Deltec Bank, Bahamas says It is Important How Artificial Intelligence is Governed Within An Organisation And Aligning Their Practice, Policies and…

"Deltec Bank, Bahamas - Artificial Intelligence"

According to Deltec Bank, Bahamas, Artificial Intelligence offers great potential for customers to make better sense of their money"

The importance of AI is now being recognized and accepted globally. All banking and finance institutions have been faced with several functional challenges to adopting a streamlined and efficient strategy to better serve themselves and customers. It can help people make sense of their finances better, offer personalized banking to deliver cutting-edge service, and generally assist in making customers manage their money better. According to Deltec Bank, Bahamas, - Operationally, the potential of AI is serious. But what is also just as serious is how artificial intelligence is governed within an organization, and how institutions are aligning their practice, policies, and ethos guidelines.

These are broader implications that need to be considered. Unsurprisingly, there have been calls for AI development restrictions to be put in place in the form of government regulations. Risks from some of more reputable techno-heads such as Bill Gates, Stephen Hawking, and Elon Musk have voiced long-term risks of using AI.

Ultimately, where AI technologies fail due to a glitch, there is a lack of barriers to protect and safeguard the technology and performance of AI. Politicians have raised the concern of the ethical use of AI and its data. The boom of Big Data has significantly contributed to calls to control customer data, how its own, and how it's used without violating privacy, integrity, and confidentiality. This is the next phase for AI to evolve into a global but trusted force. Lets take a look at some of the ethical challenges that are being raised with AI.

Data Ownership

Data sets are being handed over to institutions and more often than not, individuals are requested to seek consent for data access or give consent to use data for use of services. The use of personal data helps institutions to know more about their customers. AI technologies are being invested in using customer data to help customers manage their finances. Are customers aware of how their data is used and is it ethical to use customer data within analytics to gain insight into payment and finance habits?

Treating Customers Fairly and Equally

In respect to customers' basic rights, institutions need to determine the negative impacts of violating their basic rights such as financial or data loss, privacy, and integrity. There still needs to be an understanding as to how algorithms can be fair to provide a fair judgment so that customers' rights arent violated. Systematically inaccurate data sets may become a key source of bias, and institutions must ensure that AI technology is built in a way where the data used will treat customers fairly and equally.

Seek Customer Trust

According to Deltec Bank, Bahamas, Artificial Intelligence offers great potential for customers to make better sense of their money, providing them with automated and personalized real-time service and overall promote better financial well-being. However, biased data sets can significantly damage the service and reputation of financial institutions, particularly when handling customers finances. Adopting ethical principles that promote better transparency whilst being upfront about technological limitations is a great way to regain the trust of customers. Customers will see the institution striking a balance between the capabilities of the technology and the safeguarding of customer data and usage.

Artificial Intelligence is dominating the digital era, but lately, there have been announcements as to how ethical consideration efforts can be governed. It is a central barrier of AI, to safeguard the technology, its data and decisions to avoid ethical discrimination. Getting ethics right is essential to win and keep the trust of customers to ensure the full benefits can be utilized safely and securely.

To sum up, whilst artificial intelligence is being globally accepted, the way it's being used has raised more questions. All financial institutions are required to understand the liabilities and penalties associated with data management and usability whilst protecting the basic human rights of customers from a privacy, security, and integrity perspective. Implications of not doing so mean a lack of satisfaction, trust, and promoting ethical discrimination. There needs to be strong accountability for institutions to deploy ethical commitments to be secure and reliable.

Disclaimer: The author of this text, Robin Trehan, has an undergraduate degree in Economics, Masters in international business and finance and an MBA in electronic business. Trehan is Senior VP at Deltec International http://www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries, and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Media ContactCompany Name: Deltec International GroupContact Person: Media ManagerEmail: Send EmailPhone: 242 302 4100Country: BahamasWebsite: https://www.deltecbank.com/

See the original post:

Deltec Bank, Bahamas says It is Important How Artificial Intelligence is Governed Within An Organisation And Aligning Their Practice, Policies and...

Bend couple confined to boat in the Bahamas – Bend Bulletin

John Stolz and Gretchen Heinz dont have any room to maintain the recommended 6-foot social distancing aboard their sailboat.

Stuck in Green Turtle Cay, even looking at the vast horizon of a turquoise sea isnt enough to assuage the anxiety of confinement for the couple.

For about two weeks, the couple have been confined to their 36-foot boat, said Stolz, a former Bend financial planner.

The couple can go out each weekday for 90 minutes to exercise or pick up groceries at the only market. But for the rest of the 1,350 minutes of a day, they are confined to the deck of their boat. And from sundown Friday to dawn Monday they cant go out at all.

The couple recognize that there are worse things, but theyd like to be back home in Bend and see their kids.

Since news of the COVID-19 pandemic began surfacing in February, stories of Central Oregon travelers being stuck have surfaced. One couple was in Uganda and another in Morocco.

Weve learned to occupy our time, said Stolz, who retired from financial planning. We fish off the boat. Weve cleaned and varnished. Weve cooked. Weve made bread. Weve read a lot.

They play board games with the six other couples stranded at the pier, yelling out their scores across the pier.

Stolz arrived in the Bahamas in early February, after having spent five weeks there from November to Dec. 20, he said. While they were there for those five weeks, they helped residents who had suffered damage from Hurricane Dorian in September. His boat also suffered minor damage from the hurricane.

It was nice. We fished, we snorkeled and helped people, Stolz said. My goal was to be here for a week and then travel around the islands, but we decided to stay on the boat, thinking wed ride out the virus.

At first they had access to long beach walks, fishing and shopping. But four weeks ago, the government in the Bahamas closed the beaches and confined everyone to their homes, or boats.

Theyre anxious to return home, but have to wait for the boatyard to open up to store the boat on land. Then theyll sail with another couple to North Carolina and figure out how to make the trek home to Bend.

They think it might take a month of boats and rental cars to get across the country.

Wherever we go, we wear a mask, said 65-year-old Stolz. If the virus comes here, it would be devastating for the 300 to 400 people here. There are no medical facilities here. Theres no doctor. No hospital.

The nearest one is in Nassau, and thats an hour flight away. If someone gets sick here, theyll have to boat them to the next island and then fly them over to Nassau.

Its critical to keep as healthy as we can here.

Just yesterday there was a big improvement, Stolz said. The hardware store opened. But theres a new problem. Used to his pick of the best that craft beer brewers can offer, the Bend resident drank his last beer.

It was from a six pack of Corona that he spent $36 on at the only store on the island.

Were hoping that the prime minister (of the Bahamas) will reopen the boat harbor on May 1, he said.

Then they can pull my boat from the water and we can sail to North Carolina.

It certainly has been a different year than we anticipated.

The rest is here:

Bend couple confined to boat in the Bahamas - Bend Bulletin

Two More COVID-19 Deaths in The Bahamas; 15 Healthcare workers infected – Magnetic Media

Facebook Twitter Google+LinkedInPinterestWhatsAppEmail

#NASSAU, The Bahamas April 23, 2020 Minister of Health the Hon. Dr. Duane Sands announced today that there are two additional deaths from the coronavirus in The Bahamas bringing the total number of deaths to 11.

The two new deaths are a 53-year-old male and a51-year-old male.

We give our heartfelt condolences to the families ofthe two men who lost their lives. Our prayers are with you in this difficulttime, Dr. Sands stated during a COVID-19 Update press conference at theMinistry of Health, Thursday, April 23, 2020.

He also noted that there are two new COVID-19 cases. A 50-year-old female of New Providence who isin home isolation. And a 29-year-old female of New Providence who is also inhome isolation.

The Health Minister said this brings the countrystotal number of confirmed cases to 72, that is: 61 from New Providence; sevenfrom Grand Bahama; three from Bimini; and one from Cat Cay, Bimini.

He stated that 15 of the 72 confirmed cases ofCOVID-19 are health care workers.

Dr. Sands said there are two new recovered patientsfor a total of 14.

He further broke down that nine patients arehospitalised eight in New Providence at Doctors Hospital West, and one inGrand Bahama at the Rand Memorial.

