• Wedded to target despite $395m half-year deficit
• No explanation for $192m recurrent spending hike
• Corporate income tax no salvation for 2024-2025
By NEIL HARTNELL Tribune Business Editor
THE Government last night signalled it remains wedded to its full-year fiscal targets despite amassing a near-$400m deficit during the first six months as recurrent spending jumped 13.4 percent year-over-year.
The Ministry of Finance, in a written release taking issue with Tribune Business’s reporting of its half-year fiscal numbers, reasserted its optimism that the traditionally revenue-rich second half of the fiscal year will enable it to reverse course and bring the 20242025 deficit down towards its original $69.8m full-year target by end-June.
This message was reinforced by Michael Halkitis, minister of economic affairs, who yesterday voiced confidence that the full-year deficit target will be met because the bulk of the Government’s revenue is collected between March and April.
Due to the cyclical nature of the Budget, and revenue generation, he argued that it is too early for critics and the Opposition to conclude the Davis administration will miss its forecasts as revenue collection has not peaked.
“Yes, absolutely. I’m confident we will meet our fiscal goals. Budgets are very cyclical and, especially for us, when the majority of revenue collections - the Business Licence, the boater registration [fees] and real property tax and such - that revenue comes in by March or April,” said Mr Halkitis.
By NEIL HARTNELL
BAHAMIAN fishermen are warning “we must not let our guard down” over illegal poaching despite enjoying a 10-15 percent year-over-year increase in lobster catch volumes for the season to-date.
Keith Carroll, the National Fisheries Association’s (NFA) president, told Tribune Business that Dominicans and other foreign nationals who have previously plundered this nation’s fisheries stocks are “only waiting for us to slip up and they’ll be right back” with catch quantities proving critical to the success many Bahamian fishermen are presently seeing.
With lobster prices relatively flat year-over-year, standing at around $12 per pound since crawfish season began on August 1, the seemingly plentiful supply of lobster has been key to the harvest and earnings of Bahamian fishermen. And
this sustainability has been aided by the law enforcement crackdown on illegal poaching, especially by foreigners but also some Bahamians, that depleted fish stocks in the past.
Mr Carroll, who told this newspaper that there have been precious few sightings and reports of commercial Dominican fishing operations penetrating The Bahamas’ territorial waters, said of the current lobster season which ends on March 31: “It’s been pretty good. It’s a pretty
good season compared to last season.
“The price has probably been around the same. The price has held at $12 [per pound] all season. I don’t know if it will go up any more before the end of the season, but we’ve been getting $12 all the way through. Last year it went up a bit towards the end of the season but basically it’s been around the same thing.”
The Association president said crawfish prices have moderated back in line with typical market levels, having risen as high as $20-$21 per
pound during COVID and its immediate aftermath when global supplied were limited - and lobster more scarcebecause few fishermen were working due to pandemicrelated restrictions in other nations.
“It’s back down to normal pricing. Usually it is between $12 and $15 a pound. We haven’t seen it go to $15 year. I’m not sure what’s causing it,” Mr Carroll added. This is where fisheries and lobster sustainability and conservation become critical to ensuring a plentiful supply that helps fishermen offset lower prices with higher catch volumes.
“The catch is up for us, I would say, about 10-15 percent over last year,” he told Tribune Business. “It’s up a bit. A lot depends on the weather. We had some good weather forecasts. If the weather is in or favour we know we will do good. I trap lobsters. We really need a
Don’t abandon Integrity Commission, Gov’t told
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
GOVERNANCE reformers yesterday warned it will be a mistake for the Government to abandon the proposed Integrity Commission Bill and the “proactive” anti-corruption measures it contains.
Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the Independent Commission of Investigations
Bill and Public Disclosures
Bill that were debated in the House of Assembly will not be enough by themselves to
make a sustained dent in the level of graft and corruption
The Bahamas must combat.
Describing both pieces of legislation as “reactive”, meaning their powers are only activated once an alleged incident of corruption happens, he argued that the Integrity Commission and its accompanying legislation is still essential because it contains preventative measures - such as public education and awareness - that are critical to “changing the culture”.
Mr Aubry, asserting that the Integrity Commission
‘Tighten’
needs to accompany and “be aligned” with both the Independent Commission of Investigations and Public Disclosures legislation, told this newspaper: “The Prime Minister said in his assessment during the debate that these eliminated the need for the Integrity Commission, as his government looked at it and established these are what are necessary to satisfy that. “So there is no need for an Integrity Commission. I think the intent of the Integrity Commission is broader than
anti-corruption
Bills and ‘restore trust’
By NEIL HARTNELL Tribune Business Editor
ANTI-CORRUPTION
Bills passed by the House of Assembly on Wednesday are vital “to restore trust” in the fight against graft but they can be further “tightened”, governance reformers argued yesterday.
Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that the Independent Commission of Investigations Bill and Protected Disclosures Bill are critical to “changing the culture” and giving
Bahamians the confidence to bring complaints forward knowing they will be protected from retaliation.
“Fundamentally, Bills like the Protected Disclosure Bill and Independent Commission of Investigations Bill are vital to build back and restore trust, and encourage participation,” he said.”The law doesn’t mean anything if you don’t change the culture people have that maybe prohibits people who have information about potential corruption from bringing it forward.
“There ultimately has to be a real and explicit effort
Small businesses more cyber crime vulnerable
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A CABINET minister yesterday described cyber security is both a “key pillar of economic stability and growth” and critical to The Bahamas’ national security. Michael Halkitis, minister of economic affairs, Speaking at Aliv’s Business Cybersecurity Summit, said the issue is not only a technical concern but a national priority for the digital era.
“As we advance digital transformation, managing cyber risks is essential to protecting businesses’ critical infrastructure and, indeed, national security. This is particularly important for The Bahamas, [given] our commitment to the digital transformation to strengthen competitiveness, projecting modernisation and strengthening our position in the regional digital economy,” said Mr Halkitis. He added that the Caribbean region loses a “staggering” $90bn
MICHAEL HALKITIS
MATT AUBRY
FINANCIAL STABILITY COUNCIL HOLDS ITS FIRST-EVER MEETING
THE newly-formed regulatory body providing “co-ordinated oversight” of the Bahamian financial services industry held its first-ever meeting on Wednesday, February 19.
The Central Bank, in a statement, hailed the Bahamas Financial Stability Council’s meeting as “a significant milestone in strengthening The Bahamas’ domestic financial stability framework”.
The meeting was attended by council members from the Ministry of Finance, the Central Bank, Securities Commission of The Bahamas, Insurance Commission of The Bahamas and the Deposit Insurance Corporation.
Among the key topics discussed were the Central Bank’s Domestic Financial Stability Report, which provides insight into the current state of the Bahamian financial system and its ability to withstand stress and any potential threats. Council members agreed on the importance of enhancing the depth and coverage of domestic financial stability assessments, making the framework more forwardlooking, improving data coverage and incorporating simulations of the impact of various risks scenarios - including climate changeon financial stability. The Central Bank said Council members also agreed to establishing a
Carnival’s $600m GB port to open July 19
Cruise
CARNIVAL
Line’s $600m Grand Bahama port is now set to open on July 19 with senior executives touring the location to assess construction progress.
Christine Duffy, Carnival’s president, was joined by Josh Weinstein, its chief executive, and Lars Ljoen, chief maritime officer, as they assessed Celebration Key’s development. In keeping with the maritime tradition of a keel laying for a new ship, they placed commemorative keys into Celebration Key’s signature Suncastle, the centrepiece of the destination’s five themed ‘portals’.
