01222025 BUSINESS by tribune242

Developer eyes summer for $45m West Bay hotel start

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN developer yesterday voiced optimism that construction on his planned $45m West Bay Street resort can begin this summer if the necessary environmental approvals are obtained.

Eric Gibson Jnr told Tribune Business that the number of construction workers required to build the King’s Court Hotel will likely be double initial estimates at 200 with a similar number of permanent jobs created by the hoped-for full opening during the 2027 ﬁrst half.

Speaking ahead of the public consultation on the project’s environmental management plan (EMP), he acknowledged that obtaining a certiﬁcate of environmental clearance (CEC) is “pivotal” to the hotel’s progress and construction start but suggested the approvals process can be “streamlined” since it is “not as straightforward as I’d like it to be”.

Sky chief to ‘keep ﬁghting’ as $220k hangar verdict upheld

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SKY Bahamas principal yesterday pledged to “keep ﬁghting” after a verdict ordering the now-defunct airline to pay $220,000 plus interest to the owner of its hangar at Lynden Pindling International Airport (LPIA) was upheld.

Captain Randy Butler told Tribune Business he and his attorney, Ashley Williams, were still assessing the Court of Appeal decision which found there was “a valid and enforceable lease” between Sky Bahamas and AOG Maintenance Company that permitted the former to rent the 1.89-acre hangar. It also rejected the airline’s

claim for compensation over the hangar owner allegedly selling-off its assets to cover unpaid rent.

But, while Captain Butler hinted this review would include deciding whether to pursue a further appeal, AOC Maintenance’s attorney hailed the Court of Appeal ruling as “the end of the road for Sky Bahamas”.

Michael Scott KC said Fred Kaiser, AOG’s principal, was now anticipating “speedy enforcement” of the original Supreme Court award together with the additional interest that has accrued since that June 2023 verdict.

Speaking to this newspaper following yesterday’s Court of Appeal verdict, Captain Butler asserted:

Nonetheless, Mr Gibson told this newspaper that he and his Gibson Development Company are continuing to move forward with a development that he hopes will be a “catalyst” to spark fresh investment by other Bahamian developers in the surrounding West Bay Street and waterfront area.

Pointing out that Arawak Cay’s western end, which the King’s Court Hotel will face when completed, is “not the most eye pleasing” with dilapidated boats scarring the landscape, he also expressed conﬁdence that an inﬂux of capital and new projects would spur a cleanup to “beautify” that area.

And, by targeting average daily room rates (ADRs) of around $200, Mr Gibson said the resort is aiming to provide a “mid-market” accommodation option that will open up The Bahamas to tourists seeking more affordable vacations as well as encouraging more Bahamians to seek hotel industry ownership.

The King’s Court Hotel will be located at the

Electric vehicle dealer’s Mall at Marathon ‘ﬁrst’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMIAN electric vehicle distributor yesterday revealed it will become the ﬁrst auto dealer to have a Mall at Marathon showroom come this Spring as it bids to repeat 2024’s 10-15 percent sales increase.

Pia Farmer, partner in Easy Car Sales, disclosed to Tribune Business that it is investing “several hundred thousand dollars” in establishing the showroom and an “exclusive” Gladstone Road service centre for its Chinese electric vehicle brand, BYD.

The move comes after the two sides unveiled a three-year extension to

Bahama Grill site on West Bay Street, which is located just past the western end of Arawak Cay and the junction with Chippingham Road. The proposal, which covers a 1.39-acre site, has already been granted preliminary site plan approval by the Town Planning Committee provided its “side setbacks” are increased to 15 feet. The EMP, drawn up by environmental consultants,

JSS Consulting, is due to be reviewed at a February 6, 2025, public meeting scheduled for the Bahamas Communications and Public Ofﬁcers Union (BCPOU) hall on Farrington Road. Following feedback received at the meeting, and subsequent public comments and approvals, the Department of Environmental Planning

their tie-up, which will see Easy Car Sales operate as their only authorised Bahamian dealer and “new manufacturer warranty centre” through to end-2027 - extending the relationship to a full decade.

Ms Farmer, conﬁrming to this newspaper that the expanded tie-up will create new jobs at Easy Car Sales, said: “In the Spring we will be opening our new showroom, exclusive BYD showroom, at the Mall at Marathon. I can tell you now because the advertising has gone in the windows. We are already working on it.

“This will be the ﬁrst time that a car dealership will be opening at the Mall

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BISX-listed bank yesterday overturned a $115,489 damages award “to escape liability” related to the alleged theft of pension contributions made on behalf of staff at a Freeport-based resort. Fidelity Bank (Bahamas) persuaded the Court

‘No surprise’

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters

A CABINET minister last night asserted it was “no surprise” that Donald Trump has withdrawn the US from the 15 percent minimum global corporate tax amid fears this move may hit The Bahamas’ competitiveness.

Michael Halkitis, minister of economic affairs, told Tribune Business that even though the former Democratic treasury secretary, Janet Yellen, had

of Appeal to reject the initial Supreme Court verdict on the basis that the cheques and bank drafts in the scheme were “void” under the Bills of Exchanges Act because they had been materially altered without permission by the person who perpetrated the alleged fraud.

Now-retired justice Jon Isaacs, in a unanimous verdict, detailed that the monies involved were

pension contributions made on behalf of staff at the Ocean Reef Resort & Yacht Club, which was owned by Geltex Trading Corporation.

The funds were paid into an account at Fidelity Bank (Bahamas), from where they would be transferred to its then afﬁliates, Fidelity Merchant Bank & Trust and Fidelity Pension & Investments, to be managed and administered on the staff’s behalf.

“Between October 24, 2009, and June 12, 2014, the respondent [Geltex] prepared and signed 66 uncrossed cheques drawn on its account with CIBC FirstCaribbean International Bank (Bahamas),

“That

made payable to [Fidelity] without any instructions on the face of the cheques as to the purpose of the payments or the account(s) to which the funds were to be credited, the memo line on the face of the cheques having been left blank,” the Court of Appeal noted. It added that Daviea Armbrister-Carroll, the Ocean Reef’s accounts manager, who also had a personal account with Fidelity Bank (Bahamas), received the “uncrossed cheques” with the task of endorsing them and ensuring they were deposited to the bank as pension contributions.

Trump rejects 15% global corporate tax

committed the US to the G-20/Organisation for Economic Co-Operation and Development (OECD) initiative it was still likely to have encountered headwinds in becoming law due to the Republicans controlling the House of Representatives in Congress.

“They had a Republican Congress, so even though the Democratic Secretary to the Treasury, Janet Yellen, signed an agreement, they would still have had to get it through a Republican Congress, which would have been

difﬁcult,” said Mr Halkitis. “So, we knew their participation wouldn’t be forthcoming, and so the fact that Trump just withdraws, I mean, that’s not surprising to us at all.”

