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Monday, October 6, 2008
Diversifying the economy
Whether or not the $700 billion financial package recently approved by the United States Congress to stabilize that country's financial system will have the desired effect remains to be seen, but it is almost certain that The Bahamas' tourism sector will continue to be negatively impacted by the fallout from the global financial crisis precipitated by the economic problems in the United States for an undetermined period of time.
Clearly, this should be a matter of grave concern for the government, given the fact that the vast majority of the tourists who come to this country are from America. READ MOREExpert advice: Ignore Laing's assurances
Dear Editor,
READ MORE20 Bahamian expressions
By Ian Strachan
READ MOREPlagiarism question unanswered
By Oswald Brown
READ MOREAbsolutely no sense
There has got to be something wrong with a justice system that grants bail to a man accused of murder who had been on the run from the police for months and, on the other hand, seeks to prosecute a 78-year-old man who likes to gamble because he chose to indulge in his pleasure at one of the island's casinos.
In the case of the former, it makes absolutely no sense that an Acting Supreme Court Justice granted accused murder Kenton Dion Knowles $50,000 bail after the police had expended a great deal of time and effort searching for him before arresting him for questioning in connection with the murder of his nephew Kenvardo Knowles. READ MOREHaiti in great despair
Dear Editor,
READ MOREThe evils of Dolphinariums
Dear Editor,
READ MORECity Market and The Bahamas
City Market Ltd., formerly City Meat Market Ltd. and up until recently, a subsidiary of the American food chain Winn Dixie, has always had a peculiar position in The Bahamas; one that sometimes challenged good public policies and the developmental ambitions of this small, open economy.
An important element of Bahamian economic policy since Independence in 1973 was to preserve certain parts of the economy for local participation only. That list included, among other areas, retail food sales. READ MORECommunity and Growth - The Bahamian experience
By S.A. Turner
READ MORELetter writer doesn't get what Obama is saying
Dear Editor,
I cannot help but respond to my countryman, Mr. Norris' letter published in your fine paper on Tuesday, September 30, under the headline "Bahamas, Be Careful What You Wish For." READ MORENeed for change in PLP
Dear Editor,
READ MOREAn excellent appointment
Mrs. Claire Hepburn, the newest Justice of the Supreme Court, assumes office today. It is an excellent appointment for at least two reasons.
During his presentation last month to the House Select Committee on Crime, Prison Superintendent Dr. Elliston Rahming insisted that reform of our criminal justice system is an indispensable element in reducing violent crime. READ MOREThe big China and Taiwan tussle: Dollar diplomacy returns
On August 19, 2008, Taiwan's new president Ma Ying-Jeou concluded his first trip to Latin America, one of the most important geopolitical regions in the world for his island nation. The purpose of the trip was to attend the inaugurations of Dominican Republic president, Leonel Fernandéz, and his Paraguayan counterpart, Fernando Lugo. During his trip, President Ma made a brief refueling stop in Panama, where he received a warm welcome from the Panamanian President Martín Torrijos. On his way from Paraguay to the Dominican Republic, President Ma also met with Honduran President Manuel Zelaya and the Vice President of Guatemala, Rafael Espada.
Ma's trip carried two flags: one was that he was not to be seen as an exponent for "Transit Diplomacy," a tactic in which his predecessor, Chen Shui-bien has specialized. "Transit Diplomacy" stands for conducting rapid diplomacy while briefly stopping over in a third country, usually the United States. The second one was Ma's announcement that he did not intend to hand out any grant money during his trip and that all charitable donations and investments should be processed through government procedures. This announcement suggested that Taipei was terminating its own version of "Dollar Diplomacy." READ MOREWilling to assist
Concerned Bahamians have always voiced at one time or another, the constant need for each person to be his or her brother's keeper.
The saying that there is 'unity in strength' is absolute truth, especially when you look at the enormous support that is now being given to our brothers and sisters in Inagua. READ MOREObama in the PLP
Dear Editor,
In a recent 'Insight' column in The Tribune, Mr. John Marquis, one of the best writers hitherto in this country, opined that the defunct Progressive Liberal Party (PLP) may well need a local 'Obama' to resuscitate its political viability. I agree with his contention 100 percent but go even further to state, boldly, that such a person is also badly needed within the 'smug' Free National Movement (FNM). READ MOREBahamas, be careful what you wish for
Dear Editor,
I am an American who lives in Florida, but who has traveled often to several of the Family Islands. I very much liked what I saw: The countryside, climate, culture, the people, but most of all, the spirit of entrepreneurship, work ethic and pride of being an independent nation. In general, I love The Bahamas. It is because of this that I keep abreast of what is happening in The Bahamas. Every day I read the on-line editions of The Nassau Guardian and The Bahama Journal. READ MOREOn Her Majesty's service
By Simon
READ MOREAnother opportunity for Christie
By Oswald Brown
READ MORELowdown leadership blues
By Ian Strachan
READ MOREDisaster in Turks and Caicos
Dear Editor,
READ MORERough seas ahead
When the once-flourishing business of the International Bazaar diminished, many tourism industry partners looked to the Port Lucaya Marketplace to provide the extra shopping attraction that was so desperately needed.
