Grand Bahama is experiencing a “renaissance,” according to Prime Minister Perry Christie, who says new international flight routes to Freeport combined with the imminent opening of the Memories Grand Bahama Resort and Casino are reviving interest in the island.

With the 503-room Reef Village, set to shortly re-open as the Memories Grand Bahama Resort and Casino, and direct flights from six cities across Canada into Freeport courtesy of travel group Sunwing, the Prime Minister told attendees at the Bahamas Business Outlook this week that Grand Bahama is well-positioned for growth.

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Nassau, THE BAHAMAS (January 15, 2014) – Armed with timely and stimulating editorial that reaches a worldwide readership of high-net-worth individuals and financial services intermediaries, The Bahamas Investor is an essential tool in the promotion and continued success of The Bahamas as a global offshore financial centre.

The January-June 2014 issue’s cover story looks at the work of The Bahamas Investment Authority (BIA) and its director of investment Joy Jibrilu. In her role, it is Jibrilu’s responsibility to guide investors through the proposal process to gain approval for their developments–essentially helping them realize their dreams. From small boutique hotels to megaresort projects, the BIA is the first port of call for investors looking to do business in The Bahamas.

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The government has commissioned a final study of its tax reform proposals, as it gears up to introduce value added tax (VAT) by July 2014, and has reassured the business community that it will continue to consider alternative proposals.

Speaking at the Bahamas Business Outlook, held at the Melia Resort on Cable Beach yesterday, Prime Minister Perry Christie said his government was closely studying all options “to address every concern.”

“There must be comprehensive reform of public finances to significantly improve the government’s revenue collection,” he said during his keynote address at the one-day business conference.

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The Bank of The Bahamas (BOB) is heading into 2014 with shareholder equity topping $138 million and a robust capital position of 22 per cent, well above local and international requirements, according to published financials.

According to the bank’s managing director Paul McWeeney, the strong capital position means BOB is well-prepared for more stringent international banking standards known as Basel III that will take effect over the next several years.

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Pictured: Prime Minister Perry Christie speaking at the 22nd Annual Bahamas Business Outlook event. The 23rd Annual Bahamas Business Outlook event is taking place today at the newly branded Meliá resort. (Photo©Dupuch Publications/Harry Cutting)

The government will create a National Economic Council to help guide its economic policy, Prime Minister Perry Christie announced today.

Calling the move “an important measure to maximize economic growth,” the Prime Minister said he would begin appointing senior economists to the council this month.

Council members will “keep the economy under constant review, advise the government on ways to grow and sustain the economy, and provide better economic opportunities for Bahamians,” he said.

“We have to manage our economy carefully to guarantee our legacy of fiscal prudence and economic growth.”

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The Ministry of Finance announced today that it has launched a hotline with experts standing by to answer questions about the proposed value added tax system set to go into effect July 1.

The hotline number is 225-7280. It is staffed between 9 am and 5 pm daily Monday-Friday. The VIBE line is toll-free throughout The Bahamas.

“Since we launched the number two days ago without a lot of fanfare in the testing stage, we have had very interesting calls reflecting that people understand change is needed, but they just want more information,” says financial secretary John Rolle.

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MONTEGO BAY — George Markantonis has been named the Caribbean Hotelier of the Year, the Caribbean Hotel and Tourism Association announced on Sunday evening.

Markantonis, a native of Zimbabwe, is the president and managing director of Kerzner International Bahamas and the president and managing director at Atlantis Paradise Island.

“It’s a real honour for me to receive this award and to be recognized,” he said Sunday evening. “We know that for every job we create in the Bahamas, the trickle effect is another 1.4 jobs in the local economy. So we take our responsibility very seriously.”

Atlantis is the largest resort and largest private employer in the Bahamas.

This is an excerpt from Caribbean Journal as it appeared on January 13, 2014. For updates or to read the current version of this post in its entirety, please click here.

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TXO (LON:TXO) has called a general meeting to increase its investment in The Grand Bahama Group Limited (GBG) and other investee companies.

The meeting to be held on January 28 will consider resolutions to increase share authorities required to make such further investments.

TXO has a 30.2% stake in GBG and the option to invest further expired on Dec 31 last year.

“Any additional funds invested into GBG will be used to accelerate further stages of its development in The Bahamas and explore additional opportunities offered to it outside of The Bahamas,” the firm said in Friday’s statement.

This is an excerpt from Proactive Investors as it appeared on January 13, 2014. For updates or to read the current version of this post in its entirety, please click here.

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Real estate broker Mario Carey, president of Mario Carey Realty (MCR), and Chinese entrepreneur Alan Chen called on Minister of Foreign Affairs Fred Mitchell to discuss the country’s growing ties with the Chinese market.

Daniel Lowe, the MCR Chinese consultant resident in Beijing, also attended the January 3 meeting.

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