The newly-elected US president, amid a flurry of executive actions on his first day in office, issued an order declaring that the 15 percent global corporate minimum tax deal “has no force or effect” in the US, effectively pulling the US out of the 2021 arrangement negotiated by the Biden administration with nearly 140 countries.

“The OECD global tax deal supported under the prior administration not only allows extra-territorial jurisdiction over American income but also limits our nation’s ability to enact tax policies that serve the interests of American businesses and workers,” Mr Trump’s executive order states.

“Because of the global tax deal and other discriminatory foreign tax practices, American companies may face retaliatory international tax regimes

BAHAMA GRILL “REIMAGINED” 102-ROOM HOTEL CONCEPT

BYD and Easy Car Sales executives are pictured during the former’s visit to The Bahamas. L to R: Sean Grazette, research and development manager; Ian Johnson, Easy Car Sales general manager; Coco Lin, BYD area representative; John and Pia Farmer, directors, Easy Car Sales; Audrey Nan Li, vice-president for the BYD Latin America region; Eduardo Lopez, BYD country manager for Panama; and Aiolia Fei Xue, manager, BYD Latin America region. as a tenant by the food court and new movie theatre. That is BYD policy; they look to have exclusive showrooms in leading malls. It will probably open in April, and then we’re also opening an exclusive BYD service centre in the summer.

will be a dedicated BYD service centre on Gladstone Road because, as we make our move to our new home on Abundant

MICHAEL SCOTT KC FRED KAISER

EXUMA CALLS FOR MORE DETAILS OVER 50% VAT FOOD RATE CUT

By ANNELIA NIXON Tribune Business Reporter

EXUMA food stores yesterday called for more details on how the Government plans to implement the 50 percent VAT rate cut as the timing of the island’s annual regatta will make the transition difﬁcult.

Following Prime Minister Phillip Davis’ announcement that the VAT rate will be slashed from 10 percent to 5 percent for most food items with effect from April 1, many food stores have voiced confusion over how this will be done.

Ricardo Morley, chief executive and manager of Shop Rite Mart, said April - when the change is set to be introduced - is “peak” season for Exuma as the

annual regatta brings in more consumers and spending than the average month. He explained that they could experience a higher volume in inventory brought in at 10 percent VAT and end up “stuck” by having to charge consumers just 5 percent.

“We still waiting on the details,” Mr Morley said. “We are still not fully apprised of whether it’s going to cover 5 percent straight across the board or whether it’s going to be on just certain grocery items or what they call bread basket items or stuff like that. So we don’t have all the details as yet. So we are hoping to get those at an earlier date so we can be better informed.

“When you say time to prepare, we could have a supply of inventory that’s in that already was calculated at a 10 percent VAT.

‘No surprise’ Trump rejects 15% global corporate tax

FROM PAGE B1

if the US does not comply with foreign tax policy objectives. This memorandum recaptures our nation’s sovereignty and economic competitiveness by clarifying that the global tax deal has no force or effect in the United States.

“The secretary of the treasury and the permanent representative of the US to the OECD shall notify the OECD that any commitments made by the prior administration on behalf of the US with respect to the global tax deal have no force or effect within the US absent an act by the Congress adopting the relevant provisions of the global tax deal.”

Mr Trump’s move comes just months after The Bahamas implemented its version of the 15 percent minimum global corporate tax by passing legislation to enshrine in law the socalled Domestic Minimum Top-Up Tax, which currently only applies to Bahamian entities that are part of multinational groups enjoying in excess of 750m euros annual turnover. It is estimated as generating $140m in revenues for the Government during a full year.

It is unclear what impact Mr Trump’s move will have

on The Bahamas although concerns were expressed that this could place the jurisdiction at a competitive disadvantage and undermine the ﬁnancial services sector. In effect, The Bahamas has complied with a global initiative and commitments only to have this torn apart by Mr Trump within hours of taking ofﬁce.

Paul Moss, head of Dominion Management Services, told Tribune Business: “I’m smiling. We’ve already leaped. That puts us at a disadvantage. I’m not sure what Trump has in mind but already it’s not going to be 15 percent. I’m not sure if our guys realise we’re a nation and need to make calls for ourselves and not other people. We do it every single time on every issue. It doesn’t make sense to do it that way. “If the US is not going to be part of it, I’m not sure how this is going to work. Trump is the man, Trump is the man. It’s not about conformity; it’s about competition. We must have tax competition, but we seem not to want that.” Mr Moss said The Bahamas was unlikely to extend corporate income tax to other parts of its economy before the next general election which must be held by September 2026.

So we’ll have to be able to purge some of that inventory out of our system so we don’t change prices. And then we still probably stuck with paying the VAT of 10 percent.

“April, for us in Exuma, we still are at the peak of our season because we come to a lull after the regatta in Exuma. So, at that particular time or what have you, we are well stocked and we are still at the peak of our inventory where we start to purge when we come to more of the summer months,” Mr Morley added.

“We have to supply for regatta and we still at the top of our peak because of all the winter residents and the boaters we have in the harbour, and all that kind of thing. So we are kind of different from the other islands because we are

probably still at our peak of our inventory.”

Mr Morley said his store may have to “absorb some of that cost” if left with a large overﬂow of inventory brought in at a 10 percent VAT rate. Although stores are being given until April to transition, Mr Morley said he will “see” if they will be given time to “phase out that inventory” or “be required to pay inventory, pay VAT on top of that inventory when the initial judgment comes down”. He added that they will also have to make system adjustments “after April.” Another Exuma grocer said they do not believe the VAT reduction is a good idea, and said: “That wasn’t enough information. There’s a lot of items that are considered food items that need more clariﬁcation.”

They added that a reduction in VAT does not necessarily mean a reduction in prices adding: “It’s just an added tax at the end for the consumer. It’s not anything to do with my mark-up. I just have big concerns on how it’s going to be implemented, especially at the level of the wholesaler. How are the wholesalers going to accommodate a grocery store compared to a restaurant? They’re selling the same item.

“How are they going to sell to me at one price and then sell to another customer at another VAT? That’s not for me to ﬁgure out. But that’s just something that I thought about. So I really don’t know how they’re going to implement that because they can’t have duplicate items in their inventory,” the store operator added.

BISX-listed bank ‘escapes liability’ over alleged $115k pension theft

FROM PAGE B1

“Ms Carroll produced the cheques to the appellant for deposit to the account she had at the appellant’s [Fidelity] Freeport branch. Ms Carroll had endorsed her account numbers on the cheques ostensibly without the respondent’s consent. The appellant deposited the funds received from FirstCaribbean with respect to the cheques in accordance with the instructions endorsed on them by Ms Carroll,” the Court of Appeal said.

