Prime Minister Perry Christie said the performance of Recurrent Revenues in 2012/13 was not as robust as had been expected at the time of the last Budget, because of weaker than projected growth of nominal gross domestic product (GDP).

“That weakness has persisted and we now expect Recurrent Revenues this year to come in at $1,380 million, down by 11 per cent or $170 million from the $1,550 million Budget projection,” the Prime Minister said as he presented the 2013/14 Budget Communication in the House of Assembly May 29, 2013.

He said on the basis of that weakness, the government implemented a number of near-term internal adjustments to ensure it meets the Budget GFS Deficit target of 6.5 per cent of GDP in 2012/13.

“Through those measures, we would have succeeded in containing Recurrent Expenditure in 2012/13 to an estimated level of $1,659 million, down by $162 million from last year’s Budget projection.”

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The Bahamas Branch of The Chartered Institute of Arbitrators (CIArb) recently announced the appointment of jurist and legal scholar Dame Joan Augusta Sawyer as its official patron.

The former chief justice and president of The Bahamas Court of Appeal was unanimously approved by all eleven trustees of CIArb to become The Bahamas’ first branch patron.

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NASSAU, Bahamas, May 28, 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), announced today the sale on May 15, 2013 of a further seven tank barges to a third party in Colombia who have exercised their option for these additional barges. The barges are scheduled for delivery at the end of 2013.

On May 15, 2013, we received a Committed Term Sheet from DVB Bank SE for an up to $40.0 million, three-year reducing revolver facility. The commitment under this revolver decreases quarterly by $1.25 million, or $5.0 million per year. The facility shall bear interest at LIBOR plus 3%. We expect to enter into this facility by the end of May 2013.

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NASSAU, Bahamas, May 28, 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), announced today its intention to offer to sell, subject to market and other conditions, $200.0 million aggregate principal amount of its senior secured notes due 2021 (the “Notes”). Ultrapetrol plans to use the net proceeds of the offering to fully refinance its existing $180 million aggregate principal amount of its senior notes due 2014, as well as for general corporate purposes.

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Residents throughout the archipelago should brace themselves for excessively prolonged rainfall throughout the day (Tuesday) and lasting through Friday night, according to the National Emergency Management Agency (NEMA).

A broad area of moist unstable air extending southwest to northeast from the Caribbean Sea will generate heavy rainfall and thunderstorms across the entire archipelago. Conditions will be favourable for flash flood warning in low-lying areas.

Winds are expected to reach 30 miles per hour or more in embedded thunderstorms. Tornadoes are likely to be spawned from the thunderstorms.

A severe thunderstorm watch or warning with the possibility of tornadoes will be issued when the weather radar indicates it or sighted by spotters.

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TORONTO, May 28, 2013 /PRNewswire/ – Scotiabank reported second quarter net income of $1,601 million compared with net income of $1,460 million in the same period last year. Year over year, net income grew 10%. Diluted earnings per share were $1.23, compared to $1.15 in the same period a year ago. Return on equity remained strong at 16.2%.

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MIAMI, May 28, 2013 /PRNewswire/ — Royal Caribbean International announced yesterday that the May 31, 2013 sailing of Grandeur of the Seas from Baltimore, Maryland, will be cancelled to allow for repairs to damages sustained as a result of a fire. Guests booked on the May 31 sailing will be provided a full refund of the cruise fare paid for their sailing. Royal Caribbean also will provide these guests with the opportunity to sail in the future by providing a future cruise certificate for 50 percent of the cruise fare paid for the May 31, 2013, Grandeur of the Seas sailing.

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Rhoda Jackson presented her credentials to Kassym-Jomart Tokayev, director general of the United Nations Office in Geneva, accrediting her as Ambassador Extraordinary and Plenipotentiary and Permanent Representative of the Commonwealth of The Bahamas to the United Nations Office and other International Organizations in Geneva, May 24, 2013.

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Ambassador Elliston Rahming has been chosen to lead the Bahamian delegation to the Organization of American States’ (OAS) 43rd annual General Assembly in Antigua, Guatemala, June 3-7, 2013.

The General Assembly brings together some 500 diplomats and delegates from the 35 countries that constitute the OAS, as well as non-member observer delegates.

At this year’s high-powered hemispheric parley, some 100 items are on the agenda among them small business development, the elimination of all forms of racism and discrimination, hemispheric safety and security and protection of senior citizens.

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