Search results for : bahamas bank

Showing 571 to 600 of 1000 results

News Article
BOB launches national drive to support Olympic relay team

With the start of the 2012 Summer Olympics less than two weeks away, Bank of The Bahamas (BOB) announced the launch of a national drive to raise funds for the men's 4x400-meter (m) relay team, kicking off the campaign with a $10,000 donation and urging the public to keep the contributions flowing.
"There's a good chance that every one of us remembers exactly where we were and how we felt when we watched or heard of the 'Golden Girls' becoming number one, winning gold in the 2000 Summer Olympics in Sydney," said BOB Deputy Managing Director Hubert Edwards. "We all felt so much national pride that you would have thought we had run the race ourselves. Now we have an outstanding team in the men's 4x400m relay event and we want to send them off to London for the 2012 Summer Olympics with the knowledge that The Bahamas is rooting for them and cheering them on with national spirit, energy and enthusiasm."
Starting with the bank's donation of $10,000, BOB branches throughout the country will build the men's relay team account number 284899 by accepting cash or check donations at all bank branches or by phoning the BOB Credit Card Centre at 396-6010.
"Our athletes have worked so hard just to get to this point. When you consider the sacrifices they make in their personal and social lives, the hours of strenuous training, the dedication it takes and the commitment they make, their accomplishments reaching the Olympic team status warrants all the support we as a nation can give them, so when they get to London and they are out there on that track they know they are not running alone. They have a whole team of Bahamians running with them in spirit," said Edwards.
Bahamas Association of Athletic Associations (BAAA) 1st Vice President Shervin Stuart, thanked BOB and said recipients would be named as soon as the final relay pool members were determined by the relay coordinator and coaching staff.
"When we first approached BOB, we were only seeking a cash donation," said Stuart. "They sent a sponsorship review team out to the track to meet with the BAAA, and when they came back and proposed a national drive plus their $10,000 donation, we were overwhelmed by their generosity and enthusiasm. It gave us all, including the athletes, such a positive feeling, and it's a fitting match, the national, award-winning bank with what we hope will be a national medal-winning team."
Donations may be made through close of business on Friday, July 27. Team members in London will find additional funds added to the VISA cards they are sent with.

read more »

News Article
Scotiabank partners with Bahamas Football Association to host FIFA Beach Soccer World Cup Qualifier

NASSAU, Bahamas -- Scotiabank has joined forces with the Bahamas Football Association as the country plays host to the FIFA Beach Soccer World Cup Qualifier, marking the first time that a World Cup Qualifier will take place in the Caribbean. The Games begin at the Beach Soccer facility on East Bay Street on Wednesday, May 8, 2013 at noon and continue through Sunday, May 12, 2013.
Recognizing the significance of this international sporting event, Scotiabank, Senior Manager of Marketing & PR, Leah R. Davis, presented a sponsorship cheque to the Bahamas Football Association as the country bids to move on to the World Cup in Tahiti in September 2013. "This is an amazing opportunity for The Bahamas, both for the promotion of the sport of beach soccer and for the sport tourism opportunities it presents," explained Ms. Davis.
"Scotiabank is an active participant in the community that we serve and are excited to be a part of such a positive national event. We wish Team Bahamas, and the other ten countries that will be participating this week, safe competition and the very best of luck!"
Pictured are Leah R. Davis, Senior Manager of Marketing & PR, Scotiabank; Frederick Lunn, General Secretary, Bahamas Football Association; Anton Sealey, President, Bahamas Football Association.

read more »

News Article
Scotiabank sends Team Bahamas to the Special Olympics World Games

NASSAU, Bahamas -- Scotiabank Bahamas donated ten thousand dollars to Special Olympics Bahamas to send Team Bahamas to The Special Olympics World Summer Games 2011 in Athens, Greece.

read more »

