Daily Archives: August 1, 2017

Caribbean Crackdowns: A Really Bad Week For Democracy, Free Enterprise – WLRN

Posted: August 1, 2017 at 6:37 pm

Fears of a dictatorship forming in Venezuela seemed borne out early Tuesday when the government hauled opposition leaders to jail. But this is shaping up to be a bad week for democracy and free enterprise across the Caribbean.

Venezuelas socialist president, Nicols Maduro, had promised to jail many of his opponents once a new constituent assembly was elected on Sunday. That body will now rewrite Venezuelas constitution to give Maduro sweeping new executive powers that critics call a dictatorship.

True to his word, Maduro had police round up Venezuelan opposition leaders Leopoldo Lpez and Antonio Ledezma. Both were reportedly sent to prison in Caracas.

It was a chilling reminder of what most of the international community expects to come in Venezuela: a one-party, Cuba-style regime. And as if to remind the world what that means, Cuban leader Ral Castro weighed in hours later with an authoritarian crackdown in his own country.

Cubas communist government announced its suspending new licenses for many businesses in the islands fledgling private sector. Analysts say thats largely because the regime fears free enterprise has gotten too big and independent in Cuba and therefore a political threat.

Castro officials had already begun closing down some businesses in recent weeks for supposedly violating government regulations - or, as many Cuba watchers suggested, for being too successful.

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Royal Caribbean and Scana rise as Under Armour stumbles – Fox Business

Posted: at 6:37 pm

NEW YORK Stocks that moved substantially or traded heavily Tuesday:

Royal Caribbean Cruises Ltd., up $3.80 to $116.87

The cruise line operator raised its estimates for the year after a strong second quarter.

Scana Corp., up $3.19 to $67.56

The utility company said it plans to end construction of two costly nuclear reactors in South Carolina.

Under Armour Inc., down $1.72 to $18.30

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The athletic apparel maker lowered its revenue forecast and will cut spending as its North American business struggles.

Xerox Inc., up $1.79 to $32.46

The business services company surpassed analyst expectations in the second quarter.

Cummins Inc., down $10.42 to $157.48

The engine maker reported a weaker-than-expected profit due to higher warranty costs even though sales were strong.

Goldman Sachs Group Inc., up $1.67 to $227

Banks and financial companies did better than the rest of the market on Tuesday.

Pitney Bowes Inc., down $2.43 to $13.31

The mailing equipment and software company posted weak earnings and expects a smaller annual profit.

Sprint Corp., up 89 cents to $8.87

The wireless carrier reported its first quarterly profit in three years as it cut costs and added more subscribers.

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Royal Caribbean and Scana rise as Under Armour stumbles - Fox Business

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The Best Caribbean Islands for Foodies – Tasting Table

Posted: at 6:37 pm

Though the Caribbean is typically visited for its white-sand beaches and crystal clear waters, its increasingly becoming a destination for food lovers.

Looking to plan a food-fueled Caribbean vacation but dont know where to start? These seven Caribbean islands tend to offer the best of the best for gourmands who want to try delicious local fare without missing a second of the breathtaking scenery.

While traveling to 25 countries (and counting), Lindsay writes about her passion for food, travel and culture. You can follow her adventures on Instagram at @lindsaypaigestein and @nomnomblog.

Discover the Islands

For mouthwatering jerk chicken, bammy (cassava) pancakes and callaloo stew, head to Jamaica, where a flavorful, richly spiced cuisine offers tinges of African, Indian, British, French, Spanish and Chinese influences. Scotchies, a must-try joint in Montego Bay, serves up the best jerk chicken and pork on the island. First-time visitors should also get their hands on Tastee Patties, miniature flaky patties (filled with ground beef, vegetables, chicken or cheese) sold at stores throughout Jamaica.

Photo: lucky-photographer/Getty Images

In the Cayman Islands, travelers should try heavy cakes made from coconut, cassava, sugar and spices; local Caybrew beer; conch stew; and the coconut snapper at Heritage Kitchen, a must-try. The new Kimpton Seafire Resort + Spa offers culinary experiences like food-and-wine pairings with a private chef and cooking classes for kids.

