Speaking at a press conference observing the 40th Anniversary of The Bahamas Development Bank (BDB), Deputy Prime Minister and Minister of Finance Peter Turnquest said Bahamians should look to the bank for financing and support.

“I want to invite the Bahamian public, particularly young enterprising Bahamians, to take another look at Bahamas Development Bank (BDB),” he said.

Turnquest, and chairman of the BDB Lynden Nairn, on April 26, announced the bank’s commitment at this juncture to develop micro, small and medium-sized enterprises (MSMEs) in The Bahamas.

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Deputy Prime Minister and Minister of Finance Peter Turnquest has said that recent gross domestic product (GDP) figures released by the Department of Statistics show that there is “concrete signs of economic recovery” in The Bahamas.

In a statement, the DPM said: “I am pleased to see concrete signs of economic recovery based on the 2017 economic data published by the Department of Statistics last week. The growth in real GDP of 1.4 per cent in 2017 is in line with previous forecasts made by the Government.”

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Blockchain technology can help Small and Medium-sized Enterprises (SMEs) in the Caribbean region get access to capital and overcome other obstacles to growth, according to a new report commissioned by Compete Caribbean and the Inter-American Development Bank (IDB).

The report says that although SMEs are a major contributor to the region’s economy, generating over 50 per cent of its GDP annually, many are unable to access credit through traditional banking institutions – either because they cannot provide the necessary collateral, complete the documentation required or are considered too high risk.

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Addressing the 2nd annual Business-to-Business Expo last week, Minister of State for Grand Bahama Kwasi Thompson said the “Grand Lucayan deal is very much alive and underway”.

“We have made tremendous progress with respect to that deal,” he added.

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At its Annual General Meeting (AGM), FOCOL Holdings Limited described its 2016/2017 fiscal year as one of “resilience” with the company’s net comprehensive income sitting at $30.3 million as at year end at July 31, 2017, compared to $31.3 million the previous year.

In October 2016, Matthew – a Category 5 Hurricane – caused considerable disruption to the company’s fuel distribution operations in both The Bahamas and the Turks and Caicos Islands. However, the diligent work of management and staff restored distribution infrastructures in a matter of days.

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Pictured: Deputy Prime Minister and Minister of Finance Peter Turnquest brings opening remarks at the Securities Commission of The Bahamas’ Financial and Corporate Service Providers Act, 2000 Industry Briefing, British Colonial Hilton, April 26, 2018. (BIS Photo/Letisha Henderson)

Speaking at a recent Securities Commission of The Bahamas (SCB) industry briefing, Minister of Finance Peter Turnquest said that The Bahamas has no choice bu to adapt to the regulatory environment.

Minister Turnquest said that when it comes to regulatory best practice, the only constant has been change.

Against this tide of change, resistance has been futile, particularly for international financial centres operating in small, independent nations, DPM Turnquest said at the SCB’s Financial and Corporate Service Providers Act, 2000 Industry Briefing, British Colonial Hilton, April 26, 2018.

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The Bahamas Ministry of Tourism and Aviation hosted a small press trip of U.S. and Canadian editors from top meeting and incentive travel publications to drive increased arrivals from business travelers, from those seeking small teambuilding retreats to large conferences. The Ministry curated an itinerary to visit new meeting spaces in Nassau and Eleuthera, April 9-12. Publications in attendance included: Ignite Magazine, Successful Meetings, Meetings & Incentive and Connect magazine.

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The Bahamian economy is set to grow by about 2.5 per cent during the course of the year, according to government figures, signalling its best growth in ten years.

“This may be he best growth since the recession of 2008,” Prime Minister Dr Hubert Minnis said while addressing the opening session of the CEO Network Conference April 25, at Melia Nassau Beach resort.

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