The TT Club has received a boost from industry ratings agency AM Best, which has upgraded the Club's financial strength rating to A- (Excellent) from B++ (Very Good).
The concept of piracy has something of a romantic ring to it, with 18th-century rogues such as Captain Kidd, Henry Morgan and others receiving a much more favourable press (not to mention treatment from Hollywood) than they deserve. Many people unconnected with the sea probably think that piracy died out with the age of sail but sadly they are very mistaken.
TT Club has announced a US$23.2 million surplus after tax for its 2005 financial year, marking a further strengthening of its finances and another successful trading period, during which it has increased its leading market share. The result boosted total surplus and reserves by 25.9 per cent to US$112.7 million.
The European court of justice, in handing down its decision in Unamar and Seaport Terminals v Belgium, has clarified the provisions of the EU customs code relating to the responsibility for duty when uncleared goods are lost in storage or transit.
