Put natural resource regime reforms ‘in black and white’
By NEIL HARTNELL Tribune Business Editor
THE Bahamas must set out “in black and white” the regulatory regime that scientists are expected to comply with if it is to break the bureaucratic bottleneck undermining natural resources research.
Dr Nick Higgs, head of research and innovation at Cape Eleuthera Institute - the Island School, who was one of five scientists to write a just-published paper on the urgent need for reform, said the Department of Environmental Planning and Protection (DEPP) has been doing its best to speed-up permit vetting and processing despite the legal and regulatory constraints of the system it has to work in.
However, he warned that greater clarity, comfort and certainty must be provided to researchers - especially those from abroad - by amending the Biological Resources and Traditional Knowledge Act and its accompanying Access and Benefits Sharing (ABS) regime such that they do not feel exposed to the possibility of multi-million dollar fines or even jail sentences.
As an example, Dr Higgs cited assurances given by Dr Rhianna Neely-Murphy, DEPP’s director, that the regime does not mandate that scientists share their findings with the Government first before publication - only that they notify it of when the findings are to be released.
While “good to know”, he explained that this may be DEPP’s own interpretation but it is not what the Act and terms in the ABS agreement stipulate. Dr Higgs said only the necessary legal and regulatory reforms will now provide the scientific and research community with the comfort it requires to undertake legitimate activities in The Bahamas.
“Dr Neely-Murphy and her team have made strides to do the best they can with the system but we’ve not seen any changes in the system that’s set up,” he explained. “It still needs
borrower interest forgiveness
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A SENIOR banker yesterday said he was “taken aback” by a Cabinet minister’s call for banks to totally “forgive” interest debts run-up by delinquent borrowers due to the impact on the sector’s stability.
Gowon Bowe, the Clearing Banks Association’s (CBA) chairman, told Tribune Business that fully writing-off the unpaid interest accumulated by non-performing homeowners would effectively deprive Bahamian commercial lenders of a key revenue stream needed to pay staff and depositors plus cover their overhead expenses.
While signalling that banks may be prepared to forego a small percentage of their profit margin to aid mortgage holders who have defaulted, he added that completely forgiving interest debt would send the wrong message by rewarding delinquent borrowers at the expense of those who have always met their financial obligations.
The Clearing Banks chief spoke out after Keith Bell, minister of housing and urban renewal, on Wednesday said the Government was seeking to work with the industry to keep persons in their homes via forgiving the unpaid interest debt that has built up as a result of failing to regularly meet due mortgage payments.
And, apart from creating moral hazard, Mr Bowe told this newspaper that banks and other lenders would much rather find new, qualified buyers to acquire distressed mortgage properties and take them off the industry’s books as opposed to leaving them in the hands of borrowers who have previously defaulted and proven unreliable.
“If you look at the clearing banks, a number of the clearing banks - Scotia, RBC, FirstCaribbean (CIBC) - they have very large distressed lists,” Mr Bell said. “What we are trying to do is be able
Sarkis battling for evidence to aid Nassau hotel wind-up
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BAHA MAR’S contractor is fighting to prevent Sarkis Izmirlian from using evidence disclosed in US legal proceedings to help with his bid to wind-up its two Nassau-based hotels. Their latest battle was revealed yesterday by the original Baha Mar developer’s push for the New Jersey bankruptcy court to appoint
an “independent examiner”, who would be charged with investigating dealings between China Construction America’s (CCA) US subsidiary and other affiliates for alleged “fraud, dishonesty, incompetence, misconduct, mismanagement” or other irregularities prior to its Chapter 11 filing.
Mr Izmirlian and his BML Properties vehicle, in filings with the New Jersey court, argued that the examiner’s appointment is justified because CCA Construction
Inc has shown “clear bias” against themselves even though the $1.642bn damages awarded against the Chinese state-owned contractor makes them its largest creditor by far.
With no official creditors committee likely to be appointed, and China Construction Inc purportedly “stonewalling” Mr Izmirlian’s information requests following its December 22, 2024, filing for Chapter 11 bankruptcy protection, Baha Mar’s
One in five Bahamians in ‘informal economy’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas was yesterday urged to prioritise developing “the next generation” workforce as close to one in every five citizens are estimated to be employed in the so-called ‘informal economy’.
The Bahamas Chamber of Commerce and Employers Confederation (BCCEC), in written replies to Tribune Business queries over the recent International Monetary Fund (IMF) Article IV report on this nation’s economy, agreed that the latter was “within its rights” to describe the country as facing a high risk of sovereign debt distress given the $11.5bn-plus national debt and associated interest costs.
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
BAHAMIANS are not over-taxed but, rather, “incorrectly” taxed by a system where revenues as a percentage of economic output are lower than most developed economies, a senior banker said yesterday.
Gowon Bowe, Fidelity Bank (Bahamas) chief executive, told the Rotary Club of West Nassau that while this nation’s revenueto-GDP ratio stands at
However, it firmly “rejected” the imposition of new and/or increased taxes, instead urging the Government to “streamline” spending and not “unduly burden” the already hardpressed private sector and consumers. And, while “not overly concerned” that The Bahamas is reverting to its historical low annual economic growth average of
about 22 percent is is less than the average 25 percent to 30 percent seen in most developed states.
Instead, he argued that Bahamians are “incorrectly” taxed by a regressive, consumptionbased tax system that results in Bahamians with lower earnings paying proportionally more of their income in taxes compared to their higher net worth counterparts.
“One of the first things you hear Bahamians always say is we are over taxed.
SARKIS IZMIRLIAN
GOWON BOWE LEONARD SANDS FRANON WILSON
How to establish an inclusive workplace
Aculture that promotes authenticity means valuing and celebrating the unique backgrounds, perspectives and experiences of each employee. Corporate management should create an inclusive culture where everyone feels welcome, respected and accepted. An inclusive and equitable culture is key to diversity in business.
A culturally authentic work space is one where:
* Differences are honoured. A culturally authentic work space
acknowledges and respects the unique identities and experiences of different cultural groups.
