THURSDAY, FEBRUARY 13, 2025
Natural resource protection ‘started from ground zero’
• Ex-minister defends much-criticised regime
• Says Bahamians earning zero from birthright
• And needed to halt this for further discoveries
By NEIL HARTNELL Tribune Business Editor
A FORMER Cabinet minister who oversaw enactment of the much-criticised natural resources regulatory regime has defended its objectives as noble, while asserting: “We were starting from ground zero.”
Romauld Ferreira, ex-minister of the environment, told Tribune Business that Bahamians and the wider scientific research community must never forget that the Biological Resources and Traditional Knowledge Act, and the accompanying regulatory regime, were implemented because this nation and its people were earning nothing from foreign commercial exploitation of their natural resources.
Responding to concerns that the reforms, and associated Access and Benefit Sharing (ABS) framework, have sparked “massive losses in biodiversity” and “stifled” legitimate research vital to building The Bahamas’ ‘blue economy’, he reiterated in a recent interview that the changes were designed to ensure “we gain something” from this industry.
“We forget the intent behind this, and the intent behind this is to ensure the people of The Bahamas benefit from any sharing of traditional knowledge and genetic resources that resulted in any commercial gains,” Mr Ferreira told this newspaper. “There was a lot more going on with this piece of legislation.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas International Securities Exchange (BISX) will launch the first of three new capital markets “layers” in the 2025 first half, its chief executive disclosed yesterday, asserting: “Everybody wins.”
Keith Davies told Tribune Business that the exchange’s plans to broaden and deepen the Bahamian capital markets are “not a fly by night” as he revealed that the longplanned ‘private listings’ tier is “virtually complete” and set for unveiling before mid-year. This, he affirmed, will be followed by BISX’s “crowd funding 2.0” platform that will both fill the gap created by ArawakX’s departure and enable companies that are “a bit more mature” to raise capital from Bahamian investors via a regulated market where disclosure and other supervisory mandates must be met.
Disclosing that BISX aims to complete the necessary
Gov’t
• First of three new market ‘layers’; crowd funding next • Exchange chief pledges expansion ‘not a fly by night’ • But must ‘justify incentives’ for secondary market plan
“legwork” and launch its ‘crowd funding’ initiative in the 2025 second half, Mr Davies told this newspaper that development of the third and final element in the exchange’s expansion plan - the launch of a so-called “secondary market” - will take more time because its design requires input from the Government and other capital markets stakeholders. He explained that BISX, with private sector partners, is working on a strategy to
“justify” the Government providing incentives to companies as a way to encourage them to use the planned secondary market as a mechanism for raising capital from local investors. This “layer” would sit above both the private listings and crowd funding tiers, but below BISX’s existing primary main board listed stocks.
Mr Davies said the strategy to broaden and deepen the capital markets, through the addition of these three new
categories below those companies that have undergone initial public offerings (IPOs), will provide corporate Bahamians with more options and flexibility when it comes to raising finance for their ventures via a structured, regulated market.
It will also create a pathway where companies can graduate, and move, from one layer to the next to where, ultimately, they are ready to become public companies via
agencies ‘defaulted’ on multi-million NIB debts
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE National Insurance Board (NIB) has had to contend with two government agencies defaulting on multimillion dollar debts owed to it with one still delinquent at year-end 2022.
The social security system’s 2022 annual report, tabled in Parliament yesterday, revealed that the Ministry of Housing had “defaulted” on a near ten-year old loan where a balance of $5.88m remained outstanding at that year’s end.
And no repayments had been made for two years on what was originally a $10m facility advanced under the last Christie administration to fund construction of low-cost government homes.
“During 2013, the Fund (NIB) through a memorandum of understanding with the Ministry of the Environment and Housing agreed to lend up to $10m for the Bahamas National Housing Construction Project,” the annual report stated, noting that the final $300,000 drawdown occurred in 2017.
“The loan will be repaid from mortgages issued through lending institutions other than the Bahamas Mortgage Corporation. No principal repayments were made in 2022 and the loan is in default.” Nor were any payments made in 2021.
The NIB annual report’s fine print also revealed that Bahamian taxpayers, via the Government, had to step into the breach and plug the hole when the Education Loan Authority defaulted on repaying $15m in bond principal that came due on August 15, 2020.
The Government, to ensure NIB and the Bahamian people, who are its beneficiaries, are repaid issued a promissory note to the social security system’s benefit where it would be repaid its $15m via five installments of $3m “no later than September 16, 2023”. Some $7.529m was left to be paid at yearend 2022 and, because these are the latest financials to be released, it is uncertain whether that deadline has been met.
Space X landing ‘opens up space tourism for nation’
By ANNELIA NIXON
Business
THE deputy prime minister yesterdays said hosting the landing of a SpaceX rocket booster gives The Bahamas a platform to enter a space tourism sector expected to generate $14bn globally by 2030.
“It is a symbol of progress, innovation and the boundless potential of this nation,” former NASA rocket scientist and founder and CEO of STEMBoard, Aisha Bowe said yesterday. “This is not a rocket landing. It’s about opening the door to a multi-billion dollar space industry that will create new opportunities for tourism, technology and investment. By 2030, space tourism alone is expected expected to reach $14 billion. And right now, every year, over a million and a half people visit Florida’s Space coast
Tribune Business
ister
the government makes is welcome to take legal action but he is “confident”
said
administration
to leasing a portion of Balmoral Island to Adrian Fox for part of his proposed $300m resort project.
Speaking to reporters yesterday, Mr Cooper said any party that may “feel aggrieved” by a decision
KEITH DAVIES
ROMAULD FERREIRA
CHESTER COOPER
How to stamp out employee theft
Amajority of employees admit to stealing from their employer at least once in their lifetime. And let us not forget the packing boy who grabbed a bag or two of chips as he did not have time to make lunch.
Workplace stealing, or internal theft, is literally akin to biting the hand that feeds you. Companies can lose a lot of money due to employee theft, so it is important to stay alert and implement security
measures to detect and minimise it. Yet, the loss from employee theft can be damaging to any company, and is particularly painful for small businesses. However, the first step in theft
prevention is to understand these categories:
Theft of Inventory
Employees can be the cause of up 50 percent of stock shrinkage - either for their own personal use or to resell. Cameras on-site can help to mitigate potential theft or catch thieves in the act. Another option is to keep more expensive inventory items secured and allow only managers access.
Theft of Services
Companies that offer services may generously offer employee discounts. However, there is still the potential for abuse even with this.
Theft of Data
Data theft can be one of the most dangerous forms of stealing as it places client information and company trade secrets at risk. Data theft can also include employees’ personal information, credit card numbers, customer contact lists and more.
Theft of Cash
The theft of cash typically is more of a risk for companies as employees manage cash registers. This, therefore, presents an opportunity to remove cash. Additionally, employees may have the liberty to overcharge a customer and keep the difference for them, which is why any business that deals with cash runs the risk of cash theft. No one should have unfettered control over payments, cheques or even petty cash without some sort of oversight despite how much you trust them.
Theft of Time
Falsifying time clock records to reflect longer hours is popular, as is using work time for nonwork tasks. Sometimes, an employee’s behaviour may indicate theft. They could develop a sudden interest in staying late, arriving early or not taking vacations.
This can possibly be an ideal opportunity when no one is around.
What causes workplace theft?
There are many wellknown influences but this reason is often the main cause. It is “opportunity” - the ability and means to do so, with minimal likelihood of being caught, due to a lack of internal controls. Some staff take advantage of opportunities. Others may also feel wronged and, in some way, steal as a form of retaliation, while others may do so because they believe it to be harmless.
Reducing employee theft
Is it the young high-flier who just started last week?
Probably not. The real concern might be the woman in her late 40s or 50s with many years of employment. She controls the back office with an iron fist, dominating access to everything, causing you to trust her implicitly. The red flags that may alert you to a potential swindler are not always obvious.
Generally, employers can take multiple steps to reduce the possibility of workplace fraud by introducing checks and balances, security measures and other methods of discouragement.
Hire Wisely
Stringent hiring standards may help to prevent internal theft by ensuring there is no history of such practices.
Strict Reprimands
Strict reprimands can help to deter would-be thieves, but may also cause them to become creative with covering their tracks.
Concession
If employees are offered a discount off the regular merchandise price, they may be less likely to risk it.
Security Measures
Implementing stricter inventory and tracking devices can assist with identifying theft quickly. Also, cameras and computer monitoring will flag suspicious activities, along with regular financial audits and cash controls.
Consistent Consequences
Anti-theft policies must be followed up by consequences that send a resounding message. If employees assume they can escape with minimal consequences, they may feel it is worth the risk and continue.
Termination
Many workplace infractions can be handled with a warning or a write-up, yet this may not do anything except show leniency and encourage other employees. If multiple measures to prevent employee theft fail, it is important to note that workplace theft is not only grounds for “immediate dismissal” - it is also a criminal offence. Until we meet again, live life for memories as opposed to regrets. Enjoy life and stay on top of your game.
• NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a trained graphic designer/ brand marketing analyst, international award-winning author and certified life coach.
NIB SUFFERED $307M DEFICIT FROM POST-COVID TO 2022
By NEIL HARTNELL
THE National Insurance Board (NIB) suffered a total $307m deficit for the three years through to end2022 with the nation’s social security system standing at “a pivotal juncture” for its solvency and sustainability.
NIB’s 2022 annual report, tabled in the House of Assembly yesterday, revealed that it sustained another, albeit smaller, deficit of $57.1m that year due to benefit expenditure continuing to exceed contribution income as the Bahamian population’s aging persists. When added to the $189.5m and $60.4m deficits incurred in 2020 and 2021, respectively, the total deficit for that three-year
period exceeded $300m. As a result, NIB’s total reserve fund has fallen to $1.44bn at year-end 2022 amid longstanding projections that it will be depleted by the end of this decade without immediate, sustained reform action.
“Despite the steady gains post-pandemic, there were headwinds that would have to be manoevered for both The Bahamas and for the sustainability of the National Insurance Fund,” NIB’s annual report said.