“Between August 4, 2011, and June 28, 2012, the respondent provided Ms Carroll with 15 FirstCaribbean banker’s drafts made payable to the appellant without any instructions on the face of the banker’s drafts as to the purpose of the payments or the account(s) to which the funds were to be credited, the memo line on the face of the banker’s drafts having been left blank by the respondent [Ocean Reef].

“Between August 4, 2011, and June 28, 2012, Ms Carroll presented the appellant with the 15 uncrossed banker’s drafts made payable to the respondent and endorsed as being payable to Ms Carroll’s account(s) with the appellant’s Freeport branch, ostensibly without the respondent’s assent.

“The appellant deposited the funds received from FirstCaribbean with respect to the banker’s drafts in accordance with the instructions endorsed on them by Ms Carroll.” Ocean Reef and its parent initiated legal action against Fidelity Bank (Bahamas) in 2015 over these events, with the Supreme Court ﬁnding the latter liable. Ms Armbrister-Carroll never faced a criminal conviction for her alleged actions, according to its ruling.

However, Fidelity Bank (Bahamas) and its attorney, Khalil Parker KC, the Bahamas Bar Association’s president, successfully persuaded the Court of Appeal that the BISX-listed institution could “escape liability” based on section 64 of the Bills of Exchange Act which stipulates that instruments such as cheques become void and invalid if “materially altered without the assent of all parties liable on the bill”.

“The appellant argues that the cheques were materially altered when Ms Carroll altered the payee’s name,” the Court of Appeal said of Fidelity Bank (Bahamas) case. “In this case, the payee’s name was not in fact altered. The payees were always the appellant. Ms Carroll did not sign, but simply placed her personal account number at the back of the cheques.

“The appellant collected the cheques made payable to itself and deposited it in Ms Carroll’s account. Counsel for the appellant argues that by endorsing the cheque with her account number, Ms Carroll materially altered the cheques and bank drafts and therefore the appellant is not liable as it would have been if there was no alteration.”

Backing this argument, the appeal justice Isaacs said of the original Supreme Court verdict: “In my judgment, the judge erred in her assessment of the materiality of the alterations to the instruments in question. The handwritten account numbers, endorsed by Ms Carroll on the reverse side of the cheques and bank drafts, constituted material alterations within the meaning of section 64(1) of the Bills of Exchange Act.

“This provision stipulates that a bill materially altered without the assent of all parties liable is void, except for those who made, authorised or consented to the alteration. The handwritten account numbers materially altered the legal effect of the instruments by redirecting proceeds to an account unauthorised by the respondent [Ocean Reef], thereby compromising their integrity and validity.

“The respondent failed to provide evidence of its account mandate with

“One for food, grocery stores, you know that doesn’t make any sense. I don’t know how that’s going to be done in a short period of time because that’s going to be a major, to me, programming issue for them. I don’t know. I mean, that’s up to the Government, the wholesalers to ﬁgure out. But that’s just another thing that I thought about.

“It’s like how can you do it to grocery stores when it’s being distributed around the whole island? An ice cream store might buy heavy cream. Do they pay the 10 percent or do they pay the 5 percent? It’s an item that I sell in a grocery store. So is it 5 percent for me and 10 percent for them? That’s not fair to them because that’s going to be more expensive. So customers aren’t going to go there. They’re going to lose business.”

the collecting bank, which was crucial in determining whether the funds were deposited in accordance with the payer’s instructions.... Consequently, the cheques were rendered void under section 64(1) of the Bills of Exchange Act, and the appellant cannot be held liable for conversion or for ‘money had and received’ in relation to these instruments.”

The Court of Appeal added that Fidelity’s “argument that the cheques were reduced to worthless pieces of paper holds merit. The material alteration to the payee’s name fundamentally undermined their validity, and any subsequent dealings with them could not confer legal rights or obligations....

“The bank’s handling of the altered cheques, though potentially negligent in failing to identify the alteration, does not change the fundamental fact that the cheques were void.... Accordingly, I am satisﬁed that the alterations were both material and unauthorised, rendering the instruments void under section 64(1) of the Bills of Exchange Act, and the grounds of appeal are upheld.”

ATTORNEY: SKY DIVE OPERATOR FACING PERMITTING ‘CATCH 22’

By FAY SIMMONS

THE attorney for a Bahamian sky diving provider, who has become increasingly frustrated over his inability to obtain the necessary regulatory permits, argued giving his client the go-ahead will boost tourism.

Craig Butler, the legal representative for Vans Johnson, principal of Skydive Bahamas Adventures, said yesterday that highspending guests are longing for more adventurous activities such as skydiving and ziplines, which have

become a common feature in many competing destinations.

“Those high-end tourists we get in Nassau and the Out Islands, they like adventures and it adds more to our Bahamian tourist product when we can add these types of things because we have some thrill seekers out there. All of these are now becoming standard features when you go to other places, helicopter riders and ziplines and all of these things,” said Mr Butler.

Mr Johnson, who says his business has lost more than $200,000 due to “inexplicable delays” in obtaining the necessary permits to conduct his skydiving business,

has been embroiled in a dispute with the Civil Aviation Authority of The Bahamas (CAAB) for more than a year.

Devard Francis, Civil Aviation Authority of The Bahamas (CAAB) chairman, told Tribune Business it will not grant a licence or permit to Mr Johnson, and Skydive Bahamas Adventures, until a police probe into recorded threats he allegedly made against the regulator’s ofﬁcials has been resolved. Mr Butler said his client has not received a copy of the regulator’s complaint, although he has contacted the Royal Bahamas Police Force several times and has not been arrested or

Sky chief to ‘keep ﬁghting’ as $220k hangar verdict upheld

“My position remains the same. I believe the judge erred in the [original] ruling. It’s in the legal world and realm, and we’ll look at it and see what the next step is. I have not read the entire document. I’ll study it with the attorneys and let you know what the next step is. We’ll keep ﬁghting.”

A far more bullish Mr Scott, in response to Tribune Business inquiries, said: “It is with enormous satisfaction and delight that I have learned that Sky Bahamas’ misguided appeal against the decision of former justice, Diane Stewart, has been trounced by the Court of Appeal and her judgment upheld.

“Mr Kaiser is pleased and, despite having endured many lamentable delays in the course of justice, he now looks forward to a speedy enforcement process. This is the end of the road for Sky Bahamas.”

The hangar dispute is the ﬁrst in a series of cases moving through the Bahamian court system as a result of the legal battle between Captain Butler, Sky Bahamas and Mr Kaiser, the latter of whom is a foreign investor and was the airline’s main ﬁnancier.

Mr Kaiser’s companies, Alpha Aviation and Advanced Aviation, ﬁrst initiated legal action over an an alleged $28m “bogus loan conspiracy” in late 2020, and the battle over the LPIA hangar is the ﬁrst element to now pass through the Court of Appeal.

