Bahamas News

Analysts with the Central Bank of The Bahamas seemed to have tempered their projections for a healthy level of economic expansion throughout 2006 with a caution that oil and commodity prices may trigger pressures on the amount of money consumers shell out.

The latest review of financial and economic developments for the month of April included no big surprises with the Bank’s monthly report pointing to a sustained strengthening in real estate investments and vigorous construction activity.
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A meeting was held on Thursday 25th May 25, 2006 between Dr. Marikis Alvarez of IICA, Mr. Arnold Dorsett, BAIC and Mr. Godfrey Eneas, The Bahamas Ambassador to the UN’s FAO. Several issues relevant to developments in the hemisphere, namely the recent accord between FAO and IICA were discussed.

This Accord was signed in Caracas, Venezuela at the Latin American and Caribbean Regional FAO Conference.
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As it awaits a decision from the Supreme Court regarding a legal challenge it raised to the multimillion-dollar Bakers Bay development at Guana Cay, the Save Guana Cay Reef Association (SGCR) is continuing to mount an out-of-court battle against the controversial project.

The Association said it was shocked to learn that the Discovery Land Company will be allowed to soon resume work, and again accused the developers of damaging the environment, a claim the Court of Appeal only recently dismissed for lack of evidence.
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The governments fiscal deficit narrowed by just under 21 percent in the first nine months of the 2005/2006 fiscal year reaching $92.8 million over the same period in the previous fiscal year, the Central Bank of The Bahamas reported in its latest financial and economic review.

The assessment was released a few days ahead of the tabling of the Christie administration’s budget for the next fiscal year.
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China could offer a model for new manufacturing industries in Caribbean and Latin American countries, especially those that are heavily dependent on a fragile tourist industry for the bulk of its GDP.

Last week, Philip Miller, The Bahamas Head of Mission in Beijing, China, led a delegation of Latin American and Caribbean diplomats on a three-day tour of the Zhengzhou Yutong Group Co Ltd, a bus and heavy equipment manufacturing company.
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Family Island residents are expected to get a major boost to their mail boat services as the government revamps the domestic shipping industry.

For years that sector has been plagued with problems and non-stop complaints from Bahamians living on the out Family Islands. Speaking at the opening ceremony of the 11th Meeting of the Caribbean Port State Control Committee (MOU), Minister of Transport Glenys Hanna-Martin said a new framework has been developed to tackle the problem.
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American officials marked their Memorial Day holiday in The Bahamas yesterday by paying tribute to the USs war dead at a solemn ceremony at Clifton Pier.

Representatives from the US Embassy and Iowa Democratic Senator, Tom Harkin were among the officials attending the event to remember 10 men killed on aerial patrol, dubbed “Patrol Squadron 23.”
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Millions of dollars are owed to the hard workers of the hotel union due to negotiations made nearly two decades ago, said former hotel union executive Bobby Glinton.

While speaking as a guest on Island FM’s Parliament Street talk show on Sunday past, Mr. Glinton said that the Bahamas Hotel Catering and Allied Workers Union under the former leader Tom Bastian arranged for six percent for hotel workers salary to go to a pension plan in the late 80’s.
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As the political directorate moves speedily ahead to privatise Bahamas Telecom-munications Company, there are a few observations which unlike the privatisation process will withstand scrutiny. Privatisation is the punishment meted out to governments, the corporations they control and the people they serve because they failed to managed the resources and assets entrusted to them.

Currently a group known as Bluewater appears to be the front runner for gaining control of BTC’s hard earned assets.
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Royal Caribbeans Freedom of the Seas is expected to boost tourism figures and pump more dollars into industries that are linked to tourism.

With guest occupancy totalling 4,375, the cruise liner’s service to The Bahamas is expected to strengthen the country’s position as the premier destination for cruise visitors even further.
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