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(VIDEO) Communication on National Investment Policy Investment Promotional Materials - Prime Minister Hubert Ingraham
Nassau, Bahamas - Enclosed is a Communication to Parliament by Prime Minister the Rt. Hon. Hubert Ingraham. Also attached is the Bahamas Investment Authority's brochure -
The Bahamas: A Paradise for Many Reasons.
I am pleased to
table for the information of Honourable Members a copy of the new Bahamas
Promotional Brochure "The Bahamas: A Paradise for Many Reasons" together with
sector information flyers on the tourism and hotel sector, international
financial services and Freeport, Grand Bahama
By ALISON LOWE
The Bahamian maritime industry's ability to support the creation of 1,500 new jobs and an entirely new revenue stream for financial services providers was proposed yesterday by a shipping industry executive.
Chandler Sands, managing director of Campbell Shipping, called on the financial services sector to consider the opportunity that lies in offering consulting services to shipping companie, who are "struggling" to handle challenges their own industry has mastered, such as "risk assessment and reputational management".
He was addressing around 200 delegates at the Nassau Conference, at which financial services sta ...
They came, they listened, they applauded, and applauded again and again, so loudly you couldn’t hear past the thunder of 200 hands. The clapping exploded from an audience of accomplished women, members of the Corona Society, who had gathered for their annual meeting October 20 in a decorated banquet hall of the British Colonial Hilton, expecting light lunch and hearty camaraderie. What they got was a whole lot more. They got a powerful woman delivering a powerful message, telling them to ignore the negative noise around them that could take them down with it, decide who they wanted to be, what they wanted to stand for and begin to shape the future that was in their hands. What was past was past, said Suzanne Black. “The best is yet to come.”
Nearly 13,000 people have applied for the National Job Readiness and Training Program, far exceeding the 3,000 spots set aside for the initiative, Labour and Social Development Minister Dion Foulkes revealed yesterday.
According to Foulkes, 12,800 Bahamians signed up.
Three more of The Bahamas’ tax information exchange agreements (TIEAs) entered into force this year, bringing the total to 13 of the 24 TIEAs signed.
The tests that determine whether a territory falls on either the Organization for Economic Cooperation and Development’s (OECD) white list, gray list or black list is no longer about surpassing a specific number of TIEAs signed, however. Guardian Business recently asked the Bahamas Financial Services Board (BFSB) to explain what the Group of 20 nations (G20) standard currently is.
“Ultimately, the standard requires that jurisdictions exchange information with all relevant partners, meaning those partners who are interested ...
Rising levels of poverty and inefficiencies within the welfare system could be addressed through a $15 million loan from the Inter-American Development Bank (IDB), bringing in more accountability and greater access to funds for thousands of Bahamians.
The proposed program, Guardian Business has learned, would actually register and track families afflicted with poverty in an effort to break the cycle.
Fresh off a fact-finding mission in Jamaica, Loretta Butler-Turner, state minister for social services, said she has seen IDB's approach in motion.
"With the exasperation of persons coming to the ministry for assistance, it is clear we are not capturing in a timely fashion those individuals who would be most
vulnerable," she told Guardian Business. "Because of the large number of people in need, sometimes the most vulnerable would be obliterated by other persons."
The $15 million loan from the IDB, she added, would reformat a new program that places conditions on those receiving financial assistance. It will pay for the implementation of the program, train social workers and cover the immediate benefit payouts.
According to an IDB report published in November entitled "Strengthening Social Protection Programs in The Bahamas", resources exist for social services, but much of it is not reaching the people.
"Multiple small programs are administratively burdensome and increase possibilities for abuse," the report stated. "At the same time, gaps in coverage are present with only 16.7 percent of poor households in receipt of a safety net benefit."
The report went on to describe information and monitoring systems as "weak" and recommended the need for more computerization and record keeping. It pointed out that despite this "multi-tiered approval process, just 45 percent of food coupon benefits go to households in the poorest quintile and this is despite the fact that the program is ostensibly targeted to the indigent".
Butler-Turner acknowledged to Guardian Business that there are times when the aid becomes "discretionary". With the IDB's assistance, the government hopes to not just provide adequate benefits, but create employment and opportunities as well.
Together with the Ministry of Education and the Bahamas Department of Statistics, the joint venture intends to change the make-up of the workforce.
To illustrate her point, Butler-Turner said if a Bahamian mother was given a specific sum from the government, under the new system she would have to make sure her children met certain medical and educational requirements. The idea is to "zero in" on societal conditions and break "inter-generational dependency".
Births, benefits and expectations would be incorporated into a database system with improved record keeping, she explained.
In the end, the IDB loan is intended to improve standards of living and bolster the economy by lifting more families out of poverty and turning them into productive members of society.
"We do not want people to become welfare dependent for generations moving forward," she said.
The Bahamas Institute of Financial Services (BIFS) held its third annual G-12 graduation on April 1st in the foyer of The Central Bank of The Bahamas. Eighteen students representing both public and private senior high schools received their certificates of completion.
The G-12 Program was launched by the Institute in 2008 and its primary objective is to equip a pool of young high school graduates with the knowledge and skills needed to secure entry level employment in the financial services industry.
Participating students follow a four-module syllabus which includes Business Calculations and Computer Skills, Economic Concepts and Applications, Financial Institutions and Ethical and Management Basics ...
The legislative agenda for the Bahamas Financial Services Board (BFSB) during the course of the year covered several pieces of industry legislation.
The Trustee Act Review Committee continued its efforts, having agreed the amendments it would wish to see introduced - and having also agreed that securing the services of David Brownbill, Q.C. to preserve a well-crafted Trustee Act was fundamental to our value proposition. BFSB is grateful for the contributions received from the Central Bank of The Bahamas and the Association of International Banks & Trust Companies towards costs of this project.
There are several substantive amendments and a few minor amendments. The legislative drafting pr ...
Mr. Speaker, this is the 33rd Budget Exercise in which I will have participated in this Parliament as an MP; the 14th as the Prime Minister and the 6th as Minister of Finance. Such extensive experience in this country’s fiscal affairs has enabled me to observe the many ebbs and flows of economic life in The Bahamas and the attempts by successive Ministers of Finance to grapple with them. I have learned many profound lessons and made a number of keen observations, none more so than these: