02242025 BUSINESS by tribune242

Exuma anchorage deal controversy

Gov’t: Competitive bid for mooring deal ‘not needed’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government last night defended the leasing of 49 mooring/anchorage sites in the Exuma Cays as “a signiﬁcant step forward” for marine conservation and the country’s “sustainable boating infrastructure”.

Pushing back at concerns that the lease deal with Bahamas Moorings amounts to privatisation of these locations by handing a monopoly to a private company, the Davis administration said itself - rather than the local government authorities - issued “a cease and desist” order to buoy installation until all the necessary approvals and permits had been obtained.

In a statement, the Government said the project had been approved by the Cabinet almost three years ago in June 2022 but it was not until January 2025 that the lease agreement was

concluded with Bahamas Moorings Company.

It argued that the move was justiﬁed because of the damage done to the Bahamian seabed by past “unregulated anchoring”, which threatens to impact the seagrass meadows and other marine/blue economy assets vital to this nation’s ambitions to turn ‘carbon sinks’ into carbon credits.

The Davis administration, asserting that the Government has an equity ownership stake in Bahamas Moorings Company, although it did not specify how much, said the company has agreed to install 253 moorings at “key locations throughout the Exuma Cays” apart from in the Exuma Cays Land and Sea Park. It also sought to justify why the deal was not put out to competitive bidding via a public tender.

“This $2.5m private investment represents a signiﬁcant step forward

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN Exuma-wide boat mooring/ anchorage deal branded as “insane” by Bahamian marina chiefs has been halted by local government authorities due to the purported absence of key approvals.

Bahamas Moorings Company, which according to documents obtained by Tribune Business has secured a 21-year seabed lease for 49 separate anchorage/moorage sites spread throughout the Exuma Cays, was on Friday ordered to “cease and desist” what the island’s administrator described as an “unauthorised mooring installation”.

The move came after the lease, seemingly signed by the Prime Minister in his capacity as minister responsible for Crown Land on January 25, 2025, sparked consternation, bewilderment and anger among boaters/yachters, impacted Family Island communities and others who all said they were blindsided by revelations of this deal.

Besides raising questions over the Davis administration’s apparent lack of transparency and failure to consult Out Island communities, other observers also challenged why a deal of this nature was not put out to competitive bidding via a request for proposal (RFP). And they queried why the Government had not adopted a different public-private partnership (PPP) model by retaining the seabed and hiring a private operator.

Instead, several sources suggested the lease deal represents a privatisation of all safe, feasible anchorage and mooring sites throughout the Exuma cays outside of those in the Exuma Lands and Sea Park. In effect, they said the Government has given a private company a monopoly over these sites where it will be “mandatory” for boats and yachts to pay the fees levied by Bahamas Moorings Company.

Peter Maury, the Association of Bahamas Marinas (ABM) president, argued to Tribune Business that the arrangement “doesn’t even make sense” while agreeing that it creates a monopoly. And Eric Carey, the

ex-Bahamas National Trust (BNT) executive director, warned that the deal “must not become a licence to print money” that raises costs to such an extent that it drives high-spending boaters from The Bahamas. This newspaper can reveal that the many of those involved in the Bahamas Moorings Company deal have close links to the Ofﬁce of the Prime Minister and senior persons who work in it. Of the two principals named in the lease, Tribune Business

Bahamasair passengers hit by long Friday delays

By NEIL HARTNELL and FAY SIMMONS Tribune Business Reporters nhartnell@tribunemedia.net

BAHAMASAIR passengers were unable to return to New Providence until the early hours of Saturday morning following two mechanical breakdowns that left just one of its ATR turbo prop planes in service. One frustrated traveller, speaking on question of anonymity, said: “Suffice to say I know I am, and I’m sure that the Bahamian public is, definitely fed up with Bahamasair and their constant delays. Tonight, February 21, is the worst of them. I was supposed to be on a flight from Marsh Harbour to Nassau. I have been sitting in this terminal from 4pm only to be brought with constantly hourly increment of delays.

By NEIL HARTNELL Tribune Business Editor

THE Chief Justice has blasted “impropriety” by successive foreign investors who hatched a scheme to “wrongfully acquire” Crown Land that included a public road reservation in Harbour Island. Sir Ian Winder, in a February 20, 2025, verdict, ruled that Laura Dodge and Sunset Harbour Resorts had both “engaged in a systematic” effort to take property they knew belonged to the Government and, by extension, the Bahamian people which had been reserved for a road reservation.