“For NIB, 2022 recorded a deficit for the seventh consecutive year reflecting predictions from the 11th actuarial review that was released earlier in the year....
“The report was daunting, indicating, as in previous reports, that the long-term sustainability of the Fund is in jeopardy of
being depleted by the year 2028, just one year earlier than predicted in previous reports. Cited as key influencers impacting the sustainability of the Fund are demographic trends that adversely impact benefit expenditure and contribution income.
“These changes have most certainly indicated that the current NIB rate, that has remained unchanged except for the inclusion of the unemployment benefit branch in 2010, can no longer support the modernised, evolved and expanded social security programme that currently exists.” Hence the 1.5 percentage point all-in rate increase implemented by the Government in July 2024.
While net contribution income grew to $290.5m in 2022, a 12.7 percent rise on
the prior year and surpassing pre-COVID’s $287.1m in 2019, this was likely aided by the rise in the insurable wage ceiling from $710 to $740 as well as the economy’s reflation following the pandemic.
Total benefit expenditure, though, rose by $26.1m or 8 percent year-over-year to hit $353.5m for 2022, with the jump mainly driven by pension and retirement benefit payouts. NIB added that the amount collected through prosecutions of delinquent employers and self-employed persons hit a record high of $676,471 with 709 prosecutions actioned that year.
The contribution rate increases that took effect on July 1, 2024, increased the employer and employee contributions by 0.75 percentage points each. The employer contribution rose
WATCHDOG WARNS OVER JAPANESE AUTO SCAM
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Bahamas’ consumer watchdog yesterday issued an alert warning of a Japanese vehicle import scam involving “damaged or defective” autos.
The Consumer Protection Commission (CPC) said Bahamians are unknowingly buying such vehicles from vendors who falsely claim the autos were
purchased at auctions in Japan and imported into this nation.
“Consumers pay thirdparty agents without verifying the condition, final costs or roadworthiness of the vehicle. Upon arrival, the vehicle is in worse condition than promised, sometimes beyond repair.
Fraudulent sellers disappear once complaints arise, leaving consumers with no refund or recourse,” said the Commission.
“The CPC has previously released public notices
Consumer watchdog warns on store price transparency
By FAY SIMMONS Tribune Business Reporter
THE Bahamas’ consumer watchdog yesterday urged food stores and other retailers to be mindful of pricing transparency especially when transitioning to new inventory.
Randy Rolle, chairman of the Consumer Protection Commission, confirmed that officials met with Super Value upon viewing a video that was widely circulated on social media. It was captured by a consumer who claimed an employee was changing the price labels on items set to be restocked on the shelves and replacing older, lower prices with higher prices on existing stock rather than newly-acquired inventory.
“The Consumer Protection Commission exists to ensure that Bahamians receive fair pricing and quality goods in the marketplace,” said Mr Rolle.
“We take these matters seriously and will continue to hold businesses accountable for ethical practices.
Transparency in pricing is essential for consumer confidence, and it is our duty to ensure that no misleading
practices take place. We encourage all businesses to adhere to best practices in pricing and inventory management.”
Mr Rolle said the Commission will continue to monitor the situation and ensure businesses uphold consumer rights, but he encouraged Bahamians to relay their concerns directly to the watchdog instead of confronting employees or business owners.
“We strongly urge citizens to report concerns directly to the CPC rather than taking matters into their own hands, as this could potentially put them in harm’s way. We are here to ensure your concerns are addressed in a safe and legal manner,” said Mr Rolle.
The Commission released a statement yesterday advising that they met with Super Value executives who “condemned” the employee’s actions and assured them it will not reoccur. The agency was told the issue stemmed from challenges in managing two prices for the same item in the point-of-sale system, and the owners were open to making system changes.
“The executives acknowledged that they had seen
warning consumers of similar dangers from scammers purporting to be legitimate representatives of Japanese vehicle importers. These fraudsters have sought to capitalise on the vastness of the market and lack of oversight in this industry that has blossomed in recent years.”
The Commission urged consumers to “remain vigilant and protect your investments”, and only use reputable vehicle dealers while verifying the
legitimacy of purchases before making payments.
Consumers were also encouraged to use trusted payment methods and avoid depositing funds into individual accounts. All purchases should be accompanied with documents detailing the vehicle’s condition, purchase details and all prior transactions.
The Commission advised that “if a deal seems too good to be true, it likely is” and urged consumers to contact the agency if
the video, condemned the actions of the employee, and assured CPC that such incidents would not be repeated,” said the Commission statement.
“During discussions, it was determined that the core issue stemmed from price adjustments when new stock with updated pricing replaces older stock on store shelves. It was explained that while new prices are reflected in the store’s point-of-sale system, there is a challenge in managing old stock at previous price points.
“The executives, however, expressed their willingness to explore solutions that would prevent similar issues in the future.”
The Commission said that while prices can be adjusted if they are “properly documented and
to 6.65 percent from the previous 5.9 percent, while that for employees grew from 3.9 percent to 4.65 percent. The contribution rates for self-employed and voluntarily insured persons jumped from 8.8 percent and 5 percent, respectively, to 10.3 percent and 6.5 percent as part of a strategy to ensure The Bahamas’ national social security system survives for the long-term to meet its benefit obligations to all citizens and legitimate persons who qualify for assistance.
However, the July increase only took the all-in NIB contribution rate for working Bahamians to 11.3 percent - a level that financial studies, known as actuarial reports, state is still too low to ensure the scheme’s medium and longterm survival and prevent
they have reservations or would like guidance prior to making a purchase. It added that it is collaborating with local and international law enforcement to crack down on the scams. “The CPC is committed to protecting Bahamian citizens, residents and visitors from unscrupulous business practices and ensuring fair, transparent and ease of
the $1.44bn reserve fund from being depleted in 2028 as predicted.
“An increase of the contribution rate by 2 per cent (over the existing 9.8 percent) every two years starting on July 1, 2022, and ending on July 1, 2036, could restore the short and medium-term financial sustainability of the scheme,” the last NIB actuarial report said.
“Starting in 2029, the required annual contribution rate to pay for all expenditures becomes the pay-as-you-go (PAYG) rate. As an illustration, the contribution rate will have to increase from 9.8 per cent to 16.9 per cent in 2029, and will reach 32.3 per cent in 2078.”
doing business in this country,” said the Commission.
“We are in the process of engaging local agencies such as the Bahamas Trade Commission and the Bahamas Bureau of Standards and Quality, along with international authorities, to adequately address these fraudulent practices both in country and before reaching Bahamian shores.”
transparent”, the practice of swapping lower price tags on existing stock to reflect new, higher prices is “strongly discouraged”.
“A recommendation was made for the store to either delay placing new stock until the old stock is depleted or transition to a digital pricing system that ensures pricing at check-out matches the displayed shelf price,” said the Commission.
“Additionally, the owner was able to consult with another local food store owner, who supported the move to digital pricing as a best practice to prevent price discrepancies and eliminate the potential for label tampering.”
RANDY ROLLE
ROYAL CARIBBEAN’S BEACH CLUB SEEKS BAHAMIAN INVOLVEMENT
ROYAL Caribbean yesterday said it has begun to launch the bidding processes that will determine which Bahamian companies are part of its 17-acre Royal Beach Club project on Paradise Island.
The cruise line, in a statement, added that it is calling on Bahamian businesses to submit proposals - ranging from landscaping to medical services - to become part of the attraction.
“Our call for proposals from Bahamian businesses and artisans is a crucial next step in the Royal Beach Club’s development and ultimate success,” said Philip Simon, president, Royal Caribbean Bahamas. “This initiative underscores our dedication to creating opportunities for local entrepreneurs and supporting the Bahamian community
by ensuring the Beach Club is a space for Bahamians to thrive.”
One of the largest bidding categories set to open in the coming weeks includes the trades and facilities maintenance crucial to the Beach Club’s daily operations. This includes mechanical, electrical, plumbing repair and refrigeration technicians, as well as upholsterers and carpenters. Other priority services include landscaping and pool maintenance, pest control, provision of retail and Bahamian products, security and medical.
Additional opportunities feature music and entertainment, beach and water activities, housekeeping and the development of a new signature venue, ‘The Bunker’, where the selected bidder will have an opportunity
to create an immersive experience unique to The Bahamas. Visually, visitors will enjoy art by up-and-coming local artists as part of Royal Caribbean’s artist discovery programme. “Each proposal will be assessed for scalability, ability to meet Royal Caribbean’s quality standards, commitment to the company’s six environmental pillars, consistency, timeliness and pricing,” Mr Simon explained. Companies and entrepreneurs interested in learning more about the opportunities, or submitting a bid, can visit: www.royalbeachclubatparadiseisland.com for regular updates. The Royal Beach Club is a public-private partnership (PPP) in which Bahamians own up to a collective 49 percent equity stake.
HG CHRISTIE REWARDS 2024’S TOP PERFORMERS
By NEIL HARTNELL Tribune Business Editor
A BAHAMIAN real estate firm has honoured its top-performing agents and brokers for 2024 during an awards luncheon held at the Lyford Cay Club last week. John Christie, HG Christie’s president and managing broker of HG Christie, said: “Our agents represent the heart and soul of this company, and their unwavering dedication and commitment to their clients is unmatched.
“This year’s awardees embody the best of the best in our industry, and their accomplishments are a testament to their expertise and passion. As we continue to build on our legacy of over 100 years, I’m excited to see how they will push boundaries and elevate The Bahamas’ real estate market even further.”
The Philip Hillier team took home the title of top overall producers for 2024, a repeat of their success from the previous year.
Mr Hillier expressed his gratitude for the continued
recognition, saying: “It’s always a team effort, and I couldn’t do this without the incredible support of my partner, Anya.
“We’ve worked tirelessly to ensure our clients’ needs are met, and it’s fulfilling to see those efforts acknowledged. We believe in helping people discover the beauty of owning a piece of paradise in The Bahamas.” In Grand Bahama, Ewa Mellor claimed the top producer title for her island as well as earning the award for most exclusive listings in 2024.