* There is a strong sense of safety. An authentic workplace makes employees feel safe to share their ideas and individual cultural expression without fear of punishment or ridicule.
* The promotion of self awareness. An authentic workplace encourages employees to understand themselves, their emotions, actions and thoughts.
Here are some suggestions for how to celebrate the cultural diversity that might exist in your work space:
1. Diversity training is always a good place to start when trying to create a culturally secure workplace. Educate your team on the different groups in your workspace and be deliberate in teaching inclusion and respect.
2. Create a cultural calendar to celebrate holidays and festivals that promote different cultural expressions.
3. Host a culturally authentic culinary experience or just a potluck encouraging different cultures to share their unique cuisine.
4. Create a physical environment that includes different cultural expressions. The music, the art, the sculptures should all reflect some part of the local or employee culture.
5. Make adjustments to your human resource practices to include and engage all cultures. This might include sourcing and recruitment practices, as
well
to improve the overall work culture.
BAHAMIANS HELP DEVELOP CYBER SECURITY DEFENCE FOR CARIBBEAN
THREE Bahamian cyber security specialists joined their Commonwealth counterparts from the Caribbean this week to develop a road map aimed at boosting co-operation in the fight against online crime.
The plan emerged from two days of discussions among 15 specialists representing The Bahamas, Barbados, Grenada, Guyana, Jamaica, Trinidad and Tobago, the CARICOM Implementation Agency for Crime and Security, and the Regional Security System.
Those present included Semetria McKinney, head of the computer incident response team at the Office of the Prime Minister of The Bahamas. She and the others met in Port of Spain,Trinidad, on January 21-22 for the first-ever summit of the Commonwealth Caribbean Cyber Fellowship.
The roadmap that the meeting produced lays out a framework for greater
regional co-operation to prevent and combat cyber threats, including fraud, ransomware and hacking.
Specific steps include establishing an online platform to share knowledge and tools; exchanging strategies to enhance national cyber security policies and infrastructure and fostering
mutual support in handling electronic evidence.
Trezawnah Gordon, senior director of the cyber intelligence policy and incident response branch at Jamaica’s Ministry of National Security, praised the road map as a significant step towards creating a safer digital future.
Put natural resource regime reforms ‘in black and white’
reform, it still needs changes. We submitted proposals to the Attorney General for this. The legislation needs amending, and there needs to be better regulation.
“I don’t want to throw the DEPP and Attorney General under the bus. They’ve clearly been trying to make this better. We’d like to see better wholesale changes in the regime and the framework. I clearly am appreciative of the goodwill of DEPP to do things better, and they’ve improved their timeliness, responsiveness and processing of applications, yet the system is still frustratingly flawed.”
Dr Higgs cited several Bahamian scientists and researchers, one a tenured university professor and the other a master student, who were working for international institutions and struggled to obtain the necessary permits to conduct research activities in this nation. He added that the professor’s university was unable to sign the agreement with the Government because it was deemed
too restrictive and left it potentially exposed to high penalties.
“In each of those cases we worked with DEPP to find a way through it,” Dr Higgs explained, “but that took a significant effort from all parties involved to come up with a solution to the problem where some Bahamian scientists were not able to do research in this country. That’s very telling that there’s a problem with the system.... “There are ongoing challenges and, to highlight, it cannot be left as is. There’s still more that needs to be done in reforming this. While it’s great that all efforts are being made to make the best of it, we’d be even more grateful if they can fix the problem.”
Referring specifically to the Mutually Agreed Terms (MAT) contract that all scientists and researchers must sign with the Government before they can obtain their permits, Dr Higgs explained: “There’s still terms in there that run counter to how science works in terms of information sharing and what you
1.5 percent, the Chamber said several ease of doing business reforms must be tackled as “priorities”.
“We would like to see several reforms made priority areas to enhance the ease and reduce the cost of doing business in the country, namely improvements in our education system to produce a labour force prepared for the current and future employment opportunities,” the Chamber told this newspaper.
“Studies have shown that increases in high school graduation rates - with a high school diploma versus a leaving certificate - are tied to increases in a country’s GDP. We must improve educational outcomes to improve economic growth.” And the private sector advocacy body also called for a “roll out of the
National Apprenticeship Programme to train the next generation of workers in the country. This has the potential to lead to a lower rate of unemployment and enhanced economic growth as more skilled persons are injected into the workforce”.
This echoes similar calls by the IMF in its Article IV report, which urged “investing in human capital and reducing labour market informality”. The report added: “Around 18 percent of workers in The Bahamas are engaged in informal employment, lower than other Caribbean countries but high relative to high income peers. Compared to other countries, credit to the private sector in The Bahamas is low.
“Moreover, underemployment and insufficient work history are among the main causes for mortgage denials in the country.
can and cannot do with the information collected.
“Science is based on freely sharing information, but in there you are supposed to consult with the Government of The Bahamas before publishing research. There’s a very real conflict with the constitution and freedom of expression. The sharing of ideas and information, that to me is what science is about and I bristle at the idea of sharing anything with the Government before it’s published.
“Dr Neely-Murphy spoke about this before. She said: ‘No, no’. That you only notify them of when you will publish. That’s not censorship. I said: ‘That’s good to know, but that’s not what’s in the agreement and what the law says’. That, in a nutshell, is where we are now,” Dr Higgs told this newspaper.
“The way DEPP interprets this is very facilitative and lenient, but what’s in black and white is very different. Any lawyer will say: ‘They may say this, but you have to go with what’s in black and white’. That’s why it’s important for the
Simplifying business registration, enhancing informational outreach both on starting-up and operating a business, and conducting outreach on the benefits of formal sector participation could encourage firms to regularise their activities and create more formal jobs.
“Furthermore, expanding vocational and apprenticeship programmes, and improving skill databases and job placement services, would build skills, support job matching, reduce youth unemployment and enable workers to reach their full potential.”
As for the IMF’s forecast that the Bahamian economy is reverting to its traditional slower growth rates following then postCOVID reflation, the Chamber added: “What we note is that the economy is directly impacted by the
She said: “The road map will provide a valuable platform for fellows from across the region to share expertise, exchange ideas and develop adaptable models that countries can use to strengthen their cyber security.”
