Category Archives: Bahamas

HOUSTON Venezuelan state-run oil company PDVSA is moving millions of barrels of oil from a Bahamas storage facility after terminating a contract with the owner, U.S. Buckeye Partners LP, according to internal data and sources close to the decision.

Buckeye and PDVSA had tried to resolve payment delays and other frequent problems that stalled some shipments, the sources said. But PDVSA decided to shift its oil to the Statia terminal, operated by U.S. NuStar Energy LP, in the neighboring island of St. Eustatius.

The termination is another sign of how PDVSA's deteriorating finances have strained its relationship with business partners. The state-owned company has struggled to maintain its tanker fleet on the water and to keep operations running to maximize income for the country's most important export: oil.

PDVSA's contract with Buckeye had included storage for up to 6 million barrels of crude and fuel oil. The contract was due to expire in December, but PDVSA decided to end the lease in advance and seek some $10 million in overpayments, according to a source from the Venezuelan company.

Buckeye and PDVSA did not respond to requests for comment. NuStar said it would not discuss customer activities at its terminals.

Since 2016 Buckeye had intermittently suspended PDVSA from moving its stored oil out of the terminal - the Caribbean's largest - over monthly payment delays, according to sources from the companies and Thomson Reuters Trade Flows data.

In late August, PDVSA renewed a 2014 contract with NuStar to secure its presence in Statia for three more years starting in March. The state-run company is now paying some $2.3 million per month to lease 5 million barrels of crude storage excluding extra charges, according to a document seen by Reuters.

PDVSA's supply and trade department last year also approved an option to lease a single buoy mooring in St. Eustatius and extra storage capacity for up to 4.3 million barrels of refined products.

"We are now consolidating blending and storage operations in St. Eustatius," the PDVSA source said.

NuStar's Statia terminal has capacity to store up to 13.03 million barrels of crude and products. It also has six mooring locations, blending and transshipment facilities.

In 2011, PDVSA announced a plan to increase storage capacity nearly fourfold in three years to handle new production of blends made from the Orinoco Belt's crudes. Since then, it has rented facilities in the Caribbean, but payment problems have recently affected its operations in several islands.

PDVSA operates the 335,000-barrel-per-day Isla refinery in Curacao and an adjacent terminal. It also owns the BOPEC storage terminal in Bonaire, leases the Aruba refinery and its terminal through its subsidiary Citgo, and has stakes in refineries in the Dominican Republic, Jamaica and Cuba.

Buckeye's Bahamas terminal was owned by PDVSA until 2008, when it was sold to investment firm First Reserve Corp. In 2010, Buckeye bought 80 percent of the facility, which can store up to 26.2 million barrels of oil.

Buckeye also owns terminals in St. Lucia and Puerto Rico.

(Reporting by Marianna Parraga in Houston, with additional reporting by Jarret Renshaw in New York; Editing by Marguerita Choy)

SAN FRANCISCO Uber Technologies Inc's drive to become a major player in the trucking business is off to a bumpy start, with analysts and industry executives questioning what exactly the company can bring to the sprawling $700-billion industry.

Bank of America Corp has begun laying off employees in its operations and technology division, part of the second-largest U.S. bank's plan to cut costs.

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Exclusive: PDVSA leaves Bahamas oil terminal, expands in St Eustatius - sources - Reuters

An ordinary snorkeling excursion in a shallow reef in the Bahamas turned horrific last week when a shark attack cost a North Carolina mother of three much of her right arm.

It just felt like I had bumped into something, so I just casually turned to my right to look my whole arm was in its mouth, just floating there, Tiffany Johnson told ABC affiliate WTVDfrom her Concord, N.C., home. I kept trying to yank my hand back and the last time I yanked, he had cut it clean off so I was able to actually get free, Johnson told WSOC.com.

Johnson, 32, and her husband were on the last stop of a Caribbean cruise June 2 when the attack occurred and Johnson said her ability to stay calm, along with her religious faith, enabled her to survive. Doctors were unable to save her arm, which was amputated just below the elbow.