Photo: rmanera/Getty Images

Trinidad and Tobago's rich and diverse culinary heritage includes distinctive Creole traditions and cuisines, and is known for both its street food and its upscale dining. On this twin-island nation, curried crab and dumplings reign supreme, as do stewed chicken, pelau (seasoned rice and broth), macaroni pie and oxtail.

Photo: kbycphotography/Getty Images

Be sure to try Puerto Rican asopao, a hearty gumbo made with either chicken or shellfish, and don't miss out on aromatic Puerto Rican coffee, which is produced right on the island. Additionally, a vibrant tourism scene has produced quality restaurants like Pikayo, serving fusion fare, and Oceano, a beachfront spot with upscale Caribbean classics.

Photo: dennisvdw/Getty Images

Head to St. Barts for an updated take on traditional French cuisine and seafood like mahi mahi, red tuna and red snapper. The island's annual St. Barth Gourmet Festival, which takes place in the fall, is a gastronomic blowout that brings together chefs from all over the world; guests can sample tasting menus, watch mixologist competitions, sign up for gourmet dinners and more.

Photo: Reed Kaestner/Getty Images

Don't leave Barbados without trying breadfruit, a starchy superfood and staple of the Barbadian diet. Lush breadfruit grow on trees throughout the Caribbean; they can be roasted, fried, baked or boiled, and they're usually served alongside meat dishes.

Photo: master1305/Getty Images

Be sure to try Anguillas crayfish, which can be found at beachside BBQ shacks and restaurants across the tiny island. Other delectable Anguillan dishes include island snapper with peas and rice, West Indian-style curried goat and grilled lobster. The island is also known for its food trucks; two standouts are Hungrys Good Food, doling out eight homemade soups, and Papa Lash's Food Van, whose signature cheese patty is a local favorite.

Photo: Chris Williams/Getty Images

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Climate Change Brings Migration from the Dry Corridor to Nicaragua’s Caribbean Coast – Inter Press Service

Posted: at 6:37 pm

Biodiversity, Caribbean Climate Wire, Civil Society, Climate Change, Development & Aid, Editors' Choice, Environment, Featured, Food & Agriculture, Headlines, Population, Poverty & SDGs, Projects, TerraViva United Nations

Peasant farmers on a farm in the town of Sbaco, in the northern Nicaraguan department of Matagalpa, part of the Dry Corridor of Central America, where this year rains have been generous, after years of drought. Credit: Wilmer Lpez/IPS

MATAGALPA, Nicaragua, Aug 1 2017 (IPS) - If the impact of drought and poverty in the municipalities of the so-called Dry Corridor in Nicaragua continues pushing the agricultural frontier towards the Caribbean coast, by the year 2050 this area will have lost all its forests and nature reserves, experts predict.

Denis Melndez, facilitator of the National Board for Risk Management, told IPS that annually between 70,000 and 75,000 hectares of forests are lost in Nicaraguas northern region and along the Caribbean coast, according to research carried out by this non-governmental organisation that monitors the governments environmental record.

This phenomenon, he explained, occurs mainly due to the impact of climate change in the Dry Corridor, a vast area that comprises 37 municipalities in central and northern Nicaragua, which begins in the west, at the border with Honduras, and ends in the departments of Matagalpa and Jinotega, bordering the eastern North Caribbean Coast Autonomous Region (RACCN).

They are peasant farmers who are unaware that most of the land in the Caribbean is most suitable for forestry,and they cut the trees, burn the grasslands, plant crops and breed livestock, destroying the ecosystem. -- Denis Melndez

The Dry Corridor in Central America is an arid strip of lowlands that runs along the Pacific coast through Honduras, El Salvador, Nicaragua and Costa Rica.

