Daily Archives: July 11, 2017

Oceania Healthcare Limited (NZSE:OCA) Shareholder Return in Focus – Ozark Times

Posted: July 11, 2017 at 10:35 pm

The Return on Invested Capital (aka ROIC) Score for Oceania Healthcare Limited (NZSE:OCA) is -0.130377. The Return on Invested Capital is a ratio that determines whether a company is profitable or not. It tells investors how well a company is turning their capital into profits. The ROIC is calculated by dividing the net operating profit (or EBIT) by the employed capital. The employed capital is calculated by subrating current liabilities from total assets. Similarly, the Return on Invested Capital Quality ratio is a tool in evaluating the quality of a companys ROIC over the course of five years. This is calculated by dividing the five year average ROIC by the Standard Deviation of the 5 year ROIC. The ROIC 5 year average is calculated using the five year average EBIT, five year average (net working capital and net fixed assets).

We can now take a quick look at some historical stock price index data. Oceania Healthcare Limited (NZSE:OCA) presently has a 10 month price index of 1.08861. The price index is calculated by dividing the current share price by the share price ten months ago. A ratio over one indicates an increase in share price over the period. A ratio lower than one shows that the price has decreased over that time period. Looking at some alternate time periods, the 12 month price index is 1.08861, the 24 month is 1.08861, and the 36 month is 1.08861. Narrowing in a bit closer, the 5 month price index is 1.08861, the 3 month is 1.08861, and the 1 month is currently 1.04878.

Ratios Oceania Healthcare Limited (NZSE:OCA) has a Price to Book ratio of 6.461218. This ratio is calculated by dividing the current share price by the book value per share. Investors may use Price to Book to display how the market portrays the value of a stock. Checking in on some other ratios, the company has a Price to Cash Flow ratio of 15.975735, and a current Price to Earnings ratio of -20.481536. The P/E ratio is one of the most common ratios used for figuring out whether a company is overvalued or undervalued.

Checking in on some valuation rankings, Oceania Healthcare Limited (NZSE:OCA) has a Value Composite score of 71. Developed by James OShaughnessy, the VC score uses five valuation ratios. These ratios are price to earnings, price to cash flow, EBITDA to EV, price to book value, and price to sales. The VC is displayed as a number between 1 and 100. In general, a company with a score closer to 0 would be seen as undervalued, and a score closer to 100 would indicate an overvalued company. Adding a sixth ratio, shareholder yield, we can view the Value Composite 2 score which is currently sitting at 66.

Watching some historical volatility numbers on shares of Oceania Healthcare Limited (NZSE:OCA), we can see that the 12 month volatility is presently 0.000000. The 6 month volatility is 0.000000, and the 3 month is spotted at 0.000000. Following volatility data can help measure how much the stock price has fluctuated over the specified time period. Although past volatility action may help project future stock volatility, it may also be vastly different when taking into account other factors that may be driving price action during the measured time period.

Score The Gross Margin Score is calculated by looking at the Gross Margin and the overall stability of the company over the course of 8 years. The score is a number between one and one hundred (1 being best and 100 being the worst). The Gross Margin Score of Oceania Healthcare Limited (NZSE:OCA) is 26.00000. The more stable the company, the lower the score. If a company is less stable over the course of time, they will have a higher score.

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‘When corals die off, we die off’ – CNN

Posted: at 10:34 pm

Thanks to climate change, the ocean is no longer a friend of Seychelles. But can its reefs offer this embattled nation a lifeline?

The meteorological event, a combination of ocean heat redistribution and wind reversal in the Pacific, occurs approximately every two to seven years and has far-reaching consequences. The last El Nino in 2016 was similarly dreadful, reducing coral coverage on Seychelles' reefs from 50% to 5%, say local researchers.

El Nino is a phenomenon: a devastating, uncontrollable exception to the norm. With carefully managed conservation, Seychelles can survive its wild fluctuations. But not if global warming continues. As baseline temperatures creep up, the ecosystem loses its ability to recover. Eventually El Nino could prove terminal.

