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MONDAY, FEBRUARY 19, 2024
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Buyers for FTX’s $256m real ‘Absolutely untrue’ DARE influenced estate target 30% discounts by FTX, Deltec By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
DEAL-HUNTERS seeking discounts of up to 30 percent are circling FTX’s $256m Bahamian real estate holdings as local liquidators move to secure realtors who will market 34 properties for sale. Ryan Knowles, founder and chief executive of Maison Bahamas Real Estate, told Tribune Business he had spoken to “at least a dozen, if not more, clients” in the past two weeks who were all asking when the high-end residences and commercial properties acquired by the collapsed crypto exchange will be “ready to go”. Speaking after the liquidators for FTX Digital Markets, the local subsidiary, on Friday formally launched the bidding process to find realtors willing to handle the disposal of these properties,
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best sales price for the Bahamian properties. However, this objective may be challenged if deals prove hard to secure, and the properties remain on the market for long periods of time. In such a scenario, “the speed element comes into play” and the Bahamian liquidation trio may be forced to somewhat compromise their maximum price goal and offer discounts to obtain a sale
SEE PAGE B9
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BRIAN SIMMS KC
MARIO CAREY
RYAN KNOWLES
Deltec’s ‘secret’ $2bn credit line for FTX ally By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN bank has been accused of aiding FTX by allegedly “sidestepping” this country’s banking laws, helping to “siphon off” customer funds and providing an up to $2bn “secret” credit line. The claims are the latest to be levied against Deltec Bank & Trust and its chairman, Jean Chalopin, in a long-running class action lawsuit by aggrieved FTX customers whose pursuit has been given fresh ammunition from the production of 7,000 pages of
Telegram messages - many featuring the Bahamian bank’s executives - by Sam Bankman-Fried’s former girlfriend. Deltec and Mr Chalopin yesterday reaffirmed their stance that the latest allegations represent more “meritless claims” that will be “vigorously defended”, while suggesting that Caroline Ellison and other former cronies of the FTX founder are motivated by their desire to settle the same class action lawsuit’s claims against them. “We are aware of the amended complaint filed
SEE PAGE B7
Opposition fearing revenue loss on corporate tax delay By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s leader yesterday voiced concern The Bahamas may miss out on significant tax revenues, and lose business, from delays in implementing the 15 percent minimum global corporate tax. Michael Pintard, speaking after the Free National Movement (FNM) met with International Monetary Fund (IMF) and Ministry of Finance officials on the issue, said the former had warned The Bahamas might forego valuable revenues by not imposing the levy on local entities that are part of multinational
groups with annual turnover in excess of 750m euros. If the necessary legislative and administrative mechanisms are not in place to collect the levy locally, the Opposition leader said profit remittances by Bahamas-domiciled entities that are part of such groups can be taxed at the full 15 percent in their home jurisdictions. This, in effect, means that revenues due to The Bahamas would be lost to multinationals’ home countries, with Mr Pintard disclosing that the IMF team had informed the FNM that other countries have already moved to give effect to the G-20/OECD
SEE PAGE B13
THE Securities Commission’s top executive yesterday slammed as “absolutely untrue” assertions that The Bahamas’ key digital assets law was influenced to benefit FTX and a local international bank. Christina Rolle, its executive director, told Tribune Business the regulator had “not even heard of FTX” when the original Digital Assets and Registered Exchanges (DARE) Act was being written prior to its ultimate passage into law in 2020 when the Minnis administration was in office. She hit back after late Friday legal filings in the south Florida federal court, part of an investor class action lawsuit against those allegedly responsible for their losses as a result of FTX’s late 2022 collapse, alleged that the crypto exchange worked with Bahamas-based Deltec Bank & Trust to “foster
CHRISTINA ROLLE a lax regulatory environment” in this nation that had “no teeth”. The new claims, based on nearly 7,000 pages of Telegram messages provided by Caroline Ellison, former girlfriend and crony of FTX founder, Sam Bankman-Fried, who has herself admitted wrongdoing and gave evidence against her former lover as part of a plea deal with US federal prosecutors, alleged that Deltec and its chairman, Jean Chalopin, played a key role in crafting the DARE Act.
SEE PAGE B6
PAGE 2, Monday, February 19, 2024
THE TRIBUNE
BAHAMAS SET TO REACH TOURISM’S FINAL FRONTIER THE Bahamas has signed a first-stage agreement with SpaceX, the rocket and spacecraft maker founded by billionaire Elon Musk, which will position it as a destination from which to watch booster landings. The Ministry of Tourism, Investments & Aviation (MOTIA), in a statement unveiling the Letter of Agreement (LOA) with SpaceX (Space Exploration Technologies Corporation), announced The Bahamas’ intentions to reach tourism’s final frontier. Describing the agreement as “a strategic collaboration”, it added that SpaceX is presently designing space exploration missions where one of the company’s autonomous drone ships will serve as a Falcon 9 landing location east of The Exumas. This, the Ministry of Tourism, Investments and Aviation said, will provide the platform for “a spectacle that will be visible only in The Bahamas. This unique opportunity sets the stage for tourists
CHESTER COOPER
ELON MUSK
AISHA BOWE
to witness awe-inspiring space events from cruise ships, resorts and various tourist hotspots, solidifying The Bahamas’ position as a key player in the emerging space tourism industry”. Viewing rocket landings on an autonomous drone ship from various Bahamian islands will distinguish this destination, the Ministry of Tourism, Investments and Aviation added, setting it apart from its rivals. The Bahamian landings covered in the agreement
will both support SpaceX’s Starlink affiliate, a satellite Internet Service Provider (ISP) that has already been licensed to operate in this nation, and first responders’ capabilities to save lives and ensure connectivity in times of disasters. “The technology embedded in this agreement represents a monumental development in rocket reusability, providing substantial economic advantages to The Bahamas and elevating its status in the global space industry,
“said Chester Cooper, deputy prime minister and minister of tourism, investments and aviation. “This Letter of Agreement with SpaceX marks a new era for The Bahamas. This historic agreement represents a pivotal moment for The Bahamas, propelling the nation into a key role in the global space industry. Simultaneously, it opens doors to unprecedented opportunities for our citizens, fostering long-term advantages
for education, emergency response and innovation. “The Bahamian government aims to utilise this partnership for economic growth, job creation and enhanced educational opportunities.” The ministry said that, in tandem with the agreement, SpaceX has committed to supporting the creation of a space installation or exhibit showcasing recognisable hardware and a SpaceX spacesuit. This exhibit, the only one outside the US, is expected to draw significant attention and attendance from both Bahamian citizens and international tourists. Besides potential revenue growth, The Bahamas has secured Starlink Internet connectivity at multiple locations across the Family Islands. These terminals, specifically designated for schools lacking sufficient Internet capacity, will also bolster the capabilities and operations of first responders in the area. SpaceX’s commitment to educational outreach
DPM greeting visitors and downtown Nassau vendors
CHESTER COOPER, Deputy Prime Minister and Minister of Tourism, Investments and Aviation, did a walkabout in downtown Nassau on Thursday to greet vendors and visitors on Bay Street and Woodes Rogers Walk. Photos:Kemuel Stubbs/BIS
through STEM (science, technology, engineering and mathematics) and spacefocused presentations on a quarterly basis will also boost STEM education in The Bahamas. Aisha Bowe, former NASA rocket scientist and STEMBoard founder and chief executive, played a significant role in the agreement. In 2024, she is set to become an astronaut, marking her as the first Bahamian in space. In collaboration with SpaceX over the past 15 months, Ms Bowe’s expertise and STEMBoard’s contributions were key in outlining procedures for space operations in Bahamian territory. “The Bahamas is poised to embrace its newfound role in the global space industry, marking a pivotal moment in the nation’s history. We look forward to a future where The Bahamas stands proudly as a trailblazer in space tourism and technology in line with our Blueprint for change and our Innovate242 initiative,” Mr Cooper said.
