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Arawak Cay Port Development road show gains momentum
Arawak Cay Port
Development Ltd. (APD) kicked off its road show this past week holding
investor meetings in New Providence and Grand Bahama which garnered an
enthusiastic response from hundreds of Bahamians who came to seek more
information about APD's historic initial public share offering (IPO).
The meetings began with overflow crowds at the Harry C. Moore Library in
Nassau and then travelled to Freeport and Eight Mile Rock, Grand
Bahama, where APD executive management and placement agents also
provided an overview of APD and its landmark IPO.
Mike
Maura Jr. APD's CEO explained that by moving shipping operations away
from Bay St., the $83 million redevelopment of the existing Arawak Cay
Port into the Nassau Container Port (NCP) and the creation of...
Maritime Authority a gov't agency model
By ALISON LOWE
Business Reporter
alowe@tribunemedia.net
The Bahamas Maritime Authority's (BMA) success in growing this nation's shipping registry, and paying dividends to the Government, should be viewed as an incentive for other public corporations/agencies to be given the same semi-autonomous status, its chairman has argued.
Ian Fair said that as a statutory corporation the BMA is a "very effective model" for how other government entities could be operated, having returned dividends to the Government "in excess of $50 million (in 16 years), and all with a staff of 75".
"The Government wanted the BMA to operate as a private sector entity, and the model has wo ...
10m Port IPO hits the road
THE ROADSHOW for Arawak Cay Port Development's (APD) $10 million initial public offering (IPO), which kicked off last week, has received significant public interest, the company says.
APD began the meetings at the Harry C Moore Library in Nassau, and then travelled to Freeport and Eight Mile Rock, Grand Bahama, where its executive management and placement agents also provided an overview of the IPO.
Mike Maura Jr, APD's chief executive, explained that by moving shipping operations away from Bay Street, the $83 million redevelopment of the existing Arawak Cay Port into the Nassau Container Port (NCP) and the creation of the Gladstone Freight Terminal (GFT) represent some of the first maj ...
Bahamas wins seat on IMO council/ Category C
The Bahamas was re-elected to the IMO Council in Category C of the United Nations International Maritime Organization (IMO) on November 27, during the 26th Session of the General Assembly of the IMO in London, England.
Hitmen knock off New Breed 10-4
IN what could have been the decider for the New Providence Softball Association (NPSA) men's pennant, the Dorin United Hitmen knocked off the Y-II Shipping New Breed 10-4 at the Banker's Field, Baillou Hills Sporting Complex, on Tuesday night.
The victory enabled the Hitmen to finish off the regular season with a 14-2 win-loss record, while New Breed dropped to 13-3.
However, the NPSA has not decided on who won the men's pennant as the defending champions Commando Security Truckers are still in the hunt.
The league is expected to make a decision on the final outcome of the standings today. As a result, the best-of-five playoffs that was intended to get started today has been postpo ...
Officials outline plan for asbestos-filled building
Woslee Construction Company Limited, the company contracted to demolish the old customs building at Arawak Cay, was scheduled to begin removing hazardous asbestos material from the structure last night, according to company president Ashley Glinton.
The Nassau Guardian understands that concerns were raised by some of the Arawak Cay shipping businesses that the removal of the asbestos could pose a health risk to employees.
However, Glinton insisted yesterday that he is confident the removal will be done without incident, as his team has dealt with the removal of the dangerous material before and the Department of Environmental Health Services (DEHS) has signed off on the company’s asbestos a ...
US, Russia, others to cooperate on Arctic rescues
NUUK, Greenland -- The United States, Russia and other nations have agreed to coordinate Arctic search-and-rescue missions, a small step toward international cooperation in a fast-changing frontier threatened by looming fights over resources and military dominion.
U.S. Secretary of State Hillary Rodham Clinton said Thursday's agreement among the eight-nation Arctic Council highlights the growing importance of the Arctic, where climate change is creating new shipping routes, fishing grounds and oil and gas drilling opportunities. Russia, which has laid disputed claim to much Arctic territory, participated in the very limited agreement to help stranded fishermen and the like.
A warming plane ...