The Suncastle stands 10-stories tall near Paradise Plaza, the first portal guests will encounter and which serves as a gateway to the destination’s other areas.
The Suncastle will also feature racing water slides that are part of the portal geared toward families, Starfish Lagoon.
The destination’s adultfocused portal, Calypso Lagoon, features an adultonly area with a DJ island and a large swim-up bar.
Pearl Cove Beach Club is a private portal offering a premium adult-only experience with an infinity pool and beachfront cabanas.
The fifth portal, Lokono Cove, is an artisan retail village celebrating Bahamian culture through local art and hand-made goods.
“Celebration Key represents a new chapter for Carnival, and its construction builds on our close partnership with The Bahamas, so seeing it transform from vision to reality is incredible,” said Ms Duffy.
“We broke ground on this site less than three years ago, and now in five short months we’ll see our first guests enjoy the many experiences we created just for them to celebrate and enjoy this gorgeous place on Grand Bahama.”
About 500 workers are on site daily prior to the summer opening when Carnival Vista will make the first call on July 19. To-date, Carnival said 28 Bahamian companies have contributed to the project.
“This destination will serve as a tribute to the rich Bahamian culture and
working group on data collection, and to identify a comprehensive approach to surveying the non-bank sector. This includes insurance, pensions, investment funds, money lending and pay day loan activities. The Council members also acknowledged the importance of strengthening surveillance of non-bank lending activities to determine their impact on financial sector soundness. They backed the need for building increased technical capacity to analyse the potential impact of climate change risk on domestic financial stability, and strengthening assessment of the ties between financial sector soundness and the fiscal position.
Karen Rolle, the Central Bank’s inspector of banks and trust companies, in her 2022 fourth quarter newsletter to the regulator’s licensees, said the Council “would be a non-statutory inter-agency body established to monitor and review emerging risks that might impact financial stability, as well as facilitate regular discussions and system-wide analysis on the financial strength of systemically important financial institutions in The Bahamas”.
John Rolle, the Central Bank’s governor, subsequently confirmed that the initiative was “not triggered by any concerns about the state of financial stability, but it’s really informed
CARNIVAL Corp. & plc. CEO
Josh Weinstein, Chief Maritime Officer Lars Ljoen and Carnival Cruise Line President Christine Duffy
Grand Bahama’s natural environment,” said Mr Weinstein. “It’s clear Celebration Key will be a game-changer for our flagship brand and its loyal guests, with endless options for relaxation and recreation, but it’s also truly great to see first-hand how we’re implementing our company’s robust sustainability initiatives on land.”
During their tour, the Carnival executives joined staff in planting palm trees from the ‘Plant a Tree’ community engagement programme launched last year as part of a broad
by the evolution of the work we’re doing in The Bahamas to strengthen coordinated oversight of the financial services sector”.
“The purpose of having a Financial Stability Council or group that spans regulators, and even draws in the Government itself, it is recognising [there are] instances when a response might be needed, or in instances where medium or long-term projections suggest problems could be on the horizon or it’s necessary to take measures that span across a single set of institutions that may be required,”
Mr Rolle added.
“From that point of view, the Financial Stability Council, it becomes useful in developing a playbook
preservation initiative that has involved replanting thousands of native trees across the property.
About 1,000 sabal palms were saved and replanted. Ms Duffy also participated in the ceremonial filling of one of two freshwater lagoons that will be sustained by Celebration Key’s desalination system, which converts seawater into freshwater. The lagoons span over seven acres and hold about seven million gallons of water.
for how we should react in a crisis, as well as focusing on certain standards that should apply consistently in terms of the behaviour, particularly in terms of lenders or borrowers and investment markets so that the system evolves in an orderly fashion.”
The Governor added that the Council will also enable the Government and financial services regulators to “collectively monitor how things are evolving in the economy and pose questions to ourselves. And, if we are not satisfied, to be able to agree on what should be the collective intervention”.
Carnival continues to make new options and features available for guests as they plan their Celebration Key experience. New at Pearl Cove Beach Club are beachfront daybeds, private cabanas and exclusive Super Villas, available for booking soon. Each option includes access to the club’s open bar service, infinity pool, full-service restaurant and premium beachfront access.
AML Foods honoured by
top
US wholesaler
AML Foods was awarded the 2024 Circle of Excellence Local Independent Performance award at the UNFI Spring and Summer Show recently held in Orlando, Florida.
UNFI is one of the largest publicly-traded wholesale distributors of healthier food options across North America to thousands of suppliers and retailers. The UNFI Circle of Excellence
Awards is an annual initiative that acknowledges the accomplishments of company’s customers and suppliers.
Via a ceremony staged during its selling shows, UNFI honours and celebrates those who have excelled in areas including merchandising, marketing, customer experience and community impact.
As a retailer that partners with UNFI on a number of programmes, the BISX-listed food retail and franchise group won the award for improving the quality of customer experiences through store remodels, the introduction of new products and variety across all departments, and the growth of its loyalty programme.
AML Foods Team pictured with UNFI associates.
Bahamas cyber security capacity 70% outsourced
By FAY SIMMONS Tribune Business
A BAHAMIAN cyber security specialist yesterday said this nation has shown “some improvement” in its international rankings in recent years.
Sametria McKinney, director of The Bahamas’ cyber incident response team (CIRT), speaking at Aliv’s Business Cybersecurity Summit, said the country’s global cyber security index score increased from 13.37 in 2020 to 34 in 2024.
She explained that The Bahamas previously scored 12.85 in legal measures; 0.52 in capacity development; and zero in technical measures, organisational measures and co-operative measures. But, in 2024, the country scored 11.26 in legal measures; 5,47 in technical measures; 6.08 in capacity development; and 7.97 in co-operative measures.
“Fast forward to 2024 we’ve made some improvement. We established CIRT, we did some national assessments, we had to draft legislation, we have a cyber security strategy. We’ve done several stakeholder
engagements, capacity building events, so it shows that we’re growing,” said Ms McKinney. “For legal measures, we were always a little bit ahead of the game because we have things like data protection and, while they’re a little old, they’re still there. When we looked at technical measures, where we increased by 3.22... organisation, we also increased. We now have a co-ordinated entity that’s responsible for co-ordination of cybersecurity.”
Ms McKinney said CIRT aims to improve from tier four, known as ‘evolving’, to ‘tier three’, which is called
‘establishing’. “My goal is to move from evolving, by the next time we have this report, to establishing. We want to get to a place where we are establishing, and we have strong credible processes and we have recognised mechanisms of cyber security in the country,” she added.
Ms McKinney said The Bahamas can build a stronger cyber security ecosystem by ensuring firms and the Government take the issue seriously, and by ensuring all individuals are aware of the risks and mitigation strategies.
“One thing that we can do better is build shared
resilience, and it requires all of us by always saying this - that cyber security is everybody’s business. It is indeed everybody’s business at every level,” said Ms McKinney. “Cyber security starts, then it goes into your operational level in your organisation straight up to the national strategic level. We need to make sure that it’s a part of our active conversation.”
Ms McKinney said there is also an opportunity to build capacity by recruiting skilled cyber security professionals and educating existing staff.
Briland hotelier aims to ‘redefine’ Current
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
A BAHAMIAN hotelier yesterday said he is seeking to “renew” and “redefine” areas outside his Harbour Island base with expansion to mainland Eleuthera.
