data that we will be able to effectively implement marketing and productive development strategies that will improve our tourism products and better the lives of our citizens,” he said following a meeting with Allen Chastanet, the Prime Minister of St Lucia and CARICOM chairman.

Other items on the CARICOM agenda included international blacklisting, the Small Island Developing States Resilience Foundation, and the Caribbean Single Market and Economy.

Back in The Bahamas, it was a busy month for the Central Bank as it published its Q1 review and celebrated its 45th anniversary. It was also announced that the bank would become the seventh broker-dealer member of The Bahamas International Securities Exchange (BISX).

Commenting on the membership, Central Bank Governor John Rolle said that “through the bank’s presence on the exchange, we wanted to ensure that there continued to be ample liquidity in the secondary market for government securities. Retail investors, particularly, must be able to complete trades without delays.”

In business news, there was a notable Bahamian success last month. Cloud Carib was named as one of the world’s premier managed service providers on the prestigious 12th-annual Channel Futures MSP 501 rankings. Coming in above all other providers in the Caribbean and Latin America, and #160 out of 501 managed service providers worldwide, The Bahamas owned and headquartered company said it was honoured to be selected.

 

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The Bahamas Investor - August News & Press

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The government and Nassau Cruise Port Ltd signed a Heads of Agreement for the redevelopment of Nassau Cruise Port, August 28, 2019, at Festival Place.

The Bahamas Ministry of Tourism and Aviation recently hosted a group of private pilots, flying ambassadors, fixed based operators and aviation media professionals to Freeport, Grand Bahama, on a familiarization trip of the destination.

Gonet Bank & Trust Ltd, which has been operating in The Bahamas since 1982, has announced that Ahmed El Shahawy joined the Swiss private bank last month.

Young Bahamians aged seven to 17 from Abaco, Eleuthera, Grand Bahama and New Providence spent the weekend engaged in sessions teaching them about cybersecurity, blockchain and the law, how to successfully raise capital and how to start a business in The Bahamas.

Registration for the travel and tourism marketing event Caribbean Travel Marketplace to be held at Baha Mar resort in The Bahamas in January 2020 is now open.

Equity partner, Pictet Wealth Management, Alberto Valenzuela, paid a courtesy call on Minister of Financial Services, Trade, Industry and Immigration Elsworth Johnson at his office August 21, 2019.

Minister of Financial Services, Trade, Industry and Immigration Elsworth Johnson attended a Mass General Staff Meeting in Grand Bahama August 19, 2019.

The Minister of Tourism and Aviation Dionisio D’Aguilar says that tourism has registered double-digit growth since the beginning of the year. Watch an interview with the minister here.

Bahamas director general at the Ministry of Tourism Joy Jibrilu is among a compelling list of speakers attending the Caribbean Tourism Organization Conference on Sustainable Tourism Development to held on St Vincent and the Grenadines towards the end of the month.

The Bahamas is one of the Caribbean's most in demand destinations, according to travel firm Expedia Group which noted a 39 per cent increase in bookings to the archipelago from April to June, in comparison to the same period last year.

Foreign Direct Investment (FDI) inflows to The Bahamas reached $947 million last year, according to the Economic Commission for Latin America and the Caribbean (ECLAC).

Investar Securities Ltd's recently launched Titan Balanced Fund has raised more than $4.5 million from individual and institutional investors in just over a month, according to the Bahamian investment group.

Bahamas Customs and Excise Department has launched a public awareness campaign as it continues to integrate technology into its operations.

Cosmetics is a growing and profitable market for Caribbean producers, according to regional trade group Caribbean Export which praised local firm bahamaSpa for bringing its line of natural soaps and lotions to European consumers.

The Bahamas has stepped up its efforts to reduce single-use plastics in the country with the release of the Environmental Protection Bill - now available on the government's website as it seeks public consultation and feedback.

Governor General, His Excellency the Most Hon. Cornelius A. Smith hosted the Prime Minister and Cabinet Ministers to an Official Luncheon at Government House on August 13, 2019.

The Bahamas International Securities Exchange (BISX) has released its trading statistics for the six-month period ending June 28, 2019, recording a year to date increase of 50.51 or 2.42% in the BISX All-Share Index.

Butterfield’s Bahamian operations have been recognised by the Citywealth International Finance Centre (IFC) Awards 2020.

The Ministry of Finance announced last week that Bahamas Government Registered Stocks have been approved for listing on the Bahamas International Securities Exchange.

The Access Accelerator, Small Business Development Centre has assisted Cheryl’s Bahamas Taxi & Tours in accessing $230,000 in debt financing from the Royal Bank of Canada.

Minister of Financial Services, Trade & Industry and Immigration Elsworth Johnson, met with the Secretary of the United Nations Commission on International Trade Law and the US Charge d'Affaires in Nassau earlier this week.

Related links

For TBI magazine features, resources, news, and archives visit these links:

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Past Issues: http://www.thebahamasinvestor.com/archives/
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