Tax chief hoping for 80-85% compliance on Business Licence
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A SENIOR Depart-
ment of Inland Revenue executive is hoping 80-85 percent of Bahamian companies met Friday’s Business Licence filing deadline so that financial penalties are kept to a minimum. Dexter Fernander, the Department of Inland Revenue’s operations manager, told Tribune Business he was seeking a high compliance threshold from the private sector as he confirmed many businesses had waited “until the last minute” to submit their actual turnover figures for 2024 and estimates for 2025. Speaking prior to “running the system” and seeing how companies met the January 31 deadline, he said: “It’s been a typical pace, including coming at the last minute and changing their representatives. A lot of people are switching the representatives they have in their system; a combination of accountants and lawyers, and asking for
them to get access to the system themselves.
“That’s very interesting, but we’re accommodating them once we get a letter to deactivate the previous access points.” As for the tendency of many businesses to wait until the end-January deadline to file their Business Licence returns, Mr Fernander added: “I don’t understand that culture. I guess it’s ‘I’ll wait until this day and pray everything is right with the system.
“We haven’t had any indication that people have had problems with the system. Hopefully, when we run the system, we will see 80-85 percent compliance. Hopefully we won’t have many penalties for late filings.” Tribune Business was unable to reach Mr Fernander subsequently to determine how many businesses out of the anticipated 65,000 filers had met the deadline, with 26,000 having done so as at Wednesday. Meanwhile, Mark Turnquest, a small business
Price hike concern over new food safety regime
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
FARMERS and other Bahamian food-related businesses are voicing fears they may be forced to increase prices due to the mandates of a new health and safety regulatory regime that is now being enforced.
Agriculture entrepreneurs and other food vendors, speaking on condition of anonymity for fear of reprisal, told Tribune Business that aspects of the supervisory framework unveiled on Friday by the Bahamas Agricultural Health and Food Safety Authority (BAHFSA) appeared unduly onerous and bureaucratic, and could discourage young entrepreneurs from entering farming or home-based food businesses.
Those who attended the Authority’s webinars and Zoom calls on Friday, at which its online permitting and inspection processes were launched, said food-related businesses will now have to apply for annual registration with BAHFSA in addition to all the other multiple
permits and tax payments they must obtain/make to the Government.
Disclosing that firms will be unable to obtain their Business Licence unless they are registered with the Authority, and have passed an annual inspection, attendees said farmers and other enterprises involved in numerous aspects of the food industry will now face the prospect of having to co-ordinate and undergo multiple annual inspections from 2026 onwards.
And they expressed particular concern that it appears every employee in a food store, wholesale distributor and restaurant who “comes into contact” with food products must obtain an annual health certificate even if they do not directly handle produce.
This was interpreted by some attendees spoken to by Tribune Business as meaning that delivery drivers, warehouse staff and forklift drivers must also obtain annual health certificates - a demand some branded as “not practical or reasonable”. The same sources also said they will now be required to document, and provide evidence, of pest control contracts and other efforts to maintain cleanliness at their premises.
Those who were on the webinars, or learned what was discussed, said it seemed as if the remaining 11 months of 2025 will be treated as “your period of leniency to get straight” before the regulatory regime is fully enforced in 2026.
“Thank God they’ve given us an entire year to wrap our heads around it and figure out how we’re going to
Cable warns 5G is ‘not viable’ in medium-term
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
REGULATORS will press ahead this year with plans to facilitate fifth generation (5G) mobile roll-out despite Cable Bahamas’ warning that the technology is “not commercially viable” in the medium-term.
The Utilities Regulation and Competition Authority (URCA), unveiling the results of its consultation on the “road map” to deploying 5G mobile technology throughout The Bahamas, confirmed it will “release premium spectrum [mobile frequencies] for 5G in low and mid-bands in 2025”
in an effort to move the process forward given the potentially significant economic and development benefits it can bring.
But Cable Bahamas, in its consultation response, while acknowledging the benefits that the latest mobile network technology can generate for tourism, businesses and the wider economy, warned that “the key issue that needs to be recognised more clearly” by the likes of the Government, URCA and others is that such a roll-out does not make commercial business sense for operators such as itself in the medium-term.
Arguing that forecasts for mobile data growth
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DONALD Trump’s decision to levy tariffs on Chinese, Canadian and Mexican imports is “definitely very bad news” for Bahamians as it will likely increase prices for multiple goods, businesses warned yesterday, The Bahamas Chamber of Commerce and Employers Confederation (BCCEC), in a statement responding to Tribune Business inquiries, said it harbours “deep concern” over the US president’s move to ignite a trade war given that it will may once again worsen the inflation and cost of living crisis that many Bahamian families are “already struggling with”.
The Bahamas, which imports virtually all the physical goods it consumes and has limited domestic
RBC to alter branch hours from March 3
RBC Royal Bank (Bahamas) has announced that all branches will adjust their operating hours to open from 9am to 3pm every week day with effect from March 3, 2025.
The bank, in a statement, said the move is designed to “align with client and consumer changing needs and preferences” and thus improve the experience for customers.
More and more, clients and consumers prefer the convenience of self-serve options for their every day financial transactions and are turning to digital banking and ATM services, while leveraging personalised, in-branch support for more complex financial advice, like buying a home or car, investing for
retirement, or saving for their children’s education,”
RBC said in a statement.
“RBC continues to focus on enhancing its channels, technology and talent. The bank has made significant investments in its self-serve channels, and has made progress in the digital environment, making branch visits for clients quicker, easier and more efficient, enhancing the client experience.
“RBC also expects these changes will improve the work environment for its employees, allowing them to serve clients with dedicated and focused attention, contributing to employee engagement and providing the best client experience.”
DEVELOPER SAYS NEW PROVIDENCE MARINA’S FIRST PHASE BY FALL 2025
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
A NEW Providence marina developer says the first phase of its multimillion dollar project will be completed by fall 2025 as it seeks to lift the Bahamian boating industry to “a higher level”. Christopher Langille, membership director for Legendary Marina Resort at Blue Water Cay, which being built-out on the south-eastern New Providence coast, told attendees that once the first phase is completed by October or November this year it will then focus on construction of a boat storage facility capable of withstanding Category Five hurricanes.