Another attendee, Anish Bachu, head of the cyber
legislation to be amended and the regulations to change.”
Dr Higgs and the other scientists, including Dr Krista Sherman and Dr Craig Dahlgren of the Perry Institute for Marine Science, wrote in their paper published in the environmental journal, MDPI: “In addition to the research permit(s) issued to individuals, a Mutually Agreed Terms (MAT) contract must be signed by researchers and institutions for permits to be issued.
“The legal requirements outlined in the MAT contract explicitly state that the Government owns all data collected as part of the research and has the right to approve how data is shared. This is often in direct conflict with grant and publishing requirements, as well as modern scientific practices involving the free exchange of data.
“For example, grant requirements with the National Science Foundation in the US call for researchers to make data freely available within a specified time. However, because the Government of The Bahamas owns the data and places limitations on data sharing, the MAT contract is in direct conflict with the agreement researchers must sign to receive funding.”
cost and ease of doing business along with a landscape that is conducive for businesses to first survive and then thrive, thereby creating jobs, contributing to national development and economic stability.
“We are not overly concerned about the proposed growth rate but will continue to monitor the same while providing recommendations to the Government and to our members that will continue improve outcomes in the economy which have the ability to impact the growth rate in the long-run.”
And, when it came to the Fund’s assessment of the country’s fiscal position, the Chamber added: “Based on the Bahamas’ legal borrowing capacity, the IMF is within its rights to consider the country high risk when ranking against its criteria for the same.
security incident response team at Trinidad and Tobago’s Ministry of National Security, acknowledged the challenges posed by the small size of Caribbean countries. He pointed out that some countries have cyber security teams consisting of just one or two people.
Mr Bachu explained that the fellowship would help address this limitation by bringing Caribbean countries together to pool their knowledge and resources, which he said would result in swifter and more co-ordinated responses to cyber threats.
Elizabeth Macharia, head of the Commonwealth Secretariat’s rule of law section, said: “Digital connectivity has immense potential for the development of societies. However, it also exposes businesses and citizens to significant cyber threats that demand urgent attention.
They then added:
“Restrictions on sharing data may also conflict with the freedom of expression clauses in the constitution of The Commonwealth of The Bahamas. The constitution is the supreme law of The Bahamas, and any laws found to be inconsistent with the constitution ‘shall, to the extent of the inconsistency, be void’.
“Article 23.1 of the constitution grants citizens the ‘freedom to hold opinions, to receive and impart ideas and information without interference’. However, the Biological Resources and Traditional Knowledge Act text mandates users to obtain government permission before publishing ‘any results of any scientific research or discovery of any derivatives or other findings, other than strictly taxonomic and conservation related noncommercial data’.
“Although exceptions to freedom of expression are provided ‘in the interests of defence, public safety, public order, public morality or public health’,” and for protecting the rights and freedoms of other persons, the restrictions on information sharing in the Biological Resources and Traditional Knowledge Act may put its validity in jeopardy.”
“The BCCEC rejects the notion of increased taxation but supports revenue reforms that streamline expenditure while maximising revenue without unduly burdening the alreadyfinancially challenged citizens and business community. A booming tourist economy with new projects coming on stream and enhanced revenue collection measures should assist with increasing revenue.”
Calling for further reform, the Chamber told Tribune Business that businesses need “smoother and more efficient interactions with government departments such as Inland Revenue, Bahamas Investment Authority and other bodies with control over investment projects in the country.
“Too often investors – local and international – complain about costly delays in obtaining
Launched in 2024, the fellowship is supported by the UK’s Foreign, Commonwealth and Development Office. Jon Dean, British High Commissioner to Trinidad and Tobago, said: “The fellowship is an important opportunity as it brings together key stakeholders in the cyber security space to share best practice, knowledge and expertise.
“Through this initiative, we are ensuring that Trinidad and Tobago and the Caribbean are well-positioned to tackle the growing cyber threats of tomorrow.” The fellowship contributes to the delivery of the Commonwealth Cyber Declaration, an agreement among Commonwealth countries to promote a safe cyber space for all Commonwealth citizens.
“This road map, developed and led by the region, will equip countries to take more proactive measures rooted in domestic laws as part of their wider efforts to create a safer digital environment for all.”
Then there are the penalties for breaches and non-compliance. The five scientists warned: “The restrictions on data sharing are coupled with liability clauses that mandate arbitrarily large fines - ‘fixed sum of $7m and any other damages and penalties that may apply - and criminal sanctions of up to 10 years upon conviction associated with any breach in compliance, including sharing data with any individual or institution not listed on the permit.
“Legally, this is problematic because these fines are not anchored in the enabling legislation. Operationally, many institutions have been advised not to sign the MAT contract or, in some cases, do not have the legal authority to enter into an agreement with the Government of The Bahamas.
“Additionally, third party service providers (commercial laboratories) that process samples and provide data to researchers are now required to be listed on permits and sign the MAT agreement. Since these companies have nothing to do with the use of data, but may still be held liable for data misuse, most have indicated unwillingness to provide services under the new system, making it impossible to execute planned studies.”
approvals. We should be focused on getting investment projects started as soon as possible,” it added, while also urging “improvement in access to financing for people wishing to start or expand businesses, especially on our Family Islands which desperately need investment.
“With this must come more education on opportunities for investment as well as assistance with starting the business. The encouragement and financing of boutique hotel properties and AirBNB’s could assist in addressing our hotel room shortage.”
The Chamber also called for more public-private partnerships (PPPs) to be undertaken on infrastructure investments that generate income for themselves and spark further growth and development, such as Family Island airports, cargo vessels and ferries as well as upgrades to seaports, particularly Potter’s Cay Dock.
BAHAMAS WILL ULTIMATELY ‘PAY THE PIPER’ OVER DEBT
By FAY SIMMONS
THE Bahamas is “significantly” indebted, and cannot keep rolling over or refinancing its debt indefinitely, as it will eventually have to “pay the piper”, a senior banker warned yesterday.