“Grand Bahama has a unique charm and offers a lifestyle like no other. My approach focuses on understanding the dreams of my clients, whether they’re buyers or sellers, and finding ways to make those dreams a reality,” she said.
“It’s about balancing the island’s relaxed vibe with professional expertise. I’m especially excited about the future of Grand Bahama, with new developments and eco-tourism initiatives set to transform the market. It’s a privilege to be part of this growth.”
For Eleuthera, Anne Bethel was named top producer, while husbandand-wife team, Dwayne and Sheree Wallas, received the award for Abaco. Mr Wallas said: “There’s no magic - just hard work, diligence and a love for the best place on earth. Serving clients in Abaco is deeply rewarding because we’re helping them find their dream homes in a community that means so much to us.”
Daren Seymour was honoured for the most transactions in 2024, and his
induction into the Circle of Excellence, which recognises agents who have set a high standard within their company. Mr Seymour also received the HG Christie Legacy Award for his dedication to real estate and community impact.
“The Legacy Award is an honour that reflects years of perseverance, integrity and commitment to my clients and colleagues,” Mr Seymour said. “In 2024, I had the privilege of working with clients from diverse backgrounds - from firsttime home buyers to luxury investors - helping them achieve their goals.
“My faith and my family inspire me to maintain these high standards and make a positive impact. This recognition is a reminder that relationships and trust are at the core of what we do.” Dylan Christie, the 2023 rookie of the year, was also inducted into the Circle of Excellence.
“My first year in real estate set the foundation for everything I’ve accomplished since. I’ve built meaningful relationships with repeat clients, which is the highest compliment in this business. 2024 brought exciting challenges, and I look forward to continuing to help people find their perfect property in the years to come,” he added.
Jane-Michele Bethel was also recognised for her contributions to the Eleuthera real estate market. “This award means so much because it represents the trust my clients place in me,” she said. “Eleuthera is growing as more people seek a relaxed lifestyle surrounded by natural beauty and community values.
“I work hard to bring my clients the best possible experience, whether they’re buying or selling. By combining cutting-edge tools from HG Christie
and Christie’s International Real Estate, I ensure my clients always have a competitive edge.”
Also joining the Circle of Excellence, Elbert Thompson and Michelle Albury were honoured for their exemplary contributions to the industry. “While these awards celebrate the outstanding achievements of our realtors,” said John Christie, “we must also recognise the incredible support of our administrative team.
“They may not be in the spotlight, but their
dedication and hard work are essential to the success of both our agents and our company. I am incredibly proud of the role they play in keeping everything running smoothly and ensuring our realtors can perform at their best.”
“Our agents go above and beyond every single day. Their dedication and expertise continue to set the standard for real estate in The Bahamas. Here’s to another year of exceeding expectations and achieving greatness together.”
ROYAL BEACH CLUB PROJECT
SpaceX launch ‘will not undermine climate fight’
By ANNELIA NIXON Tribune Business
THE Tourism Minister reassured that the SpaceX launch set for next week does not undermine the prime minister’s advocating for climate change, noting that the environment comes first.
Applauding Prime Minister Phillip Davis’ work for climate change, Deputy Prime Minister Chester Cooper, said the “extensive analysis” has been done and the SpaceX launch will create “no conflict” where climate change is involved.
“Let me firstly applaud the work that Prime Minister Davis in particular has been doing representing the concerns of small island developing states around the world, being a very active advocate at COP etc on these issues,” Mr Cooper said. “We have studied it extensively with the environmental assessments.
SpaceX has provided support. They have hired Bahamian consultants… and DEPP has done extensive analysis as it relates to this activity. Let me reassure you and the Bahamian people, in every investment, in every activity, we put the protections of the environment first. And we say to all foreign direct investors and others coming to The Bahamas to perform activities that unless the environmental thresholds are satisfied, there will be no such activity. And therefore I am satisfied that there is no conflict per se between the work that we’re doing on the international stage for climate change mitigation and this activity.”
He added: “Safety is a priority. We are proud to have Bahamian aerospace
engineer Aisha Bowe, a former NASA scientist, as our official aerospace consultant. The entire process adheres to environmental safety’s best practices while placing The Bahamas at the forefront of space exploration. Our government agencies over the past two years have been engaged. The Royal Bahamas Defense Force, Bahamas Air Navigation Services Authority, the Bahamas Department of Environmental Planning and Protection, the Civil Aviation Authority of The Bahamas and the Port Department are working closely with SpaceX to ensure secure and regulated landings. We have taken measurable precautions to safeguard our waters and marine ecosystems, working closely with experts to monitor environmental impact and ensure that our natural resources remain protected.”
Dr Rhianna Neely-Murphy, the Department of Environmental Planning and Protection’s (DEPP) director, said within the last six to eight months DEPP has experienced environmental assessments as it pertains to the reentry exercise and limiting its environmental challenges. She said DEPP officers will be deployed to Cat Island, Exuma and Eleuthera today to bring in equipment for assessments, set to begin on February 16.
“I’m here to speak specifically about the environmental considerations that have occurred in the last six to eight months concerning this re entry exercise. So the DEPP received official notification of the proposed re-entry last year and over the last six to eight months the department has been
Cooper: Airport work is being accelerated
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
DEPUTY Prime Min-
ister Chester Cooper said the Davis administration is accelerating the work being done on several Family Island airports over the next 15 months and is signing an agreement for the management of four airports.
Speaking at the Routes Americas conference yesterday, Mr Cooper said “extensive work” has been done to the airside Exuma International Airport and work on the airport in Bimini is underway.
He added that the projects in Mayaguana, Long Island and Black Point will be starting shortly.
“We have a 14-airport programme that is to the tune of $300m for all of the Family Island Renaissance Project. We are executing an
arrangement for the management of four airports, and once that’s done, we’ll make an announcement on it,” said Mr Cooper.
“We’re working steadily across all of the islands. [We will] restart the work on the terminal building in Exuma in very short order, we saw last week the extensive work already done on the airside in Exuma they will be wrapping that up soon. We are already accelerating work in Bimini, working along with a public private partnership (PPP), that work is doing extremely well. Work is on the way in Mayaguana and of course, Long Island and Black Point will be starting soon.”
Mr Cooper said approvals to begin work on the airport in Long Island have been granted and developers are finalising management and partnership agreements.
He explained that the airport in Long Island cannot
involved in various environmental assessments to ensure that the reentry exercise is conducted in a way that reduces or eliminates as many of the environmental challenges as possible.
“At that time, SpaceX was advised to engage an environmental consultant and to that end they engaged Braun, a local environmental consultant with years of experience in The Bahamas and working in Bahamian waters. And Braun’s team as well as our team began the environmental assessments, marine, terrestrial and avian assessments of the areas surrounding the re-entry site at the time. We received several environmental documents, timelines, methodologies, etc. And these documents are continuously updated as late as yesterday as circumstances change, and as we get more information to ensure that we are pinpointing this specific area and challenges that could potentially exist.
“To date, Braun and DEPP officers, they are expected to be headed around to the islands of Cat Island, Exuma and Eleuthera around the 13th of February which is tomorrow, to begin bringing in equipment to conduct their assessments. And assessments will begin on the 16th again, marine and terrestrial... We will be conducting environmental monitoring during the event and we will also conduct environmental assessments, collect samples etc in the days after the re-entry event.”
She said the droneship will be automated, directed by GPS and will land on a tugboat in 3,000 plus feet of water. She added: “The non-motorised fairings as
accommodate full flights due to a hill restricting the load and traffic into the island.
Once renovations are completed, he expects airlift to the island to increase, boosting the local economy.
“Once we’re able to fix this, this is going to really open the gateway for more guest arrivals from around the world. Bahamasair will be able to go in, many other new airlines will be able to provide direct service and hopefully we can make Long Island an International Airport, and really help to drive the growth and capacity of that island,” said Mr Cooper.
“We’re already seeing some investments there. I have no doubt that as a result of the development of the airport, additional investments will come, and that’s the significance of these airports, not just for our local connectivity and for preservation of our local way of life, traveling back and forth to Nassau to see family, for services, etc, but also for driving the overall economy of these islands.”
was mentioned just now, will come down in Bahamian waters via parachute. So I will say again that we have received environmental documents and the tugboat is going to be in that area around Eleuthera, Exuma and Cat Island around 3,000 feet of water plus and we expect that we will have our team ready to deploy to conduct the pre-assessments during and after.”
She noted that documents and conversations with SpaceX noted that “the rocket is expected to be returning in Bahamian waters with anywhere between 250 and 350 gallons of jet fuel”. She said if there happens to be a “mishap”, nitrogen and oxygen will also be on board and nearby vessels will be in the area to respond.
Commodore Raymond King said four vessels will be stationed around Exuma “no less than 18 hours before” the exercise is set to begin.
“The intent is to maintain a five nautical (mile) safety range with the Defence Force providing traffic control and security perimeter control, keeping all vessels clear of that area but we intend to execute a safety range between 5 to 10 nautical miles away from the return site at the drone ship. So we intend to keep that area clear, safe and secured.”
Dr Neely-Murphy said there could be loud sounds noting that anyone within ten nautical miles, “which should be no one”, will hear what sounds like two gun shots. She said: “As we move closer, further out, 17 nautical miles, some of the viewing ships will be in that area. You will hear what sounds like two claps
of thunder and as you move further and further beyond, of course the sound is going to get less and less.”
Kiko Dontchev, senior director of launch and recovery operations at SpaceX, explained they have participated in landings over 400 times, however, they “won’t fly until we’re ready”.
“Just to talk a little bit about the mission itself. So the way Falcon 9 works is it’s got, you know, three main parts. It’s got a first stage that’s the big rocket. That rocket’s job is to basically get you up out of the atmosphere and accelerating. There’s a second stage that separates from the first stage and that takes the payload which is on top of the rocket to its orbit. And then there’s fairings that protect the payload from top of the rocket when it’s on the ground and then also accelerating through the atmosphere.
