Nassau Airport Development Co (NAD) executives have confirmed the conclusion of financing for the redevelopment project at Lynden Pindling International Airport (LPIA).

The airport management company signed documents today confirming the $225 million agreement, bringing the final round of funding to a close for the project valued at $409.5 million.

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SAN JUAN (April 26/11) – Puerto Rico–Caribbean tourism officials cautioned against regional governments heavily taxing the sector, as many head into new budgetary cycles.

The warning came during the 16th annual Caribbean Hotel and Tourism Investment Conference (CHTIC), a forum which provides delegates with the latest statistics, analysis, predictions and projections for the Caribbean’s tourism industry.

Caribbean tourism officials on stage at the 16th annual Caribbean Hotel and Tourism Investment Conference being held April 24-26 at the Sheraton Puerto Rico Hotel and Casino in San Juan. From left to right: Josef Forstmayr, president of the Caribbean Hotel and Tourism Association; Ricky Skerritt, Minister of Tourism of St Kitts and chairman of the Caribbean Tourism Organization (CTO); and Luis Rivera Marin, executive director of the Puerto Rico Tourism Company.

“We hear of new policies that taxes not only the private sector, but also our visitors directly,” said Josef Forstmayr (left), president of the Caribbean Hotel and Tourism Association. “These masquerade under such names as airport improvement taxes, tourism enhancement fees, and by far the worst of all, the UK’s Airline Passenger Duty (APD).”

According to Forstmayr, increased taxation is regressive, resulting in less revenue for the hotel and attraction sector. The CHTA president urged governments to make a “serious effort” to review their taxation policies on the tourism industry.

“It is now time to remove or reduce all excessive consumption taxes,” said Forstmayr. “Our industry is based on competitive pricing. Our visitors will simply choose other destinations.”

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The Bahamas “has made significant strides” in preparing for the US Foreign Account Tax Compliance Act (FATCA), which comes into force in January 2013, according to accounting firm Deloitte‘s lead partner for the FATCA initiative, Lawrence Lewis.

“Financial institutions [in The Bahamas] have been pressing forward, identifying what they need to do. Vis-a-vis the world stage, we have not been that far behind,” he says.

FATCA requires all Foreign Financial Institutions (FFIs) to enter into an agreement with the US Treasury to disclose information on certain US clients.

The financial sector in The Bahamas has been readying itself for the changes for the past year, with several institutions voicing concerns at the wide scope of the act.

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The National Accounts Section of the Department of Statistics has released the estimates of gross domestic product (GDP) for the period 2007-2011. The 2011 figures are preliminary, 2010 are provisional, 2009 and 2008 are revised and the 2007 have been held final until the next historical revision.

The 2011 preliminary results are based on early estimates from major data sources such as the Central Bank of The Bahamas, Ministry of Tourism and Aviation, and the Foreign Trade Section of the Department of Statistics, among others.

According to these early results, the GDP in current prices for 2011 had an increase of 0.2 per cent, while at constant prices the growth was 1.6 per cent.

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The stories topping the business news on national broadcaster ZNS this week include a report on a Bahamian company spearheading the Caribbean Cancer Centre in St John’s, Antigua, and one about BTC’s plans to spend $8 million on an expanded store network around the country. Watch the full report here.

SEATTLE, April 19, 2012 /PRNewswire/ — American Airlines will begin new service between Seattle-Tacoma International Airport (SEA) and Miami International Airport (MIA) on June 14.

“We are very excited to be launching this new route for our Seattle–Tacoma and Miami passengers,” said Chuck Schubert, American’s Vice President – Network Planning. “By using this new flight, Seattle–Tacoma customers will be able to easily enjoy the beaches of South Florida and make convenient connections to other American and American Eagle flights to the Caribbean, Central and South America, as well as the Bahamas.”

Here is the schedule, effective June 14, 2012:

From Seattle – Miami
Flight 1085 departs SEA at 9:25 p.m.; Arrives MIA at 6:25 a.m. (next day)

From Miami – Seattle
Flight 1087 departs MIA at 8:25 p.m.; Arrives SEA at 11:45 p.m.

The new flight will feature Boeing 757-200 aircraft with 22 First Class seats and 166 Main Cabin seats. American is currently upgrading its fleet of 101 Boeing 757s to enhance the customer experience.

Upgrades to the domestic fleet include the installation of new seats, new cabin interiors, and updated inflight entertainment throughout the aircraft. Also, First Class will receive two additional seats, which increases the number of First Class seats from 22 to 24 on each aircraft. The 757 aircraft enhancements are planned to be completed by December 2015.

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BIMINI (April 8/11) – Bimini Bay Resort and Marina is set to undergo a re-branding, as it welcomes new management, bringing a boost to the island’s tourism.

Bimini Bay Resort, on North Bimini, is jointly owned by RAV Bahamas and the Capo Group, which have handed over management of the 350-unit vacation complex to RockResorts, a subsidiary of Vail Resorts Inc, which owns properties worldwide. RockResorts will manage the vacation home and marina facility through its property group, Legendary Lodging.

The resort consists of 350 vacation homes, the largest deepwater marina in The Bahamas, restaurants and a shopping village. RockResorts is expected to invest heavily in the site–developing a new hotel, spa and beach club.

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This past week Bimini Bay Resort celebrated the groundbreaking of their second phase of luxury oceanfront homes called Rockwell Island Beach Estates.

This exclusive beachfront retreat, developed by RAV Bahamas, plans to offer future residences a high level of luxury living with amenities such as a state-of-the-art wellness center complete with meditation garden, spa, swimming pool and sports facilities.

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This is an excerpt from World Property Channel as it appeared on April 24, 2012. For updates or to read the current version of this post in its entirety, please click here.

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Minister of Tourism and Aviation Vincent Vanderpool-Wallace explains the concept behind the Family Island destination wedding promotional campaign. Watch a video of an interview with the Minister here.

Bahamas Telecommunications Company has been revamping its outlet network throughout the country. The latest store to open is in downtown Nassau. See a ZNS news broadcast on the opening here.