“Our first phase will open later this year, October, November,” he said. “We’ve got two openings really. We’ve got the
opening in the water and, to be able to do that, we’re already splashing docks. Some of the docks are in the water now and we’ll be pouring a slab on the barn pretty soon. And we lovingly call our Category 5 protected hurricane facility a dry stack facility, a barn.
“We’ve got electrical and service and lighting, and so we’ll do all that. We’ll haul people’s boats in and out, wash them off for free, restack them in the barn or if people are in the water. Eventually we’ll have haul out services for larger vessels as well. So, you know, there’s a larger service element.
“The people that are putting this together really know what they’re doing. They’ve got a retail background, both European and United States. We’ve got development background all over the United States, and marina development
specifically. So the guys that are putting this together really, really know what they’re doing. They’re high level experts and they’re ready to go.”
With all necessary approvals obtained from the Government, Mr Langille added: “We’re trying to create the higher tide to lift all boats, and to lift the Bahamian boating and yacht charter industry up to a higher level.”
As to why The Bahamas was chosen for the project, Mr Langille said it was “because 40 percent of the earth’s boating world comes to The Bahamas. It’s probably one of the most magical places on earth for boaters. The colour of the water, the magic of the people is here. So not my first time in The Bahamas either. I was involved with the Margaritaville project in downtown Nassau. And so it’s a magical place...
“We’ve been in the works for a couple of years. I mean, the Heads of Agreement have been there for quite a while and this is not our first time. This is a rinse and repeat for us. We’ve got an 800-strong barn in Destin, Florida, and an over 750 in Gulf Shores. But this is our first one in The Bahamas and we started on New Providence because, you know, the airport and the workforce and all that.
“Later this year we’re going to put about 100 boats in the water, eventually up to 200 feet. And the Category 5 protected barn will be up to 55 feet if it’s got the right centre of gravity. So we’re really going to have a good hurricane plan. We’re going to have a good membership here, and we will have people that rent out those slips, and so we’ll be able to have in and out as well.”
HUMAN RESOURCES SOCIETY UNVEILS NEW EXECUTIVE TEAM
THE Bahamas Society for Human Resource Management (BSHRM) has installed its 2025 executive team during a meeting at Goldwynn Resort and Residences.
Dana Munnings-Gray, the Insurance Commission’s superintendent, encouraged the new executive Board and human resources officials generally to not only thrive professionally but personally as well. “Because people spend m ost of their time at work, human resource management remains the driving force to shaping the culture of our organisations,” she said in her keynote address. Lashanta Smith, the Society’s president, said
that in 2024 it successfully partnered with the University of The Bahamas, the Rotary Club of Old Fort and the Department of Labour to provide bespoke training and networking opportunities. And its participation in the Department of Labour’s Labour Symposium sparked a discussion regarding four-day work weeks. The year ended with the Society’s annual conference and the inaugural release of its dual membership release programme.
Ms Smith said: “The 2025 theme: ‘THRIVE - Talent, HR strategy, innovation, value and empowerment’, not only encapsulates this executive board’s vision to
grow the impact of human resources professionals; it focuses on harnessing talent through strategic initiatives, driving innovation in our practices and delivering value across programmes.”
The Bahamian society is affiliated with the Society for Human Resource Management, the world’s largest body of human resource professionals. It provides a forum for human resources and business professionals to discuss current human resource-related and business issues, enhancing their knowledge and skills and providing technical support to its members.
L-R: Anna-Philece Greene – VP Public Relations, Tonya Bethel – VP of Programs, Melissa Deveaux -VP of Membership, Denise Knowles – President-elect, Lashanta Smith – President, Candice Gomez – VP of Finance, Carla Hamilton- Secretary, and Justina Stubbs – Director of Programs.
WELL-wishers discussing pointers delivered by keynote speaker, Superintendent of Insurance Dana Munnings-Gray.
BRON supporting Tonya Bethel – BSHRM VP of Programs.
BUSINESSES TOLD TO PROPERLY LEVERAGE NEW COLLATERAL BILL
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
BUSINESSES must demonstrate their creditworthiness and cash flow generation capabilities to properly leverage new legislation that facilitates the pledging of assets such as accounts receivables as collateral.
Gowon Bowe, Fidelity Bank (Bahamas) chief executive, said the Transactions in Movable Property Security Interest Bill just passed by the House of Assembly is a positive step but collateral is an “enhancer”, not the primary factor determining lending decisions. He added that financial institutions will still focus on the borrower’s ability to
demonstrate sufficient cash flow, and capacity to repay the loan, before extending credit.
“There was this belief that banks used to accept vacant land or a house as collateral, and lent against the value of the home, but that was never really the determining factor. If you ask to borrow $200,000 from me, I am looking to see that you have income sufficient to pay the $200,000 back,” said Mr Bowe.
“If you have that ability to do so, but there’s a risk that that income could be interrupted, yet you had collateral that had value; that allowed me to recover in the event of default. And I think that got misconstrued as saying banks lent against the value of collateral. That has never
Wedding planners exposed to Grand Bahama amenities
NOTICE
NOTICE is hereby given that ALLONDIEU BEAUCHARD of Milton Blvd., 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 3rd day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
really been the underlying principle.”
Mr Bowe said lenders provide loans on the premise that they will be repaid in cash, and not have to sell-off the pledged collateral or security to recoup their losses. While providing collateral in the form of equipment, tools and accounts receivables, as well as the ability to place liens on these items, will enhance the process it is not sufficient to secure financing.
“For financial institutions a loan is a financial asset, meaning I give you cash in exchange for a loan receivable. The way I expect to recover it is through repayments of cash, just the same way I paid it out. I take collateral to be a back-up in the event of default, and what happened during the
EIGHT wedding planners visiting The Bahamas for a romance conference were flown into Grand Bahama on Friday, January 31, 2025 for a ‘Day Away’ island hopping experience by the Ministry of Tourism.