"People that don't believe in climate change, maybe they need to come to the Seychelles," says Lisa Laporte Booyse, who runs a guesthouse on the southeast tip of Mahe, the largest island in the chain.

"We can show them photos of things that were very different before ... coastal erosion. We can see flooding that we never experienced, the higher temperatures that we've never experienced before. The season(al) changes that have had an effect."

"Before, we literally could tell you the day that our rainy season would start. Now, we have droughts that we never experienced before."

Bleached coral close to the coast. Coral coverage dropped from 50% to 5% on reefs in 2016.

So much of the affairs on land are dictated by the health of the biosphere in the water.

When it comes to coastal erosion, reefs are key, acting as a wave breaker protecting the shoreline, explains Savi Leblond, project leader at the Cerf Island Conservation Program, 2.5 miles off the coast of Mahe. Without strong reefs, the land is at the mercy of the ocean. At present, they are delicately poised.

"Our reefs here have been under several threats -- natural and anthropogenic," Leblond says.

Sea surface temperature rises cause "stress" to corals, which release an algae zooxanthellae, which makes up "90% of its food source, as well as its color." The result is bleaching and depleted nourishment. Bleaching is reversible, but if waters remain too warm for too long, coral starves and dies.

A turtle swims among bleached coral in Seychelles.

Either of these eventualities would be a catastrophe for Seychelles' biosphere -- above and below water.

"When corals die off, unfortunately we die off," surmises Leblond. "Everything relies on coral reefs."

"It was the fishermen who said it's not like it was before," recalls Booyse.

Seychellois look to the sea for sustenance; they're custodians of over 500,000 square miles of ocean, and 15% of the population are engaged in fishing and fishing-related activities. But it's already proving harder for fisherman like Augustin Desaubin and others to eek out a living.

As a boy Desaubin remembers "the corals were beautiful; plenty of coral inside the reef, plenty of fish," he adds. "Now we can see only seaweed."

"When I was young, octopus was abundant. I (would) dive for about one hour, you'd have five or six octopus and go home." Now approaching 50, Desaubin says there are days when he returns empty-handed.

"Corals cover less than 0.1% of the world's surface area but they house over 25% of the world's biodiversity," Leblond explains.

"We, the People of Seychelles, grateful to Almighty God that we inhabit one of the most beautiful countries in the world; ever mindful of the uniqueness and fragility of Seychelles... declar(e) our unswaying commitment... (to) help preserve a safe, healthy and functioning environment for ourselves and for posterity."

Alongside government initiatives, citizens are taking action.

"We grow corals in a nursery and use these nursery-grown corals to rehabilitate the reef," explains marine scientist Jude Bijoux. Due to climate change, only corals most resilient to warm temperatures are selected, he adds.

The time-consuming process involves transferring coral fragments from one of five artificial reefs to rope lines, then to substrate or natural rock on the sea floor. It's a six to 12-month effort requiring epoxy resin and regular rope cleaning with a toothbrush.

"It's a bit weird," says Leblond, but their methods give coral "the best chance they have."

Rope-grown corals are tended to as part of reef rehabilitation.

Inspired by initiatives on Cerf, Booyse started the Anse Forbans Community Conservation Program, a group of neighbors setting up a coral nursery of their own.

"(It) won't be an immediate fix," Booyse says. "We're looking at a five-year lifespan to get the corals healthy, growing again and plant them back."

Even among one of the greenest societies in the world, ownership and responsibility lie at the heart of Booyse's motives. "My own generation, and generations before, have made a big impact on the environment," she says. "I have to try and lead and make a difference."

"When you're fighting the cause you've just got to go and keep going."

Seychellois know that in the fight against climate change, no half-measures will do. Their livelihoods and homes depend on it.

