Daily Archives: January 9, 2021

Small island nations are taking on water in the form of a vicious debt trap which damages their productivity and ability to recover from disasters and other structural constraints. UNCTAD warns the situation is unsustainable and requires urgent global attention.

In December 2020 Fiji was pounded by Pacific Cyclone Yasa, the years second category 5 storm which destroyed hundreds of buildings and caused about $1.4 billion in damage to health facilities, homes, schools, agriculture and infrastructure.

Yasa was yet another major tropical storm to devastate an island nation in 2020. Similarly, the Atlantic Ocean region saw its most active hurricane season on record.

Small island developing states (SIDS) experience the worlds highest frequency of natural disasters, among them hurricanes, cyclones and other violent storms which lead to severe flooding, and in the worst cases loss of life, homes and infrastructure.

In terms of economic impact, the most severe storm ever, calculated on a per capita basis, hit Dominica in 2017, causing damage equivalent to 280% of the islands GDP, according to the Emergency Events Database (EM-DAT).

For small countries, the costs of post-disaster reconstruction can be exorbitant. On average, natural disasters cause damage equivalent to 2.1% of GDP every year in SIDS.

But they also face many other issues, like their small geographic size, remoteness from trade partners and international markets, and a lack of creditor trust, and economic diversification which compounds their ability to bounce back from disasters.

The international community needs to work hard to help small island nations build resilience as the threat of destruction expands and the cost of seasonal storms becomes increasingly devastating for SIDS, said Mr. Paul Akiwumi, UNCTADs director for Africa and least developed countries. Future disasters could worsen humanitarian crises and impair economic recovery.

UNCTADs special adviser for the blue economy, Dona Bertarelli, said connection to the ocean is both an asset and a risk for SIDS on the frontlines of climate change.

Global development partners need to work closely with national governments and the private sector to help small island nations build multi-dimensional resilience in the face of both environmental and economic challenges, she said.

Greater access to financial support and better disaster debt management is a critical part of a toolbox for resilience.

A recent UNCTAD study on debt vulnerability finds that SIDS have chronic debt not only because of their vulnerability to disasters, but also due to many other structural issues. Disasters are not the only reason for their chronic debt.

While disasters add to their burden, there are many pre-existing conditions that affect the debt situation in SIDS, said Mr. Akiwumi, highlighting that the study confirms weak statistical links between debt sustainability and disasters alone.

Prior to COVID-19, SIDS already faced significant constraints in mobilizing sufficient resources to build the necessary productive resources and infrastructure they need for sustainability, on top of financing the costs of disaster recovery, Mr. Akiwumi added.

If sufficient resources are not available, countries may end up in a trap where low economic activity and poor competitiveness will cause difficulties inpaying external debt, endangering a countrys eligibility for future loans.

UNCTAD also found that the main drivers of debt sustainability in small islands are per capita GDP, terms of trade, and export diversification.

Stronger economic growth and diversified exports improve SIDS capability to manage and repay debts during normal times but become critical in the aftermath of shocks.

There is also a looming debt crisis in SIDS in the aftermath of COVID-19 as their tourism-dependent fragile economies are pummelled by travel restrictions. The International Monetary Fund projects a 9% fall in real GDP for SIDS in 2020.

The severe shortfalls in tourist expenditure has led the IMF to anticipate a steep increase in the current account deficit of SIDS to 12.1% of GDP in 2020.

The recovery will also be slow. Despite an expected, gradual return of tourism activities, a current account deficit of -12.3% of GDP is forecasted for 2021, further straining the capacity of SIDS to service their external debt.

In 2018, the external debt to GDP ratio among SIDS ranged from 6% in Timor-Leste to 104% in Jamaica. The annual debt service to exports ratio was also greatly unequal, ranging from less than 1% in Timor-Leste to 26% in Papua New Guinea.

Despite restructuring Granadas debt and concerted efforts to improve Sao Tomes fiscal fundamentals, both nations were rated as being in external debt distress in August 2020.

Though not all SIDS are heavily indebted, 17 of them are considered by the IMF as being at high risk of debt distress, meaning they would be unable to meet their loan payments.

