Monthly Archives: February 2017

Those Caribbean medical schools are looking more and more attractive – Washington Post

Posted: February 25, 2017 at 3:45 pm

February 24 at 6:00 PM

Why the United States is no longer turning up its nose at Caribbean medical schools

Usha Lee McFarling at statnews.com

When Tavinder Singh took the MCAT, the California native dreamed of going to medical school. And then his scores came back too low for him to get in anywhere in the United States. So he packed his bags for the island of Dominica and enrolled at the Ross University School of Medicine.

Ross is one of the dozens of for-profit medical schools scattered throughout the Caribbean that market themselves mostly to folks in Singhs position. These schools have often come in for criticism, what with their hefty price tags, large class sizes and high dropout rates, writes Stat Newss Usha Lee McFarling. Even their mere location can be a negative for students. Theyve heard all the jokes about studying anatomy on the beach with Mai Tais in hand, McFarling notes.

But a massive physician shortage is transforming those views, McFarling writes in a recent article that tackles Why the United States is no longer turning up its nose at Caribbean medical schools. Their graduates typically have a tough time landing a residency, a credential thats required to practice medicine in the United States. So theyre eager to take positions anywhere, including in poor, rural, and underserved communities, McFarling says.

Once someone is wearing that white coat, school names dont come up much. Patients tend to be more interested in how theyre being treated, says McFarling, who highlights the example of Moazzum Bajwa, a Ross graduate and a second-year resident at the Riverside University Health System Medical Center in Moreno Valley, Calif.

Over the course of an hour-long appointment, retired carpenter Jos Luis Garcia, 69, doesnt just get the exam he was expecting. Bajwa also draws him a detailed diagram to explain how blood sugar levels work. They discuss thanks to Bajwas fluent Spanish whats causing stress in Garcias life, including his wifes recent brain surgery. At the end, Bajwa offers a hug.

This is a very great doctor, Garcia tells McFarling. Normally, I dont feel important.

Vicky Hallett

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Caribbean’s carnivals tip their hats to Trinidad – MyAJC.com – MyAJC

Posted: at 3:45 pm

We Caribbean carnival devotees, counting down the days until the regions biggest bacchanal erupts on the streets of Port of Spain, Trinidad, on Feb. 27 and 28, have a dream. A dream that one day carnival will grace us with its life-affirming presence not once a year but once a month. That one day all of humanity can pause during mundane daily routines and take solace in the fact that right now, somewhere in the world, life is being measured out in music and dance and feathers and glitter, not conference calls and crowded commutes: Somewhere, it is carnival.

That dream may be turning into reality.

Throughout 2016, tens of thousands of revelers flocked to over a dozen destinations to partake in carnival celebrations. From Jamaica to Los Angeles, London to Bermuda, Cayman to Toronto, they indulged in costumed parades, extravagant fetes and frenetic soca concerts, and were living proof that Caribbean carnival culture is growing globally, thanks, largely, to one island: Trinidad.

Carnival to Trinidadians is like soccer to Brazilians, said Wayne Henry, a founder of ValeVibe, a 23-year-old Trinidadian events company. In the past, weve tended to keep our culture to ourselves, but now Trinis have gained the confidence to export something we certainly do well: party and have a good time.

This exportation call it the Trini-fication of carnival has become the antidote to what Trinidadians call tabanca: heart-wrenching post-carnival pain fueled by the knowledge that the next bacchanal is a whole year away. Now theres a calendar that starts in Trinidad during the traditional pre-Lent celebration and concludes in October at Miami Carnival, with global and regional carnivals scheduled almost monthly in between. Its a movement documented by booming media entities like the fastidious TriniJungleJuice.com, a global carnivalgoers bible and piloted by young Caribbean entrepreneurs who take having a good time very, very seriously.

Trinidad-style carnival fetes, after all, are not mere parties but full-on productions, transforming the days surrounding the parade into an unofficial competition: Which modish fete will not only eclipse the more traditional elements of carnival the parade, the calypso contests, the competition for carnival king and queen but also outdo others in terms of venue, food, DJ lineup and musical guests? Think of a raucous dance party against a backdrop of flamingos in Miami; amid the roller coasters of Coney Island in New York; on a boat down the Thames in London; deep in the sugar cane fields of Barbados.