Speaking to the Rotary Club West, Gowon Bowe, Fidelity Bank (Bahamas) chief executive, said it was concerning that this nation’s external debt owed to foreign investors is increasing because that means the external reserves and foreign currency-earning
export industries such as tourism will come under greater pressure to help service it.
“When you think about our debt being now over $11.5bn, and our actual GDP only creeping up over 1$3.5bn, the reality is we are significantly in debt.
The reality is, unlike the United States, we are going to have to pay back what it is that we open,” he added. “We don’t have that situation where our economy is so attractive that people are constantly coming to it, and we can keep rolling over debt. At some point, persons are going to ask for you to pay the piper.
“Previously, go back ten years ago, the foreign
component of our debt was relatively small - it was 25 percent or less than $4bn. Now, in excess of $5bn of that is actually in US dollars. So it means that in excess of 40 percent of our debt now is owned by persons outside of the country.”
Mr Bowe added that foreign investors will continue to evaluate The Bahamas’ credit risk, and the Government not meeting its payments to all contractors on time “sends a message”.
“They look at The Bahamas compared to its ability to pay its bills, its actual stewardship in terms of meeting the deficits as they come to you and making their payments,
Doctors resume industrial agreement talks with Gov’t
By ANNELIA NIXON Tribune Business
SENIOR doctors in the public hospitals and healthcare system yesterday backed a Cabinet minister's assertion that both sides have returned to industrial agreement negotiations and progress is being made.
Pia Glover-Rolle, minister of labour and the public service, confirmed that talks have resumed between the Government and Consultant Physicians Staff Association (CPSA).
“The doctors union, I am pleased to say we're back at the table with both unions,” she said. “We've made progress last night and I look forward to making more progress over the next day or two.
"The goal is for me as the minister to wrap it up as soon as possible. Negotiations are conversations back and forth. When we pull away from the table, the conversation ends. So I'm happy to have them back at the table. Conversation continues. We made some progress. We have some other items that we're still working on, but I am hopeful, we're both hopeful.
"The union, I think I can speak on their behalf this morning to say we're all hopeful that we will have a resolution very, very soon.”
Charelle Lockhart, the CPSA president, added:
“We had a very cordial meeting with the minister. It was refreshing. We are still in talks. There are still a few kinks that need to be
worked out. I agree that we have made progress.” Mrs Glover-Rolle mentioned clocking in and out as one issue to be resolved.
“It's been a sticking point,” she added. “But there's the talk of what happened historically. Not because something happened historically means that it's right. We are here in this era of transformation of the public service to make things right, to stick to the policy where we are not in line with policy, to bring ourselves in line with policy.
"The matter of accountability and liability is very important. We need to know who's in the building, we need to know who is in the hospital, who is at the facility. Payroll is a separate matter. Overtime is a matter unto itself. But accountability is very important in healthcare. In fact, throughout our ministries, we have persons at every level that sign in and out, persons at the executive level and persons at the lowest level.
"So we can't continue to allow a grouping out of thousands of other employees in that same system to not do what is policy, what is stated in policy, a policy that they all signed when they signed their policy document. So we are also wanting to include it in our industrial agreement," Mrs Glover-Rolle continued.
"Then you look at the fact that we're moving into a new HRMIS financial management system for the nation in terms of public service that will require sign-in and sign-out and authentication. So that's a sticking point that we
and sometimes government, I think, believes that they live in a vacuum to the extent that when they’re not paying people on time, that sends a message. If you have a customer not paying you, how long do you really expect to keep them as a customer?” said Mr Bowe. “Even if they are fantastic in terms of the revenue you earn, but it takes you 12 months to get paid. You may be out of business by the time you get paid because your employees are not waiting until you get paid. You can’t give them an IOU and say, ‘Well, I can pay you and I get paid’. Your suppliers generally say, ‘Well, that’s you and your business in terms
of who you sell to. I want to have the actual remittances’, and so we have to be very, very cognisant of that.”
The Fidelity chief said that, as an import-based economy, The Bahamas’ inflation rate and cost of living is determined largely by outside factors. He questioned how the Government plans to lower the cost of living when it has no control over prices in the global market, and called for Bahamians to start thinking of ways they can be more self-sufficient or adjust their lifestyles to combat high costs.
“We have international suppliers. So when we’re talking about the price of
plywood or shingles after a hurricane, when we talking about food and where it comes from, and all times when government is saying that they’re going to lower the cost of living, I always ask ‘how’ and you don’t control the supply,” Mr Bowe said.
“The reality is we import inflation, we import the cost of living. And so we have to either start thinking about self-sufficiency and how do we develop for ourselves, or we have to change the narrative to say that we have to actually adjust our lifestyles, even if it is only temporary.”
Minister details progress over civil service reforms
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
A CABINET minister yesterday said the Government is making progress on its ten-point reform strategy for the public service with plans to link its new payroll system to a call centre.
continue to work through. I understand the doctors unions and where they are with that particular policy, but there is, again I say, the process of accountability.
"When I came into the public service, there were a lot of things with our policy that weren't being observed. Okay, that's historic. Now we have to make sure we're bringing our public service in line with the policies. We are also simultaneously reviewing policies because some policies may not make sense or may be antiquated.
"So let's fix it, let's not ignore it, let's fix it. So I'm confident that that is the sticking point, like I said, that we will get, and a lot of times in negotiations it's your determination of how something is crafted or what it means. And the Government side and the employer side don't see eye to eye. But it is important that we continue to negotiate, that we continue to explain our side, so that we can come to some point of resolution.”
Pia Glover-Rolle, minister of labour and the public service, told a seminar: “Launching the Public Service Virtual Call Centre is in progress, and that will tie in in some ways with our Oracle [payroll system]. As you know, I've done my own call centre through a dedicated Whats App line for public servants across the country.
"They can reach out and talk to me about their matters; get their matters resolved. And that has been welcomed by public servants and it's a lot. But I try to answer everyone and help them through, and sometimes they just want a response even if that response isn’t what they want to hear. But at least they got the response. So that's a work in progress.”