THE TRIBUNE
Monday, February 19, 2024, PAGE 3
Western condo development targets 150 construction jobs By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A WEST New Providence condo project is aiming to create up to 150 construction jobs through its developer’s first up to $20m foray into the real estate development market. Marquista Thompson, president of Nevaeh Group Enterprises, in written replies to Tribune Business questions said the Palazzo Vista Del Mar project to be located on a 21,000 square foot site south of Da Plantation Bar and Grill off West Bay Street is designed to create 30-50 full-time jobs if it receives the necessary planning and other approvals to proceed. The Town Planning Committee deferred a decision on giving the development
the go-ahead at its January 30, 2024, hearing in favour of holding the upcoming public hearing and consultation on February 26 to obtain the views of nearby residents and businesses. However, Mr Thompson said if permission is granted construction of the project, which will feature a total of 20 units priced at between $700,000 and $1.2m, will take up to 12 months and be spread across two phases. “It is the first project for The Nevaeh Group,” he confirmed. “However, based on our research and inquiries with local real estate brokers and agents, there is an increase in real estate market sales and we thought it was an excellent investment decision. “The attraction to the site was the location and the beautiful sea views, which we figured our potential
PALAZZO VISTA DEL MAR PROJECT RENDERING
clients would find value in. In fact, the name Pallazzo Vista Del-Mar means view of the sea. We anticipate that once the buildings are completed there will be views of the water on both sides. “The vision for the project is an exclusive, modern, sleek and cutting-edge design offering a five-star appeal for our owners and guest.” Asked how many construction jobs will be created over the lifetime of the project, and the total projected investment in the construction phase, Mr Thompson replied: “Our intention is to create 100 to 150-plus jobs, with a project investment value of between $18m to $20m. “The projected construction time is approximately eight to 12 months, consisting of 2 phases - ten units each phase. Our target
buyer market includes highvalued clients, executives and high-income earners, second home owners and non-resident investors. “As our project will also fall under the condo-hotel agreement, we anticipate that we will also receive a fair share of guests to the country that will occupy our facility and provide an economic contribution.” Confirming that price points on the project will range from $700,000 to $1.2m, Mr Thompson added: “An estimated 30-50 persons will be permanently employed post-construction. We are entering the real estate development market - construction and property management and anticipate that this will be the first of many more developments to come.”
MARKET SLOPE MOVE TO UNLOCK VENDOR SALES INFLATION IN LARGEST By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Government senator leading downtown Nassau's overhaul has promised to create new vendor opportunities through the pedestrianisation of Market Slope. Speaking at a PLP Women’s Branch Meeting yesterday, Randy Rolle, also the Ministry of Tourism, Investments and Aviation's global relations consultant, said the move will create a scenic route for visitors exiting the Nassau Cruise Port to move into Bay Street and provide an opportunity for Bahamian entrepreneurs to capitalise on this foot traffic He explained that thousands of visitors pass through the cruise port daily, and the pedestrianized area will create a navigation path and an area where local artists and vendors can display their crafts and sell their wares. “Since the cruise port came into play, at any one time you can have about 8,000 to 10,000 people walking off the cruise port and right now they go in all different directions," Mr Rolle said. “It is the view of our government that we create a
scenic route for them, and an area that we can have vendor opportunities and allow people walking off the street to come and be able to look at different Bahamian crafts, and an opportunity for vendors to sell their displays, hats, t-shirts and everything they have.” In the Senate last week, Mr Rolle announced that improvements will begin on Junkanoo Beach during the 2024 first quarter and none of the current vendors will be displaced as the project will be undertaken in phases. Yesterday, he explained that once the work on Junkanoo Beach is completed it will provide an opportunity for more vendors to set up in the area. He added that the Government is working with stakeholders to ensure vendors on Junkanoo Beach are regulated, and noted that only a few of the current vendors are connected to utilities from Bahamas Power & Light (BPL) and Water and Sewerage. He said: “As it relates to the Junkanoo Beach project there is going to be some vendor opportunities there. We’re trying to create an approach that people can be pleased, people can be happy and families can
go to that area and have a good time. “The Junkanoo Beach project has been a tedious task because there probably are only one or two stalls who are connected to BPL and Water and Sewerage out off all of the ones you see there. It’s something we wanted to regulate. “We didn’t want everyone just showing up and that’s something that we’ve had an issue with; people just showing up, setting up on the side of the road and, when you try say something to them to clean up… so we wanted to do it and do it right.” The Downtown Nassau revitalisation has already overseen the demolition of several derelict buildings on Bay Street, with plans to demolish another once the permit has been received. Mr Rolle said the sites involved will be used as green spaces and be allocated for the establishment of new businesses. He added that the selection process for vendors will be "meticulous" to ensure their products "align with the community's interests and values". He said: “With vacant lots now available, our objective is to transform them into green spaces and allocate them for new businesses. The selection process of
MONTHLY DECLINE FOR PAST THREE YEARS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
RANDY ROLLE interested vendors will be meticulous, ensuring their contributions align with the community interests and values. “Through strategic planning and collaborative efforts we envision a revitalised city centre that thrives economically and embodies safety and beauty for all.”