The legal controversy triggered the late 2020 resignation of former deputy prime minister and minister of ﬁnance, K Peter Turnquest, even though he was not named as a defendant in the original writ. He was described as “a director and manager” of both Mr Kaiser’s plaintiff companies, as well as “owning and/or controlling and/or managing” Sky Bahamas.

Mr Turnquest has consistently and vehemently denied the claims against him, and last year asserted that he had “emerged victorious against baseless conspiracy allegations” levelled by Mr Kaiser in a separate action spawned by the legal battle - this time over the ﬁnancier’s claim he was defrauded of his interest in the outstanding balance of a $399,000 mortgage.

Yesterday’s Court of Appeal verdict, though, stemmed from the bid by Captain Butler and Sky Bahamas to overturn former Justice Stewart’s ruling that there was “a binding oral lease agreement” for the hangar between AOG Maintenance and Sky Bahamas. She also dismissed the airline and Captain Butler’s counter-claim “for breach of contract and unlawful detention of assets” belonging to itself. Sky Bahamas had claimed itself, not AOG Maintenance, was “the true sub-tenant” of Nassau Airport Development Company (NAD) for the 1.89 acre parcel upon which the hangar stood. AOG stands for Aviation Oversight Group, and Justice Stewart described AOG Maintenance as a commercial real estate investor in the June 6, 2023, Supreme Court verdict. She noted that “for a period of time the operations of AOG and Sky were intertwined” because Captain Butler was a director and shareholder in both entities and they “were not sufﬁciently separated”.

AOG’s annual general meeting (AGM), held on December 17, 2018, sought to achieve this separation with all shareholders - including Captain Butlerpresent. It was resolved that Captain Butler’s 25 percent AOG Maintenance stake, together with another 25 percent interest held by another investor, would be acquired and transferred to MCI Company.

Beginning on January 1, 2019, Sky Bahamas would be required to enter into a formal three-year lease of the commercial premises for $26,000 per month plus taxes, while Captain Butler would arrange for swipe cards to be provided to two other directors to give them access to the property.

No formal written lease agreement was prepared or executed by any of the parties, although AOG Maintenance sent monthly rental bills to Sky Bahamas. “Notwithstanding the agreement at the AGM, Sky never paid rent or applicable taxes,” Justice Stewart wrote.

“Consequently, AOG claimed that Sky was in arrears of rent and applicable taxes (as at August 1, 2019) in the amount of $204,826. Despite multiple demands by AOG to

Sky, the outstanding debt remained owing.”

This triggered the legal battle, with Sky Bahamas alleging there was no lease agreement and it was the entity - not AOG - that had erected the maintenance hangar. It alleged that AOG “unlawfully, willfully and illegally occupied it at the expense and exclusion of Sky”. The airline also claimed that it was evicted, and AOG distrained and sold off assets belonging to itself.

Incoming Court of Appeal president, justice Milton Evans, detailing the background to the dispute in a unanimous verdict, said: “[AOG] submitted that there was a binding oral lease agreement between the parties by virtue of Captain Butler’s agreement made at the AGM where it was agreed that Sky would pay a monthly rent of $26,000 plus applicable taxes.

“The lease agreement was to take effect from January 1, 2019. AOG further submitted that there was never any agreement that Sky would occupy the building on a gratuitous basis. Further, that at common law... AOG was entitled to a reasonable sum for the use and occupation of the property by Sky. There was an implied term that Sky would pay a fair and reasonable rent for enjoyment of the building.

“AOG denied that the eviction was unlawful and submitted that AOG was legally allowed to remove Sky from the property for failure to pay rent. It further submitted that the counterclaim was misconceived as all goods found on the property were handled carefully and appropriately,” the Court of Appeal added.

“Further, AOG contends that there was no evidence conﬁrming the purported value pled in Sky’s defence and counterclaim - being the $3.2m to $5m. AOG contended that the value of Sky’s goods did not exceed $1m. Only goods relating to the SAAB Beechcraft, and which belonged to Advanced Aviation, were sold. No items belonging to Sky were sold.”

AOG also alleged that it had incurred losses, involving personal and property security costs and expenses related to the alleged “illegal entry” to the hangar by Captain Butler and his

interviewed about the matter. He added that although his client can “ﬂy off at the mouth” he was simply voicing his frustrations and has absolutely no intention of becoming violent.

“If, from March of last year, a complaint was made about this man, why hasn’t anything been done about the complaint? I understand that the members of our Royal Bahamas Police Force have a lot of things going on. I understand that crime in this country is rampant. But if this is supposed to be a criminal offense that he committed by making threats of death, and if it was serious, I would have thought that

agents in December 2019, as a result of the failure to pay rent. However, Sky Bahamas alleged there was no binding lease agreement and, as a result, its eviction was “unlawful and illegal” and interfered with its own lease with NAD.

The airline also claimed damages for the purported illegal seizure and selloff of its assets, as well as trespass and loss of use of the hangar. Turning to Sky Bahamas’ appeal, the Court of Appeal said the only issues to be decided were whether there was a binding and enforceable lease between the two side and if AOG acted legally over the assets it sold.

“It is important to note that the foundation of the lease had its root in the AGM meeting where the parties were formalising a separation of the existing relationship between Sky and AOG. Captain Butler had parted with his shares in AOG and, at that meeting, new ofﬁcers/directors were being put in place for AOG,” the Court of Appeal ruled.

“Captain Butler participated in that meeting, and the minutes do not reﬂect any objections on his part to anything which took place nor what was proposed. It is clear that the principals of AOG were of the opinion that the terms relative to

the CAAB, and everybody else involved, would have been following up,” said Mr Butler

“For the CAAB to now hold over his head saying that they’re not going to issue a licence because of an ongoing investigation..... Well, only the good Lord knows when that investigation will come to an end, if it ever is going to come to an end, so it’s a catch-22”

Mr Butler said Mr Johnson’s mental anguish over the situation is increasing as he simply wants to have his business licensed to operate, and feels as though the CAAB is “gas lighting” him and the police force has not taken any meaningful steps to resolve the matter.

the lease had been agreed as the formal document was submitted to Captain Butler for his signature.

“There was nothing placed before the learned judge to explain his failure to sign neither the minutes nor the lease document prior to his testimony at trial. As is reﬂected in her judgment, the learned judge did not accept his evidence.” The Court of Appeal also noted that Sky Bahamas’ attorney was unable to identify any parts of the lease deal that were undecided or where there had been non-performance.

“I am satisﬁed that the learned judge was right to ﬁnd that the only position put forward by Captain Butler was that Sky had no obligation to pay rent as he never agreed to a lease. His evidence was contrary to that given by the two witnesses for AOG who were both present at the relevant meeting,” appeal justice Evans wrote.

