Bahamas News
BAHAMAS: Symonette: Improved Systems to Further Expand Financial Services
#Bahamas, March 5, 2018 – Nassau – Minister of Financial Services, Trade & Industry and Immigration, the Hon. Brent Symonette, says that steps are being taken to grow and sustain the financial services sector. The Minister delivered opening remarks during the 15th annual International Business and Finance Summit. The event was held at the Baha Mar Convention Centre on Thurday, 1st March under the theme, “Hit the Reset Button.”
“I assumed my role as Minister of Financial Services, Trade & Industry and Immigration nine months ago,” said Mr. Symonette. “And it is my mission to ensure that we engage industry, follow emerging trends and strategically position ourselves to be innovative as we move forward for the growth and sustainability of financial services in The Bahamas.”
He said that globally the Financial services industry is ‘constantly’ being threatened by increased global regulatory standards, unscrupulous persons wishing to use it for illicit or illegal activity, and technological changes that threaten human capital allocation. As a result, the government is enhancing systems and processes to comply with global regulatory standards, creating and amending legislation and enforcement actions to thwart against illicit or illegal activity, and sharpening human capital resources to adapt to technological advances.
“Our progress thus far has consisted of new legislation and legislative amendments that affect various industries including financial services, immigration, trade and commercial enterprise, as well as, the implementation of appropriate structural and macroeconomic policies which are being designed to improve economic efficiency and to create conditions conducive for integration into the world economy,” he said.
His portfolio as Minister of Financial Services, Trade & Industry and Immigration, contains three sectors that are interlinked. He said that Financial services can be as ‘innovative and creative’ as it wants to be, but if it is difficult for business persons and professionals to come here to facilitate this engine, then progress and development of financial services will be hindered.
“If trade and industry is not being constantly developed and new avenues for this to grow are not explored and implemented, trade in financial services and adjunct businesses that are created as a result, will have no room to thrive,” he said. “The reason I am highlighting these areas, is because they have long been impediments to our continued success in financial services. Today, I can say, we have gained some ground on removing these impediments.”
Some of the initiatives include the Ease of Doing Business policy, which includes improvement in the business licence process and advances in technology. Further, the government is also embarking on amending to legislation, from the Central Bank of The Bahamas, making the process around ‘Know Your Customer,’ and Money Laundering and Terrorist Financing less regimented to make it easier to open accounts and transact business.
“My Ministry is also engaged in discussions with the Governor of the Central Bank to relax exchange control, an issue which is of concern to many in the business community to access international finance across borders,” he said. “We believe that this relaxation will attract foreign direct investment and allow Bahamians and foreigners to move goods and products more freely and efficiently.”
The Securities Commission of The Bahamas is also making amendments to the Investment Funds Act. This Act, he noted, is out for consultation and will assist in enhancing this service. It is expected to be passed before the end of the year.
Another initiative is the Commercial Enterprise Act, of which the aim is to make it easier for persons investing in specialized areas such as arbitration, technology, call centres, international & maritime trade and captive insurance to obtain work permits more quickly and efficiently. The government is also facilitating various immigration reforms, namely adjustments in the application proces for short-term work permits for persons entering the Bahamas for the purpose of business for a period of less than 21 days.
“We have also revised our policy on permanent residency on the purchase of a residence. With effect from 1st July, 2018, the threshold will be increased to $750,000 instead of the $500,000 threshold that has been in place for numerous years,” he said.
Other initiatives include Human Capital Development; signing onto the Common Reporting Standards (CRS) protocols and Expansion of Financial Services
“The Bahamas is known for its long history and knowledge in the wealth management space. In the next phase of our transformation, we must expand this space,” said Minister Symonette.” We are exploring the Asset Management, Global FX pricing and liquidity, and Fintech, just to name a few as expansions to our current offerings in financial services.”
By: Betty Vedrine (BIS)
Photo Captions:
Header & First insert: Minister of Financial Services, Trade & Industry and Immigration, the Hon. Brent Symonette delivering opening remarks and answering questions during the 15th Annual International Business and Finance Summit. The event was held at the Baha Mar Convention Centre on Thurday, 1st March under the theme, “Hit the Reset Button.”
Second insert: Minister of Financial Services, Trade & Industry and Immigration, Hon. Brent Symonette chatting with Former Minister of Financial Services Minister, Ryan Pinder during the 15thAnnual International Business and Finance Summit. The event was held at the Baha Mar Convention Centre on Thurday, 1st March under the theme, “Hit the Reset Button.”
(BIS Photos/Derek Smith)
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products concluded their 10 weeklong Twist To Win campaign with four $5,000 Mall at Marathon shopping sprees.
The campaign which was available throughout the entire Bahamas allowed consumers to enter by purchasing a 20oz bottle with a yellow cap
from the following brands: Coca-Cola, Coca-Cola No Sugar, Sprite, Fanta Orange, or Fanta Grape. Each yellow-cap had a unique alpha numeric code underneath which they submitted to the Twist To Win WhatsApp number.
With each qualifying purchase, participants residing in The Bahamas were entered to win instant prizes and into a grand prize draw to win one of four $5,000 shopping sprees at the Mall at Marathon.
Participants also enjoyed exciting instant prizes such as: Airpods, JBL Speakers, premium Coca-Cola merchandise, $500 Visa gift cards and Amazon, Spotify and Apple Music digital gift cards.