In rejecting Ms Dodge’s petition to obtain a certiﬁcate of title to the Crown Land, which was divided into two plots sized 3,473 square feet and 3,389 square feet, Sir Ian said he

BUOYS being installed in Exuma cays.

TRACY COOPER

Align corporate culture with risk management

The relationship between corporate culture and enterprise risk management (ERM) is intricate. A company’s culture determines how risk is perceived, addressed and integrated into decisionmaking. Meanwhile, ERM structures can promote a culture of transparency and accountability. When these two forces align, businesses become more resilient. Conﬂicts between them, however, can lead to operational inefﬁciencies, compliance problems and reputational damage.

This article will highlight the inﬂuences that culture plays on risk management, the impact of ERM on corporate culture and effective ways to harmonise the two.

Inﬂuence of culture on risk management

Culture is the foundation upon which risk management practices are built. Leadership plays a critical role in shaping this culture, as their attitudes toward risk determine

DEREK SMITH BY

how seriously it is taken throughout the company. Leading by example and encouraging structured risk management will help employees become more aware of risk. On the other hand, if leadership disregards risks or prioritises short-term gains over long-term stability, ERM initiatives will struggle to gain traction. Another major factor is resource allocation.

Employees who perceive a

lack of resources allocated to risk management often de-prioritise it, leading to a fragmented or superﬁcial ERM approach. Moreover, the success of risk management also depends on whether employees view it as a strategic asset or a bureaucratic burden. If ERM is seen as an obstacle rather than a safeguard, efforts to embed it within the company will meet resistance.

Impact of ERM on organisational culture

ERM is inﬂuenced by culture, but it is also inﬂuenced by culture in the reverse direction. When properly integrated, ERM fosters a culture of transparency where risks are openly discussed rather than ignored. As a result of this openness, businesses can anticipate challenges rather than react to them, leading to proactive decision-making.

Furthermore, ERM strengthens accountability as clearly deﬁned roles and responsibilities in risk management ensure employees

at all levels take ownership of their decisions and actions. A strong ERM framework promotes continuous learning, as regular risk assessments encourage companies to adapt and evolve based on past experiences.

Potential collisions and mitigation strategies

Despite these potential synergies, cultural resistance can create significant obstacles. If a company has a blame culture, employees are less likely to report mistakes or risks out of fear of punishment instead of learning from them. This fear stifles innovation and prevents effective risk mitigation. Additionally, siloed thinking can undermine ERM. When risk management is confined to a single department rather than integrated across teams, gaps emerge that leave the company vulnerable. Resistance to change is another frequent challenge. Deep-seated cultural norms often make employees reluctant to adopt new

ERM practices, especially if they perceive these changes as additional burdens rather than improvements.

Harmonising culture and ERM

To bridge the gap between culture and ERM, leadership must actively champion risk awareness through their actions, not just policies. Employees need to see risk management as a priority that receives adequate resources rather than as an afterthought. Communication plays a critical role in this alignment. When ERM objectives and beneﬁts are articulated, employees are more likely to engage with them.

Ongoing education and training further reinforce the importance of risk management, ensuring that employees at all levels understand how it ﬁts into their daily responsibilities. Cross-functional collaboration is also essential, as integrating risk management across different departments prevents

Crime’s violent, costly grip is complex story

AFTER a few years’ absence from writing on this subject, I return at a time when crime and public safety remain among the most pressing issues facing The Bahamas. The release of the 2024 Crime Report presents an opportunity to analyse recent trends and assess where we stand after a decade of crime-ﬁghting efforts. The numbers tell a complex story - an overall 10 percent reduction in crime, yet a rise in ﬁrearm-related homicides and persistent violent crime trends. The question is no longer whether we are doing enough but, rather, if what we are doing is working. In this article, I begin a renewed discussion on crime, security and public safety - one that will expand in the coming weeks. This is not just about the numbers; it is about what they mean for our future, the effectiveness of law enforcement strategies, and what must change if we are to see real progress in 2025.