“Mr Williams further sought to place signiﬁcance on the parties’ relationship with NAD. However, there was no dispute that the hangar was ﬁnanced and built by AOG on property which was leased from NAD. There was an issue raised by Mr Williams as to whether the property was leased to Sky or to AOG. It appears that the property

“His level of anxiety and the depression that it’s bringing on relative to him is getting worse and worse,” said Mr Butler. “I’ve sent a number of e-mails over the course of the year trying to get them to interview him. I advised him the other day to go there in person, but he still was not able to see the commissioner of police, and nobody has given him any dates when he can see the commissioner.

“Let’s get this going and get this cleared up. It’s not ﬁne to be dangling this sword hanging over this man’s head, and nothing that he can do about it, because he does not control that organ of the state.”

was originally leased to Sky but there was a change made to transfer that lease to AOG.

“Mr. Williams argued that that transfer was not effective. However, in my view in the absence of evidence from NAD, who were not joined, the trial judge was right not to make any ﬁnding on that issue.... The proposed lease made provision for the rent to NAD to be paid for the use of its land, and for the rent due to AOG to be paid for the use of its hangar. It follows that based on the agreement any payment by Sky to NAD would not absolve them of the duty to pay rent for the use of the hangar.”

Having dismissed Sky Bahamas’ appeal over the hangar lease, the Court of Appeal did likewise with the airline’s accusation of “illegal and/or excessive distraint” by AOG selling off aircraft parts worth $930,000 compared to the $219,000 in allegedly outstanding rent.

It ruled that there was no evidence to support the $930,000 valuation, while Mr Kaiser had testiﬁed during the Supreme Court trial that he was unaware of any assets that had been sold. And, given that the lease was valid, AOG could “lawfully” seek to recover any unpaid rent by selling these items.

DEVELOPER EYES SUMMER FOR $45M WEST BAY HOTEL START

and Protection (DEPP) will make a decision on the CEC.

“The proposed works include the demolishing of two commercial buildings within the proposed project area and the construction of a 126-room hotel facility with a carrying capacity of 275 persons, and parking facilities,” the EMP afﬁrmed.

“Works are scheduled to begin upon approval and are estimated to take approximately two years to complete. The demolition phase is estimated to take approximately two to four weeks, and the construction phase 18-22 to months.”

The document showed plans for three separate storeys in the hotel together with roof-top facilities and amenities.

The EMP conceded that “ﬂooding will be a concern during the construction and operational phase of the proposed project” given that the “site may be prone to ﬂooding because of its low-lying terrain”. It added that King’s Court Hotel will seek to counter this risk by developing a “20,000 gallon catchment pit and drainage system to store water from rainfall” which will then be used in its own facility.

The Bahama Grill restaurant, which is due to be “reimagined” and incorporated into the resort, as well as another unoccupied building at the project site, were both found to be free of asbestos and lead paint

ahead of their planned demolition. And, during that demolition phase, West Bay Street will likely be closed at night with trafﬁc re-routed through Chippingham.

“Demolition operations will be restricted to daylight hours between 7am and 5pm,” the EPM said. “Road closure will not be required for the full duration of the project, as most of the construction activity will occur at the rear of the site. However, the demolition of the facade of the building will occur at night when there is less trafﬁc to limit impacts.

“During this time the area will be blockaded, and trafﬁc will be rerouted from West Bay Street. Private vehicles travelling west on West Bay Street will be directed on to Chippingham Road [and then back to West Bay Street].... Private vehicles travelling east on West Bay Street will be diverted on to Saint Albans Drive [and then back on to West Bay Street].”

While the King’s Court Hotel’s construction was initially estimated as creating between 80 to 100 construction jobs, Mr Gibson told Tribune Business yesterday: “That was being very conservative. Looking at it now, realistically, it’s going to be 150-200 jobs. Easy. That’s going to be very easy. For permanent jobs, we’re looking to hire between 150 to 200 in total.

“Once we get that [the CEC] done we are looking to start before the summer if we can... If we can get

started the best case scenario is we’re looking at around 2027 for completion.” Asked how much the hotel and parking lot will cost to construct, Mr Gibson replied: “We need to get that ﬁnal number now. We need to get through this process. We’re estimating about $45m.”

Noting that Gibson Development Company has been seeking all the required approvals from the relevant government agencies since last year, he described the processes as “very methodical” and “structured”. Mr Gibson added: “I can see the beneﬁts of it but it takes time to walk through...

“When I started I didn’t realise it was such a stringent process because the location I’m developing is already developed. I don’t know if you know the history of that property, but it used to be a nightclub and hotel, so this is nothing new for that property. It’s a little more formal now.

“It’s a part of the process, and I have to accept it as such. It’s not allowing me to move as fast as I want to move, but we’re moving nonetheless,” he added of the DEPP’s CEC process.

“That’s one of the areas we’re waiting on to get started.

“We still need to go through the ﬁnal process with Building [Control], but the CEC is one of the pivotal clearances we need and it’s one of the major hurdles. I’m realising there’s a law now and

regulations that everyone has to go through, and this property has gone through it before.....

“I’m stepping through it, doing what is required, following the process. It’s not as straightforward as I’d like it to be; I understand the reasons they have it in place, but it would be nice if it was streamlined so that it would not take as long. But so be it.”

Mr Gibson, who said the resort would offer “close to 300” car parking spaces, voiced hope that King’s Court Hotel will encourage others to invest capital in upgrading that section of West Bay Street. “I’m hoping it will encourage other investors to do likewise and to do other investments around that area,” he added. “That area could use more lift.

“I’m looking to take it to the next level, and hopefully with this investment it’s going to encourage other investors to come in and ﬁgure out something to co-exist and to make it all work. Hopefully it will be a catalyst for developing the other things we’re looking to encourage once we get started. That’s the western end of Arawak Cay.

“Right now, it’s not the most eye-pleasing thing, but hopefully this will encourage others to put more dollars into beautifying that. It has a lot of dilapidated boats and is not well-kept, so it will hopefully encourage others to ﬁx that up as well.”

Mr Gibson told Tribune Business that he wants King’s Court Hotel to help expand and grow the Bahamian tourism market by appealing to mid-priced travellers and offering them a more affordable option. “It’s extremely competitive,” he added of the hotel business. “We’re looking to be mid-market.

“We’re not looking to compete with Atlantis, we’re not looking to compete with Baha Mar or any luxury property. We’re looking to be mid-market where we can complement them and offer a product at a different level. Obviously foreign tourists are going to be the main driver, but the hotel will deﬁnitely be available and marketed to Bahamians.

“We’re going to have meeting space and event space. I’m sure Bahamians will want to take advantage of it... I want to be able to participate in that midmarket space. Right now, I think the mindset with The Bahamas, you automatically think luxury and high price. I want to make it affordable to the masses... [and] reach more of the tourists at a decent level.”

