Finance

SCOTIABANK UPGRADING ABM NETWORK Enhanced services to follow temporary disruptions
SCOTIABANK UPGRADING ABM NETWORK Enhanced services to follow temporary disruptions

April 15, 2021

Managing Director of Scotiabank (Bahamas) Roger Archer, is assuring customers that the current network upgrades being carried out by the Bank are “necessary disruptors”, that will help to enhance performance and the customer experience in the long run.

Archer explained that while customers may have experienced technical difficulties over the past few weeks when using some of the bank’s Automated Banking Machines (ABM), the upgrading work will bring expanded and enhanced services across its network of legacy ABMs once completed.

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Central Bank: External reserves down to 2.2 billion
Central Bank: External reserves down to 2.2 billion

March 30, 2021

As predicted, external reserves continued to be eaten away as the ongoing slump in tourism and private banks demands persisted during the month of February. The Central Bank of The Bahamas (CBOB) in its recent monthly economic assessment said external reserves dropped by $62.8 million to $2.2 billion last month, following the expected trend laid ...
The post Central Bank: External reserves down to $2.2 billion appeared first on The Nassau Guardian.

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Scotiabank joins Mastercard in the launch of the Priceless Planet Coalition in the Caribbean
Scotiabank joins Mastercard in the launch of the Priceless Planet Coalition in the Caribbean

March 16, 2021

Scotiabank joins Mastercard on the expansion of the Priceless Planet Coalition to generate climate change awareness and impact across four Caribbean countries: Jamaica, Barbados, The Bahamas and the Dominican Republic. As part of the launch of this initiative, Scotiabank cardholders can contribute to different forestation initiatives through online purchases made with their ScotiaCard.

This global coalition unites the efforts of merchants, banks, cities and consumers to make meaningful investments to preserve the environment through the restoration of 100 million trees over five years, together with forestry experts from Conservation International and World Resources Institute. Other participating members are Transport for London and American Airlines, among others around the world, all of which are investing in innovative ways to inspire collective actions to address climate change. In the Caribbean, a place where climate change further impacts the effects of devastating hurricanes, Scotiabank has pioneered several initiatives to reduce Carbon emissions.

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Govt revenue boost expected with launch of digital payment solution for charter fees
Gov’t revenue boost expected with launch of digital payment solution for charter fees

March 02, 2021

The Ministry of Finance concluded an agreement with the OMNI Financial Group and the Association of Bahamas Marinas (OMNI/ABM) to launch a digital payment solution for the collection of charter fees from mega yachts and other charter operators in The Bahamas.

“This development is extremely significant as we have traditionally seen a lot of revenue leakage in the charter operator space. As a government we are strengthening our enforcement mechanisms while we are also enhancing the ease of doing business. Now, charter operators have no excuse. We have a convenient online solution for the payment of fees due to the government for their commercial operations in our waters,” said Kwasi Thompson, Minister of State for Finance.

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Scotiabank Donates 30,000 To Rand Memorial Hospital to Aid Restoration Efforts
Scotiabank Donates $30,000 To Rand Memorial Hospital to Aid Restoration Efforts

February 23, 2021

Scotiabank Bahamas has donated $30,000 to the Rand Memorial Hospital located in Freeport, Grand Bahama.

The donation will fund the purchase of medical equipment for the Lula Knowles Paediatrics Ward and enhance the ability of the hospital to provide treatment after it was severely damaged by Hurricane Dorian in 2019.

Roger Archer, Managing Director, Scotiabank Bahamas detailed the contribution saying it will cover the cost of a new ventilator, oxygen monitoring system and two paediatric wheelchairs for the 85-bed facility.

“As a member of the Freeport community, we are very happy to provide support to healthcare sector at this critical time,” Archer said.

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Island Pay Celebrates MasterCard Partnership with Client Giveaway
Island Pay Celebrates MasterCard Partnership with Client Giveaway

February 22, 2021

A few lucky customers of Island Pay Ltd. (Island Pay) were recently rewarded with a prepaid MasterCard debit card loaded with $500. This news follows last week’s celebrated launch of the world’s first Central Bank digital currency-linked card, which was created through an innovative partnership between Island Pay and MasterCard. This groundbreaking solution will increase the financial flexibility of thousands of customers here in The Bahamas and when travelling abroad, truly making Island Pay one of the most convenient ways for everyone to make payments.