News Article
CIBC FirstCaribbean Bahamas Visa client going to Olympics

CIBC FirstCaribbean International Bank has made the dream of attending the London 2012 Olympic Games a reality for one lucky client.
Gloria Lightbourn won a pair of return tickets to the United Kingdom in the bank's recently concluded Go with Visa London 2012 Promotion.
Winning came as a surprise to Lightbourn.
"I am very grateful to CIBC FirstCaribbean for this prestigious and coveted award and many thanks to Visa for their support of the Olympics these many years. God bless CIBC FirstCaribbean and Visa," she said.
Rolf Phillips, managing director of retail banking at the bank, said the promotion was a complete success.
"The Go with Visa London 2012 Promotion was a collaborative effort between CIBC FirstCaribbean and Visa, an official sponsor of the Olympic Games, and we are satisfied that we have contributed significantly to the growing anticipation of the Summer Olympic Games among the people of the Caribbean," he said.
The grand prize trip is the complete travel package with two return airline tickets, airport meet-and-greet, as well as four-star hotel accommodation. Winners will also receive tickets to select Olympics events, daily breakfast, prepaid mobile airtime, sight-seeing tours and transportation to and from scheduled events.
The promotion also produced two other grand prize winners, Wayne McD Burgess of Barbados, and Norine Riddock-Porter of Jamaica. There were also numerous monthly winners of 32-inch flat screen LCD TVs and tablet computers throughout the campaign.
Winners in The Bahamas over the past few months included: Srikanta Sarangi and Gene Bruey (Grand Bahama), March; Meshella Carey and Vernita Campbell, April; and Ian Anderson and Noel Thompson of Eleuthera.

read more »

News Article
Central Bank on Risk-based Supervision Framework

The Central Bank of The Bahamas has provided an update on the status of its Risk-based Supervision Framework (RBSF) in its quarterly letter to senior officials, released last Friday.

read more »

News Article
Concerted fiscal action called for by Central Bank


Tribune Business Editor

The Central Bank of the Bahamas has effectively said that only a concerted medium to long-term effort by the Government, on both the revenue and spending fronts, will "significantly improve" the fiscal deficit and national debt situations, despite a 25.2 per cent reduction in the former to end-March 2011.

Although the fiscal deficit for the first nine months of the 2010-2011 fiscal year was down by $63.9 million at $189.9 million, the Central Bank's latest monthly economic and financial development report for March showed the improvement was driven "by [the] nearly two-fold rise" in non-import Stamp duties to $202.4 million ...

read more »

News Article
Scotiabank a Presidential Partner With Red Ribbon 2011

Nassau, Bahamas - Scotiabank Bahamas again joins hands with The Bahamas AIDS Foundation in hosting the 2011 Red Ribbon Ball.

read more »

News Article
Scotiabank Supports Autism Awareness

Scotiabank (Bahamas) Ltd. joined other organizations around the world and participated in the Autism "Light it up Blue" campaign. "Light it up Blue", in its fourth year, is a unique global initiative that seeks to shine the light on Autism by engaging community partners to show their...

read more »

News Article
Scotiabank executive weighs in on Bahamas' economy
Scotiabank executive weighs in on Bahamas' economy