Revealing that the King’s Court Hotel will target daily room rates of $200, compared to the $300-$500 and upwards charged at higher-end resorts, so as to give visitors a different “option”, Mr Gibson added: “I’ve spoken to a lot of the stakeholders and they are very excited about

ELECTRIC VEHICLE DEALER’S MALL AT MARATHON ‘FIRST’

Life Road, it’s part of the transition to a bigger location. We’ve just hired two more sales trainees. We are currently advertising for two other positions with administrative roles. We’re excited.” While unable to give a precise ﬁgure for the investment required to bring the BYD expansion to reality, Ms Farmer said: “We’re working with a quantity surveyor now, and contractor now, to get all the pricing lined up. BYD showrooms have to be very speciﬁc; they have to be designed by BYD’s design team and approved by BYD. They have approved it.

“We have signed the lease with the Mall at Marathon, with whom we have a good relationship, and are putting

together all we need to build it. I’m sure it will run into several hundreds of thousands of dollars. BYD has faith in us, and we have good faith in the market. We’re very happy to start the year on a good note.”

Ms Farmer said the BYD extension, and associated investments, will enable Easy Car Sales to build on and add to the momentum generated in 2024. “We have grown again in 2024 by about 10-15 percent from the year before so we expect that trend to continue,” she told Tribune Business “We’ve hit an increase in sales, so that was good and that is despite other people entering the market, which didn’t seem to affect us. I think it was almost 300 [vehicle sales]. It increased by 10-15 percent, and we’re

Legal Notice

International Business Companies Act (No. 45 of 2000)

Camburi Global Fund Ltd. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Camburi Global Fund Ltd. has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck of the Register.

Te date of completion of the Dissolution was the 31st day of December, 2024

Gustavo Dos Santos Vaz Liquidator

FORTIZZA LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 20th of January 2025. Articles of Dissolution have been duly registered by the Registrar. Te liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED of Nassau, Bahamas.

Dated this 21st day of January 2025.

AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR

going to work for it, we’re going to work towards it.”

Ms Farmer said that, based on the latest Bahamas Motor Dealers Association (BMDA) industry sales ﬁgures, Easy Car Sales and electric vehicles account for around 9-10 percent of the total new auto market. “It’s very important,” she added of the new three-year distribution agreement, “because we would have worked together to build the BYD brand since 2017.

“It just means we are doing a good job because they want us to continue to do it. The end of 2027 would make ten years. It means BYD has conﬁdence in Easy Car Sales, and underlines the work we have done so far to bring BYD to number one in all electric vehicle sales in The Bahamas.

“The top BYD representatives for Latin America and the Caribbean, in which we are included, came to visit. We had long discussions, and they are very happy - and we are very happy - to be set for the next three years to be the only authorised distributor for new BYD vehicles and the only manufacturer warranty centre for all BYD vehicles in The Bahamas,” Ms Farmer continued.

“We are the only ones offering from the factory, for export in English, BYD vehicles. We worked very hard to make BYD the number one. We will continue to grow and continue to maintain our leadership as we expand with BYD.” Ms Farmer described BYD as “the majority of our sales” and Easy Car

DC ASSET MANAGEMENT LTD. Reg. No. 174197 B

NOTICE OF DISSOLUTION

Notice is hereby given, in accordance with Section 138(4) of the International Business Companies Act of 2000, that the above-named Company commenced dissolution procedures on the 11th day of December 2024 and that Sterling (Bahamas) Limited of 202 Marina Lane, Sandyport, West Bay Street, P.O. Box N-9934, Nassau, Bahamas has been appointed voluntary Liquidator of the Company.

Notice is also hereby given that any person having a claim against the Company is required, within 14 days of the date of this Notice, to send their names, addresses and particulars of their debts or claims to Sterling (Bahamas) Limited, the Liquidator of the Company, or in default thereof they will be excluded from the beneﬁt of any distribution made before such debts or claims are proved.

Dated this 21st day of January 2025

Sterling (Bahamas) Limited Liquidator

Legal Notice NOTICE

ST. MARY LIMITED (In Voluntary Liquidation)

Dated this 21st day of January 2025.

AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR

the prospects of a mid-market property.

“There’s not been any new entrants to the midmarket space. Most of them have been redeveloped properties. This will be a new property to the mid-market space. Persons are reacting very positively to a product’s that new to the mid-market space and, hearing we need more inventory in The Bahamas, this will allow us to do more things that we’re not doing now.

“It can spark interest in the mid-market and encourage Bahamian and foreign investors to look at that. I think it’s going to be a good thing.” Mr Gibson also voiced optimism that the King’s Court Hotel investment will stimulate interest in greater Bahamian ownership in the hotel industry.

“That’s something I would love to see happen,” he told this newspaper. “Although we have a very vibrant tourist market, we don’t have a lot of Bahamian ownership in that space. Typically it’s owned by foreigners. If we can encourage Bahamians by what we are able to accomplish it will be a good thing for The Bahamas and the tourism market.

“The foreign investor has done us very well. He’s pushed us to levels we didn’t think we could get to but, now we’ve seen what can happen, we can get in there and do something as well to capitalise on what’s going on.”

Sales’ “main brand” in electric vehicles. She explained that all other electric vehicle brands her dealership offers

“ﬁll the gaps where BYD doesn’t have a product” such as large commercial autos, ﬂat bed trucks, passenger vehicles and pick-up trucks.

“That’s why we offer several other brands where

BYD does not have a model so the Bahamian public have all options available to them,” Ms Farmer said. Audrey Nan Li, BYD’s vice-president for the Latin America region, said in a statement: “The Bahamas is a leader in BYD electric vehicles in the region. Easy Car Sales is a valued partner in BYD’s position as the largest global electric vehicle manufacturer in the world in 2024.”

Legal Notice

GLOBAL EMBEDDED EXPERTS CONSULTING SERVICES LTD

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the dissolution of GLOBAL EMBEDDED EXPERTS CONSULTING SERVICES LTD has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck of the Register. Te date of completion of the Dissolution was 31st December, 2024.

Crowe Bahamas Liquidator

Legal Notice NOTICE

FORTIZZA LTD. (In Voluntary Liquidation)

Dated this 21st day of January 2025.

AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR

Billionaires’ wealth soared in 2024, anti-poverty group says as the elites prepare for another Davos

By JAMEY KEATEN Associated Press

BILLIONAIRES' wealth grew three times faster in 2024 than the year before, a top anti-poverty group reported on Monday as some of the world's political and ﬁnancial elite prepared for an annual gathering in Davos, Switzerland.

Oxfam International, in its latest assessment of global inequality timed to the opening of the World Economic Forum meeting, also predicts at least ﬁve trillionaires will crop up over the next decade. A year ago, the group forecast that only one trillionaire would appear during that time.

OxFam's research adds weight to a warning by outgoing President Joe Biden last week of a "dangerous concentration of power in the hands of very few ultra-wealthy people." The group's sharp-edged report, titled "Takers Not Makers," also says the number of people in poverty has barely budged since 1990.

