Daily Archives: February 10, 2017

Getting to know the Seychelles – Alternatives Journal (blog)

Posted: February 10, 2017 at 3:41 am

Hi! Im Mimi Shaftoe, and Im currently living in the Seychelles. Im here with my friend Olivia for a four month internship withthe Wildlife Clubs of Seychelles, a local NGO dedicated to providing environmental conservation education to children and youth in schools. I cant wait to share my adventures with you in this blog!

Also check out our new Wildlife Clubs of Seychelles Instagram page for more about what Olivia and I are doing here.

https://www.instagram.com/wcseychelles/

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Its so funny how much more you notice about your surroundings when youre away from home. The plants for instance seem more alive, and they have such huge leaves! The vibrant greenery here is a striking contrast to the grey winter city landscapes in Canada where the trees are sleepily awaiting spring. Even commonplace creatures here like the giant tortoises my aunt has as pets, crow-sized fruit bats, house geckos, and the small orange birds called fodies, which are as common here as sparrows back home, are exciting for Olivia and I. Already, in the three weeks Ive been here Ive seen so much beautiful wildlife.

TheSeychelles are made up of many small islands (Photo: Mimi Shaftoe)

On a hike up Morne Blanc mountain, we saw native thief palms, named Lattanyen in Creole, with black spikes on the stems of their leaves, and soaring tropic birds with their long white tails. We heard the loud peeping of one of the worlds smallest species of frog: the tiny sooglossids, though weve yet to see one. Kayaking up a river near Port Launay, we saw colourful red and blue fiddler crabs waving their one oversized white claw, and various types of mangroves with their complex root systems. On our first few snorkeling ventures so far, we had not made it all the way out to the reef before getting distracted by the multi-coloured tropical fish, electric blue, bright red and yellow, darting among seaweed and coral.

Underneath the amazement and awe I feel at seeing these incredible animals and plants is a quiet but persistent undercurrent of urgency. These ecosystems are fragile, after all. Next time I come, how much more will be gone? The country is made up of many small islands, so the endemic wildlife here is particularly susceptible to introduced species, habitat destruction, and the effects of climate change. Before human settlement, there were no land mammals in Seychelles besides several species of bats, so the arrival of black rats for example, has wreaked considerable havoc on endemic birds and invertebrates. Human construction projects, from hotels to reclaimed land, have destroyed many important habitats, and coral reef bleaching events are becoming more of an issue.

Citizens taking action - and taking to the streets -to protect it for future generationsPhoto: Mimi Shaftoe)

But the Seychellois people are proud of their natural heritage, and they are taking action to protect it for future generations. For instance, hotel projects are now required to undergo rigorous environmental impact assessments, and theres a new ban on plastic bags coming into effect this summer. In the few weeks weve been here, weve visited school wildlife clubs, attended the national World Wetland Day and Protected Area Day events, and been to the launch of a community-based conservation organization. Seeing so many passionate students, teachers and citizens working towards a more sustainable future is inspiring. Im looking forward to seeing what adventures the next few months hold!

Visitingschool wildlife clubs (Photo: Mimi Shaftoe)

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Caribbean reports record of 29M visits – Beloit Daily News

Posted: at 3:40 am

February 09, 2017 at 2:22 pm | By DANICA COTO

SAN JUAN, Puerto Rico (AP) The Caribbean received a record number of visitors last year as arrivals topped 29 million, tourism officials announced Thursday, and they said growth should continue this year, though at a slightly slower pace due to uncertainty over U.S. President Donald Trump and the impact of Britain's move to leave the European Union.

Last year's 4.2 percent jump marked the seventh consecutive year of growth for the Caribbean, which officials said was a result of relatively low oil prices and U.S. economic growth.

The majority of tourists came from the U.S., but there was also a more than 11 percent growth in visitors from Europe and the United Kingdom, according to Hugh Riley, secretary general for the Caribbean Tourism Organization.

Officials said cruise ship arrivals, which are counted separately, also set a record with 26.3 million arrivals.

Overall, tourists including cruise ship passengers spent $35.5 billion last year, a 3.5 percent increase from the previous year. But Riley said that despite more visitors entering the region, hotels reported a drop in occupancy rates.