“We are committed to revolutionizing fintech in The Bahamas,” noted Jeffrey Beckles, Managing Director at Island Pay. “Making financial transactions easier and making funds more accessible to more people is at the core of our business model. Our game-changing partnership with MasterCard is the first in a range of new financial management solutions that we are bringing to the market to meet this pledge.”

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Scotiabank joins Mastercard in the launch of the Priceless Planet Coalition in the Caribbean
Scotiabank joins Mastercard in the launch of the Priceless Planet Coalition in the Caribbean

February 11, 2021

Scotiabank joins Mastercard on the expansion of the Priceless Planet Coalition to generate climate change awareness and impact across four Caribbean countries: Jamaica, Barbados, The Bahamas and the Dominican Republic. As part of the launch of this initiative, Scotiabank cardholders can contribute to different forestation initiatives through online purchases made with their ScotiaCard.

This global coalition unites the efforts of merchants, banks, cities and consumers to make meaningful investments to preserve the environment through the restoration of 100 million trees over five years, together with forestry experts from Conservation International and World Resources Institute. Other participating members are Transport for London and American Airlines, among others around the world, all of which are investing in innovative ways to inspire collective actions to address climate change. In the Caribbean, a place where climate change further impacts the effects of devastating hurricanes, Scotiabank has pioneered several initiatives to reduce Carbon emissions.

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Regional Bank Honors Star Achievers
Regional Bank Honors Star Achievers

February 11, 2021

Despite severe restrictions on travel which prevented the usual gathering in Barbados, CIBC FirstCaribbean reached around the region recently to honour its brightest and best performers for 2020.
Chief Executive Officer Colette Delaney told those gathered for the online Achievers Awards Ceremony that the impact of the COVID-19 pandemic has caused staff at all levels to work even harder to meet the needs of clients and she praised them for rising to the challenge.

“Difficult times have called for innovative approaches to our work, and I am extremely proud of the way our entire team has risen to the challenge,” Ms. Delaney said.

“You are the embodiment of the fact that one can excel in the most trying of circumstances,” the CEO told the 10 outstanding achievers drawn from the bank’s business units in Antigua, Barbados, Bahamas, Cayman Islands, Dominica and Grenada and who were rewarded for outstanding performances in Retail and Business Banking, Corporate and Investment Banking and Enterprise Security & Fraud Management.

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Purchase Of Shares In FirstCaribbean International Bank Limited By GNB Financial Group Limited From CIBC will not Proceed
Purchase Of Shares In FirstCaribbean International Bank Limited By GNB Financial Group Limited From CIBC will not Proceed

February 10, 2021

Canadian Imperial Bank of Commerce (“CIBC”) today announced that the transaction that would have seen GNB Financial Group Limited acquire a majority stake in FirstCaribbean International Bank Limited (“FirstCaribbean”) will not proceed as the transaction did not receive approval from FirstCaribbean’s regulators.

“While this transaction would have supported FirstCaribbean’s long-term growth prospects, it is only one way of supporting growth for our bank going forward. CIBC has held a majority ownership stake in FirstCaribbean for a number of years, and there exists an excellent working relationship with a shared focus on meeting the needs of our clients” said Colette Delaney, CEO, FirstCaribbean.

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Bitcoin: The Golden Hedge: An alternative portfolio hedging instrument for investment diversification and long-term value preservation

February 01, 2021

When constructing an investment portfolio, diversification is essential. Only by diversifying can you mitigate against investment risk caused by natural price fluctuations seen in financial markets...

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CASHLESS BANKING  A New Normal for The Financial Industry
CASHLESS BANKING – A New Normal for The Financial Industry

February 01, 2021

The face of banking has changed dramatically in recent years with the COVID-19 pandemic accelerating the transition to digital banking...

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IMF affirms Govt’s timely and appropriate COVID-19 response

January 28, 2021

Concluding Statement for IMF 2020 Article IV Consultation provides snapshot of macroeconomic policy responses and outlook...