In this Central American eco-region, which is home to 10.5 million people, according to data from the United Nations Food and Agriculture Organisation (FAO), the cyclical droughts have been aggravated by climate change and the gradual devastation of natural resources by the local populations.

In Nicaragua, it encompasses areas near the RACCN, a territory of over 33,000 square kilometres, with a population mostly belonging to the indigenous Miskito people, and which has the biggest forest reserve in Nicaragua and Central America: Bosawas.

From these generally dry territories, said Melndez, there has been an invasion of farmers to the RACCN many of them mestizos or people of mixed-race heritage, who the native inhabitants pejoratively refer to as colonists fleeing the rigours of climate change, who have settled in indigenous areas in this Caribbean region.

They are peasant farmers who are unaware that most of the land in the Caribbean is most suitable for forestry,and they cut the trees, burn the grasslands, plant crops and breed livestock, destroying the ecosystem, Melndez complained.

He said that if the loss of forests continues at the current pace, by 2050 the Dry Corridor will reach all the way to the Caribbean coast.

IPS visited several rural towns in the northern department of Matagalpa, where four of the 37 municipalities of the Corridor are located: San Isidro, Terrabona, Ciudad Daro and Sbaco.

In Sbaco, the rains have been generous since the rainy season started in May, which made the farmers forget the hardships of the past years.

There is green everywhere, and enthusiasm in the agricultural areas, which between 2013 and early 2016 suffered loss after loss in their crops due to the drought.

The weather has been nice this year, it had been a long time since we enjoyed this rainwater which is a blessing from God, 67-year-old Arstides Silva told IPS.

Silva and other farmers in Sbaco and neighbouring localities do not like to talk about the displacement towards other communities near the Caribbean coast, to avoid conflicts.

A good winter or rainy season this year in the tropical areas in northern Nicaragua curbed migration towards the neighbouring Northern Caribbean Region by farmers who use the slash-and-burn method, devastating to the forests. Credit: Wilmer Lpez/IPS

I know two or three families who have gone to the coast to work, but because the landowners want them because we know how to make the land produce. We dont go there to invade other peoples land, said Agenor Snchez, who grows vegetables in Sbaco, on land leased from a relative.

But like Melndez, human rights, social and environmental organisations emphasise the magnitude of the displacement of people from the Dry Corridor to Caribbean coastal areas since 2005.

Ecologist Jaime Incer Barquero, a former environment minister, told IPS that this is not a new problem. For 40 years I have been warning about the ecological disaster of the Dry Corridor and the Caribbean, but the authorities havent paid attention to me, he complained.

The scientist pointed out that the shifting of the agricultural frontier from the Dry Corridor to the Caribbean forest and its coastal ecosystems threatens the sources of water that supply over 300,000 indigenous people in the area, because when the trees in the forest are cut, water is not absorbed by the soil, leading to runoff and landslides.

There are thousands of colonists devastating the biosphere reserve in Bosawas, which is the last big lung in Central America, and it is endangered,

Abdel Garca, climate change officer at the non-governmental Humboldt Centre, told IPS that during the nearly four years of drought that affected the country, the risk of environmental devastation extended beyond the Dry Corridor towards the Caribbean.

He believes the expansion of the Dry Corridor farming practices towards the Caribbean region is a serious problem, since the soil along the coast is less productive and cannot withstand the traditional crops grown in the Corridor.

While the soils of the Corridor stay fertile for up to 20 years, in the Caribbean the soil, which is more suited to forestry, is sometimes fertile for just two or three years.

That drives farmers to encroach on the forest in order to keep planting, using their traditional slash-and-burn method.

According to Garca, the expansion of the Corridor would impact on the Caribbean coastal ecosystems and put pressure on protected areas, such as Bosawas.

The environmentalist said the Caribbean region is already facing environmental problems similar to those in the Corridor, such as changes in rainfall regimes, an increase in winds, and the penetration of sea water in coastal areas that used to be covered by dense pine forests or mangroves that have been cut down over the last 10 years.