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Seychelles named top island destination in Africa and Middle East – Bizcommunity.com

Posted: at 10:34 pm

For the second consecutive year, Seychelles has been named the top island destination in Africa and the Middle East in the Travel + Leisure's 2017 World's Best Awards - a survey held every year during which readers are asked to weigh in on travel experiences around the globe and share their opinions on the top hotels, resorts, cities, islands, cruise lines, spas, and airlines among others. Islands are rated on the following characteristics: natural attractions/beaches, activities/sights, restaurants/food, people/friendliness, value, and as optional criteria, its romantic appeal. For each characteristic, respondents are asked to rate a candidate on a five-point scale of excellence.

Seychelles, an archipelago in the western Indian Ocean, came out on top of the readers list.

Seychelles Tourism Board, Director for Africa and the Americas, David Germain says, Achieving the distinction of top island in Africa and the Middle East for the second year in a row is a tremendous honour for the Seychelles, recognising that the region has much to offer in terms of world-class island experiences. He adds that Seychelles is a unique group of islands with outstanding natural beauty and unique attractions, a destination with a committed approach to sustainable tourism, providing an example of best practice for other destinations around the world.

Visitor arrivals from South Africa to the Seychelles increased by 19 percent from January to June. To date, the total number of holidaymakers that have disembarked in Seychelles stands at 159 659, representing a 21 percent increase compared to the same time last year, already positioning the island nation to record a tourism upswing in 2017.

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#CSIMonth: No more plastics in the Seychelles – Bizcommunity.com

Posted: at 10:34 pm

Forming part of its many conservation efforts, the cabinet of Seychelles in September last year announced that it will join the likes of Rwanda, Bangladesh and Madagascar in implementing a ban on the use and importation of items such plastic bags, cups, cutlery and Styrofoam packaging in an effort to cut down on waste in the Seychelles.

The idea of going plastics free in the Seychelles was initially started in 2015 by the SIDS Youth Aims Hub (SYAH) which aimed to encourage the archipelagos population of around 93,000 people to opt for reusable bags.

In a separate campaign, Sustainability for Seychelles (S4S) also lobbied against the use of polystyrene takeaway boxes. S4S, as part of its public awareness campaign, introduced biodegradable boxes made of sugarcane fibre for takeaways and other food outlets.

The Seychelles Trading Company (STC), one of the countrys largest trading companies, was quick to address and welcome the initiative. Since June last year, STC began to introduce biodegradable carrier bags for customers shopping at the STC Supermarkets and Hypermarket.

Meanwhile, Roline Trading was quoted by the Seychelles News Agency (SNA) as saying that the company will look into the use of paper bags. The company also noted however that importing their own bags is expensive.

Another businessperson told SNA that the ban has created the potential for new business ventures. After doing some research, this businessman started importing biodegradable takeaway boxes, cutlery, cake boxes and paper bags.

There is, however, a cost implication to both residents and visitors to the Seychelles associated with the elimination of plastic consumables. Retail outlets have said that they now sell bags separately whereas others have added the cost directly to the product they are selling.

But, regardless of any additional costs, most residents and even visitors have agreed that it is a small price to pay in conserving the island destination.

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Seychelles’ national airline, Port Authority & hotels shine at World Travel Awards – eTurboNews

Posted: at 10:34 pm

The Seychelles national airline was among the top winners at this years World Travel Awards bagging four major accolades.

The travel awards on Saturday crowned Air Seychelles as the Indian Oceans Leading Airline for the third consecutive year and also the regions best for Business Class and Cabin Crew service.

This is the fourth consecutive year that Air Seychelles has won both the Indian Oceans Leading Airline Business Class and Leading Indian Oceans Cabin Crew awards.

For the first time in 2017, Air Seychelles was also crowned as the Indian Oceans Leading Airline Brand.

Air Seychelles Chief Executive, Mr. Roy Kinnear led a delegation of the national airlines senior management at the award presentation ceremony. The red-carpet event was held at Sun Aqua Vilu Reef a five-star beach resort in the neighboring Indian Ocean island of Maldives.