Mrs Glover-Rolle encouraged public servants to take the survey related to the proposed bi-weekly pay shift. “The Ministry of Public Service is a partner with the Ministry of Finance, who's the lead agency on the HRMIS Financial Management, which we call the Cloud Bahamas Oracle system," she added.
"Stakeholders are being engaged. That includes unions. Some have been engaged, some were unavailable, and the Ministry of Finance continues to make
their self available to the unions that were unavailable at the time. A meeting has been scheduled with that particular Congress [of unions] and we look forward to the conversation being one that is fruitful.
"In the meantime, Ministry of Finance has put out a survey asking public servants their opinion.... I'm encouraging public servants to take the survey so that we can understand from a wider range of public servants, because there have been surveys before of what they expect, what the expectation is, what the desire is," Mrs GloverRolle continued.
"You've heard the Minister of Economic Affairs say that if it's not what you want, we won't do it, but we're moving into a progressive and an efficient environment and that includes ensuring that we have digitisation of our public service, human resources and finance management systems.
“In terms of the stakeholder consultations they continue. When we look at the steps in the process, people may say, oh, they should have spoken to them first. We have to build the system. We have to do the analysis. We have to understand what we're building and what we're serving. And now we come to the stakeholders and we say, this is what we have. Give us your feedback. How can this work?
"So there's strategic implementation. We hear the chatter, but strategic implementation and a plan is there. And now we're engaging steps of the plan in order to be able to hopefully come to a successful place in short order
within this year of our new system.”
Mrs Glover-Rolle also spoke to the accommodations unit identifying unused leases and ensuring buildings are in good working condition. "We're making some sub-standard buildings more fit to work and for you, our human resources, and trying our best to align with our Decent Work country programme standard of keeping work conditions at a high standard," she added.
"So you will see ministries moving into new buildings. Now, I’m going to be honest. We said we were moving the public service. We said we were moving a little while now… I just talked to the contractor last night and this morning. But the reality is there were some challenges with getting some components of the building in from China. I have the photos. They are on their way. But the building is now, again, going to be actively renovated. There was a pause.
“We're still going to move. I've been in communications and asked him to put his hand on it directly, our minister of works who is working along with us. So we expect to still be moving into our new building. And this year they say… we need to get out of where we are because our transformation needs to be not only in the work we do, but visibly. People need to see that our Ministry of Public Services transformed and moved into the 21st century physically. So we are continuing to keep the work going there.”
PIA GLOVER-ROLLE
SARKIS BATTLING FOR EVIDENCE TO AID NASSAU HOTEL WIND-UP
original developer argued that appointing an independent examiner would be the best way to protect all creditors given the contractor’s “history of serious - and already proven - fraud claims”.
Mr Izmirlian’s independent examiner move appears to be part of a concerted strategy to build on his New York State Supreme Court victory, and the multi-billion damages award in his favour, by keeping the pressure on CCA’s affiliates in the Bahamas and US as he seeks to enforce the judgment against them.
Another part of this plan is the winding-up petitions filed in the Bahamian Supreme Court against CCA (Bahamas) and CSCEC (Bahamas) on the basis that they are insolvent. These petitions were advertised in Tribune Business yesterday to give the Chinese-state owned contractor and any other creditors an opportunity to appear before the Supreme Court in the case.
CCA (Bahamas) and CSCEC (Bahamas) are the other two CCA-related defendants liable to pay Mr Izmirlian’s judgment award, and the former is the immediate parent entity for both the contractor’s Bahamian resort interests - the British Colonial and Margaritaville Beach Resort, which are located adjacent to each other in downtown Nassau.
Documents filed yesterday with Mr Izmirlian’s independent examiner bid reveal that the two sides have been negotiating a socalled “protective order” governing how confidential
documents and other evidence - disclosed as part of the Chapter 11 bankruptcy protection process involving China Construction Inc - will be treated. However, they are at odds over the issue of whether any evidence disclosed in the Chapter 11 proceedings could then be used by Mr Izmirlian and BML Properties to aid other legal actions against CCA including the Bahamian winding-up proceedings involving the two resorts. Not surprisingly, Baha Mar’s original developer wants the ability to do this, while the Chinese state-owned contractor is adamantly opposed. Setting out CCA’s position, Erica Weisgerber, attorney and partner with the US law firm, Debevoise & Plimpton, wrote on January 13, 2025: “We do not agree that it is appropriate to use the Chapter 11 case as a means to get discovery for ‘any proceeding in furtherance of enforcing, executing or otherwise satisfying the Baha
Mar judgment and/or BML Properties’ creditor rights.”
Brett Theisen, vice-chair of financial restructuring and creditors’ rights groups at the Gibbons law firm, hit back a day later on Mr Izmirlian’s behalf by asserting: “While a use restriction may be appropriate in more conventional bankruptcy cases, it is inappropriate here.
“Your clients have not paid the judgment, and BML Properties is thus required to pursue its enforcement against CCA’s non-debtor co-defendants, CCA Bahamas and CSCEC Bahamas, in proceedings outside of the bankruptcy case. As you know, those enforcement proceedings against non-debtors CCA Bahamas and CSCE Bahamas are not stayed by virtue of CCA’s bankruptcy filing.....
“The mere fact that BML Properties ‘intend[s] to use these materials outside of this litigation is not ‘good cause’ to support the protective order, unless defendants can establish that the discovery was not
procured in good faith for the purposes of this litigation’.”
Amid the subsequent back-and-forth negotiations between the two sides, Mr Theisen made clear his objections to the restrictions CCA was seeking to impose in a January 20, 2025, e-mail, in which he branded them “not practical” and unworkable.
“As just one example, your proposal would mean that, before BML Properties goes to the US Bankruptcy Court to seek permission to use a document in a Bahamian proceeding, BML Properties cannot even seek advice from its outside Bahamian counsel about whether it ought to do so, as sharing summaries or excerpts that ‘might reveal’ the confidential information with non-Chapter 11 counsel would breach the order,” he wrote.