Scotiabank (Bahamas) Limited Managing Director Kevin Teslyk said The Bahamas needs its medium to long-term revenues to "exceed and outpace" expenses in order to ensure sustainability.
The banking executive's comments to Guardian Business come after Moody's Investors Service pointed out in one of its economic outlooks that three bond restructurings totaling $9.7 billion in the Caribbean this year are failing to ignite economic growth and may not help the region avoid more defaults.
"I think the overarching view is that whether you are an individual consumer, small business, corporate commercial enterprise or a sovereign government one needs to live within your means. You need to ensure sustainability in the medium to long-term and revenues exceed and outpace expenses," he said.
According to the Moody's report, the average debt for a Caribbean nation compared to the size of its economy stands at 70 percent.
Teslyk noted The Bahamas' debt to gross domestic product (GDP) ratios are quite a bit less at approximately 50 percent and is mostly local currency debt as opposed to foreign currency debt, unlike other countries in the region.
"It is nowhere near the same level. Most of the government's debt, between 77 and 80 percent, is in fact local currency debt so that we don't have the same implications as you have in making payments to foreign investors and the potential for foreign defaults. The Bahamas and some other countries in our region like Barbados for example have relatively small foreign currency debt loads," he explained.
"There are other countries in the region that have debt to GDPs that are already in excess of 100 percent. Jamaica was listed as being one of those as well as Grenada and Antigua and Barbuda."
He also pointed out to Guardian Business that the country incurred hefty expenses within the last five years due to major infrastructure works taking place mostly in New Providence.
"You are always going to have those times of growth and redevelopment or investment in infrastructure, which has very much been the case in The Bahamas with the airport development, the New Providence Road Improvement Project (NPRIP), the Baha Mar project amongst others which are large, one-time investments that will always mean that the expenses in the short-term are going to outpace the revenues. Those have to be the exceptions and not the norms," Teslyk revealed.
He further added that The Bahamas' market is very liquid, as there has been more of an emphasis on saving than spending.
"The local industry here in The Bahamas as everyone knows is very liquid. There's lots of surplus liquidity with businesses among the banks. We're in savings mode as opposed to spending mode so those liquidity levels are likely going to increase so in terms of funds to finance government's ongoing business, they've got the ability to rather easily finance debt loads through the local marketplace, which doesn't fit the same degree of challenges or strain on a country as foreign debt loads do," Teslyk confirmed.

read more »

News Article
BFSB Reveals 2012 Award Nominees
BFSB Reveals 2012 Award Nominees

The Bahamas Financial Services Board (BFSB) is celebrating the 12th anniversary of its Industry Excellence Awards Programme at a Gala Awards Banquet on Friday, November 9.

read more »

News Article
Scotiabank partners with Heart Foundation to assist children born with heart disease

Scotiabank is pleased to join the Sir Victor Sassoon (Bahamas) Heart Foundation as benefactor and platinum sponsor of the annual Heart Ball.  This gala event is the foundation's major fund-raiser, with over 97% of funds raised going directly to the aid of children born with congenital abnormalities of the heart.
Over the past 50 years the Sir Victor Sassoon (Bahamas) Heart Foundation has assisted thousands of young Bahamians diagnosed with heart disease, and in many cases provided the funding needed for life-saving surgery.  In addition, the foundation works to raise awareness about heart disease and has purchased diagnostic machines and other items to promote heart care in The Bahamas.
Scotiabank is proud to assist such a worthy cause and commends the Sir Victor Sassoon (Bahamas) Foundation for the great work it does to ensure that Bahamian children with heart disease live healthy and rewarding lives.
This much anticipated event will be held on Saturday, February 18 at the Sheraton Nassau Resort on Cable Beach. The evening promises to be filled with fun, elegance, prizes and surprises.

read more »

News Article
Scotiabank Caribbean Lauds CW Lime

Nassau, Bahamas - Scotiabank executives in the
Caribbean today applauded the government of The Bahamas for selecting
LIME, the Cable & Wireless Caribbean division of the telecom
pioneer, as BTC's privatization partner, claiming the company had
assisted with a major transformation of the bank's infrastructure and
its "commitment to delivering on their promises was extraordinary."

Scotia's words came even as industrial unrest -- a union-organised
response to recent news that the government would sell 51% of BTC to
Cable & Wireless Caribbean for $210 million ...   

read more »

News Article
The Central Bank Senior (Open) Category Competition Call for Works

The Central Bank of The Bahamas is proud to announce The Senior (Open)
Category Competition and Exhibition component of its

27th Annual Art
Competition and Exhibition to be held from Monday, 4 October to Friday,
29 October, 2010. The objectives of the competition are to identify,
recognize, and encourage Bahamian visual artists.

The theme for the 2010 Open Category is 'A MIGHTY PUSH FORWARD'.