Although some of the IMF emergency financing tools such as the Catastrophe Containment and Relief Trust (CCRT) can provide important debt relief, they require sufficient administrative capacity to measure and report the impact of disasters to prove the eligibility criteria has been met.

This is not an easy job in some SIDS, where quantifying long-term or more complex disasters, like drought, is undermined by weak administrative capacity.

The UNCTAD study identifies a range of policy options that could help SIDS overcome the challenges they face. These include leveraging available international and multi-lateral emergency financing tools, as well as implementing innovative programmes to attract needed revenue, while protecting the countries valuable resources.

Some innovative instruments, such as hurricane clauses already included in debt restructuring agreements in Grenada and Barbados, should be extended to other types of disasters going beyond severe storms, the study says.

Multilateral cooperation to increase private insurance coverage against climate change can also support real resilience. For example, the InsuResilience Global Partnership created in 2017 aims to build local capacity and resilience through climate and disaster risk finance and innovative insurance solutions.

The study advises that access to the Green Climate Fund and other programs must be facilitated through a stronger collaboration between traditional and emerging donors to reduce transaction costs.

Technical assistance to national statistical offices is also required to improve the measurement of natural disasters impact on economic, social and environmental development.

Previous approaches have mainly focused on ex-post recovery and emergency-based financing, but ex-ante financing should also be a priority for resilience-building efforts Mr. Akiwumi added.

In addition, agreements between debtor and creditors to reduce a developing countrys debt stock or debt servicing in exchange for a commitment to protect nature, so-called debt-for-nature swaps, could be extended by including resilience building to multiple disasters.

For SIDS, urgent action is needed to protect lives and livelihoods,Mr. Akiwumi said, warning that the world may see more climate refugees as a result. It is in everyonesinterests to support SIDS now.

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For heavily indebted small islands, resilience-building is the best antidote - UNCTAD

A short flight on the private jet is always a preferred choice for those who can afford it. But one doesn't need to own a private jet to experience its luxury and benefits. Many fliers are opting for private jet charter and choosing to fly privately over commercial airlines. With a direct short flight at their disposal, fliers can have the liberty of reaching remote holiday destinations without the tiring connections and hassles of commercial flights.

Wondering where these private jet flyers fly off for their vacations? Well, these destinations are exotic and mystical for sure. Let's give you a sneak peek into the top destinations that have been reported to attract most tourists reaching by private jets.

Private-jetters looking for a perfect Caribbean holiday often head straight to Barbados. The tropical island is best known for its hospitality and the unmatched comfort for tourists. The island offers a host of rich cultural experiences, feasts and fiestas for tourists of all ages and preferences.

This south-east Asian island country is regarded as a versatile tourist destination with attractions for travelers of all tastes. From expansive beaches to the exuberant mainland town, to enthralling outdoor activities, the Philippines deliver it all. Many private jet fliers frequent this destination for a fulfilling holiday.

Crete is a picturesque island in Greece frequently visited by private jet fliers for a dreamy soul-satisfying vacation. The island is replete with unparalleled experiences for an adventurous traveler. Beaches with panoramic views, exotic cuisine and a vivid culture, all lure vacationers to this mystical island.

The US Virgin Islands make for an enchanting holiday destination in the Caribbean. The inviting weather and charming sights make this location an all year tourist attraction. Vacationers can experience thrilling water sports or get immersed in the enamoring history and culture.

Albeit small in size, the island of Malta is a stunning holiday spot that private jet fliers can't afford to miss. The island is blessed with great weather, castles and forts and a charming local population. That's the perfect recipe for an ideal holiday, don't you agree?

Cayman Islands are regarded as one of the choicest luxury holiday destinations for private jet travelers. The islands offer a splendid opportunity to explore adventure sports in the ocean, sunbathe on the pristine beaches and exotic culinary treats.

Sicily is one of the favorite Italian destinations of private jet fliers. The island offers a rich cultural experience alongside the beautiful natural landscape. The island is also well known for its golf courses. It's true that a Sicilian holiday is nothing short of a visit to paradise.

