Tourist Board debt free
Acting Director for Tourism, Ralph Higgs, has declared that the TCI Tourist Board is now practically debt-free. The institution has managed to erase the $8 million deficit that has crippled its operations in previous years.
Higgs pointed out that vendors to whom outstanding balances were owed, have been paid. Higgs said the Board was forced to employ a series of austerity measures so as to restructure the entity, to reduce operational cost.
These changes included the downsizing of the Board’s overseas operations by relocating from what he described as huge and extravagant office spaces in Manhattan, New York and London, to more affordable home-based office spaces manned by respective area sales and marketing representatives.
Since the cuts, Higgs said the recurrent budgetary cost to operate the Tourist Board fell from a staggering $8 million between the fiscal year 2006/2007 to approximately $2.7 million in fiscal year 2009/2010 – more that 70 percent. He said that the budget figure is expected to hold steady over the fiscal year 2011/2012.
“This initiative has improved efficiency, cut cost and had no negative impact on outputs. The Board accepts that the home-based office operations may be an interim measure, but is essential to stabilize the Board’s overseas operation – a critical part of our tourism plan and future expanding markets,” Higgs said.
Higgs told the media that over the past 15 months, the TCI Tourist Board had been burnishing its image in the travel industry on a global scale, but more so in North America, where the majority of its business come from.
He noted that mutual relationships have been reestablished with a number of international media house as a result of the settlement of lawsuits taken out by those entities to which the Tourist Board was indebted.
Bahamas groundbreaking marks new generation of resorts
Baha Mar, the largest single-phase resort development in the history of the Caribbean, celebrated the commencement of construction with its official groundbreaking ceremony in The Bahamas on Monday.
The 1,000-acre, $3.4 billion resort, gaming and entertainment complex, slated to open in late 2014, will include some of the world's most famous hotel brands, and is expected to set a new standard of luxury for the hospitality industry.
One hundred and fifty jobs have already been created on the project, according to Baha Mar president Don Robinson.
Robinson spoke to the media after the official groundbreaking ceremony for the Cable Beach development on Monday.
He said as the project intensifies in the coming months, more Bahamians will be employed.
Robinson noted that the first phase of the project commenced about two weeks ago with $60 million in contracts awarded to Bahamian contractors and subcontractors.
“That $60 million will cover approximately 9 to 12 months of work. So each week you’ll see the number growing,” he said.
Roberts Sands, Baha Mar’s senior vice president of governmental and external affairs, added that the majority of the Chinese labourers who will work on the development will begin coming in the 18th month of construction.
It is expected that a total of 8,150 foreigners will work on the project. However, no more than 5,000 will work on the site at one time.
Baha Mar CEO Sarkis Izmirlian said the developers will create something “that only exists in dreams.” He noted that the groundbreaking is the culmination of years of challenging twists.
In 2005, the Christie administration signed heads of agreement with Baha Mar. However, subsequent to that, the initial joint venture partners withdrew from the agreement. This was followed by a prolonged global economic downturn.
Izmirlian said the groundbreaking sends a clear message that not only is The Bahamas open for business but it will lead the region out of a recession. He added that it represents the birth of a new generation of destination resorts.
“The world has never seen what we are going to create,” he said.
Speaking to the media afterward, Izmirlian said the country is very lucky to have such a project realized on its shores.
“I think we’re extremely lucky. I live here and I want to make sure that this country is successful and prosperous,” he said.
“It’s not just the Caribbean. There is nothing like this right now being built anywhere in the world. And the whole world right now is watching that our partners from the Peoples Republic of China chose The Bahamas to invest these sums of money.
“Now these would be large sums at any time, but in the current economic crisis these are staggering. So it’s a vote of confidence for the project and a vote of confidence for the people of The Bahamas,” Izmirlian added.
Tourism Minister Vincent Vanderpool-Wallace said the project will also help to boost the country’s image and further promote The Bahamas as a premier tourism destination.
“When people look at what is happening, they will know there is something very special about The Bahamas,” he said.
