Bahamas News
DPM tables Travelers Currency Declaration (Amendment) Bill 2018 in the House of Assembly
#Bahamas, January 25, 2018 – Nassau – Deputy Prime Minister and Minister of Finance the Hon. Peter K. Turnquest tabled the Travelers Currency Declaration (Amendment) Bill 2018 in the House of Assembly, Wednesday, January 24, 2018. DPM Turnquest explained that the Amended Bill seeks to tackle several issues by stating clearly what travelers must declare to Customs officials in The Bahamas.
An updated Customs Form will reflect the changes to be made, which includes declarations for currency or other negotiable instruments or precious metals or precious stones. Items not declared will either be detained or forfeited as items not declared. However, the property cannot be detained for more than 72 hours after seizure unless a magistrate orders its continued detention for a period not exceeding three months from the date of the original detention or seizure.
The DPM also defended this present Government Administration’s handling of the Financial Services Industry particularly the domestic banking sector in particular of bank closures.
“What we see today is the continuation of a trend that has been happening now for several years. Unfortunately, it is a global trend as more and more banks because of the availability of technology, are taking advantage of that technology to reduce their costs.
“Reducing their costs unfortunately means that some of them are moving to an electronic banking platform, requiring less brick and mortar locations, and as a result less bodies.”
He said the Bahamian people have not been prepared to benefit or to adapt to the new technology and new reality; and this Government has been trying to take advantage of new technology through the Commercial Enterprises Bill, the efforts being taken in Grand Bahama to create a tech hub, and the promotional tour that the Prime Minister is on in Austin, Texas trying to develop interests in The Bahamas as a tech hub.
“Although we are late, we are trying to help our people are adapt to this new reality — even as we talk about Bitcoin and cryptocurrencies and how they are going to affect the way we do business, how monetary policy is determined and controlled.”
DPM Turnquest also explained that the Government does not control the closure or consolidation of banks, but it is preparing and putting in place strategic plans on how it is going to address the evolution of the banking system.
“I do not want to get ahead of the Prime Minister (Dr. the Hon. Hubert Minnis) as to what are the plans for the domestic financial industry and how we intend to make provision for these communities that have all of a sudden become unbanked.
“We want to extend our reach into communities that have been under-served or not served for years and how we need to rationalize the web shop phenomena and these electronic payments and again all of the crpytocurrencies that are popping up. You will hear more about those kinds of things and how we intend to address them from a technological point of view and a future vision point of view.”
He said that in Bimini, the Government encouraged the Bank of The Bahamas to open there as well as Exuma. The Government also encouraged another Bahamian bank to go into Spanish Wells.
“We are doing the best that we can, but we do recognize that is not necessarily the best and the most financially wise approach, because it does [require] additional costs, and in a lot of these communities the cost of business outweighs the benefit.
“But we have to understand that we have a moral obligation also. So we will continue to do the best that we can for these under-served communities to the extent where we can encourage the Board of the Bank of The Bahamas to look at these communities to see whether they can justify establishing branches in either part-time or off-days, or whether full-time,” the DPM said.
Bahamas News
Get your laugh on, March On, family drama by Gea Pierre, debut this weekend in Turks and Caicos
This is the sixth edition of the relays and the fourth time that The Bahamas has hosted the event, which actually made its debut in The Bahamas in 2014.
President, World Athletics, Sabastian Coe said after three very successful editions from 2014 to 2017, the World Athletics Relays has quickly become one of the World Athletics vibrant competitions, developing a culture of fun and innovation that gives it a unique flavour.
He thanked the Bahamas Government, the local World Athletics Relays Bahamas 24 committee and the Bahamian people for agreeing to host the relays. However, his main thanks were to the “world’s best sprinters” travelling from all the continents to compete in preparation for the road to Paris, France, in two months’ time.
During the opening ceremony, the athletes were given words of advice from Carl Lewis, one of only four Olympic athletes to have won nine Olympic gold medals, who is widely recognized as one of the greatest athletes of all time.
He said, “Keep it simple, do not try to do anything extra. Do what your coaches said. Leave on time, leave on time, leave on time.”
The athletes and crowds were treated to the sounds and sights of Junkanoo at the end of the opening ceremony. The Junkanoo performers stuck around for the two days of competitions, playing for the sprinters as they competed on the track.