Read the original post:

Two More COVID-19 Deaths in The Bahamas; 15 Healthcare workers infected - Magnetic Media

Report: Huskies in Bahamas tourney in ’21 | Sports – Journal Inquirer

The Huskies are headed back to paradise, it appears.

The UConn mens basketball team will participate in the 2021 Battle 4 Atlantis, one of college basketballs preeminent pre-conference tournaments, Jon Rothstein of CBS Sports reported Thursday.

Syracuse, Arizona State, Auburn, VCU and Loyola-Chicago are also expected to be included in the field. There is one team yet to be determined, Rothstein wrote.

Matchups against the longtime rival Orange as well as against coach Bob Hurleys Sun Devils, creating a matchup of brothers with UConns coach Dan Hurley, certainly would appeal to Husky fans.

It would be the third appearance for the Huskies at the 10-year-old event, which is played annually at Paradise Island in Nassau, Bahamas around the Thanksgiving holiday.

UConn has a record of 3-3 in its previous two trips to Nassau for the tournament.

In the 2015-16 season UConn beat Michigan before losing to Syracuse and Gonzaga. In the 2011-12 event it beat UNC Asheville, losing to UCF, then beating Florida State.

Read the original here:

Report: Huskies in Bahamas tourney in '21 | Sports - Journal Inquirer

How Submarines Regularly ‘Fight To The Death’ Off The Bahamas – The Drive

The Bahamas are home to white beaches, sun-scorched tourists, towering cruise ships, and the United States Navys most advanced weapons and sensor testing range. Beneath the revealing party goers dancing on the lido deck, submarines sail quietly through the Northeast Providence Channel into a secure area called the Atlantic Undersea Test and Evaluation Center, or AUTEC.

Just like how Navy aircraft fight mock aerial wars over instrumented ranges where each players every move is tracked, those that deal in the shadowy art of submarine and anti-submarine warfare have a similar place in AUTEC. Here the Navy develops submarine-related tactics and weapons, validates the signatures of their own boats, and of course, fights mock undersea battles, pushing submariners to their limits.

In 1963, the United States entered a joint agreement with the United Kingdom to develop the Ranges of Andros Island in the Bahamas on the condition that the Royal Navy would have access, as well. Shore facilities were under construction for three years, operated and maintained by the RCA Corporation. The Electric Boat Division of General Dynamics built two deep-sea submersibles to install the hydrophone ranges. In 1966, the Andros Ranges were officially renamed the Atlantic Undersea Test and Evaluation Center, or AUTEC for short.

Via cyberneticzoo.com

Delivered around 1968, AUTEC I and II submersibles were built by the Electric Boat Division of General Dynamics and were designated Turtle andSea Cliff by the US Navy.

The Bahamas achieved full independence from the United Kingdom in 1973 and the U.S. State Department negotiated anew agreement to use the range. After 1988, the U.S. Government agreed to lease the land (and water space) annually from the Bahamian Government.

Wikited/wikicommons

AUTEC's main operating base on Andros Island.

Located 100 miles southeast of Florida, AUTEC Site 1 is based on Andros Island. The topography just off the east coast of Andros plummets to about 1,000 fathomsroughly 6,000 feetin a north to south corridor called The Tongue of the Ocean. In this 500 square mile hockey stick-shaped area, the Navy tests some of its most advanced sensors, weapons, and tactics.

The test range is surrounded by shoals and islands limiting the amount of ambient noise. This makes the range very quiet and perfect for testing submarines and associated weaponry.

USN

Two ranges are used for submerged testing: Shallow Water Mine Field near Berry Islands and Deep Water Testing Range (formerly STAFAC) southeast of Andros.

Large fields of sound-sensitive hydrophones monitor the submerged tests. High gain measurement systems (HGMS) are used to ensure sound silencing standards are met after a submarines maintenance period because changes to existing equipment and installation of new equipment can significantly change a submarines sound signature.

USN

During a signature profile measurement, a submarine slowly drives between a pair of submerged arrays that measure mechanical and flow noise. This is a very slow process as the sub must be configured with different equipment line ups between recordings. The result is an exact sound measurement level of the submarine performing a variety of evolutions. You can read all about this critical technology and its uses in this past War Zone feature.

The deep-water testing range is broken into two zones, North Range and South Range. They can support multiple simultaneous tests and mini-war game eventswhen you get two or more submarines on the range, theres going to be a mock battle. Both crews want to test their skill against the other and this tactical interaction is good for morale and qualifications.

Google Earth

Site 1 on Andros Island.

Google Earth

These little skirmishes between nuclear fast attack submarines (SSNs) are not only encouraged, they are scheduled. The Undersea Warfighting Development Center is responsible for formulating, improving, and testing submarine tactics. Some of this is done at AUTEC. Two or more submarines would be fitted with Noise Augmentation Units (NAU) and meet down on the range for a mini-war.

The NAU allowed American submarines to sound like any other submarine, from a Soviet-era Victor III to a Chinese Han nuclear-powered attack submarine. Scenarios involving anti-submarine warfare (ASW) aircraft and NATO submarines would hunt the red force adversary sub playing the bad guy for days using new tactical approaches. These real-world tests were recorded in a 3D model in the AUTEC command building and analyzed for effectiveness. From these mini-wars, NATO submarine tactical doctrine is molded and improved upon.

National Archives

A helicopter passes over the nuclear-powered attack submarine USS Pittsburgh (SSN-720) shortly after the vessel surfaced off the coast of Andros, The Bahamas during an emergency surface drill.

The Fleet Operational Readiness Accuracy Check Site (FORACS) coordinates all tests on these versatile ranges. They are responsible for measuring the performance of sensors and navigation equipment installed on surface ships, submarines, and aircraft. With radar sites around the island and multiple fields of seafloor-moored hydrophones, the Range Safety Officer can watch every vessel and aircraft on the range in real-time. He is in constant voice communication with all aircraft, range craft, ships, and submarines via radio and underwater communication systems.

Submarines from eight NATO countries come to verify their performance in a real-world environment, too. It is common for a United States Navy sub to be paired with a Royal Navy sub for equipment tests and sound measurements. If there are no delays, there is usually time at the end of the test schedule for the two vessels to go head-to-head in an undersea mock battle. This is when both crews can demonstrate their tactical prowess against an equal foe.

USN

Some of the support assets that make AUTEC a highly unique training destination and weapons and tactics development proving ground.

During a mock battle, the surface range craft leave the area and the submarines are allowed to enter the same water space, but are limited to different depth zones to prevent a collision. Battlestations are maintained for hours as two submarines slowly maneuver around each other in their quietest posture.

When two of the worlds quietest submarines spar, it results in very close encounters. Sonar teams listen and scan for any noise that might give their opponent away. When detection is recognized, the sonar operator designates it sierra one (designation for an assigned sonar contact). The sonar supervisor calls out bearing, estimated course, and range based on only a few seconds of data. The approach officer, usually the commanding officer, initiates firing point procedures sierra one, tube two, referring to what torpedo tube to shoot).

USN

The conn aboard the USS Seawolf (SSN-21).

The weapons officer designates sierra one as the system contact and enters a target solution into the console. This data is sent to the exercise weapon in torpedo tube two. The weapon is powered on, torpedo gyros rapidly spin up, an internal system check is run, and the fire control solution data is set in memory. Solution set! is confirmed at fire control.

The flooded torpedo tube is equalized to current depth pressure and the outer door is opened. Weapon ready! is announced by the weapons officer. The diving officer declares Ship ready! The captain authorizes launch with a short command, Shoot tube two. Torpedo launch is confirmed with the rumble of thousands of pounds of air forcing several hundred gallons of seawater into and through the torpedo tube. Weapon startup is confirmed from sonar when a new trace appears at the top of the display. Wire clearance maneuver complete, weapon running normally. Is verified by the sonar team.

This entire frequently drilled performance is done in under 45 seconds.

Because the target submarine is expected to counter fire. The command wire is cut leaving the torpedo to execute its orders within preset parameters and torpedo evasion begins. Countermeasures are launched and the submarine races away from contact. The target submarine will not have time to evade a well-placed shot at this short range.

Exercise torpedoes will not actually hit a target as this can be extremely dangerous and would destroy the weapon. After a successful hit is confirmed by the weapons logic circuit, it will shut itself down and float to the surface. To become a warshot, a training torpedo must have multiple successful attacks at AUTEC.

