Minister for Financial Services Ryan Pinder (pictured) has called for a stronger presence of foreign law firms in The Bahamas, saying that international expertise will help the country compete as an offshore financial hub and more effectively address client needs.

Speaking at the Nassau conference last week, the Minister said the legal component to the financial services sector currently does not have adequate capacity to meet the needs of clients and urged lawyers to “invest in themselves and their expertise.” He suggested that foreign firms should be welcomed into the country to bring about a “knowledge transfer” to Bahamian professionals and ensure that The Bahamas can compete internationally.

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Pictured: Abel Francisco Mejia-Cosenza, Partner, Sanchez Devanny, Mexico speaking at The Nassau Conference held recently at The British Colonial Hilton Hotel in downtown Nassau. (Harry Cutting photo/©Dupuch)

South America could prove a lucrative market for The Bahamas if the country were to tap into wealth management opportunities in Mexico and build on momentum already created in Brazil, according to industry leaders from those countries.

During a panel discussion at last week’s Nassau Conference, Abel Francisco Mejia-Cosenza, partner at Mexican law firm Sanchez Devanny, outlined the areas of opportunity in Mexico where there are around 145,000 millionaires worth $736 billion.

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The government has given more details on the schedule of the continued expansion of the Thomas A Robinson National Sports Stadium on New Providence. The developments will cover 450 acres and will include a baseball stadium, tennis stadium and multipurpose arena.
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The Bahamas Financial Services Board (BFSB) recently led a sub group of its Investment Condominium (ICON) Working Group in co-ordinating the third in a series of training programmes for the Registrar General’s Department on establishing and registering the newest vehicle in the industry’s arsenal of financial services products.

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Zurich, Switzerland – October 2014 – Jet Aviation has signed an FBO management agreement with Executive Flight Support (EFS) effective January 1, 2015. EFS is based at Lynden Pindling International Airport in Nassau, Bahamas, and was voted Best Caribbean International FBO of 2014 in Pro Pilot magazine.

The new addition to Jet Aviation’s worldwide FBO network will be rebranded as Jet Aviation Bahamas. Managed by Jet Aviation as of 2015, EFS is the premier full-service FBO in the Bahamas, located at Lynden Pindling International Airport, the largest airport and the main international gateway into the country.

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China State Construction Engineering Corp has signed an agreement for the purchase and redevelopment of the Nassau British Colonial Hilton Hotel and adjacent property.

The deal was signed during an official ceremony held in the foyer of the hotel October 24.

Prime Minister Perry Christie was in attendance for the occasion. He said that the event signified an objective that the government has been pursuing for several years.

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The Bahamas Financial Services Board (BFSB) is celebrating the 14th anniversary of its Industry Excellence Awards programme at a Gala Awards Dinner on Friday, 14 November. At that time, the Recipients for the 2014 Achiever of the Year, Professional of the Year, Executive of the Year, and Student of the Year will be announced – academy award style.

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A new boutique hotel in Schooner Bay, Abaco, is due to open at the end of the year. The Bahamian-owned Sandpiper Inn offers an exclusive getaway for families, couples and those with a love of the outdoors, according to vice president and managing partner James Malcolm.
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Royal Caribbean Cruises Ltd. (RCL: Quote) reported that its net income for the third quarter 2014 was $490.2 million or $2.19 per share, up from $365.7 million or $1.65 per share in 2013.

Adjusted net income for the third quarter of 2014 was $492.9 million, or $2.20 per share, compared to Adjusted net income of $377 million, or $1.71 per share, in the third quarter of 2013. On average, 22 analysts polled by Thomson Reuters expected the company to report earnings of $2.19 per share for the quarter. Analysts’ estimates typically exclude special items.

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This is an excerpt from RTT News as it appeared on October 24, 2014. For updates or to read the current version of this post in its entirety, please click here.

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Pictured: Hon Khaalis Rolle, MP Minister of State for Investments, Office of The Prime Minister speaking at The Nassau Conference, themed “Engaging in a Transparent World”. (Harry Cutting photo/©Dupuch)

Minister of State for Investments Khaalis Rolle opened one of The Bahamas’ financial community’s most important summits yesterday with a call for professionals in the industry to take advantage of opportunities, engage globally and stay current.

Delivering the opening address at the Nassau Conference, held at the British Colonial Hilton Nassau, Rolle said: “The Bahamas has faced a number of economic restraints in recent times, but there is reason for us to be optimistic about our country’s growth.”

The Minister referred to the event’s theme–Engaging in a Transparent World–saying opportunities were available, provided the country was prepared to actively exploit them.

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