Amazon's market value tops $1tn
Amazon has briefly become the second US-listed firm to have a market value of more than $1 trillion (£779bn).
Shares in the e-commerce giant rose nearly 2% to a high of $2,050.50 in morning trade before slipping back.
Apple reached the same milestone in early August.
Founded in 1994, Amazon is now the world's largest online retailer. Its chief executive, Jeff Bezos, is the world's richest man, with a net worth of more than $160bn.
Neil Saunders, managing director of GlobalData Retail, said: "To reach a market capitalisation of over $1tn is impressive. To do it in a little over 24 years is extraordinary.
"That Amazon has achieved this demonstrates its dramatic advancement in both the retail and technology sectors, as well as the influence it now wields over large parts of the consumer landscape."
Amazon reported nearly $53bn in sales in the three months ended in June, with record quarterly profit of $2.5bn.
The firm is expected to account for roughly half of all online shopping sales in the US this year - and nearly 5% of the country's overall retail market, according to research firm eMarketer.
It employs more than 575,000 people, a force nearly the size of Luxembourg's population.
It provides logistics, storage, loans and a selling platform to hundreds of thousands of third-party merchants.
Its profitable cloud computing division, which hosts huge swathes of the corporate world on its data servers, is the industry's global leader.
Japan's strongest typhoon in 25 years kills at least six
Japan has been hit by its strongest typhoon in 25 years, causing at least six deaths and 160 injuries.
Typhoon Jebi made landfall in western areas, bringing heavy rain and reports of winds up to 172km/h (107mph).
In Osaka Bay it swept a tanker into a bridge and in Kyoto parts of a railway station roof came down.
Officials ordered more than a million people in affected areas to evacuate their homes amid warnings of high waves, flooding and mudslides.
It has already left tens of thousands without power and authorities have urged people to move to safety.
The storm made landfall on Shikoku island around noon on Tuesday local time and then moved across Japan's largest main island of Honshu.
It is expected to weaken as it moves north.
INTERNATIONAL COASTAL CLEAN-UP 2018 TO BE THE BIGGEST YET!
Saturday, September 22 marks International Coastal Clean-up Day and the Department of Environment and Coastal Resources (DECR) is looking to continue its tradition of getting the whole country involved in cleaning up the coastlines of the Turks and Caicos Islands.
This year, in an effort to encourage even more people to go out into their communities and help with the clean-up efforts, the DECR has teamed up with the Turks & Caicos Tourist Board, the Turks & Caicos Hotel and Tourism Association (TCHTA) and the Turks & Caicos National Trust!
“In 2016, 237 individuals collected over 455 bags of trash nation-wide. Unfortunately, last year’s efforts were thwarted by Hurricanes Irma and Maria, but this year we hope to not only gain increased support for the clean-up campaign, but make it the biggest clean-up effort the TCI has ever seen!”, said Amy Avenant, Environmental Outreach Coordinator for the DECR.
The main goal of this initiative is to encourage people to go out into their communities, across the TCI, and remove litter found along the shoreline, underwater, or in bushes in order to help create healthy waters for everyone, including the wildlife that calls these coasts home.
Hon. Ralph Higgs expressed his support of this event, stating; “The Ministry and its departments are happy to be partnering with our communities and business sector in observance of International Coastal Cleanup Day. This international event is significant in bringing awareness to the importance of our coasts and keeping it free of waste and debris. The Ministry remains committed to supporting and promoting initiatives that reduce waste and promote sustainable use of our natural resources.”
Speaking on the involvement of the Tourist Board, Mr. Ramon Andrews, Director of the Turks & Caicos Tourist Board said; “The Turks and Caicos Tourist Board is once again delighted to join our partners in observing International Coastal Clean-up Day. With the community’s support and involvement, we can take action to address the issue of pollution throughout our islands. This initiative is not only important to preserve our tourism product and to safeguard its sustainability, but also to ensure that as residents we are able to live in a clean environment and be accountable for maintaining its cleanliness.
This initiative will be ongoing and the public can look forward to Tourism Environmental Awareness Month in November, when the Tourist Board will be focusing our efforts on educating the public on the drawbacks of single use plastics and driving home the message that each of us have a personal responsibility to enhance and protect our number one industry, tourism.”
You, your school, your business, and/or your organization can get involved by getting a group together and spending an hour out of your day cleaning up a beach, bushy area, path, road, or sea-bed in your local area. You can also join one of the many organized groups, as any of the locations listed below.
Show you care for the TCI’s natural environment by getting involved in International Coastal Clean-up Day! Together we can fight for trash-free seas, on Saturday, September 22. It doesn’t matter where you are, just grab a bag and collect that litter!