“Now the second stage of payloads, those will go on through its intended orbit in space. But the first stage is the object that will effectively rotate. It’ll drop the second stage off, it’ll rotate and then it’ll make its way down to the drone ship, which is where it’ll land in the Exumas. We’ve done
these landings many times, almost, almost 408 times at this point. So over 400 times, some on land, some on those drone ships. It’s an extremely reliable process - the only rocket that lands like this - and then the fairings itself will also fall under parachute into the ocean, where they will be picked up by a support vessel that we have.
“Also this is a process we’ve done many times. We fly right now roughly every two days, so even in the last ten days, we had a launch yesterday, we had a launch three days before. We’re running this exact same sequence. Safety and reliability are the most important parts of our operation. So while we’re excited to execute this mission... we won’t fly until we’re ready. I’m hopeful that’s on the 18th but if there’s any cause for concern, any reason for us to believe that we won’t be successful, we will stand down and we will reset for the next available opportunity. Falcon 9 is the most reliable, safe and efficient rocket on Earth and we intend to keep it that way as we work through this amazing partnership and look forward to what the future brings.”
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BTC educates seniors on better cyber security
THE Bahamas Telecommunications Company (BTC) joined the global celebration of Safer Internet Day this week amid a 43 percent surge in cyber attacks across the Caribbean/Latin America since 2021.
Safer Internet Day is an international initiative promoting a safer, more responsible and inclusive digital world given the growing threat posed by cyber scams. Research indicates that one in 23 organisations in the Caribbean and Latin American region are impacted by cyber threats weekly.
In partnership with its parent company, Liberty Latin America (LLA), BTC and C&W Communications launched several initiatives to mark Safer Internet Day with a range of education and awareness campaigns designed to reach the youngest and oldest Internet users. BTC focused on educating seniors about staying vigilant and adopting safer Internet practices. The company hosted a ‘Safer Internet Day talk for seniors’ at Fusion Superplex, which brought together representatives from the Royal Bahamas Police Force, the
Ministry of National Security, the National Insurance Board, Bank of the Bahamas and the Consumer Protection Commission.
Inge Smidts, C&W Communications chief executive, said: “Cyber security is a shared responsibility. As the Caribbean’s leading telecommunications provider, we are committed to informing, advising and educating stakeholders about online safety.”
Anthony Newbold, assistant manager of customer care at Bank of the Bahamas, said: “With all of the various speakers from the different industries providing relevant information, I think it helps them [seniors] to understand the importance of making sure that whatever they do online is done safely.”
Inspector Chekesha McPhee, of the Royal Bahamas Police Force’s digital and forensic unit, added: “We know that many of our seniors own smart devices, so I wanted to better educate them about the different types of scams that they would encounter daily so that they can be aware and protect themselves from being a victim.”
Felipe Ruiz, vice-president for information security with Liberty Latin America, added: “As a leading connectivity provider in the region, it is our responsibility to help make the Internet and digital technologies safer for everyone. That’s why, every year on Safer Internet Day, we take a moment to reflect on our efforts to keep our communities safe.
“A key part is raising awareness about potential risks and sharing best practices. This year we’re sharing resources to help you, your family, your business and everyone in your community stay safe online. Through understanding, we grow stronger and together, we can make the Internet a better place.”
SENIORS enjoy an inspiring talk on Internet safety at BTC’s ‘Safer Internet Day talk for seniors’ on February 11 at Fusion Superplex.
SENATOR RANDY ROLLE, executive xhairman at the Consumer Protection Commission, gave a presentation to the seniors on knowing their rights as a consumer.
L to R: Tamara McKenzie, BTC’s communications manager; Inspector Chekesha McPhee of the digital and forensic unit, Royal Bahamas Police Force; Anthony Newbold, assistant manager of customer care at Bank of the Bahamas; Indirah Belle, chairperson of the trafficking in persons unit at the Ministry of National Security; Bodine Johnson, BTC brand ambassador/host.
BTC hosted a ‘Safer Internet Day talk for seniors’ on February 11 at Fusion Superplex. The seniors were engaged by representatives from the Royal Bahamas Police Force, the Ministry of National Security, the National Insurance Board, the Bank of the Bahamas, and the Consumer Protection Commission – all collaborating to raise awareness about Internet safety.
Natural resource protection ‘started from ground zero’
Pointing out that foreign companies have already benefited from discoveries, both in Bahamian waters and land, without this nation gaining a singe cent, he added: “What this legislation intended is for us to gain something from it in the event we get future hits. The legislation had a provision for a sovereign wealth fund that these monies would be paid into, so that every Bahamian can benefit.
“I think we were starting from ground zero. We had nothing, so some sort of regulatory regime had to be introduced.” Mr Ferreira said “there are two big ones I can remember” in terms of discoveries in The Bahamas that were exploited for commercial gain, and generated significant income for the private interests involved, without any benefits accruing to The Bahamas.
The first, he recalled, was a find that contributed to a suite of drugs combating erectile dysfunction.
“In The Bahamas, we have a rich bush medicine and traditional knowledge history, like many Caribbean countries, and we have had people come and interview our seniors and elders about which types of bush medicine - bark, vegetation, roots - aid particular ailments,” he added.
“As it turned out, one of them was used in part of an erectile dysfunction suite of drugs.” Mr Ferreira, an attorney by profession who specialises in environmental law, argued that The Bahamas cannot lose sight of the need to benefit financially from its own natural resources, despite complaints that it has introduced overwhelming bureaucracy and red tape, with Inter-American Development Bank studies suggesting it has missed out on million of dollars.
He added that “the advantage The Bahamas has is that genetic diversity of the animals is much greater here”, which enables researchers to obtain far more diverse samples of sea life and coral reefs than anywhere else in the world.
“We know there have been major commercial successes based on that type of research,” Mr Ferreira said.
“The question is: ‘What else is out there?’ I wasn’t aware until I sat in the chair that the genetic richness of the organisms was much greater here. That was really a shock to me. I didn’t know what the ratio is, but that’s very important in genetics.
“I’m aware they were having some challenges with the online portal. I’m optimistic that can be resolved because that’s so necessary to move away from what’s going on with this legislation. Everyone has to move forward. There’s no way we can develop environmental policy without scientific research. This is something where I remain very hopeful and optimistic we can all come together and chart the right course where everyone can benefit.”
However, five scientists - including Dr Krista Sherman; Dr Craig Dahlgren of the Perry Institute for Marine Science; and Dr Nick Higgs, head of research and innovation at Cape Eleuthera Institute - in a paper published last month by the environmental journal, MDPI, revealed that the Government has largely failed to act on concerns voiced by the scientific community over the new regulatory regime.
“In April 2021, 107 local and international scientists, conservation practitioners, and students expressed concerns regarding the implementation of the ABS legislation and new permitting process with the DEPP (Department of Environmental Planning and Protection) and the Bahamian government,” they wrote.
“The scientific and conservation community flagged potential negative impacts to research, funding, collaborations and capacity building opportunities. The Government was also warned of potential unintended and adverse consequences on ecotourism and Family Island communities, which directly and indirectly benefit from visiting scientists and research groups.
“Unfortunately, despite over two years of repeated efforts advocating for mutually beneficial changes to the Biological Resources and Traditional Knowledge Act and ABS permitting process, most of these concerns have not been addressed. As a result, the forecasted potential risks have become the reality for researchers, students, Bahamian-based organisations and Family Island businesses.”
Pointing to problems with the legislation prior to its passage through Parliament, the scientists wrote: “The ABS project failed to consult with key
stakeholders (for example, researchers) to solicit input during the process of creating the new legislation, policies and permitting portal. This project also failed to inform the public both adequately and accurately about the new legislation and permitting regime.
“The legislation itself was presented in a nationalistic manner, making it attractive to Bahamians to support it, even though most were - and still are - not familiar with the intricacies of specific policies and the implications for The Bahamas.
“While some sectors were informed to varying degrees, most of the public, including key stakeholders, were not made aware of the new policies associated with the legislation until after the fact. For example, no information was provided to stakeholders, including some ABS committee members, ahead of the online launch of the new registration fee structure, despite multiple requests for this information to assist with planning and budgeting.”
The Biological Resources and Traditional Knowledge Act was billed as plugging a loophole said to have enabled foreign exploitation of The Bahamas’ biological and genetic resources without this nation earning a cent. It sought to establish a regulatory, permitting and revenue-sharing regime with companies seeking to research and exploit this nation’s marine genetic resources.
The legislation aimed to close a gap identified in an Inter-American Development Bank (IDB) report, which exposed that the Bahamian people are earning nothing from foreign exploitation of resources that have produced over 100 “new natural products”. The document disclosed that this nation was gaining
COMMONWEALTH OF THE BAHAMAS
IN THE ESTATE OF ANDREW CARNLEY CONLIFFE late of #18 Shrimp Road, off Carmichael Road, in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas
Notice is hereby given that all persons having any claim or demand against the above estate are required to send the same duly certified in writing to the undersigned on or before the 17th day of March A.D., 2025 after which date the Executors will proceed to distribute the assets after having regard only to claims of which they shall then have had notice.
And Notice is hereby also given that all persons indebted to the said estate are requested to make full settlement on or before the date hereinbefore mentioned.
BOWLEG MCKENZIE ASSOCIATES CHAMBERS
Attorneys for the Executors #67 RowClem House Marathon Estates, Marathon Road. Nassau, The Bahamas
zero commercial and financial benefits from the research activity it permits annually in the waters of its Exclusive Economic Zone (EEZ).
This is despite the granting of more than 100 research permits per year, most of which are to institutions based in the US and Canada. The report revealed that many of these research initiatives had resulted in patent applications being made in the US, “a large cluster” of which covered “a marine microbe” found in Bahamian waters and its use in the lucrative global pharmaceutical industry.
The IDB said one of the “biomolecules” generated from this Bahamian microbe strain had made it to “clinical phase II” drug trials in 2014, but the failure of successive administrations to establish a commercial and regulatory regime to ensure this nation gains a just share of any resulting revenues/profit from such exploitation of its resources has deprived it of a potentially “significant” income source.
“The Bahamas used to issue over 100 research permits per year, about
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90 percent of which were issued to foreign institutions (generally from the US and Canada) enabling access to genetic resources, mostly in the marine environment,” the IDB report said.