[From the archives: 17-year-old girl dies from shark attack while surfing, with her mother and sisters looking on]

She felt her arm, like a small tug on her arm, her husband, J.J. Johnson, told WBTV. She casually looked over to her right to see what it was and she was staring face-to-face at the shark.

What was believed to be a tiger shark attacked fast, as Johnson was watching her swim from a boat. When she realized what was happening, she tried to pull her arm out of the sharks mouth and thats when the shark clamped down tighter, he said. They struggled there for a second and as she tried to pull away, the shark bit her arm off.

When he heard her screams, Johnson said he jumped into the water.

[Blood in the water: Four dead, a coast terrified and the birth of modern shark mania]

I looked over there and I just saw blood all over in the water, all around her, he said. Shes saying, Help me, help me, Jesus and shes praying as shes swimming back.

Johnson said she felt thistangible peace on me and it was so thick, that I was just calm.She is home now afterwhat she hopes will be her third and final surgery.

Who cares about a limb? she told WBTVs Sarah-Blake Morgan. Its a limb and Im here.

The incident left Johnson thankful to be able to share this story and I hope, and I know, that its going to change peoples lives because you cant hear this story and not see God in it.

Here's what you need to know about shark attacks and how to fight back if you're trapped. (The Washington Post)

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'My whole arm was in its mouth': Woman loses arm in shark attack in the Bahamas - Washington Post

NASSAU, Bahamas -- The three-day inaugural Doug Williams and Legends Weekend held in Nassau, Bahamas, June 8-11 was a tremendous success and players and Washington Redskins fans are already looking forward to next year's event.

The event is in partnership with the Islands of The Bahamas and aims to promote the islands while giving fans of the Redskins a chance to experience the country. The goal is to attract as many of the hundreds of thousands of Washington Redskins fans as possible.

"The main focus of sports tourism is for us to find new avenues to get what we call heads in beds in The Bahamas and having this Doug Williams Celebrity Weekend is a great way to get the word out about The Bahamas. We were able to work with a local marketing group who, along with the Redskins, put together a package to create an event for the players and some of the fans just to enjoy some fun in The Bahamas," said Jeffrey Rodgers, senior manager of sports tourism for Bahamas Tourist Office in Washington.

The weekend included a welcome reception and Junkanoo social at The Pier, a golf tournament at Baha Mar's Royal Blue golf course, a city tour, a golf and cheerleading clinic with Doug Williams and the Legends and a Sunset Cruise.

Doug Williams, Redskins Super Bowl XXII MVP, said he's grateful for the opportunity to spread the word of what The Bahamas has to offer.

"Well, I think number one when you talk about The Bahamas you think about tourism. You want to do some things here that you can go back and share what you did, the fun that we had here and hopefully we can get more people to come down and visit The Bahamas and enjoy all the good that life has to offer," Williams said.

Williams added that it is his wish that the inaugural weekend will get more people interested so that the event grows next year, and he feels confident it will.

"I think we had about 90 people that came down to enjoy. We had people come from Louisiana and a lot of people come from Denver, Houston, people from Washing DC area. Hopefully we can build this next year and the year after that so it can be one of the weekends that a lot of people want to take part in."

Dexter Manley, first time visitor and Redskins alumni, said The Bahamas is a great venue and the event should happen year-round.

"I think it's a great place, they should do this year-round. Doug Williams was MVP of the Superbowl XXII and I think there's some sort of relationship with the tourism. I've never seen such a beautiful place and beautiful people so this is God's country to me," Manley said.

Jeff Bostic, Redskins alumni, said the event could not get any better than it was. "If it was any better, I would not know how to act. Beautiful weather, beautiful beaches, beautiful water, friendly people, great restaurants. If you want to come to a place that has it all, it's The Bahamas," Bostic said.

Richard "Doc" Walker, alumni of the Redskins, said although he has visited The Bahamas before, he was looking forward to the waters.