An application form is attached as a PDF file or you can download from the Central Bank of The Bahamas website...

read more »

News Article
Nathaniel Beneby, Jr., recognized as a 'Bahamian Legend in Banking'

NASSAU, BAHAMAS  - Mr. Nathaniel Beneby, Jr., was recognized as a 'Bahamian
Legend in the Field of Banking' at the 10th Annual Civil Society Awards
and launch of the 2nd 

Bahamian Legends publication
by Jones Communications Network. The distinguished award was presented
to Mr. Beneby on February 2, 2012, by His Excellency, Sir Arthur Foulkes,
Governor General of The Bahamas, at a black

tie affair for close to 350 community leaders.

Mr. Wendall Jones, CEO
of the Jones Communications Network, paid tribute to Mr. Beneby recognizing
his outstanding 38
year career with RBC and his many contributions
to the advancement of banking in The Bahamas. "RBC has been in The
Bahamas for more than 100 years and Mr. Beneby is the first Bahamian
to have...

read more »

News Article
Scotiabank Supports Gippie's Kingdom

Nassau, Bahamas - 
Scotiabank Bahamas is on board as a major sponsor of the groundbreaking
local TV series, Gippie's Kingdom set to hit the airwaves next month.
Gippie's Kingdom, an 8-part series, is co-produced by Dr. Ian Strachan
and Travon Patton who expressed gratitude to Scotiabank for their
endorsement of the project.

Dr. Strachan is well
known for his political and social commentary as well as for his plays.
"Writers want the widest possible audience for their work," says
Strachan. "Through the medium of television I no longer have to persuade
you to get dressed, and put down 20 or 25 dollars to come and see my
play or to buy my book. My work is coming to you, and all you need to do
is press a button to enjoy it...

read more »

News Article
Growth in banking sector's contribution to economy

The banking sector saw total outlays increase 3.7 percent to $574.6 million in 2010, with total salary payments up 2.5 percent for the year, an indicator of the input the sector is making to the Bahamian economy.

read more »

Central Bank's Independence Exhibition

Tuesday 9th July 2013  6:00 PM

Central Bank's Independence Exhibition 6:00pm | July 9,2013 Central Bank of The Bahamas Art Gallery The Central Bank of The Bahamas Art Gallery is proud to present selected works from its permanent collection as part of this year's 40th Anniversary of Independence Celebration. As an institution, The Central Bank of The Bahamas has dedicated itself to acquiring works both through its annual competitions and through independent acquisitions with a goal to create a collection that both supports the local art community as well as creating a collection that showcases the spectrum of creativity in The Bahamas. The exhibition highlights important and early works by *Maxwell Taylor *Lavar Munroe *John Cox *Erica James *John Beadle *Nicole Minnis and a number of other Bahamian artists. This event is free and open to the public.

Independence Exhibition

News Article
BOB Celebrates Carifta Athletes and 40th Anniversary of Independence
BOB Celebrates Carifta Athletes and 40th Anniversary of Independence

Bank of The Bahamas recently showed its support for The Bahamas' Carifta team by presenting the entire team of 115 athletes with BOB Visa Gift cards. Each member of the team received a BOB gift card valued at $40, in recognition of The Bahamas' 40th Anniversary of Independence and as a reward for the efforts that lead to their selection to The Bahamas team.

read more »

News Article
Statement on Passing of John Kenning - Prime Minister Hubert Ingraham

My colleagues and I were saddened to learn of the passing of Mr. John Kenning, O.B.E. just five months following the passing his late wife Mrs. Elizabeth (Betty) Kelly Kenning O.B.E.

read more »

News Article
Arts Calendar

"40 Years of Bahamian Art" opens Thursday, July 11 at the National Art Gallery of The Bahamas (NAGB) at 6:30 p.m. The opening is free and open to the public. For more information, visit, email or call 328-5800/1.

"The Bahamian collection", photographs by Duke Wells, opens Thursday, July 11 at the National Art Gallery of The Bahamas (NAGB) at 6:30 p.m. The opening is free and open to the public. For more information, visit, email or call 328-5800/1.