The delegation is part of a larger group of 50 planners from the UK, Canada, Trinidad, Jamaica and the US who are attending the ministry’s romance conference in New Providence from January 30 to February 3.
As part of the experience, the eight planners were taken on tour of resort properties such as Viva Fortuna, Pelican Bay Hotel and the Grand Lucayan, and visited popular spots including the Bahamian Brewery, Garden of the Groves and Port Lucaya. The planners were also treated to lunch at
global recession that has been continuing since, is now the market to sell this collateral has effectively collapsed for all intents and purposes,” said Mr Bowe. “It doesn’t matter how much the paper says the property is worth. If I can’t sell it, it actually is worth zero. Having the ability to take a lien against receivables, cars, boats, tools and all of the like is an enhancer, but if you can’t demonstrate that those are earning new cash flows that will enable you to repay, the ability to pledge the assets in an efficient manner is not going to be sufficient to get you over the hurdle.”
Mr Bowe said movable property register is “bringing the Bahamas into the 21st century” by efficiently registering liens for businesses raising capital.
However, the ability to register liens, meaning charges secured on these assets, is not enough on its own. Businesses need to educate themselves on how to demonstrate the monetary value and revenue-generating potential of their movable assets to lenders.
“The movable property register is bringing The Bahamas into the 21st century as it relates to having an efficient process for registering liens, not just for banks, but any business that is raising capital, whether it’s through bonds, preference shares and even private investment, having a bill and having an ability
to say that we are able to, in an efficient manner, register liens,” Mr Bowe said.
“Now you are creating more efficient commerce, because you have the ability with a register and the ability to actually place liens on these assets to inspire commerce. It’s not going to immediately say banks are accepting those assets as collateral. Banks will still be expecting businesses to demonstrate they have a capacity to pay, and those assets may be evidence of what they generate in cash flow, and having a lien against them is only an enhancer, not a determinant.
“The legislation is a move in the right direction. But what is more important is how do we educate and advance our businesses to where they can demonstrate the monetary value, or how they can monetise their assets, and then present a case that demonstrates they have the cash flows and wherewithal to repay the debt. The ability to register a lien against these types of assets, then becomes an enhancer.”
Portobello Restaurant at Lighthouse Pointe before flying back to Nassau that evening. The day was designed to showcase the island’s unique offerings, enabling the planners to promote Grand Bahama to
clients who are seeking to marry in this nation. As for the other islands, 11 planners were flown to Eleuthera, ten to Abaco, another ten to Exuma, and eight to Andros on Friday. On Saturday, the planners
conducted a site inspection at several resorts in New Providence and were treated to a mock wedding reception at Sapodilla Restaurant.
GOWON BOWE
WEDDING planners from the UK, Canada, Trinidad, Jamaica and the US, attending the Ministry of Tourism, Investments and Aviation’s romance conference in New Providence, were flown into Grand Bahama on a ‘Day Away’ island hopping experience. The group was accompanied by Grand Lucayan operations manager, Glyne Delancy; senior conventions and catering manager, Lisa Karageorgiou; weddings manager, Chrishna Bowe; and Ministry of Tourism co-ordinator for Grand Bahama, Ava Andrew.
Photo:Andrew Miller/BIS
ROSEWOOD EXUMA DEVELOPER HITS BACK AT RIVAL’S CONCERNS
By
THE developer behind the $200m Rosewood Exuma project has pledged to abide by “the highest environmental standards” after its plans prompted a neighbouring development to warn it may pull-out.
The Miami-based Yntegra Group, responding to warnings by Robert Coughlin, Turtlegrass Resort and Island Club’s principal, that he will abandon his own development ambitions if the nearby mega resort is allowed to significantly alter the Sampson Cay environment it will share with his sustainable ecoproperty, said it will rely on the expertise and advice of its consultants to address all concerns.
“From the outset, Yntegra Group has been committed to ensuring that this project meets the highest environmental standards. That is why we are working closely with some of the best environmental consultants in The Bahamas,” said Yntegra Group in a statement. “Their expertise ensures that we adhere to all necessary environmental protections and best practices.”
It added that plans for its $200m Rosewoodbranded resort project are currently under review by the Department of Environmental Planning and Protection (DEPP) as part of the Government approvals process. The developer voiced optimism that its project will be evaluated “fairly and transparently”.
“Our project is fully aligned with the Government’s established guidelines and procedures, and it is currently progressing through the Government approvals process, which is a necessary
and standard part of any responsible development. We believe that this process should be allowed to take its course, just as it does for every other project,” said Yntegra Group. “We trust the Department of Environmental Planning and Protection (DEPP), and the relevant government agencies, to carry out their work diligently and objectively. Their role is critical in ensuring that all projects are evaluated fairly and transparently, and we remain committed to full compliance throughout this process.”
Yntegra Group asserted that Exuma residents have shown “strong public support”, adding: “Yntegra Group appreciates the strong public support for Rosewood Exuma, particularly from the residents of Black Point.
“This support underscores the positive impact and benefits this project is expected to bring to the community. We appreciate the continued support and engagement from the public and stakeholders, and look forward to providing updates as the process moves forward.”
In September 2024, Rosewood Hotel and Resorts announced it had teamed up with Yntegra Group to brand a new $200m development on 124-acre East Sampson Cay in the Exuma cays. It added that the project will create 500 jobs and feature just 33 suites, all offering views of the island’s pink and white sands, with several sitting directly on the beach.
The property has the Exuma Sound on the eastern side with sheer cliffs and rocky shores, while the western side is predominantly mangrove wetland. The only significant two beaches are on the southern
side near the two planned marinas.
The Environmental Impact Assessment (EIA) for the project, produced by Bahamas-based consultant Bron Ltd, revealed plans to dredge almost 240,000 cubic yards of fill to create the two marinas for the development which is set to cover most of the island’s 124 acres when completed in 2031.