A recent study by the Inter-American Development Bank (IDB) revealed that, in 2022, homicides alone cost The Bahamas approximately $100m, equivalent to 0.8 percent of the country’s Gross Domestic Product (GDP). This places The Bahamas among the most economically-burdened nations in the region due to violent crime, trailing only Jamaica, Trinidad and Tobago and Honduras. Beyond homicides, the IDB’s broader analysis underscores the extensive ﬁnancial strain that crime and violence impose on the economies of Latin America and the Caribbean. Crime-related costs are estimated at 3.44 percent of the region’s GDP, including direct losses in human capital, increased business expenditures on security measures, and extensive public spending on crime prevention and the justice system. This ﬁnancial toll is staggering, amounting to nearly 80 percent of the total public education

budgets across the region and more than twice the expenditure on social assistance programmes.

The economic toll of

The impact of crime in The Bahamas is far-reaching, affecting multiple sectors:

* Rising security expenditures: Businesses and private citizens are investing heavily in security infrastructure, including surveillance systems, private security personnel and reinforced property protections.

* Increased government spending: Law enforcement budgets continue to expand, with signiﬁcant investments in new vehicles, advanced technology and crime prevention initiatives.

* Economic deterrence: Persistent crime discourages investment and tourism, directly affecting national revenue, employment rates and overall economic growth.

Strategic solutions for reducing crime and its economic burden

Effectively addressing crime requires a holistic and data-driven approach. Key areas for improvement include:

1. Strategic investment in prevention: Redirecting funds toward education, youth engagement programmes and community development can address the root causes of crime, reducing future expenditures on law enforcement and corrections.

2. Enhanced law enforcement resources: Modernising policing efforts with improved technology, comprehensive ofﬁcer training and competitive salaries can increase effectiveness and efﬁciency.

3. Public-Private Partnerships: Collaboration between the Government, businesses and community organisations can foster innovative crime prevention initiatives and improve community relations with law enforcement.

operational blind spots. Reinforcing positive behaviours through recognition and rewards can further strengthen an ERM-aligned culture. In short, by embedding risk awareness into the company’s culture rather than treating it as a separate function, businesses can create an environment where a balanced understanding of risk and opportunity informs strategic decisions. This integration enhances resilience, safeguards reputation and ensures long-term success.

Smith Jr been a governance, risk and compliance professional for more than 20 years with a leadership, innovation and mentorship record. He is the author of ‘The Complia certiﬁed anti-money laundering specialist (CAMS), and holds multiple governance credentials. He can be contacted at hello@pineapplebusinessconsultancy.com

Reassessing law enforcement strategies and spending efﬁciency

The latest crime statistics indicate that The Bahamas recorded 120 homicides in 2024, marking a 9 percent increase from the previous year. Additionally, rates of armed robberies, vehicle thefts and drug-related crimes remain high. These ﬁgures underscore the need for a critical review of policing strategies and resource allocation.

To ensure that law enforcement efforts yield tangible results, we must ask:

* Are current police strategies leading to measurable reductions in crime? While arrests and crime suppression efforts may be increasing, sustained reductions in violent crime require a focus on crime prevention and community trust-building.

* Is law enforcement spending yielding effective results? The growing security budget must be justiﬁed by improved crime resolution rates, a decrease in repeat offences and enhanced public safety.

* Are resources being allocated based on intelligence and need? A data-driven approach is necessary to ensure that investments in policing are made where they are most effective, rather than being driven by arbitrary increases in spending.

As The Bahamas prepares for 2025, the challenge remains clear: Crime reduction efforts must be strategic, proactive and results-oriented. By adopting a comprehensive crime prevention strategy that balances law enforcement with social investment, The Bahamas can move toward a safer and more economically stable future.

Learning from the past, strategising for the future

The Royal Bahamas Police Force (RBPF), as a central stakeholder in crime prevention and public safety, must critically evaluate both the successes and failures of the past decade. Without a bold, datadriven strategy, the force risks repeating the underwhelming results of 2024. A comprehensive assessment of policing effectiveness, resource allocation and strategic focus is crucial for meaningful progress in 2025 and beyond.

A positive but limited impact

The most promising ﬁnding from the recently released 2024 Crime Report is the 10 percent decline in overall crime, signalling that some enforcement and deterrence strategies have had an impact. Property crimes saw a notable reduction, including:

* Housebreaking – down 11 percent

* Shopbreaking – down 16 percent

* Stealing – down 17 percent

* Stealing from vehicles –down 26 percent

* Armed robbery – down 28 percent

This suggests that targeted police operations and enhanced security measures have been effective in reducing street-level crimes. However, these gains have been overshadowed by persistent and rising violent crime rates, particularly ﬁrearm-related homicides.