Popopstudios will host an Open Studio night on Friday, July 5 at 6 p.m. Gallerygoers can get a look into the private working spaces of John Cox, Heino Schmid, Jan Elliot, Kendal Hanna, Duke Wells, Dylan Rapillard, Dede Brown, Tyle Johnston, Lisa Wells, Katrina Cartwright, Nadia Campbell, Kachelle Knowles, Giovanna Swaby, Phoebe Luk and Marinah Janello.

"Home Sweet Home", an art exhibition featuring watercolor paintings and architectural models by Nastassia Pratt, continues at Popopstudios. For more information, visit or call 322-7834 or 552-0412.

"Life on my island", original patterns and paintings by Fash|Art 2012 Jackson Burnside III Visual Artist Competition Winner Attila Feszt, continues at Doongalik Studios Art Gallery. For more information, visit

"Beg, Borrow, Steal", new work by Bahama Woodstarr, continues at Liquid Courage Gallery in Palmdale.

"The John Beadle Project", new work by John Beadle, continues at The National Art Gallery of The Bahamas. For more information, visit, email or call 328-5800/1.

"Master Artists of The Bahamas" continues at The National Art Gallery of The Bahamas. Featured Artists are John Beadle, Jackson Burnside, Stan Burnside, John Cox, Amos Ferguson, Kendal Hanna, Brent Malone, Eddie Minnis, Antonius Roberts, Dave Smith and Max Taylor. For more information, visit, email or call 328-5800/1.

James Catalyn and Friends (JCF) presents "A Weddin' Tale", written by Catalyn and directed by JCF veterans Chigozie Ijeoma and Dwain Wallace. "A Weddin' Tale" shows tonight and next week Friday and Saturday at 8 p.m. nightly at The Dundas Centre for the Performing Arts. Tickets are $25 general admission and $30 reserved. For more information, visit or email The Dundas Box office (393-3728 & 394-7179) is open Monday to Saturday 10 a.m. to 4 p.m.

In celebration of the 40th anniversary of independence, The College of The Bahamas (COB) hosts a Command Performance by The Bahamas National Symphony Orchestra on tonight at 8 p.m. at The Performing Arts Centre in the Keva M. Bethel Building. Dress: lounge suits/jackets or national dress. RSVP at 356-2100 or email at

Under the patronage of The Right Rev'd Laish Boyd, Sr. and Mrs. Boyd and in celebration of the 40th anniversary of independence, The Anglican Chorale and Friends will present a variety concert: "A Celebration of Bahamian Composers and Musicians" at Christ Church Cathedral, George Street on Friday, July 5 at 8 p.m. Tickets at $20 are on sale at Logos Book Store, Harbour Bay (394-7040) and St. Agnes Church Office, Baillou Hill Road (325-5640) or from Anglican Chorale members. Part proceeds are in aid of the restoration of Family Island churches.

The weekend will close out with "Reclaiming the Sovereignty of Our Imaginations" a discussion with writer Helen Klonaris takes place Sunday, June 30 at Unity Church at 11 a.m. This discussion is about the necessity of imagining and opening one's mind to tell the stories that are often suppressed. The event is free and open to the public. The event is part of Bahamas Writers Summer Institute's (BWSI) "Imagining the Nation".

Workshops and Summer Camps
"Remembering Ourselves: Healing Our Colonial Legacy", a Gaulin Project retreat presented by Helen Klonaris, takes place Saturday, June 29 10 a.m.-5 p.m. at the Cancer Society of The Bahamas' Cancer Caring Centre. Participants can expect creative writing to explore their cultural and personal stories about our shared colonial legacy; silent contemplation to tap into challenging feelings; active imagining to touch into their wisdom; a safe and compassionate space in which to explore issues of race, colonization and community and sacred witness. To register, write to The suggested retreat fee is $75; however, no one will be turned away for lack of funds. The event is part of Bahamas Writers Summer Institute's (BWSI) "Imagining the Nation".