Congratulating Air Seychelles on continuing its winning streak at the World Travel Awards, the Minister for Tourism, Civil Aviation, Ports and Marine Ambassador Maurice Loustau-Lalanne said, Its success illustrates how far a boutique airline can go when it has a strong vision and a team committed to success.

Air Seychelles Chairman Jean Weeling-Lee described the four awards as an outstanding feat for the Air Seychelles team who work hard to provide the best travel experience to its guests.

Every year Air Seychelles is growing its operations, improving its products and services, and delivering strong results for the tourism-based economy of Seychelles. Our success at the World Travel Awards underlines the strength of the business strategy and the core values that guide Air Seychelles, said Mr. Weeling-Lee.

For his part, Air Seychelles Chief Executive Roy Kinnear said clinching four accolades at the World Travel Awards is the crowning moment of what he described as an incredible year for the airline.

We operate in an extremely competitive environment and very often outpunch our weight compared to many larger operators. We will continue to stay focused on service improvements developing a sustainably profitable airline and offering opportunities for career progression within the airline. Winning these awards would not have been possible without our people or the strong support of our shareholders, the Government of Seychelles and Etihad Airways, said Mr. Kinnear.

Other Seychelles businesses in the travel and tourism industry also won accolades at the 24th World Travel Awards for the Indian Ocean in their respective category.

Port Victoria has been voted as the Indian Oceans Leading Cruise Port for the fifth consecutive year.

The Chief Executive of the Seychelles Ports Authority Colonel Andre Ciseau said the award symbolizes the collaborative efforts of all stakeholders to ensure a high level of service is offered to all vessels including cruise ships visiting Port Victoria.

Mr. Ciseau noted that discussions involving the relevant partners are ongoing to improve on the infrastructures and amenities to ensure that while cruise tourism gains popularity, the level of service also continues to be enhanced. Work is also being done to ensure that more souvenirs are on offer so that visitors can spend a bit more while visiting the Seychelles islands.

Improving cruise tourism in the region was in fact the topic of discussion at a recent workshop organized by the Port Management Association for Eastern and Southern Africa in collaboration with Cruise Indian Ocean Association and the Seychelles Ports Authority. The two-day workshop was held at the Savoy Seychelles Resort and Spa at Beau Vallon on July 4 and 5.

We brainstormed on how to develop a new concept Cruise Africa. If Cruise Africa is successful, this will mean more progress for the Indian Ocean islands and African countries, as cruise tourism is not an industry where you compete with one another but rather one where theres collaboration, said Colonel Ciseau.

Constance Ephelia, located at Port Launay is the Indian Oceans Leading Green Resort. Constance Ephelia bagged the same award last year.

Raffles Praslin, Seychelles has emerged as the Indian Oceans Leading Villa Resort, for the third consecutive year.

The World Travel Awards was established in 1993 to recognize the very best travel organizations in the world, through a global vote including by travel and tourism professionals.

Awards are presented for excellence in providing services in different categories of the worlds travel and tourism industry. This includes air services, car rental services, spas, travel agencies and tour operators, hotels and resorts, among others.

The awards are first given on a regional basis and the winners qualify for the grand final of the World Travel Award. This years grand final will be held in Phu Quoc, Vietnam on December 10.

Aside from presenting accolades to the best of the Indian Ocean travel & tourism businesses, the World Travel Awards also named businesses that stands out from the rest in their respective islands namely Mauritius, Maldives, Madagascar, Seychelles and Reunion.