Puerto Rico's capital city, San Juan is well known for its nightlife, the posh restaurants, casinos and clubs. Private jet fliers make the most of their Puerto Rican holiday shopping at exquisite fashion boutiques and relaxing at the beach.

Ibiza is undisputedly the most scenic islands of the Mediterranean and undoubtedly one of the most favored destinations for private jet fliers. Vacationers come here to witness the world's best parties and DJs in action. Although predominantly a destination for party-lovers, there are a lot of attractions that can keep families entertained as well.

The Bahamas is one of the most popular destinations in the Caribbean. Most private jets head to the Norman's Cay in the Bahamas to enjoy the luxury resort holiday destination. The Bahamas is a cluster of several islands and islets, adorned with corals and spectacular beaches.

The rest is here:

Top 10 Private Jet Destinations Around The World - Luxury Travel Magazine

The Patriot Ledger

Did you know there is a Boston Harbor Island you can walk to at low tide from Quincys Squaw Rock?

Thompson Island is a Boston Harbor Island that can be accessed at low tide by a large sandbar. This means you can walk from Nickerson Beach in Squantum, Quincy to Thompson Island. Manytimeseach month, the tide will be so low you can walk across the spit and visit the beaches surrounding Thompson Island for several hours. It is a beautiful way to spend time outdoors.

The law that allows people to walk the spit from Quincy to Thompson Island is called the Colonial Ordinance.The Colonial Ordinance reserved three specific and important rights of public use within the private tidelands for fishing, fowling, and navigation.

The permissible uses are interpreted by Massachusetts Court as 1) the right to fish on foot or from a vessel; 2) the right to navigate, including windsurfing and sailing; and 3) the right to hunt birds for sport on foot, which also covers birdwatching. Accordingly, the public has access to any so-called private beach or tideland area as long as they are legitimately engaged in fishing, fowling, or navigation.

In 2002, the Commonwealth of Massachusetts and the U.S. National Park Service paid $4 million to Thompson Island Outward Bound Education Center to agree to a Grant of Conservation Restriction, which designated most of the east and west ends of the island asconservationareas, and protected them from development. Thompson Island is required to allow unescorted public access to theseconservationareas year-round via ferry, but this isnt happening.

In addition to preserving theconservationareas, the Conservation Restriction is also supposed to enhance public access of Thompson Island. In 2002, the year the Conservation Restriction Grant for Thompson Island Outward Bound was signed, there were 19,000 visitors to Thompson Island. This number included 5,600 participants in educational programs. This was according to the Boston Harbor Island General Management Plan. In 2012, when Marc Albert of the National Park Service did the Thompson Island Outward Bound Education Center assessment, he noted there were only 128 visitors. He stated in his report, this was a problem that needed a solution.

Thompson Island is supposed to be open to the public, but this isnt happening. Instead, a very few Boston Public School children spend a bit of time there. Thompson Island is really being used to raise lots of money with corporate events. Arthur Pearson, CEO of Thompson Island Outward Bound,is paid an exorbitant amount of money as the head of anon-governmental organization.

There are twoseparate,but equally important issues. First, the Colonial Ordinance allows for citizens to walk on the spit between Quincy and Thompson Island. And walk the beaches as long as they are birding, fishing, or navigating. It would be important to carry either a camera, binoculars, or a fishing rod. Sadly, Thompson Island Outward Bound Island staff is illegally telling people to leave the beaches.I understand fromAlbert of the National Park Servicethat,the public is allowed to access the tidal areas. (Marc Albert email 10/2/20).

The second issue is the Conservation Restriction Grant that was signed in 2002.Thompson Island Outward Bound Education has not honored the Conservation Restriction and National Park Service and the Department of Conservation and Recreationare not enforcing the Conservation Restriction.Thompson Island does not pay taxes. They contribute nothing but providing a brief learning experience for Boston Public School children. Thompson Island Outward Bound is required to provide access to the island year-round.

It is time that Thompson Island Outward Bound be held accountable. It is time for Michael CreaseyatNational Park Service and James Montgomeryatthe Department of Conservation and Recreationto do their jobs.