The climate monitoring carried out by the Humboldt Centre, one of the most reputable institutions and the most proactive in overseeing and defending the environment in the country, found that the average rainfall in the Corridor fell from 1,000 to 1,400 millimetres per square metre to half that in 2015.

The migration of farmers from the Corridor, where about 500,000 people live, towards the Caribbean is also having on impact on human rights, since the Caribbean regions are by law state-protected territories, and the encroachment by outsiders has led to abuse and violence between indigenous people and colonists.

Mara Luisa Acosta, head of the Legal Aid Centre for Indigenous Peoples, has denounced this violence before the Inter-American Commission on Human Rights (IACHR).

In her view, the growing number of outsiders moving into the Caribbean region is part of a business involving major interests, promoted and supported by government agencies to exploit the natural resources in the indigenous lands along the Caribbean with impunity.

For its part, the government officially denies that there is conflict generated by the influx of outsiders in the RACCN, but is taking measures to reinforce food security in the Dry Corridor, in an attempt to curb migration towards the Caribbean.

Of Nicaraguas population of 6.2 million people, 29.6 per cent live in poverty and 8.3 per cent in extreme poverty, according to the World Banks latest update, from April.

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Bahamas Urged To Correct Tourism ‘Product Deficiency’ – Bahamas Tribune

Posted: at 6:37 pm

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas must "tell a better story" to correct its tourism "product deficiency", a Cabinet Minister yesterday confirming he is targeting a 15 per cent increase in African-American visitors.

Dionisio D'Aguilar, minister of tourism, told Tribune Business this was likely one of the easiest niche markets for the Bahamas to penetrate, given its proximity to the US and shared history and culture.

While he acknowledged that a 15 per cent increase would only grow the Bahamas' annual African-American stopover visitors to around 100,000, Mr D'Aguilar said it was part of a drive to provide improved tourist experiences that established a stronger 'connection' with this nation's market.

"We feel there's a great connection between African-Americans and the Bahamas," the Minister told this newspaper. "There's a historical relationship. The loyalists emigrated to the Bahamas with their slaves, and many Bahamians today are descended from those immigrants.

"As a result a lot of our culture is connected to African-American culture in terms of similar foods, singing, worshipping and, as a result, we feel we can connect easily with them because of the historical relationship."

Mr D'Aguilar said Bahamian actor, Sidney Poitier, and Martin Luther King's visit to Bimini, where he wrote the 'I have a Dream' speech, provided further further historical and cultural reference points that connect this nation to the African-American community.

"They're an easier group to sell to and entice to our country than others," he added. "A lot of them know of and like the Bahamas, and we need to entice them to historical events that connect them and our two countries. It's low-hanging fruit."

The Minister of Tourism said his ministry was focusing on providing visitors with experiences of the Bahamas that they will remember for a lifetime, moving this nation's business model away from reliance on 'sun, sand and sea'.

"We're trying to tell a better story and make it a more interesting destination," he told Tribune Business, "creating a more interesting story to tell so that people have a connection.

"We've got a product deficiency we've got to work on in terms something interesting to do. We've put emphasis on this, and need private sector companies to rise up and take advantage."

Mr D'Aguilar cited the recent Junkanoo in July event as an example, saying it attracted a mostly Bahamian audience despite being an ideal venue to immerse tourists in local culture.

"I thought we could have done a better job of attracting more tourists to come," he said. 'While we have great products, we're not marketing it sufficiently to visitors, so they can participate and have that experiential experience."

Mr D'Aguilar, speaking at the fourth annual International Multicultural & Heritage Tourism Summit Apex Awards last week, said: "Our heightened focus on the African-American travel market comes at an opportune time when the Bahamas tourism product is being holistically re-calibrated, overhauled and fine-tuned.

"There are particularly five areas of product improvement that will make the Bahamas particularly attractive to the African-American market."

Those areas are refurbishment and development of historical and heritage sites; strengthening the Bahamas' heritage and cultural events; embracing quality customer service; the increase in authentic experiences; and strengthening social connections between guests and local Bahamians.