Acknowledging that Briland is now dense with “economic activity”, Ben Simmons, the owner of Little Island Hotels, which consists of the Ocean View Club, The Other Side and The Farm, said he plans to bring boutique, niche resorts to “forgotten settlements” to create more opportunities.
“My family would have started the Ocean View Club first, and I’ve since developed the Other Side Hotel, the Farm Hotel. We are now developing The Current hotel,” Mr Simmons said. “We’re part of a group called Little Island Hotels that I founded.
“Our primary mission is in recognition of the fact that Harbour Island has become such a destination, and that the density of economic activity on that island, the island I grew up on, it’s become unsustainable. And so the only way in which we as a community, I think, can continue to support tourism is by finding destinations on the mainland.
“And so our mission has become to redefine and
re-educate the tourists on what a beautiful body of land lies opposite the shore of Harbour Island. And so that’s what we’re creating. We’re going into kind of forgotten settlements and trying to renew them, and to create an opportunity not only for our employees to grow with our company into those positions and into those new hotels, but to invite our existing clientele to experience that,” Mr Simmons continued.
“And so no matter how busy or frenetic or the loss of quaintness, and whatever happens on Harbor Island, there’s still an alternative that’s close by.” Unwilling to disclose the level of investment, Mr Simmons did reveal that The Current will feature 5 acres and 12 bedrooms.
The hotel will require 20 to 30 employees and, between all Mr Simmons’ hotels, more than 100 persons are working. Although still in the development and approval stages, The Current has an expected completion date of some time within the next 20 to 30 months.
“So we’re starting small. My mantra is small is beautiful. And so all of our hotels have 12 rooms, 12 cottages, give or take. We’re up to 36 units between them all. Between our construction team and event department, we employ over 100 people,” Mr Simmons said.
“We’re going to add as we can. And so with The
Don’t abandon Integrity Commission, Gov’t told
FROM PAGE B1
just both those components.
While the Public Disclosures Bill plays a role, and the Independent Commission of Investigations Bill plays a role, they only address things when they happen.
“Currently, what those don’t contain, which the Integrity Commission Bill does, are proactive anti-corruption measures, the public awareness and education, which is essential in changing the culture and fighting corruption concerns with systemic institutions.”
The Integrity Commission, as proposed by the original 2017 legislation that was never debated by Parliament, was intended to promote ethical conduct and combat corruption among public officials. The Commission, would be responsible for investigating, preventing and prosecuting acts of corruption. Its functions would encompass promoting ethical standards, overseeing public officials’ financial disclosures, and educating the public on anti-corruption measures. It would be empowered to summon and examine witnesses, require the production of documents, and conduct inquiries into alleged corruption.
Mr Aubry, pointing out that the Integrity Commission Bill includes provisions not contained in the other
legislation that was debated on Wednesday, added: “The reactive and the proactive are needed to work consistently together so we look at systemic reforms and institutional safeguards that create a system people believe in, then see these types of economic benefit come from it - greater compliance and public trust.
“The Integrity Commission still needs to be aligned with this legislation for us to really leverage and benefit from provisions that are in place.”
Asserting that this effort is also bound up with the Freedom of Information Act, Public Procurement Act and Ombudsman Act, Mr Aubry added: “All of these things are critical to us realising the benefit of the things put in place.
“Whereas if they don’t work together, we don’t see that. These are all pieces of the puzzle, but there is still more that can be done.” ORG, in a statement last night, reiterated the concerns voiced by Mr Aubry over the Government’s decision to abandon the Integrity Commission and replace it with the Independent Commission of Investigations Bill and Public Disclosures Bill.
“A strong anti-corruption framework requires both reactive and proactive measures. While investigative oversight is critical to ensuring accountability, the absence of key preventive
Current, we will have ideally another 12-bedroom hotel. There is a quadplex that’s already there. So it’ll be really the 12 rooms plus the additional four quadplexes. But the quadplexes, I think there’s 10 bedrooms there, so it’ll be a total of 22 rooms altogether.
“All of our existing hotels essentially employ 20 to 24 people. This one will have slightly more keys. So we would imagine we’re going to be in the 20 to 30 mark and then, obviously, during the construction process it’s probably another 20 or 30. So about 40 jobs when it’s all said and done will go into the making of it. So yeah, that’s where we’re at,” he added.
“So we’ve acquired five acres there. We are right now just in the development phases. We’re going through the planning process right now, drawing up plans. We’re completing our submissions to DEPP (Department of Environmental Planning and Protection). We would have just opened the Farm Hotel, which is an ecotourism or agri-tourism product, just outside Upper Bogue. So that’s just open three months now. And, we’re rolling our crew over to Current, hopefully in the summer months. Hopefully. That’s hope. Approvals pending and all of that process.”
Mr Simmons said investment in the settlement of Current has declined
mechanisms from the 2017 Bill raises concerns about the effectiveness of this new approach,” ORG said.
“Notably, the Independent Commission of Investigations Bill 2025 does not appear to include providing public education and awareness on integrity and anti-corruption practices; conducting systemic corruption risk assessments across government institutions; monitoring and evaluating anti-corruption policies to ensure effectiveness.”
Other areas that ORG identified as not being addressed included the implementation of “a structured process for financial disclosures and conflict of interest management for public officials”, plus “establishing a code of ethics for public officials to strengthen integrity in governance”.
“Corruption prevention is just as vital as investigation,”it added.
“Without a robust framework that educates, monitors and reinforces institutional safeguards, corruption risks will persist, eroding public trust and weakening governance.
“ORG continues to champion a comprehensive, coordinated anti-corruption strategy - one that aligns government, private sector and civil society efforts to maximise impact and build public confidence. A well-rounded integrity framework strengthens transparency, accountability and economic stability, fostering an environment that attracts investment, enhances public service
The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.
drastically since the passage of Hurricane Andrew in 1992. Taking a positive stance, this gives the area less of a “concrete jungle” feel and makes it more of a “paradise”, which is what Mr Simmons is looking to explore and build on.
“It’s forgotten settlements. So Current back in the 1960s, 1970s, Current had the Current Club. And it was an amazing destination. It was close to Nassau. People would jump on their boat and get there. But it was wiped off the map in 1992 and no substantial development has really taken off since then.,” Mr Simmons said.
“And I think there’s worries that there might be a replication of Hurricane Andrew and that sort of dampened investment. But it is a beautiful, magical settlement. And we’re very excited about the opportunity to put something there and expose people to that magic and, hopefully, other developers will follow suit and that will spur investment.
“Again, everybody comes to Harbour Island, Harbour Island, Harbour Island. But then if everybody does that and they continue to do that, then suddenly you’ve paid paradise and put up a parking lot and that’s what’s happened,” he continued.
“I’ve watched it happen over 30 years. The green space is gone. There’s more and more marinas. There’s more and more mansions.
efficiency and upholds democratic values.”
The original Integrity Commission Bill defined various acts of corruption, including bribery, fraud and illicit enrichment. It criminalised the acceptance or offering of undue advantages by public officials and established penalties for such offences.
There’s more and more umbrellas on the beach. And suddenly the thing that made it great is no longer there. And so if you don’t have anything else, if you don’t have an alternative to that, suddenly that thing collapses. And so we have to build alternatives.”
Former local government representative, Aldred Albury, is in favour of the new developments, noting that it will boost tourism in the area, create employment opportunities and provide guests with options other than Airbnbs.
“Current hasn’t had a hotel since Hurricane Andrew in 1992 destroyed the Current Club,” Mr Albury said. “I feel that the new hotel coming will bring much-needed jobs and employment not only to Current but to the surrounding communities. The Little Island Hotels Group is owned by an individual that has an eye for business. I believe the incoming hotel will have to bring revitalisation to Current in terms of tourism.
