Monthly Archives: February 2022

NASSAU, BAHAMAS The government of The Bahamas yesterday joined several nations around the globe in denouncing Russias invasion of Ukraine on Wednesday night and calling for an immediate end to the conflict.

In a statement, Minister of Foreign Affairs Fred Mitchell said: The invasion of Ukraine by the Russian Federation and led by its President Vladimir Putin is wrong, unlawful and should end and be reversed.

We support the statements of the secretary general of the United Nations. We have also joined with our CARICOM partners in support of a joint statement on this issue.

The Bahamas supports the right of self-determination, the inviolability of territory settled within legally defined borders.

The seizure of territories based on tendentious interpretations of history should not be the basis for hegemony over other nations and peoples without their consent.

We again call for the immediate cessation of hostilities and for the Russians to withdraw to their borders.

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WRONG, UNLAWFUL AND SHOULD END: The Bahamas denounces ...

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The economy of the Bahamas is dependent upon tourism and offshore banking. The Bahamas is the richest country in the West Indies and is ranked 14th in North America for nominal GDP.[9] It is a stable, developing nation in the Lucayan Archipelago, with a population of 391,232 (2016). Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth for many years. The slowdown in the Economy of the United States and the September 11 attacks held back growth in these sectors from 2001 to 2003.

Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% of GDP. However, since December 2000, when the government enacted new regulations on the financial sector, many international businesses have left the Bahamas. Manufacturing and agriculture together contribute approximately 10% of GDP and show little growth, despite government incentives for those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector, which depends on growth in the United States, the source of more than 80% of the visitors. In addition to tourism and banking, the government supports the development of a "2nd-pillar", e-commerce.

The Bahamian economy is almost entirely dependent on tourism and financial services to generate foreign exchange earnings. The Gross Domestic Product (GDP) of The Bahamas is approximately $5.7 billion with tourism accounting for 50%, financial services nearly 20% and the balance spread among retail and wholesale trade, fishing, light manufacturing and agriculture.[10] The European Union lists the Bahamas as one of several Caribbean "uncooperative jurisdictions" because it fails to meet tax fairness and transparency benchmarks.[11]

Tourism alone provides an estimated 51% of the gross domestic product (GDP) and employs about half the Bahamian workforce. In 2016, over 3 million tourists visited the Bahamas, most of whom are from the United States and Canada..[12]

A major contribution to the recent growth in the overall Bahamian economy is Kerzner International's Atlantis Resort and Casino, which took over the former Paradise Island Resort and has provided a much needed boost to the economy. In addition, the opening of Breezes Super Club and Sandals Resort also aided this turnaround. The Bahamian Government also has adopted a proactive approach to courting foreign investors and has conducted major investment missions to the Far East, Europe, Latin America, and Canada. The primary purpose of the trips was to restore the reputation of the Bahamas in these markets.

Financial services constitute the second-most important sector of the Bahamian economy, accounting for up to 17% of GDP, due to the country's status as an offshore financial center. As of December 1998, 418 banks and trust companies have been licensed in the Bahamas. The Bahamas promulgated the International Business Companies (IBC) Act in January 1990 to enhance the country's status as a leading financial center. The Act simplified and reduced the cost of incorporating offshore companies in the Bahamas. Within 9 years, more than 100,000 IBC-type companies had been established. In February 1991, the government also legalized the establishment of Asset Protection Trusts in the Bahamas. In December 2000, partly as a response to appearing the plenary FATF Blacklist, the government enacted a legislative package to better regulate the financial sector, including creation of a Financial Intelligence Unit and enforcement of "know-your-customer" rules. Other initiatives include the enactment of the Foundations Act in 2004 and the planned introduction of legislation to regulate Private Trust Companies. After being later off the blacklist,[13] in December 2020 Bahamas also was taken off[14] the FATF greylist.

Agriculture and fisheries industry together account for 5% of GDP. The Bahamas exports lobster and some fish but does not raise these items commercially. There is no large scale agriculture, and most agricultural products are consumed domestically. The Bahamas imports more than $250 million in foodstuffs per year, representing about 80% of its food consumption. The government aims to expand food production to reduce imports and generate foreign exchange. It actively seeks foreign investment aimed at increasing agricultural exports, particularly specialty food items. The government officially lists beef and pork production and processing, fruits and nuts, dairy production, winter vegetables, and mariculture (shrimp farming) as the areas in which it wishes to encourage foreign investment.

The Bahamian Government maintains the value of the Bahamian dollar on a par with the U.S. dollar. The Bahamas is a beneficiary of the U.S.-Caribbean Basin Trade Partnership Act (CBTPA), Canada's CARIBCAN program, and the European Union's Lome IV Agreement. Although the Bahamas participates in the political aspects of the Caribbean Community (CARICOM), it has not entered into joint economic initiatives with other Caribbean states.