USN

Mk46 exercise torpedo being recovered.

After each encounter, the torpedo retriever range craft drives in and picks up the floating exercise torpedo. This can take an hour or more and gives each crew a chance to debrief the attack and evasion in the control room. A more thorough reconstruction is done later with AUTECs range information showing exactly what happened during the event. This post maneuver evaluation is used to identify key moments of the engagement and results in better tactical performance in the future.

AUTECs secure location makes it ideal for weapons testing. The Mk 46, Mk 48 ADCAP, and Mk 50 torpedoes are tested here. Intermediate maintenance facilities for torpedoes and the Mk 30 target are located on Andros Island. Anti-Torpedo technology that is currently in development and supported by Site 1.

USN

A Sikorsky S-61N helicopter, attached to Atlantic Undersea Test and Evaluation Center, recovers a Mk 54 recoverable exercise torpedo during a submarine command course in the Atlantic Ocean, Nov. 10, 2018. Abraham Lincoln Carrier Strike Group (CSG) cruiser-destroyer (CRUDES) units are completing a Surface Warfare Advanced Tactical Training exercise (SWATT). SWATT is led by the Naval Surface and Mine Warfighting Development Center and is designed to increase warfighting proficiency, lethality and interoperability of participating units.

The ranges highly accurate positioning data can identify if a weapon is not performing as expected. The main site also has research, development, test and evaluation facilities called Range User Buildings that can support military contractor projects. This provides the contractor teams the ability to rapidly correct and modify devices during their onsite test time.

A more recent addition to the north end of the range is a shallow water minefield near Berry Island. With a growing demand for littoral operations, submarine crews are spending more time near minefields, deploying special forces, and operating in shallow water. The shallow water minefield was key in developing the Navys submarine mine detection equipment and crew proficiency. The AN/BQS-15 and AN/BSY-1 sonar systems performed at a 60%-90% mine detection rate. Improved training and equipment upgrades in the ARCI phase IV sonar system resulted in greater than 90% mine detection.

VADM John J. Grossenbacher lecture on AUTEC capabilities

Military contractors like SeaTrepid provide Remote Operated Vehicles that are used to practice Mine Countermeasures (MCM). These tethered vehicles swim out over 100 meters from the SSN and detect mines. ROVs and Unmanned Underwater Vehicles (UUV) significantly extend the sensor capabilities of todays submarines, in general.

AUTEC is also home to an advancedElectronic Warfare Threat Simulator. This system provides a real-time, dynamic and complex electromagnetic environment for the range. 21st-century battlespace is more complex than ever before. Jamming and spoofing targets are part of the fight. This capability adds another layer of realism to performance testing.

USN

A Tomahawk Land Attack Missile (TLAM) is launched from the USS Florida (SSBN-728), during Giant Shadow, a Naval Sea Systems Command (NAVSEA)/Naval Submarine Forces Experiment, conducted off the coast of the Bahamas.

All the test planning and coordination are done by the AUTEC offices in West Palm Beach, Florida. This is where teams prepare their test plan, assemble their personnel and take a short flight to the island. Access to the island is limited to a daily flight from West Palm Beach airport or a charter flight.

Site 1 is more than just a proving ground, it is an operational naval base. Andros island supports drug enforcement Operation Bahamas, Turks and Caicos (OPBAT) with the U.S. Coast Guard. AUTEC was the primary logistic location after Hurricane Dorian decimated the Bahamas in September 2019. Andros airport and Site 1s 12 helicopter pads were a key part of life-saving operations.

USN

USS Alexandria SSN-757 operating off of Andros Island.

AUTEC is the U.S. Navys premier submarine warfare proving ground. Crews who train here experience the most realistic warfighting training possible in a peacetime environment. The lessons learned at AUTEC change how Americas submarine and anti-submarine forces fight, ensuring that they can win any battle now or in the foreseeable future.

Aaron Amick is a retired U.S. Navy submarine sonarman. He served in both Atlantic and Pacific Oceans on 688 Los Angles Class Fast Attack and Ohio class ballistic missile submarines. He has published two audiobooks on Cold War-era submarines, Akula SSN Project 971 Sub BriefandUSS Nautilus SSN-571 Sub Brief. Now, Aaron manages a small Patreon pageand contributes to The War Zone.

Contact the editor: Tyler@thedrive.com

More:

How Submarines Regularly 'Fight To The Death' Off The Bahamas - The Drive

Meet the Bahama Coral Farmers Regrowing the Oceans Reefs – VICE

Want the best of VICE News straight to your inbox? Sign up here.

The year 2019 started off pretty great for Sam Teicher and Gator Halpern. Theyd been listed on the Forbes 30 under 30 and won a UN Young Champions of the Earth Prize. Their groundbreaking idea, a commercial farm for climate-change-resistant super-coral, was attracting excitement and, more importantly, cash from a community of investors eager to get into the emerging business of coral reef restoration.

In early June, they opened Coral Vita, their first farm, in Freeport, Grand Bahama.

We were in a really exciting spot. We had all the tanks flowing. We were growing 24 different species of coral, Halpern said. We were getting close to out-planting those corals.

Using a technique known as accelerated evolution, which involves increasing heat and acidity in the growing tanks so only the strongest corals survive, Sam and Gator were priming their crop for life in the rapidly changing ocean. The survivors were supposed to be planted out to repopulate Grand Bahamas dying reef.

Thats when things went wrong.

On September 1, 2019, Hurricane Dorian, the strongest storm to ever hit the Bahamas, tore through the island, wreaking havoc. At least 70 people were killed, and thousands were displaced. Some parts of Grand Bahama are still without power or running water.

Their coral-growing system drowned under 17 feet of storm surge. The waves scattered their tanks, and Coral Vitas operations were put on hold.

The unprecedented destruction caused by Dorian was closely linked to the islands degraded reef.

The hurricane underlines how important coral reefs are, Teicher said. Along with things like mangrove forests, reefs act like natural seawalls. So when these storms come, they protect lives. They protect infrastructure. They protect homes.

But when Dorian came, the reef, which has lost over 80% of its coral since the '70s, was no match for the waves, which pounded the shore and mashed up the sparse remains of the original coral structure.

When the water subsided, investors renewed their interest in getting the farm running and proving that its possible to mend the worlds dying reefs. So now, Sam and Gator are putting the finishing touches on their second farm and harvesting seeds for their second crop of coral.

As climate disasters get more and more extreme, the need to restore these natural ecosystems we depend upon is only greater and greater, Gator Halpern said. So we're not only rebuilding the farm like it was, but we're actually expanding the farm to prepare for threats like these increasing hurricanes.

Read this article:

Meet the Bahama Coral Farmers Regrowing the Oceans Reefs - VICE

Bahamas Cabinet Office Releases Statement on Appointment of Economic Recovery Committee – The Eleutheran

The Cabinet Office today (Sunday, April 26th), announced that Prime Minister the Most Hon. Dr. Hubert Minnis has appointed an Economic Recovery Committee.

The public-private Committee will make recommendations to the Cabinet on the long-term economic recovery of The Bahamas economy, including job-creation and stimulating small business recovery and development in response to COVID-19.

The Committee will focus on restoring the macro-economy; restarting a competitive business environment; economic diversification; tourism and transport; financial services and labour.

The Co-Chairs of the Committee are Acting Financial Secretary Mr. Marlon Johnson and businessman Mr. Ken Kerr, CEO, Providence Advisors.

The Committee is representative of a diversity of public and private sector entities.

