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Bahamas Investment News

Atlantis Resort, Paradise Island, Bahamas

THE Atlantis resort has unveiled a strategic alliance with Jet Blue and the airline's TrueBluie customer loyalty programme, in a move designed to drive tourist traffic to the Paradise Island destination.

Guests vacationing at Atlantis and The Cove can now earn one TrueBlue point for every $1 spent on the base room rate accommodations at any of five lodging options, including the Cove and the condo-style resort, The Reef Atlantis, as well as the Beach Tower, Coral or Royal Towers.

"What's better than a partnership made in paradise? JetBlue is excited to team up with Atlantis to offer another great option for TrueBlue customers to earn points for future travel," said David Canty, director, loyalty marketing, JetBlue.

"Partnering with JetBlue's TrueBlue program offers our guests yet another great incentive to visit Atlantis," said George Markantonis, president and managing director of Kerzner International (Bahamas). "JetBlue is a strong partner to Atlantis by providing direct air travel to guests in key markets."

Atlantis has kicked-off the partnership with a two-week long promotion at JetBlue's Terminal 5 (T5) at New York's John F. Kennedy International Airport. Its mobile experience will take place from June 23 - July 6, 2012, in the Lower Grandstand at T5, and includes a lounge mimicking The Cove, a photo booth and more. Atlantis is providing beach-themed merchandise, including sunglasses, beach bags and headphones.

JetBlue currently offers multiple daily departures to Nassau, Bahamas from New York's JFK, Westchester County, Boston, Orlando and Fort Lauderdale.

Courtesy of The Tribune:  www.tribune242.com

Charge D'affaires at the US Embassy in Nassau John Dinkelman urged Bahamians to foster an entrepreneurial spirit and said that the US will continue to support such efforts through grants and training.

Charge D’affaires at the US Embassy in Nassau John Dinkelman has spoken of his country’s support for Bahamian businesses and commitment to building a profitable relationship between the two economies.

Speaking at the Global Trade and Financing Seminar held in Nassau earlier in the year, the Embassy representative said that small and medium-sized enterprises (SMEs) were key to an economy’s growth and entrepreneurs should be given access to various means of support.

“We will support Bahamian businesses through educational exchanges, grants and speaker series. We want to listen to you, partner with you, and continue to conduct sessions such as these,” he told the audience of businessmen and women. “The stronger both our economies become, the stronger our growing relationship will be.”

According to figures from the US Department of Commerce, The Bahamas was ranked the 48th largest US export market from 2008 to 2010.

Dinkelman noted that this was indicative of “the deep and continuous commercial relationship we share and which evolves every day.”

The US Embassy hosted the seminar in partnership with the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) to educate local entrepreneurs on financing opportunities and provide an opportunity to network.

Dinkelman encouraged the business community to take advantage of the event saying: “[You have a] desire to connect with other business leaders and build professional networks. It is this entrepreneurial spirit and belief in market forces that has built nations and established trust throughout communities worldwide.”

“By definition entrepreneurship simply means undertaking an activity or doing something.You are all people who do things and who get things done.”

Courtesy of The Bahamas Investor:  www.thebahamasinvestor.com
cmorris@dupuch.com

David Hack, executive producer of US Internet show Saltwater Ventures, says that The Bahamas is the best place in the world for sea fishing and bonefishing. Watch an interview with Hack here.

Hotels Encouragement Act and City of Nassau Revitalization Act offer exemptions from customs duty and property tax for businesses looking to set up in downtown Nassau.

Bahamian business owners are being encouraged to contribute to Nassau’s revitalization efforts through a range of incentives designed to lighten the load for entrepreneurs and growing businesses.

Under the Hotels Encouragement Act and City of Nassau Revitalization Act, businesses are being offered exemptions from customs duty and property tax if they meet certain conditions.

At a Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC) seminar held yesterday at the British

Khaalis Rolle

Chester Cooper

Minister of Tourism Obie Wilchcombe says that Bimini has untapped potential and has reiterated the government’s commitment to marketing the Family Islands more aggressively. Watch an interview with Wilchcombe here.