People more than ever need a green space. Walking across the spit along the beaches around Thompson Island, according to Colonial Law, will provide this opportunity.This is an issue of environmental justice. Otherwise, the Boston Harbor Islands are only available if you have lots of cash for a boat ride.

Joan Delaney is a family nurse practitioner, life-long Quincy resident, and believes that a small group of people can bring about meaningful change.

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Opinion: Thompson Island is supposed to be open to the public, but that isnt happening - The Patriot Ledger

Royal Caribbean has no shortage of fun things to do on a cruise, and a few them I have no intention of ever doing again.

Don't get me wrong, more often than not, I find some really enjoyable things to try on a cruise. But just like anything in life, some things do not jive with me.

Some are not to my liking, and other plans backfired after giving it a try. The good news, is I have since learned from these experiences and wanted to share what I came up against to help you decide what to do on your sailing.

Here are the top things I will never do again on a Royal Caribbean cruise in hopes it may save you the trouble as well.

When I first started to cruise, I never bought travel insurance because I thought it was a waste of money. Why should I spend money to prepare for a scenario that will very likely never happen?

I was in good health, relatively young, and had my own health insurance and coverages provided by credit cards.

It was not until years later when we were on a cruise and my wife did not feel well, that the decision not to buy travel insurance came back to haunt me. As my wife lay in bed feeling awful, we wrestled with should we seek onboard medical care that will cost us a lot of out pocket, or save money and risk my wife's health.

That choice did not sit well with me, and so I decided to invest in travel insurance from that point forward.

The peace of mind travel insurance offers is worth it to know that if something unforeseen minor or major occurs, your first thought will not be, "can I afford this?".

Travel insurance does not cover everything (be sure to read the policy carefully), but it is something I will never cruise without again.

Read more:Why you should get travel insurance for your cruise

When Royal Caribbean introduced the drink package a number of years ago, I never thought it would make financial sense to me.

Ultimately what changed my mind is a drink package makes it so easy to budget for a cruise.

Somewhat similar to the travel insurance example, when I do not have a drink package I torment myself mentally with the question of do Ineeda drink, or can I go longer and save money without it?

I found getting a drink package reduced that sort of mental anguish, and allows me to do what I love to do on a cruise: relax and enjoy my time onboard.

Moreover, the convenience of the drink package and value it provides by including not just alcoholic drinks makes it a slam dunk decision going forward.

By pre-purchasing and taking advantage of drink package sales, I have found a drink package to be a worthwhile investment every time.

Read more:Is the drink package worth it on Royal Caribbean?

The bill at the end of the cruise that has all of our onboard charges is never something I look forward to seeing, and the option to pre-pay gratuities really helps keep these costs down.

Royal Caribbean gives guests the choice of pre-paying gratuities before the cruise, or having them accrue each evening while onboard.

I never used to mind the daily charges, but they add up and I greatly value the opportunity to make spread out the overall cost of my cruise.

By pre-paying, there are two benefits: I get to avoid a larger onboard spending bill and I also lock in my gratuity rate. Royal Caribbean promises to lock in the gratuity rate at the time you pre-pay, which means if the cruise line raises the rate later, you still pay the lower amount.

Read more:Should you prepay gratuities for a Royal Caribbean cruise?

File this under "things Matt personally does not have the talent to do".

When Royal Caribbean announced there would be a sky diving simulator on Quantum of the Seas, I was excited to finally try sky diving without having to jump out of an airplane. Real sky diving is something I will absolutely, positively never do because it seems entirely too frightening.

When I sailed on Quantum of the Seas, I had my opportunity to see what it was like in a safe environment. I was so excited that I even volunteered to go first in my group.

Unfortunately, I failed miserably at it and somehow ended up inverted and on the bottom, and I was as disappointed in myself as I was embarrassed.

While I have many talents, coordination is not one of them, and I have written off Ripcord by iFly as one of those "been there, done that" experiences.

I would never tell someone else not to do it. I just know I will not be with them in line for it.

It seems easy enough when planning a cruise to squeeze it in by ensuring I will be among the first off the ship to make a flight home, or drive back in time to get to work.