If I can give a party in a volcano before it erupts, Ill do it, said Jules Sobion, the chief executive of a Trinidad events company called Caesars Army. Having attended his signature event, A.M. Bush, on three islands, I believe him. Annually thousands of revelers including, last year, Rihanna, who partied with Caesars Army on her home island, Barbados scramble for tickets to line up at 3 a.m., follow music and drinks trucks through fields, cover themselves in paint and hose themselves down as the sun comes up. The dancing persists till noon.

We do the unexpected, Sobion explained. What does Caesars Army do? We export fun.

The result is more than fun its a financial boon.

Carnivalgoers are a niche market thats growing and will continue to grow, said Roscoe Dames, the chief executive and managing commissioner of the Bahamas National Festival Commission. Four years ago his team was given a government mandate to create a carnival as part of an effort to lure tourists and stimulate the creative sector. The result, started in 2015 in Nassau and Grand Bahama Island, was Bahamas Junkanoo Carnival, which fuses the countrys carnival traditions (known as Junkanoo) with a contemporary festival. The Bahamas, like many islands, wanted to maintain its own inimitable flavor while importingTrini styles.

The bedrock of the festival is our local music and culture, Dames said, but we looked at presenting the full spectrum of the Caribbean: Cuban bands, reggae, soca, Haitian zouk, as well as local rake-and-scrape and goombay music. Last year, he added, it attracted upward of 60,000 participants and established itself as a major player in the Carnival market.

Other destinations Jamaica, Grand Cayman, Grenada, Washington, D.C. have long staged carnivals outside the traditional pre-Lent time frame, but are seeing their festivities flourish as Trinidadian brands move in and bring avid fans with them. Among the biggest draws to any carnival is a party presented by Scorch, a Trinidad entertainment company that includes a media and publishing arm, a local TV show and a music production house. Its raucous parties held in places like London, Toronto, Barbados and, this year, Dubai are the ones many desperately try to get into but few can fully remember the next day (there is no hangover like a Scorch hangover, many a carnivalgoer has avowed).

Scorch is really a regional thing, meant to connect all the islands cultures, said its chief executive, Kwesi Hopkinson. So when we arrive at a particular carnival, its an endorsement, a seal of approval that, Yes, this carnival is officially happening.'

Not all islands are eager for that Trinidadian seal, though. When Bermuda started a carnival in 2015 on its Bermuda Heroes Weekend, it barred promoters from other islands.

When the Trini promoters come into any jurisdiction, the local promoters lose out, explained Jason Sukdeo, the president of BHW Ltd., the carnivals corporate entity on the island. I want Bermuda carnival to be for Bermuda, to make money for Bermuda. For us to set up a carnival and watch money go overseas is not what we want.

But Jeremy Nicholls, a Barbadian promoter who runs some of the most popular events at Barbados Crop Over, that islands carnival, which is the regions second biggest, disagreed.

Trinidadians coming here bring people with them, he said. They have a wider reach, and this has a ripple effect; these visitors will go to the big Bajan parties, too. So at the end of the day, its about us coming together. His company, Roast, exports its brand to five other carnivals, he said.

For other enterprising Trinidadians, concerns are cultural, not financial: Will the dissemination of its carnival water down its profound history in the region, a history that stretches back to the 18th century, as European colonizers feted Lent with masked balls and their slaves followed suit, incorporating West African traditions into the revelry?

What I definitely dont want to see, with Trinis carrying our culture throughout the region, is the homogenization of carnival, said Anya Ayoung-Chee, a designer who is a onetime Miss Trinidad and Tobago and the 2011 winner of Bravos Project Runway. Ayoung-Chees online Canyaval shop sells all things modish; her company also stages parties and has its own costume section in the parades of six carnivals.

My focus is always, how do we think about it beyond copy-and-paste, from island to island? she said. How do we preserve traditions, but also how can we hybridize, recognizing that carnival culture is always evolving?

To that end, the kickoff event she staged at the Afropunk Festival in Atlanta last October was inspired by JOuvert, the sunrise carnival ritual populated by folkloric characters such as stilt walkers and jab-jabs, or devils.

I fused JOuvert traditions with New Orleans big bands and other cultural elements that have been influenced by the essence of carnival, all coming from the same history: Brazil, New Orleans, and so on, Ayoung-Chee said. The idea is to showcase how the history of carnival manifests itself way outside of the Caribbean context.