“As I said already, Current doesn’t have any hotels. However, we do have a lot of Airbnbs. While Airbnbs cater to a certain demographic you have those persons that like the hotel/resort experience with daily housekeeping service, etc. I am very excited for what the future holds for my community and looking forward to the benefits the hotel will bring with it.”
Public officials were mandated to file annual declarations of their financial affairs, including assets, liabilities and income.
The Commission would be tasked with verifying these disclosures and can investigate discrepancies or unexplained wealth.
“We did some assessment, and we had some information that said to the tune of 70 percent of our cyber security capacity is outsourced outside. That’s a lot. One thing we need to do is build a knowledge base, we need to increase capacity. People need to be aware and want to be actively involved,” said Ms McKinney.
She added that the national cyber security legislation will be brought for public consultation soon, and encouraged collaboration with the public sector as that process advances.
Mr Simmons said crossselling to customers is a perk of building small and having multiple hotels spread across varying settlements. “That’s why I think small works. It allows us to create a stable model,” Mr Simmons said. “And then because all of our properties are in close proximity to one another, we can cross sell it very easily. And so you have a situation where someone may want to come for seven or 10 days.
“We may not have the availability in our existing hotel which drew them to the area, but we can do five nights here and you can do four nights over here. And that allows us to cross-sell. And that’s how we were able to develop our second hotel, The Other Side. Everybody wanted to get in on Ocean View on the Pink Sands beach. We have the three nights here, but we’ve got four more nights over on The Other Side, come check it out and then they get a different experience.
“And so it’s nice that you can have all of these different experiences within arm’s reach, but all under the same company. Even from just a day experience. If you’re staying at one hotel, you can transit to the other, have lunch, discover something new, and then on your next day it’s something to stay and experience. And so we’ll have our existing product and be able to market the new product, Current, to our existing clientele. So I’m definitely hopeful that we’ll have immediate support from our existing base.”
The Bill also included provisions to protect persons who report corruption, ensuring their confidentiality and safeguarding them from retaliation. Penalties for corruption-related offences ranged from fines to imprisonment, depending on the severity of the act. The Bill also allowed for the confiscation of assets obtained through corrupt practices.
Crawfish volumes up 10-15% but ‘don’t let our guard down’
strong cold front. We had a couple, and did well.”
Equally important is protecting Bahamian fisheries stocks and fishermen from illegal fishing and poachers.
Mr Carroll credited steppedup patrols and enforcement by the Royal Bahamas Defence Force, in collaboration with the Department of Marine Resources and other agencies, as well as “stiff fines” and other penalties with helping to deter and slash poaching incidents in recent years.
“We still have problems from our own, Bahamians going into someone’s traps,” he told this newspaper. “We mustn’t let our guard down. They’re [poachers] only waiting for us to slip up and they’ll be right back. It was doing our country bad.
“Some guys went out of business, some fishermen didn’t want their children to go into the industry because of the hell they were catching. It did a lot to the fishing industry. Only the strong survived. The results show what they were doing to the country.”
Besides the threat posed by the large commercial poaching operations of Dominicans and other nationals, Mr Carroll also voiced concern about illegal activity involving foreign charter vessels and tourists who entered this nation from the US.
“That’s a big problem, too. The fishermen from the US that fish the northern Bahamas. That’s a big problem. We have to take it seriously because it’s like I say: Everybody is looking for a chance to come. We
have to treat it seriously,” he added. Bahamian authorities on January 27, 2025, disclosed they had arrested a vessel, ‘Highly Migratory’, and its three American occupants who were accused of conducting at least “a dozen” illegal charters in breach of the Fisheries Act because they did not possess the necessary permits.
Paul Maillis, the National Fisheries Association’s (NFA) secretary, told Tribune Business that the much longed-for crackdown on poaching and other illegal activities is what Bahamian fishermen have been “screaming about” for decades given the threat it posed to their livelihoods, income and families.
“All the work done to combat illegal poaching, and illegal commercial poaching,
in the waters of The Bahamas is paying off,” he told Tribune Business. “The efforts of the Defence Force and Department of Marine Resources have been very fruitful; not just commercial fishing poachers, but illegal charter operations have been shut down.”
Praising the authorities for enforcing Bahamian fisheries laws, Mr Maillis said: “It’s crucial. It’s what the fishermen have been screaming about. We’ve seen these giant poaching operations here killing everything on the sea floor, and we were doing very little about it.
“When you see this happening decade after decade, it causes people to lose hope, lose their business, lose faith in our system and not help law enforcement. When people find the law
‘ABSOLUTELY CONFIDENT’ GOV’T HITS FISCAL GOALS
However, the new 15 percent corporate income tax or domestic minimum top-up tax (DMTT) being levied on Bahamian companies that are part of multinational groups with annual turnover exceeding 750m euros will not be an immediate salvation for the Government.
While the levy is forecast to generate $140m, a sum equivalent to 1 percent of annual gross domestic product (GDP), for the Government, Mr Halkitis confirmed these revenues will be seen “early” in the 2025-2026 Budget cycle and play no part in the current fiscal year.
The Ministry of Finance also blamed the $394.8m deficit for the six months to end-December 2024, a figure more than five times’ greater than the full-year goal, on “front-loading” capital spending outlays for school repairs and critical roadworks. It hinted that this trend, which saw capital spending increase by $86m or 64.1 percent to $220.1m year-over-year during the first six months, will not be repeated during the second half.
However, the ministry gave no explanation for the ramp-up in fixed cost spending during the 2024-2025 first half. Recurrent expenditure on civil salaries, rents and goods/services rose by $192.2m, or almost $200m, to strike $1.619bn during the six months to end-December 2024 when compared to
the same period in the prior year. The ministry’s statement only referred to a $25m payment, the first tranche in a total $50m outlay, to subscribe for shares in the Development Bank of Latin America and the Caribbean. It added that this will give The Bahamas access to “a new semi-concessional funding envelope” of $200m.
And Prime Minister Philip Davis KC yesterday also announced the signing of a $200m “framework agreement” with the Africa Export-Import Bank that will enable The Bahamas to develop “climate-resilient and trade-enhancing infrastructure” such as roads and energy. Together, these two facilities represent a combined $400m in low-cost, low-interest financing that the Government will be hoping to access.
This, though, gives no insight into what caused the year-over-year recurrent spending hike in the 2024-2025 first half. Much of the $192.2m increase, some $94.9m or close to half, came from a 37.7 percent year-over-year rise in the Government’s spending on goods and services, which jumped to $346.6m compared with $251.7m during the same period in the prior fiscal year.
Several observers have already privately voiced to Tribune Business their suspicions that the increase in overall spending, and especially that for goods and
services, is driven by the fact that the Government is paying off outstanding bills owed to its vendors which were kicked into 2024-2025 from the previous fiscal year to allow it to meet its targets and avoid triggering fiscal responsibility legislation requiring a corrective plan.
An analysis of the Government’s December 2024 and half-year fiscal numbers also shows year-over-year increases, albeit smaller than for goods and services, for categories such as civil service salaries; subsidies; and public debt interest payments. Total spending for the half-year, recurrent and fiscal combined, was up 17.8 percent year-overyear at $1.839bn versus $1.561bn - a $278.3m rise year-over-year. Thus the Government will have to address the spending side of the Budget to come in close to its 2024-2025 projections - something that may not be easy to accomplish given the likely pressures exerted by the upcoming general election to increase expenditure.