Besides the two marinas, the EIA discloses that the project will also feature a yacht club, gym, medical clinic, marketplace and organic farm, beach tennis, padel tennis and pickleball amenities, library and nursery. It adds that an amendment to Yntegra’s Heads of Agreement with the Government has granted permission to subdivide the project’s eastern side into 88 lots.
The project’s workforce will be 80 percent Bahamian once operational with 150 units constructed on the Exuma-based cay to provide employee housing.
However, Mr Coughlin last week said the potential environmental impact from Rosewood Exuma’s proposed neighbouring mega marina are “disheartening”. He warned he is prepared to halt his $75m project and pull-out if Yntegra Group is allowed to proceed without resolving the environmental concerns.
He disclosed that he is ready to stop his project at the $25m first phase, with only one-third of its capital investment spent, and said numerous government officials have been made aware of his concerns but he has yet to receive a commitment to resolve them.
“I am to the point where I don’t know what to do, so I’m trying to do the right things here and I’ve been totally ignored by the Government and by Yntegra in this process. I’m hopeful
still, because I don’t want to leave it on a negative tone, that DEPP who I appreciate and respect, will say, ‘look guys, you have alternatives, you need to shrink this a little’. There’s been a lot of opposition to the density of this project,” said Mr Coughlin.
He also criticised Rosewood Exuma for marketing themselves as a sustainable development while proposing to build docks and marinas in locations that
will potentially damage the waters surrounding Sampson Cay.
“You got a group that, if you look at their history, Yntegra has never built anything. They weren’t a development company; they were a fund-raising company,” said Mr Coughlin.
“They are running ads right now on Instagram telling you why they are environmentally friendly and can try to convince
everybody of what’s going on here and they’re the ‘Second Coming’ to the Exumas. And what do they say?
“Sustainable development; we’re using sustainable materials, we’re using sustainable this, sustainable that. Their marketing firm is just all over the word ‘sustainable’, but that sits on top of scraped land and scraped reef and scraped sea grass.”
Price hike concern over new food safety regime
about the webinar by accident. It was not wellpublicised. There were around 20 people on the Zoom meeting when I think there should have been 150.”
As to the new regulatory regime’s wider consequences, they said any extra cost was almost certain to be passed on to Bahamian consumers via higher prices.
“The consumer will have to pay for all this,” they added.
“If I have to pay as a farmer or food vendor, we have to pass it to the consumer who will have to pay for it.
“We are bitching about the high cost of food and high cost of living, and say we’re going to make it much easier. It’s a malarkey. They say one thing and do the complete opposite.... I’m going to have to charge for it. If it’s going to cost me more money I have to put price up.”
Dr Patricia Johnson, the Bahamas Agricultural Health and Food Safety Authority (BAHFSA) director, and head of its food safety and quality unit, told Tribune Business that consumer welfare and safety is the agency’s top priority while confirming it is “moving more to enforce the law than we’ve seen in previous years”.
Although first staffed back in 2018, the Authority is only now acting to fully enforce legislation that was passed by Parliament some nine years ago - the Food and Safety Quality Act, the Animal Health and Protection Act and the Plant Protection Act - all of which were enacted in 2016. Confirming that registration via the Authority’s online portal was launched on Saturday, February 1, Dr Johnson said food-related businesses now have 11 months in which to complete the process otherwise those who are non-compliant will be unable to renew their Business Licence come 2026. The BAHFSA chief, asserting that the Authority plans to adopt a non-adversarial approach, said its inspections and findings of any infractions were designed to help foodrelated entrepreneurs “improve their business and livelihoods” while ensuring that consumer welfare was paramount through vendors adhering to best food preparation and handling practices.
As for concerns regarding the need for all staff to obtain health certificates, Dr Johnson said this was nothing new as their issuance is already overseen by the Ministry of Health and
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Wellness and its rules. And she pointed out that this is also a requirement in the Food Safety and Quality Act.
Describing Friday’s webinars as “the first of many”, designed to launch the registration portal and train food providers in how to use it, she added that further sessions and Town Hall meetings are planned for both New Providence and the Family Islands with the latter targeted to start at “the beginning of March”.
And, noting that the Authority is merely moving to enforce laws already in statute, Dr Johnson said: “The Authority was staffed back in 2018. We did have staffing issues, but we are moving more to enforcing the Acts than seen in previous years. The laws have been in place.
“With the development of this e-inspection tool and e-permitting too, which came online last September, we’re moving towards a paperless system as much as possible. The inspection tool will allow us to inspect food businesses and assist them in improving their businesses and livelihoods.
“It’s more to help business owners. We want to ensure business owners are provided with the information that is needed for them to ensure their produce is safe.” The new regulatory regime is designed to apply to all industries and sectors involved in the handling and preparation of food, including restaurants, street vendors, grocery stores, wholesalers and even the likes of gas stations with their delis and convenience stores.
Dr Johnson said businesses will be able to access
the Authority’s inspection reports online, and added: “It allows us to go into those businesses and provide them with infractions they may be having a challenge with, and give them a timeframe to correct those infractions so the quality of those services they provide to the public improves.
“They will have an opportunity to start registering [on Saturday, February 1] and the hope is to get 100 percent of those registered, or as many as possible, through the portal so that hopefully everyone is registered and this process goes smoothly. They have 11 months and it’s important to get the word out to food business operators so that everyone is able to get registered.
“It’s just to know who is providing food so we can properly ensure they are doing that and being properly registered with what is outlined in the Act. Our goal is to ensure we have a robust food control system in the country. This is one step in ensuring that, keeping in mind that the consumer is safe at every facet.”
With consumer protection paramount, the Authority on its Facebook page said its certification will inform customers that the food products supplied by a particular business are safe, thereby potentially boosting its sales as well as opening up export possibilities to foreign markets.
Dr Johnson said the three-strong legislative package, passed by Parliament some eight to nine years ago, was designed to bring The Bahamas into line with international best practices and this nation’s obligations, as well as comply with measures such as the World Trade Organisation’s (WTO) sanitary and phytosanitary standards for plant and animal trade.
“We just want to make sure all food operators are following best practices to
provide the consumer with the best quality food, and provide it in the safest and most sanitary conditions,” she told this newspaper.
