Business

CBC Hosts Aluminum Can Drive In Support of Ongoing Environment Centric Initiatives
CBC Hosts Aluminum Can Drive In Support of Ongoing Environment Centric Initiatives

March 05, 2021

Recycling initiatives and waste reduction programs still have lots of room to grow and evolve throughout the country, but companies like the Caribbean Bottling Company (CBC) are committed to supporting Bahamian environmental preservation projects. CBC has implemented a number of environmental centric programs in recent years. And, in addition to being a proud supporter of the Cans For Kids program, which rewards schools for every aluminum can that they collect, CBC has a number of ongoing waste reduction and recycling projects, which includes recycling wooden pallets and scrap cardboard, utilizing recycling bins at CBC facilities, and taking part in events and activities that can encourage Bahamians to make small changes that can greatly impact the environment.

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Facial recognition technology now in place at airport
Facial recognition technology now in place at airport

March 04, 2021

STATE-of-the-art facial recognition comparison technology is now available at Lynden Pindling International Airport to ensure a more secure and safe travel experience.

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IDB: Bahamas has weak public financial management system
IDB: Bahamas has weak public financial management system

March 04, 2021

A just released analysis by the Inter-American Development Bank (IDB) has highlighted what the bank has called weaknesses in The Bahamas’ fiscal policies, governance, institutions, rules and processes, public financial management processes and public financial management.

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Extended stay visa program attracts 61 applicants so far
Extended stay visa program attracts 61 applicants so far

March 04, 2021

The government’s highly touted extended stay visa program, which was a recommendation of the Economic Recovery Committee to inject up to $30 million into the struggling COVID-19 economy, has only attracted 61 applicants, Minister of Financial Services, Trade and Industry and Immigration Elsworth Johnson revealed yesterday.

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Bahamas' luxury tourism market doing well, minister says
Bahamas' luxury tourism market doing well, minister says

March 03, 2021

While the COVID-19 pandemic has, for the most part, devastated the tourism industry, Minister of Tourism Dionisio D’Aguilar said yesterday that the luxury tourism industry in The Bahamas has been doing well despite the situation at hand.

D’Aguilar said some high-end hotels said that business was better at the end of 2020 than the same period in 2019.

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IDB announces Build Forward initiative to advance technology and resilience in Caribbean
IDB announces Build Forward initiative to advance technology and resilience in Caribbean

February 25, 2021

The Caribbean Governors of the Inter-American Development Bank backed Build Forward, a $3.5 billion multi-year program to help Caribbean countries sustainably recover while making technological leaps that will bring about a transformational future.

The initiative includes a multi-donor facility to provide targeted grant and concessional financing for smart and resilient projects. The facility is expected to mobilize $1.5 billion in resources for a series of activities that include advisory services, project preparation and catalyzing private capital for investments in resilient infrastructure, nature and disaster-risk based solutions.

IDB management briefed Governors about Build Forward ahead of the Annual Meeting of IDB Group, which will take place March 17-21 in Barranquilla, Colombia, in a virtual format. Governors are the top decision-makers at the IDB – the Caribbean’s biggest provider of development finance.

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Limeade Bahamas new look, same great taste and many ways to pay!
Limeade Bahamas new look, same great taste and many ways to pay!

February 25, 2021

It's a new year, we have a new look, many new ways to pay and more ways to save. Now all of our refreshing flavors are at the tip of your fingers with just the click of a button. Download the Kraven, Kanoo or the Sun Cash app today and order from the comforts of your home.

Not only do you now have many ways to pay, you have more ways to save. With our Green Card loyalty program, the more you purchase online to save more. Collect points to save as much as 15% off your next purchase.

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Founder of Marijuana Bahamas Makes Courtesy Call on the AG re Legislation Being Drafted
Founder of Marijuana Bahamas Makes Courtesy Call on the AG re Legislation Being Drafted

February 24, 2021

Attorney General and Minister of Legal Affairs, Senator the Hon. Carl Bethel, and Permanent Secretary Cecilia Strachan welcomed Renaldo Cartwright, Founder of Marijuana Bahamas (standing centre) during a courtesy call, February 24, 2021 at the Attorney General's Office to discuss the marijuana/cannabis industry legislation being drafted.