The reality is getting up early enough to be among the first off the ship is anything but enjoyable.

Not only is waking up early unpleasant, a lot of other people have the exact same idea. You still end up standing in a line to disembark the ship, and it always seems no matter what early time I get out of my room to get in that line, there are always way more people waiting before me than I expect.

On top of all of that, I end up groggy and tired for the rest of the day, with a nap later in the day torecuperate.

Instead, I strive to make plans that do not require me to be off the ship quite so early (when possible) to avoid making the last morning quite so miserable.

I learned this lesson at an early stage with my children: I love them, but I do not love sleeping in the same room as them.

Just like at home, my kids have different sleeping habits than I do, and I prefer them go to bed at a certain time isnot necessarily the same time as me.

In addition, having four of us in one room is usually a tight fit. There are plenty of cabins for 4 people, but there is not usually a lot of space. Rooms that do have more living space for a family of four tend to be suites, and those prices do not fit in our budget.

Instead, we book two connecting rooms so that we have a common inside door between my wife and I and the kids. This way, the kids have their own space, their own beds, and their own sleep schedule. We turn off the lights, wish them a good night and close the common door.

Moreover, two rooms means two full bathrooms. As my daughters get older, this investment is worth every penny.

Getting two rooms is not as expensive as it sounds, and even if we have to move down from a balcony for four peopleto two inside connecting rooms, the added space is worth it every time.

Read more:Royal Caribbean adds connecting room feature to website search

I have generally had good luck in ports with walking off the ship and figuring things out as I go, but St. Thomas recently became the exception to that rule.

Due to the location of where your ship docks, a taxi is a must-have and if you want to go somewhere most others do not, getting a taxi became an exercise in futility.

On a cruise in 2019, Iwanted to go to a part of St. Thomas no other cruise guests wanted to go. The taxi drivers were unwilling to take me because they could make more money going to higher demand tourist areas.

The result was I abandoned my plans to go there, and in the future, I will make arrangements ahead of time to avoid this issue.

Read more:Guide to visiting St. John on a Royal Caribbean cruise

If you think Royal Caribbean's private island is another beach day that you can sleep in before going, think again.

Perfect Day at CocoCay is an amazing destination that offers so much now, and the best strategy for getting a great spot and avoid lines is to wake up and get off the ship early.

If you are visiting the water park, being among the first off the ship is an absolute must-do so that you can avoid lines for slides later.

Being off the ship early also allows you to pick the best spots near the pool, beach, or bar. This is especially important at Oasis Lagoon.

Read more:Do's & Don'ts of Perfect Day at CocoCay

Labadee and CocoCay are Royal Caribbean's private islands and the cruise line allows you to use your SeaPass card to pay for drinks, excursions and other incidentals.

However, the people working on the island that are not cruise line employees cannot take payment with a SeaPass card.

A few times I completely forgot to bring any cash, since it was a cruise line destination, and ended up having to go back to the ship to get cash for tips.

You will find locals working certain excursions, cabana attendants, tram drivers and more. Tipping is customary in some situations, so having a little bit of cash is a must-do from now on.

As you can tell, this list is very subjective to my experiences and I am willing to bet many others have their own set of "never again" things.

On the RoyalCaribbeanBlog message boards, our readers shared some of their top picks for things they will never do again on a cruise:

Be sure to share your own experiences in the comments below!

More here:

Things I've done that I'll never do again on a Royal Caribbean cruise - Royal Caribbean Blog

Private equity sponsors, investors, lenders and service providers will be well aware of the Cayman Islands' prominence as a domicile for global private equity funds. For the best part of 20 years, sponsors and their global advisers have been attracted by the Cayman Islands' neutrality, efficiency, quality and flexibility but also by its predictability.

So when, at the prompting of the European Union, the Cayman Islands announced in early 2020 that all Cayman-domiciled closed-ended funds (including private equity and real estate funds) would be required to register with the Cayman Islands Monetary Authority (CIMA) by August 2020, this seemed like a shake-up.

Now that the dust has settled, what lessons have been learned?