Second commandment is an essential law
As young people were forced to go to church, Sunday School, youth meetings, evening song and every other spiritual occasion the church held, made many people close to God and His word. It was during those years that people could recite Bible verses and sing hymns flawlessly. Now older members of society, who do not know the last time they darkened the church doors, many have trouble remembering even the simplest of biblical text -- much less their importance or relevance in today's world. One such text that many are familiar with but probably consider just another one of life's guidelines is the 10 Commandments, which most people were able to recite by route as children, and today can't remember the order of the commandments, much less recite all 10 of these ancient laws which are just as relevant today as they were when they were given to Moses on Mt. Sinai, and are as follows:
o I am the Lord your God, who brought you out of the land of Egypt, out of the house of slavery; do not have any other gods before Me.
o You shall not make for yourself a carved image, or any likeness that is in heaven above, or that is in the earth beneath, or that is in the water under the earth; you shall not bow down to them nor serve them. For I, the Lord your God, am a jealous God, visiting the iniquity of the fathers on the children to the third and fourth generations of those who hate Me, but showing mercy to thousands, to those who love Me and keep My Commandments.
o You shall not take the name of the Lord your God in vain, for the Lord will not hold him guiltless who takes His name in vain.
o Remember the Sabbath day to keep it holy. Six days you shall labor and do all your work, but the seventh day is the Sabbath of the Lord your God. In it you shall do no work; you, nor your son, nor your daughter, nor your male servant, nor your female servant, nor your cattle, nor your stranger who is within your gates. For in six days the Lord made the heavens and the earth, the sea, and all that is in them, and rested the seventh day. Therefore the Lord blessed the Sabbath day and hallowed it.
o Honor your father and your mother, that your days may be long upon the land which the Lord your God is giving you.
o You shall not murder.
o You shall not commit adultery.
o You shall not steal.
o You shall not bear false witness against your neighbor.
o You shall not covet your neighbor's house; you shall not covet your neighbor's wife, nor his male servant, nor his female servant, nor his ox, nor his donkey, nor anything that is your neighbor's.
According to religious ministers like Canon Basil Tynes, rector of St. Barnabas Anglican Church, people are falling back into practices that are not pleasing to God. He said this is especially true as it relates to the second commandment found in Exodus 20:4-6, "You shall not make for yourself a carved image, or any likeness that is in heaven above, or that is in the earth beneath, or that is in the water under the earth; you shall not bow down to them nor serve them. For I, the Lord your God, am a jealous God, visiting the iniquity of the fathers on the children to the third and fourth generations of those who hate Me, but showing mercy to thousands, to those who love Me and keep My Commandments."
"One of the most important things you have to remember about the 10 Commandments that shows just how important they are is the fact that they were known as the decalogues -- the 10 words -- when they were first given. In the traditional Jewish society those 10 words carried the weight of the death penalty should they be broken," says Canon Tynes. "When Christians came into being in typical covenant style [the 10 Commandments] were meant to be the stipulations in the covenant which God's people were meant to agree to and adhere to for the duration of their existence on the earth. As it regards the second commandment which speaks against worshipping idols in the early times this meant if anyone was found worshipping an idol or an image they were in contradiction with the law and put to death. Everything was taken seriously. And if you look at the church today you may say we have images in it but this is not the same thing."
Father Tynes says although God instructed that there were to be no worshipping of images it didn't mean that the Israelites did not create certain images and that in Exodus 25: 18-22, God instructed Moses to make the two cherubim to rest on the end of the mercy seat to point to the omnipresence and movement of God's power. In Numbers 21: 7-9 Moses is ordered by God to make a bronze snake so that the people could look upon it and be saved. In the temple itself there were decorations like pomegranate branches but all these things that you would find in the Bible were created not as idols but as a means to point to the deeper reality of God's presence or power. He says that this is something that the modern church still does today.
The importance of the 10 Commandments have not and will not ever lose their relevance according to Pastor Sam Boodle, pastor of the Lutheran Church of Nassau. The second commandment he says in particular was an essential law in the times of the early Jews because the worship of idols were prevalent, but Lutherans consider the second commandment to be a part of the first commandment.
"The commandment speaking about the worship of idols is considered in the Lutheran Church as being a part of the first commandment in which there shall be no other gods before God. However this second part is still very revelant and very important. When it was originally given it was because there was a lot of idol worship in those times. God was discouraging it and telling the people what is the right thing to be doing. Today there is nothing different. Many of us still worship idols in our own ways. When we uplift our wives, houses, jobs or anything before God, we are making them into idols. But they are not equal to God for if you have to carry your god or protect it, then it really can't be much good to you. God wants us to always remember that He is the all-powerful one. Nothing has changed about this commandment's importance from the old times to now. God is still the one God and we as His people should be worshipping Him alone."