THE Bahamas' inflation rate suffered its largest month-over-month decline for three years in December 2023 amid continued signs that price and cost of living pressures are slowly easing. The Bahamas National Statistical Institute (BNSI), unveiling its latest consumer price index data, also revealed that the inflation rate for the trailing 12 months dropped below 2 percent for the first time since February and March 2021.
"The monthly inflation rate in The Bahamas, which represents the overall change in prices for 2023, decreased by 0.5 percent when compared to November 2023. This decrease is reflected in the overall price of items purchased by the average consumer during this period. This December decrease followed a 0.2 percent decrease between the months of October 2023 and November 2023," the Institute said. The November and December 2023 monthover-month inflation reductions are the first
SEE PAGE B4
PAGE 4, Monday, February 19, 2024
THE TRIBUNE
TRUMP HAWKS $399 BRANDED SHOES AT ‘SNEAKER CON,’ A DAY AFTER A $355 MILLION RULING AGAINST HIM
Inflation in largest monthly decline for past three years
By CLAUDIA LAUER and JILL COLVIN Associated Press
2023 when compared to November 2023.” As for the trailing 12 months, or year-over-year, inflation rate, the Institute added: “Furthermore, for December 2023, the consumer price index (CPI) rose 2 percent over the same period last year in 2022. The major categories that contributed to this increase included Health at 6.4 percent, along with furniture and household equipment and furnishings at 5.9 percent, and electricity, gas and other fuels at 4.3 percent. “For the month of December 2023, diesel prices saw an increase of 1.2 percent, while gasoline decreased by 9.2 percent when compared to November 2023. Meanwhile, both gasoline and diesel prices continue to decline as they saw decreases of 4.6 percent and 6.9 percent, respectively, when compared to this time last year.”
FROM PAGE B3 two consecutive months in which the average general level of prices has fallen since the same period in 2022. However, while price increases have started to taper off, that may be of little comfort to many Bahamian still feeling the impact of the cost of living crisis and yet to see any appreciable change in household expenses. “Meanwhile, on a month-to-month basis, the major decreases by group included transportation, recreation along with food and non-alcoholic beverages, which saw decreases of 3.8 percent, 0.1 percent and 0.1 percent respectively,” the Institute said. “However, the clothing and footwear group showed an increase of 0.1 percent while there was little to no change for the remaining major groups, respectively, for the month of December
AS HE closes in on the Republican presidential nomination, former President Donald Trump made a highly unusual stop Saturday, hawking new Trump-branded sneakers at "Sneaker Con," a gathering that bills itself as the "The Greatest Sneaker Show on Earth." Trump was met with loud boos as well as cheers at the Philadelphia Convention Center as he introduced what he called the first official Trump footwear. The shoes, shiny gold high tops with an American flag detail on the back, are being sold as "Never Surrender HighTops" for $399 on a new website that also sells other Trump-branded shoes and "Victory47" cologne and perfume for $99 a bottle. He'd be the 47th president if elected again. The website says it has no connection to Trump's campaign, though Trump
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campaign officials promoted the appearance in online posts. The unannounced launch came a day after a judge in New York ordered Trump and his company to pay a whopping $355 million in penalties, finding that the former president lied about his wealth for years, scheming to dupe banks, insurers and others
by inflating his wealth on financial statements. That penalty came after Trump was ordered to pay an additional $83.3 million to the writer E. Jean Carroll for damaging her reputation after she accused him of sexual assault. With interest payments, Trump's legal debts might now exceed a half-billion dollars — an
amount it is unclear he can afford to pay. Trump's appearance was met with clashing boos from his detractors and chants of "USA!" from supporters who arrived at the sneaker event decked out in Trump gear. The dueling chants made it difficult, at times, to hear Trump speak.
THE TRIBUNE
Monday, February 19, 2024, PAGE 5
Forget the past By CHRIS ILLING CCO @ ActivTrades Corp
T
he international stock markets have experienced an up-and-down week. In the US, the rise in producer prices was spoiling investors’ buying mood at the end of last week and the Dow Jones Industrial Average (DJIA) was falling. The German benchmark index, DAX, reached a new record high on Friday and left trading with slight gains. US economic data has been mixed, but investors were mainly looking at rather weak retail sales. Producer prices in the US rose more than expected at the beginning of the year. This could again be bad news for market participants who are betting on falling interest rates. All investors are observing new data releases very diligently and will react accordingly. But then there are our crypto-fanatics and they seem to live only in the moment. The scandal surrounding the crypto exchange, FTX, just over a year ago seems to have been forgotten. The price of Bitcoin is rising and rising. On Wednesday last week, the crypto currency surpassed the $52,000 mark. Since the beginning of the year, Bitcoin has gained around 20 percent. Other crypto currencies also rose. The oldest and best-known digital asset has been benefiting from increasing investor interest for days. According to experts, the introduction of special Bitcoin funds, which were approved by the US Securities and Exchange Commission (SEC) in January, is becoming increasingly noticeable. These ETFs allow investors to invest in Bitcoin without having to directly purchase the digital currency itself. According to calculations by the news agency Bloomberg, the new funds
have received about $2.8bn net within the past 30 days. The next so-called “halving” is on the agenda in April, and is another event which makes investors look positively on Bitcoin. The ‘halving’ reduces the reward that Bitcoin miners receive for verifying crypto transactions. Ultimately, the process leads to a slower growing supply of Bitcoin, which has mostly led to rising prices so far. The market value of all Bitcoins currently corresponds to around 8 percent of the value of all gold holdings worldwide. And investors are looking for alternative stores of value.
But whether Bitcoins, variants of them or other crypto currencies will prevail as an alternative to conventional monetary systems in the medium-term, no one can reliably predict today. Bitcoins are not recommended as an investment due to the risks involved. The very strong price fluctuations, up to a possible total loss, and the lack of protection systems are potential risks. But these strong fluctuations are attractive to the investor who understands the risks but also looks for high returns. The savvy investor will act very carefully around Bitcoin.