And thats whats exciting to me about exporting Trinidadian culture globally, she added. Not just representing the Caribbean but experimenting with our evolution, with what we could be on a global stage.

----

Baz Dreisinger, a New York City-based professor and journalist, has been writing about Caribbean culture, music and art for two decades.

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Study on Rising Costs of Fishing Concluded for Caribbean states – Caribbean360.com (subscription)

Posted: at 3:45 pm

Claudia Stella Beltrn Turriago, economic consultant, interviewing fishers at Northern Fishermens Cooperative in Belize City, Belize (Photo: CRFM)

BELIZE CITY, Belize,Friday February 24, 2017 A landmark study to look at the impacts of rising cost factors on fishing operations in the Caribbean has been concluded.

And theCaribbean Regional Fisheries Mechanism (CRFM), in collaboration with FAO, will convene a validation workshop at the United Nations House in Barbados next Monday and Tuesday to review the findings and chart the necessary course of action.

At that meeting, CRFM Executive Director Milton Haughton will present a general overview of the project and explain what the workshop is expected to achieve. The background, findings, conclusions and recommendations of the study will be presented by Claudia Stella Beltrn Turriago, economic consultant, for final refinement.

The study, carried out in select CRFM member states, focused on factors such as capital, labour, maintenance and energy costs.

Participants at next weeks meeting will review and finalize the formal report on the findings of the study, as well as propose workable policy options and strategies to improve efficiency, productivity and sustainability in the fisheries sector. The broader aim is to improve competitiveness and profitability at the local, regional and international levels.

The initiative will also inform strategies to protect against future economic shocks, reduce barriers to market access, and compensate for price fluctuations for fisheries produce by building on the value-added dimension of the industry.

Last May, the CRFM convened a meeting of fisheries experts in Barbados to create a roadmap, including the best methodology for the study. They also selected the beneficiary countries targeted for fieldwork and remote surveys, which entailed surveys of small-scale and industrial fishers, suppliers, traders and exporters.

Later that same month, the consultant commenced field visits to Belize, St. Kitts and Nevis, and St. Vincent and the Grenadines. She also conducted remote surveys for Guyana, Grenada, Colombia, and Trinidad and Tobago.

All 17 states which are members of the Caribbean Regional Fisheries Mechanism, as well as countries covered by a UN/FAO project on the Sustainable Management of Bycatch in Trawl Fishing in Latin America and the Caribbean (the REBYC-II LAC), funded by the Global Environment Facility (GEF), are expected to benefit from the broader application of the studys findings.

The CRFM will prepare a policy brief for action by Caribbean leaders, to highlight the major findings and recommendations, including policy options and strategies to increase efficiency, productivity and sustainability of the fisheries and aquaculture sector, while reducing economic risks.

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Caribbean Warned To Prepare For More Severe Storms – Caribbean360.com (subscription)

Posted: at 3:45 pm

ROSEAU, Dominica, FridayFebruary 24, 2017 Organization of Eastern Caribbean (OECS) member states have been urged to prepare for more extreme weather conditions and natural disasters as a result of climate change.

The warning came from Crispin dAuvergne, St. Lucias chief sustainable development officer as he contributed to a panel discussion at an OECS climate change forum in Dominica, part of the Vini Koz (Lets Chat) Series that engages citizens in discussion and debate on development opportunities and challenges facing the region.

According to dAuvergne, a 2008 environmental study showed that while St Lucia sees an average of one to two Category 4 or Category 5 hurricanes per year, it is likely to increase to four or five hurricanes of that magnitude each year.

Citing another study, he said rainfall in the Caribbean is expected to increase by 25 to 50 percent in the next five decades. These extreme weather patterns will become the new normal, he said, adding that because the frequency and intensity of extreme weather conditions is likely to increase, the Caribbean should plan accordingly, preparing for more severe natural disasters like droughts, hurricanes and floods.

After Dominica was devastated by Tropical Storm Erica in August 2015, the Minister for Health and Environment, Dr. Kenneth Darroux, said Dominica had never seen a disaster of such proportions in terms of damage to infrastructure and the loss of life. Infrastructural damage was estimated at $1.4 billion. Minister Darroux said the storm caused the government to revisit its land use, policies, and regulations.