Bishop John Humes, overseer of the Church of God, says that Christian society's lax nature as it regards to following the second commandment is often causing many of us to be distracted from a true sense of worship.
"The second commandment says that we are not making unto ourselves any graven images to worship that resembles anything of, above, or below the Earth. The Bible is clear on how we should understand this commandment, but we still do not listen as well as we should. Today we can find that in many places of worship there are images and statues of biblical icons and this is something that the Bible speaks against. These very images such as pictures that we put our focus on as we worship are not even real likenesses of the actual people since no one really knows what they did look like.:
Bishop Humes says it is not right to have such images or structures with the intention of them being there as an aid to people's imagination and visualization in the worship of their invisible but omnipotent God.
"This is something we do that is not pleasing to God because we are to have faith and just believe that He exists. Having a structure as a representative of the Father or His son is just a distraction in worship. What we imagine God to be like is a personal thing and we should be focusing on our relationship with Him and not the images we have created. God should just be worshipped from our hearts and souls and not with our eyes."
Over the next nine weeks, The Nassau Guardian will engage a number of ministers of religion on the topic of the 10 Commandments, as they dissect each one and talk about the relevance of the Commandments to the twenty-first century society.
FEDEX UNVEILS NEW PRODUCT FOR BAHAMAS
FEDEX Express yesterday announced the expansion of its international freight shipping portfolio from 12 additional markets in Latin America and the Caribbean, including the Bahamas.
Effective from January 2012 FedEx International Priority Freight and FedEx International Economy Freight will be offered from the, Bahamas. It is designed to provide customers with more choices for larger shipments, and to more destinations around the world.
Juan Cento, president of FedEx Express's Latin America and Caribbean operations, said: "The expansion of FedEx International Priority Freight and FedEx International Economy Freight demonstrates our continued commitment to offer shipping solutions that ...
41M Chinese loan to fuel Abaco growth
The House of Assembly has signed off on a $41 million loan from the Export-Import Bank of China to construct a port and bridge in North Abaco.
The move, forging even closer ties with the Asian superpower, is expected to relieve pressure from Marsh Harbour in the South and play a key role in the growth of the island's economy.
Boasting a number of new projects and sources of foreign investment, Abaco is rapidly being seen as a model of development for the other Family Islands.
"Fishing, agriculture, banking and the second home market represent a strong combination and show what the Family Islands can become," Minister of Environment Earl Deveaux told Guardian Business. "There is a critical mass of people and businesses, and by putting the infrastructure in place we'll only add to that potential."
Surveying and site clearance have already begun, Deveaux added, with the Chinese leading the project in terms of guiding the engineering and construction.
The Export-Import Bank of China, a state-owned institution, continues its strong involvement in the Bahamian economy. It is currently providing the financing behind Baha Mar, the $2.6 billion mega project on Cable Beach, while the China State Construction Engineering Corporation is importing
thousands of workers to build the resort.
However, in the case of North Abaco, Deveaux anticipated the projects will spur considerable employment for Bahamians, with up to 500 jobs up for grabs over the next few years.
Prime Minister Hubert Ingraham recently elaborated on the specifics of the loan, stating that the Little Abaco Bridge Project will cost $6.5 million and the port should come in at $33 million. Both projects will be completed by November of next year.
In regards to the Little Abaco Bridge Project, the prime minister expressed his pleasure at the opening up of a bay that had been plugged for 50 years. Through dredging and construction of a bridge, "the area will be restored to what it once was", he said.
Deveaux told Guardian Business the operation of the causeway should restore the natural habitat and the flow of seawater into the mangroves. The result, he explained, will be opportunities for fishermen and eco-tourism, and it will also improve the ease of transportation.
As for the port, Deveaux called it "a straight forward project".
"Marsh Harbour has reached a saturation point with 38,000 containers," he explained. "As the economy grows it requires more space. Plus it eliminates the long commute for communities in the North."
Ingraham said the North Abaco Port will accommodate all the freight in the area.
"It will expand shipping and construction in Abaco and help the economy grow," he said.
Customs and immigration are also expected to be consolidated through the move. Ingraham pointed out that the port provides the opportunity for a marina and fuel dock, which is now being planned by a private stakeholder.
This private contractor is widely believed to be of Chinese origin, Guardian Business understands.
Included within the 35-acre North Abaco Port plan will be a warehouse, a port administration building, public park area, entrance gates, domestic and international areas for shipping and a marina stretching up to 4.5 acres.
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