PAGE 6, Monday, February 19, 2024
THE TRIBUNE
‘Absolutely untrue’ DARE influenced by FTX, Deltec FROM PAGE B1 “Deltec and Chalopin helped to foster a lax regulatory jurisdiction in The Bahamas necessary to the FTX fraud, and provided high-risk, non-routine banking services to FTX that other banks would not provide,” Friday’s legal filings alleged. “As the chief executive of Deltec, Chalopin spent years assisting the Bahamian government in ‘transform[ing] the country into a sandbox for digital asset start-ups’. Indeed, as Chalopin tells it: ‘I]t would be nothing in The Bahamas if it weren’t for us [Deltec] in the beginning’. “Transforming The Bahamas into a crypto haven
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was no easy task. Chalopin recalls it was like clearing a jungle in which ‘you have to use your machete and cut the branches’.... Eager to expand Deltec Bank’s crypto clientele even further, Mr Chalopin and his team of executives at Deltec Bank assisted the Bahamian government in drafting crypto-friendly DARE Act to attract digital asset start-ups and other crypto ventures to The Bahamas,” the revised class action lawsuit further claimed. “With the help of Deltec Bank, that legislation passed in 2020. The DARE Act provides few, if any, safeguards to protect consumers and places no obligation on crypto exchanges to back clients’ funds with reserves...... Deltec Bank helped FTX achieve that veneer of regulatory compliance by helping to pass the DARE
Act, which Deltec Bank worked to severely weaken and which, in truth, had no teeth.” Branding FTX’s compliance with the DARE Act as “a fig leaf”, the lawsuit also seemingly drew on Telegram messages from Ryan Salame, head of FTX Digital Markets, the crypto exchange’s Bahamian subsidiary, who gave the impression that it had a significant role in developing the legislation. “So important was passage of the DARE Act to FTX that, according to Ryan Salame, it hired an ‘incredible’ outside lobbyist to ‘help [] on the DARE Act’ in The Bahamas, who ‘assisted a lot with modifications to [the Act’ and who did ‘more pro bono work’ for FTX Group thereafter,” the class action lawsuit’s Friday filings alleged, without identifying the so-called “lobbyist”.
“Deltec Bank assisted FTX Group’s lobbying efforts, too, as Mr Chalopin has boasted that, with the help of Deltec Bank, the Bahamas ‘were one of the first regulators to put together something, and that attracted FTX’.” Mr Salame, like Ms Ellison, has also pled guilty to various US federal charges stemming from FTX’s collapse, while Mr Chalopin and Deltec continue to deny the claims against them. Ms Rolle, though, vehemently denied to Tribune Business that either FTX or Deltec/Mr Chalopin had any role in, or influence over, the DARE Act’s crafting or passage. While a Deltec executive “participated in our normal consultation meetings” with industry stakeholders, she recalled nothing from the Lyford Cay-based institution that would have affected the law’s intent or composition. “That is absolutely untrue,” she told this newspaper of the lawsuit’s DARE Act claims. “That is not correct. When the DARE Act was written we had not heard of FTX,
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and if FTX and Deltec participated in any consultation with comments on the DARE Act they would have done that in the normal way. “When the Act was being developed, I don’t think FTX and Deltec commented in any way. I know we had not heard of FTX when DARE was being developed. We have this normal consultation process, and I recall one executive from Deltec participated in our normal consultation meetings along with other industry participants. “I don’t recall that they had any significant or unique comments; certainly nothing that brought changes to the direction of the legislation... We had a consultation process and our consultation process was followed. Certainly, with the original version of DARE, we had not even heard of FTX.” The DARE Act is presently undergoing revisions that will be brought to Parliament for passage into law. The former FTX investors behind the class action, in their Friday filings,
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voiced their frustration at Deltec and Mr Chalopin’s opposition to producing documents as part of the discovery process with both arguing that they cannot cooperate without “an order from a Bahamian court permitting” this. Then came the co-operation from Ms Ellison, plus fellow former SBF cronies, Gary Wang and Nishad Singh. “Ms Ellison’s proffer session was especially fruitful for plaintiffs’ amendment as to Deltec and Chalopin,” they said. “Following that session, Ms Ellison produced nearly 7,000 pages of Telegram messages between Deltec and Alameda or FTX employees regarding account reconciliations and Alameda; transfers of FTX customer funds to Alameda’s accounts; FTX’s purchases of the Tether stablecoin; and Deltec’s off-the-books multi-billiondollar line of credit that it extend to Alameda; which bear directly on Deltec’s contacts with the relevant forums and knowledge and assistance of the FTX fraud.”
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THE TRIBUNE
Monday, February 19, 2024, PAGE 7
Deltec’s ‘secret’ $2bn credit line for FTX ally Asserting that this provided Alameda, which played a key role in FTX’s collapse, access to “hundreds of millions of dollars in value”, Ms Ellison said the behaviour and language of senior executives suggested this “unofficial” credit line “may not have been accurately reflected on Deltec’s books”. Tribune Business sources last night suggested that the allegations would at least result in a fresh probe and questions from Deltec’s regulator, the Central Bank of The Bahamas. It is understood that the Lyford Cay-based institution is presently restructuring its book of business to reduce its exposure to digital assets, although it is not completely abandoning this sector. The revised class action lawsuit, which largely appears to be based on Ms Ellison’s testimony and documentary evidence, alleged that the “secret line of credit to Alameda totalled $2bn at times”. Alameda played a key role in FTX’s collapse as this is the entity to which funds belonging to the latter’s customers were transferred without their knowledge to either finance speculative investments or repay debts.
FROM PAGE B1 by plaintiffs’ lawyers in the FTX matter. The new complaint does not cure the defects of the prior complaints and Deltec will continue to vigorously defend against these meritless claims, which do not belong in a US court,” they asserted in a written response to Tribune Business inquiries. “The new allegations rely heavily on unsubstantiated statements by individuals who we understand are settling their lawsuits with plaintiffs in exchange for providing the information. Like the rest of the world, Deltec Bank and Jean Chalopin had no knowledge of FTX’s misconduct until it was made public.” However, Ms Ellison, who previously pled guilty to US federal charges and became a co-operating witness against Mr Bankman-Fried, alleged in a February 13, 2024, affidavit that Deltec provided Alameda Research, the FTX founder’s private trading vehicle, with an “unofficial” - or secret - line of credit to finance the creation of Tether stablecoins that allowed “a three-day grace period” for repayment.
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And, pointing to what it alleged was a cosy relationship between the two, Friday’s new legal filings claimed that Deltec invested $1m in FTX’s summer 2021 financing round. “FTX, in turn, was a great friend of Deltec. After an extended failure by Deltec to raise debt capital in New York, Mr Chalopin turned to FTX,” the class action lawsuit claimed. “In October 2021, Deltec’s parent company, Deltec International Group, received a $50m loan from Norton Hall Ltd, an entity controlled by Ryan Salame, chief executive of FTX’s Bahamian outfit. This is reportedly the same entity through which Alameda ‘loaned’ $55m to Mr Salame, paid for with class member funds.” Noting that Deltec, at the time of FTX’s collapse, provided 17 accounts and/ or sub-accounts for the crypto exchange, including Alameda, the complaint asserted that the main contact point at the Bahamian bank was Gregory Pepin, then its deputy chief executive, who was assisted by Michel Giacomotti, one of its business development managers.