Bahamas Music Conservatory will hold its Summer Music Camp from July 1 to July 26 at the Duke Errol Strachan Music Centre on Village Road. The camp is geared toward young musicians ages eight to 18 and offered instruments are piccolo, flute, oboe, clarinet, bassoon, trumpet, trombone, tuba, viola, cello and double bass. The cost of the workshop is $600. For more information, visit

"Womanish Ways, Freedom, Human Rights & Democracy: The Women's Suffrage Movement in The Bahamas 1948-1962", a film by Marion Bethel and Maria Govan, will be screened at the National Art Gallery of The Bahamas (NAGB) tonight at 7 p.m. The screening is free and open to the public. The screening is part of Bahamas Writers Summer Institute's (BWSI) "Imagining the Nation".

Islandz, having acquired Downtown Art Tours, offers its Islandz Gallery Hop tours, examining art spaces downtown on Saturdays. Tickets are $20 per person for the two-hour tour. For more information or to book tickets, call 601-7592 or visit Islandz online at

Tru Bahamian food tours offers a "Bites of Nassau" food tasting and cultural walking tour to connect people with authentic local food items, stories and traditions behind the foods and the Bahamians that prepare and preserve them, through a hands-on, interactive, educational tour and culinary adventure. Tickets are $69 per person, $49 for children under 12. Tours are everyday from 11:30 a.m. to 2:30 p.m., starting at the British Colonial Hilton and ending at Tortuga Rum Cake Company. For more information, visit

Call for works
All artists interested in participating in the third biennial All Ceramics Exhibition, under the theme "My Beautiful Teacup and Bowl", can contact Jessica Colebrooke at telephone (242) 324-3533 or at email:

Scotiabank invites all amateur photographers to participate in its Everything Bahamian Calendar Photo Contest. They are looking for candid representations of "Everything Bahamian" - outstanding and captivating, original digital images depicting the diversity, distinction and beauty of The Bahama Islands, its natural resources and the traditions, lifestyle and culture of its people. Images may be taken anywhere in The Bahamas. The official contest rules and entry forms are available at all Scotiabank locations or may be downloaded from Entry deadline is Friday, July 19.

The 10th Annual Bahamas International Film Festival invites filmmakers from around the worls to submit their narratives, documentaries, worls cinema, short films, animation and family films. This year's festival takes place December 5-13 on New Providence and Eleuthera. The deadline is July 17. For more information, visit

The 30th Annual Central Bank of The Bahamas Art Competition and Exhibition invites entries for its Open Category under the theme "The Independents", in commemoration of the 40th anniversary of Bahamian independence, which is being celebrated this year. The objectives of the competition are to identify, recognize and encourage Bahamian visual artists. To qualify, participants must be citizens of The Bahamas, aged 18 or older (as of October 1, 2013) and not registered in secondary school. The Open/Senior Category Competition and Exhibition component will be held from Tuesday, October 1 to Friday, November 1. Artists under 30 years are especially encouraged to embrace this opportunity of the theme of "The Independents" as a challenge in terms of material and/or the role and responsibilities of independent thinking in art in The Bahamas, as well as, thinking of the larger political symbolism of independence of the country.

read more »

News Article
Scientific expedition at Cay Sal Bank comes to end
Scientific expedition at Cay Sal Bank comes to end

The HMBS Nassau is due to return to Prince George Wharf Saturday marking the end of a six-day scientific expedition to the Cay Sal Bank.