The December 2024 data also revealed that the Government spent a greater portion of its fullyear Budget expenditure during the first half, with total spending; goods and services; and subsidies as well as capital expenditure all exceeding more than 50 percent of the 12-month estimates.
And recurrent spending and civil service
emoluments were also close to that 50 percent mark. In contrast, most spending categories as a proportion of the full-year expenditure estimates were several percentage points lower at the mid-point in the 2023-2024 fiscal year.
The Ministry of Finance yesterday touted the “highest-ever recorded revenue growth” for the first half of a fiscal year, with total income up 10.9 percent year-overyear at $1.444bn as opposed to $1.302bn for the 20232024 first half. Total tax revenue stood at $1.296bn, a 10.8 percent increase compared to the $1.169bn achieved the year before, while VAT collections were up $21m at $667m.
As a percentage of fullyear revenue estimates for 2024-2025, most key categories were ahead of 2023-2024 comparatives, thus fuelling confidence that the Davis administration will likely hit its income target for the 12 months to end-June 2025. It must now control spending if it is to close the $325m half-year ‘gap’ between the actual deficit and its forecast.
“As reported for the first six months of the current fiscal year, Government’s total revenue reached $1.4bn, a gain of $142.2m over the prior year, and representing the highestever recorded growth for any first half-year revenue performance,” the Ministry of Finance said in its statement.
MINISTER: SMALL BUSINESSES MORE CYBER CRIME VULNERABLE
annually due to cyber crime, which represents a risk to future economic stability and national security.
“The economic consequences of cyber-attacks in our region are also very staggering. According to some reports from the World Bank, the Caribbean region faces annual cyberrelated losses amounting to $90bn,” said Mr Halkitis.
“This figure highlights the magnitude of the problem and the urgent need
for action. Cybercrime is no longer just a technical issue; it is a national security and economic stability issue. Businesses, governments and institutions must work together to strengthen our defences and reduce our vulnerability.”
Mr Halkitis also acknowledged the opportunities for economic growth that cyber security provides, with the Caribbean market expected to grow by 7.4 percent annually to $495m by 2029.
“Despite the challenges, cyber security also presents
an economic opportunity. The Caribbean cyber security market is projected to grow by 7.4 percent annually between 2025 and 2029, reaching $495m by 2029,” said Mr Halkitis.
“This growth represents an opportunity for investment in cyber security infrastructure, workforce development and digital innovation. The Bahamas has the potential to be at the forefront of this growth, bringing jobs, fostering entrepreneurship and driving digital innovation.”
Mr Halkitis said businesses of all size should have the tools to mitigate cyber security risks, but added that is difficult for many micro, small and medium-sized enterprises (MSMEs) to obtain them due to financial constraints.
“Small and mediumsized enterprises are the backbone of the Bahamian economy. They are the driving force behind innovation, job creation and economic diversification. However, as these businesses embrace digital tools and platforms,
is being enforced, they help the police and Defence Force to crack down on what they see. So much has been done to improve that in recent years. It’s what people wanted.”
Mr Maillis said this, in turn, makes fishermen and other Bahamians more responsible with their own fisheries practices. And he directly linked the improved sustainability of lobster and other Bahamian fish staples to the ability of fishermen to offset lower prices with catch volumes.
“The markets and prices have come back down to normal,” he added. “That’s not necessarily a good thing for fishermen who have come to enjoy a certain price. They have to accept a lower price, but times like these are when the success
“It is important to highlight that based on the cyclical nature of Government’s revenue, this strong revenue performance in the first half of the fiscal year is projected to be reinforced by even higher yields in the second half.
“This expectation is clearly supported by historical analysis of revenue performance which shows that, on average, 57 percent of the total - especially from tourism, VAT, Business Licence and property taxes - is collected in the closing six months of the fiscal year,” the Ministry of Finance added.
“To illustrate, real property tax intake averages 72 percent in the second half, which aligns with payment due dates. Tourism gains with the peak in visitor arrivals also helps to boost VAT receipts.” It also pointed to the Government’s “stepped up revenue enforcement measures that continue to yield positive results”.
However, Tribune Business has repeatedly pointed out that the Government is likely to narrow the deficit due to the revenue-rich fiscal year’s second half based on the factors that the Ministry of Finance mentioned. And it has also acknowledged the $72m surplus achieved during the 2023-20245 second half, as well as the Government beating the International Monetary Fund’s (IMF) forecast for last year.
Yet the half-year deficit, which will be a key focus in next week’s midyear Budget presentation, is more than five times’ greater than the $69.8m
they also face increasing cyber threats that can disrupt operations, compromise sensitive data and erode public trust,” said Mr Halkitis.
“Many small and medium-sized enterprises lack the resources to defend against sophisticated attacks. To protect our economic progress, we must equip our businesses, large and small, with the tools and knowledge to mitigate these risks.”
Mr Halkitis called for greater collaboration between the public and private sector to advance steps already taken by
of the sustainability of spiny lobster fisheries is so crucial.
“When the price comes down and fishermen are able to offset by catching higher spiny lobster volumes, the fact they are able to catch more is a testament to what has been done with spiny lobster fisheries. Let’s hope the price of fuel comes down in the next year or so. The change in leadership in the US may see those prices come down. We’re hoping we’ll start to see overall prices come down but it’s out of our control.”
Mr Carroll, though, said current fuel prices for fishermen were “not too bad” as they were hovering in the range between $4.80 and $5.50.
target for the 2024-2025 fullyear. The $394.8m, which measures by how much government spending exceeded its revenue income, is also significantly higher - by 52.6 percent or $136.1m - than the $258.7m deficit incurred at the 2023-2024 fiscal year’s mid-point.
And, while the Davis administration was able to narrow that year’s deficit via the $72m Budget surplus generated during that year’s second half, it will have to generate a sum more than four times’ greater if it is to hit 2024-2025’s target or come close. To hit it spot on, the Government will need to generate a massive $325m second-half surplussome $253m higher than the prior year’s achievement.
The Ministry of Finance said yesterday that its “expectation of an improved second half fiscal performance is in line with the surplus position of $72m in the prior year, following the deficit of $44.8m in the second half of fiscal year 2018-2019 - the last normal year before the pandemic.
“The Government is committed to ensuring that its fiscal operations are conducted in a manner that supports sustainability through a reduction in the overall deficit as projected in the medium-term fiscal framework. Recent performance confirms the significant progress made in reducing the overall deficit to 1.3 percent of GDP in fiscal year 2023-2024, and the anticipation of a further improvement to 0.5 percent for this fiscal year.”
government such as launching the National Computer Incident Response Team (CIRT-BS) and the National Cyber security Strategy.
“Cyber security is not just a government responsibility. It requires a whole of society approach, and so collaboration between the public and private sectors is essential to securing our digital future and ensuring a resilient and competitive economy. Regional collaboration is also essential,” he said.
‘Tighten’ anti-corruption Bills and ‘restore trust’
to ensure that they are seen as effective and seen as adaptive to our local context - not that it only applies in Nassau, but it can be utilised in the Family Islands and smaller communities where these things happen.
The [Protected Disclosures] Bill itself contains a lot of things that align with best practices across the board but there are opportunities to continue to tighten it.”
Mr Aubry said “accessible mechanisms” for reporting alleged corruption were critical so “that everyone can see a clear path forward” and that both the details and whistleblower identities would be “kept confidential”. He added: “There is an opportunity within the law to ensure there is a clear understanding it’s above political interference.”