DECR has registered this event with the Ocean Conservancy - Ocean Conservancy works to keep the ocean healthy, to keep us healthy
SUBSIDY FOR THE PROVISION OF AIRLIFT SERVICE TO THE ISLANDS OF SOUTH CAICOS AND SALT CAY FROM GRAND TURK
The Turks and Caicos Islands Government would like to advise the commuting public that InterCaribbean Airways has won the bid for the subsidy to ensure that adequate airlift services are provided to the islands of South Caicos and Salt Cay.
For at least the past four (4) years, each year, during the appropriation process, the Ministry of Finance, Trade and Investment assesses the need for the service and includes a provisional amount in the budget accordingly. A tender process is conducted annually, following the House of Assembly’s approval of the Budget.
To date, the assessments have indicated a need for the subsidy; as passenger volumes (based on market perception and actual data recorded by the airlines and the TCI Airport Authority) are inadequate to attract a profitable business proposal from would-be service providers. Based on the analysis, unsubsidised airfares would be prohibitive for the average consumer or there will be no service at all.
The subsidy will ensure that essential air services are in place to guarantee that these small communities receive a minimal level of scheduled airlift.
The Turks and Caicos Islands Government would like to thank Caicos Express Airways for the stellar service provided over the years and welcomes InterCaribbean Airways as the new service provider of these routes.
ENDS
Government Press Office
Waterloo Road, Grand Turk
Turks & Caicos Islands
THIS IS A NEWS ITEM ON TROPICAL STORM FLORENCE TUESDAY, 4TH SEPTEMBER, 2018
FLORENCE STILL JUST BELOW HURRICANE STRENGTH…
LOCATION: NEAR LATITUDE 19.3°NORTH AND LONGITUDE 42.0° WEST OR ABOUT 1205 MILES WEST-NORTHWEST OF THE CABO VERDE ISLANDS OR 1300 MILES EAST-NORTHEAST OF THE LESSER ANTILLES.
PRESENT MOVEMENT: TROPICAL STORM FLORENCE IS MOVING TOWARD WEST NEAR 13 MILES PER HOUR.
AT 5:00AM EDT, THE CENTER OF TROPICAL STORM FLORENCE WAS LOCATED NEAR LATITUDE 19.3°NORTH AND LONGITUDE 42.0° WEST OR ABOUT 1205 MILES WEST-NORTHWEST OF THE CABO VERDE ISLANDS OR 1300 MILES EAST-NORTHEAST OF THE LESSER ANTILLES. FLORENCE IS MOVING TOWARD THE WEST-NORTHWEST AT 13 MPH, AND THIS GENERAL MOTION IS EXPECTED TO CONTINUE FOR THE NEXT COUPLE OF DAYS FOLLOWED BY A TURN TOWARD THE NORTHWEST AROUND FRIDAY.
MAXIMUM SUSTAINED WINDS ARE NEAR 70 MILES PER HOUR (MPH) WITH HIGHER GUSTS. LITTLE
CHANGE IN STRENGTH IS EXPECTED THROUGH TONIGHT, BUT SOME WEAKENING IS FORECAST ON WEDNESDAY. AFTERWARD, GRADUAL STRENGTHENING IS FORECAST THROUGH THE WEEKEND.
TURKS AND CAICOS ISLANDS
Florence is several hundred miles away from the TCI. Forecasters have indicated that the system is currently projected to continue on a West North West path this motion is expected to continue for the next few days, with some weakening forecast on Wednesday and a turn to the Northwest around Friday. As this information is based on current projections, Florence poses no threat to the Turks and Caicos Islands at this time, residents should continue to monitor Florence. The Department of Disaster Management and Emergencies (DDME) will continue to monitor and provide information of any changes.
The next advisory issued on Florence by the DDME will be at 6:00pm. If it appears Florence may pose an immediate threat to the TCI, advisories will be issued in keeping with those of the Bahamas Department of Meteorology Forecast Office Section.
BAHAMAS AND TURKS AND CAICOS ISLANDS PUBLIC FORECAST FOR TODAY AND TONIGHT TUESDAY 4TH SEPTEMBER 2018
GENERAL SITUATION: SKY COVERAGE AND RAIN CHANCES HAVE DIMINISHED OVER THE BAHAMAS AS TROPICAL STORM GORDON MOVES FARTHER AWAY WHILE HIGH PRESSURE MAINTAINS SOME BREEZY CONDITIONS ACROSS THE ISLANDS TODAY.