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“Mr Pepin and Mr Giacomotti frequently communicated with Alameda, FTX Trading and FTX Group on various chat groups through the messaging platform Telegram. The group was close-knit, as the Telegram messages show. The Alameda team, Mr Pepin and Mr Giacomotti would joke about buying private islands together,” the class action complaint alleged. However, it then claimed that Deltec “assisted FTX group with sidestepping, if not outright violating” Bahamian laws and the Central Bank of The Bahamas’ Know Your Customer (KYC) due diligence guidelines for onboarding new customers and accounts. “Telegram messages between Mr Pepin, Mr Giacomatti and Alameda show that Deltec Bank did in fact collect the foregoing materials and information as required by the guidelines, though Deltec Bank often exempted FTX group from full compliance with those regulations,” the lawsuit
claimed. On one occasion, Deltec purportedly offered to certify itself the passport for FTX co-founder, Gary Wang. “Other times, Mr Pepin would disregard the guidelines in servicing FTX group accounts and he would happily announce the same to the Alameda Telegram,” the complaint alleged. “Deltec Bank was happy to make exceptions to the guidelines’ requirements for its ‘friends’ at FTX group. “Often banks from which FTX customer funds were wired into Alameda’s Deltec accounts would ask for KYC information relating to the transfers. Mr Pepin would request this information directly from Alameda in the Telegram chat. If Alameda could not, or would not, so provide, Mr Pepin conjured up cover for the missing information. “For example, in a Telegram message, Mr Pepin messaged an Alameda group, including Caroline Ellison and Ryan Salame, seeking KYC information
requested by an FTX customer wiring money from Citibank.” The lawsuit claimed that Mr Pepin ultimately copied and pasted the KYC questions from Citibank into the Telegram chat to Alameda knew what it had to do to meet Citibank’s requirements. “Such invitation of the fox into the henhouse is obviously impermissible under the guidelines and contrary to any best anti-money laundering practice,” it was alleged. “Deltec Bank knew that it should not be sharing sensitive compliance information with the very clients that it is required to monitor, evidenced by the fact that, at times, Mr Pepin would take these discussions offline. “Other times, Deltec Bank assisted Alameda in papering over FTX group’s compliance failures and suspicious activity. The Telegram messages reveal that, often, the originating banks from which FTX customer
SEE PAGE xx
PAGE 8, Monday, February 19, 2024
THE TRIBUNE
Deltec’s ‘secret’ $2bn credit line for FTX ally FROM PAGE B7 funds were wired into FTX group’s Deltec accounts required an invoice or legal agreement evidencing the purpose of the transaction. “For some time, Deltec Bank alerted FTX Group that such evidence was requested and asked that FTX Group paper the
transaction ad hoc.” The lawsuit also claimed that Deltec helped Alameda “track its siphoning of FTX customer funds” through the accounts the latter held with the Bahamian bank, with incoming and outgoing wires totalling between $200m and $1bn on a regular basis.
“Not once did Deltec Bank stop, much less question, the massive outflows of FTX customer funds from FTX group accounts at Deltec Bank,” it alleged. “Deltec Bank instead routed those funds to Alameda’s accounts at other banks beyond the FTX customers’ reach, and it did so even after initial
reports of Alameda’s insolvency that ultimately lead to FTX group’s collapse. “On November 4, 2022, Mr Pepin expressly acknowledged Deltec bank’s awareness of Alameda’s insolvency in a direct message through Telegram to Caroline Ellison, stating: ‘I told Ryan [Salame] ... there is people coming to
me about Alameda insolvency s***. “‘I’m pushing back and say its BS. However, seems to grow a bit those FUD. Are you OK if I come ou[t] more publicly (attacking back people on Twitter when I see) and divert [attention] with people ping me?’ “Notwithstanding Deltec Bank’s knowledge that Alameda was insolvent, and that billions of dollars in FTX customer funds were likely forever gone, on November 8, 2022, four days after he messaged Caroline Ellison, Mr Pepin messaged the Alameda Telegram chat to offer” to move $180m from FTX’s accounts to Alameda. Ms Ellison, meanwhile, alleged that the “unofficial” or “secret” line of credit provided to Alameda by Deltec ultimately enabled the former to “mint” some $40bn in Tether stablecoins - a figure that amounted to almost half the amount in circulation at that time. “Another service offered by Deltec to Alameda was that Deltec allowed Alameda a three-day grace period to transfer US dollars to settle Alameda’s creation of [Tether stablecoins],” Ms Ellison alleged in her affidavit. “Alameda regularly used the unofficial Deltec line of credit as a de facto revolving line of credit that provided Alameda access to, at times, hundreds of millions of dollars in value.
NOTICE ALGABE INVESTMENTS LIMITED In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ALGABE INVESTMENTS LIMITED is in dissolution as of February 13, 2024 RAMON ORTIZ DE TARANCO situated Offices at RUTA 8, KM. 17.500, OF 120 A-002 91600 ZONAMERICA, MONTEVIDEO, URUGUAY, is the Liquidator
LIQUIDATOR ______________________
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I do not recall specifically when Deltec began to offer Alameda the unofficial Deltec line of credit, but my best recollection is that Deltec allowed Alameda to access the unofficial Deltec line of Credit in 2020 and 2021. “I do not know if any similar service was offered to Deltec’s other clients. I recall that Mr Pepin repeatedly asked that Alameda keep the arrangement secret. I am not aware of any documentation or terms under which the unofficial Deltec line of credit was offered. I suspected from Mr Pepin’s statements and conduct that the unofficial Deltec line of credit may not have been accurately reflected on Deltec’s books,” she added. “For instance, Mr Pepin would not permit Alameda to maintain a balance through the unofficial Deltec line of credit over the end of a month. Mr Pepin would also occasionally shorten the settlement time for the unofficial Deltec line of credit from three to two days or less. “Mr Pepin would also occasionally restrict Alameda’s use of the unofficial Deltec line of credit. Eventually, Mr Pepin eliminated Alameda’s access to the unofficial Deltec line of credit. This unofficial Deltec line of credit was helpful for Alameda’s operations and trading, because it served as an additional source of capital,” Ms Ellison said. “Because [Tether stablecoins] often traded at a premium to the US dollar during this time period, Alameda could create [Tether] on credit through the unofficial Deltec line of credit and sell that [Tether] for a gain before having to fund the purchase by depositing US dollars in Tether’s Deltec account. These transactions generated proceeds for Alameda.”