“A study published in 2012 calculated that 125 new natural products were discovered in EEZ in the 2000s. A preliminary review of the patent databases of the US revealed that a significant number of research initiatives conducted in The Bahamas applied for US patents.
“A large cluster of patents covers a marine microbe originating from The Bahamas, the production of biomolecules with this specific Bahamian strain and their use as pharmaceuticals. For one of these molecules, clinical phase II tests were announced to start in 2014,” the report continued.
“These inventions based on a Bahamian genetic resource might be developed into commercially successful drugs with significant revenues. Due to the lack of a regulatory access and benefit (ABS) regime in The Bahamas and appropriate contractual provisions, almost no benefits are flowing back to the country from these and other cases of utilisation and commercialisation of Bahamian genetic resources.”
NOTICE
NOTICE is hereby given that HARRY ALOUIDOR of Kemp 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 6th day of February, 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 JOHN SCARLETT of P.O.Box N-4787, Rolle Street, Fox Hill 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 6th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE TO PROSPECTIVE VENDORS
The U.S. Embassy anticipates significant contracting opportunities over the next 6 months. We encourage all qualified Bahamian companies to directly and actively pursue these economic opportunities with the U.S. Government. All vendors that wish to do business with The U.S. Embassy, Nassau, are required to register their business in SAM – System for Award Management – prior to receiving a contract award. There is no cost to register with or use SAM. Please start now: the registration process can take up to six weeks and should be completed before bidding on any solicitations or opportunities.
Interested vendors should register at https://sam.gov/ Click on “Get Started” to initiate setting up a user account and then registering your business with SAM. A checklist of instructions is available after clicking on the “Get Started” link from the home page.
Applicants will also need to set up an account at https://login.gov, which is used when logging into the SAM website. FAQs, a Knowledge Base, Live Chat, and other assistance with the registration process is found at https://www.fsd.gov
For additional information, or a list of anticipated contract opportunities, please contact NasauContractingOfficers@state.gov
‘We all win’: BISX targets early 2025 for private listings launch
IPOs. And, from the investor perspective, Mr Davies said it will offer more options for Bahamians to generate greater returns, as well as increasing their long-term savings, in an environment where issuing companies will have to disclose their performance.
Pledging that there will be “no grey areas” or “blurred lines” due to the exchange’s oversight, the BISX chief said the drive to take the Bahamian capital markets to a higher level will generate the certainty required to unlock investor capital and propel companies and the wider economy towards faster growth.
“We’re focusing on three major initiatives for this year, one of which is virtually complete, which is the private listings,” Mr Davies told Tribune Business. “The second, which I call BISX ‘crowd funding 2.0’, is underway. Whereas before I said we were planning and thinking about it, we’ve done all of that and are putting in place the foundations for the market.
“It’s going to be virtual in the sense it’s all online. We’re putting the components together and working with our developer to make that a reality. That’s underway and we’ve got a jump
start on that initiative. The third one will be a little longer. That’s our secondary market initiative.
“It’s going to require working with market participants, stakeholders in the capital markets, and the Government... We’re going to be creating four tiers to the market. There’s going to be the private listings market, which will be the first layer, and that will be somewhat of an incubator for companies to become prepared to disclose and be part of crowd funding,” he added.
“We’ll have the crowd funding layer, typically for those companies that are a bit more mature and are still looking to expand and raise capital, and then there will be the secondary market which is meant for those companies that need a bit more capital, have more maturity still and are able and willing to make more disclosures.”
Revealing that the private listings tier will launch during “this half of the year”, Mr Davies said it will be targeted at emerging companies who aspire to go public in the longterm. Explaining that these entities will not be offering shares to the public, or soliciting investments by outside investors, he added that any trading (buying
and selling of shares) will be limited to existing owners and private individuals who may buy in.
“These are existing private companies that are seeking to potentially establish themselves as entities that may go public in the future,” Mr Davies explained. “It’s open to all private companies. There will be certain thresholds to meet. These companies will be working within themselves. Each company will be its own market. They’ll not be open to the public.
“It will be a closed unit where they fall under our rules. There’s limited disclosure and trading, but there’s transparency among themselves and anyone entering into this market. These are companies which want to understand what it what it takes to be public. Persons entering the market to participate will only do so within a specific company.”
Mr Davies said corporate participants in the private listings tier will follow the Securities Commission’s public company rules as each entity will have no more than 50 shareholders, not be offering shares to the public, and their shares will not be “freely transferable” but only able to be sold and bought by existing shareholders.
BISX’s planned ‘crowd funding’ tier, meanwhile, will seek to marry investors with small and mediumsized enterprises seeking to expand. Persons will be able to acquire, and trade, shares in these companies although the sums invested will likely be less than in full IPOs. Offerings will also be less costly in this tier.
“These companies will be regulated and held to a standard of disclosure,” Mr Davies told this newspaper. “They will be regulated by the exchange. These might be ‘Mom and Pop’ businesses that require $150,000, but they would have to do some work and do a bit of disclosure, get a taste of what it means to report [to investors].
“These people don’t have back offices to manage these disclosure requirements; this is totally new to them, but if you ask people for money you have to provide a certain level of disclosure so that people understand what you are doing. Crowd funding will be towards the end of this year. I don’t expect that market to start this year but expect us to have done a good deal of the leg work to start the market.”
As for BISX’s third and final “layer”, namely the planned secondary market, Mr Davies said: “We’re
looking to do things a little differently and incentivise companies to come to the capital markets to encourage and facilitate savings through investment by Bahamian investors. These companies that seek to use that facility will gain incentives through exemptions and discounts.
“They’ll have to be part of the market for a certain period of time. It’s going to be a way to raise capital above crowd funding but better, yet it’s also realising that they need time and space to mature to that [IPO] stage. The rigours of a full-blown listing may be too onerous so we will give them a break, but all the while monitoring and requiring them to participate at a level of disclosure that makes the Securities Commission, investors and BISX comfortable.
“The secondary market will take more time. We have to present what we are thinking in terms of incentives and exemptions. We have to convince the Government it makes sense, which is totally appropriate; you must justify that which you do. We’re working on that to provide justification for the creation and development of the market.”
As for BISX’s wider strategy, Mr Davies said: “We’re going to encourage
participation through all levels of investments.
We’re going to provide that through online and digital platforms that make it easy for persons to access. We’re going to create various stages of the market. People can move between stages and companies. They will be able to understand the different levels and pick and choose where they want to fall.
“These are options that did not exist before. The benefit of having markets is the benefit of organisation. There are rules you have to follow. Everyone understands the climate, everyone understands the benefits, everyone understands the penalties and, with that level of certainty, you attract investment. We all win.
“This is not a fly by night. There are very bright lines. There’s no grey areas; everyone understands what you are working towards. There’s no blurred lines. The businesses are going to succeed or fail on their own merits. What we’re going to do is make sure everyone understands what the merits are. Therein lies the difference between a regulated market and something else.”
Gov’t agencies ‘defaulted’ on multi-million NIB debts
The footnotes to the 2022 annual report provide an insight into the Government’s well-known use of NIB as a ‘cash cow’ to finance particular projects, while also allowing sums due to the social security system from other public agencies - for items such as building rent and lease costs - to build up to receivables higher than $100m.
The then-Minnis administration, on December 1, 2018, was forced to issue NIB another promissory note for $61.762m “to cover all outstanding lease balances as at June 30, 2018”. This, though, was fully repaid by year-end 2022 in line with the four-year target, with a $34.086m debt wiped out during that year - the Davis administration’s first full year in office.
This helped slash the sums owed to NIB by the Government from $117.775m at year-end 2021 to $27.087m some 12 months later, representing a 73 percent year-over-year decline. However, the latter sum included $19.141m owed for the Chronic Diseases Prescription Drug Fund, which itself had been slashed from $38.118m at year-end 2021.
And, elsewhere, the NIB annual report confirmed it had lent a collective $15m to the Water & Sewerage Corporation to finance construction of the Gladstone Road wastewater treatment plant - a project alleged to have been plagued by massive cost overruns, and which had not been
completed almost a decade after the initial $10m was disbursed. The project’s fate, even today, remains uncertain with Robert Deal, the Water & Sewerage Corporation’s general manager, not responding to this newspaper’s request for an update despite the two ‘blue ticks’ confirming he had seen its message. The last time the Gladstone Road wastewater treatment plant surfaced in public was in early 2022 when Alfred Sears, thenminister of works and public utilities, said the total cost to complete it was presently “unknown” and that US-based Hatch Ltd, an engineering consulting company, had been hired to determine this.
However, NIB’s annual report confirms that Water & Sewerage customers and, by extension, Bahamian taxpayers given the amount of subsidies they pump in, are paying 4.75 percent interest to service a loan that is financing a project whose completion remains in doubt. Some $8.072m in principal remained outstanding at year-end 2022, with $1.136m repaid during that year.
An EY (Ernst & Young) probe under the former Minnis administration found that despite a 91 per cent overrun on the original $9.6m budget, which had cost the Corporation some $18.3m by March 2018, further capital expenditure was required to complete the still-unfinished Gladstone Road facility.
It added that besides the capital loss on the wastewater plant’s construction, every day it remains unfinished costs the Water & Sewerage Corporation significant revenue and operating losses. This is because the Corporation is having to pay a non-completion ‘penalty’ to Baha Mar by supplying it with heavily discounted water to irrigate the Cable Beach development.
NATIONAL INSURANCE BOARD (NIB) HEADQUARTERS
“The Gladstone Road Waste Water Treatment Plant is capable of receiving waste water from Baha Mar, but is non-operational in the sense that the waste water is not being treated and returned for irrigation,” the EY report said. “Instead, the waste water is simply disposed of in the well.
“Because the Gladstone Road Waste Water Treatment Plant is
SPACE X LANDING ‘OPENS UP SPACE TOURISM FOR NATION’
FROM PAGE B1
to witness launches. Now, for the first time, those very same people can come to the Bahamas to witness landings and have a front row seat to history with Bahamas and SpaceX.”
