Here follows the opening remarks by Prime Minister Perry Christie at the 2nd National Data Protection Symposium, Melia Nassau Beach Resorts, Cable Beach, October 9, 2014:

It is my pleasure to bring opening remarks at this 2nd Annual National Data Protection Symposium.

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New legislation to regulate oil exploration projects will be addressed when Parliament resumes in November.

“The government has completed the preparation of a new Petroleum Act and a suite of regulations designed to guide and govern oil exploration in The Bahamas as an integral part of the recently announced National Energy Policy,” Minister for the Environment and Housing Kenred Dorsett (left) told the media, October 8, at the Diplomatic Lounge of the Lynden Pindling International Airport.

The new legislative regime aims to ensure safe measures for oil exploration to take place in The Bahamas.

“This new legislative package will also include the legislative framework for a Sovereign Wealth Fund to ensure that in the event oil is discovered in commercially viable quantities, the wealth that will accrue to the nation as a result will be invested, managed and conserved in the most optimal way for present and future generations of Bahamians.”

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A suite of bills included in the Petroleum Act will provide clear guidelines to oil exploration in The Bahamas and environmental practices in its extraction, according to Minister of Housing and Environment Kenred Dorsett.
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More than 150 people attended the recent Bahamas Chamber of Commerce and Employers’ Confederation’s (BCCEC) annual mix and mingle to meet Arnold Donald, president and CEO of Carnival Corp.

Donald has steered the massive cruise line company for less than two years, sailing through challenges to emerge as a $33-billion corporation with nine cruise ship brands and 121,000 employees.

Donald’s visit to The Bahamas, along with other Carnival execs, was arranged by the American Embassy.

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World Bank evaluators were in The Bahamas yesterday to conduct a Money Laundering Workshop in Nassau.
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Minister of Financial Services and Investments Ryan Pinder poses with the latest issue of The Bahamas Investor magazine. His ministry took 1,000 copies of the publication on a three-city Asian trip. (Photo Harry Cutting/©Dupuch)

As a high-powered government delegation makes its pitch to entice some of Asia’s wealthiest individuals to these shores, The Bahamas Investor is helping them deliver a powerful message: The Bahamas is the jurisdiction in which to do business.

Representatives of the Ministry of Financial Services and Investments and the Bahamas Financial Services Board (BFSB) arrived in China October 5 for the start of a 17-day, strategic business trip that will see the delegation visit Hong Kong, Shanghai and Beijing before returning to Nassau October 22.

“We’re taking 1,000 copies of The Bahamas Investor on our Asia trip to help us tell the story of The Bahamas,” said Minister of Financial Services Ryan Pinder prior to his departure.

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[Note: Any reference to stocks, funds, investment and its underlying recommendation does not reflect the opinion of The Bahamas Investor or any of its contributors.]

Shares in Bahamas Petroleum Company surged over 25% when London markets opened this morning, touching a high of 4.7p, before settling back slightly to a 10% gain.

The trigger for these gains was news that a new Petroleum Act has now been drafted in The Bahamas, and has been placed before parliament for final approval. This long-awaited new act will define the legal and tax framework for oil explorers operating in The Bahamas.

This is an excerpt from Fool.co.uk as it appeared on October 9, 2014. For updates or to read the current version of this post in its entirety, please click here.

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The government is set to unveil its 25-year the National Development Plan, Minister of State for Investment Khaalis Rolle said yesterday during a television interview.
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The government is debating whether the College of The Bahamas should receive a loan of $16 million to help it attain university status. Watch a ZNS Network news report here.
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Here follows a October 6 statement by Minister of the Environment and Housing Kenred Dorsett regarding an oil spill off the shore of south west New Providence:

As was recently reported, the Government is aware of an oil emission which occurred in waters on the south western end of New Providence, near to Stuarts Cove and Albany.

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