SPECIAL WARNINGS: BOATERS AND RESIDENTS SHOULD ALSO REMAIN VIGILANT FOR POSSIBLE WATERSPOUT ACTIVITY WHILE BEACHGOERS IN THE CENTRAL AND SOUTHEAST BAHAMAS SHOULD EXERCISE CAUTION DUE TO RIP CURRENTS AT NORTH AND EAST COAST BEACHES.
CENTRAL AND SOUTHEAST BAHAMAS INCLUDING THE TURKS AND CAICOS ISLANDS
WEATHER: TO MOSTLY SUNNY WITH A STRAY SHOWER OR TWO POSSIBLE.
ADVISORY: SMALL CRAFT CAUTION REMAINS IN EFFECT.
WINDS: EASTERLY AT 15 TO 20 KNOTS OVER OPEN WATERS
SEAS: 4 TO 6 FEET OVER THE OCEAN.
NORTHWEST BAHAMAS
WEATHER: PARTLY TO MOSTLY SUNNY AND HOT WITH A FEW BRIEF PASSING SHOWERS POSSIBLE TODAY. FAIR AND WARM WITH A STRAY SHOWER OR TWO POSSIBLE TONIGHT.
ADVISORY: BOATERS SHOULD BE ALERT FOR GUSTY WINDS AND HIGHER SEAS IN OR NEAR HEAVY SHOWERS AND THUNDERSTORMS.
WINDS: EASTERLY AT 10 TO 15 KNOTS.
SEAS: 2 TO 4 FEET OVER THE OCEAN.
DAYTIME HIGH TEMPERATURE 91°F 33°C
OVERNITE LOW TEMPERATURE 77°F 25°C
HEAT INDEX 103°F 40°C
SUNRISE: 6:52AM
SUNSET: 7:23PM
MOONSET: 3:12PM
MOONRISE: 2:18AM WED
LOW TIDE: 8:05AM 9:07PM
HIGH TIDE: 2:36PM 2:58AM WED
EXTENDED FORECAST: A RIDGE OF HIGH PRESSURE WILL QUICKLY BUILD ACROSS THE BAHAMAS ALLOWING FOR DRIER PATTERN, HOWEVER WILL WEAKEN THROUGH THE REMAINDER OF THE WEEK.
THIS IS A NEWS ITEM ON TROPICAL STORM GORDON MONDAY, 3rd SEPTEMBER, 2018.
GORDON IS LASHING SOUTH FLORIDA WITH TROPICAL-STORM-FORCE WINDS AND HEAVY RAINS …
LOCATION: NEAR LATITUDE 25.3°NORTH AND LONGITUDE 81.3° WEST OR ABOUT 60 MILES WEST-NORTHWEST OF KEY LARGO FLORIDA.
PRESENT MOVEMENT: GORDON IS MOVING TOWARD THE WEST-NORTHWEST NEAR 16 MILES PER HOUR
AT 11AM DST, THE CENTER OF TROPICAL STORM GORDON WAS LOCATED NEAR LATITUDE 25.3°NORTH AND LONGITUDE 81.3° WEST OR ABOUT 60 MILES WEST-NORTHWEST OF KEY LARGO FLORIDA.
GORDON IS MOVING TOWARD THE WEST-NORTHWEST NEAR 16 MILES PER HOUR AND A WEST-NORTHWEST TO NORTHWESTWARD MOTION IS EXPECTED OVER THE NEXT 72 HOURS. ON THE FORECAST TRACK THE CENTER OF GORDON WILL EMERGE OVER THE SOUTHEASTERN GULF OF MEXICO BY EARLY AFTERNOON, REACH THE CENTRAL GULF COAST BY LATE TUESDAY OR TUESDAY NIGHT AND MOVE INLAND OVER THE LOWER MISSISSIPPI VALLEY ON WEDNESDAY.
MAXIMUM SUSTAINED WINDS ARE NEAR 45 MILES PER HOUR (MPH) WITH HIGHER GUSTS. STRENGTHENING IS FORECAST DURING THE NEXT 36 TO 48 HOURS AND GORDON COULD BE NEAR HURRICANE STRENGTH WHEN IT MAKES LANDFALL ALONG THE CENTRAL GULF COAST.
THIS IS A NEWS ITEM ON TROPICAL STORM FLORENCE MONDAY, 3rd SEPTEMBER, 2018.
FLORENCE IS A LITTLE STRONGER AS IT CONTINUES MOVING ACROSS THE CENTRAL TROPICAL ATLANTIC…
LOCATION: NEAR LATITUDE 18.3°NORTH AND LONGITUDE 38.7° WEST OR ABOUT 980 MILES WEST OF THE CABO VERDE ISLANDS.