In addition to the Co-Chairs, members of the Committee include:

Mr. John Rolle, Governor, Central Bank of The Bahamas Mrs. Wendy Craigg, former Central Bank Governor; Advisor, Ministry of Finance Ms. Christina Rolle, Executive Director, Securities Commission of The Bahamas Mrs. Davinia Blair-Grant, Executive Director, Small Business Development Centre Mr. John Delaney, Q.C., Senior Partner, Delaney Partners Mrs. Khrystle Rutherford-Ferguson, Chair, Bahamas Chamber of Commerce and Employers Federation Mr. Greg Laroda, Chair, Grand Bahama Chamber of Commerce Mrs. Suzanne Pattusch, Executive Vice-president, Bahamas Hotel & Tourism Association Ms. Tanya McCartney, Executive Director, Bahamas Financial Services Board Mr. Nat Beneby, former Managing Director, RBC Royal Bank Mr. Patrick Ward, President/CEO, Bahamas First General Insurance Co. Mr. Edison Sumner, Principal, Sumner Trading Partners Mr. Franklyn Butler, CEO/President, Cable Bahamas Ltd. Mr. Obie Ferguson, President, Bahamas Trade Union Congress Mr. Matt Aubry, Executive Director, Organization for Responsible Governance

The Committee should be bold and creative in its recommendations, said Prime Minister Minnis. We are in a new era. We need to think and act in new ways in order to recover as quickly as possible and to build a more dynamic and diverse economy. We have to enhance the use of digital technologies and delivery services.

The Prime Minister said that just as The Bahamas is seeing the local production of hand sanitizer, masks and other health care products, the Government will promote more domestic production, and manufacturing where possible. This includes greater food production.

I look forward to the ideas, policies and programs the Committee will recommend to help The Bahamas to recover and to create jobs and more entrepreneurial opportunities, including for young Bahamians. Prime Minister Minnis noted.

The Prime Minister thanked the Committee members for agreeing to serve and to help provide a way forward for the country in response to the many challenges arising from the COVID-19 pandemic.

_____________

Source:Cabinet OfficeCommonwealth of The BahamasApril 26th, 2020

Go here to see the original:

Bahamas Cabinet Office Releases Statement on Appointment of Economic Recovery Committee - The Eleutheran

Lockdown ‘having positive effect in Grand Bahama’ – Bahamas Tribune

A line with social distancing measures at the Road Traffic Department in Grand Bahama. Road Traffic reopened on Monday in Freeport, processing over 200 applicants daily. The office is open from 9am to 12noon.

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

KWASI Thompson, State Minister for Grand Bahama, says the lockdowns are having a positive effect in Grand Bahama where the number of COVID cases has not exceeded seven.

We are pleased that we have not seen an increase in the numbers in Grand Bahama. To date, our numbers remain at seven, with two recovered, two deceased, and one remains hospitalised, he reported this week at the Office of the Prime Minister in Freeport.

Now is not the time to be complacent or let our guard down. We must remain focused on battling this virus by staying home and complying with social distancing, he said.

Minister Thompson is urging residents to adhere to the curfew and lockdowns, and social distancing measures put in place to curtail the spread of the virus.

He noted that we still have far too many people on the roads up and about during the 24 hour lockdown. The public is reminded to remain home unless you are an essential worker or visiting a place that has been exempted.

In terms of social distance measures, Mr Thompson noted that some stores are not complying.

We are also advised that some stores in Grand Bahama are not complying with social distancing inside their stores and outside the stores. In addition, some residents are entering stores without masks.

I want to strongly remind store owners to put in place measures that will ensure social distancing inside and outside, and ensure that no one is allowed to enter your establishment unless wearing a mask.

He stated that the government remains focused on ensuring adequate facilities for the treatment of COVID-19 cases are available on the island.

In addition to existing modules at the Rand Hospital and the Cancer Association Building, which is being prepared to receive patients, Mr Thompson said a new isolation facility is also being completed at the Rand Hospital.

More:

Lockdown 'having positive effect in Grand Bahama' - Bahamas Tribune

Bahamas most exposed to external fund pressure – Bahamas Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas is the worlds most vulnerable tourism-based economy to external financing pressures, a Standard & Poors (S&P) study has revealed, and faces major deterioration in credit indicators.

S&P, in a report that stress-tested countries fragility in the face of a COVID-19 tourism-related slowdown, found that The Bahamas gross external financing needs - measured as a percentage of current account receipts plus usable reserves - worsen more dramatically than any of the 122 nations assessed.

And this nations external indebtedness, involving monies owed to foreign creditors, would also increase by a sum equivalent to more than 30 percent of current account receipts in the worst-case scenario modelled by the rating agency that last Thursday further downgraded The Bahamas sovereign creditworthiness.

S&Ps stress testing, which looked at three scenarios based on a reduction in global tourist footfall of 11 percent, 19 percent and 27 percent, respectively, also projected that The Bahamas would suffer the fifth-greatest drop in economic output (gross domestic product) by between 2.37 percent and 5.83 percent depending on which outcome materialised.

While that is less than the 16 percent GDP drop that S&P forecast last week in downgrading The Bahamas, the rating agency also projected that this nation will suffer the 11th greatest deterioration in the central governments debt balance of between 0.63 percent and 1.47 percent in 2020 depending on how severe and prolonged COVID-19 is.

However, S&Ps modelling suggested that greatest impacts and risks facing The Bahamas will be on the external/foreign currency side. Focusing on a countrys external risk, as measured by outside liquidity pressures/financing needs as a percentage of current account receipts and usable reserves, the rating agency ranked this nation as the worlds most vulnerable.

In a worst-case scenario, it said The Bahamas gross external financing needs could soar to 58.5 percent of current account receipts and usable reserves in 2020, and 56.58 percent in 2021. Gross external financing needs worsen most dramatically for the Bahamas, S&P added, while the impact is expectedly large for other small tourist-driven economies such as Barbados, Aruba, Belize, Cape Verde, Montenegro, and Albania.

It was the same when it came to external indebtedness, with S&P projecting that this - as a percentage of current account receipts - could increase by 33.36 percent in 2020, and 16.06 percent in 2021. External indebtedness deteriorates most dramatically in The Bahamas, Montenegro, and Greece, which each experience a worsening of around 30 percent of current account receipts in the extreme scenario, S&P added.

Our analysis suggests that small sun, sea and sand island destinations would be the worst affected from a slowdown in global tourism flows. In relative terms, Aruba, The Bahamas, Barbados, Cape Verde and Fiji would likely experience the most significant deteriorations in credit metrics. Other Caribbean sovereigns would also be moderately affected, but to a lesser degree.

The S&P report findings further support The Bahamas need for further economic diversification, which has been glaringly exposed by the COVID-19 pandemic, as well as its vulnerability to external shocks and over-reliance on tourism.

The projections were revealed just as the Prime Minister yesterday received push back from the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and the wider private sector for blasting business over an alleged lack of compassion and soul in temporarily laying-off thousands of workers to cushion COVID-19s financial blow.

Dr Hubert Minnis, in departing from the prepared script for his televised national address, initially said: I appeal to business owners who can afford to do so to hold-off laying off employees for as long as possible. Such generosity of spirit will make a tremendous difference at this time.

Within minutes, though, his tone had hardened as he added: I am extremely disappointed to see Bahamian companies laying-off individuals who have worked with them for 10, 20 years.... He implied that many business owners had earned their wealth, and been able to afford their high-end homes and to send their children to university, thanks to the efforts of loyal staff that they were only now to eager to discard and lay-off amid the COVID-19 pressures.

Where is your heart? Where is your compassion? Where is your soul? Lets be humane, Dr Minnis urged. Lets consider that these individuals made great sacrifices to get you where you are today..... But as soon as things get tough you take action and lay-off Bahamians. I ask you: Where is your heart, or do you have a heart?

The Prime Ministers comments are understood to have blindsided the private sector, with the Chamber describing itself as disappointed by the remarks. Khrystle Rutherford-Ferguson, its chairman, said in a signed statement that the temporary lay-off were often necessary to ensure a company can survive and provide employment once the pandemic ends.

The Bahamas cannot rebound and have a robust economic environment post COVID-19 unless businesses survive this health and economic crisis, she said. Every day the business community is having to make difficult decisions that have impacted some of its employees after not having the ability to generate revenues for over four weeks.

Many business owners, small, medium and large, are trying to find ways to keep their staff employed as long as possible, including dipping into their own pockets to meet the need. The BCCEC commends our members for these efforts.

Mrs Rutherford-Ferguson added: What must be remembered is that these lay-offs are temporary and it is the intent of the employers to re-engage these employees in the future.

None of these decisions have come easily. However, the decision was made with a view of protecting the future of the economy and businesses. Only the businesses that survive this crisis will be able to stimulate the economy by providing future jobs for Bahamians..... Some of these business owners will lose their lifes work and savings, as a result.