“The idea is to ensure we are not creating an industry where consumers get sick; where they are provided with safe food and not made to become ill because food is not prepared in a hygienic manner.
“The public is going to appreciate what we’re going to do. We’re looking forward to working with our food business operators.”
However, this is unlikely to allay all concerns harboured by farmers and other food providers.
“What will be difficult for the farmers to get their heads around is how much more complicated annual processes are going to be,” one source said. “Apart from filing Business Licence and VAT returns, now you have to apply to be registered once a year with BAFSHA and that has to be annually renewed.
“If you can’t get an inspection done until January, I don’t think that stops you from getting your Business Licence but it’s a bit of a grey area and you have to be registered and pay for your one free inspection per year... The difficult area for farmers is, for example, if you’re selling plants, selling eggs, producing a food product as a consumable product, and selling food.
“That means you have to get four separate certificates of inspection to say that, in the case of animals, that the eggs are safe, you’re foot washing and hand washing, that your plants don’t have any pest issues, that the food facility is healthy and sanitised. They were asked about this and they said they were going to try and handle all the inspections at one time on the same date.”
Pointing out that any inspection deficiencies must be corrected before the Authority will issue
the necessary certification, one contact argued it was simply “not practical” for all employees to be mandated to obtain health certificatesespecially those not directly handling food.
“It’s totally unnecessary but they say this is the law and international standard,” they said of the Authority’s response. “In the deli, yes, but the person in the warehouse receiving a pallet of carnation and the person putting it on the shelf? In this industry that is not reasonable.
“If you are non-compliant with their regulations they can shut your business down and force you to close. This applies to street vendors as well. Street vendors will have a badge saying they are a BAFSHA approved street vendor.
“I think all this is going to cause a lot of people to have second thoughts about going into this business or starting a business. They’re encouraging entrepreneurs and home businesses but, then again, there are a lot of people, especially farmers, if you take the average age of a farmer, it’s 60 and over,” the source continued.
“They don’t have the computer savvy, tech savvy. They are out there digging potatoes, putting them in a box and taking them to the packing house. They’re making pennies on the dollar and now have to go through all this. It’s not going to happen.”
And, challenging whether the Authority has the manpower and resources to fulfill its mandate, the source questioned why a new agency had to be created as opposed to using existing ones such as the Department of Agriculture to meet these regulatory responsibilities.
Tax chief hoping for 80-85% compliance on Business Licence
consultant and the 242 Small Business Association and Resource Centre’s (SBARC) founder, told Tribune Business that the turnaround time for Business Licence issuance has “improved tremendously” this year for companies with annual turnovers below the $250,000 review threshold.
Disclosing that this has been slashed near sevenfold, once all necessary documents have been submitted and the tax authorities are satisfied, he said of his clients and members: “They indicated that it’s going smoothly. Once they’ve submitted it you’re looking at no more than three days at the most to get the certificate. The renewals are taking no longer than three days.
“Their turnover amount is is under $100,000. Even when I put mine in, they asked me for my income statement, I put it in and got it very quickly. I got it in two-and-a-half days. Last year I got it in 14 days. It has improved tremendously, which is very important because I ain’t got the kind of time to mess around with that.”
Mr Turnquest added the Business Licence filing process had improved by “75 percent” compared to 2024, which was the first year using the Department of Inland Revenue’s new
online portal and the new fee structure and verification requirements.
“I ain’t going to lie to you; last year it was difficult,” he said. “How they changed over to the new system, it was very difficult. You had to do all your filings with kung fu, looking at the actual turnover for the previous year and estimated turnover for next year. People were not used to the process.
“Last year they changed the system and made it very difficult. This year was easier because they produced a lot of visuals and information, and a lot of people got over the hiccups. It was three-quarters, 75 percent, more difficult last year.”
The 242 Small Business Association founder said “the vast majority” of his clients and members, some 75 percent, fall below the $250,000 annual turnover threshold and, as a result, only have to provide statements verifying top-line gross revenues for Business Licence purposes. As a result, they simply needed to access Quick Books and point-of-sale data to verify their sales and upload this to the online filing portal.
Those with turnovers between $250,000 and $5m have to undergo a review by a certified accountant, while above $5m requires audited financial statements. Mr
NOTICE
NOTICE is hereby given that CHARMENDA COOKIE SAINT-JEAN of Barcardi 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 shouldregistration/naturalization not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Turnquest said the process is also more difficult for start-ups than those seeking renewals because they have to provide three different trade names, plus obtain proof of compliance from agencies such as NIB and Department of Physical Planning.
“Small businesses get into trouble when they are deceptive and lie about their sales,” he added. “If you’re in a high gross turnover industry, such as shipping, and and say you’re making under $100,000 that’s definitely a lie.”
Mr Turnquest also backed expanding corporate income tax to the entire domestic Bahamian economy, rather than just those which are part of multinational groups with an annual turnover above 750m euros, as a replacement for the existing Business Licence regime.
Many businesses view the tax as unfair and distortionary, as its turnover-based structure typically penalises high turnover, low margin businesses such as food stores and gas stations, with a higher tax burden compared to low turnover, high margin businesses. The Business Licence fee can also tax companies into losses and result in them paying more in taxes than profits earned, meaning they are effectively working for the Government.
“You could have high gross sales and a big time loss for the year,” Mr Turnquest added.”You could do that. You may have high turnover but a net loss. If you have that, you are still expected to pay your Business Licence on that. It should be 15 percent on your net income. That’s what we call a progressive system.”
Besides last year’s consistent difficulties in accessing the Department of Inland Revenue’s portal, which was frequently down or off-line due to insufficient bandwidth to accommodate user demand, companies also complained that the tax authority was either not responding to calls or messages or failing to provide the answers/information they were seeking in response to their queries. This year, though, appears to have sparked improvement.
Mr Fernander last week said the Business Licence filing process - which required companies to submit both their actual and estimated turnover for 2024 and 2025, respectively, by January 31 - appears to be functioning more smoothly for both the tax authority and corporate Bahamas the second time around.