"I'm looking forward to the water, the beautiful water, the fact that you can see your toes in the water and it hasn't been polluted and it's been respected. I'm also looking forward to the great food, the people, we don't have this and that's why it's special," he said.

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Bahamas Scores Extra Points With Redskins Alumni And Fans - Bahamas Tribune

CITI Bahamas celebrated its 12th annual Global Community Day on June 10 with approximately 250 Citi volunteers in Nassau joining the efforts of nearly 100,000 of their colleagues, family and friends in 500 cities in 91 countries and territories to engage in service activities in their local communities.

In the days leading up to and including Global Community Day, Citi volunteers participated in more than 1,500 service projects ranging from urban revitalisation to mentorship and job skills training, literacy and education, environmental conservation and disaster relief.

Global Community Day offers a wide range of opportunities to work alongside community and non-profit partners to help improve our cities and neighbourhoods. This year Citi partnered with the Bahamas Crisis Centre by holding a fun fair, stocking their pantry with food items, preparing care packages for some of the families, doing a makeover of the playroom and holding a financial planning session for the parents.

Citi Country Officer for the Bahamas Margaret Butler said: "Citi Bahamas is fully committed to volunteerism and to promoting activities which contribute and support the development of our neighbourhood communities, as we are doing here today."

"Citi's annual Global Community Day is an important event for our firm and one I always look forward to," said Citi CEO Michael Corbat. "It provides an opportunity to deepen our relationships with communities we serve, which is absolutely vital to our business success. And it shows the impact we can have when our people show up in force--nearly 100,000 strong this year."

Since the inaugural Global Community Day in 2006, Citi volunteers have contributed more than three million hours of service to Global Community Day projects in hundreds of cities. This year, Citi volunteers will lead hundreds of community projects across the world.

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Citi Bahamas Celebrates 12thannual Global Community Day - Bahamas Tribune

Toronto Sun

Canadian woman attacked in Bahamas: Cops Toronto Sun A Canadian woman was allegedly raped by a Jet Ski operator in Nassau, Bahamas, local media reported. Cops say the woman believed to be in her late 20s was found shaking and sobbing in the sand on Monday by an Atlantis resort employee. 'Undesirables' Killing Off Jet Ski IndustryBahamas Tribune all 2 news articles »

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Canadian woman attacked in Bahamas: Cops - Toronto Sun

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Bahamas' "financial reputation" will be in peril without "emergency borrowing" of $400 million, with the 'junk' downgrade having exposed the Government to a $70 million cash demand.

K P Turnquest, minister of finance, told Tribune Business that Standard & Poor's (S&P) action earlier this year had left the Government on the wrong side of a "hedge" or derivative transaction relating to some of its borrowings.

The loss of 'investment grade' status triggered an immediate demand by the lenders for $150 million in extra collateral, with the Government having to provide "a minimum of $70 million" by the first week of July - the first seven days of its 2017-2018 Budget year.

Mr Turnquest did not provide in-depth details on the 'hedge', other than to reveal that the Bahamas' creditworthiness downgrade by S&P resulted in the Government "immediately" facing demands for extra loan security "in excess of $150 million".

"While this does not represent an expenditure, it does represent a use of cash which has to be funded by revenues," he told the House of Assembly yesterday. "The Ministry of Finance was partially successful in negotiating temporary waivers, but the obligation has not gone away.

"The Government is now required to provide a minimum of $70 million by the first week of July to meet this collateral call."

Mr Turnquest warned that the lenders' demands for extra security would increase should the Government suffer further downgrades, and disclosed that exiting the 'hedge' was "not recommended" as it would require a $120 million-plus payment.

When questioned by Tribune Business about the transaction, he replied: "That relates to a hedge on a loan. If I recall correctly we have to come up with $70 million to collateralise one of these derivatives transactions."