The Bahamas has a few notable industrial firms: the Freeport pharmaceutical firm, PharmaChem Technologies (GrandBahama) Ltd. (formerly Syntex); the BORCO oil facility, also in Freeport, which transships oil in the region; the Commonwealth Brewery in Nassau, which produces Heineken, Guinness, and Kalik beers;[15] and Bacardi Corp., which distills rum in Nassau for shipment to the U.S. and European markets. Other industries include sun-dried sea salt in Great Inagua, a wet dock facility in Freeport for repair of cruise ships, and mining of aragonitea type of limestone with several industrial usesfrom the sea floor at Ocean Cay. Other smaller but more nimble players in the banking industry include Fidelity Bank (Bahamas) Ltd. (FBB) and Royal Fidelity Merchant Bank & Trust Limited (RFMBT). FBB offers a wide range of innovative banking products including loan products with built-in savings plans. RFMBT is the only merchant bank in the Bahamas and is a joint venture with Royal Bank of Canada. It provides investment products and services and attracts the majority of the corporate business deals in the Bahamas, most recently acting as financial advisor and placement agent for the largest initial public offering (IPO) ever in the Bahamas with the IPO of Commonwealth Brewery, a Heineken subsidiary.

The Hawksbill Creek Agreement established a duty-free zone in Freeport, the Bahamas' second-largest city, with a nearby industrial park to encourage foreign industrial investment. The Hong Kong-based firm, Hutchison Whampoa, has opened a container port in Freeport. The Bahamian Parliament approved legislation in 1993 that extended most Freeport tax and duty exemptions through 2054.

The Bahamas has no income tax, corporate tax, capital gains tax, or wealth tax. Payroll taxes fund social insurance benefits and amount to 3.9% paid by the employee and 5.9% paid by the employer.[16] In 2010, overall tax revenue was 17.2% of GDP.[17] A value-added tax (VAT) of 7.5% has been levied 1 January 2015. It then increased from 7.5% to 12% effective from 1 July 2018.[18]

The following table shows the main economic indicators in 19802017.[19]

The Bahamas has the 47th freest economy in the world according to The Heritage Foundation 2010 Index of Economic Freedom. The Bahamas is ranked 7th out of 29 countries in the South and Central America/Caribbean region, and its overall score is higher than the regional and world averages. Total government spending, including consumption and transfer payments, is relatively low. In the most recent year,[when?] government spending was 23.4% of GDP.

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Economy of the Bahamas - Wikipedia

NASSAU, Feb 24 (Reuters) - The Bahamas is on the "front lines" of the catastrophic effects of climate change and is trying to mitigate these but it needs more help from rich nations, Prime Minister Philip Davis said in an interview on Wednesday.

"Within 15 to 20 years, what we now believe to be unusual, for example, category 5 hurricane events, may become the usual," Davis said. "Such occurrences will have grave implications for the way we live."

The archipelago nation northeast of Cuba suffered $3.4 billion in damage - nearly 25% of GDP - from the 2019 Category 5 Hurricane Dorian. Experts say further climate shifts may cause more droughts, brush fires, and high-intensity hurricanes.

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The Bahamas is helping to develop web-based tools to monitor the impact of changing sea levels and is revising building codes in preparation for more intense weather, Davis said.

"The Bahamas is not a major contributor to anthropogenic climate change; however, we are at the front lines of its catastrophic impacts."

"Our country will not be able to manage the impacts of climate change without significant collaboration and assistance from global partners."

Davis said his administration is working on a climate change plan to be released in the coming months that will begin with raising awareness about climate change within The Bahamas.

Hurricane Dorian pummeled the Grand Bahama and Abaco islands with heavy winds and storm surges, killing dozens of people and damaging the homes and property of some 30,000 residents, according to a 2019 Inter-American Development Bank report.

The impact was exacerbated by "inadequate construction and infrastructure located in vulnerable areas," the report said.

Davis in November said that 15% of The Bahamas' GDP is threatened by climate change and that 11% of Bahamians are threatened by rising sea levels.

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Reporting by Jasper Ward, writing by Brian Ellsworth, editing by Alexandra Hudson

Our Standards: The Thomson Reuters Trust Principles.

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Bahamas will work to reduce impact of climate change but needs help - PM - Reuters

The latest yacht to join the Bahamas charter fleet is the brand-new 102-footer Vivace from the Turkish builder Alpha Custom Yachts. With cabins for 10 guests, generous outdoor spaces, water toys and a young, energetic crew of six, the boat is set up to be the perfect Bahamas cruiser.

Our 5-feet 4-inch draft is going to take us places other superyachts cant go, and get us closer to the beach than most 70-footers, Vivaces Captain Taylor Bowker told Robb Report during a tour of the yacht at last weeks Miami International Boat Show.

Vivaces American owner has never previously owned or chartered a boat before. He bought the yachtlast listed for $13.4 millionat the end of 2021 purely to serve as a luxury charter vessel and not a personal yacht.