Baha Mar will create a collection of world-renowned brands offering the highest levels of luxury, amenities and service, to include Rosewood Hotels & Resorts, Morgans Hotel Group, Hyatt Hotels & Resorts, and a world-class Casino Hotel, creating a total of 2,250 new rooms within four spectacular new hotels.
Baha Mar will include the largest convention center in The Bahamas, with 200,000 square feet of space, which can also double as a world-class entertainment venue and sports arena. Baha Mar's new 100,000 square-foot casino will be the largest in the Caribbean, and will be the only true gaming experience outside Las Vegas.
Other amenities will include a 50,000 square-foot retail village combining an upscale shopping experience with Bahamian arts and crafts, chef-branded restaurants, and entertainment venues. A 20-acre Eco Water Park and pool experience, and three unique spas, including the largest spa in the Caribbean, will be set on the Bahamian Riviera, along 3,000 feet of the most pristine beach in the world. The planned 18-hole Jack Nicklaus Signature Course is one of a select few such top-tier Nicklaus courses in the world, and will be the only true championship course in The Bahamas.
Vanderpool-Wallace pointed out that the start of the project comes as the first phase of the Lynden Pindling International Airport redevelopment comes to an end. The official opening will be held on Friday.
“This is going to be a most significant week in the history of The Bahamas,” the minister said.
“It is the perfect bookends to a week that is going to be an amazing one that I think we’ll remember for a long period of time.”
Deputy Prime Minister Brent Symonette noted that the project will kick off the redevelopment of Cable Beach.
“This moment represents the culmination of a long painstaking process, and the beginning of the redevelopment and rebirth of a critically important part of the Bahamian tourism establishment,” Symonette said.
“Cable Beach has long been an integral part of The Bahamas’ tourism establishment,” he said. “The ongoing commitment of Bah Mar to the success of this project to redevelop this area is clear, and certainly bodes well for our collective efforts to ensure the dynamism, versatility and ongoing success of our tourism industry.”
Baha Mar represents a direct benefit to The Bahamas through the creation of 12,000 new jobs and the corresponding contribution of more than $305 million in annual wages. According to projections, Baha Mar will help raise the average annual income for a Bahamian family from $29,000 to $33,500, and in its first year of operations will contribute almost $1 billion to the local economy. Baha Mar's long-term benefits to The Bahamas also include $4.7 billion in tax revenue and a GDP contribution of $11.2 billion over a 20-year period.
Antigua-Barbuda PM fears negative impact of Libyan unrest
Antigua and Barbuda and its Eastern Caribbean neighbours are concerned that the unrest in Libya could have implications for the sub-region, and may also jeopardise planned investments by that country's government in the sub-region.
The Antigua Observer reported that Prime Minister Baldwin Spencer is among leaders anxiously watching the unfolding developments in the African nation, where security forces and anti-government protestors have been clashing as Colonel Muammar Gaddafi struggles to hold on to power.
Spencer told the Daily Observer that the happenings there, and similar unrest in the Middle East, will affect people in Antigua and Barbuda and in other parts of the region.
"Whether we like it or not, we're still very much dependent on oil from the Middle East and most of our economies are driven by that and, to the extent that there is instability and war and so on, it has an impact," he said.
The violence in Libya has helped push up oil prices to their highest levels since the global financial crisis in 2008. Oil prices reached as high as US$149 a barrel in July of that year. At one point on Monday, Brent crude, one of the main benchmarks on international markets, reached US$108 per barrel.
No layoffs despite poor economy, says Barbados PM in New York
Barbados Prime Minister Freundel Stuart is in New York meeting with prospective investors and having discussions with Barbadians living in the United States.
Last Sunday night he told hundreds of Bajans in Brooklyn that the private sector had admirably linked arms with government by not laying off more people, thus holding much of the economic strain caused by the economic crisis.
The Nation newspaper reported that Stuart said, "We have had to take some decisions in Barbados in light of the economic challenges which the country has been facing, to decide what we thought best for the country in the context of this very daring and this very dangerous crisis."