Mrs Rutherford-Ferguson said there was still no clear indication on when and how the economy will reopen. Tribune Business understands that the Chamber will meet the Prime Minister this morning when his remarks are likely to be one topic of discussion. One source described the issue as a minefield, which had undone all the confidence created earlier in Dr Minnis speech when he announced the opening up of certain industries and Family Island construction.

The fear is that the Prime Minister may have alienated the very private sector he needs to revive and re-open the Bahamian economy while undermining its confidence. Several sources, speaking on condition of anonymity, suggested his remarks sounded like a campaign speech and designed to make the private sector a scapegoat in the publics eyes. Others argued that it betrayed a lack of understanding of how businesses operated, given that payroll is often their largest expense and they have not earned any revenue for four weeks.

Meanwhile, Dr Minnis confirmed that the Government will have to undertake some foreign currency borrowings as part of plans to bolster the economy and its own finances, with foreign currency reserves now projected to decline by around $1bn in 2020 - as opposed to earlier projections of $900m - as a result of the global tourism shutdown.

The Bahamas entered the COVID-19 pandemic with adequate foreign reserves to cover essential imports, and to preserve the parity of the Bahamian dollar against the US currency, Dr Minnis said. The Central Bank is working closely with the Ministry of Finance to ensure that fiscal stabilisation policies are balanced with adequate additional access to foreign currency, through the borrowings which the Government must undertake.

He added: Alongside the financing that can be obtained locally, the Government will have to rely on some foreign currency borrowing to cover its revenue shortfall. Taking this active financing strategy into account, along with other foreign exchange market strategies that the Central Bank is pursuing, it is expected that the drawdown in the foreign reserves will reach about $1 billion in 2020.

This, from a present healthy level of approximately $2bn. The Central Bank expects that after 2020, net inflows of foreign currency through the private sector will begin to improve. This will permit a very gradual recovery in external reserves, provided the deficit financing strategy maintains a prudent balance between Bahamian dollar and foreign currency borrowing.

Go here to see the original:

Bahamas most exposed to external fund pressure - Bahamas Tribune

Govt to extend state of emergency to May 30 – EyeWitness News

NASSAU, BAHAMAS A resolution to extend the state of emergency to May 30 is expected to be tabled in Parliament today.

The extension of the emergency orders would provide for the competent authority the prime minister to continue existing measures, including the 24-hour curfew and weekend lockdowns.

The lockdowns in effect every weekend between Friday at 9pm and Monday at 5am, require all non-essential workers to remain in their homes.

It remains to be seen if the complete lockdown will continue.

According to the resolution, obtained by Eyewitness News, the Emergency Powers Act provides that all emergency regulations, shall remain where the existence of a state of public emergency in The Bahamas as a result of the presence and effect of the virus in The Bahamas continues; and it continues to be necessary and expedient for securing public safety, the defense of The Bahamas, the maintenance of public order, the suppression of mutiny, rebellion and riot, and for maintaining supplies and services essential to the life and well-being of the community to continue in force.

A state of emergency was declared on March 17, after the country recorded its first case on March 13.

A resolution was passed in the House of Assembly and Senate on March 30, extending the order to April 8.

The order was extended again on April 6 to the end of the month.

During a Ministry of Health press conference last week, Dr Merceline Dahl-Regis, health consultant to the prime minister, said health experts recommended the lockdowns continue past April.

On Sunday, Prime Minister Dr Hubert Minnis announced some easement of the restrictions as he declared home stores, auto part stores and plant nurseries were allowed to open on certain days.

Cases of COVID-19 in the country climbed to 80 yesterday.

To date, 22 people have recovered. Eleven people have died.

Follow this link:

Govt to extend state of emergency to May 30 - EyeWitness News

Deltec Bank, Bahamas – Quantum Computing Will bring Efficiency and Effectiveness and Cost Saving in Baking Sec – marketscreener.com

When you add AI and machine learning capabilities to the mix, we could potentially develop pre-warning systems that detect fraud before it even happens.

As online banking grows it is becoming a hot target for cybercriminals around the world as they become ever more adept at cracking bank security. Now, banks are looking into the technology behind quantum computing as a potential solution to this threat as well as its many other benefits. Currently, the technology is still in development but it is expected to take over from traditional computing in the next five to ten years.

What is quantum computing?

With quantum computing, the amount of processing power available is far larger than even the fastest silicon chips in existence today. Rather than using the traditional 1 and 0 method of binary computer processing, quantum computing uses qubits. Utilizing the theory of quantum superposition, these provide a way of processing 1s and 0s simultaneously, increasing the speed of the computer by several orders of magnitude.

For example, in October 2019, Google's 'Sycamore' quantum computer solved an equation in 200 seconds that would have taken a normal supercomputer 10,000 years to complete. This gives you an idea of the power that we are talking about.

So how does this help the banking sector?

1. Fraud Detection

Fraud is quickly becoming the biggest threat to online banking and data security. Customers need to feel confident that their money and their personal information is kept secure and with data leaks happening more frequently, this problem must be addressed.

Quantum computing offers significant benefits in the fight against fraud, offering enough computing power to automatically and instantly detect patterns that are commonly associated with fraudulent activity. When you add AI and machine learning capabilities to the mix, we could potentially develop pre-warning systems that detect fraud before it even happens.

2. Quantum Cryptography

Cryptography is an area of science that has recently gained popularity. The technology has proven incredibly useful in helping to secure the blockchain networks.

Quantum cryptography takes this security to an entirely new level, particularly when applied to financial data. It provides the ability to store data in a theoretical state of constant flux, making it near impossible for hackers to read or steal.

However, it could also be used to easily crack existing cryptographic security methods. Currently, the strongest 2048-bit encryption would take normal computer ages to break in to, whereas a quantum computer could do it in a matter of seconds.

3. Distributed Keys

Distributed key generation (DKG) is already being used by many online platforms for increased protection against data interception. Now, quantum technology provides a new system known as Measurement-Device Independent Quantum Key Distribution (MKI-QKD) which secures communications to a level that even quantum computers can't hack.

The technology is already being investigated by several financial institutions, notably major Dutch bank ABN-AMRO for their online and mobile banking applications.

4. Trading and Data

Artificial intelligence, machine learning, and big data are all new technologies that are currently being tested enthusiastically by banks. However, one of the biggest pain points with these technologies is the amount of processing power required.

According to Deltec Bank - "Quantum computing could quickly accelerate this research past the testing level and provide instant solutions to many problems currently facing the banking world. Time-consuming activities like mortgage and loan approvals would become instant and high-frequency trading could become automated and near error-proof."

Banks that are looking into quantum

Many major banks around the world are already investigating the potential benefits of quantum computing.

UK banking giant Barclays has worked in conjunction with IBM to develop a proof-of-concept that utilizes quantum computing to settle transactions. When applied to trading, the concept could successfully complete massive amounts of complex trades in seconds.

Major US bank JPMorgan has also expressed an interest in the technology for its security and data processing abilities. The bank has tasked its senior engineer with creating a 'quantum culture' in the business and meeting fortnightly with scientists to explore developments in the field.

Banco Bilbao Vizcaya Argentaria (BBVA) is working with the Spanish National Research Council (CISC) to explore various applications of quantum computing. The team believes the technology could reduce risk and improve customer service.

Quantum Computing though still in an early stage will have a significant impact on the Banking sectors in years to come.

Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International http://www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.

About Deltec Bank

Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients' unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.

Media Contact

Company Name: Deltec International Group

Contact Person: Media Manager

Email: rtrehan@deltecial.com

Phone: 242 302 4100

Country: Bahamas

Website: https://www.deltecbank.com/

Source: http://www.abnewswire.com

.

Read more:

Deltec Bank, Bahamas - Quantum Computing Will bring Efficiency and Effectiveness and Cost Saving in Baking Sec - marketscreener.com

Five more cases confirmed in Bimini – EyeWitness News

NASSAU, BAHAMAS Five more Bimini residents have tested positive for COVID-19.

This brings the total number of confirmed cases to 78, with a seven confirmed cases in Grand Bahama, 62 in New Providence, one in Cat Cay, and eight on the island of Bimini.

Among the new cases are two girls aged 11 and 15, and four women aged 37, 47, and 75.