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RORC Caribbean 600: Bella Mente Takes Overall Title – Scuttlebutt Sailing News

Posted: at 3:45 pm

(February 24, 2017) As dawn broke on Day 5 of the RORC Caribbean 600, crews who had finished the race were beginning to arrive back in Antigua. Every boat, regardless of where they were moored, was met by the RORC Caribbean 600 volunteers, armed with a celebration banner and cold beer. The restaurants and coffee shops around Falmouth Harbour were filling up with sailors, hungry for a square meal full of stories about their RORC Caribbean 600.

Class40 winner by just 33 minutes, Peter Hardings Ph-orty RORC/Ted Martin

As the sun rose the leading Class40s were approaching the finish. Throughout the race, the battle in the class had been intense, with three yachts taking the lead at various points along the course. Peter Hardings Ph-orty was leading at Redonda, just ahead of Catherine Pourres Erendil and Halvard Mabires Campagne de France was in third. All three yachts started the beat to finish with a chance of victory.

However, Erendils main halyard broke as the team hardened up for the beat and they were forced to reef and re-hoist. Ph-orty extended on the beat to take the gun and the class win by just 33 minutes. With Erendil under-powered, Campagne de France closed the gap and overtook them, just before the finish line, to snatch second place by just under two minutes.

In IRC One, Antiguas Bernie Evan Wong was tired but overjoyed to win the class racing his Antiguan RP37, Taz. Bernie has competed in all nine editions of the race and is proud to represent Antigua & Barbuda.

An emotional win in IRC One for Antiguas Bernie Evan Wong and his crew on the RP37, Taz RORC/Ted Martin

Unbelievable, just amazing, smiled Bernie, full of emotion. The team worked so hard, but was also a really happy bunch. I remember trying to take a rest but I couldnt sleep because there was so much laughter on the boat. We are the smallest boat in the race and to beat all of the big boats in our class is like a dream come true.

James Healds British Swan 45, Nemesis, racing doublehanded with Ben Harris is the runner up in IRC Two, a monumental effort for the short-handed team. Giles Redpaths British Lombard 46, Pata Negra is third.

In IRC Two, Ed Fishwicks J/122 Redshift on El Ocaso is the winner.

Ed Fishwicks J/122 Redshift on El Ocaso secure overall win in IRC Two. Crew for the RORC Caribbean 600: Nick Cherry, Robert Hillier, James Holmes, Ed Males, Luke Patience, Alan Roberts, Nick Bubb and Tom Whicher RORC

We have competed in this race with classic trade wind conditions, but this year we had a massive variety in weather on the course from big breeze in squalls, to fickle light winds. The guys did a fantastic job and we all agreed that this was the best 600 we have ever done. The whole crew was sensational, commented skipper, Ed Fishwick.

I couldnt have picked a better offshore race than the RORC Caribbean 600. It was a really cool experience, a great bunch of guys and my first offshore race, exclaimed Olympic 470 Silver medallist, Luke Patience.

Day one we saw a water spout, hump back whales; it was all kicking off, just epic! It was wonderful steering a boat at night, sailing by feeling the flow underneath you. The watches just flew by, I really enjoyed the race and it was very inspiring. The difference between offshore and Olympic sailing is that this is relentless, you are at it day and night. Where the two are wildly different is that with offshore sailing you are not in control all the time, you have to give a good handover to the next watch. However both disciplines require that you never take your foot of the gas.

While Redshift on El Ocaso is the provisional winner for IRC Two, a battle is raging for the remaining podium places between three British yachts. Ross Applebeys Oyster 48, Scarlet Oyster is currently estimated to be in second place. Dominic Hurndalls British Grand Soleil 43, Jua Kali in third. Andy Middletons First 47.7, EH01 is in fourth.

Hap Fauths Maxi72, Bella Mente declared overall winner

Hap Fauths American Maxi72, Bella Mente has been declared the overall winner of the RORC Caribbean 600 Trophy. Whilst yachts are still racing, none of the fleet can beat Bella Mentes corrected time under IRC. This is the second time Bella Mente has won the race overall and was a sweet victory after retiring last year with keel problems.

Event details Tracker Notice of Race Entry list

Background: The 9th edition of the RORC Caribbean 600 starts from Antigua on Monday February 20, 2017. The 600nm course circumnavigates 11 Caribbean Islands starting from Fort Charlotte, English Harbour, Antigua and heads north as far as St Martin and south to Guadeloupe taking in Barbuda, Nevis, St Kitts, Saba and St Barths.