The prime minister was speaking at the annual "cocktail sip" given by the Friends of Barbados (DLP) Association, the Democratic Labour Party's branch in the United States.
He assured the New York-based Bajans that his government will not lay off workers.
Stuart pointed out however, that it would carry a price tag, "because all of the money that comes into government, all the revenue government earns from taxation and from all the other sources from which government gets its revenue, 36 percent of government revenue is spent on wages and salaries."
Stuart is hopeful for an improvement in the state of the economy in the near future.
Large oil prospects found in Bahamas study
Further studies by the Bahamas Petroleum Company (BPC) have revealed “giant” sized structures in its southern licenses, after a previous independent study showed the potential for several hundred million barrels of oil in that area.
Dr Mark Rowan of Rowan Consulting and Paul Ozanisch of Lago Petroleum Consulting conducted the research. CEO of BPC Dr Paul Crevello said the findings unveiled some of the potential for oil in the area.
“Rowan’s and Ozanich’s reports are significant because they provide the first modern interpretation of seismic data and exploration potential of the Bahamas Offshore Petroleum licences from the Bahamian fold belt,” Crevello said. “These independent studies verify the extent and style of structural geometry of the large-scale folds, which was not possible from the historical seismic data. Improved technology enabled exceptional resolution within the folds, allowing us to see for the first time the lateral continuity of potential reservoir and sealing strata.”
The independent studies included results from the June 2010 fully processed pre-stack time migration (PSTM) data, along with preliminary mapping results of shipboard analysis of a January 2011 2D seismic survey.
Non-executive chairman of BPC Alan Burns was impressed by the size of the structures and is looking forward to moving closer to the drilling stage -- which is subject to government approval. The UK-based oil exploration company said it is now considering conducting a 3D seismic survey.
“These structures are exceptional in the size and extent of the 4-way closure; indeed I am not aware of any anticlines of this size in the Gulf of Mexico/Caribbean region,” Burns said. “We look forward to testing these structures with the drill bit to determine if hydrocarbons are present. Bahamas Petroleum intends to stay on course to drill a well within the next twelve months, once appropriate drilling and environmental regulations are in place in the Commonwealth of The Bahamas.”
Earlier in the month, BPC discovered multiple drilling prospects after completing a two-dimensional seismic survey of its four southern licenses in The Bahamas. The process consisted of a 1,120 kilometer, two-dimensional seismic survey over four of its offshore licenses.
Crevello mentioned in an earlier interview that the country is capable of having fields with over 500 million barrels, and as much as one billion barrels of oil.
Republished with permission of the Nassau Guardian
Former minister faces more questions at Commission of Enquiry in Jamaica
Jamaica’s former Minister of National Security, Dr Peter Phillips, was again the main subject of cross examination on Monday as he continued his testimony before the Commission of Enquiry into the extradition request for Christopher "Dudus" Coke in Kingston.
Phillips, in giving his testimony, said that the coffers of government did not benefit from the signing of the controversial memoranda of understanding (MoU) with the US and UK.
“If my memory serves me correctly, they speak to a commitment of monetary payment, which was to establish a particular facility,” he said under questioning from attorney-at-law, Hugh Small, who is representing the prime minister, Bruce Golding.
He said that the country received US$3.2 million from the US government to acquire equipment to establish a facility to boost wiretapping capabilities.
It was also revealed that the country received an undisclosed sum from the British government.
“They (the MoUs) related to expenditures to be incurred by one agency to establish a facility; that was an addition to the existing network of facilities that facilitated the joint operations of the government of Jamaica, along with our partners, to combat narco-trafficking, gun running, and other forms of organised crime, in which, both countries or all the countries concerned had an interest,” Phillips said.
Small questioned the former minister as to whether any funds associated with the MoUs flowed into the consolidated fund, to which Phillips responded in the negative.
“Did it flow to any other funds, any other accounts of the government of Jamaica?” Small asked.
“Not to my knowledge and understanding,” Phillips answered.
The attorney also asked whether any of the telecommunications providers at the time (Cable and Wireless and Digicel) were party to the agreement.