The lenders' demands were revealed to help explain, and justify, why the Minnis administration is seeking Parliamentary authority to borrow $400 million to cover unfunded claims dating from the 2016-2017 fiscal year. Without it, the Bahamas will be in jeopardy of defaulting on some of its loan obligations.

Besides the $70 million 'hedge' fall-out, Mr Turnquest said the $400 million was required to cover the Treasury's $161.284 million payments backlog, representing transactions that required funding.

And, completing its financial exposure, the Government also faces $130.781 million in unfunded commitments - representing promises to pay vendors once the goods or services have been delivered.

"This figure is not exhaustive, as we are aware of further unrecorded commitments," Mr Turnquest said. "While the Government is not insolvent, it is clear that it has a liquidity challenge and, as a result, employees and vendors have had to wait an inordinate time for payment.

"Many civil servants have had to suffer challenges with deductions [for loan payments] not being paid in a timely manner to the bank and other lending agencies.... We faced an immediate cash flow shortage that caused many payables and salary deductions to be delayed as we robbed Peter to pay Paul, so to speak. "

Mr Turnquest's comments illustrate how the Government's financial challenges are negatively impacting individual Bahamians and households, plus the wider economy, with public officials unable to meet their obligations through no fault of their own.

They also highlight, in a very real sense, how downgrades to the Bahamas' sovereign creditworthiness have a direct impact on the Government's fiscal position and end up diverting scarce resources away from essential public services.

"The emergency borrowing authority was the only prudent thing the Government could do to protect the financial reputation of the Bahamas," Mr Turnquest emphasised.

He then blasted the former Christie administration for engaging in what was described as "sheer fiscal insanity" by allowing the recurrent deficit - the gap between revenues and the Government's fixed-cost spending - to balloon to as high as $498 million in the current 2016-2017 fiscal year.

Mr Turnquest likened this to a family having to borrow to pay for its weekly grocery and other bills, a situation that would eventually lead to insolvency. He argued that the Christie administration had "spent like drunken sailors" while giving "lip service" to the need for fiscal consolidation, pointing to how far away it was from its previously forecast $80 million GFS surplus for 2017-2018.

The Minister recalled how he and the former St Anne's MP, Hubert Chipman, upon hearing that projection questioned "what world are these people living in", given that the then-government was continuing to increase spending while also raising taxes on Bahamians.

Acknowledging that Hurricane Matthew's impact had contributed to the expected $500 million deficit for 2017-2018, Mr Turnquest said the figure had been inflated by the former administration "entering into many egregious commitments on the eve of the general election".

He added that new spending commitments were emerging every day, and said: "Commitments and contracts were signed between May 8-9, millions of dollars in commitments.

"It is evident that the blatant fiscal recklessness of the other side in the run-up to the general election was a major contributing factor. When they look back at the 8-9, they will have to explain to the Bahamian people why they entered into these contracts for services, employment and extension of contracts for people on contracts that should have ended."

Mr Turnquest cited 41 persons in Acklins who were hired on May 9, a day before the election. While his claims were challenged by Opposition MP, Glenys Hanna-Martin, the Minister said they were "calling, trying to find out how they will get paid and when.

"What is egregious is the previous administration gave these people the impression they would be long-term employees, when the contract for those people is three months," he added. "They have these people on three month contracts, and when that is up this government will have to make a decision."

Highlighting the growing gap between the Government's spending and income, Mr Turnquest said recurrent revenues had increased as a percentage of GDP by 5.4 percentage points - from 17.6 per cent in 2011-2012 to a projected 23 per cent in 2017-2018.

Yet over the same period, recurrent spending had risen by 8.6 percentage points to a forecast 28.6 per cent in 2017-2018. This, Mr Turnquest said, had resulted in the Government's recurrent fiscal deficit growing from 2.4 per cent of GDP in 2011-2012 to 5.6 per cent for the upcoming fiscal year.

Unless this was corrected, the Minister warned that the Government will "have to borrow ever more to cover everyday expenses", creating "an ever-growing vicious cycle that could begin to feed on itself continually if not corrected".