In 2024, 120 murders were recorded, marking a 9 percent increase from 110 homicides in 2023. The majority of these killings involved ﬁrearms, reinforcing concerns about the ease of access to illegal weapons. High-proﬁle incidents, such as the increase in targeted murders, have further fuelled public anxiety over escalating violence.

Increased policing efforts, but are they effective?

The report highlights a signiﬁcant increase in police activity, including: * 81,015 stop-and-search operations (compared to 45,655 in 2023, an increase of 77 percent)

* 19,211 ﬁeld check patrols

* A 15 percent increase in community policing efforts

While these ﬁgures indicate a higher police presence, the question remains: Are these strategies effectively reducing violent crime?

The continued rise in ﬁrearm-related homicides and vehicle thefts suggests that simply increasing the quantity of police operations is not enough; the quality and focus of these efforts must improve. Effective policing is not just about making more stops. It is about ensuring that intelligence-led operations target high-risk individuals and areas where crime is most prevalent. Strategic gaps and key areas for improvement Despite increased police patrols and community engagement, several challenges persist:

1. Limited impact on violent crime – The increase in homicides indicates that current strategies are not effectively disrupting violent criminal networks or addressing the proliferation of illegal ﬁrearms.

2. Over-reliance on stop-and-search – While increased roadblocks and stop-and-search operations may disrupt some criminal activities, they do not guarantee long-term crime reduction and can erode public trust if not intelligence-driven.

3. Weak intelligence and targeting – The focus should shift from

GAMAL NEWRY

‘DAMPENED’ ECONOMY FEARS OVER EXUMA BOAT MOORINGS

By FAY SIMMONS Tribune Business

A NEWLY-elected

Exuma local government ofﬁcial yesterday slammed the installation of moorings throughout the Exuma cays by a private company as “very disrespectful” amid fears it may “dampen” the economy.

Kendal Black, chief councillor of Black Point, told Tribune Business that said a “cease-and-desist” letter was issued to Bahamas Moorings Company. Its representatives told him him they were given permission to install these moorings and buoys by the Ofﬁce of the Prime Minister.

“We don’t have a clue what happened or what is going on. Myself and the

island administrator went to them with the police to find out if they had permission to be putting things down in the seabed. They told us they had permission from the Prime Minister [Philip Davis KC] and” a senior official in the Prime Minister’s Office, said Mr Black. “We issued them a cease letter on Saturday. We do not wish to have that in our harbour. They are not supposed to do anything unless given permission from the chief councillor’s office. That did not come through our office and they were working without our approval or permission, and we sent out a cease letter. I don’t know where they got permission from but they need to stop immediately.”

Mr Black said not only was permission granted without involvement from the chief councillor, but the

changes have caused the community to “go bananas” without any answers for their pressing questions.

He said although residents have no issue with charging for mooring in the Exuma Cays, the levies should be announced and some of the revenue go back into maintaining and improving the community, not a private company.

“This has the community of Black Point in uproar. People are going bananas right now to see this thing happen and we have no clue what is going on. I don’t mind them charging for the mooring but something has to come back into the community. From what I understand this is a private thing they’re doing and it’s wrong,” said Mr Black.

“The whole thing is very disrespectful. The community is coming to us for

answers and we have none because we were completely blindsided. There was no Town Hall meeting to make the community aware and there was no communication with us so we can make them aware.”

Mr Black said the Black Point community is also losing revenue due to the new fees chasing away boaters that did not budget for the extra charges. He explained that seasonal visitor numbers have depleted from over 80 boats to just four in the past two weeks, and the local economy is suffering as a result.

“For Spring Break and summer we have 90 to 100 yachts in our harbour. These are our seasonal guests who spend money in this community. They spend up to six months here every year and they patronise our stores, get supplies, take the

tours and this community depends on those guests,” said Mr Black.

“Just two weeks ago there were over 80 boats in our harbour; now there are four. Everybody is leaving because they refuse to pay to drop an anchor in the sand. A lot of boaters come with a budget and for them to be paying $40/$50 a day with no warning, that’s a big problem.

“This is dampening our revenue and running our guests. There’s no really a need for mooring in Exuma harbour. Our guests have been coming here for years and, for over 100 years, they have been dropping their anchors in the sand. You can’t damage the sand.”