Kimberly Furnish, the US Chargé d’Affaires, noted “the rapid expansion of the space industry is evident”.
“The US government, inclusive of our FAA colleagues, worked with the Bahamas Civil Aviation Administration and government ministries to protect national interests while enabling this growth in space industry. The cooperation serves as a model for other sectors. The rapid expansion of the space industry is evident not only in financial investments, but also on the number of satellites. The satellite industry
association estimates that up to 110,000 new satellites can be in orbit by 2030. This presents opportunities for projects like SpaceX’s Starlink and other companies including those in The Bahamas to access mobile broadband and other space based technologies. The Falcon 9’s landing is more than a technical achievement, its a symbol of what we can accomplish when we work together to break barriers, to push boundaries and shape the future. I have no doubt that this is just the beginning of even greater things to come.”
With 20 landings scheduled for the year, Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said the space industry will create economic growth noting regulations allow fees
possibly up to $100,000 per landing. However, he added that he sees the Falcon 9’s landing as a chance to develop an industry.
“The regulations provide for fees I believe upwards to $100,000 for each landing,” Mr Cooper said. “But we’re looking at this as an opportunity for the development of an industry. As you’ve heard, this industry is expected to be $14 trillion by the year 2045. Space tourism [is] expected to be 14 billion by the year 2030. There are significant possibilities as it relates to not just tourism but the advancement of this activity in The Bahamas... and therefore possibilities are indeed endless… 1.5 million persons a year visit Cape Canaveral to watch the liftoffs. So I belive we can multiply the possible economic impact of this activity. I think that is really the fundamental reasons why we are looking to do this. It’s a part of the development of an industry, quite frankly, that takes us, as I’ve said, beyond the beach. And this can truly be an amazing opportunity for The Bahamas and for Bahamians.
“With our proximity to Florida, stable weather and
open waters, The Bahamas offers the ideal conditions for SpaceX operations. Astro tourism, or space tourism, is an emerging industry, as you heard, that will allow us to diversify our touristic offerings.
“Space tourism allows people to experience aspects of space exploration firsthand, whether through rocket launches or landings or space related attractions. The Bahamas is now at the centre of this movement with 20 landings scheduled this year subject to regulatory approvals. Visitors will not only enjoy our pristine shores but witness history in real time. No other place on Earth offers this combination of paradise and space exploration.
“Rocket booster landings will generate fresh economic activity, attracting more travelers, securing more heads and beds, boosting local businesses and introducing new experiences. For example, yacht excursions to watch rocket landings, some of which I am told are already organised for February 18th.
Additionally, SpaceX is committed to establishing a space themed exhibit in The Bahamas and continuing
NOTICE
NOTICE is hereby given that BENSON BONHOMME of Infant View 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 6th day of February, 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 ADDERLY SIMEON of Colony Village, Eastern District, 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 6th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
non-operational, Water & Sewerage Corporation is currently providing Baha Mar with potable water at a substantial discount for irrigation purposes, further increasing the losses to the Corporation. “As a result of the substantial budget overruns and inoperable facility, Water & Sewerage Corporation management believes that the facility will result in substantial losses to the Corporation, both with respect to the recovery of capital as well as operationally going forward.” EY said Water & Sewerage Corporation management took “little to no responsibility” for the Gladstone Road project, blaming the shortcomings and mismanagement on third-party engineers and consultants hired to oversee it on their behalf.
the partnership and growing opportunities for The Bahamas. This expert will not only inspire Bahamians but also attract international visitors, further cementing The Bahamas as a destination at the forefront of innovation. It is yet another way we are putting our country on the map, drawing global attention, expanding what the world knows about The Bahamas beyond its natural beauty, beyond the beach.”
SpaceX will donate $1m to the University of The Bahamas for STEM education to foster “the next generation of scientists, engineers and innovators”.
“This collaboration with SpaceX also creates opportunities for scientific exploration through science, technology, engineering and mathematics - STEM - and this process will continue with education at the University of the Bahamas,” Mr Cooper said. “It is an investment in The Bahamas and in Bahamians. SpaceX will engage Bahamian students and educators through quarterly STEM seminars, fostering the next generation of scientists, engineers and innovators. SpaceX will donate $1m to the University of The Bahamas. We are not just spectators in this industry. We are participants shaping its future
to strengthen science and technology education. We are proud to be the first international destination to host such a groundbreaking event. We’re not just hosting rocket landings, we are creating a legacy. We envisage that Bahamian students pursuing careers in aerospace, Bahamian engineers working on cutting edge technology and Bahamian scientists contributing to global innovation and the advancement of mankind. We are aspirational.”
On February 18, SpaceX’s Falcon 9 rocket will launch from Florida’s Space Launch Complex 40 at Cape Canaveral Space Force Station. At approximately 6.08pm, Falcon 9’s first stage is expected to land on SpaceX’s autonomous droneship, off the coast of The Exumas.
“This momentous landing will be visible to audiences around the world by the Bahamas Ministry of Tourism’s website, Tourism Today and SpaceX Channel, giving them a front row seat to this remarkable event,” Mr Cooper said.
“We expect that The Bahamas will take center stage and for this landing to be viewed millions of times.”
NOTICE
NOTICE is hereby given that AUSTIN EUGENE of Bellot 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 6th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
Nassau, New Providence, The Bahamas.
‘Due diligence done’ on Fox lease for Balmoral Island
project will move on,” said Mr Cooper.
“We’re excited about the fact that Bahamians are investing in tourism. We look forward to this project advancing and advancing quickly.”
Mr Cooper highlighted that current stopover and air arrival growth is constrained by room capacity and encouraged more Bahamians to invest in the tourism industry.
“I want to emphasise the point that our growth in stopovers and our growth in air arrivals is constrained by limited room capacity and no matter how you slice it, if your glass is almost full, as we have it over the course of last year, setting records this year, maintaining that record, you simply don’t have the capacity to achieve more,” said Mr Cooper.
“The reality is that people who want to help to enhance the growth in stopovers, I invite them to invest in tourism. Still, there’s not enough investment by Bahamians in the tourism infrastructure, and
more can be done in this space and this would warm my heart to see Bahamians investing as we bring foreigners to do foreign direct investments in the tourism space.”
Mr Cooper, who is also Minister of Tourism, Investments and Aviation, said he would like to see the country’s room inventory double from 15,000 to 30,000 over the next decade through attracting investors in large developments and boutique resorts such as a new fly fishing project slated for Crooked Island.
“We have roughly 15,000 rooms. I have said that I’d like to see that double over the next 10 years. I think that’s achievable. Every resort will count towards achieving that, resorts that are not fully operational now must come on stream, but certainly it takes time to develop a resort,” said Mr Cooper.
“I expect that we won’t achieve an additional 10,000 or 15,000 rooms immediately, but over time, this has to be the sustained strategy, and as we articulate our vision to the world in the islands
where we want to see large resorts, we will do our best to direct them there, but in islands where we want the authenticity to remain, we also encourage small boutique resorts in places like Crooked Island, where we will see a small fly fishing resort come on stream real soon. I’m excited about the prospects and over time, I think we will make significant ground in this area.”
Damian Gomez KC told Tribune Business he has already written to the Attorney General’s Office to “flag” his concerns that the 21-year deal struck with Island Luck’s co-founder “literally expropriates property that belongs to me” as a result of a pre-existing lease interest he holds.
Having obtained Supreme Court permission to seize 50 percent of the shares in Blue Illusions, the failed dolphin attraction that previously operated on Balmoral Island, over $1.25m in unpaid legal bills, he said he was unaware that Mr Fox’s project had received the go-ahead until Thursday’s Heads of Agreement signing with the Davis administration.
Mr Gomez said neither the Government nor Mr Fox have sought to buy out his interest in the lease nor approached him over their plans for the island, also known as Blackbeard’s Cay, which lies off New Providence’s north coast opposite Sandals Royal Bahamian. The island is Crown Land, with the latter resort using the eastern portion via a lease deal with the Government.
“They didn’t buy it from me, nor did the Government give me notice of what they were doing,” Mr Gomez told Tribune Business of the Balmoral Island lease and resort deal with Mr Fox’s group. “I’ve written to the Attorney General’s Office to flag it and that may well lead to further litigation.
“I’m not sure what they’re trying to do. They also seem to want to sell [Blue Illusions] dolphins. I told them they cannot do that without paying me out.” Asked about his likely response, Mr Gomez added: “I’m just going to pursue the Attorney General’s Office. They really
US DEFENSE CHIEF SUGGESTS UKRAINE SHOULD ABANDON HOPE OF WINNING ALL TERRITORY BACK FROM RUSSIA
By LORNE COOK and TARA COPP Associated Press
U.S. Defense Secre-
tary Pete Hegseth said Wednesday that NATO membership for Ukraine was unrealistic and suggested Kyiv should abandon hopes of winning all its territory back from Russia and instead prepare for a negotiated peace settlement to be backed up by international troops.
Hours later, President Donald Trump said he and Russian President Vladimir Putin had agreed to begin negotiations on ending the Ukraine war. In a social media post that upended three years of U.S.
policy toward Ukraine, the Republican disclosed a call between the two leaders and said they would "work together, very closely."
Ukrainian President Volodymyr Zelenskyy's office said Zelenskyy and Trump also had a phone conversation.
Taken together, the statements by Trump and Hegseth offered the clearest look yet at how the new administration might try to end Europe's largest land war in generations.
Hegseth's warning to Ukraine that it should abandon its NATO bid and its push to reclaim all Russian-occupied territory signaled starkly to Kyiv that the administration's
view of a potential settlement is remarkably close to Moscow's vision. Putin has declared that any peace deal must ensure that Ukraine gives up its NATO ambitions and withdraws its troops from the four regions that Russia annexed in September 2022 but never fully captured.