Source: Royal Ocean Racing Club

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HBO Goes After ‘Online’ Pirates in the Caribbean – TorrentFreak

Posted: at 3:45 pm

Pirates of the Caribbean is one of the most successful Hollywood productions in recent history, but for HBO it's also a very real threat. Earlier this month HBO LA reported several Caribbean countries to the U.S. Government because they fail to take a stand against pirating cable operators, hotels, and sellers of pirate streaming boxes.

HBOs daughter company in Latin America, HBO LA, is not happy with the rampant piracy thats taking place in the Caribbean.

Earlier this month the company submitted its latest 301 watch list submission to the U.S. Government, urging the authorities to take appropriate action.

HBO is steadily expanding its services to the Caribbean and Central American regions. However, their efforts to roll out legitimate services are frustrated by local pirates. These arent just individual pirates, large cable operators are in on it too.

a lack of enforcement by Caribbean and Central American governments is allowing local cable operators to build substantial enterprise value by increasing their subscriber base through offering pirated content, HBO LA writes (pdf).

The same goes for hotels, which treat their visitors to prime HBO programming without paying a proper license.

In addition to piracy by large cable providers, non-U.S. owned hotel chains on a variety of islands are known to pirate content exclusively licensed to HBO LA by using their own onsite facilities or obtaining service from cable operators who pirate, HBO LA informs the government.

Piracy by cable operators and hotels is not new. HBO has reported these issues to the authorities before, but thus far little has changed. In the meantime, however, the company has started to notice another worrying trend.

Online piracy has started to become more prevalent, with many stores now selling IPTV boxes and other devices that allow users to access HBO content without permission.

In the past year, HBO LA continued to see a significant increase in the problem of online piracy of its service throughout all of HBO LAs territory, HBO LA writes.

In the Caribbean, several brick-and-mortar stores customarily sell Roku or generic Android set-top devices (like the Mag250, Avov, and the MXIII) preinstalled with an unlicensed streaming service and offering a few hundred channels of content, including content for which HBO LA holds exclusive license in the territory.

The company lists various examples of stores that offer these kinds of products including the Gizmos and Gadgets Electronics store in Guyana. This store sells Roku devices with an unlicensed streaming service called ROKU TV pre-installed.

By selling pirate subscriptions to thousands of customers the company is making over a million dollars per year, HBO estimates. And more recently the same store started to sell a subscription-less service as well.

Additionally, Gizmos and Gadgets Electronics has recently started offering a second integrated hardware and service device known as the Gizmo TV BOX, which offers over 200 channels with no monthly fee, HBO LA writes.

This is just one example of the many that are listed by the Latin American daughter of HBO.

The cable provider says its already taken various steps to stop the different types of infringements but hopes that U.S. authorities will help out where local governments fail. Towards the end of their submission, HBO LA encourages the United States Trade Representative to apply appropriate pressure and threats, to turn the tide.

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Senate gives nod to Caribbean Maritime University – Jamaica Gleaner

Posted: at 3:45 pm

An untidy committee session of the Upper House yesterday marred what was an otherwise rare sitting of the Senate, where not a single senator opposed the bill to make way for the Caribbean Maritime Institute Act, to now be known as the Caribbean Maritime University Act.

Senator Ruel Reid, who piloted the bill, also deputised for Leader of Government Business Senator Kamina Johnson-Smith, who was absent.

The bill was passed with 26 amendments in front a gallery filled with students and lecturers from the Palisados, Kingston-based institution.

The 10 senators who spoke yesterday gave glowing tributes to Dr Fritz Pinnock, who is slated to become the first president of the university. They were unanimous and generous in their praise of his visionary leadership, the discipline of the students, the economic opportunities the university has brought to the nearby communities, the marketability of the students and the economic benefits the graduates will bring to the Jamaican economy.

Reid praised Pinnock for his trailblazing effort in creating a niche market university while supporting the need for maritime clubs across the island.

Senator Mark Golding praised the effort of Pinnock for creating an institution of international repute, while he used the opportunity to tidy elements of the language of the bill.

Senator Don Webhy said the university should be marketed as a foreign exchange earner, while Senator Wensworth Skeffery said he hoped the way was being paved for individuals from rural Jamaica to study there.