Mr Black also noted the safety hazard posed to boaters that traverse the Exuma Cays at night and have no knowledge of the

North Eleuthera ‘lucky’ given airport condition

By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net

ELEUTHERA resort operators believe tourism will not be negatively impacted by the sight and smell of raw sewage that a former MP says is greeting all passengers departing the island’s northern airport.

However, they conceded that North Eleuthera and Harbour Island are “lucky” tourists are drawn back given North Eleuthera airport’s current condition and its status as ﬁrst and last impression for visitors leaving the island. While one pointed to the growing number of guests heading to Harbour Island and the mainland, another said the airport does not create “repeat guests” but, rather, people and the “beautiful” landscape.

“I think that we’re lucky as a destination that the clients, and certainly in the hotels that I’ve developed, we’re fortunate to have repeat guests,” Ben Simmons, owner of Little Island Hotels, said. “And I think it was explained to me really succinctly, not more than a day or two [ago], the type of person that really comes to Harbour Island and continues to come to Harbour Island and even Eleuthera, you’re coming with a sense that you are of the people; you’re not above the people.

“And there’s sort of like a humility or a humbleness that comes part and parcel with our long-term guests. And so they’ve come to understand that the power goes out, they understand that the water cuts out, they understand that the airport is not ideal, but they love it based on the character of the people they build relationships with.

“Aside from the fact that we have a beautiful beach and there’s a lovely quaintness to our island, those other inconveniences have become part and parcel of

the charm of the place.” Mr Simmons was speaking after Stephen ‘Hank’ Johnson, the former central and south Eleuthera MP, voiced concern that passengers were having to pass down a walkway surrounded by sewage on both sides as they moved between terminals.

But Keyron Smith, chief executive of The Retreat at the Centre for Training and Innovation, added: “Eleuthera is still the number two destination in The Bahamas. I do think the upgrades would be very helpful for tourists coming into the island.

“But, for the most part, our tourist population, I’m always surprised that persons... after visiting the airport, would still come to Eleuthera in droves, to be honest. I guess the numbers would speak for itself but Eleuthera still remains a top destination in The Bahamas when it comes to tourists coming through there.

“If you look at the tourist numbers, they continue to grow despite the infrastructure at the airport. But I do think the upgrades

would make it much more appealing to tourists. I think people love this place so much that they do whatever it takes to come here,” he added.

“And that says a lot about [the] Eleuthera and Harbour Island community. I do think the [airport] upgrades would help with guests and visitors coming to the island. Especially if it’s going to be the ﬁrst impression that people come across. When they come here they love it, and I think that’s what we have going for us as an island.”

Despite their belief that tourism will not drop simply due to the state of the airport, hoteliers are not denying the fact that repairs and upgrades are needed.

Mr Simmons noted that another “calibre” of visitor with higher expectations is beginning to vacation in The Bahamas and, in that case, the airport is not up to par.

“What’s happened more recently I think is that we are attracting a higher calibre, or let’s say a calibre, of guests that with some of the newer developments... you have Briland Club, you

have the new Coral Sands, in certain respects, essentially, they’re attracting a higher-end crew at a higher end price point,” he added.

“And with that comes a higher level of expectation. And I think that’s where we’re going to get into trouble as a destination if we don’t rise to the occasion.”

Kat Dubowitz, assistant general manager of Cape Eleuthera Resort and Marina, pointed to the recent Routes America conference and discussions over commercial airlines making more stops in Eleuthera. Coupled with new developments on the island, she said the North Eleuthera airport must be brought up to standard.

“I mean, we just had a Routes Americas conference here on Eleuthera… where (Bahamas Out Island Promotion Board) and The Bahamas Tourism Board brought in stakeholders from American

Airlines, Delta, KLM, Breeze Airlines, quite a few different big airlines to discuss ﬂights into Eleuthera,” Mrs Dubowitz said.

“And I really feel like with everything happening on Eleuthera right now, there’s talk of something happening in Cotton Bay with Jack’s Bay expanding with Cape Eleuthera over here. A lot is happening up north. I really feel like once they have made plans to take care of those airports, all the airports in actual fact, and especially the busy ones, we’ll be able to sign up more ﬂights, especially with American and possibly Delta to come into Eleuthera bringing us more tourists.

“And we’re all very hopeful that that should be happening within the next year and a half. We’re all very positive and excited and I mean, understandably, Eleuthera has its ups and downs, and for a while

newly-installed mooring stations. He said the buoys were placed “haphazardly” in mailboat and regular boating zones, and have yet to be illuminated.

