Monthly Archives: January 2020

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Larry Birkhead Wishes He Went to Bahamas Before Anna Nicole Smith Died: 'She'd Still Be Here' - FOX10 News

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas is among the top four nations forecast to be hit hardest by rising sea levels, a rating agency warned yesterday, with up to 15 percent of annual GDP and 11 percent of its people in peril.

Moodys, unveiling an assessment about the long-term threat to sovereign creditworthiness posed by climate change, drew on multiple studies to identify The Bahamas - as well as Vietnam, Egypt and Suriname - as the four countries most threatened by rising sea levels resulting from global warming.

Describing the outlook as a material credit risk, Moodys also voiced concern that The Bahamas efforts to combat sea level rise lack co-ordination among government institutions and are made more complicated because much coastal, low-lying land is in the hands of private owners such as major resorts.

Drawing on a World Bank study, the credit rating agency - which currently has The Bahamas barely maintaining investment grade status, one notch above so-called junk - said only Vietnam and Suriname faced more severe economic consequences in a worst-case sea level rise scenario.

The Moodys report, published as the Bahamas Business Outlook conference focused on resiliency in the face of climate change and natural disasters, disclosed projections that a one-metre sea level rise would submerge 11.6 percent of this nations total land mass.

This, in turn, would endanger 4.7 percent of annual economic output (Gross Domestic Product), given the tourism industrys reliance on coastal sites, and 4.6 percent of the Bahamian population. However, the impact is much more extensive should sea levels rise three metres, as this would swallow 31 percent - or almost one-third - of all land in The Bahamas.

And the threat to the economy would also be three times greater, with 14.5 percent of GDP in jeopardy, along with the lives of 10.5 percent of the Bahamian people.

Different studies yield similar results, Moodys warned. Countries including Vietnam, The Bahamas, Egypt, Suriname and some in the Gulf are highlighted, with up to ten percent to 25 percent of the population or GDP exposed.

The greatest inundation by proportion of land area would be in The Bahamas, followed by Vietnam and Qatar.... Taking a broader view of exposure by combining several indicators (GDP, population, land area, agricultural area, degree of urbanisation, wetlands), Vietnam, Egypt, Suriname and the Bahamas feature among the most exposed countries.

In a scenario where sea level rise reaches three metres, Vietnam and Suriname are also the most exposed countries by economic output, followed by Benin and The Bahamas. Other studies researched by Moodys show that 100 percent of The Bahamas would be vulnerable to flooding and/or be submerged should sea levels rise by five metres.

And Climate Centrals 2015 research estimated that two-thirds of the Bahamian population would be affected should a locked-in sea level rise occur under a scenario where global temperatures increased on average by 3 degrees Celsius.

If temperatures were to rise by three degrees Celsius (C), affected rated sovereigns would include Cayman Islands with 83 percent of the population submerged, Suriname (81 percent) and The Bahamas (67 percent), Moodys added.

If warming were limited to two degrees Celsius, the most affected sovereigns would be similar, but the share of population below sea level would reduce by 2-18 percentage points.

The Bahamas has already felt the brunt of climate change through Hurricane Dorian, which inflicted $3.4bn in losses and damage on Abaco and Grand Bahama, while also derailing the Governments fiscal consolidation plan for at least three years by driving this years projected deficit to $677.5m and the national debt to $9.5bn over the medium term.

Moodys reiterated that The Bahamas was especially vulnerable due to its reliance on tourism for at least 40 percent of annual GDP, as most of the plant and infrastructure for its largest industry and economic engine are located on the coast.

Over time, coastal erosion or concerns about natural disasters may make some regions less attractive to tourists, Moodys warned. For a number of small-island sovereigns, such as The Bahamas, Belize, Fiji or Maldives, tourism is a driver of economic activity, and a major source of export revenue and foreign exchange.

Permanently lower growth may weaken a governments fiscal strength. Moreover, government compensation for lost income through higher spending or tax moratoria would widen budget deficits and raise debt. Among the sovereigns exposed to sea level rise, fiscal strength is particularly weak in Egypt, The Bahamas, Belize, Suriname and Tunisia.

While tourist inflows generally recover following natural disasters, the recovery period varies, and can be longer in the aftermath of more extreme events. In The Bahamas, storms or hurricanes have not hit key tourist destinations recently [apart from Abaco], but Hurricane Matthew in 2016 resulted in a slowdown in tourist inflows to Grand Bahama, which are yet to recover to pre-2016 levels.