Arrivals to the Caribbean in 2017 are projected to grow somewhat more slowly, between 2.5 and 3.5 percent, said Ryan Skeete, research director for the Barbados-based Caribbean Tourism Organization.

"It's a little bit unpredictable," he said of Trump's administration. "We're still monitoring it very closely ... That's all we can do."

He said the fallout of Britain exiting the European Union also could affect the number of visitors to the Caribbean this year.

Seven destinations reported double-digit growth rates last year, including the Turks & Caicos Islands, Cuba, Bermuda and the South American country of Guyana. Six other destinations reported a drop in visitors, including the Dutch Caribbean islands.

Visitors from South America dropped 11 percent last year, and those from Canada dropped nearly 3.5 percent.

"We haven't reached anywhere close to our full potential," Riley said.

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AP PHOTOS: Editor selections from Latin America, Caribbean – Journal Times

Posted: at 3:40 am

This photo gallery highlights some of the top imagery and news moments made by Associated Press photographers in Latin America and Caribbean that were published in the last week.

Celebrations for the Feast of Candelaria ended with big hangovers in Peru, while in Mexico people made sure to take their ornately dressed baby Jesus dolls to church to get them blessed. In Uruguay, thousands of worshippers went to the beach during African sea goddess Yemanja's feast day, bearing gifts to show their gratitude for her blessings.

In Argentina, bare-chested women and bikini-clad men went to the streets to protest after police threatened weeks ago to detain several women sunbathing topless on a beach.

The Brazilian state of Espiritu Santo erupted in deadly violence with dozens dead. The killings prompted help from the army after police stopped patrolling the streets to demand higher pay.

Chile's president has said the worst fires in the nation's history are mostly under control but not before claiming the lives of at least 10 people, destroying forests, livestock and entire towns.

Panama's recently expanded canal continue facing operational problems as ships are still scraping the walls and prematurely weakening the defenses designed to protect the ships and the locks themselves.

In Venezuela, protests continue over the dire shortage of medicine and medical supplies.

Lastly, in Mexico's northwestern city of Cuilacan, heavily armed men attacked marines on patrol, leaving several suspects and one marine dead. At about the same time and just a few miles away, at the Tomateros stadium, Puerto Rico's Criollos de Caguas beat Mexico's Aguilas de Mexicali and won the 2017 Caribbean Series baseball tournament.

This photo gallery was curated by photo editor Dario Lopez in Mexico City. Follow Lopez on Twitter : @DarioLopezMills

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The secrets to taking better photos on your Royal Caribbean cruise – Royal Caribbean Blog (blog)

Posted: at 3:40 am


Royal Caribbean Blog (blog)
The secrets to taking better photos on your Royal Caribbean cruise
Royal Caribbean Blog (blog)
Going on a Royal Caribbean cruise means you will be seeing new sights, both on your ship and on land, with the opportunity to see ancient architecture, nature at its finest and incredible cities. Naturally, capturing these moments through photos is ...

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Caribbean Hoteliers Optimistic for 2017 – Caribbean Journal

Posted: at 3:40 am

Caribbean hoteliers are predicting a positive tourism performance for 2017.

Indeed, more than four out of five hoteliers in the Caribbean have an encouraging outlook for tourism this year, according to the results of thesecond annual CHTA Industry Performance and Outlook Study.

CHTA Director General and CEO saidthe survey, conducted by the CHTA, was undertaken to assist the organization in gaining a better understanding of the state of the tourism economy, its outlook, and the degree to which a number of factors impact or may affect the tourism industry.

The survey, administered during the first two weeks of this year, polled a representative sampling of hotels throughout the Caribbean of varying sizes and categories, and examined their 2016 performance and 2017 expectations for factors in areas such as employment levels, revenue, profits, capital spending, room occupancy, and rates, each forming the basis for assessing the state of the tourism economy.

In 2016, hoteliers reported an even split on revenue performance with 47 percent recording an increase and similar percentage reporting a decrease.

While expectations for the year were higher initially, last years mixed performance came after an exceptional year for Caribbean tourism in 2015.