In sweeping remarks to NATO allies eager to hear how much support Washington intends to provide to the Ukrainian government, Hegseth indicated that Trump is determined to get Europe to assume most of the financial and military responsibilities for Ukraine's defense, including a possible peacekeeping
force that would not include U.S. troops. Making the first trip to NATO by a member of the new administration, the defense secretary also said the force should not have Article 5 protections, which would require the U.S. or the 31 other nations of the NATO alliance to come to the aid of those forces if they are attacked by Russia. The secretary's comments were sure to dim Ukraine's hopes of making itself whole again and to complicate talks later this week between Zelenskyy and U.S. Vice President JD Vance and other senior American officials at a major security conference in Munich.
are the ones who have disturbed my interest.
“Without giving me notice, they have allowed him to remove property from the island, Adrian and other people. They took the dolphins and haven’t gotten in touch with me. My view of it is they have literally expropriated property that belongs to me.” Asked when he became aware of Mr Fox’s resort project, Mr Gomez replied: “I heard like everybody else when they announced this new project.”
Adrianna Fox, Mr Fox’s daughter, confirmed during Thursday’s Heads of Agreement signing that the $300m resort project includes the lease of a 16.35-acre site on Balmoral Island. Given the island’s size, that almost certainly includes at least a portion of the site that was previously used by Blue Illusions for its dolphin encounter and associated tourist amenities that was mainly targeted at cruise ship passengers. Mr Fox himself later confirmed that the Balmoral Island portion involves “a lease from the Government for 21 years”. Mr Gomez,
"The United States does not believe that NATO membership for Ukraine is a realistic outcome of a negotiated settlement," Hegseth told Kyiv's backers as they gathered at NATO headquarters for a meeting to drum up more arms and ammunition for the war, which will soon enter its fourth year.
who said it may be possible for him to reach an agreement with the Island Luck co-founder, said he had first learned of the latter’s interest in the property late last year but, when he approached the Government for clarification, he was assured nothing was happening.
“I may be able to do a deal with him. He might want the dolphins. I’m not sure what the Government is planning to do,” the former Cabinet minister revealed to this newspaper. “We got a letter back which was misleading with regard to what was being announced. They denied they had entered into a lease with him.
“What happened this [last] week is completely inconsistent with that letter. Adrian has been in possession for months. I wrote to them to ask what was going on and they wrote me back to deny it. That was the Attorney General’s Office. He [Mr Fox] wouldn’t go and take possession of the thing unless they gave him permission to do so. I’ll do what I have to do.”
All 32 allies must agree for a country to join NATO, meaning that every member has a veto.
"Instead, any security guarantee must be backed by capable European and non-European troops," Hegseth said. "To be clear, as part of any security guarantee, there will not be U.S. troops deployed to Ukraine."
NOTICE
NOTICE is hereby given that KEITH ALAN MCCONNELL of P.O.Box EE16962 #93 Yamacraw Hill 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 12th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, D’SHANTI SHAKIRA KENISHA HUMES, of P.O. Box N4341Gleniston Gardens Subdivision Road off Prince Charles, Nassau, The Bahamas, intend to change my name to D’SHANTI SHAKIRA KENISHA PRATT If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I,TREVOUS WILLIAM FORBES, of Collins Drive, Faith Gardens, Nassau, The Bahamas, intend to change my name to TEREVAS WILLIAM FORBES If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
North Carolina legislators fleshing out details on $500M more proposed for Hurricane Helene relief
By GARY D. ROBERTSON Associated Press
NORTH Carolina House members advanced Wednesday a Republican package to boost state recovery funding after Hurricane Helene as committees fleshed out details on how best to spend another $500 million to address the historic flooding.
The House's budget-writing committee voted for the latest spending proposal, which would emphasize repairs for damaged homes, private bridges and roads, assistance to farmers who lost crops and rebuilding infrastructure adjacent used by small businesses.
GOP House leaders had unveiled a version last week, but several amendments adjusted the measure in a special Helene recovery committee on Tuesday.
A House floor vote is expected next week, said Rep. John Bell, the House
rules chairman and cochairman of the recovery committee.
The package remains less than half of the $1.07 billion that new Democratic Gov. Josh Stein sought in new recovery spending earlier this month from legislators.
Stein's package contains several initiatives the House plan currently lacks, including money to recompense local governments in the mountains for lost or spent revenues and for two business grant programs designed to help small businesses directly.
Senate GOP leaders will have their own competing spending ideas that will figure into negotiations with House counterparts.
Both Stein and Republican lawmakers want to get more Helene spending out the door early this year to address immediate needs. Additional funds are expected in the two-year state budget that would take effect July 1.
The legislature already has appropriated close to $1 billion since last fall for Helene aid in the weeks after it made landfall in late September.
"This is just the next step in this process," House Speaker Destin Hall told Tuesday's committee meeting. "Somebody asked me earlier, 'How many bills are we going to need to do this?' And my answer is — and I know you all feel the same — it's going to be as many as it takes for us to get it done to rebuild western North Carolina."
North Carolina state officials reported that Helene damaged 74,000 homes and thousands of miles in both state-maintained and private roads, bridges and culverts. State officials projected the storm caused a record $59.6 billion in damages and recovery needs.
Congressional legislation approved in December and other federal actions are projected to provide over
$15 billion to North Carolina for rebuilding.
The state House proposal seeks to maximize federal matching funds, avoid mistakes from previous storm recovery efforts and prevent the distribution of too much money to programs ill-equipped to get it out the door, Bell said.
"This body is very strategic in what we're trying to do," Bell said Wednesday.
Adjustments that House Republicans made this week to their preliminary
bill included shifting $75 million to create a state Agriculture Department program to address agricultural crop and infrastructure losses.
Another $60 million initially earmarked for repairs of state facilities would be used for other purposes.
Nearly all of it — $55 million — would help small businesses, although not in the form of direct payments, as Stein and other Democrats want.
Instead, the proposed infrastructure grant program would allocate money to local governments to repair "qualifying infrastructure needs" like utilities, broadband and sidewalks that would benefit small businesses trying to reemerge from the storm. Bell said Wednesday that a grant program could be open to abuses by businesses that aren't located specifically in the damaged region.
NORTH Carolina Rep. John Bell, R-Wayne, far right, speaks while, from left to right, Reps. Dudley Greene, R-Avery; Karl Gillespie, R-Macon; and Rep. Jennifer Balkcom, R-Henderson, listen after a Hurricane Helene relief bill was considered by a House committee in the Legislative Office Building in Raleigh, N.C., Wednesday, Feb. 5, 2025.
Photo:Gary D. Robertson/AP
White House says it has the right to punish AP reporters over Gulf naming dispute
By DAVID BAUDER AP Media Writer
THE White House said Wednesday that news organizations that refuse to use President Donald Trump's new name for the Gulf of Mexico were telling "lies" and insisted it would continue to bar Associated Press journalists from presidential events.
Trump has decreed that the international body of water — which borders Mexico, the United States and other nations — be called the Gulf of America.
In its influential Stylebook, the AP said it would continue to use Gulf of Mexico, while also noting Trump's decision, to ensure that names of geographical features are recognizable around the world.
The White House's outright attempt at regulating language used by independent media — and the punitive measures attached to it — mark a sharp escalation in Trump's often fraught dealings with news organizations.
At a regular briefing Wednesday, White House Press Secretary Karoline Leavitt said that "it is a fact that the body of water off the coast of Louisiana is called the Gulf of America, and I'm not sure why news outlets don't want to call it that."
In reality, the body lies partially in waters that don't belong to the United States and has been called the Gulf of Mexico for hundreds of years.
"The actions taken by this White House were plainly intended to punish the AP for the content of its speech," Pace wrote. "It is among the most basic tenets of the First Amendment that the government cannot retaliate against the public or the press for what they say."
White House says Oval Office access is a privilege
The White House pointed out that the AP was allowed into its briefing Wednesday but continued to take issue with the style of the gulf's name. "Nobody has the right to go into the Oval Office and ask the president of the United States questions," Leavitt said. "We reserve the right to decide who gets to go into the Oval Office." Generally, when the press is permitted to cover White House events where space is tight, a small pool of journalists are allowed in. The AP, which transmits news to thousands of clients, has traditionally been a part of that pool in past administrations.
Asked if barring AP reporters was retaliatory, Leavitt said that the Interior Secretary has codified the name change in official
On Tuesday, AP reporters were blocked from attending events in the Oval Office and the White House's Diplomatic Reception Room. While an AP reporter was in the White House briefing room Wednesday for Leavitt's remarks, they were turned away at a later event in the Oval Office for the swearing in of Tulsi Gabbard as national intelligence director. Julie Pace, AP's senior vice president and executive editor, wrote to White House Chief of Staff Susie Wiles on Wednesday objecting to the moves.
documents and that "pretty much every other outlet in this room has recognized that body of water as the Gulf of America."
The move raised alarms among several advocates for the press. "Barring an AP journalist from covering an Oval Office event because the AP has not adopted President Trump's change of name to what has long been called the Gulf of Mexico is an affront to the First Amendment," said noted attorney Floyd Abrams.
A major consortium of news organizations, the Inter American Press Association, said Wednesday that the White House move was "an act of censorship and intimidation that violates the freedom of the press enshrined in the United States Constitution."
The president of the IAPA, José Roberto Dutriz, expressed concern about this measure: "Restricting press coverage and warning against the AP demonstrate a troubling intention to impose official criteria on public interest information, with the threat of reprisals for those who do not comply," said José Roberto Dutriz, CEO and general director of La Prensa Gráfica in El Salvador.
Many who write follow AP style
Users of the Google map app in the United States will now see the body of water referred to as the Gulf of America, the company said. Mexican users would see "Gulf of Mexico." Elsewhere in the world, Google identifies it as "Gulf of Mexico
ROSEMARY Farm family representatives Jose Pelayo, left, and Lisa Stothart deliver a donation of hundreds of thousands of fresh eggs to feed first responders and those in need in the community through the donation of Rosemary Eggs at the Los Angeles Food Regional Bank in City of Industry, Calif., Wednesday, Feb. 12, 2025. Photo:Damian Dovarganes/AP
California
farm donates hundreds of thousands of eggs to wildfire victims and first responders
SANTA MARIA, Calif.