“This is a community and we have boaters travelling night and day. There are no lights on them,” said Mr Black. “They were dropped haphazardly and placed in mailboat zones and regular boating zones without any warning.

“This is a hazard for our community. We don’t want those buoys to become a death trap or a hazard to somebody. If they are coming in at night doing 50 miles and run into one of them it would be a tragedy here in Black Point.”

it’s been pretty quiet,” she added.

“But Cape Eleuthera, it’s a property that has been here for a very long time. And it’s wonderful for us to see businesses like Disney and Cotton Bay Holdings, Jack’s Bay and even hotels up north, upgrading and beautifying, buying their properties to attract more tourism. And with that, it’s a given. We have to update our airports and make travel into Eleuthera more affordable and easier for tourists.”

Mr Simmons said he hopes the upgrades to the North Eleuthera airport begin soon, but added:

“There’s faith and then there’s reality. We have to have faith in the Government because who else have we got? But here’s the reality. So there’s faith and then there’s reality... But the reality is that the cash may be there, but I don’t know what’s in the way of it.

“My hope is that some government, because it’s both the FNM and PLP

GOV’T: COMPETITIVE BID FOR MOORING DEAL ‘NOT NEEDED’

FROM PAGE B1

in marine conservation and sustainable boating infrastructure, helping to protect The Bahamas’ delicate marine environment while ensuring responsible anchoring practices,” the Government said.

“The Cabinet of The Bahamas approved the project in June 2022. In January 2025, Bahamas Moorings was granted a lease agreement. This approval was contingent on the group obtaining all necessary governmental approvals.

“However, the Government has been notiﬁed that preliminary activities under the lease agreement

commenced prior to the group receiving all of the required approvals - including the requirement of public consultation. Thus, the Government has issued a cease-and-desist order,” it continued.

“The public is further advised that a Request for Proposal was not required, as the project is a private commercial venture, albeit in the national interest, not involving government expenditures and was proposed to the Government.”

Justifying the rationale for the Bahamas Moorings Company tie-up, the Davis administration sought to link it to its much-touted ‘blue carbon credits’

North Eleuthera ‘lucky’ given airport condition

FROM PAGE B3

have pitched for many years, over a decade, the refurbishment of the North Eleuthera airport. Neither side of the aisle has delivered on that. And so as the saying goes: You can’t have conﬁdence before you have evidence.

“I have no evidence that any government has been able to solve the issue of the North Eleuthera airport. Until that evidence [is presented], I’m not going to have conﬁdence that they

can, that anybody can. But I have hope and I have faith that some government will some day.”

Mr Johnson described travelling through the North Eleuthera Airport as “embarrassing”, noting the sight and smell of sewer water, disorganisation, broken tiles and dirt, and Mr Simmons depicted a similar experience during his most recent trip to the location.

“We know the state of the airport, right? Last we

initiative. “For years, unregulated anchoring has signiﬁcantly damaged coral reefs and seagrass beds - critical marine habitats supporting biodiversity and carbon sequestration,” the Government asserted.

“Recent research by Beneath the Waves, a leading marine science organisation, has documented a 20-30 percent decline in seagrass coverage in parts of the Exuma Cays over the past decade, underscoring the urgent need for action.

Installing these moorings will help preserve marine ecosystems while enhancing navigational safety by reducing anchor-related

heard there was a loan. I think there was a loan of $50m that was secured. So my only question is when is that going to happen? And why hasn’t it happened yet?” he asked.

“We know that the North Eleuthera Airport has been a fairly, I think it’s fair to say, a disaster for quite some time. It hasn’t kept up with the growth of the destination, and it deﬁnitely needs to be refurbished and re-equipped for the volume of visitors that we’re hoping we can attract.

“The experience sort of goes like this. When you arrive because there is four or ﬁve check-in desks that are within a space that is

destruction and minimising seabed disturbance.

“The project will utilise eco-friendly moorings with helical anchors, a system successfully implemented in mooring ﬁelds at the Exuma Cays Land and Sea Park, Staniel Cay and Elizabeth Harbour, Georgetown. These moorings will help organise anchoring patterns, improve vessel safety and reduce the environmental impact of unregulated anchoring,” the Government added.

“Additional beneﬁts include a reduction in sediment disruption, carbon loss and greenhouse gas emissions. This initiative is also a key component of the

essentially 20 feet by 40 feet, it becomes very difﬁcult to check-in and there’s sort of a high degree of confusion of what line you’re even checking into,” he added.

