Daily Archives: April 28, 2017

New York Times

Fyre Festival, a Luxury Music Weekend, Crumbles in the Bahamas New York Times A supposedly opulent music festival on a private island in the Bahamas, which was promoted as an unprecedented V.I.P. event by Instagram influencers including Kendall Jenner and Emily Ratajkowski, descended into dysfunction and disarray as soon as it ... Fyre Festival Postponed as Chaos Erupts at Ja Rule's Luxury Weekend Concert in the BahamasVariety 'Luxury' concert weekend in Bahamas turns into nightmareLocal 10 Luxury music festival in Bahamas has chaotic start, ticket holders furiousSFGate CNBC -ABC News -KTLA -Twitter all 258 news articles »

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Fyre Festival, a Luxury Music Weekend, Crumbles in the Bahamas - New York Times

The Bahamas boys and Cayman Island girls came away with team titles at the 2017 CARIFTA Championships held in Nassau, Bahamas. Stock Photo via Funky Trunks

Both the Bahamas boys and Cayman Islands girls walked away with team titles at the 2017 CARIFTA Championships held in Nassau, Bahamas, with both earning emphatic victories in the points standings.

On the boys side Bahamas put up a staggering 459 points, nearly 100 clear of the runners-up from Guadeloupe (361.5). For the girls, the Cayman Islands put up 408 points, topping Trinidad & Tobago (332) and Jamaica (328.5).

Combined, Bahamas was well ahead with 799.5, followed by Guadeloupe (662) and Cayman Islands (621.5). Bahamas dominated the medal count with a leading total of 60, though Trinidad & Tobago managed to top the gold medal charts with 20.

The high point winners for the 11-12 age group both came from Bermuda, asElan Daley(80 pts) andSam Williamson(79) took the honors respectively.

Daley swam a plethora of events, picking up a total of five victories in the 50 back, 200 IM, 50 breast, 100 free and 50 free, including the middle three all coming on the third night of racing. Her time of 27.50 in the 50 free was the top 11-12 performance of the meet (642 FINA Pts). Williamson also swam a multitude of events, earning five victories as well with a sweep of the breaststroke and IM events.

Gabriela Donahue (57) of Trinidad and Tobago andNkosi Dunwoody(48) of Barbados earned top honors in the 13-14 category. Like Daley and Williamson, they both earned five individual wins apiece. Donahue swept the breaststroke events and added wins in the 50 fly and 50 back, while Dunwoody, like Williamson, swept the breaststroke and IM events.Ali Jackson of the Cayman Islands had the top 13-14 performance of the meet with her win in the 100 free in a time of 58.22 (714).

The 15-17 age category sawLauren Hew(67) of the Cayman Islands andPatrick Groters(61) of Aruba dominate, earning six wins each. Hew swept the backstroke events and added wins in the 100, 200 and 400 free. Groters also swept the back events, and added wins in the 200 and 400 IM and 400 free. Groters had the top four FINA point scoring swims in the age group, led by his 200 IM time of 2:04.69 (764).

James is currently a university swimmer for the Laurentian Voyageurs, where he is studying economics. Along with swimming, he also loves hockey. He's in his 11th season as a competitive swimmer.

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Bahamas, Cayman Islands Win 2017 CLARFITA Championship Titles - SwimSwam

Forbes

Beyond Macau: Manila, Korea, Bahamas Openings Highlight Key Asia Gaming Trends Forbes New resort developments in three different markets illustrate that the good times are back for Asia's casino owners. Resorts World Manila in the Philippines, South Korea's Paradise City outside Seoul and on the other side of the globe at Baha Mar on ...

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Beyond Macau: Manila, Korea, Bahamas Openings Highlight Key Asia Gaming Trends - Forbes

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The OECDs Global Forum head yesterday delivered a blunt warning that the Bahamas must take quick action to avoid being blacklisted, arguing that this nations image was that of the last tax haven standing.

Monica Bhatia, who leads the secretariat for the OECDs Global Forum on transparency and tax information exchange, told Bahamian financial services executives that while this nation had shown its commitment to implementing global standards, it was challenged to keep up with a fast-changing tax transparency environment.