PRESENT MOVEMENT: TROPICAL STORM FLORENCE IS MOVING TOWARD THE WEST-NORTHWEST NEAR 16 MPH.
AT 11AM DST, THE CENTER OF TROPICAL STORM FLORENCE WAS LOCATED NEAR LATITUDE 18.3°NORTH AND LONGITUDE 38.7° WEST OR ABOUT 980 MILES WEST OF THE CABO VERDE ISLANDS.
FLORENCE IS MOVING TOWARD THE WEST-NORTHWEST NEAR 16 MILES PER HOUR AND A WESTWARD TO WEST-NORTHWESTWARD MOTION IS EXPECTED TO CONTINUE THROUGH THURSDAY MORNING.
MAXIMUM SUSTAINED WINDS HAVE INCREASED TO NEAR 65 MILES PER HOUR (MPH) WITH HIGHER GUSTS. SOME ADDITIONAL STRENGTHENING IS EXPECTED LATER TODAY FOLLOWED BY A SLOW WEAKENING TREND STARTING ON TUESDAY.
TURKS AND CAICOS ISLANDS
Florence is several hundred miles away from the TCI. Forecasters have indicated that the system is currently projected to continue on a West North West path through Thursday morning. Additional strengthening is expected later today followed by a slow weakening trend starting on Tuesday. As this information is based on current projections, Florence poses no threat to the Turks and Caicos Islands at this time, residents should continue to monitor Florence. The Department of Disaster Management and Emergencies (DDME) will continue to monitor and provide information of any changes.
The next advisory issued on Florence by the DDME will be at 6:00pm. If it appears Florence may pose an immediate threat to the TCI, advisories will be issued in keeping with those of the Bahamas Department of Meteorology Forecast Office Section.
FORECAST FOR TODAY AND TONIGHT MONDAY 03RD SEPTEMBER 2018
GENERAL SITUATION: A BROAD AREA OF DISTURBED WEATHER ASSOCIATED WITH A TROPICAL WAVE IN THE VICINITY OF THE NORTHWEST BAHAMAS WILL CONTINUE TO IMPACT PORTIONS OF THAT AREA WHILE QUICKLY MOVING WEST-NORTHWESTWARDS AND EXITING THE COUNTRY THROUGH TONIGHT.
SPECIAL WARNINGS: RESIDENTS SHOULD EXERCISE CAUTION DUE TO THE RISK OF LOCALIZED FLOODING IN LOW LYING AND FLOOD PRONE AREAS AS WELL AS GUSTY WINDS DURING HEAVY OR PROLONGED RAINFALL EVENTS. BOATERS AND RESIDENTS SHOULD ASLO REMAIN VIGILANT FOR POSSIBLE FUNNEL CLOUD OR WATERSPOUT ACTIVITY WHILE BEACHGOERS SHOULD EXERCISE CAUTION DUE TO THE RISK OF RIP CURRENTS AT EAST COAST BEACHES.
CENTRAL AND SOUTHEAST BAHAMAS INCLUDING THE TURKS AND CAICOS ISLANDS
WEATHER: PARTLY TO MOSTLY SUNNY, HOT AND BREEZY WITH THE CHANCE OF A FEW PASSING SHOWERS AND ISOLATED THUNDERSHORMS TODAY. FAIR, WARM AND BREEZY TONIGHT.
ADVISORY: SMALL CRAFT CAUTION IS IN EFFECT.
WINDS: EASTERLY AT 15 TO 20 KNOTS OVER OPEN WATERS.
SEAS: 4 TO 7 FEET OVER THE OCEAN.
NORTHWEST BAHAMAS
WEATHER: VARIABLE CLOUDINESS, WINDY AND WARM WITH WIDELY SCATTERED SHOWERS AND THUNDERSTORMS WITH SOME BECOMING HEAVY TO SEVERE AT TIMES THIS MORNING WITH GRADUAL CLEARING BY EARLY AFTERNOON. MOSTLY FAIR, WARM AND BREEZY WITH THE CHANCE OF A FEW LINGERING SHOWERS TONIGHT.
ADVISORY: SMALL CRAFT OPERATORS SHOULD NOT VENTURE FAR FROM PORT AND SHOULD ASLO BE ALERT FOR GUSTY WINDS AND HIGHER SEAS IN OR NEAR HEAVY SHOWERS OR THUNDERSTORMS.
WINDS: EAST TO SOUTHEAST AT 15 TO 25 KNOTS OVER OPEN WATERS.