That type of investment is a rarity in the yachting world, but makes financial sense in this red-hot market. Typically most charter vessels do double-duty and the owner uses any charters to offset operating expenses, rather than as a moneymaker. Being brand new and stylish should add to its appeal in the charter market. The fact that its purely a charter boat also gives it a different vibe, since its designed to appeal to the widest possible audience, rather than be limited to the often-eclectic tastes of an individual owner. Its an interesting concept to buy a yacht as a blue-chip investment.

Vivace is the second hull in Alpha Yachts Spritz 102 series. Penned by Italian designer Giorgio Cassetta, the yachts striking lines feature huge hull and superstructure glass to flood the cabins with light, a dramatic vertical bow and distinctive, copper-colored waterline.

The running surface is from the drawing boards of famed British naval architecture firm Laurent Giles. With twin 1,100 hp Caterpillar diesels, Vivace has a top speed of just under 20 mph, cruising comfortably at 17.

But its the abundance of outdoor space, on the back deck, the flybridge and bow that will no doubt prove to be Vivaces strongest appeal to charterers.

Wide steps on both sides lead up to the 650 square-foot back deck, with its heated and filtered plunge pool. A teak insert converts it into an under-the-stars dance floor. Here theres a large shaded and protected dining area, with sliding glass doors opening up the space to the salon.

The flybridge deck will most likely get the most use by guests. It spans well over half the length of the yacht, and is one of the largest in its class. Up front are sunpads for tanning, while at the rear theres an outdoor kitchen with a bar and movable sofas.

For more dining options, beneath the hardtop theres a table for 12, with big-screen televisions on either side for dinner and a movie. Its just a great place for a party, says Bowker. The area just feels vast and the lighting at night is just stunning.

Down below, the main salon features a bar, plenty of sofa seating, and yet another dining area close to the separate chefs galley. Steps down from the salon lead to the five en suite cabins, the highlight of which is the full-beam master suite. In addition to a walk-in closet, theres a spacious bathroom and L-shaped sofa for lounging.

Along the main corridor are two matching VIP suites, and two twin-bed cabins, each with a drop-down pullman berth. Total lower deck space is over 1,100-square-feet.

Whats so impressive about the yacht is the attention to detail, plus the focus on reducing noise. The doors are over two inches thick, and self-closing, the floors are mounted on rubber, and all the walls are thickly insulated. Underway, you can barely hear the engines, says Bowker.

As for water toys, Vivace carries two Seabobs, an e-foil board, stand-up paddleboards, and tows along a 32-foot WorldCat as a tender-cum-fishing boat.

Well run from Florida to the Bahamas in our first year, starting mid-April. Then next year well split our time between the Bahamas in the winter, and Maine in the summer, says Bowker.

Vivace is being chartered through Denison Yachting for $95,000-a-week.

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Boat of the Week: Meet Vivace, a 102-Foot Superyacht Perfect for Cruising the Bahamas - Robb Report

A cargo ship in the mid-Atlantic near Portugal's Azores Islands is expected to be towed to the Bahamas as a result of a fire that has burned for nearly a week.

Portuguese Air Force helicopters evacuated 22 crew members last week from the Felicity Ace, which has been on fire for six days. The 650-foot vessel is set to be towed after two ocean tugboats helped put out the fire, with two more tugboats on the way, the Associated Press reported.

The cargo ship was traveling from Germany to Rhode Island carrying about 4,000 luxury cars estimated to be worth $400 million. The cars included Volkswagen-owned brands such as Lamborghini, Porsche, Audi and Bentley, including several electric models, the Guardian reported.

The fire broke out Wednesday near the cargo deck where the vehicles were stored. By the time the alarms went off, there was too much smoke to figure out where the fire started, said port of Horta harbormaster Captain Joao Mendes Cabecas, on the Azorean island of Faial, according to AP.

The cause of the blaze is still unknown, although there are theories it was due to the lithium batteries in some of the electric vehicles, AP reported Cabecas said. The lithium batteries were "keeping the fire alive," Cabecas told Reuters.

The fire could be extinguished only from the ship's exterior by trying to cool down its structure since it was too dangerous to try and go on board. The challenge with putting out the fire was that water does not stop lithium-ion batteries from burning, Cabecas told Reuters.

As of Tuesday, the flames could no longer be seen from the outside and Cabecas said salvage crews hope to be able to hook up a towline to the ship Wednesday, before it is expected to be brought to the Bahamas, AP reported.

The ship's operator, MOL Ship Management (Singapore), said there was no oil leakage from the fire and the vessel remains stable. When the ship is safe to board, there will be an assessment of salvage plans, the company said in astatement Tuesday.

Insurance experts at Russell Group told the Guardian on Monday that they expect the fire to result in at least $155 million in losses for Volkswagen. The car company said it is trying to get more information about the incident.

This isn't the first time Volkswagen has lost vehicles from a cargo ship at sea. In 2019, the Grande American was carrying more than 2,000 cars, including Audis and Porsches, when it caught fire and sank, Bloomberg reported.

Update 2/22/22, 10:23 a.m. ET: This article was updated with additional information.

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Cargo Ship Carrying Luxury Cars to Be Towed to Bahamas as Fire Subsides - Newsweek