The other Seychelles award winners are:

Seychelles Leading Boutique Hotel 2017 MAIA Luxury Resort & Spa

Seychelles Leading Car Rental Company 2017 Hertz

Seychelles Leading Conference Hotel 2017 Eden Bleu Hotel

Seychelles Leading Family Resort 2017 Constance Ephlia

Seychelles Leading Green Resort 2017 Hilton Seychelles Labriz Resort & Spa

Seychelles Leading Hotel 2017 Constance Lmuria Seychelles

Seychelles Leading Hotel Suite 2017 Two Bedroom Presidential Villa @ Hilton Seychelles Northolme Resort & Spa

Seychelles Leading Luxury Hotel Villa 2017 MAIA Signature Villa @ MAIA Luxury Resort & Spa

Seychelles Leading Resort 2017 Enchanted Island Resort

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Civil Aviation Minister inspects progress of new domestic passenger terminal at Seychelles International Airport – eTurboNews

Posted: at 10:34 pm

The Minister for Tourism, Civil Aviation, Ports and Marine, Mr. Maurice Loustau-Lalanne, has expressed satisfaction with the progress of works at the new domestic passenger terminal building.

Minister Loustau-Lalanne visited the Seychelles International Airport on Friday, June 30, to have an appreciation of the current state of the construction, which started in January 2015.

I am happy with the progress done, and I look forward to see the project being completed without any further delays, he said after the visit.

Minister Loustau-Lalanne toured the newly-built structure, which is to support several airport operations, a restaurant, a spa, and a Commercial Important Persons (CIP) lounge, which will serve travelers going through the passenger terminal.

He was accompanied by officials of the Seychelles Civil Aviation Authority and the construction company.

The project, which is being undertaken by Allied Builders (Seychelles) Limited, is being done in three phases. This is to ensure that airport operations are not disrupted while the development and modernization of its structures and facilities are ongoing.

The General Manager for airport management, Mr. Patrick Hoareau, informed the touring party that phase 1 is set to be completed by mid-August 2017.

Mr. Hoareau said: 65% of the first phase of the project has now been completed, most operating facilities will be functional by the end of phase one, in August. This means we will have the departure lounge area, lift, ground floor public toilet facilities, offices on 1st floor and check-in area, partial area of the concourse, and possibly the food and beverages outlet operational.

Phase 2 and remaining part of Phase 3 are scheduled to start in September 2017. This will see the domestic ground operations moved to the newly built facility, while the new departure lounge has been separated to cater for both the arrival and departure operations, as the existing building will be demolished to construct a new arrival lounge. The project is expected to be completed in its entirety in July 2018.

When talking about the concept of the structure, Mr. Hoareau said the terminal will be a modern one with sustainable aspects and designs.

It will be a more modern centralized commercial passenger terminal with underground water harvesting tank facilities with capacities of over 3600 liters in total. This is expected to cut down on SCAAs operational cost, especially when it comes to utilities, which is expected to go down by 50 percent, he added.

While at the airport, Minister Loustau-Lalanne also took the opportunity to visit the newly-extended arrival terminal building.

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Your Say: A Bad Case Of Dj Vu For The Bahamas Cca – Bahamas Tribune

Posted: at 10:31 pm

By MALCOLM J STRACHAN

IN a court filing last week, China Construction America (CCA) revealed what many Bahamians have been fearing for the past three years that CCA is not currently in a position to complete Baha Mar on yet another schedule that the company itself established.

Last time, they blamed the original developer and said that too many work order changes caused the lengthy delay, an accusation that holds no water with experienced contractors and construction managers.

This time, they are blaming a company that will not sell them lounge chairs, claiming that they are unable to acquire different lounge chairs in the three and a half months before the completion deadline. Who will they blame next?

This absurd excuse is yet another reason why Bahamians do not and should not trust CCA, and continue to balk at the false notion that Baha Mar and its potential economic benefits for The Bahamas can be entrusted to a company with such poor credibility and a track record of being unable to deliver for The Bahamas.

Bahamians remember that CCA is the same company that missed deadline after deadline to complete the project, blew through the budget that it created for the project, and relied on imported labour rather than employ Bahamian construction workers. All of these issues are to blame for the fact that the project still isnt complete!

Beyond this, we have seen first-hand CCAs willingness to engage in worrisome practices with public officials.