Hoteliers entered 2016 with high performance expectations but these were tempered as a combination of unanticipated factors surfaced during the year, Comito said.

These events included a warmer than usual winter in the regions primary feeder markets, Canadian and U.K. exchange rates, Brexit, the threat of Zika, and political and economic certainty in parts of the world, according to the survey respondents.

Despite these challenges, the profitability picture improved over the previous year, with most hotels registering a net profit in 2016.

Seventy-eight percent of respondents reported a net profit while 22 percent reported a net loss.

Looking ahead for 2017, more than two-thirds anticipate an increase in revenue, and 56 percent expect a slight improvement in profits.

About 55 percent of hotels also increased capital expenditures in 2016, with a quarter of those investing more than 10 percent over what they did in 2015.

This is a positive sign and an indication of long-term confidence by Caribbean hoteliers in the industry, said Comito.

Although room occupancy decreased for just over half of the reporting hotels, a notable proportion reported an increase in occupancy.

More hoteliers are optimistic for 2017, with two-thirds expecting an increase in occupancy.

Despite the fact that average daily room rates were reduced by 45 percent of hotels, as many of 42 percent increased their rates.

This year, approximately 55 percent of hoteliers expect to increase ADR while only 15 percent expect downward on rates.

The CHTA added it is important to note that employment levels were maintained by 55 percent of survey respondents in 2016, while only 17 percent reduced staffing levels and a sizable proportion hired more staff a pattern which anticipated to continue in 2017.

Dana Niland, CJ Contributor

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Caribbean Charm Enjoying New Location – Hartford Courant

Posted: at 3:40 am

The new location has been a hit with customers, as Caribbean Charm has moved from Main Street to the Victorian-style boutique on the corner of Pitkin Road and New London Turnpike.

Owner Lauren Cheney, a lifelong Glastonbury resident, first opened Caribbean Charm in 2008, occupying the space above Daybreak Coffee Roasters. A move in 2013 to the 2235 Main St. location (now occupied by Nana's Infant & Children's Boutique) brought more visibility, but that brought more customers demanding more inventory.

"Basically, the other place, I was growing out of," Cheney said, adding that as Caribbean Charm's popularity grew, it became necessary to find a larger space. "This place popped up, and I just liked the space. I didn't want to move into a mall. We did a lot of renovations here. It was an office space, but we made a store out of it. We didn't want it to be like a cookie-cutter store."

The new store, at 136 New London Turnpike, opened Oct. 1, and since holiday gift-buying started soon after, there wasn't time for a grand opening celebration. A ribbon cutting on Feb. 1 included several members of the Connecticut River Valley Chamber of Commerce, which Caribbean Charm re-joined.

"The uniqueness of Caribbean Charm is indicative of the work that Lauren puts into the store," said Chamber Ambassador Bobby Dibella. "She has accumulated unique gifts from around the world that represent emphasize a a full body of feminine attire, as well as jewelry, at the right price."

Reactions to the new location have included people who say the new store feels like a well-decorated home, and that they like its proximity to Eric Town Square.

"We like the location," Cheney said. "I've gotten really good response from the customers, because they're already out and about, at lunch or dinner at the restaurants, or at other shops nearby. People come for a lot of gifts on their way, or if someone forgot their earrings, they'll stop here on their way to dinner and get some."

Caribbean Charm Boutique specializes in unique one-of-a-kind women's accessories, featuring Brighton Collectibles, Vocal, Spicy Girl, Spanx, Suzie Sleepers, a pajama line designed by Glastonbury resident Suzanne Balducci, and many other treats.

"What is hot now is Brighton. Brighton is big," Cheney said, of one particular brand of jewelry and pocketbooks. "Our own jewelry is doing well, and the clothes. I'm expanding on the clothes. I like my products to be unique. We also offer monogramming and engraving on-site."

Cheney said future renovations are likely to include larger windows, so passers-by can see more of what Caribbean Charm has to offer. Caribbean Charm also offers online shopping and services.

For more information, visit http://www.caribbeancharm.com.