All cases have no history of travel, and are in isolation at home.

The ministrys statement read: Health officials continue to follow the condition of the other current COVID-19 positive cases. Investigations are ongoing.

The Ministry of Health again wishes to remind individuals who have been advised to remain home in quarantine or isolation that they are expected to stay in their homes until the time of quarantine or isolation has ended.

It added: Kindly give consideration to having a family member complete shopping errands for essential items. Following this advice is paramount to avoid the spread of COVID-19 in our communities.

See the original post:

Five more cases confirmed in Bimini - EyeWitness News

Govt. urged to pursue tax reform – EyeWitness News

NASSAU, BAHAMAS The country must begin to take a serious look at tax reform given the need for additional revenue as a result of budgetary pressure and the widening fiscal deficit, a local economist has urged.

Rupert Pinder, a University of the Bahamas professor, said: I believe that now is as good a time as any to talk about tax reform. There is no question that the governments budget is going to come under severe pressure and and we are going to be running a significant fiscal deficit.

Running these huge deficits is going to increase our debt burden and is going to impact the budget through debt servicing. With a shrinking economy there is a greater pressure in terms of social safety net programs as well as concessions to businesses What is likely going to happen in my view in the medium to long term is we will continue with these consistent fiscal deficits.

Pinder added: Going forward we are likely to see greater pressure on the budget, bearing in mind we just came out of a major hurricane where our second and third largest economies were majorly impacted. The budget was already under pressure and now you add COVID-19.

There is only so much you can cut in terms of non-essential areas and there is still pressure on the budget in terms of spending on social safety net programs.

Pinder noted that there are some businesses that will not survive the COVID-19 crisis, which will also impact the governments tax base.

I think there will be pressure to look for revenue sources, whether it be new revenue sources or new ways of taxation, said Pinder.

Our current tax model is is largely consumption based. The vast majority of government revenue comes by way of import duties and Value-Added Tax (VAT). That tax system is highly regressive, meaning it places a disproportionate burden on those at the lower end of the spectrum.

He continued: While we have immediate problems with COVID-19, in the medium to long term we have to start the conversation in terms of tax reform and a progressive form of taxation, meaning a system that has some bearing to a persons level of income. We can debate what form that will take, whether income or payroll tax etc.

Pinder said that as a part of the discussion on tax reform, the country must also assess the level of concessions or foregone revenue given to foreign direct investment projects.

Over the years we have given a lot by way of concessions for foreign direct investment. Some of that is foregone which could help in terms of alleviating budgetary pressure, said Pinder.

See original here:

Govt. urged to pursue tax reform - EyeWitness News

Storm-ravaged Bahamas rebuilding its power grid with emphasis on solar energy – 60 Minutes – CBS News

Exactly six months ago this evening, Hurricane Dorian slammed into the northern Bahamas. It was the fifth Category 5 Atlantic hurricane in just the last three years. Before that, there hadn't been a single "Cat-5" storm in nearly a decade.There's a growing consensus among scientists that climate change is what's making hurricanes stronger and more destructive. That's very bad news for the Bahamas, a string of more than 700 low-lying islands stretching from Florida nearly down to Cuba, in the heart of what's come to be known as "Hurricane Alley."

But the Bahamas has found a ray of hope - specifically, a solar array - that can help its islands survive future hurricanes. And in the process, it may have important lessons the rest of the world should learn, as Mother Nature continues to brew devastating storms like Dorian.

With sustained winds of 185 miles per hour, gusts above 200, and a storm surge well over 20 feet in some spots,Dorian wreaked unimaginable havoc on the Bahamian islands known as the Abacos.

"There's not enough words in the dictionary to describe what Hope Town looked like after that storm," Vernon Malone told correspondent Bill Whitaker.

Hope Town has been Malone's home for all of his 82 years. His family has lived here since 1785. He's the town baker and grocer, and he and his wife rode out the storm in his store. It survived, but their home just up the street did not.

Vernon's son, Brian, had a home just around the corner. Had a home.

"That's actually two and a half houses," Brian Malone said when Whitaker pointed out a pile of rubble. "Mine's on the bottom."

Hope Town is a Bahamian landmark. Its candy-striped lighthouse dates to 1863 and is pictured on the country's ten-dollar bill. The lighthouse stood up to Dorian, but as we saw coming into the harbor, not much else did.

"I hear generators everywhere," Whitaker said to Brian Malone and Matt Winslow, an American who owns a vacation home on the island. "Is this how you guys are getting through?"

"Yep," they both said.

Winslow told Whitaker why all those generators are still running.

"The substation in Marsh Harbor which feeds us the power's destroyed," Winslow said. "And then, of course, you can see all the utility poles-- are pretty much destroyed. So this isn't a case where you-- you come in and replace some poles, and you flick a switch. This is months, and months, and months of-- of work."

Hope Town is on one of several small islands ravaged by Dorian, which then moved across 7 miles of open water to Marsh Harbour, the largest town in the Abacos. At least 60 people died in Marsh Harbour, and destruction is still everywhere. Total damage and loss from Dorian is estimated at $3.4 billion.

"When you see the extent of the destruction, where do you even begin?" Whitaker asked Bahamian Prime Minister Hubert Minnis. "How do you even begin?"

"That's always the question," Minnis said. "Where do we begin?"

Prime Minister Minnis and Viana Gardiner, a top aide, visited Marsh Harbour with Whitaker and pointed to one huge priority: restoring electric power.

"How do you bring this back?" Whitaker asked.

"The power," Minnis said. "We had to make determination to set up micro-grids."

The microgrids Prime Minister Minnis is talking about are small-scale systems. More and more, they're solar arrays with battery storage for when the sun's not shining. They can either feed electricity into the larger grid or operate independently to power a single facility or a neighborhood. The way electricity has been produced in the Bahamas is with diesel-fueled generating stations on each inhabited island, about 30 in all, feeding power to everyone through overhead lines.

"The main power plant for this island is literally 25 miles south of here, Chris Burgess said. "That's 25 miles of line that has to be rebuilt."

Burgess and Justin Locke run the 'Islands Energy Program' for an American non-profit called the Rocky Mountain Institute. They have solar projects throughout "Hurricane Alley." After Category 5 Maria hit Puerto Rico in 2017, they put microgrids on the roofs of ten schools. Maria also brushed St. Vincent, which has now installed its first microgrid. Now, the Islands Energy Program has come to Marsh Harbour.

"So how big will this solar array be?" Whitaker asked.

"15 acres," Burgess said. "Right through here."

That microgrid will satisfy 10% of Marsh Harbour's total power needs, and will be built right between its government center and hospital, both of which were without power for weeks after Dorian.

"This is high ground, which makes it less vulnerable to storm surge or other types of disaster events," Locke said.

"So if a storm like Dorian hits again, the power to these two critical facilities stays on?" Whitaker asked.

"Correct," Locke said.

The push to build storm-proof solar microgrids in the Bahamas began in 2017 after Hurricane Irma, another Category 5 storm, tore through tiny Ragged Island, at the southern tip of the island chain.

"After Ragged Island was devastated, I made a statement: Let us show the world what can be done," Prime Minister Minnis said. "We may be small, but we can set an example to the world."

Minnis said it's his goal to make Ragged Island a green island.

"Absolutely. After which, we can expand it. We can expand it," Minnis said.

To see the prime minister's green experiment, Whitaker flew to Ragged Island with Whitney Heastie, CEO of government-owned utility Bahamas Power and Light. Engineer Burlington Strachan met them there and took us to what he calls the very first hurricane-proof solar microgrid being installed in the Bahamas.

"Unlike other solar designs, it's very low to the ground," Strachan said. "So this installation is rated to withstand 180 mile an hour winds."

180 mph winds are an even harder punch than when Irma landed back in 2017.

"It was significant devastation on this island As you can see, some of the poles snapped right at the very base of the pole," Strachan said. "That happened throughout the island."

This microgrid will produce enough electricity for Ragged Island's roughly 100 residents. The prime minister calls it a laboratory for the solar future. The past is a diesel generator needing boats to deliver fuel from hundreds of miles away, a system Whitney Heastie says is "a nightmare."

"You know, in summer we're almost on the verge of running out of fuel in some of these islands, because bad weather sometimes prohibits the ships from actually getting to some of these locations," Heastie said.