Senator Kavan Gaye said it was significant that it was coming to the Upper House on the 133rd birthday of Sir Alexander Bustamante - a champion for port workers, while Senator Floyd Morris praised the effort of former minister Horace Clarke for planting the seed which has led to the CMU.

Senator Angela Brown-Burke said the university was providing training for women in non-traditional areas, and Senator Lambert Brown went copiously through the bill to make sure that workers' rights were protected.

An untidy session followed when the Senate was dissolved into a committee to consider the clause by clause amendments. Senators were asked to vote on amendments they did not have, as insufficient, correct copies of the amended sections were unavailable.

In one instance, one copy of the amendment was sent to the Opposition benches for the five senators, with Reid intructing them to "share". Reid found himself reading and re-reading amendments, plus making trips to his "technical people" for advice on aspects of the bill, much to the disinterest of government senators, who found other ways to amuse themselves.

Brown's concern that the minister appeared to have a strong hand in the selection of the council members was rejected.

erica.virtue@gleanerjm.com

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Royal Caribbean Adding Lifeguards to Cruise Ships – Cruise Fever

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Royal Caribbean is adding licensed lifeguards to their cruise ships starting this weekend and this new program will be rolled out to every ship in their fleet over the next few months.

The first Royal Caribbean cruise ship to receive lifeguards will be Oasis of the Seas this weekend. This program will be rolled out to all Royal Caribbean cruise ships withVision of the Seasbeing the last to receive lifeguards in June.

Cruise Critic said that thisis part of a new water safety program by Royal Caribbean that includes water safety instruction and signage through the ship.

There will be one lifeguard stationed at every pool including the Solarium during all open hours. Thelicensed lifeguards will be trained by StarGuard Elite, a water risk prevention and training consulting company based in Florida. They will be hired specifically for this duty and will not serve in any other role on the ship.

The cruise line will continue to offer swim vests for children and at least one parent or guardian must be present anytime a child 12 years or younger is in a pool.

Royal Caribbean is joining Disney Cruise Line as the only cruise linesto offer lifeguards at the swimming pools on their ships.

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Guadeloupe End Bahamas Hopes Of Progress In Beach Soccer Championship – Bahamas Tribune

Posted: at 3:45 pm

By BRENT STUBBS

Senior Sports Reporter

bstubbs@tribunemedia.net

BEFORE a packed crowd at the newly built facility at Malcolm Park at the foot of the Sir Sidney Poitier Bridge on Friday night, the Bahamas suffered a heartbreaking 5-3 loss to Guadeloupe in the quarter-finals of the CONCACAF Beach Soccer Championship.

Even with more Bahamians lining the bridge and hundreds locked out in their effort to get into the stadium, the host team found themselves trailing on three occasions but battled back to even the score at 3-3 after two periods. However, Theo Gelas struck a pair of goals late in the third period to complete his hat-trick and secure the win for Guadeloupe which advanced them to a semi-final against Mexico on Saturday night.

The Bahamas, coming off three straight impressive victories to win group A in the round robin segment, will be back in action on Saturday at 5.30pm when they take on Trinidad & Tobago to determine which of the spots between fifth and eighth they will end up playing for on Sunday when the week-long tournament come to a close.

"We started off a little shaky in the first period, but I felt as if we regained our composure in the second and third periods, but some good playing by Guadeloupe held off our strong attack," said Bahamas' goalkeeper Ivan Rolle. "Anytime you are playing in sand, it's difficult, but we trained hard and we tried to stick to our game plan as much as possible."

Rolle, who had his most difficult match so far in the tournament, said the Bahamas would have preferred to be playing in the semi-finals, but they hope to come back and finish the tournament on a strong note just as they started on Monday.

"We were expecting to finish as least top four in this tournament, so it's very heartbreaking," Rolle, who was distraught at the final whistle, pointed out. "We want to use this tournament as a stepping stone to really show the world that we are ready to play at this level."

Rolle was referring to the FIFA Beach Soccer World Cup that will take place at the same facility in April. By virtue of being the host, the Bahamas have already qualified. Two more teams will join the Bahamas at the end of the tournament on Sunday.

As they use this tournament as a stepping stone to the more prestigious tournament ahead, Rolle said he was encouraged when he looked up and saw the tremendous support they received from the Bahamian public as the stadium was packed to its 3,000 capacity and people lined the Sir Sidney Poitier bridge to watch from outside as they couldn't get in.