Moodys also indicated that The Bahamas efforts to counter this threat to-date have been less than impressive, adding: In The Bahamas, a regulatory framework is in place to curb the effects of sea level rise. However, a lack of co-ordination among institutions and a high degree of private ownership of coastal lands hamper these efforts.

Sea level rise and related shocks pose material credit risk to Vietnam, Egypt, Suriname, The Bahamas and other small island sovereigns, including Maldives and Fiji. The pace of increase in the frequency and severity of natural disasters related to sea level rise and the effectiveness of adaptation measures will determine the extent of the credit constraints that these sovereigns face.

Detailing the economic and social consequences of not acting, Moodys added: The economic and social repercussions of lost income, damage to assets, loss of life, health issues and forced migration from the sudden events related to sea level rise are immediate. The main credit channels for sovereigns are economic and fiscal strength.

Vulnerability to extreme events related to sea level rise can also undermine investment, and heighten susceptibility to event risk, by hindering the ability of governments to borrow to rebuild, increasing losses for banks, raising external pressures, and/or amplifying political risk as populations come under stress. While one isolated shock related to sea level rise is unlikely to materially weaken a sovereigns credit profile, repeated shocks could do.

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Sea level rise threat to 15% of Bahamas' GDP - Bahamas Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Bahamas was top of the heap prior to Hurricane Dorian with its 17 percent hotel occupancy growth leading the Caribbean, a top regional tourism executive said yesterday.

Frank Comito, pictured, the Caribbean Hotel and Tourism Associations (CHTA) director general, told the Bahamas Business Outlook conference: The Bahamas was off in a big way before September 1. You were running actually next to Bonaire at the top of the heap in terms of percentage growth, running at 17 percentage growth at that point on tourism year-on-year.

You can see in November the occupancy drop, so it was running year-to-date 65.5 percent, and then in November, year-on-year, it dropped a couple of points. He voiced optimism, though, over The Bahamas prospects for a rapid post-Dorian rebound, saying: It (tourism) is an incredibly resilient industry, despite what many of us think, as it rebounds quickly and it rebounds better.

Mr Comito said natural disasters presented a contagion risk for both The Bahamas and wider Caribbean, with media coverage leading many travellers to believe this whole country was devastated by Dorian rather than just two islands. He recalled how Hurricane Maria had a similar effect on the whole Caribbean in 2017, even though it struck just Dominica, Puerto Rico and the US Virgin Islands.

Look at Hurricane Maria in 2017, Mr Comito said. Before that the Caribbean was having one of the best years ever. In fact, I think it was on track to exceed stopover arrivals for over 30m visitors. Hurricane hits, and received visitor arrivals all dropped for the entire Caribbean.

In fact, only six destinations - less than 25 percent of the region - were hit by Hurricanes Irma and Maria. Seventy-plus percent was not even having a bad hair day. So you see that it has a contagion effect, just like it has in The Bahamas.

Recalling how the Caribbean lost over one million visitors, and some $900m in revenue, due to the 2017 hurricane season, Mr Comito said the region had rebounded by having the right kind of messaging out there.

It was now beating a 40-year trend analysis that the CHTA helped produce in conjunction with the World Tourism Council on how long would it take destinations take to bounce back following disasters, with shuttered hotels now back on line.

Mr Comito, though, warned Bahamians against irresponsibility by posting inaccurate social media information on the impact of future storms given how this could undermine recovery efforts.

You had a lot of Bahamians repeating misinformation on social media that instantaneously gets to the international media, who pick up on it, he warned. Thats a danger. Recovery and restoration is the responsibility of everyone. Doing irresponsible things like that impacts the lives of everyone.

Mr Comito said the Ministry of Tourism needs to maintain diligence and continue to mitigate Dorian-related fall-out, focusing on social media outreach and links with travel agents and travel partners, in addition to having promotional brand campaigns.

He added that a rapid response with accurate information is essential, and said the CHTA will shortly be sharing a regional crisis communications manual for the entire Caribbean to help with combating the negative messages that may hit countries which suffer a disaster.

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Bahamas 'top of the heap' before Dorian - Bahamas Tribune

It will present in an exclusive one-on-one format to Wall Street firms, high net worth private investors and wealth managers

NexTech AR Solutions Corp () (OTCMKTS:NEXCF) CEO Evan Gappelberg will be heading to the Bahamas to pitch the companys augmented reality and virtual reality technology to investors.

Gappleberg will be presenting at AlphaNorth Capital Conference at Baha Mar on Paradise Island in the Bahamas on January 18.