Out of 76,000 plus submissions, Brian Bethel, Ashia Demeritte, Merlin Adams, and Taraceta Neely won the coveted Mall at Marathon shopping sprees at the following select stores, Kelly’s House & Home, The Sports Center, John Bull, Brass & Leather, and BTC.
Leading up to the grand finale shopping spree, Coca-Cola hosted a Trivia Showdown with the eight finalists to determine the four winners. Finalists were tested on their knowledge of World History, Pop Culture, Caribbean Bottling Company and Coca-Cola Facts!
After a few rousing rounds of trivia, the four winners were declared after each winning their spot in the shopping spree by answering their questions correctly and choosing the “Grand Prize” Coca-Cola labeled bottles at random.
The morning of the shopping spree Coca-Cola gave the winners exclusive access to the Mall at Marathon and its participating stores before
their usual operating hours. Grand prize winners were greeted with wide smiles from Coca-Cola brand representatives and morning bites before the big event.
At the start of the thirty-minute clock the grand prize winners along with each of their Coca-Cola shopping assistants ran to the various stores collecting items in their arms and carts.
Merlin Adams, a husband and father of four was proud to have executed his game-plan at the end of the shopping spree. With toys, a new phone and materials for his home from Kelly’s, Adams felt accomplished in what he gathered.
Taraceta Neely, a winner from Eleuthera collected beautiful bags for herself and relatives from Brass and Leather and Brian Bethel bought matching athletic and outdoor wear from The Sports Center for his family.
The final winner Ashia Demeritte bought linens and household items in addition to a new phone from BTC right in time for Christmas.
Caribbean Bottling Company is proud to share the real magic of Coca-Cola with the grand prize winners and the may instant prize winners across the Twist To Win campaign. For more updates on new products, promotions, and events follow www.cbcbahamas.com.
Bahamas News
The Coca-Cola Art Project Astonishes Art Lovers at The Bahamas Culinary & Arts Festival
NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers and distributors of Coca-Cola and Dasani products displayed
their astonishing Coca-Cola Art Project (CCAP), during Baha Mar’s five-day Culinary & Arts Festival. Earlier this year, Coca-Cola partnered with The University of The Bahamas’ Visual Art and Design Department for a culturally rich art competition. UB’s art students were challenged to create pieces surrounding the theme, Bahamian music.
As a result, 20 student works of art were made, with four students declared as winners at the CCAP exhibit opening in Baha Mar’s ECCHO: Art Gallery in August. To recreate the culturally stimulating magic felt at the exhibit’s premiere, the CCAP was featured at the FUZE Art Tent during The Bahamas Culinary & Arts Festival.
Nine incredible pieces of art lined the walls of the Coca-Cola Art Project, four of which included the winning pieces from Jhanaisia Cole,
with ‘Gaulin Bride’; Alyssa Pinder, with ‘Shotgun Wedding’; Nelson Gray, with ‘Untitled’; and Jaela Bowe, with the piece ‘Whims of Obeah, a Folktail’. Additionally, an intimate listening room was built. It displayed students’ artistic processes, UB Visual Art and Design representatives, and a recap of the exhibit opening for audiences.
Art enthusiasts also enjoyed premium limited-edition CCAP keepsakes at the booth. Journals which featured a collage of all 20 student submissions on the front and back cover, postcards with an art piece on the cover along with the student’s name, title, dimension and materials on the back and pens designed with the CCAP’s dynamic logo.
Throughout the art festival diverse groups of people visited the art tent taking in the displays while enjoying the artistic insights from the
listening booth.
Community and culture are always at the forefront of Caribbean Bottling Community, and it was boldly showcased during The Bahamas Culinary & Arts Festival for the third consecutive year.
For more details on the Coca-Cola Art Project, events and new products visit www.cbcbahamas.com today!
NASSAU, Bahamas — Caribbean Wines & Spirits (CWS), The Bahamas’ premier wines and spirits distributor delighted Jollification
attendees with bubbles from their Bottega and Bouvet Ladubay sparkling wines and Besserat de Bellefon champagne lines.
Located in the Monument Circle on The Retreat grounds, CWS transformed The Retreat Garden into a lush lounge with Besserat, Bouvet and their latest product addition, Bottega, during the two-day affair.
The festivities kicked off Friday during BNT Member’s Night. Guests enjoyed exclusive offerings from CWS’s catalogue, offered exclusively to members. Complimentary mixes or glasses on the rocks included El Tequileno tequila, Hard Truth whiskey, House of Angostura rum, Cross Keys gin, Nemiroff vodka and a slew of wines such as Fonesca Bin, Bottega and Besserat.
Guests also savored the ‘Jolly Paloma’ cocktail, an instant favorite made with El Tequileno tequila, Schweppes Grapefruit and Domaine de Paris rose wine. To end the night, guests were treated to branded limited-edition wine tumblers as keepsakes.
On Saturday and Sunday, Jollification attendees delighted in glasses or bottles of champagne and sparkling brut or rosé wines while taking
in the comfort of the chic lounge. In addition to purchasing bottles for onsite consumption, consumers were also able to purchase bottles as gifts whether for themselves or someone special.
The sophisticated “bubble lounge” lounge was decked with velvet couches, gold rimmed cocktail tables, blue and pink pillows, and a white floral branded backdrop created for capturing the perfect picture.
Caribbean Wines & Spirits, a historic partner of the Bahamas National Trust was pleased to support Jollification 2025 to kick off the festive season and share their expansive range of spirits.
To keep up to date with all CWS products and events, visit their website at www.cwsbahamas.com today.