DUBAI INT’L AIRPORT HAD 86.9 MILLION PASSENGERS LAST YEAR IN A POSTPANDEMIC SURGE By JON GAMBRELL Associated Press THE number of passengers flying through Dubai International Airport, the world's busiest for international travel, surged last year beyond its total for 2019 — just before the coronavirus pandemic grounded global aviation. While still shy of its all-time high in 2018, the figures for 2023 showed just how far the airport known as DXB has bounced back from the pandemic. The number of passengers passing through its cavernous, air-conditioned terminals, home to the long-haul carrier Emirates in Dubai, long has served as a barometer for the aviation industry worldwide and the wider economic health of this city-state. Overall in 2023, the airport had 86.9 million passengers. The airport's 2019's annual traffic was 86.3 million passengers. The airport had 89.1 million passengers in 2018 — its busiest-ever year before the pandemic, while 66 million passengers passed through in 2022. Paul Griffiths, the CEO of Dubai Airports, made the announcement Monday on state-owned radio station Dubai Eye. Passenger traffic largely has been driven by the airport's standard travel destinations — India, Saudi Arabia, the United Kingdom and Pakistan. Russia has also been a major market as Dubai remains one of the few places still open to Russians during Moscow's war on Ukraine. Dubai was among the first cities to reopen to tourists in the pandemic. That helped boost the city-state's tourism industry, as attractions like the Burj Khalifa, the world's tallest building, and the sail-shaped Burj Al-Arab luxury hotel drew both visitors and transit passengers out of airport lounges.
THE TRIBUNE
Monday, February 19, 2024, PAGE 9
Buyers for FTX’s $256m real estate target 30% discounts FROM PAGE B1 and return the proceeds more quickly to investors. Mario Carey, founder of Better Homes & Gardens Real Estate MCR Group, joined Mr Knowles in pointing out that FTX’s holdings will attract “bottom feeders” who, knowing of the crypto exchange’s plight, will make cut-price offers in hopes of securing a deal. The liquidators, in launching their request for “expressions of interest” from Bahamian realtors on Friday, confirmed that a total 34 properties are being readied for sale. Of this number, close to half - 16 - are located in the highend Albany community in south-western New Providence, featuring a number of three to seven-bedroom condos and one separate residential dwellings. Of the remainder, eight are one-two bed condos located in the GoldWynn development on Goodman’s Bay, while another four units are in the One Cable Beach complex on Cable Beach. The final six properties include the Ocean Terrace gated residential condo building, with 16 units and leisure facilities, on West Bay Street, plus two residences in Old Fort Bay. The balance consist of commercial real estate, including the 4,000 square foot Pineapple House; FTX’s former Bahamian head office at the Veridian Corporate Centre on Western Road; and undeveloped land on West Bay Street and Blake Road. Explaining that the 34 properties are to be sold under the terms of the agreement worked out with their US counterpart, John Ray, head of the 134 FTX entities presently in Chapter 11 bankruptcy protection in Delaware, the local liquidators said they “will offer for sale a number of properties located across the western part of New Providence”. Confirming that Bahamian realtors have been expressing their interest in marketing/selling these properties prior to the bidding process’s launch, they are “consequently looking to appoint one or more suitably qualified real estate brokerage firms to assist with the marketing and
sale process, and to advise the joint official liquidators thereon. “The joint official liquidators acknowledge and appreciate the informal expressions of interest received to date,” they added. “To be considered in this process, all interested parties, regardless of prior communication, must submit a formal response to this expression of interest in relation to the properties shown.....” Besides confirming that they are licensed to sell real estate in The Bahamas, bidders must also have a “track record in selling high-end properties to Bahamians as well as international purchasers, and evidence of access to a purchaser base” and list the specific real estate they are interested in handling. Realtors must also provide extra details “if you intend to partner with or leverage the international network of another broker outside of The Bahamas”. The bid deadline is March 1, 2024, and qualifying realtors will then advance to the request for proposal (RFP). The high-end nature of the FTX properties represents a lucrative opportunity for Bahamian realtors and the tender is likely attract bids from multiple firms. Millions of dollars are involved in both real estate commissions and government taxes, as well as potential recoveries for creditors. Given that the average realtor commission is around 6 percent, although sometimes split between those representing the buyer and seller respectively, should the full $256m be realised for selling the 34 properties then collective commissions would be around $15.36m. And the Government, based on 10 percent VAT on the sales price, would realise a timely $25.6m for the Public Treasury. “I think, obviously, every realtor is going to want to get as much of the business as they can and there are certain of us that have better success at certain price points than others,” Mr Carey said. “We all deal with different types of clientele. The liquidators have to make a choice. “Their approach is to be very transparent and share
NOTICE NOTICE is hereby given that JACQUELINE ANN-MARIE ROBERTS of P. O. Box N-3811, James Street, Nassau Village, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that TORESA ROMENA CORBIN of Seven Hills, New Providence, Bahamas is 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 19th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that RENALDO OSCAR of Hanna Road, New Providence, Bahamas is 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 19th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
the path. I think that’s the right decision, and any realtor that gets the business should be very grateful for the opportunity. If they represent FTX they’re going to have a fiduciary duty to achieve the best price on behalf of the liquidators and creditors because most buyers naturally are going to think they’re going to get a steal.” Mr Carey added that knowledge of FTX’s winding-up was bound to attract offers from so-called “bottom feeders”, but said: “We don’t know any prices yet. We don’t know until we get to the table. When we know the properties we can advise on value. “The properties are fine properties. This is going to be an attractive market for bringing US currency to the country. There’s a lot of benefits to coming here, and hopefully we’ll attract some new people to the island.... “I don’t know what they [FTX] paid for them but by no means have values in this market decreased, so why not get top dollar for them? It’s not a forced sale.” Mr Carey explained that in conducting property appraisals he typically gives two values - one for market value, the other a “forced” value where real estate needs to be moved quickly. He added that historical data showed properties priced correctly, and not in “forced” sales, were typically sold at a 2-7 percent discount to listing value “under normal market conditions” with the process taking between six to 12 months. Confirming that his firm has already made contact with the liquidators, and will likely bid on some of the 34 properties, Mr Carey said: “We’re part of the process. Yes, we have reached out. They said there will be
a process and you have to follow the process. There’s no jumping ahead. They are under the orders of the court. It’s not like they can give it to one person.” While acknowledging that the prices paid by FTX founder, Sam BankmanFried, and his cronies “may not be what the property’s worth” as they did not have to worry about value given that it was financed by client monies, Mr Carey said he remains “very bullish” about recovering most if not all the total $256m outlay as demand for Bahamian real estate remains high. “It’s prime real estate, it’s high demand real estate, it’s luxury and there’s a sense that buyers will try to get the best deal they can,” he added. “It’s an exciting opportunity. It’s unfortunate, but it’s exciting for the real estate community and there’s money to be made for everybody.” Mr Knowles echoed similar sentiments, telling Tribune Business: “I think there’s enough for all the major firms to get some of the business. I suspect the liquidators will spread it around. I imagine all the major firms, at least ten firms, will submit a bid.” Suggesting that the FTX liquidators will prefer realtors who have “a track record” of selling in the gated communities where most of the 34 properties are located, he described the bidding as “as very fair process and added: “We’ll see how it plays out.... “Overall, there’s definitely interest circling and demand for several of those properties. I’ve had at least a dozen, if not more, clients asking in the last couple of weeks are they ready to go? I was engaged actively with a number of our clients interested in seeing those