The Toronto-based company is scheduled to present in an exclusive one-on-one format to CIBC Wood Gundy, , Scotia Wealth Management, Mackie Research Capital and other institutions, high net worth private investors as well as wealth managers.

This follows the company's recent presentation at the Wall Street Reporters Next Super Stock livestream conference this past Wednesday.

"As we continue to execute on our business plan we are very gratified to see growing investor interest in NexTech, Gappleberg said in a statement.

We continue to work towards uplisting our stock and building increased investor awareness by booking more investor conferences in the coming weeks and months. 2020 looks to be a breakout year for AR/VR and NexTech, and Im looking forward to getting our story out to more investors as the company pursues four multi-billion-dollar verticals in AR, including the 3D/AR ad network which is about to be launched by the company.

Contact the author: [emailprotected]

Follow him on Twitter @PatrickMGraham

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NexTech AR Solutions CEO Gappelberg to pitch company at investor confab in Bahamas - Proactive Investors USA & Canada

Whileworking your 9-5, you'd be lying if you said that you didn't daydream now and then about escaping to wherever there's sun, sand, and free-flowing alcohol. It's completely understandable. Everyone needs an escape and islands are the perfect destinations.

If you're actively planning your next vacation, onegroup of islands to take into consideration is the Bahamas. Its name is regularly associated with paradise and resorts. And this would all be true. But beyond the resorts, there is so much culture and new discoveries to take in. Below is a mini travel guide to the Bahamas- 15 things that you can't miss should you venture over there!

No, these aren't photoshopped! In a particular area, there lives a colony of wild pigs.No one knowshow the pigs got there. Some suggest that they were left behind by sailors, while others claim that they're the result of pig farms. Either way, they'rean oinking good time!

Shopping is an essential part of a routine,vacation or not. Downtown Nassau has a wide array of stores that sell clothes at unbelievable prices. You canwalk out in a celebrity outfit without breaking the bank! You have your pick of boutiques, as well as more casual shops.

Not only is the Platinum Coast breathtaking, but it's also been a hub for celebrity sightings. The fact that it's known as the richest part of the island further probably elucidatesthis argument. While you're here, enjoy the island's most renowned resorts and the beautiful palm trees that guard the beaches.

If you're a snorkeling aficionado, this is the place for you. This is one of the world's most successful marine parks. You can come to explore the many species of protected fish and other marine life. The water is also known for its clear blue color.

If you're looking for even more shopping opportunities (or general enjoyment), check out the Port Lucaya Marketplace. It'sthe largest open-air facility in the Bahamas with over 40 specialty stores, restaurants, and bars.On top ofthat, it's also used as a space for entertainment.

There's no color correction! The pink sand on Harbour Island is one of the many natural wonders of the world. The sand gets its distinct color from years of being exposed to coral, shells, and calcium carbonate. Telling your friends that you frolicked in pink sand is a pretty cool story!

Blue holes are largesinkholes that are comprised of limestone or coral. Dean's Blue Hole is known as the world's deepest blue hole and the second largest underwater chamber. It's 663 feet deep and has many opportunities for visitors to either swim in it or hike the trails surrounding it.

This museum is a love letter toHope Town in the Bahamas. In 1978, the residents decided that their community's history needed to be showcased and documented. Visitors to Wyannie Malone (named after the town's founder) can see manuscripts, photographs and even china leftover from shipwrecks on the island.

If you're looking fora private water park away from everyone, check out Blue Lagoon Island. It's on a separate island near Nassau and brags many opportunities to dive, play water sports and snorkel. If you're in the mood, you caneven play with dolphins and sea lions!

This 80-year-old sanctuary features the largest collection of Bahamian animals. Themain attraction of the zoo is the island's native bird, the Caribbean Flamingo. In addition to the plethora of pink feathers, the tropical gardens are lush and have many types of exotic fruit, coconut palms, and orchids.

Built in 1793 by Lord Dunmore, Fort Fincastle was built to protect the island from invaders. Set on the top of Society Hill, visitors can get an impressive view of the Bahamas, as well as the water. Learn more about the island's history- and enjoy the canons while you're at it!

Located at the bottom of Fort Fincastle, this staircase is known as the 66 steps. It was built out of limestone over the period of a year by slaves. Once slavery was abolished, they renamed the staircase to honor Queen Victoria and her role in ending slavery.

The Bahamas has no shortage of artwork. If you visit the National Gallery, you'll be exposed to many photographs, portraits, sculptures, and even ceramics. If you want more history about the museum itself, there is plenty of information about the National Collection and the Art Library.