"The growth of our tourism business is best achieved through expanding our niche markets. For us, the African-American travel market is a highly attractive market segment. The Bahamas has been a choice destination where African-Americans have been coming for years to rest, relax and rejuvenate. We will continue to work on all fronts to maintain a very desirable tourism product and to pay close attention to those areas of our product mix that appeal to the African-American market," said Mr D'Aguilar.

The Bahamas has already committed to key partnerships with the African-American community, including a media partnership with Black Enterprise, which will host its first offshore event called the 'Women of Power Weekend Retreat' in Bimini in October 2017.

Membership of the National Coalition of Black Meeting Planners (NCBMP); participation in the Black Caucus week of events held in Washington D.C; and the partnership with Radio One to reach the African-American audience in markets such as Chicago, New York, Atlanta, Washington, Los Angeles and Miami/Fort Lauderdale will continue.

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Realizing a Bahamas Luxury Resort Vision – TravelPulse

Posted: at 6:37 pm

PHOTO: Yvette Edwards, Director of Sales and Marketing for Grand Hyatt Baha Mar. (photo by Brian Major)

The anchor property of Nassaus $4.2 billion Baha Mar development, the Grand Hyatt Baha Mar, is in operation after nearly three years of construction delays, bankruptcy and litigation.

The hotel is nonetheless fairly close to luxury-resort vision first expressed by original developer Sarkis Izmirlian envisioned nearly a decade ago.

The 1,800-room resorts eastern wing began accommodating guests this summer following an April soft opening and in June hosted a showcase conference for American Society of Travel Agents and National Association of Career Travel Agents members.

Yvette Edwards is charged with leading the crucial sales and marketing effort for perhaps the most eagerly awaited anchor property in recent Caribbean history. We spoke with Ms. Edwards recently for her perspective on the key resort launch.

TravelPulse: What are your priorities now that the Grand Hyatt Baha Mar is open?

YE: One of the biggest priorities is making sure everyone knows were open andthat the Grand Hyatt brand is going to bring a superior level of service and a lot of new experiences that we havent seen in the past.

TP: How would you describe the resorts character?

YE: Certainly were a reflection of the Bahamas, and thats really important to us and making sure that when someone comes to visit us, theyre going to have the opportunity to experience a lot of things that are authentic to the Bahamas here in Nassau, but also little things, like the outer islands.

If you go back by the pool deck, you have beautiful pools. Youll see the marine life thats in the area. The little village in itselfwalking through it should remind you of what its like to be in the outer islands. Really, we want you to feel like youre in the Bahamas when youre here. When people are here, theyre going to see a lot more than just a resort. We really about where we are.

TP: Its almost an understatement to say Baha Mar was a controversial project. Do you think the long delays and court battles will impact the resorts operation?

YE: I dont think its about looking back. There are so many positive things that Baha Mar brings to the Bahamas, whether it be jobs or whether it be a beautiful destination for people to enjoy.

READ MORE:Nassau's Baha Mar Was Worth the Wait

TP: What is the profile of the Grand Hyatt Baha Mar vacationer?

YE: Certainly, we will have honeymooners here. Youll see a lot of weddings here; that is certainly a market we will target. We certainly are family friendly as well, and there are family activities here; we have an explorers club for kids. We also have a world-class casino, which of course is going to bring in a client who has interest in casinos as well.

Also, theres the affluent traveler looking for an experience thats truly Bahamian. Thats what were about. I think thats where were really going to find our niche, as a resort for someone wanting to come and have an experience where they get to engage with cuisine, culture and architecture.

TP: Baha Mar was originally marketed as the Bahamian Riviera. Does the Grand Hyatt, as themega-resorts anchor property, reflect that vision?

YE: It really is more about having life experiences here. Its more about creating memories, and the Grand Hyatt brand is about that. Its about giving people something that when they leave, they say I didnt know that, or Ive never seen that before or I have to come back because I cant that get anywhere else. Thats really what were focused on.