Each time Guadeloupe scored in the first two periods, the Bahamas answered until Gelas put the game away for good in the third.

Damien Granchi-Constant, the Guadeloupe captain, took advantage of a loose ball to volley in from long range over Rolle after four minutes but Gary Joseph levelled 30 seconds later after some neat footwork. But within two minutes Gelas nodded in his first at the far post from a throw-in to put Guadeloupe in front and then Lesly St Fleur saw his penalty brilliantly saved by the goalkeeper, who had an excellent match. Sebastien Hell, joint top scorer in the tournament with St Fleur going into the game, gave notice of his threat by hitting the post just before the end of the period.

Joseph struck again early in the second to even the score at 2-2 but three minutes later, the imposingly physical Hell rose above the Bahamas defence to head Guadeloupe in front 3-2. St Fleur, having a sensational tournament, finally got through to tie the score at 3-3 just before the end of the period - his ninth goal of the event.

In the third period, the deadlock was broken when Gelas escaped onto a long ball forward and then punished confusion in the Bahamas defence at a corner to slide in at the far post with four minutes to go. Joseph fired in a free kick as the clock ran down on the Bahamas but the goalkeeper made another fine diving save.

Mexico, the defending champions, await Guadeloupe in the semi-finals on Saturday while El Salvador tackle the surprise package Panama. El Salvador cruised past Jamaica 5-0, Panama upset the United States 6-4 and Mexico saw off Trinidad and Tobago 5-1 in the other quarter-finals.

In the lower placement games played on Friday, Barbados defeated Turks and Caicos Islands 5-2; Belize stunned US Virgin Islands 6-4 after extra time; Costa Rica outlasted Canada 3-2 on penalties after they were tied 2-2; and Guyana held off Antigua and Barbuda 6-4.

RESULTS

Friday

Placement matches

13th place first round: Barbados 5 Turks & Caicos Islands 2

13th place first round: Belize 6 US Virgin Islands 4 (after extra time)

9th place first round: Canada 2 Costa Rica 2 (Costa Rica win 3-2 on penalties)

9th place first round: Guyana 6 Antigua & Barbuda 4

Quarter-finals

El Salvador 5 Jamaica 0

United States 4 Panama 6

Mexico 5 Trinidad & Tobago 1

Bahamas 3 Guadeloupe 5

PROGRAMME

Saturday

11.15am: 13th place second round: Turks & Caicos Islands v US Virgin Islands

12.30pm: 13th place second round: Barbados v Belize

1.45pm: 9th place second round: Canada v Antigua & Barbuda

3pm: 9th place second round: Costa Rica v Guyana

4.15pm: 5th place semi-finals: Jamaica v United States

5.30pm: 5th place semi-finals: Trinidad & Tobago v Bahamas

6.45pm: Semi-finals: El Salvador v Panama

8pm: Semi-finals: Mexico v Guadeloupe

Sunday

11.15am: 15th place match

12.30pm: 13th place match

1.45pm: 11th place match

3pm: 9th place match

4.15pm: 7th place match

5.30pm: 5th place match

6.45pm: 3rd place match

8pm: final

The two finalists will qualify for the World Cup in Nassau from April 27 to May 7. If non-FIFA members Guadeloupe reach the final the third place winners will take the qualification spot.

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Guadeloupe End Bahamas Hopes Of Progress In Beach Soccer Championship - Bahamas Tribune

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Mitsubishi UFJ Financial Group: More Questions Than Answers (Negative Rates, Offshore Funding, And LNG Exposure) – Seeking Alpha

Posted: at 3:45 pm

Last year, I was endlessly ringing the alarm bells about Japanese financials, particularly the impact of negative rates on profitability (e.g. net interest margin) and of money market reform and dollar strength on offshore funding, i.e. funding for overseas operations. (See here, here, and here.)

With all of the 'happenings' going on in the U.S. currently as it relates to politics and financials, it's been easy to forget about the global reality... that is, that a third of the world's credit assets are still negative-yielding, that deflationary pressures are still alive and well despite the positive trend shift in the U.S. and other key areas (e.g. PPI in China), and that the Japanese financial sector is still under significant stress.