“And so that’s the initial experience. How do you even physically checkin? Particularly when you have four or ﬁve airlines that may be accepting visitors at the same time. The bathrooms are in desperate need of refurbishment. I can’t recall if the lavatories were even functioning at the time when I was there. So that’s a basic amenity that needs to be dealt with.

“What has improved within the last year is

Crime’s violent, costly grip is complex story

FROM PAGE B2

randomised policing tactics to data-driven intelligence gathering, allowing law enforcement to identify and neutralise high-risk offenders before they commit crimes.

A Bold Strategy for 2025: Turning insights into action

To break the cycle of violent crime and enhance

public safety, the Royal Bahamas Police Force must embrace a bold, strategic shift in its policing model:

* Invest in intelligence-led policing – More resources must be allocated to crime analysis, informant networks and digital surveillance to proactively target criminal organisations.

* Enhance ﬁrearm control and interdiction efforts –The increase in gun-related

homicides highlights the urgent need for stricter ﬁrearm enforcement, improved border security and crackdowns on illegal gun trafﬁcking.

* Expand community trust and engagement – Crime prevention is not just about enforcement. Building stronger police-community relationships can improve information sharing and early crime intervention.

Bahamas Blue Carbon Project, which aims to generate funding through carbon credit sales linked to the protection of seagrass beds and marine sediment; critical natural carbon sinks.

“Beyond conservation, the mooring project will facilitate the collection of valuable environmental data to support research and global conservation efforts. These efforts align with the Government’s broader climate initiatives and long-term goals for ocean health and sustainability.”

The Government said the Port Department will collect the rental fee paid by Bahamas Moorings, while

the establishment of the waiting facilities that are located adjacent to. So after you go through the check-in process, we were advised, I think at the time, that those were going to be a temporary measure, even though they’ve been there for some time,” Mr Simmons said.

“But it is a vast improvement on what was there previously, which was nothing. So at least that’s an air-conditioned waiting area. But even in that, it’s in need of improvement. There’s a bit of a smell. It’s just not the most ideal experience for our guests or our product.

“These are smaller details, but we’re dealing

* Strengthen judicial and rehabilitation processes –Crime prevention does not end with arrests. A more effective judicial system and rehabilitation programmes are critical to reducing repeat offenses.

Rethinking crime reduction in 2025

While the RBPF’s increased policing efforts contributed to a decline in property crimes, the persistent rise in homicides and violent offences demands a reassessment of policing

strategies. The question for 2025 is not how many roadblocks and stops law enforcement can conduct, but rather:

* Are police strategies reducing the most dangerous crimes?

* Are crime-ﬁghting resources being used efﬁciently?

* Is law enforcement targeting the right individuals based on intelligence rather than volume-based policing?

The Royal Bahamas Police Force must learn from the past, adapt its strategies and embrace a proactive, intelligence-driven approach to crime prevention if it

the Department of Inland Revenue will gain Business Licence and VAT income.

“When the mooring ﬁelds are functional, boaters are expected to use them and pay a fee once connected to a mooring or anchored within one of the mooring ﬁelds,” it said.

“The fees per vessel will range from $0.50 a day per foot for smaller vessels to $1 a day per foot for the bigger yachts. This initiative underscores The Bahamas’ commitment to sustainable tourism, responsible marine management and the longterm preservation of its world-renowned marine environment.”

with well-travelled guests that’s coming here and, through Instagram and TikTok, the news is getting out about this destination.

So the volume of people that are coming, I think they’re coming with the expectation that at least the basics work. And if the basics are not there, that’s something that we certainly need to work on ﬁrst,” he added.

“And if plumbing and those things are what need to be dealt with, it deﬁnitely should be head of the agenda. I don’t know what the $50m is earmarked for, but hopefully we’ll see evidence of that starting soon.”

hopes to reverse the upward trend of violent crime in 2025.

president of Preventative Measures, a loss prevention and asset protection training and consulting company specialising in security operations policy development and implementation, coraudits, business continuity, emergency and crisis management. Comments can info@preventativemeasures.ventativemeasures.org

Blue Lagoon unveils improvement for 2025

By NEIL HARTNELL

A well-known Bahamian attraction has introduced a new Food Truck Area and revived its eco nature walking tour as part of a series of upgrades for 2025.