If partying is not your cup of tea, we have the solution! This park boasts many types of exotic flora and fauna, including many species native to the island. If you need to entertain your kids,there's the Arts and Craft Center, playground and even a zoo!

If you want to take a paddle out into nature, then check out Peterson Cay. This protected area houses some of the most beautiful reefs in the Bahamas. You can swim with the Bahamian marine life, as well as bird watch and even have a picnic by the clear water.

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A Travel Guide To The Bahamas: 15 Things Not To Miss Out On - TheTravel

Participants at the Hurricane Dorian Pledging Conference. (Photo Credit: BIS/Derek Smith)

NASSAU, The Bahamas, WednesdayJanuary 15, 2020 Governments, non-governmentalorganizations (NGOs), multilateral institutions, companies andindividuals pledged US$1.5 billion in recovery funding and in-kind services atthe Hurricane Dorian Private Sector Pledging Conference just under half theestimated losses and damage the Category 5 hurricane caused when it made landfallin the archipelago four months ago.

More than300 local and international delegates attended the conference at Baha Mar on Monday,and pledges included: initiatives in homebuilding and repair; educationalassistance; renewable energy partnerships; relief aid; grants; directassistance to storm victims; parks restoration; loans and financing.

Thesepledges are an important step in the ongoing reconstruction and rebuilding ofareas affected by Hurricane Dorian, so that we may rebuild stronger and withmore resilience, said Prime Minister Dr Hubert Minnis.

We are grateful to domestic and international partners, including foreign governments. We look forward to other possible contributions to help in our recovery efforts.

As afollow up to the conference, the UnitedNations Development Programme (UNDP) and the Government will issue a detailedaccount of the commitments made disaggregated by sectors and stakeholders.

HurricaneDorian hit Abaco and Grand Bahama in September 2019. With maximum sustainedwinds of 185 miles per hour, and gusts of 220 miles per hour, Dorian was thestrongest storm to hit The Bahamas. It was also the second strongest storm bywind speed recorded in the Atlantic.

Therehave been 70 confirmed deaths as a result of Hurricane Dorian.

We thankthe donors who pledged at Mondays conference for their support of therestoration of Abaco and Grand Bahama, said Katherine Forbes-Smith, ManagingDirector of the Bahamas Disaster Reconstruction Authority.

The Authority, as the agency charged with spearheading the reconstruction effort, will work with these local and international partners to ensure that Abaco and Grand Bahama are rebuilt better and stronger. Through these partnerships and assistance we also hope to boost both economies and build back with new, greener technology and resiliency.

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Just Under Half the Value of Hurricane Dorian Losses and Damage in The Bahamas is Pledged for Recovery Efforts - Caribbean360.com

With over 2000 islands and cays, the Bahamas are scattered like a string of pearls in the Caribbean Sea in southeastern North America. For anybody who loves beaches and love to watch the skies touching the ocean, the Bahamas should be one topping thelist for their next vacation. The Bahamas have a lot to offer; from delicious Bahamian food to adventurous water sports, it has everything to make ones vacation memorable. Here is a guide to follow if one is visiting the Bahamas.

Atlantis Paradise Island is an ocean-themed resort on Paradise Island in the Bahamas. It is known worldwide for its amazing water adventures, white sand beaches, luxury accommodation,and fine dining. One can do a variety of things over here including swimming with dolphins, shopping, dining, etc.

Read |How Ayushmann Khurrana And Tahira Kashyap Celebrated The New Year At The Bahamas

Arawak Cay offers an authentic atmosphere of the Bahamian Fish Fry. Arawak Cay is also known as Fish Fry, and it is an area in the Bahamas known for its local eateries on the West Bay Street. It is about 15 minutes away from downtown Nassau and 25 minutes away from Atlantis Paradise Island Resort.

Read |Ayushmann Khurrana & Tahira Kashyap Enjoy Their Vacay In Bahamas; See Pictures

Although the temperature in the islands of Bahamas is pleasant throughout the year, it is advisable to visit during mid-December to mid-April. This is the peak season for tourism and therefore the prices is higher in this season. But if one makes bookings in advance, they may get good deals. If one wants to go to the islands during the party season, they must go during the March to mid-April season as it is the spring break season.

Read |Bahamas 'Miracle' Dog Found By Rescuers After 3 Weeks Under Debris

Read |Kartik Aaryan Surprises Sara Ali Khan With THIS Gesture At 'Love Aaj Kal' Trailer Launch

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Bahamas travel guide: All the things to do and not miss out on at these Carribean islands - Republic World - Republic World