Preliminary indicators suggest that domestic economic conditions remained relatively subdued over the review month, amid sustained foreign investment-led construction activity, although some signs of softness were evident in the key tourism sector. Consumer price developments featured an incremental rise in domestic energy costs, as international oil prices remained elevated. On the fiscal side, the overall deficit widened over the seven months of FY2012/13, reflecting a combination of tax-revenue related declines and higher spending. For the monetary outcome, both banking sector liquidity and external reserves contracted, in response to heightened foreign currency demand to facilitate import payments.

…continue >

The National Emergency Management Agency (NEMA) teamed up with the US Coast Guard and the cruise line industry to conduct emergency management exercises in Freeport, Grand Bahama, April 2, 2013.

Dubbed Black Swan, these joint offshore emergency exercises test and evaluate safety procedures at sea.

The three-day exercise, designed to better understand each agencies’ capabilities and concerns during a maritime mass rescue event, involved testing emergency procedures, search and rescue coordination, abandon ship process and accountability of passengers and crew, and landing site management and medical surge procedures.

One of NEMA’s objectives was to conduct an exercise in Grand Bahama to ensure that the local assets were further strengthened in managing an event. The local Emergency Operations Centre was fully activated to determine the ability of the personnel to assess events and make sure corrective measures are carried out.

…continue >

The Caribbean Growth Forum and the Offshore Alert’s Annual Conference on international finance to be held in Miami in May top the business news in a ZNS report this week.
…continue >

…continue >

Scotiabank recently presented its signature revamped Scotia Professional Plan (SPP)–a suite of flexible banking products created especially for business and healthcare professionals.

The SPP is a customizable selection of products that are bundled and tailored based on customer’s unique banking and lending needs. The product includes day-to-day banking, borrowing products and financing solutions packaged with reduced fees.

In an effort to educate the market on the plan, Scotiabank’s small business sales leader, Debra Wood, recently presented SPP to local professional groups including the Bahamas Bar Association and the Organization of Young Professionals .

“Scotia Professional Plan offers a customized financial package that includes everything needed to manage a successful business, with reduced monthly fees,” she said.

…continue >

Minister of Financial Services Ryan Pinder and Director of Financial Services Nicola Virgil-Rolle announced at a press conference today that The Bahamas will host a Regional FATCA Workshop April 9-10, 2013.

The Ministry of Financial Services will host the workshop in partnership with the Bahamas Association of Compliance Officers (BACO) on the US Foreign Accounts Tax Compliance Act (FATCA) at the British Colonial Hilton Hotel in Nassau, The Bahamas.

The workshop will be facilitated by United States Treasury Department officials from the International Tax Counsel and the International Revenue Service (IRS).

…continue >

Palm Cay’s new executive and operations team unveiled plans for the upscale $200-million, 69-acre residential community at the eastern end of New Providence March 28.

The four-year plan includes the largest inland marina in The Bahamas and other amenities.

…continue >

Prime Minister Perry Christie officially opened the 42nd CARIFTA Games during a ceremony at the Thomas A Robinson National Stadium March 29, 2013.

This is the seventh time that The Bahamas has hosted the regional games, which ran March 29–April 1.

…continue >

NEW YORK, April 2, 2013 /PRNewswire/ — Morgans Hotel Group Co. (NASDAQ: MHGC) (“Morgans” or the “Company”), the New York-based hospitality management company, today announced that it has signed agreements with The Yucaipa Companies (“Yucaipa”) to cancel Yucaipa’s interests in the Company’s convertible notes, preferred stock and stock warrants in exchange for the Company’s ownership interests in Delano South Beach and The Light Group. This marks the culmination of a 15-month exploration process by a Special Committee of the Board to review strategic alternatives.

…continue >

Ministry of Tourism has pledged it support for The College of The Bahamas film festival. Watch an interview with Craig Woods of the Bahamas Film Commission here.
…continue >