TP: Will guests have reciprocal privileges at Baha Mars sister properties, the SLS and Rosewood resorts?

YE: Yes. As a Baha Mar guest, you may come for the Grand Hyatt brand but you get to experience three different, world-class brands. Its one of those things where there is truly something for everyone. So you could be here for an incentive program but youre going to stay a couple of extra days because there are so many things here you didnt have time to go with your group.

I think its more about a truly integrated resort experience. While its a large resort, the footprint is tight and youre engaged at every corner.

READ MORE:Underrated, Budget-Friendly Things to Do in Nassau

TP: What other features will Grand Hyatt Bar Mar guests notice?

YE: We have an amazing art collection, and I think that will bring in a lot of customers looking for experiential travel. The art collection continues to grow and, moving forward, well be able to involve art in group events as well.

In the bar were sitting in, we have live jazz at night. Theres a steel drum playing now in Churchills. There are the show fountains at night. Theres a lot to see, but its easy to get to. You dont have to worry about transportation or long walks.

TP: How are you connecting with the travel agent community?

YE: Were doing a lot right now, whether its related to airline-related programs, group planners or leisure travel agents, including the recent ASTA conference here. Were making sure we bring those people in because really the best advocates for us will be the people whove been here. I can go out and tell people Its beautiful and you want to come, but when you hear it from a customer who was here and had their own experience, thats what really resonates with people.

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Bahamas May Have To ‘Guarantee’ Extra Baha Mar Airlift – Bahamas Tribune

Posted: at 6:37 pm

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Minister of Tourism yesterday said the Bahamas may have to offer airlines financial guarantees to generate the extra 314,000 seats required for Baha Mar, promising: "We're on top of it."

Dionisio D'Aguilar told Tribune Business that this nation may have to initially underwrite the launch of additional flights, or service to Nassau/Paradise Island from new destinations, in order to convince the airlines to meet its visitor supply needs.

While acknowledging that generating sufficient airlift to meet Baha Mar's phased opening deadlines remained a concern, Mr D'Aguilar said he was "feeling better" about the situation due to collaboration between his ministry and the Nassau/Paradise Island Promotion Board.

"I think it's going well," the Minister told this newspaper. "I received a presentation by the Nassau/Paradise Island Promotion Board where they are partnering with the Ministry of Tourism to address the problem they see exists, what additional airlift we need, and are beginning negotiations with the airlines well in advance.

"They [the airlines] plan their schedules well in advance, and we have to see where we can increase that airlift and I think we'll be successful."

Previous tourism industry projections suggest that Nassau/Paradise Island needs to attract another 314,000 airline seats annually to ensure there is sufficient visitor supply to fill Baha Mar's additional room inventory and all existing hotels.

The $4.2 billion Cable Beach development will add an extra 2,300 rooms to the destination's room inventory when it fully opens in March/April 2018, with the Rosewood's launch timed for the winter season peak.

However, Nassau/Paradise Island's airlift capacity will likely have to steadily 'ramp up' over the next eight-nine months to meet Baha Mar's phased opening timetable. Its 1,800-room Grand Hyatt property is already open, and the SLS Lux is due to come online by October/November 2017.

Concerns over the Bahamas' efforts to build the additional airlift capacity were raised last week by Atlantis's top executive, Howard Karawan, who said previous "missteps" surrounding Baha Mar - its missed opening deadlines, and subsequent Chapter 11 filing and legal battle - had made airlines wary about offering additional service due to concerns over whether the demand would actually materialise.

Mr Karawan said: "We have met with JetBlue, Southwest and other airlines. I don't think you can wait until the last minute. You have to build demand.

"You have to be out in the market usually two years in advance of opening, building that anticipation, knowledge and desire, so that when you open the demand is there. If the demand is there the airlines will come.

"Given the missteps of the past, the airlines are saying we will believe it when we see it; show us the real stuff, show us new demand. If all you are doing is taking an existing customer going to Atlantis or Sandals or someplace else and going to another hotel, that doesn't create more demand for the air seats. We need new bodies; we need new business."