The Bahamian government spends nearly $400 million a year on imported fuel to keep its power plants running and passes that cost along to its citizens. They pay three to four times what people in the mainland U.S. pay for electricity.

"Right, and that isn't price gouging, Burgess said. "I mean, that's just inherent cost."

Everything costs more in the islands. The bill to install one new solar microgrid on Ragged Island is $3 million. Heastie insists it's money well spent.

"So you have this initial big outlay to build these panels," Whitaker said to Heastie. "But over time, the cost of generating power actually goes down?"

"Absolutely," Heastie said. "By using what God has blessed us with, which is the natural sun."

It's not a perfect solution on Ragged Island; notably, the power from these panels will still feed into the vulnerable overhead power lines; the money's not there yet to bury them.

"One of the first things that I think everyone can agree on is everything has to go underground," Matt Winslow said.

Back in Hope Town, Winslow said they have the funds to bury their lines. Americans with second homes here add a lot to the economy, Winslow's family foundation has donated nearly a million dollars to rebuilding efforts. They already have a makeshift microgrid powering the fire station and health clinic and Winslow has hired engineers to help plan a much bigger one on a nearby island.

"It's possible that over in Great Abaco we could put, you know, a solar array, 18 acres," Winslow said. "That power is piped through... preferably a new undersea cable to the island. And that could be a main source of our power."

Winslow said that would be enough to power the island.

The Bahamas' goal is to produce 30% of its energy from renewable sources by 2030. Justin Locke and Chris Burgess of the Islands Energy Program believe the country can do even better.

"The price of renewables have come down to the point where they're now very, very competitive with diesel," Burgess said. "And in most cases, way cheaper than diesel."

"The key game changer has been battery storage," Locke said. "Battery storage has decreased in cost over 60% over the last five years. And what battery storage does is it enables the sun to shine when the sun is not shining. Renewables make more sense here than anywhere else in the world."

And microgrids in the Caribbean are starting to show their value. When earthquakes struck Puerto Rico in January, the entire island's big electrical grid was shut down for days. But remember those solar microgrids installed at schools? They kept providing power. The lessons can really apply anywhere.

"California has the same system architecture as here in the Caribbean, right? Fossil fuel, long transmission distribution lines," Locke said. "And you see that PG&E had to proactively shut off power to millions of people in order to prevent fire."

"If there had been these micro grids might it have been that PG&E would not have had to cut off power to millions of consumers?" Whitaker asked.

"Correct. Correct," Locke said.

Here in the Bahamas there are still huge economic obstacles. Losses from Dorian equal nearly 30% of the country's entire annual GDP.

"You've got this incredible outlay to rebuild these islands that were devastated by Dorian," Whitaker said to Prime Minister Minnis. "Can you afford to bring on a new form of electrical generation?"

"We cannot afford it," Minnis said. "We recognized from day one that we cannot do it alone."

Just weeks after Dorian hit, Prime Minister Minnis spoke at the United Nations. He emphasized that most of the Bahamas was not damaged and eager for tourists, the lifeblood of the economy. Then he said that first-world countries and their pollution are at least partly to blame for the threat of ever-stronger hurricanes.

"First World nations-- and this is what I said at the U.N. I said, 'First World nations make the greatest contribution to climate change,'" Minnis told Whitaker. "They are the ones responsible for the changes that we see. The increase in velocity and ferocity of the hurricanes and the different-- and the changes, typhoons that we see today, but we're the innocent victim. We're the ones that are being impacted by what you have created."

Minnis and leaders of other island nations have proposed that the U.S. and European countries contribute to an insurance fund think of it as a "really rainy day" fund to help rebuild from future storms.

"That's what you say, and what you said at the U.N., the First World nations should do?" Whitaker asked Minnis.

"Absolutely," Minnis said.

But are they doing it?

"It's an ongoing discussion," Minnis said. "It's an ongoing discussion."

"Does this make the change to renewable energy that much more important, imperative, urgent for you here in the Bahamas?" Whitaker asked.

"It is," Minnis said. "Because even though our contribution to climate change is minimal, it's miniscule to compare with First World nation, but we still have a responsibility."

Produced by Rome Hartman. Associate producer, Sara Kuzmarov. Broadcast associate, Emilio Almonte. Edited by Matt Richman and Aisha Crespo.

Read more:

Storm-ravaged Bahamas rebuilding its power grid with emphasis on solar energy - 60 Minutes - CBS News

Bahamas Races Ahead With Its ‘Sand Dollar’ Digital Currency – Bitcoinist

Forget about China, Sweden, or even project Libra. The tiny Caribbean island country of the Bahamas is racing ahead with its central bank digital currency (CBDC), dubbed the Sand Dollar. Pilot projects have already reached two of its largest island chains.

The Bahamian central bank is way ahead of most countries when it comes to launching their CBDCs. In fact, Bitcoinist recently reported that it was on track to have it rolled out to all islands by the second half of 2020.

According to a report today, the Sand Dollar is now available on the island of Abaco. This will give its inhabitants easier access to financial services, according to Deputy Prime Minister and Minister of Finance K Peter Turnquest.

The first pilot project of the digital Bahamian dollar was introduced by the countrys central bank in December. This began in the geographically dispersed islands of the Exumas of which only a few of the 365 islands are inhabited. The project has now been extended to its fourth largest island collection, the Abacos.

Turnquest spoke at the launch of the digital dollar in Abaco saying:

A few months ago, the Abaco islands sustained catastrophic damage to their infrastructure, various economic sectors and the very fabric of their lives Hurricane Dorian was one we will never forget, but it is our hope that through the Sand Dollar, the Abaco islands can find some normalcy again, especially as it relates to their financial sector.

He added the Bahamian government was in full support of this digital innovation and was:

committed to ensuring the success of the Sand Dollar on every island of the Bahamas.

He clarified that the Sand Dollar is the exact equivalent of its paper version, in that it is fully backed by the external reserves of the Central Bank. He also said that for those people who had sustained great property damage and even lost everything, this would give them easier access to financial services.

For example, they can now make payments through their mobile devices without incurring fees in direct peer-to-peer transfers.

Furthermore, the consumers can feel secure as the Sand Dollar offers multi-factor authentication where they can use facial recognition, biometrics or a password to access their Sand Dollar app on their mobile devices.

When it comes to the security and privacy of the transactions he reassured his citizens on two counts.

It is also important to note that the Sand Dollar is not anonymous but it is confidential. The Central Bank is working diligently to ensure the safety and security of every consumer in the digital sphere.

During the pilot projects, one of the key components to be worked upon will be the use of the Sand Dollar with offline functionality. This is something that would be absolutely vital in the case of natural disasters that the islands frequently face. Turnquest said:

The Sand Dollar will revolutionize the way business is conducted throughout our islands. Once again, the Government of the Bahamas is in full support of this initiative and we look forward to the continued roll-out in the rest of the Bahama Islands.

While world superpowers take steps towards launching their own digital currency, the Bahamas is way ahead. It may be able to teach some vital lessons about the effect of currency digitizationfor better or for worse.

Do you think the Bahamas will be the first country to launch a fully operational CBDC? Add your thoughts below!

Images via Shutterstock

More:

Bahamas Races Ahead With Its 'Sand Dollar' Digital Currency - Bitcoinist

Bahamas and Bologna Go On the Offensive to Battle Coronavirus Concerns – TravelPulse Canada

Destinations around the world are taking the offensive to battle travel worries and the coronavirus.

The Bahamas put out a statement on the weekend to say there have been no cases in the island chain, while Bologna, Italy put out a video saying the city is open for business.

"The Bahamas Ministry of Health is working closely with the all pertinent government agencies throughout the destination to execute The Bahamas National Preparedness and Response Plan for COVID-19," officials said in their release. "At this time, there are no reported cases of the coronavirus in The Bahamas."

"The World Health Organization (WHO) does not currently recommend any restriction of travel or trade, and The Bahamas continues to welcome visitors to the destination. The Bahamas is one of the few countries conducting COVID-19 testing and is actively employing several measures used globally to screen visitors and residents and to manage the response to individuals of concern in line with international health best practices. Traveller health questionnaires and a screening protocol are used at ports, hotels and rental properties to identify guests who may require surveillance or treatment."