The three unknowns are:

For this unusual year, it feels fitting to mandate private equity funds to accept a new normal. That so many thousands have done so says something about the resilience of Cayman private equity structures and perhaps even human nature.

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Snapshot: private fund registration - what have we learnt? - Lexology

MACKINAC ISLAND, MI - Grand Hotels iconic swimming pool, created a century ago along the edge of the famous property, is being extensively renovated with modern and luxurious upgrades that will be unveiled to guests when the resort opens for the new season this May.

Long known as the Esther Williams swimming pool for the Hollywood star who filmed a 1947 movie there, work on the elongated hourglass-shaped pool began last year.

Grand Hotel has shared some of the renderings and details of the upgrades, giving a sneak peek of a pool space that shows a stunning makeover of what had been a kind of vintage-resort swim area.

A rendering of what the new pool area will look like at Mackinac Island's Grand Hotel. Poolside cabanas can be reserved in advance.

Some of the changes will include:

This rendering shows a waterslide and jet-spray area, some of the kid-friendly upgrades coming to Mackinac Island's Grand Hotel pool area.

Along with the pool renovation, the pool house is being reconstructed and expanded to contain a fitness center and bathhouse, complete with upscale changing rooms, lockers and showers. Additionally, the resort will debut a new pool bar and kitchen for guests to enjoy elevated cocktails and bites, a Grand Hotel spokesperson said.

There will also be a pool area dedicated for private events, and the second floor of the redone pool house will feature new meeting and event space. This includes a covered, outdoor seating area with unobstructed views of the Straits of Mackinac. This new meeting space will provide a remarkable option for groups seeking an inspiring location for their event with the option for outdoor space, with the ability to reserve a poolside cabana for a relaxing post-meeting experience.

New pool furniture and decking are part of the improvements planned for Grand Hotel's swimming area, as shown in this rendering.

Big Changes

The pool renovation is one of a handful of noticeable changes planned for the islands landmark resort for the upcoming season. Grand Hotel willroll out its signature red carpets and open its doors for its 135th season on Friday, May 7.

On the ground floor where its retail corridor is located, the hotel plans to debut Grand Kids, stocked with merchandise that caters to its youngest guests. There will also be upgraded boutiques for men and women featuring clothing as well as accessories.

The hotels Grand Coffee and Provisions, which just opened last year, will expand its offerings to include more picnic-style and to-go items. This will let guests select their favorites and take them outside to enjoy on the resorts landscaped grounds, or bring them along on their island adventures.

A Hollywood Touch

Grand Hotel is heading into its second year under new ownership, and the pool renovations will likely be the most extensive improvement project to greet guests this season. The swimming area has been a touchstone - and a savior - for the resort ever since Williams aquamusical, This Time for Keeps, was filmed there post-World War II.

The lean war years had brought most big resorts to their knees, and Grand Hotel was no exception. It saw a 90% drop in guests. While it never closed its doors during those financially devastating seasons, there was one particularly dark day when 400 hotel employees were on staff to serve just 11 paying guests, according to resort historian Bob Tagatz.

But the Esther Williams movie put Grand Hotel on the map, Hollywood-style. People saw the film and wanted to stay in the resort they saw on screen. And they wanted to swim in the same pool where Williams had. The years after the movies release saw Grand Hotels guest registers begin to swell. The hotel filled up. We started making money, Tagatz told MLive earlier. And the pool that was as curvaceously-shaped as Williams was named after the swimming star.

For more tidbits from Tagatz about the history of the movie - like why Williams went through so many swimsuits, and the genius way hotel staff heated the pool for her - see this story on the era, complete with vintage photos of the pool.

Grand Hotel is now taking reservations for the 2021 season. For details, check the resorts website or call 1-800-33GRAND to speak with reservation staff.

READ MORE

Mackinac Islands Grand Hotel has its vintage carriages refurbished deep in Amish country

Is Lovers Leap the most bittersweet spot on Mackinac Island? Maybe not

Read more here:

Sneak peek at Mackinac Islands Grand Hotel pool renovations: waterslide, cabanas, adults-only area - MLive.com