Just a few months ago, CCA senior vice president Daniel Liu was exposed as engaging with former Minister Jerome Fitzgerald over awarding contracts to his businesses, in a flagrant breach of Cabinet protocol. What other misdeeds has CCA committed that we do not yet know about?

CCA and its consistent failures have directly cost our country hundreds of millions of dollars in lost tourism revenues and increased unemployment following the mass layoffs at Baha Mar in 2015.

CCAs actions have not only limited economic opportunities for all Bahamian citizens, but also have damaged our reputation among important international organisations, resulting in a downgraded international credit rating for The Bahamas.

Perhaps the only way that CCA could cause further harm to Bahamians would be some sort of catastrophe at Baha Mar. With its awful track record, its not surprising that CCAs construction has accumulated hundreds of on-record work defects that have yet to be addressed.

In fact, CCA has already admitted to using cheaper, inferior materials during the construction of certain parts of the resort. Hopefully, this new FNM government is undertaking the necessary safety inspections of Baha Mar, since we know that we cannot trust CCA to build a safe building on its own.

Does the new government truly intend to wait around for the next three and a half months to see if CCA will make good on its word for the first time? CCAs past actions clearly show that counting on CCA would be a mistake now is the time to say enough is enough with CCA! Its empty promises and continuous failures have had tangible negative affects on the lives of all Bahamians.

To end the damage, our new government must place a moratorium on the sale process until the public is able to properly review all documents associated with the sale of Baha Mar to Chow Tai Fook, importantly including the associated agreements with CCA and the bank and the government. Bahamians deserve to know the full extent of the previous governments despicable concessions to the Chinese.

It is abundantly clear that CCA does not have our interests in mind, only those of Chow Tai Fook, the Export-Import Bank of China, and its cronies.

The completion of Baha Mar in a timely fashion for the benefit of all Bahamians should be the foremost priority for those working on the project.

For CCA, this is clearly not the case. And now is the time to turn that completion over to Bahamians, who, unlike CCA, have the proven commitment to the betterment of The Bahamas.

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Flag Raised For Grand Bahama Celebrations – Bahamas Tribune

Posted: at 10:31 pm

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

FLAG raising ceremonies were held in the three districts in Grand Bahama on Friday as part of the countrys celebrations for Independence Day.

At 9am, all the local radio stations played the national anthem simultaneously.

Minister of Youth, Sports and Culture Michael Pintard and Minister of State for Grand Bahama Kwasi Thompson spoke at the Harold DeGregory Government Complex in Freeport.

Mr Pintard saluted those Bahamians who had the courage 44 years ago to obtain independence and to govern their own affairs and sit at the international table of the world as equal partners.

The achievement of independence in 1973 was an acknowledgment that we were to be the main architects designing our own future and managing the growth and development of our country. We accepted the challenge undergirded by the faith in God and confidence in our collective ability as a people, he said.

Mr Pintard indicated the country had accomplished a great deal, despite many challenges.

He also said the Bahamas had made incredible contributions to the world by continuing to produce many Rhodes scholars in the field of science, technology and medicine.

Many of our scholars have sat international standard exams and have done better than others who hail from around the globe; we are as good as anyone else, anywhere else in the world, he said.

He also noted that Bahamians have also made significant achievements in sports.

Our athletes have made a difference and made us proud and have made the world take note, he said.

As we raise the flag, we salute all nation builders on whose shoulders we stand. But we also acknowledge there are many unrealised dreams that we have set and some issues that threaten the gains we have made thus far.

Meanwhile. Mr Thompson said that the Bahamas is the best country in the world.

We are privileged to live in the best country in the world, but even more so, we are privileged to live on the best island in the Bahamas Grand Bahama, he said.

We have been challenged, but we are not giving up; we may have difficult times, but will not lose; We will continue to fight until the island is fully recovered, he said.