Mr D'Aguilar told Tribune Business yesterday that while airlift remained a concern, he had seen sufficient evidence that the tourism industry and his ministry were "all over it".

"It's not that I'm not worried about it, but I feel better about having the matter in hand," he said. "We know what the issues are, and are discussing them with the airlines.

"When they see the demand, are aware of the demand, they will be willing to provide the additional seats. But in some areas where there's a perceived risk they will want a guarantee.

"Maybe we will have to guarantee the first one, two or six months until they see the demand," Mr D'Aguilar added. "We're aware of it, have done the maths, and know how many additional seats we have to bring in.

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Bahamas Returns Home After 24th Ranking In Championships – Bahamas Tribune

Posted: at 6:37 pm

By BRENT STUBBS

Senior Sports Reporter

bstubbs@tribunemedia.net

THE Bahamas women's national team will be returning home from the World Baseball Softball Confederation (WBSC) Jr. Women's Softball World Championship in Clearwater, Florida, with a 24th ranking after suffering a 14-2 loss to Korea.

In their placement game on Friday, the Bahamian team, managed by Stephen "Bishop" Beneby, watched as the Asian national team scored eight runs in the first inning, followed by three runs in the four and three more in the fifth for an abbreviated affair.

The entire Korean roster was credited with at least one hit as center fielder Seo Young Jeong Sy went 3-for-4 with two runs batted in (RBI) and scored twice, while catcher Hyun Ju Im was also 3-for-4 with two RBI and a run scored.

Elijah Johnson led the Bahamas' attack by going 1-for-2 and scoring the only two runs on RBI from Kendalia Turner (1-for-3) and catcher Dachye Stubbs (1-for-2) on a double in the first and third respectively.

Si Yeon Hong earned the win pitching all five innings, allowing five hits and two runs, while striking out five. Ramona Hanna threw the first four innings, giving up 1.

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Storm battered Grand Bahama on Alert, Tropical Storm Emily to be major rain event – Magnetic Media (press release)

Posted: at 6:37 pm

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Bahamas, July 31, 2017 Grand Bahama Grand Bahama residents are today begged to rush storm preparations or to evacuate residences which may not be able to stand up in the rains and winds of the remnants of Emily. Tropical Storm Emily formed this morning over West Florida and already there is a state of emergency in effect for areas like Tampa Bay.

Grand Bahama Minister, Kwasi Thompson a short while ago led a press conference in Freeport to issue warning to the storm weary island. It is not anticipated that there will be a direct hit of the storm on Grand Bahama but there will be some bad weather. it will be a very heavy rain event.

Minister Thompson said the Office of the PM in Grand Bahama with NEMA and other agencies are monitoring the storm. Many homes are still in disrepair following the pounding by Hurricane Matthew last October.

Meteorologist, Kirk James said it is the size of the storm system with the rain and flooding which makes officials most concerned. The heavy rainfall will greatly diminish visibility, waterspout activity remains heightened, boaters and mariners are cautioned and thunderstorm activity is expected.

At this hour, Tropical Storm Emily is 35mls WSW of Tampa, Fl with 45mph winds. TS Emily is expected to be downgraded tonight and the real concern is the rain event Emily is expected to be.

Up to an 1 1/2 inches of rain is forecast for Grand Bahama and storm shelters information will come later today. Transportation is being considered for those who may not be able to get to shelters.

Tammi Mitchell, Deputy Co-chair of the Disaster Consultative Committee and NEMA supplies officer in Freeport recommended that residents remain tuned in to local media; these she said will have Grand Bahama specific info for residents. Mitchells input included shelter mobilisation information.

Pakesia Edgecombe, MP for West End and Bimini advised residents to be their brothers keepers to check on those within communities who are most vulnerable.