Ms Bhatia said the Bahamas was the only financial services jurisdiction of substance yet to commit to the automatic exchange of tax information on a multilateral basis, sticking with its previously stated bilateral approach.

As a result, she argued that the Bahamas was seen as undermining the level playing field concept when it came to implementing the Common Reporting Standard (CRS), the global benchmark for automatic tax information exchange.

I think the approach the Bahamas has taken to the implementation of automatic exchange, particularly the bilateral approach, has made the Bahamas an outlier, Ms Bhatia said, speaking at an industry briefing at the Meli Nassau Beach Resort.

There are now 109 countries and jurisdictions that are participating in the multilateral convention, the most recent one being the United Arab Emirates. The Bahamas is now the only country which has not signed the multilateral convention. That obviously brings all the attention of its peers on to the Bahamas.

Explaining the consequences, Ms Bhatia added: While the concept of a level playing field was something that was put forward by the Bahamas initially, it itself is being seen to be unlevelling the playing field now. It is seen to be a straggler.

I think this brings with it very huge reputational risks. Weve seen the media coverage, we get feedback from members, from industries in other countries, but it [the Bahamas] seems to be projecting itself as the last standing tax haven.

We dont use the word tax haven in the Global Forum at all, but this is still being picked up by the media and our peers that that is what the Bahamas is projecting itself as.

The European Union has threatened to publish a blacklist of so-called tax havens by year-end 2017. The Bahamas, should it fail to meet its Common Reporting Standard (CRS) implementation deadline and negotiate automatic tax information exchange agreements with the EU and its member states, would almost certainly find itself on such a list.

This concern was reiterated by Ms Bhatia, who warned: I see that for the Bahamas, unless action is taken very quickly and some very clear and convincing messages are sent out, I think that there is a big risk of ending up on a blacklist; certainly in the medium term, if not in the short-term. We dont want to see any of our members ending up on any blacklist.

As revealed by Tribune Business earlier this week, the Bahamas is under growing pressure to bow to international demands that it automatically exchange tax information on a multilateral basis, with the European Union (EU) and its members refusing to accept this nations preferred approach.

The Bahamas previously agreed to implement the CRS, the Organisation for Economic Co-Operation and Developments (OECD) global standard for automatic tax information exchange, via a bilateral approach that involved negotiating agreements on an individual country-by country basis.

However, the OECD and its developed country members have been steadily increasing the pressure on the Bahamas to switch to the multilateral approach, requiring this country to negotiate tax deals with all-comers at once.

The Bahamas has been left exposed by the decisions of Hong Kong, Panama and the United Arab Emirates to switch from the bilateral to multilateral approach, which has left this nation as the last international financial centre (IFC) of significance that is sticking to the former.

The refusal of the EU and its members to accept the Bahamas bilateral approach - an approach previously accepted by the OECD itself - creates several potential threats for this nations financial services industry.

With the clocking ticking down to the Bahamas commitment to implement the CRS and automatic tax information exchange by 2018, the refusal of the EU and its member states to negotiate could jeopardise meeting this deadline.

And, potentially more problematic, is the EUs threat to publish a blacklist of so-called tax havens by year-end 2017.

If the Bahamas finds itself on such a list, its reputation, integrity and ability to attract financial services business will be threatened, undermining the economys second pillar and the sector that underpins the nations middle class.

Financial services industry sources have said the Bahamas would still be able to survive if forced to ultimately adopt the multilateral approach to CRS implementation, as it would not be placed at a competitive disadvantage since all rivals were doing the same.

However, Ryan Pinder, the former minister of financial services, had argued against the multilateral route because the Bahamas currently has no tax architecture to facilitate the spontaneous handing over of the information it demands, the US excepted (FATCA).

As a result, should the Bahamas be forced down the multilateral route, the costs, time and bureaucracy associated with compliance will likely increase for both the Government and financial services industry, further hitting this nations competitiveness.

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Oecd Chief Tells Bahamas: Act Now To Avoid 'Blacklist' - Bahamas Tribune