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Bahamas Faces Possible Downgrade – The Bahama Journal

Posted: at 10:31 pm

Posted on 11 July 2017. by Jones Bahamas

Top investment agency Moodys has placed the Baa3 bond and issuer ratings of the government of the Bahamas on review for downgrade.

Moodys, in a recent statement, said the decision to place the ratings on review was prompted by official statements that the Bahamas fiscal position was weaker than previously estimated and that the governments debt ratios will continue to worsen over the coming years.

This diverged from Moodys expectation that the governments debt ratios would stabilize in fiscal 2017, thus supporting the Bahamas Baa3 rating and stable outlook.

Moodys said their review will focus on evaluating the credit risks posed by ongoing economic and fiscal challenges, taking into consideration the recent revelations of fiscal deterioration as well as the new governments proposals to arrest this during the review.

Moodys will also assess how the Bahamas overall credit profile will evolve compared with those of sovereigns rated in the Baa and Ba categories.

The Bahamas long-term local-currency bond and bank deposit country ceiling remain unchanged at A2. The long-term foreign-currency bond and bank deposits ceilings remain unchanged at Baa1 and Baa3, respectively.

The short-term foreign currency bond and bank deposits ceilings remain unchanged at P-2 and P-3 respectively.

As presented in the 2017/18 Budget, the fiscal deficit is expected to fall from an estimated 5.5 percent of the GDP in 2016/17 to 1.0 percent of the GDP by 2019/20 in a no-policy change scenario.

Given the economys weak state, Moodys expects that it will be difficult to meet this deficit target.

While the introduction of a value-added tax has contributed significantly to bolstering the governments revenue base, curbing expenditures remains challenging.

The Bahamas susceptibility to climate-related events such as hurricanes also increases the risks of fiscal slippage, as was the case in 2015 and 2016.

During the review, Moodys will assess the details of the governments fiscal consolidation plan, which the budget communication stated would be developed in the short-term.

In addition to the proposed expenditure and revenue measures that the government will seek to implement to reduce the fiscal deficit, Moodys will assess measures to address the rising sovereign risk posed by contingent liabilities stemming from the broader non-financial public sector, with a stock of debt representing over 17 percent of the GDP, of which about half carries an explicit government guarantee.

In February, Moodys forecasted that the Bahamas fiscal deficit will remain above $300 million for this current budget period, with Hurricane Matthew blowing it slightly higher than the prior year.

The international credit rating agency, in its quarterly assessment of the Bahamas sovereign creditworthiness, gave an insight into the extent of Matthews impact on the governments finances by projecting a deficit equivalent to 3.6 percent of the GDP for 2016-2017.

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Boat stolen in Bahamas found in Jamaica; four men arrested – Loop Jamaica

Posted: at 10:31 pm

A boat that was found in Jamaican waters last week was reportedly stolen in the Bahamas.

The Portland Police and the Marine Police haveintensified their probe into the case that began unfolding about 1:00 pmlast Wednesday, July 5, when four men two Jamaicans and two Bahamians were found aboard a 30-foot Jupiter Contender vessel that was intercepted by the Jamaica Defence Force Coast Guard offshore Portland.

"The men were handed over to the officers at the Port Antonio Marine Outpost, who during subsequent investigations, found that there were discrepancies between the documents presented for the vessel and the information the men gave," said the Jamaica Constabulary Force's corporate communications arm in a news release.

The men reportedly also failed to properly account for their presence in Jamaican coastal waters.

According to local police, theBahamian authorities were contacted and it was revealed that the boat had been stolen in that country.

The probe continues as detectives have called in the Passport Immigration and Citizenship Agency (PICA) for assistance, as it is believed that the men may be concealing their true identities, the news release said.

The four menremain in Police custody on suspicion of breaches of the Customs Act, the Maritime Act and the Immigration Restriction on Commonwealth Citizen Act.

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Boat stolen in Bahamas found in Jamaica; four men arrested - Loop Jamaica

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