However, Ms Weisgerber warned the same day that CCA was not budging. “Neither CCA nor the DIP (debtor-in-possession) lender agrees that any materials produced in this case may be used outside of the Chapter 11 case, and both CCA and the DIP lender will oppose any use of materials for any other purpose,” she added. The DIP lender is CCA’s parent, China State Construction and Engineering Corporation (CSCEC).
Mr Theisen, though, again objected to CCA’s position as the ‘protective order’ it was seeking would effectively require Mr Izmirlian and BML Properties “to disclose the litigation strategies it is considering by way of delivering acknowledgements of the protective order directly to CCA and the DIP lender.
“Your new provision would require BML Properties to disclose to CCA and the DIP lender (and thus the non-debtor affiliates) as-yet undisclosed strategies that BML Propeties is exploring, impinging on its ability to obtain advice of counsel and infringing on its attorney work-product protections,” he added.
“For example, if BML Properties identifies evidence of dissipation by CCA Bahamas in Bolivia, then BML Properties would need to consult with counsel in Bolivia, and then decide whether to seek permission to use the documents in Bolivia.
“BML Properties should not have to disclose that it is exploring any particular strategy any sooner than absolutely necessary, and the requirement of sharing acknowledgements with CCA and the DIP lender will prejudice BML Properties’ enforcement efforts against non-debtors” such as CCA Bahamas and its two Nassau-based resorts.
As for an independent examiner’s appointment, Mr Izmirlian pointed out that the New York State Supreme Court had “rejected CCA’s feigned corporate separateness” in “piercing the corporate veil” and made the two Bahamian affiliates as well as CCA Construction Inc liable for the $1.642bn damages award.
“Now in bankruptcy, CCA remains inextricably linked to its affiliates and its Chinese state-owned parent, China State Construction Engineering Corporation,” Baha Mar’s original developer asserted. He also argued that of the initial $8m tranche in Chapter 11 financing to be provided to CCA Construction by its parent, the majority or $5.9m appeared to be earmarked for other affiliates via “shared services” transfers.
“Based on CCA’s clear bias against BML Properties - its largest creditor by orders of magnitude - it is apparent that CCA is not acting as a true fiduciary for its estate,” Mr Izmirlian argued. “Exacerbating the situation, no official creditors’ committee will be formed by the Office of the United States Trustee for this district, and CCA has stonewalled BML Properties’ requests for information.....
“CCA’s insistence that all future requests for information go through formal
discovery, rather than freely disclosing the information requested by the estate’s largest creditor, bespeaks the level of obstruction that CCA (likely acting at the behest of CSCEC) will impose on these proceedings. Rather than efficiently providing information, CCA insists on making BML Properties’ efforts to obtain information as complicated and costly as possible.
“For these reasons, BML Properties seeks the appointment of an independent examiner to investigate.. the dealings between CCA and its nominal affiliates to identify instances of fraud, dishonesty, incompetence, misconduct, mismanagement or irregularity in the management of CCA’s affairs in the lead up to, and throughout, this Chapter 11 case.”
And Baha Mar’s original developer further argued: “An examiner will serve at least three important functions. One, allowing an independent investigation into claims that CCA’s estate may possess that could significantly enhance creditor recoveries, including potential avoidance actions, alter ego claims and breach of fiduciary duty claims.
“Two, protecting the interests of creditors and the public at large, and three, providing stakeholders, the US trustee and the court with much needed transparency that the debtor has resisted in this Chapter 11 case. Because CCA’s fixed, liquidated and unsecured debts well exceed $5m, the appointment of an examiner is mandatory under binding third circuit precedent.
“Moreover, an examiner is in the best interests of CCA’s creditors given the history of serious - and already proven - allegations of fraud. An examiner should thus be appointed, and BML Properties respectfully requests that it be granted broad investigatory powers.”
BAHA MAR RESORT
‘TAKEN ABACK’ OVER DELINQUENT BORROWER INTEREST FORGIVENESS
to work with those banks to keep people in their homes.
“As well as looking at those distressed lists, and if they [the banks] are able to forgive the interest, then we are able to recoup those homes and put people back into their homes.” But Mr Bowe, who is also Fidelity Bank (Bahamas) chief executive, told this newspaper that fully writing-off unpaid mortgage interest would be another example of unintended consequences flowing from policies that may be well-intentioned.
“I’m always sort of taken aback a bit when policymakers speak about possible mortgage relief and keeping persons in their homes because there’s no financial institution in The Bahamas and the world that doesn’t work it and make every effort to keep people in their homes,” he told Tribune Business
“The reason I’m taken aback is there’s almost an element of naivety that’s going into this consideration of keeping people in their homes. By that I mean when we speak about interest forgiveness there has to be an appreciation that the only revenue banks earn on mortgages is interest income.”
Mr Bowe said forgiving unpaid interest entirely,
as Mr Bell had called for, would for banks be the equivalent of another businesses selling all its goods at zero cost or agreeing not to collect on accounts receivables. In both instances, any company foolish enough to do that would soon close.
“That’s the interest to compensate staff, to compensate depositors with interest on their deposits, and to cover overheads such as rent, utilities and Business Licence fees,” he added. “The only revenue that is earned from doing that, lending money, is interest income.
“It sounds easy to forgive interest, but if you translate that into what that means, you’re asking me to forgive interest that pays expenses and you’re asking me to rob Peter to pay Paul. I’m sure there’s no desire from the policymakers for banks to send staff home and close physical structures and there be fewer banks. So if they want banks to exist and be stable, they have to earn revenue.”
Some observers may have little sympathy for Bahamas-based commercial banks given their general profitability. CIBC Caribbean recently unveiled annual profits of $136.3m for the year to end-October 2024, up $14m or 11 percent from the prior year’s
net income of $122.3m, but Mr Bowe reiterated that the focus should not be on 100 percent forgiveness of unpaid mortgage interest.
Instead, he suggested that Bahamian commercial banks may be prepared to relinquish a small portion of their profit margin to aid struggling borrowers while ensuring they still earn enough to cover costs including those created by loan delinquency.
“These are people that are delinquent,” Mr Bowe added. “The question that will emerge from persons paying their loans is: Are you rewarding persons for failure to meet their financial commitments but not rewarding those that have?
