Here follows remarks by Minister of Financial Services Hope Strachan at The Bahamas’ chapter of the Society of Trust and Estate Practitioners (STEP) luncheon February 15, 2016 at the British Colonial Hilton Hotel in Nassau:

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The Bahamas may be touristy, but with 700 islands the country, the nation still offers some of the best chances for unadulterated escape, especially if you’re into the sport of bonefishing or the sport of private-villa buying; Johnny Depp, Nicholas Cage, Shakira, Roger Waters, and Eddie Murphy all have had a go.

Kimberly Wilson-Wetty, co-president/owner of Valerie Wilson Travel, a New York-based agency specializing in high-net-worth clientele, also credits to easy accessibility for The Bahamas’ popularity—commercial flights vs. private jet vs. yacht—and standout resorts like Paradise Island’s One&Only Ocean Club. All the press surrounding the Baha Mar project (before the bankruptcy), helped too. “The luxury traveler is really driven to the hotel when they’re choosing the island—especially in the Caribbean,” says Wilson-Wetty, “There aren’t just a lot of ‘luxury islands.’ Baha Mar brought The Bahamas a new limelight, an element of intrigue.”

This is an excerpt from Kamalame Cay via Bloomberg Business as it appeared on February 16, 2016. For updates or to read the current version of this post in its entirety, please click here.

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February 12, 2016 (KeysNet) –– The Bahamian Senate passed a bill earlier this month allowing shallow-water oil exploration, and it is expected to soon be signed into law by the commonwealth’s governor general.

The passage of the bill, known as the Petroleum Act, means drilling by the Bahamas Petroleum Co. and partnering companies could start within the year, according to some experts.

“I believe we will see these exploratory prospects get under way this year as they are shallow water, and BPC has done quite a bit of seismic work already and knows where to drill,” said Jorge Piñon, director of the Latin America and Caribbean Energy Program at the University of Texas’ Jackson School of Geosciences.

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“The Bahamas Advantage: Defining Our Value Proposition” is the theme for the upcoming International Business and Finance Summit (IBFS) which this year takes the form of a Strategy Conclave for CEOs, senior executives and key stakeholders in the financial services sector. It will take place March 10-12 at the Abaco Beach Resort in Marsh Harbour, Abaco.

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February 2016 (IADB.org) –– The Inter-American Development Bank Group will hold its Annual Meeting in Nassau, The Bahamas, on April 7-10. Economic and financial leaders from its 48 member countries will discuss key development challenges for Latin America and the Caribbean on issues ranging from the global economic slowdown, private sector investments, energy sector diversification, sustainable urban development, the potential of creative industries, and natural capital as a line of defense against climate change, among others.

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The 700 acre Innocence Island in the Exumas is the biggest privately owned island in The Bahamas, and it is up for sale … for $55 million. Its video tour, however, is free.
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WAKE FOREST, N.C., February 9, 2016 /PRNewswire/ — PowerSecure (NYSE: POWR) announced today that the company has signed a Management Services Agreement (MSA) with the government of The Bahamas under which PowerSecure will provide its management services to Bahamas Power and Light (BPL) for the next five years.

The MSA includes a business plan which outlines cost-reduction and reliability targets along with renewable energy and customer service initiatives for New Providence and the Family Islands.

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February 9, 2016 (Page Six) – Security has suddenly tightened around Mike Bloomberg’s first public speech, at an exclusive Bahamas resort, after he confirmed he was considering joining the race for the White House.

Bloomberg will deliver a lecture to megarich residents of exclusive Caribbean retreat Lyford Cay on Saturday.

Residents include Sean Connery, Canadian clothing magnate Peter Nygard, shipping tycoon George Livanos, the Bacardi family and hedge-funder Louis Bacon. Now, a new club bulletin has just been sent out to members saying that no cellphones, recording devices or photographs will be allowed.

This is an excerpt from Page Six as it appeared on February 10, 2016. For updates or to read the current version of this post in its entirety, please click here.

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OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-” of Bahamas First General Insurance Company Limited (BFG) (Nassau, Bahamas) and Cayman First Insurance Company Limited (CFI) (Cayman Islands). The outlook for all ratings is stable. Both companies are subsidiaries of Bahamas First Holdings Limited (BFH) (Nassau, Bahamas).

The ratings of BFG reflect its supportive risk-adjusted capitalization, continued favorable operating performance and leadership position in the Bahamian property and casualty insurance market.

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A delegation from The Bahamas attended the World Captive Forum in Florida last week, with CEO of the Bahamas Financial Services Board (BFSB) Tanya McCartney saying the event is an important part of the BFSB’s efforts to promote and grow the country’s captive insurance sector.

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