Experts from the Bahamas National Trust (BNT), Department of Marine Resources and the College of the Bahamas (COB) will return with sand and air samples to be tested for oil contamination from the Gulf of Mexico spill as well as added knowledge about the diversity and abundance of marine and terrestrial life there.

read more »

News Article
8th Annual Tour of the Bahamas: A Spinning Success
8th Annual Tour of the Bahamas: A Spinning Success

Team Bahamas: On your mark, get set, cheer -- More than 20 volunteers from Bank of The Bahamas including Managing Director Paul McWeeney (far right) and Deputy Managing Director Vaughn Delaney (far left) turned out to lend support during the 8th Annual Tour of The Bahamas held this weekend at Clifton Heritage National Park.

read more »

News Article
Deficit shrinks by 46 percent in first quarter

A combination of higher revenue collection and lower expenditure caused the government's overall deficit to contract by $66.2 million, or 45.9 percent, in the first quarter of the 2013/2014 fiscal year - a turnaround from a $49.4 million, or 50 percent growth in the deficit during the same period last year.
The Central Bank of The Bahamas has attributed the change to a combination of higher revenue collection and reduced expenditure.
The turnaround comes as many in the private sector are calling for the government to show evidence of its commitment to reducing government spending as a means of addressing the deficit and debt.
John Rolle, financial secretary, said the figures must be considered in context, with the timing of certain financial flows likely to have made the percentages appear more "drastic" than otherwise.
However, he said the picture presented fits with some of the "direct concerted efforts of the government to manage its expenses" and to improve revenue collections.
Gowon Bowe, co-chair of the Coalition for Responsible Taxation, said he would be happy if these types of reductions in the deficit were "sustained" over "at least two consecutive quarters".
"That's not to disparage the results; they are positive. But the question is whether this is a sustained change in the path.
"Another key point is that timing can be a great distorter of information. We need to look at the full year to really see what is going on.
"And if you get to the accrual basis of accounting, the question is what are the unrecorded liabilities and commitments, which may push those numbers into complete disarray if you were to add them on top."
According to The Central Bank of The Bahamas, revenue collection grew by $8.5 million, or 2.9 percent, to $305.3 million in the first quarter of the 2013/2014 fiscal year. Non-tax receipts drove the revenue growth, being up $9.4 million, primarily due to a $9.5 million rise in fines, forfeits and administrative fees - a 46.7 percent rise.
In contrast, tax collections contracted marginally by $0.9 million (0.3 percent) to $271.7 million, led by a $15.2 million (9.9 percent) decline in taxes on international trade, which offset the almost two-fold increase in other "non-allocated" taxes to $28.4 million.
On the expenditure side, overall spending in the quarter fell by $57.8 million, or 13.1 percent, to $383.3 million. Recurrent outlays decreased by $27.5 million, or 7.5 percent, to $342.1 million, reflecting in part a decrease in subsidies to a local public health authority.
This can be compared to the same period last year when recurrent outlays rose by $24.0 million (seven percent) to $369.6 million, led by an $11.8 million rise in personal emoluments, along with an $8.3 million (6.5 percent) gain in transfer payments.
Capital outlays dropped by $32.1 million (51.5 percent) to $30.2 million in comparison to the same quarter in the previous year, in line with a reduced level of infrastructural projects. This represented a significant turnaround from activity in 2012, when capital expenditure more than doubled to $62.3 million from $25.7 million, linked to increases in outlays for infrastructure projects.
Government's budgetary support to public entities grew by a net of $1.9 million (20.2 percent) to $11.1 million over the same period last year.
"In the context of challenging global conditions, expectations are that the domestic economy will continue to face significant headwinds over the near-term. No significant improvement is anticipated in employment conditions until the economic recovery broadens to other key sectors, while inflationary pressures are likely to remain subdued, despite the volatility in global oil prices," said the central bank.
"Improvements in the fiscal deficit and associated debt indicators remain heavily dependent on the extent of the domestic recovery, as well as the success of government's efforts to increase revenues through enhancements in administration and the implementation of new tax measures, while also restraining expenditure growth," it added.

read more »

News Article
Central Bank gives projections for second half of 2011

The Central Bank of the Bahamas gave its outlook for the second half of 2011 in its Monthly Economic and Financial Developments (MEFD) report for May, providing insight on the fiscal and monetary front.

read more »

News Article
BOB Reissues 2,000 Cards Amid Data Theft

Bank of The Bahamas (BOB) will replace at least 2,000 credit cards as a defensive measure after a data tape was stolen from an office in Barbados. Paul McWeeney, the managing director at BOB, confirmed that the financial institution received "late notice" that some of its cards may have been compromised.