It’s a very delicate message, and the policymakers get pulled into this populism that sounds popular with the electorate but are not thinking of the implications of what has been suggested.
“When we sit down and say how do we look at potential issues that need to be addressed, we sometimes speak before we have an understanding of all the facts. We have to be careful because it often triggers an emotional response by certain sectors of society and creates this combative stance of ‘us versus them’.
“I did hear the [minister’s] comments, and I think
Bahamians taxed ‘incorrectly’ rather than excessive sums
The reality is, in most developed countries, the tax-to-GDP ratio is usually 25 percent to 30 percent.
In The Bahamas, for many, many years, it was less than 20 percent and only more recently, through what we’re going to call enforcement etc, are we getting up to 22 percent to 23 percent of GDP,” said Mr Bowe.
“So by no stretch of the imagination are we overtaxed…and I’ll leave this
debate for another time, but we are incorrectly taxed and we place the tax burden on the wrong sectors. The least among us pay the most among us, and that is the problem we have, not that we are over-taxed.”
Mr Bowe said Bahamians tend to focus in consumer borrowing instead of meaningful investments, which the current economic environment does not encourage.
“The largest part of our borrowing is not in
productive borrowing, it is in consumer borrowing. And so if I lower the interest rate, am I stimulating economic activity? Am I stimulating business investment? Am I stimulating the development of property and infrastructure?” said Mr Bowe.
“And the answer is, in its current form, the economic environment doesn’t lend to that. The only thing that will transpire is more consumer borrowing.”
Mr Bowe said many civil
there’s a bit of reminding that interest is not profit. Interest covers cost, the cost of interest to depositors, profit margin and delinquency. When we start talking about forgiveness, the amount being forgiven is a reduced profit margin, not the amount covering costs. That’s a much, much smaller component.”
Mr Bowe reiterated that banks prefer to see distressed properties taken off their hands by new, qualified buyers as opposed to those who have previously defaulted on their mortgage obligations. “The banks like to close financial transactions, which means taking the property out of the hands of those who cannot meet their contractual obligations and putting it in the hands of those who can meet their obligations,” he added.
The Fidelity Bank (Bahamas) chief had previously suggested that, instead of focusing on constructing more affordable homes to solve The Bahamas’ housing crisis, the Government should work with the commercial banking industry and other lenders to cure the “overhang” of distressed properties that has persisted since the 20082009 recession.
Disclosing that his own BISX-listed institution
servants have debts that exceed 75 percent of their income, hindering their progress and making some susceptible to participating in illegal activities.
“When you speak to the Government, even today, the amount of government employees that have salary deductions that exceed 75 percent of their income, they would be astonished to learn the statistic,” said Mr Bowe
“The reality is, when we talk about national development and progress, if persons are taking home less than 25 percent of what they earn, they are far more susceptible to ‘facilitation encouragements’.”
Union Pacific and CSX both deliver solid results while preparing for possible impact of tariffs
NOTICE
NOTICE is hereby given that ROSEGALIE EXAMA of East 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 24th 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 DANLEY CHARLES of Carmichael Road, New Providence, 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 24th 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 AFEEZ OLAYINKA MICAHEL JUNAID of #80 Montrose Avenue, 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 24th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
By JOSH FUNK AP Business Writer
BOTH Union Pacific and CSX delivered solid results in the fourth quarter as the railroads prepared to deal with whatever challenges President Donald Trump's administration or the economy might present this year.
Trump's threat to impose tariffs on America's two biggest trading partners of Mexico and Canada could hurt the imports railroads deliver. But if the Federal Railroad Administration eases regulations and approves some of the waivers the industry has
been pursuing for years and taxes change that would help their bottom line. Plus, anything Trump does to encourage more domestic manufacturing will help the railroads.
UP CEO Jim Vena said he hopes tariffs are "a negotiating position by the president because I don't think anybody — the consumers in the U.S. — would love to have increases in prices because of a dispute, unless there's some strategic reason that the president needs to do that for the security of the country."
CSX CEO Joe Hinrichs said getting the waivers
NOTICE
NOTICE is hereby given that JUNIOR CALIXTE of P.O. Box N-4108 of Madeira Street, Palmdale, 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 24th 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 DESTINY SHARON DESHOMMES of 5369 Treetops Drive, Naples, Fl 34113, FL, 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 17th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
alone has “a distressed property portfolio worth $20m that’s not doing anything”, he urged the Government and private sector to collaborate in creating a real estate investment trust (REIT) or similar corporate vehicle.
Once appropriately financed it would buy distressed properties from Bahamas-based commercial banks at a fraction (cents on the dollar) of what they are valued at on industry balance sheets. They would then be refitted to provide a ready-made affordable, low cost housing solution for hundreds of Bahamian families.
Mr Bell, who recently estimated that The Bahamas is around 12,000 housing units short when it comes to meeting demand, also this week criticised Bahamian commercial banks for being overlyaggressive in offering personal/consumer loans yet being much more reluctant to extend mortgages.
“What you will find is that many of our clearing banks, they are very quick to give persons loans for cars.. As a matter of fact, you don’t need no down payment, and when you want to get a house the closing costs are so significant,” the minister said.
Mr Bowe called for more participation by Bahamian investors, but noted that as many large companies in the financial services and tourism industries are foreign-owned it is important to understand their true scale and earnings and have them taxed appropriately.
“We need to look at how we leverage our own assets, our own proximity to the US, our own God given gifts, and use that to leverage and borrow with the intention of Bahamians owning the very US dollar earning enterprises that exist in the country today. So if we spend it in us, we need to actually earn in us,” said Mr Bowe.
approved would allow the railroads to shift employees away from finding problems so they can focus on fixing them, but unions have opposed the move. They say the technology should supplement — not replace — human inspections.
"We're expecting a regulatory environment that's a lot more supportive of advancing technology and advancing efficiency and safety in the rail industry," Hinrichs said. "And we're looking forward to, you know, our governing bodies are being more collaborative."
