Standard & Poor’s has raised The Bahamas’ short-term currency rating to A2 from A3. Watch a ZNS news report on the change here.

Crowds gathered in Nassau to celebrate Bahamian Independence Day on July 10. Watch a ZNS news report on the celebrations here.

The Bahamian economy maintained a mild growth momentum in May, supported by ongoing gains in the tourism sector and foreign investment-led growth in construction output. Reflective of the pass-through effects of the recent decline in global oil prices, domestic energy costs trended downwards in May. In the fiscal sector, the deficit for the ten months of FY2011/12 widened, as expenditure increases offset the rise in revenue collections. Monetary developments for the month featured a significant slowdown in the build-up of bank liquidity, while foreign inflows related to Government tax receipts from the sale of a large-scale tourism resort, supported modest growth in external reserves.

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The Bahamas Telecommunications Company (BTC) is set to relaunch its Enterprise package of products aimed at the business community within the next few months.

According to the company’s senior vice president of Commercial and Family Islands, Tellis Symonette, the launch will greatly enhance the connectivity of business across The Bahamas, making it easier for them to connect with clients at home and abroad.

“There is a whole lot more we can do for our business customers,” said Symonette during a recent seminar hosted by the Bahamas Institute of Financial Services (BIFS). “We have a major winter launch planned for Enterprise–new products, new pricing and a new structure. This is a major initiative.”

Since it was privatized in April 2011, BTC has committed to upgrading the broadband service throughout The Bahamas and invested $45 million in launching its high speed 4G network.

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CFAL senior vice president Kevin Burrows believes there is a need for a more innovative approach in financial services and pinpoints the maritime and credit union sectors as potential drivers for growth.

Speaking at a recent seminar hosted by the Bahamas Institute of Financial Services (BIFS), the insurance industry leader said that, while The Bahamas had already shown innovation in new legislation such as the amendments to the Trustee Act and creation of the Bahamas Executive Entity (BEE), more could be done to transform the sector.

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Minister for Financial Services Ryan Pinder has called for a “multi-faceted review” of the current tax system, saying reform would spur growth in the Bahamian economy.

The Minister said the system, which heavily relies on customs duties, was not equitable and suffered from leaks that hindered growth.

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Newly installed Minister of Tourism, Obie Wilchcombe, says that technology and social media will be the focus of the Ministry’s promotional campaigns moving forward. Watch an interview with Wilchcombe here.

Higgs & Johnson has announced that Oscar Johnson Jr, currently partner and head of litigation, has been appointed as the new managing partner of the firm effective 2 July, 2012.

He succeeds Philip Dunkley, QC, who had management responsibility of the firm from 1999-2006 and again from 2009-2012. He will remain as senior partner of the firm.

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Fostering a culture of integrity within a business takes more than just following a code of conduct, according to Natasha Rolle-Bastien, past president of the Bahamas Association of Compliance Officers (BACO).

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General manager at the Ministry of Tourism’s office in Plantation, Florida, Earl Miller says that the Ministry is spearheading comprehensive efforts in the US to promote angling in The Bahamas. Watch an interview with Miller here.