Commonwealth Bank reported positive third quarter results yesterday with a comprehensive net income of $39.3 million for the first nine months of the fiscal year, up 35 per cent year on year, largely as a result of lower costs associated with reductions in non-performing and charged off loans.

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The Bahamas Chamber of Commerce and Employers Confederation (BCCEC)’s newly formed Coalition for Responsible Taxation is taking a cautious approach to the government’s proposed introduction of value added tax (VAT), saying that it is a complex issue that needs careful consideration.

Since it was created last month, the coalition has been “quite active” according to its co-chair Gowon Bowe, who said its first few tasks had been writing a letter to the Prime Minister setting out private sector concerns and submitting a report to the Ministry of Finance detailing the macro-economic factors involved.

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NASSAU, Bahamas, Nov. 13, 2013 (GLOBE NEWSWIRE) — Ultrapetrol (Bahamas) Limited (Nasdaq:ULTR), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), today announced financial results for the third quarter ended September 30, 2013.
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Prime Minister Perry Christie will travel to Colombo, Sri Lanka, where he will attend the Commonwealth Heads of Government Meetings (CHOGM) November 15-17.

Prior to that, Christie will be in London where he will meet with the principals of Hutchison Whampoa to discuss future investment prospects in Grand Bahama.

Before returning to The Bahamas the Prime Minister will have an audience with the Pope in Vatican City.

Minister of Tourism Obie Wilchcombe will now represent the Prime Minister as the keynote speaker at the Plenary luncheon of the 37th Annual Conference on the Caribbean and Central America (CAAA) November 21 at the Organization of American States (OAS).

The conference is being co-hosted by the US Chamber of Commerce and the OAS.

The Ministry of Financial Services hopes to publish its legislative response to the US Foreign Accounts Tax Compliance Act (FATCA) in January next year, with industry guidelines following soon after in March, according to Cassandra Nottage, bank supervision manager at The Central Bank of The Bahamas.

Nottage was speaking at The Bahamas Institute of Chartered Accountants (BICA)’s Accountants Week yesterday.

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Minister of Finance Michael Halkitis says that his department has managed to save $163 million through budget cuts this year.
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RBC Royal Bank has announced the re-opening of two key branches in western New Providence.

The RBC Airport and RBC Lyford Cay branches have both been rebuilt in new locations.

RBC has a total of 26 branches in The Bahamas, 15 of which are in New Providence.

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Filming is about to begin on a major Hollywood movie in The Bahamas, according to Film Commissioner Craig Woods.
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This year’s Global Financial Summit is scheduled for February 5-8, 2014 at the Atlantis Paradise Island resort in The Bahamas.

Speakers at the event include James Grant, the editor of the Grant Interest Rate Observer; Steve Moore, member of the Wall Street Journal editorial board; and Peter Schiff (pictured), president of Euro Pacific Capital.

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The property market has “woken up again,” according to Richard Keyworth, director of international sales and marketing for PSG Bahamas Ltd, the UK-based sales partner for Stella Maris Village on Long Island in The Bahamas.

Speaking at the Bahamas Financial Services Board (BFSB) Landfall event in Miami last week, Keyworth appealed to wealth managers to not only buy into the financial benefits of The Bahamas, but also the lifestyle it has to offer, particularly on less densely populated islands, such as the idyllic Long Island.

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