“No,” responded Phillips.
The former minister and Member of Parliament also testified that neither himself nor the former Permanent Secretary in the Ministry of National Security, Gilbert Scott, benefited from funds under the MoUs.
Phillips was expected to be further cross examined during Tuesday’s sitting of the Commission, while minister of national security, Senator Dwight Nelson is also slated to return to the witness stand tomorrow, as well as deputy solicitor general, Lackston Robinson.
The Commission is still awaiting a written statement from former general secretary of the Jamaica Labour Party, Karl Samuda, following which he will also give verbal testimony.
Buju Banton convicted in Florida drug conspiracy case
Grammy-winning reggae star Buju Banton has been convicted by a Florida court of conspiring to to set up a cocaine deal in 2009.
Prosecutors said the singer, whose real name is Mark Myrie, told an police informant he could broker the drug.
But Banton testified in court he was merely boasting, and prosecutors conceded he had never put money into a deal, nor made any.
His Before the Dawn won Best Reggae Album at the Grammy awards last week.
On Tuesday, Banton was convicted of conspiracy to possess cocaine with the intent to distribute it, another drug trafficking offence and a gun charge. He was acquitted of a fourth charge for attempted cocaine possession.
He now faces at least 15 years in prison, according to his lawyer, and he is being held for sentencing at a future date.
It was Banton's second trial over the charges; his first ended in September when a jury was unable to reach a verdict.
Much of the case hinged on video and audio recordings taken by the informant and by Drug Enforcement Agency personnel. The informant was paid $50,000 after Banton's arrest in December 2009 with two others.
One video shown to the jury showed Banton apparently tasting cocaine in a Florida warehouse.
A co-defendant later gave the informant $135,000 (£83,705). He and another man have pleaded guilty to drug charges in the case.
Jill Scott Settles Suits; New Music a Possibility
Jill Scott’s lawsuits with Hidden Beach Records have finally been settled.
According to reports, the record company initiated the lawsuit against the artist for apparently failing to fulfill her release obligations. But instead of backing down, Scott countersued.
The details of the case were kept private, but the issues have been resolved.
So what does that mean for us? Possibly a new album. We shall see what the deal with be, but in the meantime, we know she’s going to be at the 2011 Essence Music Festival.
Lil Wayne Robbed by Back Up Dancer (who got Caught)
Lil Wayne was caught in a frenzy this weekend when a thief posing as a back-up dancer robbed the rapper blind on the set of his latest video.
According to local reports, Weezy was working on set with artist Porcelain Black at Citrus College in Glendora, California when a number of valuable items including portable computer, a Louis Vuitton purse, a wallet and tickets to last weekend’s NBA All-Star game turned up missing.
So when police began the investigation, they used the laptop’s GPS system to track it down and found that 20-year-old Marco Negrete had the items. He was arrested and is being held on a $20,000 bail, according to the Whittier
Source: Daily News.
Rick Ross’ Maybach Music Inks Deal With Warner Bros.
Maybach Music Group, the hip-hop imprint founded by Rick Ross, has inked a distribution deal with Warner Bros. Records — and today (Feb. 22) signed Atlanta rapper Pill to the roster, according to Billboard.
“This deal with Warner Bros. Records has been a long time in the making and I’m confident we’ve found the best home for Maybach Music,” says Ross in a statement. “Together we’re going to make hit records for years to come.”
The Warner Bros. partnership follows a month which saw rising hip-hop artists like Wale and Meek Mill sign new deals with Maybach Music. Pill (real name: Tyrone Rivers), who broke out in 2009 with the single “Trap Goin’ Ham,” is currently prepping his debut album.
Ross is also working on a new full-length album titled, “God Forgives, I Don’t.” His latest CD, “Teflon Don” spawned such hit singles as “Aston Martin Music” and “B.M.F. (Blowin’ Money Fast).”
The rapper will join Lil Wayne, Nicki Minaj and Travis Barker on the I Am Still Music tour, which kicks off Mar. 18.