Associated Press
AS consumers face skyrocketing egg prices and widespread shortages, a California farm is donating hundreds of thousands of fresh eggs to people affected by last month's devastating wildfires in the Los Angeles Area.
(Gulf of America)." But the AP's decision is influential because many news outlets and other organizations use it as an arbiter of how to consistently refer to things.
Some larger outlets have their own rules.
—The New York Times said it would continue to
use Gulf of Mexico, while noting Trump's renaming in stories that discuss that issue. The gulf, which borders Mexico and Cuba as well as the United States, has been known as the Gulf of Mexico for more than 400 years.
—The Washington Post also said it would use Gulf of Mexico in most references because it "is not solely within the United States' jurisdiction and the name of Gulf of America might confuse global readers."
In addition, nearly 55,000 eggs will go to firefighters and other first responders, according to a statement from the farm.
Other eggs will be used by the LA bakery Winter Fate Bakes to make birthday cakes for displaced children.
Egg prices reached a record high in the U.S. last month, mostly as a result of a nationwide bird flu outbreak. When the virus is found on a farm, the entire flock is killed to limit its spread.
The 100-year-old familyowned Rosemary Farm in Santa Maria said it's working with the Los Angeles Regional Food Bank and the nonprofit Gather For Good to get some 270,000 eggs to residents who lost homes in the Eaton and Palisades fires.
WHITE House press secretary Karoline Leavitt speaks during a briefing at the White House, Wednesday, Feb. 12, 2025, in Washington.
Photo:Evan Vucci/AP
Most of Wall Street sinks after inflation worsens
By STAN CHOE AP Business Writer
MOST U.S. stocks fell Wednesday after a report showed inflation is unexpectedly worsening for Americans.
The S&P 500 dropped 0.3%, though it had been on track for a much worse loss of 1.1% at the start of trading. The Dow Jones Industrial Average sank 225 points, or 0.5%, while the Nasdaq composite edged higher by less than 0.1%.
Stocks pared their losses through the day as the price of oil eased. A barrel of benchmark U.S. crude fell 2.7% below $72 after President Donald Trump said he had agreed with Russia's president to begin "negotiations" on ending the war in Ukraine. Such a move could free up the global movement of crude.
Still, Wall Street's overall momentum remained downward, and the majority
of stocks fell. Treasury yields also remained notably higher in the bond market, cranking up the pressure on financial markets after the morning's report said U.S. consumers had to pay higher prices for eggs, gasoline and other costs of living than economists expected. Overall inflation was 3% for U.S. consumers in January. That was worse than the 2.9% inflation rate of December, which is what economists expected to see again.
The inflation report suggested not only that pressure on U.S. households' budgets is amplifying but also that traders on Wall Street were correct to forecast the Federal Reserve will deliver less relief for Americans through lower interest rates this year.
The Fed had cut its main interest rate sharply from September through the end
of last year, intending to make borrowing cheaper, help the economy and boost prices for stocks, bonds and other investments. But the Fed warned at the end of 2024 it may not cut rates by as much in 2025 because of worries about inflation staying stubbornly high. Its goal is to keep inflation at 2%, and lower rates can give inflation more fuel.
Some investors were betting on the Fed not cutting rates at all in 2025, even before Wednesday's report on the consumer price index, or CPI.
"The hotter than expected CPI confirms investors' anxiety regarding too-hot inflation that will keep the Fed on the sidelines," said Sameer Samana, head of global equities and real assets at Wells Fargo Investment Institute.
And January's reading doesn't account for any of the tariffs that Trump has
JOANN MOVES TO CLOSE 500 OF ITS STORES ACROSS THE US AMID BANKRUPTCY
By WYATTE GRANTHAM-PHILIPS AP Business Writer
STRUGGLING fabric and crafts seller Joann plans to close about 500 of its stores across the U.S. — or more than half of its current nationwide footprint.
The move, announced Wednesday, arrives amid a tumultuous time for Joann.
Last month, the Hudson, Ohio-based retailer filed for
Chapter 11 bankruptcy protection for the second time within a year, with the company pointing to issues like sluggish consumer demand and inventory shortages.
Joann previously sought Chapter 11 in March 2024 and later emerged as a private company. But after operational challenges continued to pile up, Joann filed for bankruptcy again in January. It's now looking to sell the business
recently announced, with possibly more on the way, which economists expect will raise prices for imports further. Tariffs "will make their impact felt later in the year," Samana said.
Following January's discouraging inflation data, traders are betting on a 29% chance the Fed will not cut rates at all this year, according to data from CME Group. That's up from a less than 20% chance seen the day before.
Such expectations sent the yield on the 10-year Treasury up to 4.62% from 4.54% late Tuesday, which is a notable move for the bond market.
part of our efforts to ensure the best path forward."
— and maintained in a filing Wednesday that closing "underperforming" locations is necessary to complete that process.
"This was a very difficult decision to make, given the major impact we know it will have on our Team Members, our customers and all of the communities we serve," the company said in a statement sent to The Associated Press. "(But) right-sizing our store footprint is a critical
Joann currently operates around 800 stores across 49 states. The initial list of the roughly 500 locations it's looking to close can be found on the company's restructuring website — spanning states including Arizona, California, Colorado, Florida, Georgia, Illinois, Michigan, New York, Pennsylvania, Texas and more. When exactly those closures will take place and how many employees will be impacted has yet to be seen. Joann's Wednesday motion seeks court permission to begin the process.
When a 10-year Treasury, which is seen as one of the safest investments possible, is paying that much in interest, investors are less likely to pay high prices for stocks, which carry a higher risk of seeing their prices go to zero. That puts downward pressure on U.S. stock prices that critics say already look too expensive after running to repeated records last year, with the latest for the S&P 500 coming last month.
One of the few ways companies have to counteract such downward pressure on their stock prices is to deliver stronger profits.
Joann's roots date back to 1943, with a single storefront in Cleveland, Ohio. And the retailer later grew into a national chain. Formerly known as Jo-Ann Fabric and Craft Stores, the company rebranded itself with the shortened "Joann" name for its 75th anniversary. Both of Joann's bankruptcy filings seen over the last year arrived amid some slowdowns in discretionary spending — notably with consumers taking a step back from at-home crafts, at least relative to the early COVID-19 pandemic boom.
Joann has also faced rising competition in the crafts
Gilead Sciences did just that, and its stock rose 7.5% after the pharmaceutical company topped profit expectations for the latest quarter. It credited strength for its HIV products, among other things.
CVS Health jumped 14.9% after easily topping Wall Street's revenue and profit expectations for the latest quarter.
But topping profit forecasts isn't always enough. Ride-hailing app Lyft fell 7.9% despite reporting stronger earnings than expected. Lyft's revenue for the final three months of 2024 fell just short of analysts' forecasts.
space from rivals like Hobby Lobby, as well as from larger retailers, like Target, who now offer ample art supplies and kits.And, while Joann turned to implementing a new business plan after emerging from bankruptcy last spring, "unanticipated inventory challenges postemergence, coupled with the prolonged impact of an excessively sluggish retail economy, put (Joann) back into an untenable debt position," interim CEO Michael Prendergast noted in a sworn court declaration filed when Joann initiated its latest Chapter 11 proceedings on Jan. 15.
A SIGN outside the New York Stock Exchange marks the intersection of Wall and Broad Streets, Tuesday, Jan. 28, 2025, in New York.
Photo:Julia Demaree Nikhinson/AP
Local election runoff held in Eight Mile Rock
A LOCAL government election run-off
was held in the West Grand Bahama District on Tuesday, in the Eight Mile Rock East Township at Polling Division #13.
West Grand Bahama residents returned to the polling division at Mt Zion Baptist Church following a tie between
candidates Marvette Russell and Shantell Forbes who garnered 54 ballots during the initial 2025 Local Government election on January 23. Some 400 eligible voters are registered at that polling division and officials anticipated voter turnout would increase as a result of the excitement surrounding the run-off.
The poll opened at 8am and closed at 6pm, followed by the initial count. A recount was expected to take place yesterday.
West Grand Bahama district administrator Leonard Dames said that, aside from tending to the upkeep of local parks, cemeteries, bus stops and other facilities, local government practitioners are the first responders on the ground in the event of a natural disaster and can mobilise teams to assist central government.
NEW BAHAMAS EMBASSY IN UNITED ARAB EMIRATES
A NEW embassy for The Bahamas has opened in the United Arab Emirates - which will also serve as a centre for relations with Saudi Arabia and Qatar.
Minister of Foreign Affairs Fred Mitchell Fred Mitchell, attending the even on Wednesday, said that the embassy aims to provide services to Bahamians in the region and foster stronger ties between The Bahamas and the Gulf region.
He noted that The Bahamas established diplomatic relations with the UAE in 2011, Qatar in 2013, and Saudi Arabia in 2022, and that agreements such as a visa abolition agreement
with the UAE and an MOU on technical assistance have been signed.
He noted that The Bahamas is seeking active participation in international organisations, aiming for positions in various bodies including the International Maritime Organization, International Telecommunications Union, and Food and Agriculture Organization, as well as a non-permanent seat on the UN Security Council.
He said climate change is The Bahamas’ “top foreign policy issue”, and that the country plans to continue working with the UAE and other regional partners on climate action.
BAHAMIANS in UAE with Minister of Foreign Affairs Fred Mitchell, Labour Minister Pia Glover-Rolle and Ambassador Tony Joudi.
MINISTER of Foreign Affairs Fred Mitchell cuts a Bahamas cake as Omar Shehadeh, Special Envoy to The Bahamas for UAE, Ambassador Tony Joudi, Labour Minister Pia Glover-Rolle and PS Melvin Seymour watch on.
MINISTER of Foreign Affairs Fred Mitchell cutting the ribbon on the new Bahamas embassy in the United Arab Emirates on Wednesday.
STUDENTS GET A CHANCE TO SHINE
ADJUDICATIONS in Harbour Island, Eleuthera, for the E Clement Bethel National Arts Festival yesterday. The event included Harbour Island preschoolers reciting poetry, All-Age School students performing at Lighthouse Church of God, and strong support from family and wellwishers.
Photos: Eric Rose/BIS