Pictured: (left) The British High Commissioner to The Commonwealth of The Bahamas Howard Drake pays a courtesy call on Prime Minister Perry Christie at his Cable Beach office June 20, 2012. (right) Minister of National Security Bernard Nottage welcomes Howard Drake, High Commissioner of the United Kingdom and Northern Ireland to the Commonwealth of The
Bahamas, during a courtesy call June 20, 2012. (BIS Photos/Peter Ramsay & Patrick Hanna)

Howard Drake, High Commissioner of the United Kingdom and Northern Ireland, visited the Commonwealth of The Bahamas June 20.

The newly elected Prime Minister of The Bahamas, Perry Christie, delivered the 2012/13 Budget Communication to Parliament May 30.  PDF (Click to download)

Courtesy of The Bahamas Investor:  www.thebahamasinvestor.com

Grand Isle Resort & Spa

Grand Isle Resort & Spa has finalized its transition to 100 per cent home-ownership with the sale of 31 remaining villas to Peter Nicholson of Ottawa, Canada.

Nicholson purchased the units from Textron Inc, the financier who owned the units following default on the part of the original developer. Over time, Nicholson intends to sell most of the units he has purchased, and has already made several sales. “Grand Isle is a gem. The location, staff, amenities and overall extremely high quality levels are very impressive to our prospects. Of the 31 units we purchased, four have already sold, and we have very high interest on several others.”

While Nicholson has sold the first few at introductory pricing, his listing prices are going up as the demand increases.

“We are pleased to have Peter and his team join us as fellow homeowners,” says Grant Castle, executive director of Grand Isle. “Peter has been very active in bringing friends and colleagues to the resort to see it for themselves. He has added a great deal of energy to the resort with his outreach efforts.”

Located on Emerald Bay in Great Exuma, Grand Isle Resort & Spa is a stunning oceanfront villa resort. Grand Isle consists of 78 luxuriously appointed one- to four-bedroom villas and penthouses for sale and rent, each with fully equipped kitchens, spacious living areas, high-end amenities, and extraordinary views.

Courtesy of The Bahamas Investor:  www.thebahamasinvestor.com

Chester Cooper

Chairman of the Bahamas Chamber of Commerce and Employers Confederation Chester Cooper has said that small and medium-sized enterprises in The Bahamas greater access to capital and more support from the government.

The recently elected chairman of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) Chester Cooper, has spoken out on funding challenges for small and medium-sized enterprises (SMEs) in The Bahamas.

The chairman urged government to develop a co-ordinated approach to allow small business leaders to grow their companies and contribute more effectively to the local economy. Speaking at the BCCEC’s International Trade and Financing Seminar held in Nassau recently, Cooper said: “As the recently elected Chairman of the BCCEC with SME development as my main mandate, it is fitting this is one of my first public appearances. The lack of access to funding and operating with inadequate capital cuts to the core of the myriad of challenges facing SMEs in The Bahamas.”

At the seminar, which was co-hosted by the US Embassy, Cooper highlighted the role of SMEs in contributing to the country’s gross domestic product, saying that small businesses make up more than 75 per cent of all Bahamian businesses and are integral to creating jobs and reviving the economy. “The government wants to create 43,000 jobs. The capability of SMEs to be the leader in employment creation is evident in countries such as Singapore. It is with that backdrop that I urge the government to pass small business legislation. A more co-ordinated approach will achieve greater results.” “The expansion of choice for funding and access to capital is necessary to provide sustainable means of creating commerce and expanding opportunities not only for SMEs, but also for all business.” “It is important that smaller business continues to aspire to be big business.”

Courtesy of The Bahamas Investor:  www.thebahamasinvestor.com

Pictured: Prime Minister Perry Christie holds up the Progressive Liberal Party’s Charter for Governance during the Budget Communication in Parliament May 30, 2012. (BIS Photo/Patrick Hanna)

Refocussing the Bahamas Development Bank, strengthening the domestic economy, reducing crime and developing the Family Islands are some of the core imperatives laid out by the Prime Minister in the Budget Communication May 30.