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World Bank Appoints New Country Director for the Caribbean – St … – St. Lucia Times Online News (press release)

Posted: at 3:40 am

February 9th, 2017 1 comments

Press Release:WASHINGTON, February 9, 2017Tahseen Sayed Khan is the new Country Director for Caribbean countries. She will be responsible for maintaining a solid partnership with the countries to address their development and financial challenges. It is an honor for me to be working in the Caribbean, said Tahseen Sayed Khan. I look forward to deepening our engagement with governments, development partners, civil society, and the private sector, to boost inclusive growth and reduce poverty in the Caribbean.

Tahseen, a Pakistani national, was previously Country Manager for Albania in the Europe and Central Asia region. She joined the Bank in 1997 as a social sector specialist in South Asia and has since held various positions, including as Lead Education Specialist, Operations Adviser, and Country Manager for Nepal.

Tahseen Sayed Khan has a deep knowledge of country programs and a track record of strong delivery and innovation. She holds a Masters degree in Law and Diplomacy specializing in Development Studies from the Tufts University Fletcher School of Law and Diplomacy, USA.

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SaskTel beaches employees in the Bahamas – News Talk 650 CKOM

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SaskTel beaches employees in the Bahamas
News Talk 650 CKOM
It could be described as Saskatchewan's greatest job and it isn't even in the province. While many are freezing in Saskatchewan's extreme cold temperatures, eight SaskTel employees are living and working in the Bahamas. In July 2016, SaskTel ...

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Coalition urged to charge 10% royalty on offshore oil and gas projects – The Guardian

Posted: at 3:39 am

The north-west shelf project in Western Australia which the Tax Justice Network says pays high royalties. Photograph: Graeme Robertson for the Guardian

The Turnbull government must introduce a 10% royalty on all offshore oil and gas projects in Australia to ensure taxpayers start getting a fair return on their natural resources, the Tax Justice Network says.

The group has called for the petroleum resource rent tax (PRRT) to be overhauled, saying there were too many opportunities under its regime for offshore oil and gas companies to exploit transfer pricing, with direct impacts on PRRT credits and profits.

In a submission to the PRRT review, the Tax Justice Network said a 10% royalty ought to be applied to offshore oil and gas projects in commonwealth waters that were only subject to the PRRT.

It said a 10% royalty needed to be charged because the PRRT which was designed in the 1980s for crude oil projects, but which had failed to keep up with developments in the industry was failing to collect adequate revenue.

The treasurer, Scott Morrison, admitted last year that revenues from the PRRT had halved since 2012-13, and crude oil excise collections had fallen by more than half.

He announced a formal review of the PRRT regime in November after a rapid decline in revenues from the tax.

Jason Ward, from the network, said a 10% royalty would raise between $4bn and $6bn over the next four years.

He said the royalty system should be similar to existing state and Commonwealth royalties that already apply to all other oil and gas projects in Australia.

It should be deductible from PRRT, and the PRRT should remain as a backstop to collect additional revenue if and when prices increased substantially and when existing PRRT credits were exhausted.

With Australia poised to be the worlds largest exporter of LNG but projected to generate little direct government revenue for decades, there is a major problem that needs to be addressed, he said.

At the moment projects in commonwealth waters are getting millions of tonnes of LNG effectively for free.

No other industry, including coal, iron ore and onshore gas, get given the total cost of their investment (plus uplift) in free resources before they begin paying for that resource.

This policy will level the playing field across the oil and gas industry. At the moment projects in commonwealth waters are getting a competitive advantage over onshore projects and the north-west shelf who pay much higher royalties.

All of the major companies, Shell, Chevron, BHP, Woodside and BP, already pay under our proposed model through their ownership of the north-west shelf project. They have been happy to pay under this model for years without complaint. The north-west shelf shows they still make huge profits under this type of royalty regime.

Ward said mature oil projects, such as BHP in the Bass Strait who already pay PRRT, would not be affected given the royalty would be fully deductible from the PRRT.

This proposal we believe ensures a fair return to the Australian people while still encouraging investment by maintaining our royalty regime as one of the most generous in the world, he said.

We call on the industry to support this proposal to the commonwealth government.

The problems raised by the Tax Justice Network are similar to those raised by tax expert Dr Diane Kraal, from Monash University.