Add that situation to the unfortunate closure of the Royal Oasis Resort, combined with an already limited number of places for spectacular entertainment, and one can see the immense pressure that is being put on the Port Lucaya Marketplace to remain a 'hotspot' for tourist activities, especially for hotel guests who need to have an extraordinary place to spend their days and nights on Grand Bahama. READ MOREA new and exciting plan
Robert 'Bob' Hall, the well-known Freeport-based real estate broker, earlier this week voiced an opinion that represents a viewpoint that is increasingly being expressed by many residents of Grand Bahama.
Hall, in an open letter to Prime Minister Hubert Ingraham, noted that when Sir Roland Symonette, the first premier of The Bahamas, and his Cabinet 50 years ago were considering the proposal by Wallace Groves for a city of 'Freeport' on the island of Grand Bahama, I am sure that he and they had many reservations. But they took the chance and passed the Hawksbill Creek Act and never looked back. READ MORECall for McCain to debate Obama
If the Republican party can take the 'importance' of the financial crisis and have it front and center for another month, they would have succeeded in stopping the negative impact that the same crisis has brought to the GOP.
It is not a stretch to see where the Republican hopefuls can lose some valuable time for the Democrats as they stage a fight between themselves, allowing the "hero maverick" to ride into the fray on his white horse and save the American economy from disaster. READ MOREIdeas on improving the country
Dear Editor,
READ MOREAvoid consequences of disharmony
Dear Editor,
READ MOREFreedom and access to information
Within weeks of coming to office last year, a new Free National Movement administration led by Hubert Ingraham and guided by a 'Trust Agenda', committed itself to greater democratic governance.
The tabling of previously secret Heads of Agreements negotiated by the last government was an example of this commitment, and was in keeping with the prompt freeing of the broadcast media from state control during the FNM's earlier term in office. READ MORE11 Reasons why The Bahamas should not engage in LNG
By Sam Duncombe
READ MOREGood example set by the prime minister
By Phillip Galanis
READ MOREHaiti, Haiti, Haiti
Dear Editor,
Countries, organizations, and individuals have given and given to Haiti, only to see the parade of 'leaders' retire in unimaginable luxury. READ MORETurmoil in U.S. financial markets
In the last year, it was reported that about 14 U.S. banks failed, including one called Independent Mortgage Corporation or Indymac of Pasadena, California. That bank specialized in so-called Alternative-A mortgages, which were one cut above sub-prime mortgages. It cost the Federal Deposit Insurance Corporation (FDIC) $8.9 billion to cover the federally insured deposits because the Office of Thrift Supervision (OTC), the bank's regulator, did not alert the FDIC in time. It was not until a similar amount, $9 billion, was spent to rescue Bear Sterns that the alarm bell rang. Bear Sterns, Lehmann Brothers, Merrill Lynch, Morgan Stanley and Goldman Sachs were the big five Wall Street investment banks and when each of them declared some form of financial illness, the U.S. public and the rest of the world began to take notice and soon realized that some type of toxic epidemic was working its way through the U.S. financial markets.
The experts all seem to agree that the root cause of the problem was the collapse of the housing market, because of the sub-prime mortgages which lead to severe write-downs of the assets of those institutions which were holding the mortgage-backed bonds. That action, plus a downgrade by the ratings agencies, required the financial institutions to increase their capital to cover the losses. Given their weakened position, however, the stronger lending institutions were not prepared to take on additional risks and the credit market, including inter-bank lending, began to dry up. In an attempt to provide liquidity to the markets and at the same time prevent some of the financial institutions from failing, the European, Swiss, Canadian and Japanese central banks made funds available to the global system. Simultaneously, the U.S. Treasury nationalized the two largest mortgage companies in the U.S., Fannie Mae and Freddie Mac; provided funding for the insurance giant AIG in the amount of $89 billion in exchange for equity in the company; and put up another $50 billion in insurance coverage for the mutual fund industry. READ MOREThe heritage sector — Part 2
By Simon
READ MOREThe PLP and the issue of leadership
Dear Editor,
READ MOREBEC's dilemma
A few months ago when the per barrel price of oil skyrocketed from just below $60 per barrel to almost $150 per barrel, the privately-owned gas stations rushed to the government to seek permission to raise their retail prices accordingly. We then witnessed prices at the pump rise from just under $3 per gallon to almost $6 per gallon in NewProvidence and Grand Bahama.