Teams competed in the Women’s and men’s 4x100m, and the women’s men’s and mixed 4x400m. A total of 14 teams at the World Athletics Relays Bahamas 24 automatically qualified for places at the Paris 2024 Olympic Games. Both days of competition were important, as day two offered another chance for qualifications for those teams unsuccessful on day one.
Bahamians were made proud as the country set a new national record during the mixed 4x400m relays thanks to the efforts of 16-year-old Shania Adderley, a student of Tabernacle Baptist Academy.
The team came first in their heat on Sunday evening after not being able to gain a spot for the Paris Olympics on the first day of competition.
Other sprinters on the team included Alonzo Russell, as well as Olympic champions Steven Gardiner and Shaunae Miller-Uibo.
NASSAU, The Bahamas – During his remarks at the Opening Ceremony for the World Athletics Relays 2024, on May 4, Prime Minister and Minister of Finance the Hon. Philip Davis welcomed the special guests, athletes, officials, and “all lovers of athletics from around the world” to the Thomas A. Robinson National Stadium here in the “vibrant heart” of Nassau, Bahamas.
“This weekend, the world’s finest athletes gather on our shores to embark on a journey that is not only about speed and strength but also about dreams and determination,” Prime Minister Davis said. “From the serene beauty of our islands to the historic grandeur of Paris, this event marks a crucial path to the Olympic Games in Paris 2024.”
He added: “Here in The Bahamas, we are no strangers to world-class athletics or the warmth and exuberance that such international gatherings bring. It is a distinct honor to once again welcome the World Athletics Relays back to our islands. This event holds a special place in our hearts, symbolizing a bridge between nations brought together by the universal language of sport.”
Prime Minister Davis noted that that year’s theme, “Paradise to Paris,” captured the essence of that journey.
“It is here, amidst the splendor of our sun-kissed beaches and the rhythmic sway of our palms that the chase towards Olympic glory begins anew,” he stated. “We are thrilled to offer a backdrop of unparalleled beauty, where every sprint, every baton pass, and every victory lap is set against the picture-perfect canvas of our islands.”
He added: “To our athletes, I say this: as you stand on the precipice of your dreams, ready to catapult yourself into the annals of history, know that you are part of a legacy of excellence and determination. This weekend, you are not only competitors but also ambassadors of your countries and the spirit of sport. We are especially proud of Team Bahamas, who carry the weight of their performance and the hopes and pride of our nation. You embody the spirit of The Bahamian people, and we are behind you every step of the way.”
Prime Minister said that to the international visitors, he extended “the warmest Bahamian welcome”.
“Over the next few days, as you revel in the thrill of competition, take a moment to bask in the beauty of our island,” he stated. “Discover why we proudly say, “It’s Better in The Bahamas.” Whether it’s the hospitality of our people, the tranquility of our waters, or the rhythm of our culture, you are in for an experience that captures the heart and rejuvenates the soul.”
“Let us celebrate the unity and friendship that sports foster, cheering every athlete and savoring the spectacle of human potential at its best,” Prime Minister Davis added. “I hope the races are swift, the results are inspiring, and the memories are lasting.
“Welcome to The Bahamas, the paradise where champions chase their dreams to Paris. As your host, it is my immense pleasure to declare the World Athletics Relays Bahamas 2024 officially open. Let the games begin.”
-
Caribbean News1 week agoBelize, Jamaica and St. Vincent and the Grenadines eliminate mother-to-child transmission of HIV and Syphilis
-
TCI News6 days agoEquity in Energy says Bahamas Energy & Transport Minister in legislative roll out
-
TCI News6 days agoFamily of 16 tourist claims negligence in Grand Turk jet ski death; Coroner’s Court hearing evidence
-
TCI News5 days agoAMERICAN MOTHER AND DAUGHTER ALLEGEDLY ARRESTED FOR TWO BULLETS
-
Caribbean News1 week agoMagnetic Media attends Caribbean Media Summit, in focus AI in Journalism
-
world news1 week agoElectricity Access for 600 Million a goal of UN Sustainability Week
-
Bahamas News6 days agoThe Bahamas Successfully Hosts Its Fourth World Athletics Relays
-
TCI News6 days agoPolice Swarm Five Cays, newest murder victim is 37 year-old man