Update 1.2 will be released approx. in the first week of july - here is the changelog:

Plenty of small fixes, e.g.
• Fixed several rare crashes
• Several problems with the manager and trade routes fixed
• Several missions fixed
• Advisor: less common and more useful
• Various display and text errors fixed

Lots of improvements desired by the community implemented, for example:
• Rising of reputation with nations by hunting pirates and destroying their hideouts
• Increased amount of gold when plundering towns
• Increased rewards for some transportation missions
• More missions (including sabotage missions)
• Storage administrators will be allowed to buy goods
• Clicking on citizens (gives voice feedback on the current situation)
• Increased town revenues for own cities
• Required construction goods for new building now increases the demand in the trading window
• In single player mode the user now can choose his own colour
• More startup options in "free game"
• game speed can be set to 0.0
• New trade routes strategy for balancing stocks
• The trade route strategy "empty warehouse" clears now only the first stock on the route

Improved sea battle
• explosive barrels last longer before they explode
• explosive barrels get a larger range
• explosive barrels can be dropped with middle mouse button
• Greater impact of sail damage (also facilitates boarding)

New Features
• The feature "treasure fleet" will be expanded a bit
• More animated portraits, e.g. messages from the city administrator and Viceroy
• Small gamble game in the tavern
• The game will be fully playable with Xbox controllers
• User can access most building from the sea chart without entering a town