properties and bidding on them... “Because it’s a liquidation the general perception of the market, and in this case I’m talking about buyers, is that deals are available. I’ve had a couple of buyers come in and say: ‘Can we get 30 percent off? What’s the number we can get?’” Mr Knowles revealed. “We’ll see how aggressive they [the liquidators] want to be in moving these. Yes, you want to get top dollar, but you also want to recover funds as quickly as possible. The speed element comes into play. If they are listed properly, and offers come in below asking price, at that point you will have to make certain determinations as to how to play it. “My understanding is that the liquidators don’t want an extended sales process. They want to list them and get them sold as quickly as possible. Based on what they’ve put out I don’t believe they expect to get the full 100 percent. They have fairly conservative expectations. They’re going to try to get maximum value for the properties as they have an obligation to the creditors.” Mr Knowles confirmed that his firm, too, was likely to bid to market and sell several former FTX properties. “We’ll definitely submit,” he said. “We want
to be a part of the process. Whether or not we get one in the end, we will be quite active on the buyer side. We have a number of clients ready to go to make offers on the properties. “I’m keeping a close eye on it. We’ve been in active discussions with them [the liquidators] for the past three weeks as it’s been getting closer and they’re aware of our interest.” Mr Knowles added that the properties in Albany, GoldWynn and One Cable Beach were likely to sell relatively quickly, while the commercial real estate may take longer. The 16 properties at Albany, 15 of which are condominiums, were bought at price points between $4.75m and $30m. The seven units acquired in the GoldWynn project at Goodman’s Bay were valued between $563,520 and $1.449m. Four units, varying in value from $975,000 to $1.54m, were purchased in the One Cable Beach project. Some $26.34m was spent on acquiring multiple units at the Veridian Corporate Centre, with further outlays of $17.435m, $9m and $1.8m on property at Ocean Terrace, Old Fort Bay and Pineapple House respectively.
NOTICE PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I Annette Allen of P. O. Box CB-13508, #152 Melven Road, Yellow Elder Gardens, New Providence, Bahamas parent of ANTWONETTE MARKIA McKENZIE a minor, intend to change my child’s name to ANTWONETTE MARKIA McCARTNEY. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE is hereby given that FUHUA AO of P. O. Box EE-15545, Twynam Heights, New Providence, Bahamas, is 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, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Monday, February 19, 2024, PAGE 13
OPPOSITION FEARING REVENUE LOSS ON CORPORATE TAX DELAY FROM PAGE B1 15 percent global minimum corporate tax. While not naming any nations, he added that the Fund’s officials in their meeting had “outlined several countries that have signed on”. These nations were said to host corporate entities that both meet the 750 euros threshold and have subsidiaries in The Bahamas which would be subject to the 15 percent levy. “We are running the risk that the longer we refuse to address this, and make a determination as to what we’re going to do, these companies that are otherwise obligated by law to pay their share of taxes here, by remitting those profits to their home countries, we’ll be foregoing revenue we could have earned here,” Mr Pintard told Tribune Business. Both Simon Wilson, the Ministry of Finance’s financial secretary, and Michael Halkitis, minister of economic affairs, have recently answered Mr Pintard by signalling that the Government’s corporate income tax plans will crystallise between this week’s mid-year Budget and endMay when the full-year
2024-2025 Budget will be presented. Tribune Business sources have also recently suggested that the Government may announce plans for the introduction of a 15 percent corporate income tax, but only on those entities that meet the qualifying G-20/OECD criteria as part of multinational groups with annual turnovers of 750m euros or more, in the upcoming 2024-2025 Budget that will be unveiled during the last week of May. Mr Wilson did not confirm this, but said the Government will likely make a corporate income tax-related announcement in the mid-year Budget due by the end of this month as “we’ll have a much better idea of what shape or form” such a levy may look like then. He added that designing and structuring a corporate income tax system for The Bahamas may now only be 12-18 months away. “We are progressing quite well, quite well,” he told this newspaper. “During the mid-year Budget we are likely to make an announcement. We still have to do some more work, but we believe that certainly by the mid- year Budget, which is due by the end of February, we’ll have a much better
idea of what shape or form this will take.” Asked how far away corporate income tax implementation may be, Mr Wilson replied: “Any corporate income tax will be building on the Business Licence regime, so it’s not two to three years [away]; it’s maybe 12-18 months. Whatever we do, it has to be done to meet out international obligations.” The Bahamas is among 138 countries already signed on to comply with the G-20/ OECD minimum corporate tax initiative. Mr Halkitis, meanwhile, affirmed that the Government is considering implementing what is known as the G-20/OECD initiative’s ‘pillar two’, namely the 15 percent minimum global corporate income tax on multinational groups that generate annual turnover of 750m euros and their subsidiaries. He added: “I can say that we are leaning firstly at doing the pillar two, which is the, you know, multinational companies with income of 750 million euros or more. So, dealing with those, and so that will not have a whole lot of impact on, if any, local companies. “We had a study done by one of the major accounting firms [Deloitte & Touche],”
Mr Halkitis said. “They did a report and we released a ‘green paper’ asking for feedback. We got that feedback. We are now looking at that feedback and are now in discussions, internally at first, about the best way to proceed without, you know, a lot of confusion, without increasing the burden on anybody, but being able to capture some elements that we don’t presently capture and mostly in the multilateral area. “Within the next few weeks, shortly after the midyear Budget, as we roll up to the [May] Budget, you’ll be getting more information on where the Government wants to go. And we’ll be seeking more feedback from, particularly, the business community.” Mr Pintard, meanwhile, yesterday voiced concern that so-called ‘Pillar Two’ entities would be unable to offset, or claim a deduction, of their Bahamian Business Licence fee if their profit remittances were taxed at the full 15 percent in their home countries with no such levy imposed here. “If they are forced to repatriate their remittances back home, and are not able to deduct Business Licence fees, and those businesses still have to endure all other service charges present in
the cost of doing business in this country, we are putting people in a position where they may say: ‘Is it worth it staying here?’,” Mr Pintard added. The FNM, in a statement, said: “The Opposition reiterated that given the country’s express commitment to the global corporate minimum tax initiative made under the Free National Movement, the appropriate legislation and enabling framework to cover qualifying firms has not yet been established and circulated for consultation. “Our understanding is that this would be revenue positive for the country as this would require massive multinational companies which generate revenue in The Bahamas to pay the proportional tax share inside the country. “We are very concerned that if other countries have adopted this global initiative as of January 2024, and The Bahamas does not have the infrastructure to collect taxes from these multinational companies operating in The Bahamas with revenues over 750M euros annually, these taxes which could have been paid to the Bahamas Government will now be collected by foreign countries.”