“We had a new system last year and the learning curve is much easier with the same process,” he added.
NOTICE
NOTICE is hereby given that CHARLES RICHARD JEPHTE of Caribe Road, Carmichael Road West, 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 twentyeight days from the 27th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“We haven’t done anything. Nothing has changed. We’ve placed more information content on how to do it on our website and sent it out on e-mail.”
“As of today, maybe 39,000 are still pending and the deadline is January 31,” he said last Wednesday. “We’re at the half-way mark.... Other than that [challenge with e-mail contacts] we are ahead of the game. Those low risk companies and entities, as they submit, if they are under $100,000 in annual turnover there is no reason to hold up on their licence as long as they don’t hit any of the high risk factors.”
Trump tariffs ‘very bad news’ for The Bahamas
production capacity, is especially vulnerable to the imposition of tariffs that Mr Trump first threatened during his election campaign. Many Chinese-origin good, in particular, which come to The Bahamas transit the US, as well as the Canadian and Mexican variety, thus exposing them to US taxes due to take effect tomorrow.
The Chamber, in a statement issued via its chief executive, Dr Leo Rolle, told this newspaper: “The BCCEC notes with deep concern the US government’s application of tariffs on goods from China, Mexico and Canada, and the tariffs applied by those countries in response.
“Given that the US is by far our largest trading partner, these tariffs have the potential to seriously impact the cost of some goods which are imported. The extent to which we will be impacted depends on the level of goods imported from the US which emanate from the countries on which tariffs have been applied.
“News reports indicate that the classes of goods likely to be most impacted include clothing, some
agricultural products, electronics and spirits. It is very possible that we will see higher prices on these products in the coming months if the trade wars are allowed to proceed,” the Chamber continued.
“With Bahamians already struggling with inflation and the high cost of living, this is definitely very bad news. Anecdotal reports also suggest that US agricultural may also be negatively impacted by their new immigration policy, which may impact products grown in the US, further exacerbating the situation.”
The Trump administration’s aggressive illegal migrant deportation drive, which is touted as largely focusing on those with criminal convictions and records, may also sweep up, drive away and return the foreign labour upon which many US farmers rely. If this results in a loss of productivity and reduced supplies, it could drive up the costs of Bahamian food imports from the US.
To mitigate the fall-out, the Chamber reiterated:
“The BCCEC has been working to identify other possible import markets which would allow Bahamian merchants to
circumvent US middlemen and help bring down the cost of living, even prior to the implementation of these tariffs.
“We are also keen to see the development of local industries to reduce the reliance on external providers, especially with regard to food products. This will take a serious commitment from the Government and local producers.
“In recent months, the Government - through the Bahamas Trade Commission - has been working to identify alternative markets from which certain goods can be imported. The BCCEC is also working to assist its members connect with providers all over the globe. Our members in the logistics and cargo businesses stand ready to assist with access to new markets.
“It is our hope that the results of this work can be used to help make the necessary market connections. In any event, we will continue to monitor this developing situation and provide what ever assistance we can.”
Mr Trump at the weekend signed executive orders imposing 25 percent tariffs, which act as a levy or tax on goods as they come through
not exist, at least for the medium term,” it said.
the border, on all Canadian and Mexican imports despite the free trade zone agreement between those two nations and the US which was signed during his first presidency. In addition, Chinese imports face a 10 percent tariff, which all these measures due to take effect tomorrow.
Canadian energy exports to the US face a lower 10 percent tariff. But, amid fears that Mr Trump’s actions could be the spark that ignites a wider global trade war, with the European Union (EU) thought to be in his sights next, Ottawa has pledged to retaliate with 25 percent tariffs of his own on $20bn worth of US imports including tobacco, produce, household appliances, firearms and military gear.
And, if the situation does not calm down and gets resolved within the next 21 days, Canada is also preparing for a second, broader round of retaliatory tariffs that will target another $86bn worth of US imports. Mexico, meanwhile, is set to announce its own retaliatory tariffs on US imports today, while China is planning legal action over what it alleges is a violation of
World Trade Organisation (WTO) rules. Mark A. Turnquest, a corporate consultant and founder of the 242 Small Small Business Association and Resource Centre, previously told Tribune Business that The Bahamas could be plunged back into a renewed cost of living crisis if the US presidentelect follows through on his pledge because this nation imports such a high quantity of Chinese manufactured products. He estimated to this newspaper that “at least 60-70 percent” of products sold locally come from China “directly and indirectly” with a big portion transiting, or passing through, the US. Besides those that arrive on the US west coast, and are trucked cross-country to eastern ports, Chinese goods also transit the Freeport Container Port heading to the US before being returned to The Bahamas. Mr Turnquest argued: “We have to bypass America and get goods directly from China.... We know there will be a reawakening of the shipping crisis we had a couple of years ago after COVID, but this will be done in the form of tariffs.
We know when you tax one thing, you then have to tax another thing and then another thing.
“It will be a downward spiral with extra costs and fees,” he warned of the likely Bahamian impact from Mr Trump’s plans.
“We are watching and hoping. We are very, very concerned and we don’t want this to happen. We cannot afford any type of extra inflationary impact with tariffs tacked on because we are already trying to control all sorts of extra costs.
“We are trying to continue to operate and all types of stuff. We don’t need an extra burden. We’re not concerned about Amazon in the short-run, but we are very concerned in the short-run because January 20 is coming and this means we are very concerned about the tariff strategy of Donald Trump,” Mr Turnquest continued.
“It’s going to be detrimental to our businesses. This is a death blow if the Trump tariff strategy is executed. We cannot take that. We cannot cover that extra burden. We just can’t. We hope they take that into consideration.”
are “over-optimistic”, the BISX-listed communications provider asserted:
“Cable Bahamas cautions URCA against over-enthusiasm for the benefits of 5G, which make little difference to the consumer experience relative to 4G [the existing mobile network], and are not likely to convince them to pay more for a 5G service.
