From MoneyNews.com:

The U.S. Internal Revenue Service has spent 19 months and more than $8.6 million getting ready to enforce a new law against offshore tax evasion that takes effect next year, but the agency is still not prepared, a watchdog group said.

More IRS computer and staff improvements are needed to administer the Foreign Account Tax Compliance Act, said the Treasury Inspector General for Tax Administration.

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This is an excerpt from Money News as it appeared on December 10, 2013. For updates or to read the current version of this post in its entirety, please click here.

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A few months since its launch, Airport Maintenance Services Ltd (AMSL) has signed its first contract with Resorts World Bimini and The Genting Group to upgrade the Southern Bimini airport.

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Washington, Dec. 2013 (ANI): With the travel industry expected to be 300 billion dollars worth in the US alone and the Internet being the most handy tool while searching for the destinations, one of the places that people desire to visit the most is none other than Hawaii.

Search data from Bing has revealed a list of top ten destinations that people in the US look up for on the web.

Bing places the tourist-friendly Hawaii on the top of the list, followed closed by the Bahamas that include about 2,000 islands, Mashable reports.

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Prime Minister Perry Christie (right) welcomes the new Ambassador of the People’s Republic of China to The Bahamas, Yuan Guisen, during a courtesy call December 6, 2013. (BIS Photo/Peter Ramsay)

The Bahamas is looking forward to strengthening its relationship with the People’s Republic of China across a wide-range including trade, technical exchange, education and tourism, according to Governor General Sir Arthur Foulkes.

He made the comments as he accepted Letters of Credence from Yuan Guisen, Ambassador of the People’s Republic of China to The Bahamas, during a ceremony at Government House December 5, 2013.

Yuan replaces Ambassador Hu Shan, who left the country November 9, 2013.

The Bahamas and China established diplomatic relations16 years ago and have engaged in a number of technical and cultural agreements beneficial to both countries.

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Scotiabank Bahamas Ltd welcomes Sean Albert to the role of managing director.

“On behalf of Scotiabank Bahamas, I want to congratulate Sean and welcome him to his new role,” says Bruce Bowen, Scotiabank’s senior vice president for the Caribbean.

“Sean’s appointment is recognition of his skills and experience and I am confident that his knowledge of our business will serve Scotiabank Bahamas well.”

Since 2011, Albert has been managing director of Caribbean East and has led Scotiabank’s operations in nine countries–Anguilla, Antigua & Barbuda, Barbados (as country manager), Dominica, Grenada, St Kitts & Nevis, St Lucia, St Maarten and St Vincent & The Grenadines.

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For the full year Scotiabank achieved record net income of $6,697 million compared with net income of $6,466 million in 2012.

Diluted earnings per share were $5.15, compared to $5.22 in 2012. This year had a net benefit of 7 cents per share related to non-recurring items in International Banking, while last year’s results benefitted 61 cents from real estate gains. Adjusting for both these items, diluted earnings per share grew 10.2 per cent.

View or download the full report here.

Due to the growing economic benefits from the Bahamas Speed Week Revival, Deputy Prime Minister and Minister of Works and Urban Development Philip Davis (pictured) announced that a new racetrack will be built at the Queen Elizabeth Sports Centre to facilitate the 60th Anniversary of the event in 2014.

Officially opening The Bahamas Speed Week Revival 2013, December 4 at Arawak Cay, the Minister also announced that the track would complement the hot rod racing track, which the government had previously built at the sports centre.

“I trust that the various organizations, representing car enthusiasts will work together to expose an even larger audience to this exciting sport at this motor sports arena and to continue to enhance safety and security,” said Minister Davis.

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The Cabinet Office has announced that, along with the rest of the world, The Bahamas mourns the passing of former President of South Africa Nelson Mandela.

The Cabinet Office also announced that, with immediate effect, the national flag shall be flown at half-mast as a sign of “official mourning for this great statesman and world leader.”

FREEPORT, The Bahamas December, 2013 (PRWEB) — Okyanos Heart Institute has announced that its chief science officer, Leslie Miller, M.D., F.A.C.C., will address the International Stem Cell Society (STEMSO) Global Conference to be held at the Grand Lucayan Resort in Freeport, Grand Bahamas, February 19-22, 2014. Dr. Miller, one of the foremost experts in adult stem cell therapy for heart failure, will be speaking about adipose-derived stem and regenerative cells to treat cardiovascular disease on Thursday, February 20 from 1:45 to 2:30 PM. The conference, titled “Bridging the Gap: Research to Point of Care,” brings together medical scientists, clinicians, ethicists, regulatory experts, and investors to discuss progress in the field of research and clinical protocols.

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NEW YORK, NY. December 04, 2013 –(Marketwired)– JetBlue Airways, New York’s Hometown Airline™, and Silver Airways, which offers more flights within Florida and to The Bahamas than any other U.S. airline, today announced the formation of an interline ticketing partnership to allow travelers to easily connect between the carriers’ networks via Fort Lauderdale-Hollywood, Orlando, Tampa or Fort Myers.

Silver Airways will be JetBlue’s 30th airline partner, bringing many new destinations in Florida and The Bahamas within reach for JetBlue’s customers including Key West, Pensacola, Tallahassee, Gainesville, Bimini, Grand Bahama (Freeport), The Eleutheras (Governor’s Harbor and North Eleuthera), The Abacos (Marsh Harbour and Treasure Cay) and Great Exuma (Georgetown).

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