Dave Smith has been appointed managing director of The Bahamas Development Bank (BDB) now in its 40th year.

Announcing the appointment, the Ministry of Finance said that the bank plays an important role in the government’s concentrated push to build a culture of entrepreneurship and to support small business.

Smith has already commenced work to strengthen the bank’s relationship with local, regional and international partners, and to promote the message of empowering Bahamians for business ownership.

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Prime Minister Dr. Hubert Minnis has revealed that his government has made a deposit of $10 million for the purchase of the Grand Lucayan resort.

The Prime Minister made the announcement during a press briefing following a tour of the property August 22, 2018. He was accompanied by members of his Cabinet and other government officials.

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Entrepreneurs, managers and small business owners participated in a two-day workshop sponsored by The Bahamas Agricultural and Industrial Corporation (BAIC).

The workshop is a business strategy training programme with the objective of capacity building of small and medium enterprises.

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The Association of International Banks and Trust Companies in The Bahamas (AIBT) capped off a busy year in the international financial services sector with its Annual General Meeting held July 24, 2018.

Peter Turnquest, Deputy Prime Minister and Minister of Finance, delivered remarks to the directors, officers, members and guests gathered for the AGM.

Bruno Roberts of The Private Trust Corporation Ltd and Ivan Hooper of Winterbotham Trust Company Ltd, will continue as co-chairs of the AIBT for another two-year term, along with directors Jan Mezulanik of Pictet Bank & Trust Ltd, as deputy chairman and Jean-Marc Fellay of Gonet Bank & Trust (Bahamas) Ltd, as treasurer.

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As offshore jurisdictions grapple with increasing compliance regulations, the newly installed executive team of the Bahamas Association of Compliance Officers (BACO) is seeking to foster regional unity designed to make The Bahamas and the Caribbean more market ready in the search for new business opportunities.

“Regional cohesion and assisting the financial services sector in ensuring that the business and products produced are resilient and meet international standards and mores must be the first order of business,” says attorney Cheryl Bazard, who assumed a two-year presidency last month.

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The State of the Tourism Industry Conference 2018 is to be held 2-5 October at Atlantis, Paradise Island.

A California-based television presenter turned wellness enthusiast with strong ties to the Caribbean will host this year’s State of the Tourism Industry Conference (SOTIC) in The Bahamas.

The Caribbean Tourism Organization (CTO) has confirmed Santana Rodriguez, the former US television personality and news reporter, as chair of the 2-5 October conference, being organized in collaboration with the Bahamas Ministry of Tourism.

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Ratings agency Moody’s Investors Service in its latest rating assessment of The Bahamas, maintained its Baa3 negative rating, which is unchanged from its previous report.

Read the Ministry of Finance’s response to the report here:

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The Central Bank of The Bahamas invites submission of expressions of interest from qualified firms to supply blockchain or other robust technology solutions for a central bank issued digital currency system.

Parties interested in responding to the EOI request must submit a white paper outlining relevant experience and resources that might suit the Bahamas’ digital currency initiative, no later than 15 September 2018.

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Indications are that the domestic economy sustained its positive growth trajectory throughout June, according to The Central Bank of The Bahamas latest report.

Activity in the tourism sector continued to improve, supported by increased high-end room capacity, new airline routes and strengthened economic conditions in key source markets.

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As temperatures soar in The Bahamas, TheBahamasInvestor.com is taking a short summer maintenance break. News & Press updates will resume as normal from August 14.

We would like to wish all our readers a happy summer holiday and thank you for your continued interest in The Bahamas Investor and our efforts to promote the jurisdiction as a premier location in which to live, work and invest.