ORG, though, in its analysis of the Protected Disclosures Bill voiced concern that the authority overseeing the legislation and its implementation, as well as its funding, comes under “the remit of the minister or Attorney General, risking political influence”. It added that it
was also unclear how this authority will work with, and align, with the Investigations Commission being established by its companion legislation and other agencies.
Pointing to the Protected Disclosures Bill’s origins, ORG said: “This measure follows former Commissioner of Police, Clayton Fernander’s, national statement addressing the growing concern regarding corruption in Bahamian public institutions.
“Fernander’s address included a ‘bribe call’, wherein he urged persons who had been asked to pay a bribe to disclose this. One of the chief concerns of the Organisation for Responsible Governance (ORG) has been that such public calls for transparency and integrity are ineffective unless backed by comprehensive whistleblower protection legislation.
“This legislative measure, in conjunction with the Independent Commission of Investigations Bill 2025, is intended to address growing concerns about corruption within institutions in The Bahamas.
However, ORG stresses that laws aimed at building
COULD TRUMP REALLY RETURN DOGE SAVINGS TO TAXPAYERS?
By CHRISTOPHER RUGABER and PAUL WISEMAN AP Economics Writers
AN idea first proposed on social media has bubbled up to the White House and received President Donald Trump's enthusiastic endorsement: Take some of the savings from billionaire Elon Musk's drive to cut government spending and return it to taxpayers.
"I love it," Trump said late Wednesday on Air Force One, when asked about the proposal.
If Musk's target of $2 trillion in spending cuts is achieved by next year, supporters of the idea say that about one-fifth of those funds could be distributed to taxpaying households in checks of about $5,000.
But before you start planning for a windfall, budget experts say such huge savings — nearly one-third of the federal government's annual spending — are highly unlikely. And sending out a round of checks — similar to the stimulus payments distributed by Trump and then President Joe Biden during the pandemic — could fuel inflation, economists warn, though White House officials dismiss that concern.
With the annual budget deficit at $1.8 trillion last year and Trump proposing extensive tax cuts, there will also be significant pressure to use all the savings to reduce that deficit, rather than pass on part of it.
Here's what to know about the proposal:
Where is this coming from?
James Fishback, founder of investment firm Azoria Partners which he launched at Trump's Mar-a-Lago estate in Florida, promoted the idea Tuesday on X, formerly known as Twitter, prompting Musk to respond that he would "check with the president." Fishback said there have also been "behind the scenes" conversations about the issue with White House officials.
Musk has estimated that his Department of Government Efficiency has cut $55 billion so far — a tiny fraction of the $6.8 trillion federal budget. But DOGE's public statements so far haven't verified the presumed savings, and its claims that tens of millions of dead people are fraudulently receiving Social Security have been disproven.
Fishback supports having the nonpartisan Congressional Budget Office determine how much DOGE saved. If DOGE cuts $500 billion by July 2026, he said, then the checks would be $1,250, rather than $5,000.
"We uncovered enormous waste, fraud and abuse," Fishback said in an interview with The Associated Press. "And we are going
public trust and compliance require comprehensive and robust consultation efforts prior to their passage,” it added.
“Extending the consultation period would likely yield positive gains toward effective implementation and greater public confidence in the law. Additionally, small Caribbean nations, such as Trinidad and Tobago, have faced challenges in implementing whistleblower protections within their unique cultural and institutional contexts.
“It is crucial that the Protected Disclosures Act 2025 is effectively adapted to the specific culture and governance structure of The Bahamas, ensuring practical and enforceable implementation.” Turning to areas where it believes the legislation can be strengthened, ORG added:
“The Bill lacks clarity on how it interacts with the Independent Commission for Investigations Bill 2025, the Royal Bahamas Police Force Anti-Corruption Unit and the Police Corruption and Complaint Unit.”
It called on the Government to change Clause 4b “to specify jurisdictional responsibilities and create
a co-ordinated approach, similar to New Zealand’s Protected Disclosures Act, which clearly delineates roles among various agencies”.
And ORG also called for the Protected Disclosures Bill to establish clear independence from political interference. “Currently, the authority establishing, funding and overseeing whistleblower disclosures falls under the remit of the Minister or Attorney General, risking political influence,” it warned.
It urged the Government to reform Clause five “to create an independent body, as seen in Ireland’s Protected Disclosures Act, which established a legally autonomous Whistleblower Commissioner.
“Independence could be enhanced if the authority were selected and appointed by the Governor-General upon recommendations from independent entities such as the Bar Association, Chamber of Commerce, Civil Society, and the University of The Bahamas. Additionally, requiring budget approval from Parliament, as is done in the Court Services Act, 2023,
would further protect against political interference,” ORG added. It urged the Government to also ensure the Bill “provides interim relief for whistleblowers facing retaliation” and guarantee that these persons are given “a fair hearing” via an independent appeals process. “The Bill should provide stronger assurances regarding whistleblower anonymity,” ORG said, while also arguing against any restrictions on what could be considered “retaliation” against whistleblowers.
And, urging greater deterrence against retaliation, ORG also called for “awareness and capacity-building training on whistleblower protection” to be mandated by the Protected Disclosures Bill. “By refining these clauses, the Protected Disclosures Act 2025 will align more closely with international best practices, ensuring a robust framework for whistleblower protection in The Bahamas,” ORG said.
will bolster the Act’s effectiveness in promoting accountability and anti-corruption efforts.
“With proposed laws intended to build public trust and compliance, a comprehensive and robust consultation effort prior to the passage of the Bills would be expected to bring positive gains toward effective implementation,” it added. “Hence, ORG recommends extending the time for public consultation to ensure that the legislation is well-adapted to national needs and concerns.
“Additionally, small Caribbean nations, such as Trinidad and Tobago, have noted challenges in implementing whistleblower protections within their specific cultural and institutional contexts. It is crucial that the Protected Disclosures Act 2025, is effectively adapted to the unique culture and governance structure of The Bahamas, ensuring practical and enforceable implementation.”
to make good and pay restitution and then rewrite the social contract between the taxpayer and the federal government."
Fishback supports sending out checks, rather than using all the money to reduce the deficit, because it would encourage Americans to seek out wasteful government spending "in their communities, and report it to DOGE."
When am I going to get my check?
OK, let's slow down. According to the proposal, DOGE must first complete its work, slated to be done by July 2026. Once that happens, one-fifth of any savings could be distributed later that year to the roughly 79 million households that pay income taxes. About 40% of Americans don't pay such taxes, so they wouldn't get a check.
How much can DOGE really save?
Color most economists and budget experts skeptical that its focus on "waste, fraud, and abuse" can actually reduce government spending by much. Budgetcutters from both parties have sought to eliminate "waste" — which doesn't have much of a political constituency — for decades, with little success in reducing the deficit.
One of the biggest moves by the Trump administration so far has been to fire tens of thousands of government workers, but such changes aren't likely to produce big savings.
"Only a small share of total spending goes to federal employees," said Douglas Elmendorf, former director of the Congressional Budget Office. "The big money is in federal benefits and in federal taxes and those are not in DOGE's purview."
In November, John DiIulio Jr., a political scientist at the University of Pennsylvania, wrote in an essay for the Brookings Institution that "eliminating the entire federal civilian workforce would leave in place about 95% of all federal spending and the $34 trillion national debt.'' DiIulio noted that government contractors and nonprofits that receive government funds now employ three times as many people as the federal government's 2.2 million employees.
