Ministry of Tourism will be hosting a Small Island Developing States conference this week in Nassau. Watch a report on the upcoming event here.
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NEW YORK, NY. February 14, 2014 — More than 100,000 people experienced a destination wedding in The Bahamas last year, and the country wants to attract even more in years to come, Minister of Tourism Obie Wilchcombe told seasoned travel writers and business partners last week, as the Ministry of Tourism launched its latest niche market promotion.

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LONDON — The Bahamas Telecommunications Company (BTC), part of Cable & Wireless Communications (CWC), has completed the full commercial launch of the country’s only Long Term Evolution (LTE) mobile data services.

4G LTE is the fastest mobile data service currently available to telecoms operators and will enable BTC to increase the speed at which its customers can download mobile data at least five-fold. Customers can expect download speeds of between 10 – 15 megabits per second in normal circumstances. This will deliver an improved mobile data experience while enabling them to access new services like video calling and the streaming of HD video.

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This is an excerpt from Light Reading as it appeared on February 17, 2014. For updates or to read the current version of this post in its entirety, please click here.

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The Caribbean Development Bank has said that it will extend loans worth millions of dollars to The Bahamas to aid infrastructure upgrades and offer other support, particularly in the Family Islands.
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Pictured: BHTA President Stuart Bowe. (Photo via BHTA)

The results of the Bahamas Hotel and Tourism Association’s 2013 Industry Performance and 2014 Outlook Survey confirm that 2013 was a year of mixed performance for the hotel industry, while a higher level of business confidence exists for 2014.

Hotels were divided in their responses in gauging revenue and occupancy levels for 2013. In general, Family Island and Grand Bahama hotels reported marginal revenue and occupancy improvements, while Nassau-Paradise Island hotels saw small declines in performance.

While the hotel industry’s 2013 occupancy and rate data compiled by the Ministry of Tourism has not been finalized, preliminary results indicate a year-over-year decline Bahamas-wide of 3.5 per cent in room occupancy and a 4.7 per cent increase in the average room rate.

Industry confidence in 2014 is at its highest level since 2007. Despite this, profitability remains a concern as 47 per cent of the responding hotels reported a net loss in 2013, up from 33 per cent in 2012.

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Bridgetown, Barbados, February 14, 2014–The Caribbean Export Development Agency (Caribbean Export), in conjunction with the implementing partners CARICOM Secretariat and the Ministry of Industry and Commerce of the Dominican Republic (DICOEX), have been awarded responsibility for the implementation of a €3.2-million ($4.3-million) programme by the European Union towards the implementation of the 10th European Development Fund (EDF) Services Sector Component.

Implementation of the services component will be a collaborative effort between the agency and implementing partners CARICOM Secretariat and DICOEX.

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TORONTO, ON. February, 2014 — (Marketwired) — The new all inclusive Memories Grand Bahama Beach Resort & Casino has officially opened its doors on February 1, welcoming guests to “celebrate the moments” on the white sands of Lucayan beach, opposite the colorful and charming open air entertainment and dining complex of Port Lucaya. The perfect vacation haven, this expansive property offers a casino, spa, and free unlimited green fees at the nearby Robert Trent Jones Jr. designed Reef Course. Families will appreciate the teens lounge and supervised kids club with appearances from famous characters, as well as the on-site splash park opening later this month. Everyone can enjoy the daily activities, evening entertainment, non-motorized watersports, and the unique waterslide that wraps around the resort’s iconic Sugar Mill.

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Director of sales at the Ministry of Tourism’s office in Plantation Florida Andrew Adderly says that The Bahamas should try to attract more Florida residents known as “Snowbirds” who have moved south to enjoy sunnier climes.
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Pictured: Commonwealth Bank executive chairman William Sands Jr. (Commonwealth Bank Photo)

Crediting what it called “effective management” of delinquent loan accounts that slashed loan loss provisions nearly in half, Commonwealth Bank today reported it closed the fiscal year ending December 31 as the third best year in its 53-year history.

“The improvement in total profit is primarily attributable to the focused and effective management of the bank’s delinquency management resources, which allowed for a $19 million or 44 per cent decline in loan impairment expenses in 2013 compared to 2012,” said executive chairman William Sands Jr.

According to the bank’s unaudited financial results, total profits stood at $51 million, with the 6,000-plus shareholders receiving dividends totaling $0.30 per share compared to $0.29 per share in 2012.

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From RTTNews:

Brookfield Asset Management Inc. (BAM: Quote, BAM_A.TO) said that its fourth-quarter of 2013 significantly increased to $1.030 billion from last year’s $459 million, with FFO per share increased to $1.59 from the prior year’s $0.67, predominantly due to carried interests on Private Funds received during the quarter. The FFO excluded amounts attributable to non-controlling interests.

The latest-quarter results included $563 million of carried interest on the realization of private fund investments for clients.

Continued business expansion and operating activities positively impacted FFO for both the fourth quarter and the full year. Fee related earnings increased due to the growth in fee bearing capital. The compamy also benefitted from higher lease rates in both its office and retail portfolios, expansion in its transportation and utility businesses and increased power generation as a result of improved water flows and the contribution from acquired and completed facilities.

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This is an excerpt from RTTNews as it appeared on February 14, 2014. For updates or to read the current version of this post in its entirety, please click here.

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