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News Article

October 09, 2012
Bahamas to observe World Food Day with international community

Nassau, The Bahamas - The Bahamas joins the international community in observing World Food Day on October 16, Agriculture and Marine Resources Minister V Alfred Gray confirmed.

With 150 countries participating, the event is being held under the auspices of the Food and Agriculture Organisation (FAO) of the United Nations (UN).

The theme is 'Agricultural co-operatives: key to feeding the world.'

Celebrations take place that Tuesday at the Arawak Cay culture centre starting at 9 a.m., featuring agriculture exhibitions, special session for backyard farmers, and musical performances led by the Royal...

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News Article

November 21, 2010
AML Foods reverses its top line fall

By NEIL HARTNELL

Tribune Business Editor

AML Foods is "confident" that it will enjoy a good Christmas, the key sales period in the calendar of most retailers, its top man telling Tribune Business that over the last two to three months it has reversed a sales decline that began in its 2009-2010 third quarter.

Gavin Watchorn, the BISX-listed food retail group's president and chief executive, told Tribune Business that the company now had between 80-90 per cent of its Christmas inventory in the Bahamas, and was also on track to complete the addition of 5,000 square feet of shopping space at its Solomon's SuperCentre outlet in Freeport.

"We've had a pretty satisfactory ...

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News Article

January 11, 2011
Announcement of Share Buy Back Program from AML Foods Limited

Nassau, Bahamas - AML Foods
Limited today announces the launch of a share buy back program for its
ordinary shares. The program, authorised by the Company's board of
directors, allows for management to purchase up to 10% of its current
issued ordinary shares of 1,540,417 shares over a 36 month period to
January 31, 2014.

"Our board has been discussing a share buy back program for some time
now" says Mr. Dionisio D'Aguilar, Chairman of AML Foods Limited. "We
have felt that our share price is not truly reflective of the value of
the Company and has been deflated by an illiquid market and sellers
needing to sell shares to raise cash. We feel that we can provide
increased shareholder value by buying back some of our outstanding
ordinary shares and improving earnings and dividends per share...

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News Article

January 09, 2011
Announcement of Share Buy Back Program from AML Foods Limited

Nassau, Bahamas - AML Foods
Limited today announces the launch of a share buy back program for its
ordinary shares. The program, authorised by the Company's board of
directors, allows for management to purchase up to 10% of its current
issued ordinary shares of 1,540,417 shares over a 36 month period to
January 31, 2014.

"Our board has been discussing a share buy back program for some time
now" says Mr. Dionisio D'Aguilar, Chairman of AML Foods Limited. "We
have felt that our share price is not truly reflective of the value of
the Company and has been deflated by an illiquid market and sellers
needing to sell shares to raise cash. We feel that we can provide
increased shareholder value by buying back some of our outstanding
ordinary shares and improving earnings and dividends per share...

read more »


News Article

August 07, 2012
Food import bans are not the answer

Dear Editor,

Over the past couple decades successive agriculture ministers have either imposed or threatened bans on food imports as a way of supporting Bahamian farmers. The unintended consequences of such actions were higher prices for what consumers believe are inferior products.
The Banana market of 1996 is a prime example of unintended consequences - for both producers and consumers. In a short period of time after government imposed a ban preventing imports to "help" the local banana growers, the foreign bananas were available from roadside vendors at higher prices. Consumers still preferred the large yellow imports to the variety offered by local growers.
In 2006 a threat to ban imported eggs was not implemented. Today food stores sell locally produced eggs as well as the more expensive imports.
The current minister of agriculture has threatened to impose a "ban on chicken imports" unless Bahamian wholesalers buy 30 percent of their chicken purchases locally.
As noted, there was no shortage of imported bananas during the ban in 1996 even at the higher prices. It is highly likely that foreign chickens will find their way into Bahamian households. In spite of a ban on imported chickens and bananas consumers seem to prefer the imports. It was suggested the imported chicken is less expensive so that's why people buy it. Yet, in the case of eggs, the imported product was more expensive and the consumer still purchased them. Price is a factor but not the only one when people decide how to spend their money.
For the bureaucrats at the Ministry of Agriculture, their time would be better spent determining why Bahamians prefer the imported chicken, why wholesalers buy it, and encouraging Bahamian farmers to promote their products.
Even if a government minister thinks he knows best, being elected to public office is not a mandate to use force to prevent or promote market action so long as it is peaceful.
Local farmers risk their own money to supply the markets. The successful ones find their niche and consumers buy their products. Instead of banning imports it is better to educate Bahamian consumers about the benefits of buying home grown products. Encourage high standards along with creative marketing like taste tests, and prove their product meets strict standards for safety.
It is unclear how the minister of agriculture can force a business to purchase a government specified percentage of its chicken inventory from the vendors he chooses. What happens if the chickens chosen by the minister do not sell? Does the minister intend reimbursing the merchants for their loss? Forcing businesses to make bad investments harkens back to the politburo of Soviet Russia.
Hopefully reason will prevail and the minister will use his soapbox to encourage people to buy local chicken instead of the threatening forceful tactics described in the proposed policy.
As the Nassau Institute pointed out in 2006, protection for some producers discriminates against others. It encourages other businesses to seek government assistance or worse, involvement in their particular enterprise.
There is a long history of costly failures when government interferes in markets. Sadly such failures never deter the newly elected from repeating the errors of their foregoers. It's all about politics.

- The Nassau Institute

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News Article

January 11, 2011
Supervalue 'hedges bets' on energy, food rises

Supervalue is dusting off plans to bulk purchase in advance in a bid to head off escalating food prices expected to hit later this year, its president and owner also expressing fears that energy prices might "double" during 2011.

With commodity price increases an emerging threat that might knock any Bahamian economic recovery off course, Rupert Roberts told Tribune Business that the grocery chain would employ the methods it used in 2008 to try and protect the Bahamian consumer from impending food price increases.

Noting that staples such as cooking oil and tuna appeared to be rising once again, Mr Roberts told Tribune Business he had informed his ...

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News Article

April 27, 2011
KPACE Afterschool program along with Ridgeland Primary School partners with Hands for Hunger to conduct food drive

The KPACE Afterschool Program and the Ridgeland Primary School partnered with Hands for Hunger to conduct their first food drive recently at the Ridgeland Primary School.
Participants of the afterschool program, along with their classmates, were challenged by school principal Deborah Stuart to help eradicate hunger in New Providence by bringing in donations over a four-day period, to which approximately 350 pounds of food were collected and presented to the Englerston Urban Renewal Center to be distributed to those in need.
“We chose to partner with Hands for Hunger because there are far too many in our communities going to bed hungry every night,”?said executive director of KPACE, ...

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News Article
NCL Food Donors:
March 26, 2013
NCL Food Donors:

In January of this year we achieved a major H4H milestone by tapping into the great waste resource at the Nassau port: cruise ships! We excitedly report that Norwegian Cruise Line (NCL) has paved the way for other socially responsible cruiseliners to make donations. The best part about this partnership? It was spearheaded by the awesome NCL staff.

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News Article

November 17, 2011
Grand Bahama Shipyard Lends a Hand in Annual Food Drive!

Freeport, Grand Bahama - Not just satisfied teaching a trade to Bahamians the management of Grand Bahama Shipyard Ltd. (GBS) is also guiding their apprentices to give back to their community.

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News Article
'I dealt drugs to pay for food'
March 04, 2014
'I dealt drugs to pay for food'

A MAN who said his reason for dealing drugs was to put food on his table cried in Magistrates Court after being sentenced to five years imprisonment for possessing $7,000 worth of marijuana...

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