It's also not clear how much in savings can be achieved without Congress codifying it in law. "Firing someone doesn't save money until Congress comes back and reduces the appropriation for that employee's agency," Emendorf said. "If you fire somebody but leave the appropriation where it is, then ... that money can be spent on something else. So DOGE can't really achieve savings until there's legislative change as well."
UK foreign secretary questions Russia's 'appetite' for peace and challenges Lavrov at tense G20 meet
By MOGOMOTSI
MAGOME, MICHELLE GUMEDE and GERALD IMRAY
Associated Press
U.K. Foreign Secretary David Lammy said he saw no appetite for peace from Russia in Ukraine after listening to a speech by Russia's top diplomat at a tense Group of 20 meeting in South Africa on Thursday.
Lammy was speaking to reporters after Russian Foreign Minister Sergey Lavrov addressed other senior diplomats in a closeddoor session at the G20 foreign ministers meeting in Johannesburg.
"I have to say when I listened to what the Russians and what Lavrov have just said in the chamber this afternoon, I don't see an appetite to really get to that peace," Lammy said.
Lammy said Lavrov left his seat in the meeting room when it was Lammy's turn to speak. No details of Lavrov's speech were released.
The two-day G20 gathering on Thursday and Friday comes days after landmark bilateral talks between the United States and Russia over ending the war in Ukraine. Those talks sidelined Washington's European allies and Ukraine, who weren't involved.
U.S. President Donald Trump has further upended the West's position by criticizing Ukrainian President Volodymyr Zelenskyy and falsely blaming Ukraine for the full-scale invasion by Russia. The war's third anniversary is next week.
"At the moment, we've had talks effectively about talks," Lammy said. "We've not got anywhere near a negotiated settlement."
In his own speech, which was released by the U.K. Foreign Office, Lammy criticized Russia for what he called "Tsarist imperialism."
"You know, mature countries learn from their colonial failures and their wars, and Europeans have had much to learn over the generations and the
centuries," Lammy said, according to the transcript from the U.K. Foreign Office. "But I'm afraid to say that Russia has learned nothing."
"I was hoping to hear some sympathy for the innocent victims of the aggression. I was hoping to hear some readiness to seek a durable peace. What I heard was the logic of imperialism dressed up as a realpolitik, and I say to you all, we should not be surprised, but neither should we be fooled."
Lammy referred to Lavrov's speech as "the Russian gentleman's tired fabrications."
Tensions at the meeting were underlined when a photo opportunity for the foreign ministers to pose together for pictures was canceled with no reason given.
The United Kingdom, France, Germany and the European Union have all pledged continued support for Ukraine and were expected to reinforce that position at the G20 meeting.
U.S. Secretary of State Marco Rubio, who led those talks with Lavrov in Saudi Arabia this week, was a high-profile absentee from the meeting. Rubio boycotted amid U.S. tensions with host South Africa over some of its policies, which the Trump administration has labeled anti-American. The U.S. was represented by Dana Brown, its acting ambassador to South Africa.
The G20 is made up of 19 of the world's major economies, the European Union and the African Union. Others attending the meeting in South Africa included EU foreign policy chief Kaja Kallas, Chinese Foreign Minister Wang Yi and French Foreign Minister Jean-Noël Barrot, who repeated France's condemnation of Russia in an op-ed published by several media outlets.
The Russian Foreign Ministry did release details of a bilateral meeting Lavrov held with China's Wang. Afterwards, Lavrov said
Russia's relations with China "have become and remain an increasingly significant factor in stabilizing the international situation and preventing it from sliding into total confrontation," according to a statement from the ministry.
The G20 is supposed to bring developed and developing countries together to foster global cooperation. But the grouping often struggles to reach any meaningful consensus because of the disparate interests of the
U.S., Europe, Russia and China. Cooperation was further undermined by Russia's invasion of Ukraine in 2022. South Africa holds the G20's rotating presidency this year and in a speech opening the meeting, South African President Cyril Ramaphosa said that it was an opportunity for the G20 "to engage in serious dialogue" against a backdrop of geopolitical tensions and war, climate change, pandemics and energy and food insecurity.
PRESIDENT Donald Trump listens as Elon Musk speaks in the Oval Office at the White House, Tuesday, Feb. 11, 2025, in Washington.
Photo:Alex Brandon/AP
BRITISH Foreign Secretary David Lammy arrives for the opening session of the G20 foreign ministers meeting in Johannesburg, South Africa, Thursday, Feb. 20, 2025.
Photo:Jerome Delay/AP
What to know about Fort Knox’s gold depository
By REBECCA REYNOLDS
The Associated Press
PRESIDENT Donald Trump says Elon Musk will be looking at Fort Knox, the legendary depository in Kentucky for American gold reserves, to make sure the gold is still there.
Treasury Secretary Scott Bessent says there is an audit every year and that "all the gold is present and accounted for."
The United States Bullion Depository at Fort Knox has stored precious metal bullion reserves for the United States since 1937 and has become synonymous for secure and well protected. Along with protecting gold reserves, Fort Knox is currently also used as the Army's human resources command center, and it hosts the Army's largest annual training event each summer.
"We're going to open up the the doors. We're going to inspect Fort Knox," Trump said in a speech to Republican governors Thursday evening.
"I don't want to open it and the cupboards are bare," he added.
Fort Knox history and location
The Army post is about 35 miles south of Louisville
and encompasses 109,000 acres in three Kentucky counties — Bullitt, Hardin, and Mead.
Camp Knox was established during World War I and became an artillery training center, according to the Army post's website. It was made a permanent installation in 1932 and has been known since then as Fort Knox. The first gold arrived at Fort Knox in 1937 with the 1st Cavalry Regiment called on to guard the shipment.
With the outbreak of World War II in Europe, the Army created the Armored Force at Fort Knox, and thousands of soldiers were ordered there and introduced to the tank. For nearly 80 years, the post was known as the "Home of Cavalry and Armor."
In 2005, the Army decided to move the Armor Center and School to Fort Benning, Georgia, and the Human Resource Command Center of Excellence was established at Fort Knox. In 2013, ROTC Cadet Summer Training was consolidated at Fort Knox. The post hosts the Army's largest annual training event each summer.
How much gold is stored at Fort Knox?
According to the U.S. Mint, current gold holdings
NOTICE
NOTICE is hereby given that RONIE PERRY PIERRE of Yellow Elder, Seymour Street, New Providence, The Bahamas, applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 21st day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
at the US Bullion Depository at Fort Knox are 147.3 million ounces. About half of the Treasury's stored gold is kept at Fort Knox.
Has the gold ever been removed? The Mint says only very small quantities have been removed to test the purity of the gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the depository for many years. The gold's book value is $42.22 per ounce.
Just how secure is Fort Knox?
The depository is very secure. The actual structure and content of the facility is known by only a few, and no one person knows all the procedures to open the vault.
What is known publicly is that the facility was built in 1936 using 16,000 cubic feet of granite, 4,200 cubic yards of concrete, 750 tons of reinforcing steel and 670 tons of structural steel. The facility is heavily guarded and has broken its strict policy of not allowing visitors only three times.
Has anyone been allowed to see the gold reserves?
In 1974, the US Mint opened the vaults to a group of journalists and a congressional delegation so they could see the gold
reserves. The Treasury secretary allowed the visit after persistent rumors that the gold had been removed. Until then, the only person other than authorized personnel to access the vaults was President Franklin D. Roosevelt.
