Here follows the speaking notes in Senate on The Bahamas and the United States of America Foreign Account Tax Compliance Agreement Bill, 2014, delivered by Attorney general and Minister of Legal Affairs Allyson Maynard Gibson August 7, 2015:

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August 7, 2015 – The Bahamas International Securities Exchange (BISX) announced today that the Government of The Commonwealth of The Bahamas has successfully completed the listing process for all of the Notes that comprise Tranche 1 and Tranche 2 of Bahamas Government Stock (“the Notes”). As a result, the Notes have been added to the roster of securities listed on the Exchange and each Note will trade separately and independently on the Exchange under its own symbol through the BISX Automated Trading System (BATS).

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China Construction America (CCA), a major contractor involved in the Baha Mar resort project, hosted a groundbreaking ceremony yesterday for The Pointe, a new waterfront destination in downtown Nassau.

The groundbreaking ceremony was attended by key community, government and business representatives, including Prime Minister Perry Christie, Deputy Prime Minister Philip Brave Davis and Governor General Dame Marguerite Pindling.

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Attorney General Allyson Maynard-Gibson has said that she is optimistic that a resolution will be found to the Baha Mar bankruptcy situation and that the megaresort on Cable Beach will open soon.
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The start of the Goombay Summer Festival and VAT on real estate transactions top the business news in The Bahamas this week.
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Grand Bahama visitor arrivals and occupancy levels have increased significantly this year, according to the Ministry of Tourism.

Statistics show that the occupancy rate for Grand Bahama in June has increased by 18.2 per cent compared to the previous year, to 72 per cent. Another sign of increased demand is a 40.1 per cent increase in the year-to-date number of room nights sold in June was 253,941 versus 181,248 from the previous year. The amount of available rooms was 352,767 in June 2015, as compared to 337,009 last year, an increase of 4.6 per cent.

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Legal representatives of Baha Mar have been granted leave to appeal the decision by the Supreme Court to reject the resort’s application for Chapter 11 bankruptcy in a US court.
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Gowon Bowe says that The Bahamas needs to be on the “front edge” when it comes to developing business links with Cuba as diplomatic ties with the US normalize.
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Parliamentary debate has begun on the Hawksbill Creek Agreement tax concessions, which apply to Grand Bahama and have been extended for six months past their August 4 expiration date.
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NASSAU, Bahamas, July 27, 2015 /PRNewswire/ — Baha Mar Ltd. issued the following statement with regard to CCA Bahamas Ltd’s (“CCA”) press release dated July 26:

“It is interesting that when a very viable proposal is put forward by Baha Mar Ltd. to the Export-Import Bank of China—a proposal which provides for a significant equity infusion by the Izmirlian family to complete and open Baha Mar and would utilize Bahamian contractors and a Bahamian workforce to properly finish the work at Baha Mar that CCA failed to do—CCA issues a highly defensive and apparently panicky press release. CCA should be concerned.

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