"It points out why we have to break this borrowing cycle," Mr Turnquest said.

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Bahamas 'Reputation' In Danger Without $400 Million Borrowing - Bahamas Tribune

By RENALDO DORSETT

Tribune Sports Reporter

rdorsett@tribunemedia.net

THE basketball prospect showcase culture in the country continues to develop and International Basketball Academy Bahamas looks to become one of the leaders in the field as its event grows in stature.

IBA Bahamas and Get Me Recruited (GMR) will host the 2017 "Super 60 Showdown/Hot 100 Bahamas Showcase" at the Kendal Isaacs Gymnasium June 16-18.

Friday's opening session will be hosted 4-8pm followed by 9am to 5pm sessions on Saturday and Sunday.

The Super 60 segment is geared towards the top seniors in the country and the Hot 100 is for the top juniors among both boys and girls.

The two groups collaborated last June when they hosted the inaugural edition of the showcase and scores of players came out to seize advantage of the opportunity. The showcase featured some of the most highly touted Bahamian high school players based both locally and abroad.

IBA Bahamas has impacted the local basketball scene in its brief history led by its director Denycko Bowles, who also serves as the head coach of the Doris Johnson Mystic Marlins. It is the first international branch of the IBA programme.

The showcase featured players from junior high schoolers to post grad unattached. In addition to the summer programmes, IBA has participated in the Summer of Thunder and travelled to AAU tournaments in the US.

Lamont Taylor, the CEO of GetMeRecruited.com said the partnership is aimed at bringing greater exposure to talented players from the Bahamas.

Get Me Recruited is a Raleigh, North Carolina-based company whose goal is to connect high school players and college coaches through the mission statement: "To be personally involved in the collegiate basketball recruiting process one recruit at a time."

"We're looking to build a bridge between America and the Bahamas because there is so much talent here. The athleticism here is a step above what we've normally seen. The athleticism in these videos and in these games is well above what we're used to. If no one sees them they don't have a chance to offer them scholarships and get them to the states. We want to provide a platform where these kids can showcase their skills, get coaches looking at them and provide opportunities," he said following the 2016 showcase.

Training at the showcase also featured Tim Fields, a skill instructor at John Lucas Enterprises.

A busy summer for IBA Bahamas will also include its 4th Annual Elite Skills Summer Camp. The camp, to be hosted June 26 to July 14 at the Bahamas Academy Gymnasium, Wulff Road, is open to both boys and girls ages 5 to 18.

The camp will feature a concentration on offensive and defensive critiquing and performance, advanced ball handling and footwork.

Registration for both the showcase and the camp can be found at http://www.ibabahamas242.com and more information can be found via email - info.ibabahamas@gmail.com, or coach Bowles at 466-0049.

Continued here:

'Super 60 Showdown/Hot 100 Bahamas Showcase' Starts June 16 - Bahamas Tribune

Palm Beach Post (blog)

Silver Airways offers $69 fares and Bahamas getaways Palm Beach Post (blog) The South Florida-based airline said it is also teaming up with Bahamian resorts to offer special escapes under the Biggest Bahamas Vacation Giveaway Ever program. Silver says that during June the airline will award six two-night vacations for four ...

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Silver Airways offers $69 fares and Bahamas getaways - Palm Beach Post (blog)

In the great tradition of members surrounding the Kardashian-Jenner clan (considerKylie Jenner's over-the-top 19th birthday in the Bahamaswith an all-star squad),Kim Kardashian just went all out for Kanye West's island destination40th birthday party.

Kim flew a whole squad of friends and family naturally to the Bahamas to celebrate Kanye's big 4-0... which is technically today: June 8.

A post shared by Kim Kardashian West (@kimkardashian) on Jun 6, 2017 at 4:30pm PDT

According to a source close to the couple, they "had a great time on vacation in Baker's Bay [on the island of Great Guana Cay in the Bahamas]," ET reports. Specifically,E! News reports the family spent four full days atBaker's Bay Golf and Ocean Club, where they reportedlyrented a villa home on the grounds.