The public did not like the increases, but they understood the reason: Global oil prices, over which we have no control, had escalated, and unless the service station operators raised their prices to cover the additional costs, they would soon be out of business. READ MOREOn the day or the hour
By Ian Strachan
READ MOREHelp in time of need
Hardly anyone would disagree that the recent decision by the government to lend assistance to over 5,000 residential customers of the Bahamas Electricity Corporation (BEC) was not a good one. It is in situations like this that Bahamian citizens expect help from a good and caring government, and on Wednesday, all residents experiencing hardship due to high electricity bills got that help.
Addressing the matter in Parliament, Prime Minister Hubert Ingraham said it was simply unacceptable that over 5,000 residential customers had their supply of electricity disconnected, with the vast majority of them having outstanding balances of less than $1,000. READ MOREA vicious attack on Catholic Church
By Oswald Brown
READ MOREUniversity of Bahamas well on the way
The evolution of the College of the Bahamas (COB) into the University of the Bahamas (UOB) appears to be well on the way. COB President Janyne Hodder alluded to this on Friday at a press conference held in Freeport, to announce that contracts totaling more than $8.4 million have been signed for the construction of the college's northern campus and that work is set to begin.
When asked by a reporter how close COB is to university status, Hodder said very soon, adding that they are "hoping to meet shortly with government officials and we plan to propose a date." READ MOREA serious security concern
Dear Editor,
READ MOREA magnanimous gesture
Morton Salt's decision to give each staff member $1,000 to assist in their recovery efforts from the devastation caused by Hurricane Ike, when it rampaged across Inagua recently, is a magnanimous goodwill gesture that its employees should remember the next time they are encouraged by their union to participate in industrial action against the company.
This is not something that the company had to do, and it clearly demonstrates that Morton Salt considers the welfare of its workers to be a top priority, a consideration that the union should keep in mind the next time they decide to play hardball with the company during negotiations for a new contract. READ MOREBEC tax holiday is no picnic for consumers
Dear Editor,
READ MOREEnormous benefits await The Bahamas from CARIFESTA 2010
By Patrick Rahming
READ MORESchool overcrowding crises
Education Minister Carl Bethel's response to reports that children have been denied admission into public schools because they could not pay the registration fee, will unquestionably have the effect of exacerbating the very serious overcrowding problem that exists in government schools in New Providence and Grand Bahama.
The minister, of course, was duty bound to make it absolutely clear - as he did - that refusing "entry to students who are otherwise entitled to register and to attend public schools because their parents of guardians cannot afford to pay registration fees is contrary to the provisions of the law as set forth in the Education Act and must cease forthwith." READ MOREThe twisted face of prejudice
by Simon
READ MOREPope Pius XII and the Holocaust
Dear Editor,
READ MORESenator McAlpine's tirade
The Rev. Frederick McAlpine developed a reputation during the campaign for the last general election as being the Free National Movement's point man when it came to responding to 'nasty' accusations made by high-ranking members of the Progressive Liberal Party (PLP). He did not mince words in 'responding in kind', so to speak, to scurrilous claims made by the PLP, often effectively using innuendoes to underscore his assertions.
Presumably, for his contributions to helping the FNM win the election on May 2, 2007, the Grand Bahama-based 'man of the cloth', who had once been a die-hard PLP but shifted to the FNM reportedly after he failed to secure the PLP's nomination for the Eight Mile Rock constituency, was rewarded by being made an FNM senator. READ MOREFlippin' the script big time
By Ian Strachan
READ MOREThe horror of hurricanes
Within the last two weeks a number of storms formed in the Atlantic and one by one, cut a path of death, destruction and despair in several Caribbean islands.
Gustav, Hanna, Ike and a soon forgotten Josephine became household names in the Dominican Republic, Jamaica, Haiti, Cuba, The Turks and Caicos Islands, Cayman Islands and The Bahamas. READ MORECrime and punishment
By Maxwell S.A. Turner
READ MOREThe death of Eric Wilmott
Eric Wilmott, who died on Sunday at the age of 74, will probably best be remembered for the tremendous contributions that he made to the Fox Hill community where he lived for virtually all of his life.
In fact, Fox Hill Member of Parliament Fred Mitchell, in expressing condolences in an official statement, described him as "a giant of the Fox Hill community" who "was affectionately known throughout the village as its unofficial historian." READ MOREDisturbed over Nicki Kelly's attack...
Dear Editor,
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