Since then, the vaults have been opened one other time: In 2017, Treasury Secretary Steve Mnuchin visited with Kentucky Gov. Matt Bevin and congressional representatives. Current Treasury Secretary Scott Bessent has said he would happily arrange an inspection for any senator who is interested in seeing the vaults.
Fort Knox in popular lexicon
The gold depository at Fort Knox has a reputation for being impenetrable, which has gained it a place in popular culture. As early as 1952, a Looney Tunes cartoon featured Bugs Bunny and Yosemite Sam digging for gold Fort Knox. Fort Knox has also been featured in the plot of movies such as the 1964 James Bond spy thriller "Goldfinger" and the 1981 comedy "Stripes," which was partially filmed at the post.
NOTICE
NOTICE is hereby given that KEITHA DENESE JERVIS ARMBRISTER of Leewood East, 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 21st day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
TRUMP ADMINISTRATION TAKES AIM AT $4B IN FUNDING FOR CALIFORNIA
HIGH-SPEED RAIL
LOS ANGELES
Associated Press
THE Trump administration is once again targeting California's controversial high-speed rail project, with federal transportation officials on Thursday announcing an investigation and possible withdrawal of about $4 billion in federal funding.
Voters first approved $10 billion in bond money in 2008 for a project designed to shuttle riders between San Francisco and Los Angeles in less than three hours. It was slated to cost $33 billion and be finished by 2020. But the project has been beset by funding challenges, cost overruns and delays. Now, state officials are focused on a 171-mile (275-kilometer) stretch connecting the Central Valley cities of Bakersfield and Merced, which is set to be operating by 2033. The entire San Francisco to Los Angeles line will now cost an estimated $106 billion to finish and officials hope to complete it in the next 20 years if there is money.
"I am directing my staff to review and determine whether the (California High-Speed Rail Authority) has followed through on the commitments it made to receive billions of dollars in federal funding. If not, I will have to consider whether that money could be given to deserving infrastructure projects elsewhere in the United States," Transportation Secretary Sean Duffy said at a news conference in Los Angeles.
President Donald Trump canceled nearly $1 billion in federal funding for the highspeed rail project in 2019, during his first term. The Biden administration later restored the funding and, in December 2023, allocated $3.3 billion more.
Losing that money would be a major blow to the project. The rail authority's most recent business plan counts on receiving up to $8 billion in federal money to help close a funding gap.
Ian Choudri, CEO of the California's High-Speed Rail Authority, which oversees planning and funding for the project, said he welcomes the investigation.
"With multiple independent federal and state audits completed, every dollar is accounted for, and we stand by the progress and impact of this project," Choudri said.
He said the project has created nearly 15,000 jobs and that more than 50 major structures have been completed so far.
Several Republican Congress members have taken aim at the project over its costs. On Thursday, Republican Rep. Kevin Kiley, who represents 3rd Congressional District that stretches alongside much of the state's border with Nevada and includes Sacramento's northeastern suburbs, called the California high-speed rail "the worst public infrastructure failure in U.S. history."
"There is no plausible scenario where the cost to federal or state taxpayers can be justified. It is past time to stop throwing good money after bad, and we must formally end this project," said Kiley, who introduced a bill earlier this year to make the project ineligible for further federal funding. Kiley joined Duffy in Los Angeles' Union Station for the announcement of the probe. Those present were interrupted at times by booing by about 30 demonstrators. The protesters also chanted "build the rail!" and held up signs that read "CA has no king" and "Don't delay our train." Eli Lipmen, executive director of Move LA, an organization that advocates for efficient public transit systems, said the high-speed train project remains popular among many Californians. "They said they're going to start an investigation, but come on, this is a sham investigation," Lipmen, who was at Union Station during the announcement, told KABC-TV.
Greg Regan and Shari Semelsberger, president and secretary-treasurer of the Transportation Trades Department coalition that includes all the country's rail unions, said the project is the most ambitious and innovative transportation project in the country and urged Trump to become "a Builder-in-Chief by bringing high-speed rail to America."
NOTICE
NOTICE is hereby given that SANJAY ANTHONY PARAGUE of Marshall 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 14th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
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 14th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
A FULL-scale mock-up of a high-speed train, is displayed at the Capitol in Sacramento, Calif., on Feb. 26, 2015.
Photo:Rich Pedroncelli/AP
A slide for Walmart pulls Wall Street from its record, and Dow drops 450
By STAN CHOE AP Business Writer
A SHARP slide for Walmart on Thursday helped pull Wall Street off of its record.
The S&P 500 slipped 0.4% for its first drop after setting all-time highs in each of the last two days.
The Dow Jones Industrial Average lost 450 points, or 1%, and the Nasdaq composite sank 0.5%.
Walmart drove the market lower after falling 6.5%, even though the retailer reported stronger profit for the latest quarter than analysts expected.
The Bentonville, Arkansasbased giant gave a forecast for upcoming profit that fell short of analysts’ expectations as shoppers across the country deal with stillhigh inflation and the threat of tariffs from President Donald Trump.
Walmart is still forecasting growth in revenue for this upcoming year and said it has experience in
navigating the effects of tariffs, but its profit outlook helped pull stocks lower across the retail industry. Costco fell 2.6%,Target dropped 2% and Amazon lost 1.7%.
Palantir Technologies was another weight on the market. It fell 5.2% to follow its 10.1% drop from the day before, after U.S. Defense Secretary Pete Hegseth said he wants to cut $50 billion in spending next year. The software company got 55% of its $2.9 billion in revenue last year from government customers.
They helped offset an 8.5% jump for Baxter International, which reported better profit for the latest quarter than analysts expected. It credited strength for its pharmaceuticals business, as well as for its medical products and therapies.
Burger chain Shake Shack rallied 11.1% after likewise reporting a stronger profit than
expected. CEO Rob Lynch said sales trends remained solid during the quarter, even though bad weather around the country and wildfires in the Los Angeles area kept some customers away.
Chinese e-commerce giant Alibaba saw its stock that trades in the United States climb 8.1% after reporting stronger profit for the latest quarter than analysts expected. It also talked
up its artificial-intelligence developments.
All told, the S&P 500 fell 26.63 points to 6,117.52. The Dow Jones Industrial Average dropped 450.94 to 44,176.65, and the Nasdaq composite sank 93.89 to 19,962.36.
In the bond market, Treasury yields edged lower after a report showed more U.S. workers applied for unemployment benefits last week than economists
CURRENCY traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Feb. 19, 2025.
Ahn Young-joon/AP
expected. It’s an indication the pace of layoffs could be worsening, but the number still remains relatively low compared with history.
A separate report said growth for manufacturing in the mid-Atlantic region is still growing, but not as strongly as economists expected.
Such numbers are likely to keep the Federal Reserve on hold when it comes to interest rates. Last month, the Fed refrained from cutting its main interest rate for the first time at a policy meeting since it began doing so in September.
The yield on the 10-year Treasury fell to 4.50% from 4.54% late Wednesday. The yield on the two-year Treasury, which more closely tracks expectations for upcoming Fed moves, held steadier. It remained at 4.27%, where it was late Wednesday.
Traders have been paring back their expectations for how many cuts to interest rates the Fed may deliver this year, with some predicting zero. Many are pointing the potential effects of tariffs, but much of Wall Street is also banking on their ultimate impact being smaller than they initially seemed.
While lower rates can boost the economy and prices for investments, they can also give inflation more fuel. And Fed officials were discussing at their last meeting how Trump’s proposed tariffs and mass deportations of migrants, as well as strong consumer spending, could push inflation higher this year.