“While forecasts for mobile data show exponential growth, such as those shown in URCA’s consultation document, these forecasts are proving to be over-optimistic.... URCA should therefore treat such forecasts with a healthy scepticism.
“Furthermore, Aliv’s own experience shows that the demand for mobile data
has been largely static since the end of the pandemic in 2022. Cable Bahamas hopes that this information will help URCA understand Aliv’s position that the commercial roll-out of 5G is not commercially viable at the present time.”
The data upon which Cable Bahamas came to this conclusion was redacted on the basis that this was proprietary to Aliv and should be treated as commercially confidential. However, the BISX-listed communications provider reiterated its stance in a summary of its position.
“The key issue that needs to be recognised more clearly in the consultation document is that the commercial business case for rolling out a 5G network in The Bahamas does
NOTICE
of
Garden, Chippingham, 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 27th 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 MAKEDA TENSETA MCKULSKY of Michelle Avenue, Sir Lynden Pindling Estate, 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 3rd day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that ALBERTO CAPOIS SEVERE of #9 Butler Alley, 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 27th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“Aliv has found that the forecasts for rapid growth in mobile data, on which many 5G business plans have been predicated, have not materialised. Furthermore, opportunities for additional revenues are very limited as customers are not willing to pay more for improved latency or unlimited data packages, and the number of mobile subscribers in The Bahamas has reached saturation.”
And Cable Bahamas, in what some observers may interpret as motivated by self-interest, also argued that restricting the Bahamian mobile communications market to just two providers - itself and the Bahamas Telecommunications Company (BTC) - is critical to make any investment in 5G networks “economically viable”, And it returned to a familiar theme by voicing fears that Elon Musk’s satellite Internet service provider, Starlink, is perfectly poised to break this duopoly and become a third mobile operator in The Bahamas as early as 2026. In effect, Cable Bahamas is arguing that allowing Starlink to become a third mobile operator will destroy any chance of earning a return on 5G investments by over-saturating the market.
“Cable Bahamas believes that URCA has set out a
number of positive positions in the consultation document that will bring the goal of universal availability of 5G services closer. This includes URCA’s recent investigation into the possible further liberalisation of the cellular mobile market in The Bahamas, which concluded that a third mobile network operator would not be commercially viable at this point,”it added.
“CBL, however, has taken note of the grant of a licence by URCA to Starlink, a subsidiary of SpaceX, to provide satellite broadband services throughout the Commonwealth in 2022, and given the rapidly evolving satellite industry towards the provision of cellular mobile satellite services by 2026, Cable Bahamas is closely monitoring the trajectory towards Starlink being in position to be the third mobile operator in the country by said date.
“As has been pointed out in previous submissions on this subject, the business case for 5G roll-out in The Bahamas is marginal at best and a number of conditions will need to be met to make 5G investments economically viable. Maintaining a market structure of two operators in a small market like The Bahamas is one of those conditions.”
And, arguing that 5G’s roll-out should be part of a much wider Bahamian
NOTICE
NOTICE is hereby given that EARL THOMAS III of #15 Sisal Road West, 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 27th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that SAINT-JULIEN GEORGES of Pine Yard 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 27th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
digital communications strategy, Cable Bahamas said: “Cable Bahamas is of the view that, in order to create a suitable climate for 5G investments, a much more comprehensive digital national strategy needs to be developed and implemented to allow for the growth of new information and communications technology (ICT) market segments, for example in Artificial Intelligence (AI), Internet of Things (IoT) and e-Government initiatives.
“This may need to include a review of existing legislation to ensure the ICT ecosystem in the Bahamas is supported by a fit-for-purpose legal framework for this new digital age. The ‘build it and they will come’ approach to 5G will not work, and a comprehensive effort by multiple stakeholders will be needed to ensure the potential economic benefits associated with these new technologies become a reality.”
The BISX-listed communications provider also hinted at the difficulties that it may face if itself and Aliv, its mobile subsidiary, are forced to switch communications equipment provider from present supplier, Huawei, due to potential “political” pressures. It did not define these, though it was likely referring to the growing competition between China and the US.
“Aliv is uncertain on the use of its current supplier, Huawei, for any rollout of 5G, especially if the nonstandalone version is used, which requires interworking with the existing 4G
network,” Cable Bahamas said. “To have to change of suppliers in order to meet certain political objectives, such as a reduction in reliance on Chinese suppliers, would impose additional costs on Aliv, making the case for investment more difficult.”
URCA, though, is forging ahead. It said in its statement of results that it will begin work on establishing a regulatory framework to govern and facilitate 5G’s Bahamian roll-out during the first four months of 2025. “URCA aims to begin work on establishing the regulatory framework to facilitate the deployment of 5G in The Bahamas in the first trimester of 2025, subject to further public consultations,” it said.
“URCA will aim to confirm the low-band and mid-band spectrum bands for 5G deployment before the end of the third trimester of 2025, with its preliminary focus including Bands 41, 66, 2, 71, and 78. This process will involve meetings with the Government and other relevant stakeholders.
“Based on the respondents’ submissions and the availability of sufficient spectrum to facilitate the deployment of 5G, URCA will refrain from exploring the possibility of refarming Bands 77 and 78 at this time. However, this decision is subject to change if circumstances arise that are necessary to advance the main objectives of the electronic communications policy and the policy 2024- 2027.”
NOTICE
NOTICE is hereby given that VERNA LEE THOMPSON of Polhemus Garden, Chippingham, 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 27th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that LINICQUE VICTOR of Elizabeth Estates, 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 27th day of January, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
CABLE PROPOSES SINGLE 5G NETWORK FOR FAMILY ISLANDS
to URCA’s consultation, who it did not identity, echoed its suggestion by calling for such a network to be owned separately by a wholesale company which would then sell spectrum, bandwidth and space to the likes of BTC and Cable Bahamas.
“The anonymous respondent contended that creating an independent, wholesale infrastructure entity to manage and operate a nationwide 5G network, including a new subsea fibre optic system, to meet The Bahamas’ longterm bandwidth needs is necessary,” URCA said of the feedback received.