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Happy Staff Celebrate Love in COVID Times
Happy Staff Celebrate Love in COVID Times

February 24, 2021

Grand Bahama’s Happiest Hotel, Pelican Bay, is determined not to let the COVID blues stop its happiness or business. Keen to keep their doors open and the hotel staff working, the Pelican Team came up with a Valentine's Love special that adhered to COVID safety while also keeping sweethearts happy in these ‘trying times’.

“We wanted to create a buzz and do something unique that we haven’t seen before on the island,” said Pelican Bay’s Reservations & Revenue Manager Dominique Smith. “We know that everyone wants to be safe, but they want to still celebrate their love for each other. So, we thought of a fun way for us to promote not only a great hotel rate for our waterside rooms, but also offer an intimate dinner for two on our picnic benches located around the property. Giving each couple their own private dining experience and valentines desserts; both safe and romantic.”

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Customs goes electronic with new cruising permit submission
Customs goes electronic with new cruising permit submission

February 23, 2021

The Bahamas Customs & Excise Department has officially launched its electronic submission portal for cruising permit applications on the Click2Clear platform. The Cruising Permit Module is expected to dramatically improve the processing time for boaters when clearing Customs at the various ports of entry across The Bahamas. Boaters can now complete and submit declaration forms and make payment in advance of arrival.

“This is another great milestone achieved by the Customs Department, which has been leading the way with the modernization of Government services. The new cruising module on the Click2Clear platform provides a seamless and cashless collection process for Cruising permit fees with online applications and payments by credit card,” said Minister Kwasi Thompson, Minister of State for Finance.

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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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Reopening - but it'll be a long road back
Reopening - but it'll be a long road back

February 17, 2021

ENTERTAINMENT businesses such as Galleria Cinemas and Mario's Bowling and Entertainment Palace will soon join the Fusion Superplex in reopening to patrons as the country creeps to normalcy.

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PM grants permission for Fusion to operate cinemas
PM grants permission for Fusion to operate cinemas

February 16, 2021

After nearly a year closed, Fusion Superplex has now been granted permission to operate its indoor cinemas, a letter from the prime minister revealed yesterday. When contacted yesterday, Fusion Superplex Chief Legal Officer Tecoyo Bridgewater said the company appreciated the prime minister's consideration, but could not say when the cinemas would reopen because multiple things

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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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UB Students Advance to Subregional Finals of CFA Institute Research Challenge 
UB Students Advance to Subregional Finals of CFA Institute Research Challenge 

February 11, 2021

Team Participates in Global Challenge with Support of CFA Society of The Bahamas Advisors.
A team of students from the University of the Bahamas (UB) has been selected as a subregional finalist in the Atlantic Islands division of the CFA Institute Research Challenge. This global intercollegiate competition offers students the unique opportunity to apply their classroom knowledge to real-world practice in equity research. The UB team, comprised of Shania Darville, Courtney John, Rashorn Fraser, and Tiasha Lewis, has advanced to the subregional presentation round of the competition. The winning team will earn a spot to compete at the virtual Americas regional finals for a chance to participate in the global final against students from the Asia-Pacific realm and the EMEA (Europe, Middle East, and Africa).  

Each research challenge is organized by the CFA Institute and local CFA Society volunteers mentor and support students through the process.

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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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The Bahamas National Trust BNT to BPC's Oil Drilling Results
The Bahamas National Trust (BNT) to BPC's Oil Drilling Results

February 10, 2021

The Bahamas National Trust (BNT) notes the Bahamas Petroleum Company’s (BPC) recent press release stating that no commercial volumes of oil were found during the drilling of its Perseverance #1 well in The Bahamas. The press release also stated that this well will now be permanently plugged and abandoned.

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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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BPC shares tank 66 after test well disappointment
BPC shares tank 66 after test well disappointment

February 09, 2021

Bahamas Petroleum Company’s (BPC) shares took a 66 percent dive yesterday after the company announced in a statement that it had come up short of commercially viable quantities of oil at its Perseverance #1 test well in the southern Bahamas.

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Bahamas Petroleum Company says its exploratory well has FAILED
Bahamas Petroleum Company says its exploratory well has FAILED

February 08, 2021

BREAKING: Bahamas Petroleum Company says its exploratory well in Bahamian waters has failed to produce oil in any commercial quantity.

BPC said drilling on the Perseverance #1 well has ceased at a depth of approximately 3,900 meters, and the well will now be permanently plugged and abandoned.

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