The World Economic Forum expects to host some 3,000 attendees, including business executives, academics, government ofﬁcials, and civic group leaders at its annual meeting in the Alpine village of Davos. The ﬁrst big day of meetings starts Tuesday, after a largely ceremonial start on Monday.

How will Davos-goers respond to Trump's inauguration?

Expect U.S. President Donald Trump's return to the White House to be a topic of formal conversations and off-the-cuff remarks. Policy experts are participating in a Tuesday morning panel titled, "47th US Presidency, Early Thoughts" and a town hall called "State of Play: U.S. Dollar."

Ukrianian President Volodymyr Zelenskyy, South African President Cyril Ramaphosa, Israeli President Isaac Herzog, German Chancellor Olaf Scholz and European Commission President Ursula von der Leyen are scheduled to deliver speeches at Davos on Tuesday.

President Aleksandar Vucic of Serbia, an avowed supporter of Trump, took a wait-and-see attitude before Trump gave his inaugural address on Monday. Vucic said he and his team would spend the evening analyzing the speech.

"Everybody hopes that Trump will bring new ambition and new energy" into resolving the RussiaUkraine war, the Serbian leader told The Associated Press. "I hope that Trump will do something in very concrete terms."

Trump's first speech of his second presidency was heavy on domestic issues, but he said "my proudest legacy will be that of a peacemaker and unifier" and alluded to a cease-fire deal between Israel and Hamas in Gaza that took

NOTICE

NOTICE is hereby given that ELIZABETH THERESA PINDER of P.O. Box CB-11411, #24 Marine Drive, The Grove, West Bay Street, New Providence, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SHERLEY CADET of Lazaretto Road, Carmichael Road, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that NICKESHA LATOYA MCKENZIE of I-95 Pinedale, Eight Mile Rock, Grand Bahama, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

effect on Sunday. Trump, who visited Davos twice during his ﬁrst term, was expected to take part in the forum's event by video on Thursday.

Anti-poverty activists fear 'new aristocracy' in U.S. and beyond Trump has long championed wealth accumulation — including his own — and counts multibillionaire Elon Musk as a top adviser.

"What you're seeing at the moment is a billionaire president taking oaths today, backed by the richest man. So this is pretty

much the jewel in the crown of the global oligarchies," Amitabh Behar, executive director of Oxfam International, said in an interview, referring to Trump and Musk.

"It's not about one speciﬁc individual. It's the economic system that we have created where the billionaires are now pretty much being able to shape economic policies, social policies, which eventually gives them more and more proﬁt," he added.

Like Biden's call for making billionaires "begin

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NOTICE is hereby given that RICHARD ANTHONY POWELL of P.O. Box SP61175, of Yamacraw Hill Road, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MYRLANDE CONFORT of Sandilands Village, Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

to pay their fair share" through the U.S. tax code, Oxfam — a global advocacy group — called on governments to tax the richest to reduce inequality and extreme wealth, and to "dismantle the new aristocracy."

The group called for steps like the break-up of monopolies, capping CEO pay, and regulation of corporations to ensure they pay "living wages" to workers.

How are the poorest faring?

Many investors racked up strong gains in 2024, with strong performances for top tech companies and stock-market indexes like the S&P 500, as well as the price of gold and cryptocurrencies like Bitcoin.

Oxfam said billionaire wealth grew by $2 trillion last year, or roughly $5.7 billion a day, three-times faster than in 2023. The number of billionaires rose by 204 to 2,769, and the 10 richest men saw their wealth rise nearly $100 million a day on average, it said.

NOTICE

NOTICE is hereby given that REBERT MERIUS of Soldier Road, New Providence, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that TANISHA JOSEPH of P.O. Box SB52944 Ocean Street Nassau, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

DIANE von Furstenberg, Founder and Co-Chairwoman, Diane Von Furstenberg Studio, center, speaks after receiving a Crystal Award from Hilde Schwab, Chairperson and Co-Founder, Schwab Foundation for Social Entrepreneurship, during the ceremony for the Crystal Awards at the 55th annual meeting of the World Economic Forum, WEF, in Davos, Switzerland, on Monday, Jan. 20, 2025.

Photo:Michael Buholzer/AP

Musk’s straight-arm gesture embraced by right-wing extremists regardless

By BERNARD CONDON AP Business Writer

RIGHT-wing extremists are celebrating Elon Musk's straight-arm gesture during a speech Monday, although his intention wasn't totally clear and some hate watchdogs are saying not to read too much into it.

"I just want to say thank you for making it happen," Musk said during a speech at Capital One Arena, referring to Donald Trump's victory in the presidential election. Then he slapped his hand on his chest, extended his arm straight out and up with his palm facing down.

"My heart goes out to you," said Musk, after turning around to make a similar gesture facing the other way.

Many social media users noticed that the gesture looked like a Nazi salute. Musk has only fanned the ﬂames of suspicion by not explicitly denying those claims in a dozen posts since, though he did make light of the criticism and lashed out at people making that interpretation.

"The 'everyone is Hitler' attack is sooo tired," Musk posted on X several hours after he left the stage.

Critics and fans alike of the Tesla CEO and world's richest man were quick to react to the gesture.

"The White Flame will rise again," a chapter of the white nationalist group

White Lives Matter posted on Telegram. "Maybe woke really is dead," white nationalist Keith Woods posted on X. "Did Elon Musk just Heil Hitler ..." right-wing commentator Evan Kilgore posted on X. "We are so back."

The Anti-Defamation League, an antisemitism and human rights watchdog, called it an "awkward gesture" and urged caution in jumping to conclusions. Other extremism monitors and experts pointed out it was unclear what Musk was trying to convey to the crowd of Trump's supporters by thrusting his arm out.

"I'm skeptical it was on purpose," said Jared Holt, a senior research analyst at the Institute for Strategic Dialogue, which tracks online hate. "It would be an act of self-sabotage that wouldn't really make much sense at all."

Holt noted Musk speciﬁcally said his heart went out to the crowd. That could indicate a sort of gesture of thanks to them.

Since Musk bought Twitter, now called X, the self-described "free speech absolutist" has faced criticism from hate-speech watchdogs for allowing extremist, dangerous and antisemitic comments to ﬂourish on the social media platform. His response has been to attack his critics, suing one group unsuccessfully after advertisers ﬂed

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NOTICE is hereby given that DARLINE MERIUS of Soldier Road, New Providence, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that RASHAAD RENARDO RIDDLE of General Delivery, Betsy Village, Governor’s Harbour, Eleuthera, Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that RAYMOND SAINTIL of Marsh Harbour Abaco, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SONY LOUIS of Marsh Harbour, Abaco, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

X and threatening to sue another, the Anti-Defamation League, which urged calm at what it called a "delicate moment" in its statement Monday.