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CFAL Wins International Best Investment and Advisory Firm Award
CFAL Wins International Best Investment and Advisory Firm Award

January 13, 2021

The leading investment management firm in The Bahamas has done it again. Colina Financial Advisors Ltd. (CFAL) has received the 2020 Acquisition International (AI) Global Excellence Award for Best Investment and Advisory Firm Award (Caribbean). This is the second time that CFAL has received this prestigious award, which it also won in 2018.

“This incredible achievement would not have been possible without the steadfast commitment of our team,” said Anthony Ferguson, President of CFAL. “Our staff worked diligently through the many transitions and adjustments that we had to make last year due to the COVID-19 pandemic.

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Christmas Party Funds Help Feed Thousands

December 30, 2020

Nearly 2,000 individuals are supported by the Bahamas Red Cross Society’s Meals on Wheels and Parcel/Voucher programmes on a weekly basis...

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2020 Fiscal Strategy Report Press Briefing Remarks by Sen. Kwasi Thompson, Minister of State for Finance -Monday December 21, 2020

December 23, 2020

Last week, the Government tabled the 2020 Fiscal Strategy Report (2020 FSR) in the House of Assembly. Our press conference today is an opportunity to create a deeper understanding of the Government’s plan...

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Bahamas&delisted&from&Financial&Action&Task&Force’s Grey-List of “Jurisdictions&under&Increased&Monitoring”

December 21, 2020

The Financial Action Task Force (FATF) Secretariat on its website today advised via a Press Release, attached to the Grey List on “Jurisdictions under Increased Monitoring”, that The Bahamas has now been delisted from said list...

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Government to Continue Reducing the Economic Effects of COVID-19
Government to Continue Reducing the Economic Effects of COVID-19

December 17, 2020

Senator J. Kwasi Thompson, Minister of State for Finance explained that the Government will continue to reduce the economic effects of COVID-19, by providing initiatives targeted at public health and safety, job protection and social and economic support for households and businesses.
“The levels of direct support required by the government to save lives and support commercial and economic activity to the end of October has been unprecedented.

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The 2020 Fiscal Strategy Report
The 2020 Fiscal Strategy Report

December 16, 2020

Madam President, As I rise to update this honourable chamber on the Government’s 2020 fiscal strategy, allow me to begin with a scripture that comes to mind: (2 Cor 8-9) “We are troubled on every side, yet not distressed; we are perplexed, but not in despair;Persecuted, but not forsaken; cast down, but not destroyed.”

Earlier today, the Most Honourable Dr. Hubert Alexander Minnis, Prime Minister and Minister of Finance tabled in the Lower House, the Government’s 2020 Fiscal Strategy Report (or FSR). As the Prime Minister would have stated during his presentation, the Fiscal Responsibility Act, 2018 requires the Government to publish an annual FSR to outline its medium-term fiscal framework, including economic forecasts, fiscal targets, and priorities for revenue collection, spending, and borrowing.

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PwC Bahamas gives the gift of digital wallets to its employees, just in time for Christmas
PwC Bahamas gives the gift of digital wallets to its employees, just in time for Christmas

December 16, 2020

Just in time for Christmas, PwC Bahamas facilitated the opening of digital wallet accounts for each of its employees as a show of appreciation from its leaders, becoming the first company in The Bahamas to do so.

Prince Rahming, Territory Leader of PwC Bahamas said, “This year we wanted to give our people something more meaningful. During this time of year we normally host our annual Christmas party. Due to the Covid-19 protocols, we decided to repurpose those funds to open digital accounts for all of our employees and give them the gift of digital wallets to show our appreciation for all of their efforts and hard work throughout the year.” He noted that it was particularly important for PwC to ensure that its people were at the forefront as participants of the digital economy of The Bahamas.

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Over 100 Business Owners Log on To Scotiabank Digital Banking Webinar
Over 100 Business Owners Log on To Scotiabank Digital Banking Webinar

December 08, 2020

Scotiabank continues to reach out to its customers in preparation for the upcoming changes within its branch network...On November 16, more than 100 small and medium size business participated in a digital webinar hosted by the Bank.

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