The Bahamas Investor

...sy. Hunt also cautioned entrepreneurs that potential investors are looking for a straightforward valuation, saying: “Most entrepreneurs do not want to talk about that. They do not want to lose me and they want to maximize the valuation.” He advised Bahamian businesses to look at what niches they could target to attract international investors. “You want to look at things you think could get you into other markets,” Hunt said. “Is there intellectua......

...ssociated controls. For smaller organizations with less resources, Lewis recommends outsourcing for IT fraud prevention initiatives. “It takes a lot of skillsets, a lot of training and continually upgrading to keep up on the issues that we are facing,” he said. “It’s important for organizations to evaluate their security posture for risk and plan their response before an event happens.” Through the one-day seminar, the IIA aimed to sensitize its m......

...y to brush up on their skills, which Minister Pinder cited as important for the “advancement of the industry.” The initative is part of the new department’s six-month plan, which will feed into a five-year strategic business plan. The Minister called on the financial services community to give feedback on the plans and get involved, highlighting his own background in the private sector. “It is going to take some time, some effort and some cooperat......

...ve as far as preventative [measures].” Fraud, Christie said, is most often committed by the accounting department or an executive in upper management. Additionally, he noted that many fraudsters were first time offenders. Small businesses, he said, were “especially vulnerable” to occupational fraud. There has, however, been an increase in the number of whistleblowers reporting suspected cases of frauds. In 2010, 40 per cent of fraud cases came to......

...and equip them with better skills. The chairman of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), Winston Rolle, has spoken out about the need to promote entrepreneurship in the educational system. “Education on entrepreneurship comes from the school level,” he said. “Life long learning is something we need to instill in people. They need to know how to develop a business plan, understand the market, deal with customers and......

...ready estimated to be $2-3 million in taxes alone. A summary of conditions by the National Hurricane Centre put wind speeds at 115 mph (185km/h) as the eye of the storm passed the capital Nassau and proceeded on towards Abaco and Grand Bahama islands. A hurricane watch is in effect for north of Surf City, North Carolina, to the north Carolina-Virginia border including the Pamlico, Albemarle and Currituck Sounds, as the hurricane heads towards the......

...omy] of Grand Bahama are critical to the tax base.” On the matter of tax reform, several members called for the introduction of a Value Added Tax (VAT) as a practical solution for raising revenue. Cooper, however, said that greater efforts to bolster the economy were preferable to raising taxes. “We need to create a bigger pie by expanding the economy. We haven’t created any new industries in The Bahamas since the 1960s,” he said. “We need a compr......

...e a friend in the government. Everything we do, I will ensure the business community is kept at the forefront.” Provided they have the correct supporting documents, businesses applying under the acts should have their applications addressed within two to four weeks, according to director of investments in the Bahamas Investment Authority Joy Jibrilu. BCCEC chairman Chester Cooper (left) commented: “These are extraordinary times and not only are ex......

...e the environment for doing business is greatly improved.” Rolle, who is a former chairman of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and chief marketing officer for Bahamas Ferries , says his experience in business gives him an advantage in terms of knowing exactly what is needed for the sector. “That [experience] gives me a very unique perspective in that I see every aspect of the challenges associated with business d......

...is to be determined.” Next year, the $30 million RBC debt will be replaced by a combination of preference shares and bonds, which will be offered to institutional investors. The placement agents are Providence Advisors Ltd and CFAL. The 50,000 sq ft container port is comprised of half warehouse space, half administrative offices. It will comply with the standards set by the International Ship and Port Facility Security (ISPS) Code. The 15-acre Gla......

...number of second-home owners here and that is good for our economy. Folks come down for a large part of the year and spend money locally.” However, Cartwright, who also owns the Flying Fish Marina in Clarence Town, says that to attract further investment, there needs to be an environment conducive to doing business, with improved infrastructure and lowered costs. “Electricity is very expensive; the road system needs resurfacing,” he says. “We are......

...underway, the complete overhaul of the international facility is due to be completed by fall 2013. Other features in the July-December issue include an in-depth look at emerging markets in Latin America. The LATAM market represents a golden opportunity for financial services providers to tap into a rapidly growing demographic of high-net-worth individuals looking for wealth management in an offshore environment. With a population of 190 million, t......

...e Funds LatAm 2011 remains the industry’s definitive hedge fund conference for the LatAm investment community, bringing together US and Latin American investors, and featuring end-investor case studies, lively debates and networking opportunities. This year’s event will be held October 4-6 in New York City. The Brazil Investment Summit USA is also to be held in Manhattan on October 25-26. The investment strategy conference is for funds, traders an......

...ers in business, government, education, sports, media and religion. He will be speaking next year at the 2012 Swiss Economic Forum. tblair@dupuch.com......

...serves more destinations in The Bahamas than any other US carrier, will deploy all six Saabs on its Florida/Bahamas routes, replacing the smaller, 19-seat Beechcraft 1900D aircraft. “This investment will enhance our customers’ flight experiences by providing them with the premium service and comfort they value and deserve” says Darrell Richardson, chief executive officer of Gulfstream International Airlines. Saab 340Bplus aircraft features includ......