SEAS: 5 TO 8 FEET OVER THE OCEAN
DAYTIME HIGH TEMPERATURE: 90F 32C HEAT INDEX: 103F 39C
OVERNITE LOW TEMPERATURE: 75F 24C
SUNRISE: 6:52AM SUNSET: 7:24PM
MOONSET: 2:10PM MOONRISE: 1:21AM TUE.
LOW TIDE: 7:01AM HIGH TIDE: 1:31PM
LOW TIDE: 8:00PM HIGH TIDE: 1:15AM TUE.
EXTENDED FORECAST: A SERIES OF MULTI-LEVEL TROUGHS WILL DOMINATE WEATHER CONDITIONS IN THE WAKE OF POTENTIAL TROPICAL CYCLONE SEVEN, WHILE A HIGH PRESSURE SYSTEM ANCHORED NORTH OF THE AREA MAINTAIN BREEZY CONDITIONS ACROSS THE ISLANDS.
Bahamas utility board carnage involves Shell Energy in unwelcome controversy
While the “unholy mess” appears to be subsiding at the Bahamas Power and Light (BPL) after the entire board was terminated, including the chairman, with some of those same board members being almost immediately re-engaged except the chairman and a new board put in place, the company is heavily engaged with Shell Energy North America (SENA) on several different fronts.
SENA was engaged by BPL in April 2018 in relation to a liquefied natural gas (LNG) project as well as a contract to build a new power plant for BPL, which was approved to go to SENA.
However, lack of progress on the contract to build the new power plant, with the previous board reportedly being at “loggerheads” over the issue, has been cited as the primary reason why minister for works, Desmond Bannister, terminated the entire board pursuant to his authority to do so under The Electricity Act 2015.
However, former BPL chairman, Darnell Osborne, claimed that allegations of stalling on the SENA contract were misleading and, in a release to the media on August 23, said: “Cabinet approved the award of the contract for new generation to Shell NA. As members of the Technical Committee, Directors Heastie and Rollins were tasked to arrange for the memorandum of understanding (MOU) to be presented to the board.”
After some delay, because BPL’s law firm did not have a legal representative in place to review the documents, Osborne noted that a few days after a hold was placed on the documents being approved by the board, Bannister issued a directive to her to sign the MOU by end of the same day, to which Osborne then responded that all of the directors’ concerns and some other legal issues had not been settled and the document was not ready.
Following the installation of the new BPL board, Bannister insisted that the SENA proposal will move forward. Some two days prior, new chairman, Dr Donovan Moxey, said that the new board will review the process under which SENA was agreed to be the preferred bidder under the previous board.
Notwithstanding Bannister’s assurance, sources close to the matter remain sceptical of the SENA deal moving forward. However, SENA has not weighed in on the recent changes at BPL and the LNG agreement is said to be set in stone and progressing regardless of the new plant initiative currently on the table.
While the construction of a new plant for BPL is the big chunk of meat in the pot, other ancillary scopes of work, for example transportation for construction, construction partners, temporary power supply and backup power supply in the event BPL goes offline during the transition, is still separate and apart from the main SENA/BPL proposal.
BPL’s new board is comprised of chairman, Dr Donovan Moxey; deputy chairman, Stephen Holowesko; James Moss; Debra Wood; (a former board member who was terminated but brought back); Ferron Bethell; and Viana Gardiner.
Moxey, the new BPL chairman, was immediately involved in his own controversy, when it was discovered that his technology firm had been unsuccessfully lobbying BPL to install and use a payment app, but was not approved.
Moxey claimed in an interview that he does not see his lobbying for the app to be used by BPL, then or now, to be an issue as he is still working diligently on getting his payment app approved by the Central Bank of The Bahamas for countrywide use and not just for use at BPL.
Moxey stated that “it is not an issue unless you make it an issue”, to which Bannister responded a day later, saying that that Moxey’s payment app is not under consideration, leading to the assumption that the conflict of interest is clear and present since the Electricity Act 2015 prohibits vendors serving as board directors.
There is also a linkage between new BPL deputy chairman, Stephen Holowesko, and another company that was bidding on works at BPL, New Fortress Energy – a subsidiary of New Fortress Investment Group.
New Fortress is co-owned by Wesley Edens and Peter L. Briger, and Holowesko and Briger both work together at multinational investment firm, Goldman Sachs. In addition Briger and Holowesko’s wife, Alessandra Griffiths Holowesko, both serve on the Council on Foreign Relations – an American nonprofit think-tank on foreign policy and international affairs.
According to sources close to the matter, including consulting firm AES Corporation, the New Fortress bid lacks transparency and critical pieces of structural detail.