The government will refocus the mandate of the Bahamas Development Bank and the Bahamas Agricultural and Industrial Corporation to broaden their range of activities beyond lending money, to include the provision of equity, credit guarantees and marketing and accounting support.

Prime Minister Perry Christie made this announcement as he presented the 2012/2013 Budget Communication in the House of Assembly May 30, 2012. Prime Minister Christie said the changes come as a result of the government’s second core imperative programme of change, which is the strengthening of the domestic economy and the attendant creation of jobs, the broadening of Bahamian ownership in the economy and the attainment of a higher standard of living.

The first core imperative is to address crime.

The Prime Minister also said that the government remains faithful to its commitment to explore all lawful means by which majority ownership of the Bahamas Telecommunications Corporation (BTC) can be restored to the government and the Bahamian people. “We shall very shortly arrange a timetable for discussions that we propose to undertake in this regard with the present owners of the majority stake in BTC and other interested stakeholders.”

Prime Minister Christie also said that as a means of stimulating the real estate market and the construction sector, the government is following up on its commitment to reduce the stamp duty rate on conveyances over $250,000 from 12 per cent to 10 per cent. He noted that for the other rates of stamp duty, first-time homeowners already benefit from the existing exemption from stamp duty.

The government will, however, review the entire stamp duties on conveyances in the context of its overall programme of fiscal reform. The Prime Minister said that the government is introducing a cap of $50,000 as the maximum real property tax payable on an owner-occupied residence as a means of further stimulating the construction sector.

He added that an allocation is being made in this budget for home repairs and community improvements under the auspices of both the Urban Renewal Programme and the Ministry of Housing in order to stimulate near-term job creation for small contractors.

Prime Minister Christie also announced that Exuma is being reinstated for eligibility under the Family Island Development Encouragement Act. Under the provisions of the act, duty free importation of building materials is permitted up to June 30, 2013, for the construction of new buildings or the rehabilitation, remodelling or extension of existing residential and commercial buildings.

Islands which benefit under the Family Island Development Encouragement Act include Sweeting’s Cay and Water Cay, Grand Bahama; Grand Cay and Moore’s Island, Abaco; Current Island, Eleuthera; Andros; Cat Island; San Salvador; Rum Cay; Long Island; Crooked Island; Long Cay; Acklins; Ragged Island and Cays; Mayaguana and Inagua.

Courtesy of The Bahamas Investor:  www.thebahamasinvestor.com

Gershan Major, BTC VP Channels and Marketing

Bahamas Telecommunications Co (BTC) announced last week that the company has named leading Bahamian business executive Gershan Major to its expanded management team as vice president channels and marketing. Major, formerly the chief executive officer of Mail Boxes Etc, is the latest in a series of Bahamians to join BTC in top management positions.

As VP of channels and marketing, he will be responsible for development and implementing marketing and sales strategies for the telecommunications provider.

Channels and marketing focuses on creating a new competitive commercial strategy in preparation for the full liberalization of the telecommunications sector in 2014, according to company officials.

As head of the company’s Business Enterprise, Retail, Marketing Division and Directory Publications operations, Major will help to ready BTC for competition. “Gershan brings the kind of practical experience that we needed for the road ahead,” says BTC CEO Geoff Houston. “He has the right skill set and brings hands-on administration experience that we think is so vital to the position. In addition to ensuring our products and services are ideally placed in the market for the maximum benefit and revenue earning potential, he will be responsible for coaching and developing what we think is one of the more highly skilled marketing teams in the country.”

Major’s appointment was effective immediately.

Courtesy of The Bahamas Investor:  www.thebahamasinvestor.com

Memorial Day weekend saw The Bahamas play host to the rich and famous who came to Paradise Island to play in the Michael Douglas & Friends Golf Tournament. Watch an interview with Douglas here.