"It seems that @elonmusk made an awkward gesture in a moment of enthusiasm, not a Nazi salute, but again, we appreciate that people are on edge," the ADL said in a statement. "In this moment, all sides should give one another a bit of grace, perhaps even the beneﬁt of the doubt, and take a breath."

Kurt Braddock, a professor of communication at American University who studies extremism, radicalization and terrorism, said the gesture was a fascist salute and "people shouldn't doubt what they saw."

"I know what I saw, I know what the response to it was among elements of the extreme right including neo-Nazis, Braddock said. "And none of it is a laughing matter."

Efraim Zuroff, the retired head of the Simon Wiesenthal Center's Jerusalem ofﬁce and formerly the organization's top Nazi hunter, said he also saw it as Nazi salute, and that it happened at U.S. presidential inauguration celebration

made it especially shocking to see.

"It's totally improper, and it raises all sorts of questions regarding his motivations, or his ignorance," he said in a telephone interview from Israel. "This is America, the leader of the free world, the people who sacriﬁced 200,000 soldiers who died to defend Europe. He has to explain himself."

In Europe where the fascist salute is associated with the hate, death and destruction of World War II, Musk's arm gesture elicited outrage.

An Italian communist youth organization on Tuesday hung an effigy of Musk upside down in Milan's Piazzale Loreto, where Mussolini's body was hung upside down after he was executed during the final days of World War II. The organization, Cambiare Rotta (Change Course), noted in a Facebook post that a photo of the effigy had been removed by the social media company.

"We are correctly a little afraid, because that image is scary,'' author Filippo Ceccarelli told Italian La7 private television.

Known as the Roman salute in Italy, the straightarm greeting ofﬁcially adopted in 1925 by the

NOTICE

NOTICE is hereby given that TREVOR CHARLES HIKER of Love Beach, West Bay Street, New Providence, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

dictator Benito Mussolini's fascist regime is banned in Italy though it is rarely prosecuted.

Musk's representative in Italy, Andrea Stroppa, published the photo on X with the words: "Roman Empire is back, starting with the Roman salute," according to the news agency ANSA.

He later deleted the post, writing that Musk "is autistic," and was expressing his emotions but denying he was emulating fascism.

"He does not like extremists,'' Stroppa wrote.

In France on Monday, more than 80 associations, including human rights, environmental and press freedom groups left X, though it is unclear if Musk was the trigger or Trump's inauguration. Several universities and schools left X, too, as well as nationwide

and local newspaper on various sides of the political spectrum.

Brian Levin, founder of the Center for the Study of Hate and Extremism at California State University, San Bernardino, said even if it was accidental, the gesture Musk did has the power to hurt people.

"When you're a public

ﬁgure at the highest echelons of power on Inauguration Day, doing a salute like that is extraordinarily disturbing and it calls for an explanation from Musk," he said. "Points are made about free speech. Well, along with free speech comes responsibility."

Levin said some extremists will take the gesture regardless of its intent as "some kind of not-so-subtle marching order."

NOTICE

NOTICE is hereby given that DYKE DURRANY PASSARD of #65 Adelaide Road, New Providence, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

ELON Musk speaks at an indoor Presidential Inauguration parade event in Washington, Monday, Jan. 20, 2025. Photo:Matt Rourke/AP

STOCK MARKET TODAY

Wall Street begins Trump's second term with gains

By STAN CHOE AP Business Writer

U.S. stocks rose Tuesday after more companies said they made bigger proﬁts at the end of last year than analysts expected and as Treasury yields eased.

The S&P 500 climbed 0.9%, while many markets around the world took only tentative steps following Donald Trump's return to the White House on Monday. The Dow Jones Industrial Average rose 538 points, or 1.2%, and the Nasdaq composite added 0.6%.

Trump has promised sweeping moves to reshape global trade and the economy, often at the expense of other countries, but most stock indexes in Asia and Europe made only modest moves. In the bond market, U.S. Treasury yields gave back some of their big recent gains that had

cranked up the pressure on stock markets worldwide, while bitcoin pulled back from its record set the day before.

In the foreign-currency market, the values of both the Mexican peso and Canadian dollar fell against the U.S. dollar after Trump said he expects to put 25% tariffs on Canada and Mexico starting on Feb. 1. Trump had threatened even stiffer tariffs on Chinese imports during his campaign, but he said Monday he wanted to have more discussions with the leader of the world's second-largest economy.

The threat of widespread tariffs, along with the possibility of other policies that could swell the U.S. government's debt, had helped send Treasury yields higher recently, which in turn knocked down stock prices. To make up for such downward pressure, companies

need to deliver stronger earnings growth to support their stock prices.

Charles Schwab did just that on Tuesday and rose 5.9% after delivering a better proﬁt report for the end of 2024 than analysts expected. It credited clients pouring more in dollars, as its total client assets rose 19% from a year earlier to $10.10 trillion.

3M climbed 4.2% after reporting proﬁt and revenue for the end of 2024 that edged past analysts' expectations The company behind Scotch tape and Command strips also gave forecasts for ﬁnancial results in 2025 that were roughly in line with analysts' expectations.

This earnings reporting season is still in its early days, but S&P 500 companies have so far been beating analysts' expectations for earnings by double the rate they were

doing at this time three months ago, according to Bank of America strategists Ohsung Kwon and Savita Subramanian. Moderna also rose 5.4% after saying it received $590 million in total awards from the U.S. government for the continued development of flu vaccines. Oracle rallied 7.2% ahead of an expected announcement by Trump on investments in artificialintelligence infrastructure involving the tech giant, OpenAI and SoftBank. Such gains helped offset a 9.2% drop for Walgreen Boots Alliance. The U.S. Justice Department accused Walgreens late Friday of filling millions of prescriptions without a legitimate purpose, including for

dangerous amounts of opioids. In the lawsuit, the government says the drugstore chain's pharmacists ﬁlled controlled substance prescriptions with clear red ﬂags that indicated they were highly likely to be unlawful.

Walgreens, one of the country's largest pharmacy chains with over 8,000 locations, said in a statement that it stands behind its pharmacists and "will not stand by and allow the government to put our pharmacists in a no-win situation, trying to comply with "rules" that simply do not exist."

All told, the S&P 500 added 52.58 points to 6,049.24. The Dow Jones Industrial Average gained

537.98 to 44,025.81, and the Nasdaq composite rose 126.58 to 19,756.78. In the bond market, Treasury yields eased to give back some of the big gains they'd made in recent months on worries about inﬂation remaining difﬁcult to fully subdue.

The yield on the 10-year Treasury fell to 4.56% from 4.62% late Friday. Like the U.S. stock market, bond trading had been closed on Monday in observance of Martin Luther King Jr. Day. The 10-year Treasury yield has been regressing since an encouraging update on inﬂation last week, but it's still well above where it was in September, when it was below 3.65%.