read more »

News Article
T. B. Donaldson dies at 79

Timothy Baswell Donaldson, the first governor of the Central Bank and former Bahamas ambassador to the United States, died at his home in eastern New Providence yesterday afternoon.
He was 79.
Donaldson had been ailing in recent months. He died of an undisclosed illness.
A graduate of Government High School and later Fisk University, Donaldson was made Commander of the Most Excellent Order of the British Empire by Her Majesty the Queen in 1973.
Donaldson also served as the permanent representative of the Government of The Bahamas to the Organization of American States.
He was previously a senator, chairman of the Securities Commission, chairman of the Council of The College of The Bahamas (COB) and chairman of Commonwealth Bank.
Former Prime Minister Hubert Ingraham said he was deeply saddened to learn of Donaldson's passing.
"I visited with Tim just over a week ago and had plans to see him again this evening," said Ingraham in a statement.
"Alas, that was not to be. Tim was a trusted friend, colleague and advisor. He will be greatly missed.
"The Bahamas has lost an exceptionally gifted son, a man of tremendous character and a powerhouse in the fields of finance and economics."
Prime Minister Perry Christie referred to Donaldson as the elder statesman of the financial services community.
"He was a major role model for successive generations of Bahamians in the banking industry," said Christie in a statement.
"A man of great intellect, he possessed superb organizational and leadership skills.
"He had a passion for giving the very best of himself at all times and he invariably applied himself with great vigor and efficiency to whatever task he had undertaken to perform.
"He was a high achiever and an inspiration to those he led."
While serving as chairman of the College Council, Donaldson was also the co-chair of the Privatization Committee which negotiated the sale of a majority share in the Bahamas Telecommunications Company in 2011.
Donaldson was the recipient of numerous awards, both locally and internationally, including the W.E. B. Dubois Lifetime Achievement Award from Fisk University and the Financial Services Industry's Lifetime Achievement Award.
"Throughout his life, he demonstrated in so many ways that when it came to education there was no other goal with such transformative power," read a statement from COB.
"He was an uncompromising champion of higher education and his life and work were dedicated to the preservation and promotion of knowledge."
Donaldson is survived by his wife Yolande and three children, Dwight, Kevin and Tatianna.

read more »

News Article
Lombard Odier celebrates 30 years in Bahamas
Lombard Odier celebrates 30 years in Bahamas

The Bank of Lombard Odier Darier Hentsch’s 30-year operation in The Bahamas speaks to the commitment it has to the country’s financial services sector, Deputy Prime Minister and Minister of Foreign Affairs the Hon Brent Symonette said.

read more »

News Article
Rotary Donates Bloodmobile to the Bahamas Island Blood Mobile Destined to Save Lives
Rotary Donates Bloodmobile to the Bahamas Island Blood Mobile Destined to Save Lives

The two local blood banks at the Princess Margaret Hospital and Doctors Hospital in the Bahamas are the proud recipients of a new state of the art bloodmobile destined to travel around the Bahamas and family islands to collect blood donations and ultimately save lives. All of the blood collected from donations will be shared equally between the two local hospital blood banks

read more »

News Article
Hurricane Irene Advisory Special Banking Hours

Hurricane Irene
Advisory Special Banking Hours The Clearing Banks Association wishes to
advise the public that due to the progress of Hurricane Irene through
The Bahamas, all Branches in the North West Bahamas (including Grand
Bahama, Abaco, New Providence, Andros and Eleuthera) will observe the
following operating hours:- WEDNESDAY, AUGUST 24, 2011 9:30 a.m. -
12:00 Noon THURSDAY, AUGUST 25, 2011...

read more »

News Article
Banking Leaders Seek New Frontier
Banking Leaders Seek New Frontier

With international financial centers under "significant pressure", leaders in the industry are urging a focus on emerging markets like never before.

read more »