So, returning to the topic of Japanese financials, in its CLSA Japan Investors Forum presentation this year, Mitsubishi UFJ Financial Group (NYSE:MTU), one of the "Big 4" of the Japanese financial institutions, sought to lay out how it is addressing these ongoing situations and how it plans to achieve growth in the future. Of particular note was the focus on negative rate impact and non-JPY (i.e. offshore) funding for its foreign operations; if MUFG felt it necessary to address these issues in front of its large institutional investor clients, it must be of ongoing concern.

Negative Rate Impact and Offshore Funding

On negative rate impact, MUFG states its impact on lending has generally been in line with expectations. If you've been a follower of mine, you're probably well aware of the "in-line expectations" of the effects of NIRP in Japan, but to review, the effects have been namely:

What is most concerning is MUFG's "initiatives" to counter the effects of NIRP. MUFG offers little substance on how it is trying to counter its declining profits as a result of NIRP; the details it does present amount to mere sales promotion, pushing customers into alternative investment products and other strategies. That's all well and good, but where is the concrete guidance? No mention of the impact of NIRP as it relates to exposure to synthetic derivatives, e.g. IRSs or CDSs, (not that any bank provides proper info on derivatives exposure anyway) or MUFG's high exposure to variable rate products on the asset side of the BS leaves me with more questions and concerns than before.

As for offshore funding crunch concerns, MUFG does seek to allay fears of any such contagion occurring.

By relative comparison, MUFG's exposure to the commercial paper (CD/CP) market - where most of this contagion related to dollar strength and money market reform has taken place - is smaller than that of other institutions. And that 70% of its offshore funding is backed by customer deposits is reassuring. However, regardless, overseas business will continue to suffer the effects of a stronger dollar, as we've already seen, from H1'15 to H1'16, the impact from exchange rate losses for overseas business with Japanese corporates depressed gross profits to the tune of ~20 billion.

Light Natural Gas Exposure

Now, losses from money markets or forex are negative but are small enough to be mitigated. What is most concerning to me is recent events regarding the LNG (light natural gas) sector. Japan is the world's largest importer of LNG, mainly from the U.S. and Canada. For much of the past several years, natural gas prices have remained depressed along with crude and other energy products. However, as recently as this Tuesday, futures plunged by nearly 10% as the possibility of an El Nio event, i.e. warmer climate, in the U.S. increased; natural gas prices are down over 30% year-to-date and it's only been two and a half months. (See here, here, and here.)

From a macroeconomic perspective, this may sound great as Japan now gets to import energy on the cheap, however, from the perspective of a financial institution underwriting the finances of an LNG E&P or shipping company, this could spell big trouble.

The question we need to ask is: How much exposure does MUFG actually have to energy price volatility, specifically the latest LNG volatility?

Total and net exposure to the energy/mining sectors has been decreasing over time and now sits at ~9.1 trillion, or $80 billion; most large-scale financial institutions have pretty sizeable exposure to energy and commodities so this is not inherently unusual or negative. However, let's take a closer look.

Most of that exposure is concentrated in midstream (pipelines/vessels) and upstream (E&Ps) corporate credit in the Americas (mainly U.S. and Canada producers) and Japan (LNG ships/transport). If prices are plunging (in an environment of already depressed prices), this could disrupt the entire "LNG Revolution" which had promised to be Japan's cheap energy alternative to nuclear.

MUFG states that exposure to commodity price risk is limited in that only 38% of MUFG's project finance credit exposure contains such risk, however it bases such a definition on the notion that "...projects whose revenues are determined based on oil/gas process volume or facility operational days [is not exposed to commodity price risk]." This is questionable. If the natural gas market is in severe stress, that will affect volumes and whether or not those facilities remain operational, no? Thus, I am skeptical at how MUFG determines projects are completely free from commodity price risk for a commodity company.

Conclusion

MUFG is by no means in crisis mode. In fact, as detailed in its presentation, there are many reasons to invest in potential growth for the future, such as Bitcoin participation, RegTech, and AI-driven investing. (However, these are highly competitive fields with players that have a lot more capital to expend, so some caution is warranted.) But, the potential short-term impact from negative rates, dollar strength, offshore funding concerns, and LNG volatility could be acute and severe. And MUFG's response to these possible contingencies leaves me with more questions than answers.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Mitsubishi UFJ Financial Group: More Questions Than Answers (Negative Rates, Offshore Funding, And LNG Exposure) - Seeking Alpha

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