Her submission warned flaws in the PRRT regime meant Chevrons giant Gorgon gas project off WA would not pay the tax until at least 2030, despite decades of operation.

Kraal said her modelling showed $5bn in revenue would be raised from Gorgon alone by 2030 if royalties were reintroduced.

She said her research indicated other natural gas projects in commonwealth waters should also be subject to commonwealth royalties, including Chevrons Wheatstone, Woodsides Pluto LNG project, and Inpexs Ichthys project.

Woodside Petroleum used its submission to argue against any changes to the PRRT.

It said the PRRT had been operating as intended, despite declining revenues from the tax recently.

It said the regime had delivered $200bn worth of projects over the past decade, and Woodside had paid $2bn in PRRT since 2001.

As a profits-based tax, it is not unusual to have declining PRRT at a time of declining oil and gas prices and prior to these projects recouping their costs, its submission said.

Woodside pays billions of dollars of taxes in Australia. The PRRT is just one part of our tax contribution but increasing it could put other tax revenues at risk by making future projects unviable.

Woodside has an ownership stake in three of Australias major undeveloped gas resources. As the leading Australian gas producer, we want to develop these resources and deliver significant benefits to the Australian people.

We urge the PRRT review team to consider carefully the substantial impact of any changes to the current fiscal settings that could jeopardise existing and future investments.

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Shares of Seadrill Went in the Exact Opposite Direction of Other Offshore Drillers in January – Motley Fool

Posted: at 3:39 am

What happened?

If you look at some of the news from offshore rig companies, it would look as though things are starting to look up for the business. The one exception is looking at Seadrill (NYSE:SDRL) as of late. Shares of Seadrill declined an incredible 45.2% in January. Compare that to Ensco (NYSE:ESV) and Noble Corporation (NYSE:NE), which both saw double-digit gains. The big reason Seadrill's stock declined sharply while others made some modest gains is that the company announced it is struggling with refinancing with some of its creditors.

Image source: Getty Images.

Let's start with the good news in the offshore rig industry: Producers are starting to show an interest in hiring offshore rigs again. Noble announced on its most recent fleet status report that two of its jack-up rigs had their contracts extended until 2022. Granted, Noble took a slightly lower day rate in the negotiation, but the two will add to the company's backlog of contracted work. Also, Ensco picked up a contract for one of its jack-ups in the North Sea that will mobilize in the spring, although no price has yet been given for the contract. Overall, considering how many rigs have gone off contract as of late, this is a pretty welcoming sign for offshore rigs.

Seadrill, on the other hand, wasn't so fortunate. The company did announce in late December that it had received a three-year contract extension for one of its jack-up rigs, but that news has been overshadowed. The real big event in January was when Seadrill announced that it was in discussions with its creditors to restructure its debt. Accord to CEO Per Wullf, those negotiations have taken longer than expected. The company has been making as many capital preservation moves as possible lately, such as delaying delivery of new rigs under construction, but the rapid decline in contract work for its fleet is leaving it with little cash flow to spend on preserving its fleet or paying down debt.

It's ultimately going to come down to a large issuance of equity. Management has already warned investors that it thinks it needs to raise about $1 billion in debt, and that it may result in "significant shareholder dilution."

One important lesson investors should have learned during this market downturn is that balance sheets matter. Seadrill's balance sheet was in rough shape during this most recent downturn, while Noble and Ensco's financial statements looked much more respectable. So, as cash flows have dried up, Seadrill has perpetually been trying to pare down its expenses and its debt load to survive. With a need for $1 billion to keep things going, that's likely going to mean investors are going to get hurt, here, one way or another.

For investors looking at offshore rig stocks other than Seadrill, now may be an intriguing time to put them on your radar. Both Noble and Ensco are trading well below their tangible book values. It will likely be a long payback period, but there looks to be a lot of value in these shares for investors who have the patience.

For Seadrill, though, there is a little more uncertainty. Until the company announces the final results of its debt restructuring and how it impacts the equity in the company, it's probably best to stay away.

Tyler Crowe owns shares of Seadrill. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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Shares of Seadrill Went in the Exact Opposite Direction of Other Offshore Drillers in January - Motley Fool

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