September 5, 2008. According to the Bahamas International Securities Exchange (BISX), Colonial Pension Services (Bahamas) Limited has been approved as a Trading Member of the exchange.
Colonial Pensions Services (Bahamas) Limited (Colonial Pension Services) is a subsidiary of Colonial Group International Limited of Bermuda. It becomes the 5th BISX Broker Dealer Member and the 2nd new Broker Dealer Member for 2008.
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August 28, 2008. According to the Bahamas International Securities Exchange (BISX), the BISX Mutual Fund Listing Process has been successfully completed by Phoenix Four Inc. (Phoenix Four). Now, Phoenix Four Inc. has been added to the roster of funds listed on BISX.
Phoenix Four Inc. is a closed end fund. It becomes the 23rd mutual fund listing on BISX and the 3rd international listing since December 2007.
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August 14, 2008. The Central Bank of the Bahamas has recently announced the new appointment - a former senior official with the United Kingdom Financial Services Authority (FSA) Stanislaw J. Bereza was appointed as Inspector of Banks and Trust Companies.
Previously, Stanislaw J. Bereza had been working as a Senior Relationship Manager with the FSA/Bank of England for 13 years and 8 months. Also, he was in charge with the supervision of the London-based operations many major international investment and commercial banks. Bereza represented the FSA on the Senior Supervisors Group that was formed to evaluate how effectiveness current risk management practices were during the recent financial market turbulence.
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July 5, 2008. The Bahamas International Securities Exchange (BISX) is going to launch a new initiative targeted at global financial services companies in order to create a new platform that will be focused on opportunities in the international capital markets.
The joint venture to be launched is named BISX Global. It combines product development teams and investment product specialists from all over the world with one of the leading financial jurisdictions.
BISX Global intends to capitalize on the increased benefits of listed and independently priced products using significant tax and regulatory advantages.
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June 16, 2008. On June 13, House members passed the Bahamian Government's 2008-2009 Budget Bill. Passing the bill followed debate on the budget that included tax concessions (some of the most important in the history of the Bahamas that are offered to families). Now, the Budget Bill will be presented to the Senate, and members of the Upper Chamber will commence debate.
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May 29, 2008. Hubert Ingraham, Bahamas Prime Minister and Minister of Finance, has delivered the Bahamian government's 2008-2009 Budget Communication to Parliament. The Budget is heavily tilted to provide relief to Bahamians on low incomes.
In his budget speech, Ingraham discussed increases in Social Service allocations, pay raises for public officers and teachers, tax eliminations on food items, and tax suspensions on fuel imports for the Bahamas Electricity Corporation.
According to Ingraham, the budget has been worked out so that it took into consideration the international economic turbulence and uncertainty that have direct influence on the people of the Bahamas.
He noted that the tax cuts in this year's budget, inclusive of new and significant concessions being granted to first-time homeowners, will impact revenue, and some of the revenue measures may result in revenue losses for the government, but this money will stay with consumers and homeowners and therefore provide much-needed relief in the future.
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May 20, 2008. In accordance with a statement from the Bahamas Financial Services Board (BFSB), legislative improvements and the implementation of a risk-based, modern regulatory regime for the securities sector are perceived as critical move to diversify the second pillar of the Bahamian economy and to reinforce growth for the jurisdiction's private wealth management services.
The statement says that while banking institutions are the cornerstone of the financial services industry, independent asset managers and other investment arms of financial institutions and small niche providers are key drivers of financial services both globally and in the Bahamas.
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April 22, 2008. On April 17, FirstCaribbean International Bank announced that it has successfully completed a 30-year bond issue for the Commonwealth of the Bahamas worth USD 100 million, via its Capital Markets Unit.
The joint-lead managers for the transaction were FirstCaribbean and RBC Capital Markets. The bond was placed with international and regional investors. It is worth noting that this was the first deal of this type from a Caribbean sovereign since the beginning of 2008. The proceeds of the bond will be used by the Bahamian government to finance general development in the jurisdiction.
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April 19, 2008. The Bahamas is expected to strengthen its diplomatic ties with the Republic of Chile under the provisions of the Economic Partnership Agreement with the European Union. This was announced by Bahamian Governor General, Arthur Hanna, when he welcomed new Ambassador of Chile to the Bahamas.
The diplomatic relations between the Bahamas and Chile were established on December 4, 1990. Then, the Diplomatic Academy of Chile offered bilateral exchanges in the areas of language training programmes, courses and trade negotiations.
Mr Hanna accepted the Credentials presented by the Ambassador of the Republic of Chile, His Excellency Alfredo Garcia Castelblanco, at a ceremony at Government House. He noted that the Bahamas is proud of its longstanding relations with Chile that are reflected in interaction within the international world. He also added that Chile has been a leader in maximising multilateralism for national benefit, which has been lauded recorded by the International Monetary Fund (IMF) and World Bank.
Ambassador Castelblanco said that Chile is planning to discuss a free trade agreement with the Caribbean Community (CARICOM).
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February 10, 2008. The government of the Bahamas is seeking to strengthen its financial cooperation with the government of the Netherlands. It also hopes to leverage the Netherlands' government's support in order to secure financial services regulation within the Organisation for Economic Co-operation and Development (OECD).
The intention to strengthen the cooperation in the sphere of financial services was announced by Bahamian Governor General Arthur D. Hanna when Letters of Credence from Christiaan Mark Johan Kroner, non-Resident Ambassador of the Kingdom of the Netherlands to the Bahamas, were accepted by him at a ceremony on February 7. The Bahamian Governor observed that the Bahamas and the Netherlands share a fundamental belief in democracy, international cooperation, and the rule of international law.
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