The key for any railroad is to haul freight as efficiently as possible so you can deal with whatever comes, Edward Jones analyst Jeff Windau said. Both
However, he also acknowledged that many Bahamians are unable to qualify for mortgage loans because they have taken on too much consumer debt, “which is a saddle for them” when they seek to become homeowners. Mr Bell called on Bahamians to change their financial habits, and “exercise discipline, control and restraint in terms of our borrowing” if they are to realise their home ownership dreams. Mr Bowe previously said that, under his REIT plan, funds previously tied-up in non-performing loans would now be freed for lending to productive sectors of the Bahamian economy such as business/ commercial ventures as well as qualified borrowers in the housing market. This would drive both economic growth and job creation, and Mr Bowe suggested his proposal would get more Bahamian families into their homes faster since the properties are already built rather than having to wait for construction to be completed. It would also likely be less costly for the Government, and potentially reduce its risk exposure, while making greater inroads into the ‘affordable’ housing shortage.
“We have foreign customers that we are servicing, but we create a different set of rules for them, and we almost play on that politically and say whether it’s not for the Bahamians, it’s for the foreigners, but the reality is, they are equally using our resources within the country and, in most cases, contributing.
“So we need to understand the true size and scale of what the foreign component is in our country, and we need to appropriately tax it and understand how we benefit. We need to remember that every investor that we bring in means that there is ‘x’ repatriation of profits on the way up.”
Union Pacific and CSX got more efficient in the quarter even while CSX was dealing with the aftermath of two major hurricanes. The Omaha, Nebraskabased Union Pacific reported $1.76 billion profit Thursday, or $2.91 per share, to easily top Wall Street expectations. That's up from $1.65 billion, or $2.71 per share a year ago. The railroad improved its bottom line even though it had an additional one-time cost related to some buyouts of brake persons in one region that added $40 million in costs. Wall Street expected Union Pacific to report earnings per share of $2.80 on average, according to the survey of analysts FactSet Research did.
NOTICE
NOTICE is hereby given that ESNEL JEAN-BAPTISTE of Segull Lane off Joe Farrington 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 17th 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 NEVILIA BLANC of Faith Avenue, New Providence, 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 24th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
S&P 500 climbs to a record
By STAN CHOE AP Business Writer
U.S. stocks rose to a record Thursday as Wall Street regained some of the momentum that catapulted it to 57 all-time highs last year. The S&P 500 climbed 0.5% to surpass its record set early last month after coming close the day before. It was the seventh gain in eight days for the main measure of Wall Street's health. The Dow Jones Industrial Average piled on 408 points, or 0.9%, while the Nasdaq composite added 0.2%.
The gains came amid relatively calm moves for Treasury yields in the U.S. bond market. Big swings there in recent months have been shaking the stock market, particularly when rising worries about inflation and the U.S. government's heavy debt send Treasury yields higher.
Treasury yields took a brief turn upward after President Donald Trump began talking about the prospect of tariffs in a speech by video at the World Economic Forum,
saying products made outside of the United States will be subject to a tariff, but they pulled back after he gave few details. Crude prices also sank after Trump called on oil-producing countries to reduce the price of crude, which would ease worries about inflation. The yield on the 10-year Treasury climbed to 4.64% from 4.61% late Wednesday, though it remains below its high from earlier this month. The two-year Treasury yield eased to 4.29% from 4.30% late Wednesday.
Yields earlier in the day had held relatively steady after a report showed slightly more U.S. workers applied for unemployment benefits last week than economists expected. While the numbers increased, "they were well within the modest range established in recent months," according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley. "Employment continues to highlight US economic outperformance."
Traders don't expect the report to push the Federal
Reserve to cut its main interest rate at its upcoming meeting next week, according to data from CME Group. If they're correct, it would be the first meeting since September where the Fed hasn't lowered the federal funds rate to take pressure off the U.S. economy. Lower rates can goose prices for investments, but they can also give inflation more fuel.
On Wall Street, GE Aerospace flew 6.6% higher after reporting stronger profit
for the latest quarter than analysts expected. The company, which split off from General Electric with two other companies last year, said orders for its airplane engines and services jumped 50% from a year earlier to $12.9 billion.
Netflix was another one of the strongest forces lifting the S&P 500. It rose another 3.2% after jumping 9.7% the day before following a better-than-expected profit report.
Union Pacific chugged 5.2% higher after beating analysts' expectations for profit in the latest quarter. The railroad said its workforce was more productive during the quarter, and its fuel consumption rate likewise improved.
American Airlines lost 8.7% even though it reported stronger profit and revenue for the latest quarter than analysts expected.
It said it may report a bigger loss for the first three months of 2025 than analysts expected. American also gave a forecasted range for profit over the full year whose midpoint fell short of analysts' expectations.
Video game maker Electronic Arts dropped 16.7% after it warned of a slowdown in revenue related to its soccer game, EA Sports FC25. It also said fewer gamers played its Dragon Age game during the latest quarter than it expected, further cutting into its revenue.
All told, the S&P 500 rose 32.34 points to 6,118.71. The Dow Jones Industrial Average climbed 408.34 to 44,565.07, and the Nasdaq
composite added 44.34 to 20,053.68.
In stock markets abroad, movements were mostly quiet, even after China's latest attempt to juice stock prices in the world's secondlargest economy. Stocks in Hong Kong got a brief boost from China's ordering of pensions and mutual funds to invest more in domestic stocks, for example, but the Hang Seng index ended with a dip of 0.4%.
Japan's Nikkei 225 gained 0.8% despite a sharp drop for Fuji Media Holdings after Masahiro Nakai, a top TV host and former pop star, said he was retiring to take responsibility over sexual assault allegations that are part of a wave roiling Japan's entertainment industry. The Fuji TV scandal triggered an avalanche of lost advertising at one of the networks where he worked. In the cryptocurrency market, where prices have surged on hopes President Donald Trump will make Washington friendlier to the industry, bitcoin fell below $103,000, according to CoinDesk. It had set a record above $109,000 on Monday.
MARINE FORECAST
TRADERS work on the floor at the New York Stock Exchange in New York, Tuesday, Jan. 21, 2025. Photo:Seth Wenig/AP