There are currently only four quarantine cases in The Bahamas.

A destination-wide education campaign is underway in The Bahamas to remind the public of the basic hygiene practices that can be used to prevent the spread of the virus including frequent, proper hand washing, use of hand sanitizers, frequent disinfection of surfaces and avoiding close contact with those exhibiting signs of respiratory illness.

"The WHO (World Health Organization) currently considers the risk to The Bahamas and Caribbean from the coronavirus to be low, but a key element of the IHR plan is to inform the public of relevant updates regularly," Bahamas officials said.

Bologna officials are using the hashtag #BolognaWontStop for their campaign, and said the video they posted is meant to spread a positive message about the city and about the country of Italy.

We strongly believe that it is important to adequately communicate the current situation, the City of Bologna is constantly monitoring the evolution of events but at the moment things here in Bologna are normal and everything is going on as usual, they said. This is the reason why we created the video, following the first one by the City of Milan, to spread the message that Italy, and Bologna, won't stop. We hope that other Italian cities will follow.

I was in Bologna and the Emilia-Romagna region for a week or so several years ago and loved it. The food was spectacular and theres a tremendous amount of history to the area, not to mention lovely wines and beautiful, hilltop villages such as San Leo and Verucchio.

The massive ITB travel conference slated for Berlin this week was cancelled late last week. But officials with the U.S. Travel Association say the annual IPW gathering, slated this year for Las Vegas starting in late May, is full speed ahead at this point.

While IPW is several months away, we're presently on track to host an outstanding event in Las Vegas, Nevada, May 30-June 3. It's "all systems go" and planning for all scenarios is well underway. Registration is strong from both domestic and international attendees, said IPW General Manager Malcolm Smith.

Go here to see the original:

Bahamas and Bologna Go On the Offensive to Battle Coronavirus Concerns - TravelPulse Canada

Bahamas braves the elements on mainline trip – Keighley News

SNOW and flooding failed to stop Keighley's historic Bahamas as it steamed through the Yorkshire Dales to Carlisle.

The 85-year-old locomotive's latest journey on the mainline, from Keighley to the famous Settle to Carlisle railway, sold out.

The train, owned by the Ingrow-based Bahamas Locomotive Society, ran successfully on time throughout its entire trip despite poor weather.

Among the passengers were Keighley town mayor Cllr Peter Corkindale and Keith Whitmore, chairman of the Bahamas Society.

Another of the passengers, Keighley-born Sam Steventon, a member of the society, entered the raffle and won the prize of the numberplate 45596 of Bahamas which was carried on the loco.

Bahamas minutes long-awaited return to the mainline last year with two sold-out journeys, after volunteers and specialists had spent several years restoring the locomotive with 1 million Heritage Lottery Fund money.

The locomotive was saved from scrap in 1967 by the Bahamas Locomotive Society, which has a workshop and museum at Ingrow West railway station. The Keighley and Worth Valley Railway organised the railtour.

Bahamas was built as a standard Jubilee Class in 1934 by the North British Locomotive Company and entered service in January 1935. It was withdrawn from traffic on July 23 1966 after getting through nine boilers, ten tenders and running over 1.25 million miles.

Locomotive Society.

Keith Whitmore, chairman of the Bahamas Locomotive Society Chairman, said his organisation had been delighted to once again work with the Keighley and Worth Valley Railway following the sell-out Settle to Carlisle trips last year.

High-profile visitors to Bahamas since its restoration have included HRH the Duke of Kent and the Bishop of Wakefield, Tony Robinson.

The rest is here:

Bahamas braves the elements on mainline trip - Keighley News

Beautiful Bimini: A Photo Guide to the Tiny Island in the Bahamas – TravelPulse

Just a hop and a skip (or a seaplane) from southern Florida, Bimini is a pocket-sized island paradise complete with turquoise waters. Proximity to Miami is a mere 50 miles, making it an easy weekend getaway to ultimate relaxation. Tropic Ocean Airways flies out of Miami seaplane base or Fort Lauderdale for a quick thirty-minute flight. A ferry boat runs to the island duo as well, from Port Everglades with Balearia and takes approximately two hours to reach Bimini.

Friendly locals will make you feel more than welcome on this under the radar Bahamian island speck. Whether you fancy a swim, want to try your hand at deep-sea fishingor crave authentic island vibes, Bimini is your nearby destination to check those boxes like the famous visitors, Ernest Hemingway and Martin Luther King Jr.Let these 10 photos guide you through the best way to experience the island...from fresh seafood eats to getting around from beach to beach, this is how to do Bimini.

Go here to read the rest:

Beautiful Bimini: A Photo Guide to the Tiny Island in the Bahamas - TravelPulse

Kylie Jenner’s Lavish Vacation Villa in the Bahamas Costs Over $10,000 a Night to Rent – Yahoo Lifestyle

From Cosmopolitan

Admit it: Despite your absolute best efforts, you've probably been scrolling mindlessly on Kylie Jenner's Instagram feed these past few days, and TBH, I can't even blame youthe girl is on the most enviable vacation rn. This time, Kylie's living it up in the Bahamas with her besties in one of the most gorgeous getaway homes I have ever laid my eyes on. The good news? I've found out exactly where it is, and I am here to give you a tour. Welcome back to another episode of Ah, So That's How the Other Half Lives!

Instead of staying in a hotel (those are so last season, haven't you heard?), Kylie and her closest friends are staying in a luxe Airbnb located on Beach Harbour Island which is home to the Rosalitaa stunning beachfront villa with six bedrooms, seven and a half bathrooms, and more space than I would ever know what to do with.

The property comes built in with tons of amenities, because let's get realKylie only wants the best. The Rosalita has terraces, multiple balconies, gym access, a heated swimming pool, and a small staff consisting of a chef, housekeeper, and a gardener. It's absolutely insane, y'all.

Kylie (and her friends) seem to have taken a huge liking to the poolshe's posted not one, not two, but five (5!) pictures of her lounging in the vicinity of the pool's crystal blue waters.

Believe it or not, but that's just a snippet of this lavish property. Check out the whole villa in the Very Extra video, below:

If all of this sounds good to you and you're feeling overcome with desire to live out Kylie's vacay for yourself, you can check out the home on Airbnb. The property costs over $10,000 USD on its cheapest days, and if you're trying to go during spring break szn, it goes up to $15,000. Don't think of the price, think of how good the pics will look on the 'gram!

You Might Also Like

Read more:

Kylie Jenner's Lavish Vacation Villa in the Bahamas Costs Over $10,000 a Night to Rent - Yahoo Lifestyle

Virus: Carnival Ship forced to Divert from Grand Bahamas – The St. Kitts-Nevis Observer

In a statement by Carnival, it elected to make the change this week given uncertainty over policies with the countries involved:

We are implementing some itinerary changes on voyages scheduled to call on Grand Cayman and Jamaica this week. A number of Caribbean destinations continue to work through their policies with regards to cruise ship visits. And while we are following all U.S. CDC and World Health Organization screening protocols and guidelines, we want to avoid any possibility of a visit to a destination where there is uncertainty or we risk being turned away.

To be clear, there is no health situation on board to trigger this concern, but we are making this change to avoid even the possibility of a disruption. We understand some guests will be disappointed and trust they will understand that this decision is being made to protect their vacation and maximize their experience with us.

SEE ALSO: Coronavirus: Cancellations, suspensions and shortages related to the global virus outbreak

Carnivals move comes in the wake of six total deaths in the U.S. attributed to the worldwide outbreak.

Chiefly, the U.S. has taken in patients from an evacuated Japanese cruise ship, the Diamond Princess. Those patients have been treated in Texas, Washington state and California, among other states.

SEE ALSO: Coronavirus patient from Japan cruise ship quarantine shares experience on home isolation

As of late last week, the Centers for Disease Control counted 11 confirmed cases in Texas, but it was revealed Monday that one of those patients was erroneously discharged from a care facility and then visited several places in the San Antonio area.

While there are confirmed cases in the U.S., health officials said most of them are from patients who contracted the respiratory illness overseas.

Continue reading here:

Virus: Carnival Ship forced to Divert from Grand Bahamas - The St. Kitts-Nevis Observer