“The key benefits of this approach include minimising resource duplication; reducing capital costs for telecom operators; enabling faster deployment and wider coverage, including in underserved areas. The key components of the wholesale model would include shared Infrastructure comprising a mix of both new and existing towers, and a
MP: Have GB airport and Grand Lucayan deals been combined?
mix of terrestrial fibre and wireless backhaul to optimise infrastructure costs.
Other elements included “a spectrum usage and revenue collection model, which would replace traditional spectrum auctions, to ensure efficient allocation and maximize ongoing government revenue”, while the wholesale entity would handle ongoing maintenance and upgrades to keep the network competitive.
The regulator, in its response, said of this proposal: “URCA notes the suggestion for creating a wholesale entity to manage 5G infrastructure, the object of which is to reduce infrastructure duplication, lower capital costs and extend 5G coverage, particularly to underserved areas.
“URCA will carefully assess the feasibility of such a model as it prepares for the upcoming consultation on the review of the infrastructure sharing regulations, as there are competition and network resilience risks associated with such models.”
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In September 2024, Mr Davis said “intense discussions” had been held with a potential buyer for the resort and he expected a deal to be finalised over the next two weeks. He added that he did not want to sell the hotel just to “tick a box” and expects to have a “world class” brand attached to the property.
“With respect to the Grand Lucayan, we had intense discussions with an intended buyer. The issue for us, of course, is to ensure
that we just don’t sell for selling’s sake or to tick a box,” said Mr Davis.
“We’ll make sure that when we sell, we’ve indicated that we want a world-class brand name to be associated with re-opening. And I’m hopeful, and I’m encouraged, that we will have that. Within the next two weeks or so, we should be closing an arrangement. Until then, just stay tuned and we will let you know.”
The protracted sale of the Grand Bahama hotel has been criticised by the Opposition who have repeatedly
called for the Davis administration to finalise a sale to a “proven investor with financial wherewithal and proven track record (directly or through partnership) in hotel development and operations”.
Only one of the Grand Lucayan’s three resort properties, Lighthouse Point, is presently open to guests.
Both Breaker’s Cay and the former Memories property have been closed for numerous years - the latter ever since Hurricane Matthew struck the island in October 2016.
The Grand Lucayan was acquired from Cheung Kong (CK) Property Holdings, Hutchison Whampoa’s real estate arm, by the Minnis administration for $65m to head-off the resort’s threatened closure by its former owner. Efforts to find a private buyer for the resort, including the Royal Caribbean/ ITM Group deal submitted to the former administration and the bid by Electra America Hospitality Group, have thus far failed to secure a purchaser. And, in the meantime, the Bahamian taxpayer has been forced to subsidise the Grand Lucayan’s annual losses to sustain its operations - a bill likely to amount to between $15m$18m annually.
A busy stock market week bookended by DeepSeek and Trump tariffs, by the numbers
By The Associated Press
NEWS from China upset U.S. markets this week and disrupted the frenzy that had built up around artificial intelligence.
A company called DeepSeek announced that it had developed a large language model that can compete with U.S. AI giants but at a fraction of the cost. DeepSeek had already hit the top of the chart for free apps on Apple's App Store by Monday morning, and analysts said such a feat would be particularly impressive given how the U.S. government has restricted Chinese access to top AI chips.
Chipmakers incurred some sizeable losses. Still, the noise in the tech sector obscured some solid gains in other parts of the market, such as the consumer discretionary sector, which includes Amazon and Tesla, and the communications sector, which counts Meta Platforms as a member.
Cruise lines were also standouts.
The S&P 500 closed the week with a loss of 1%.
The market got a slight jolt late Friday after the
White House said President Donald Trump would impose promised tariffs on some key U.S. trading partners. Here's a look the week in the stock market, by the numbers:
4.6%
The week's decline in the S&P 500 tech sector, the biggest drop in the index in about four months. Big losses for chipmakers like Nvidia, Micron Technology and Broadcom weighed
down the index. The decline would have been worse if not for a solid gain in shares of Apple.
71.46
The approximate point drop in the S&P 500 Friday between the time the White House confirmed Trump's decision on tariffs and the close of the market. That's a drop of about 1.2%.
Though not a dramatic swing, it does harken back to Trump's first term, when pronouncements on trade
policy could bring about rapid change in the direction of the stock market.
$590 billion
The approximate decline in Nvidia's market value on Monday, a record. The decline was more than the combined market value of home improvement giants Home Depot and Lowe's. Nvidia still carries a market value of just under $3 trillion. The company's billionaire CEO, Jensen Huang, saw his net worth
drop by nearly $21 billion Monday.
13.6%
The weekly decline in Constellation Energy Corp., which isn't a tech company but an independent power producer. Shares of power companies such as Constellation, Vistra and GE Vernova had soared on expectations that the build out of AI infrastructure in the U.S. will require enormous amounts of power.
$25 million
That's the amount Facebook and Instagram parent Meta Platforms agreed to pay to settle a 2021 lawsuit that President Donald Trump brought against the company and CEO Mark Zuckerberg after Trump's accounts were suspended following the Jan. 6, 2021, attack on the U.S. Capitol.
More importantly for shareholders, Meta reaffirmed its commitment to spending heavily to implement its AI strategy.
5.9%
The weekly gain for Apple Inc., which ironically may have benefitted from DeepSeek's announcement. Unlike tech peers such as Microsoft, Google corporate parent Alphabet Inc. and Meta, Apple hasn't been investing as heavily in AI – one of the reasons it has been seen as an industry laggard. But that restraint could work to its advantage if DeepSeek's early breakthroughs in driving down AI costs gains momentum.
$27.6 billion
Monday's drop in Oracle CEO Larry Ellison's net worth after the selloff, according to Forbes RealTime Billionaires list. Ellison's net worth jumped last week after President Donald Trump said a new partnership formed by OpenAI, Oracle and SoftBank would spend up to $500 billion for infrastructure tied to AI. Forbes' tally shows Ellison made back about $13 billion of the drop as this week went along and Oracle's stock recovered.