Even now construction is happening at the Fishing Hole Road for a bridge to end flood concerns and aide continues for residents with property damage from Matthew. August is the start of the more vigorous part of storm season; the Atlantic Hurricane season lasts until Nov 30.

#MagneticMediaNews

#stormbatteredGrandBahama

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Diamond Offshore Posts a Rare Revenue Increase in Q2 – Motley Fool

Posted: at 6:36 pm

The offshore rig business has been in a state of decline for more than two years. Even before oil prices started to crash, there was a concern that there were too many rigs fighting to find work. The crash came in the middle of 2014, and the industry has been falling ever since. This past quarter, though, Diamond Offshore Drilling (NYSE:DO) posted the first increase in revenue in a long time.

Here's a look at what happened this past quarter that led to the uptick in revenue, and how that may make investors think differently about this stock.

Image soruce: Getty Images.

Data source: Diamond Offshore earnings release.

The most surprising element of Diamond's most recent earnings report was the increase in revenue. That isn't something we have seen from offshore rig companies lately. The gains came from the company's ability tofind work for two of its ultra-deepwater floating rigs, which started on contract in mid-February, according to Diamond's most recent fleet status report.

Another encouraging sign is that those contracted assets ran at a high utilization rate. Operational efficiency improved to 96.6%. Less downtime means that more days on those term contracts are revenue-generating days, which translates to better profits. Managementhas attributed this to its Pressure Control by the Hour agreementwith General Electric(NYSE:GE)to own and lease blowout preventersto Diamond, rather than Diamond owning the equipment itself.

The reason those higher revenue figures didn't flow to the bottom line was that the companytook a $71 million asset impairment charge related to some of its older vessels that have gone off-contract. Adjusting for these noncash impairments, net income for the quarter would have been $0.45 per share.

Data source: Diamond Offshore earnings releases. Chart by author.

The modest income result and minimal capital spending allowed Diamond to generate $105 million in free cash flow, most of which went to paying down the company's short-term borrowings. With its debt-to-capital ratio of 34% and most of its current rigs contracted to work for at least a year, Diamond is in as good a shape as any other rig company today.

It appears that Diamond's partnership with General Electric on the Pressure Control by the Hour program is reaping notable rewards. CEO Marc Edwards went out of his way to single out the success of the program thus far:

The year-over-year increase is driven primarily by new contracts that ramped up earlier this year, a substantial improvement in our operating performance and our continued focus on cost management. The improvement in operational performance was seen across the fleet. However, I would like to highlight the four Black ships operating in the Gulf of Mexico.

Recall that these rigs are under our unique-to-the-industry Pressure Control by the Hour construct initiated just over a year ago, the benefits of which are now beginning to kick in. For example, the revenue efficiency on the Black ships has increased by over 300 basis points quarter-over-quarter, with BOP [blowout preventer] performance being a significant contributor.

During the past quarter, we drilled a well in the Gulf of Mexico to 31,000 feet, 30% faster than the planned drilling schedule. Part of this efficiency increase is a result of the ongoing reliability improvement we are witnessing because of Pressure Control by the Hour. The relationship with our partner, GE, continues to mature, and we are beginning to realize the benefits of the design for reliability ethos with critical component and system upgrades.

New contracts, high rates of operational efficiency, and the scrapping of a couple of older rigs have allowed Diamond to keep its earnings in positive territory when so many other rig companies' results are in the loss column. To improve its results from here, the company will need to find work for its cold-stacked rigs, which will be harder when having to bid against rigs that are still "hot" -- those that have just gotten off a contract and are ready to work immediately.

That said, Diamond is in pretty good shape right now, and should have the ability to reinvest in the business through either newbuilds or acquisitions. Considering that the stock still trades at a considerable discount to its tangible book value, Diamond is one of the best ways to invest in the return of offshore drilling.

Tyler Crowe owns shares of General Electric. The Motley Fool owns shares of General Electric. The Motley Fool has a disclosure policy.

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Diamond Offshore Posts a Rare Revenue Increase in Q2 - Motley Fool

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