THE WEATHER REPORT
5-DAY FORECAST
ORLANDO
High: 67° F/19° C Low: 47° F/8° C
TAMPA
TUESDAY
WEDNESDAY
THURSDAY
FRIDAY
UV INDEX TODAY
Windy and not as warm with rain
Partly cloudy
Breezy; a couple of morning showers
Mostly sunny, breezy and pleasant
Sunny to partly cloudy and nice
Partly sunny and pleasant
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
High: 77°
Low: 66°
High: 76° Low: 65°
High: 75° Low: 62°
High: 76° Low: 60°
High: 77° Low: 64°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
75° F
65° F
77°-62° F
76°-62° F
79°-60° F
81°-59° F
E
W
ABACO
S
N
High: 74° F/23° C Low: 67° F/19° C
15-25 knots
S
WEST PALM BEACH High: 70° F/21° C Low: 51° F/11° C
10-20 knots
FT. LAUDERDALE
FREEPORT
High: 71° F/22° C Low: 54° F/12° C
E
E
W
High: 75° F/24° C Low: 62° F/17° C
MIAMI
High: 72° F/22° C Low: 55° F/13° C
10-20 knots
Ht.(ft.)
Today
3:59 a.m. 4:18 p.m.
2.6 1.9
10:35 a.m. 0.3 10:23 p.m. 0.1
ALMANAC
Tuesday
4:57 a.m. 5:14 p.m.
2.6 1.9
11:30 a.m. 0.3 11:19 p.m. 0.0
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 72° F/22° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high .................................. 84° F/29° C Last year’s low ................................... 73° F/23° C Precipitation As of 1 p.m. yesterday .................................. trace Year to date .................................................. 2.22” Normal year to date ..................................... 2.35”
Wednesday 5:47 a.m. 6:03 p.m.
2.6 2.1
12:17 p.m. 0.2 ---------
Thursday
6:30 a.m. 6:46 p.m.
2.7 2.2
12:07 a.m. 0.0 12:57 p.m. 0.1
Friday
7:09 a.m. 7:25 p.m.
2.7 2.3
12:50 a.m. 0.0 1:33 p.m. 0.0
Saturday
7:45 a.m. 8:02 p.m.
2.7 2.4
1:30 a.m. -0.1 2:06 p.m. 0.0
Sunday
8:19 a.m. 8:37 p.m.
2.7 2.5
2:09 a.m. -0.1 2:38 p.m. -0.1
ELEUTHERA
NASSAU
High: 77° F/25° C Low: 66° F/19° C
Forecasts and graphics provided by AccuWeather, Inc. ©2024
High: 77° F/25° C Low: 70° F/21° C
N
KEY WEST
High: 72° F/22° C Low: 63° F/17° C
High: 79° F/26° C Low: 67° F/19° C
N
S
E
W
10-20 knots
S
10-20 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
Low
Ht.(ft.)
SUN AND MOON Sunrise Sunset
6:42 a.m. Moonrise 6:06 p.m. Moonset
1:52 p.m. 3:25 a.m.
Full
Last
New
First
Feb. 24
Mar. 3
Mar. 10
Mar. 16
CAT ISLAND
E
W
TIDES FOR NASSAU High
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
S
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TONIGHT
N
W
Share your news
TODAY
High: 69° F/21° C Low: 47° F/8° C
N
Reiterating calls to eliminate the current Business Licence regime, the Opposition added: “The reformed tax regime should seek to eliminate taxes on audited businesses posting losses, and at the same time reduce the unfavourable treatment to high turnover/low margin businesses when compared to low turnover/high margin businesses. “We believe for Bahamian micro businesses with turnover under $100,000 per year should not be subject to any form of Business Licence fees or taxes. Bahamian small businesses with turnover under $1m should have as an option the ability to pay a straightforward set fee based on a structured tier.”
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 82° F/28° C Low: 69° F/21° C
High: 79° F/26° C Low: 71° F/22° C
N
High: 76° F/24° C Low: 68° F/20° C
E
W S
LONG ISLAND
TRACKING MAP
High: 82° F/28° C Low: 71° F/22° C
10-20 knots
MAYAGUANA High: 84° F/29° C Low: 74° F/23° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 81° F/27° C Low: 73° F/23° C
GREAT INAGUA High: 84° F/29° C Low: 76° F/24° C
N
N E
W
E
W
L
High: 81° F/27° C Low: 73° F/23° C
S
S
7-14 knots
6-12 knots
MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:
WINDS NW at 10-20 Knots NNW at 10-20 Knots NW at 10-20 Knots NNW at 8-16 Knots WSW at 10-20 Knots NNW at 10-20 Knots S at 6-12 Knots NW at 7-14 Knots SW at 12-25 Knots NNW at 10-20 Knots N at 10-20 Knots N at 10-20 Knots SW at 10-20 Knots NNW at 10-20 Knots S at 6-12 Knots NNW at 8-16 Knots SSW at 8-16 Knots NNW at 10-20 Knots S at 6-12 Knots NW at 7-14 Knots SW at 10-20 Knots NNW at 8-16 Knots S at 7-14 Knots NNW at 12-25 Knots SW at 10-20 Knots NNW at 10-20 Knots
WAVES 6-10 Feet 5-9 Feet 1-2 Feet 1-2 Feet 3-5 Feet 4-7 Feet 1-3 Feet 1-3 Feet 3-5 Feet 4-8 Feet 4-8 Feet 2-4 Feet 1-3 Feet 1-2 Feet 1-2 Feet 1-3 Feet 2-4 Feet 1-3 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 3-5 Feet 2-4 Feet
VISIBILITY 6 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles
WATER TEMPS. 75° F 75° F 75° F 74° F 77° F 77° F 79° F 80° F 77° F 77° F 73° F 70° F 78° F 77° F 79° F 80° F 78° F 78° F 79° F 80° F 77° F 77° F 78° F 78° F 78° F 77° F