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A Special International Report Prepared by The Washington Times Advertising Department - Published on March 29, 2000

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Advertisers

 Dupuch & Turnquest & Co.

 Cable Bahamas

 Bahamas Investment Authority - Light Industry

 Hotel Corporation of The Bahamas

 The Bahamas Maritime Authority

 Dockendale Shipping Company Limited

 Clipper Group

 The Central Bank Of The Bahamas - Financial Services Board

 The Islands Of The Bahamas

 Bahamas Telecommunications Corporation (BaTelCo)

 Bradford Grand Bahama

 Motherwell Bridge Bhicam Limited

 Lloyd Werft

 The Grand Bahama Development Company

 Hutchison Port Holdings Group

 Bahamas Investment Authority - Investment Opportunity

 Securities Commission of The Bahamas

 The Central Bank of The Bahamas

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A Special International Report Prepared by The Washington Times
Advertising Department
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Written by:
Jessica Wilt
Marketing Director:
Nadira Ullyett
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For more information, call
The Washington Times International Advertising Department
at (202) 636-3035
(202) 635-0103 fax
e-mail: natlad@wt.infi.net

Director, International Business Development
Carl Hagen
Production Supervisor:
Jill Koehler
Graphic Designer:
Ann Englehart
Website Design:
Earl Murton Associates, LLC

Copyright © 2000 News World Communications, Inc.

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Business as usual after Hurricane Floyd
Sometimes technology has a double-edged sword

It was the week of Sept. 12, 1999 and since 98 percent of the population of the Bahamas has cable access, the country watched on The Weather Channel as Hurricane Floyd, a Category four storm, crept ominously toward the archipelago. Most agree that the only good thing about Floyd was that it hit during the day.

Packing winds that clocked at more than 200 mph in parts of the Bahamas, Floyd ripped through the islands leaving chaos in its wake. The islands of Abaco and Eluthera received the brunt of the wind damage. Sea surge flooded part of the Freeport International Airport with six feet of water, destroyed sea walls throughout New Providence and ruined several fruit farms.

Steven Watson, director and general manager of Royal & Sun Alliance Insurance Bahamas Ltd., estimated that the damage caused from Hurricane Floyd is in the neighborhood of $300 million.

Larry Brantley, president and chief executive officer for the Freeport Power Co., reported that while more than 90 poles were knocked down from Floyd’s 180-mile winds that struck Grand Bahama Island, many customers had service within two to three days. Southern Co., Freeport Power’s American business partner, sent a special crew to assist Freeport and then Abaco to recuperate services. In all it took Freeport Power 11 days to completely restore service to all of its customers.

In Nassau, Cable Bahamas, The Bahamas Telecommunications Corp. (BaTelCo), and the Bahamas Electricity Corporation (BEC) worked together to clear downed trees and fix downed electric poles so that services could be restored.

“We tracked the storm on every island from within our headquarters in Nassau and we were fixing the damage as soon as we could get out of the building. BEC reacted very quickly to restore power and also helped us,” said Michael Symonette, president and CEO of BaTelCo.

“The winds mangled some our steel communications towers as if they were made of straw,” he added, noting that Batelco sustained upwards of $60 million in damage.

Glenn Hill, senior vice president and chief financial officer for Cable Bahamas, estimated that Cable Bahamas sustained $375,000 dollars worth of damage. “Our system was fully operational throughout the hurricane. Most of the damage was from downed trees and power lines.”

There is a saying that goes “there is nothing bad from which something good does not come”. The good thing that came from Floyd for the Outer Islands was the ability to renovate hotels and restaurants.

“We sustained about $300,000 in damage, said Toby Tyler, one of owners of The Landing located on Harbour Island. “What we have decided to do is to take the hotel back to its plantation past. We have looked at pictures of how it was in 1910, wooden floors, changing all the furniture and re-doing all the rooms.

Today, except for a few downed trees that have yet to be carried away, it is business as usual in The Bahamas.

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Table of Contents

The Bahamas: An established tourism and tax-free financial services center experiences a renaissance

Slated for an April opening, Bahamas Stock Exchange to be a leader in its class

New e-commerce center will make Freeport a global financial hub

The peaceful revolution of politics in The Bahamas

Financial Services Board promotes government-private sector collaboration in the financial services sector

BEC meets development demands and prepares for privatization

The Bahamas responds to OECD report on harmful tax competition

The Bahamas blend experience and new regulations to offer strong offshore financial services

New investments revive the tourism industry in The Bahamas

The Outer Islands: The future of a nation

The Hotels Encouragement Act provides a number of incentives for investors

The Family Islands Development Act

Islands for sale

Bahamasair gets new management team to improve service

Business as usual after Hurricane Floyd

The Bahamas emphasizes importance of environment with establishment of new ministry

Agricultural sector is ripe for growth

Agricultural Manufactories Act

Nassau is attractive location for shipping companies to locate headquarters

Maritime Authority grows ship registry to 3rd largest in the world

Ship registration fees

Grand Bahama Island: A destination reborn

Home ownership on the rise, with a focus on second homes

The renaissance of Grand Bahama Island: Asleeping beauty awakens

Hawksbill Creek Agreement helped begin Freeport

Bahama Rock Ltd. helping to develop the port area

Lloyd Werft invests $70 million in new ship-care facility

Economic impact analysis

Bradford Marine invests in mega-yacht and ship-repair facility in Freeport Harbour

Freeport Harbour tripling space and upgrading terminal

Freeport Container Port continues to expand to meet global business demands

FCP attracts Bhicam, among other companies

Freeport Power Co.: Committed to attracting investment by offering first-rate service

Multimillion-dollar hotel investments breathe new life into Grand Bahama

Focus on light manufacturing to diversify economic growth

Freeport International Airport to get a multimillion-dollar expansion and face-lift

Telecommunications corporation to be ready for privatization by year's end

Investment guidelines