Sept. 26, 2012 (StockMarketWire.com) – Operating losses at oil and gas explorer Bahamas Petroleum Co fell to $3.1m in the six months to the end of June – down from $4.6m a year ago.

The basic and diluted loss per share fell to 0.25c – down from 0.41c last time.

The company said that during the period it had received a letter from the government of the Bahamas which confirmed that all fees due had been paid and company had complied with the terms of the licences.

Chief executive Simon Potter said: “The first half of 2012 has been a busy period for both the company and the Bahamian people who have seen a new government elected to power.

“The company continues to work closely with the new government especially on the environmental front as we progress our plans to drill an exploratory well in Bahamian waters.

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This is an excerpt from StockMarketWire as it appeared on September 26, 2012. For updates or to read the current version of this post in its entirety, please click here.

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In less than a month, passengers touching down at Lynden Pindling International Airport (LPIA) will have a completely different first impression of New Providence.

Passengers will arrive at the new 226,000 sq ft International Arrivals Terminal, which houses Bahamas Immigration and Customs, a state-of-the-art baggage system, four restaurants, bars, lounges and six hotel reception stands.

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Smart Fund Model 007 (the “SMF Model 007”) or the Super Qualified Investment Fund became available for use as of August 22, 2012.

Whilst the SMF Model 007 contains a number of features that mirror those of other Smart Fund Models such as the mandatory term sheet (or offering memorandum) and the ability of the investors to unanimously waive the annual audit, the distinguishing features are (i) a single investor is expressly permitted, (ii) the maximum number of investors is 50, (iii) there is a minimum investment of US$500,000 and (iv) the administrative functions can be outsourced to any reputable person in a jurisdiction on an as needed basis.

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Minister of State in the Ministry of Finance Hon. Michael Halkitis said that the S&P’s warning of a downgrade of The Bahamas’ financial outlook from stable to negative was expected.

Statement from the Ministry of Finance on Standard & Poor’s Rating Service’s revision of The Bahamas’ outlook from stable to negative:

The outlook revision by Standard and Poor’s (S&P) from stable to negative while unfortunate is not unexpected.

As S&P clearly articulates in their statement, this administration inherited a deteriorating fiscal situation where the deficit target was overshot by a wide margin. This was in addition to the absence of a credible plan for deficit and debt reduction or taxation reform by the former Administration.

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On Sept. 24, 2012, Standard & Poor’s Ratings Services revised the outlook on its long-term rating on The Commonwealth of The Bahamas to negative from stable. At the same time, we affirmed our ‘BBB/A-2’ sovereign credit ratings and ‘BBB+’ transfer and convertibility assessment on The Bahamas.

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This is an excerpt from Reuters as it appeared on September 25, 2012. For updates or to read the current version of this post in its entirety, please click here.

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NASSAU, Bahamas and PARIS, Sept. 24, 2012 /PRNewswire/ – Warwick International Hotels (WIH) has acquired a four-star hotel located on Paradise Island in the Bahamas. The transaction is expected to be completed in the near future.

With easy access from the international airport, the Paradise Island Harbour Resort is a beach-front hotel designed to cater to international tourists, business travellers and visitors from the U.S., Canada, South America, Europe and the Caribbean. A full renovation and repositioning programme will be announced soon.

The Paradise Island Harbour resort consists of 246 rooms, each with a view of the harbour and direct access to the beach. This resort is equipped with two restaurants, a lobby cafe/bar, a large outdoor swimming pool and pool bar. It also features conference facilities, a fitness centre and kids’ club.

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Local businesses received a windfall of around $800,000 during last year’s Speed Week event, according to Jimmie Lowe, president of Speed Week Revival. He says he expects the same level of business again this year. Watch an interview with Lowe here.
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Prime Minister Perry Christie has confirmed that consultants from the UK are in The Bahamas to assess gaming in the country and to advise the government on the best way to move forward with establishing legalized gaming in the jurisdiction. Watch an interview with Christie here.
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Minister of Tourism Obie Wilchcombe has confirmed the sale of Paradise Island Harbour Resort to Warwick International Hotels and Resorts. Watch an interview with Wilchcombe here.
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