Also according to the source in ET, "They spent six days at a private home and were able to go totally off the map."

And going off the map from time to time is among Kim's publicly stated new priorities, following the Paris robbery.

The source told ET the trip involved "no work or social media" for the parents of two just family time, pool time, and relaxation. In the spirit of both true relaxation, and personal protection of both physical and emotional varieties, the family asked for a social media blackout. (Recall that Kanye, too, had a tumultuous last year including psychiatric hospitalization.)

But Kim did share a couple of isolated snaps on social media, including a shot with her kids on a private plane.

But more on their lodgings: The couple took over the home of Mike Meldman, according to the ET report. He's the third owner of Casamigos Tequila, along with Rande Gerber and new-twin-dad George Clooney and that certainly explains why sparse details available from the trip always seemed to include tequila... and by that particular brand name.

cheers!

A post shared by Kim Kardashian West (@kimkardashian) on Jun 7, 2017 at 11:58am PDT

Kim and sister Kourtney have both stayed at the home before.

Jet Set is Bravo's launch pad for the most extravagant, luxurious, and unforgettable travel experiences. Ready for takeoff? Then Like us on Facebook to stay connected to our daily updates.

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Go Inside Kim Kardashian's Big Bahamas Bash for Kanye West's 40th Birthday (Despite the Social Media Blackout) - Bravo (blog)

The Bahamas in action during the Beach Soccer World Cup.

By RENALDO DORSETT

Tribune Sports Reporter

rdorsett@tribunemedia.net

WITH their performance at the 2017 FIFA Beach Soccer World Cup, the Bahamas moved up nine spots in the latest edition of the world rankings.

The Bahamas is ranked at No.38 with a total of 435 points, in the latest edition of the poll released yesterday.

Prior to the tournament, the Bahamas stood in the No. 47 spot in the 2016 world rankings with 287 points. Under the leadership of head coach Alexander Soares, the team finished with a 1-2 win-loss record.

In game one, they suffered a hard-fought 3-2 loss to familiar foe Switzerland, followed by a lopsided 10-1 loss to Senegal.

The Bahamas made history when they became the first Caribbean team to win a match at the FIFA Beach Soccer World Cup with their 4-1 victory over Ecuador to close out play in Group A.

In addition, the tournament featured another first as FIFA fielded a select All-Star side to host the Bahamas in an exhibition match. The FIFA All-Stars won that match 6-3.

The Bahamas is also ranked No.5 in CONCACAF behind Mexico, El Salvador, Panama and the USA.

Following the tournament, Team Bahamas captain Gavin Christie told FIFA.com that he hoped the performance left a lasting legacy and great source of pride for the future of beach soccer in the country.

"It's a dream come true for a small nation like the Bahamas to host an event of this magnitude on our shores," he said.

"It's just the beginning for the Bahamas. It's a building block and a very good start. It's creating a new culture for beach soccer in the country. The fans love it and they want more. They're already asking when the next tournament is and they see that it's a sport that the Bahamas can perform in at the highest level. This can be huge for the Bahamas."

The tournament also produced a shakeup among the top teams in the world ranking.

Brazil returns to the top overall team in the rankings after they claimed their fifth Beach Soccer World Cup title, their first since 2009.

Former champions, Portugal, fell one spot behind to No.2, followed by this year's surprise story Iran at No.3 after they finished third at the BSWC.

Russia is ranked No.4 followed by 2017 runners-up Tahiti who returned to the top five. Switzerland remained in seventh, eighth-place Paraguay swapped places with Japan, who now sit ninth, while UAE end May in the top 10, having narrowly missed out on a place in the FIFA Beach Soccer World Cup quarter-final.

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Bahamas Climbs To No.38 In Latest Beach Soccer World Rankings Poll - Bahamas Tribune