Blue Lagoon Island, also known for hosting Dolphin Encounters, said the improvements will “enhance the guest experience while reinforcing its commitment to safety and sustainability”. It added that the Food Truck Area is serving a variety of Bahamian dishes, allowing visitors to savor local ﬂavours and immerse themselves in local culture.

taste of The Bahamas home with them.

Blue Lagoon Island said it has also revitalised its eco nature walking tour, which now features updated signage and offers detailed insights into the island’s native ﬂora, fauna and marine ecosystem.

The area also features souvenir such as rum cake, allowing guests to take a

“Our goal has always been to create meaningful and authentic experiences for our visitors. From

savouring Bahamian cuisine to walking through the island’s rich ecosystem, these updates reﬂect our commitment to sharing the best of The Bahamas with our guests,” said Robert Meister, Blue Lagoon’s managing director.

Blue Lagoon said its partnership with the Royal Bahamas Defence Force (RBDF) to deliver comprehensive water safety

PRIME Minister Philip Davis KC (seated centre); Chester Cooper, deputy prime minister (standing centre); and Jobeth Coleby-Davis, minister of transport and energy, meet with members of the Bahamas Shipowners Association and Bahamas Maritime Authority, including Jacqueline M. Simmons; Peter John Goulandris; Rashad Adderley; Dario Lundy Mortimer; Senator JaAnn Major; Captain Dwain Hutchinson; Domenico Rognoni; Anne Liversedge; Ken Engstrom; Claes Berglund; Henrik Andersen; Rajesh J. Dhadwal; and Anders Brodje. Creswell Sturrup, permanent secretary to the Ofﬁce of the Prime Minister, is also pictured.

PM meets with ship owners, and Maritime Authority chiefs

THE Prime Minister and transport minister both met with Bahamas Shipowners Association (BSA) executives last Tuesday to discuss key maritime industry priorities.

Philip Davis KC and Jobeth ColebyDavis, minister of transport and energy, also discussed ongoing collaboration with the Bahamas Maritime Authority (BMA) during the meeting at the

Prime Minister’s Office on Tuesday, February 18. The discussions focused on fleet growth, digitisation and The Bahamas’ leadership at the International Maritime Organisation (IMO). The Prime Minister emphasised the Government’s commitment to sustainability, supply chain efficiency and trade diversification. Climate change and the maritime sector’s role in

reducing greenhouse gas emissions were also key topics.

The BSA delegation, led by chairman Domenico Rognoni, also senior vice-president at Carnival Cruise Line, included senior executives from Teekay, SunStone, Stena, MUR and Campbell Shipping. BMA representatives, led by chairman Jacqueline M. Simmons, reafﬁrmed the Authority’s focus on

training is continuing. Hundreds of employees have undergone rigorous ‘man overboard’ and ‘Abandon Ship’ training, equipping them with essential skills to respond effectively in emergencies. A dedicated lifeguard is stationed on every vessel, ensuring the safety of guests and staff alike. Kermit Turnquest, the RBDF instructor, praised

Blue Lagoon Island’s initiative, saying: “It shows that the company cares about its people and is outﬁtting them with the tools to help the company move forward. Guests can feel safer knowing all employees have had this training and can assist in an emergency.”

BISX lists latest investment fund

THE Bahamas International Securities Exchange (BISX) has announced another addition to its investment funds listing tier.

The exchange said LFP Venture Energy Fund has successfully completed its BISX mutual fund listing process and been listed on BISX. LFP Venture Energy Fund is incorporated as an International Business Company (IBC) under Bahamian law and is licensed as a Smart Fund SFM007 under the SMART Funds Rules set out by the Investment Funds Act 2019.

regulatory enhancements and workforce development, including cadet training programmes for young Bahamians.

The meeting underscored the shared commitment of the BMA and BSA to driving innovation and sustainability in the maritime sector, while ensuring The Bahamas remains a leading global ship registry.

Keith Davies, BISX’s chief executive, said: “We are pleased to welcome the LFP Venture Energy Fund to the BISX Funds Listing facility. This listing reﬂects our commitment to expanding our access to global capital markets and enhancing The Bahamas’ position as a premier international ﬁnancial hub.

“At BISX, we provide world-class listing solutions that support ﬁnancial

services providers with a well-regulated, transparent and efﬁcient marketplace. We remain dedicated to working alongside industry leaders to drive competitiveness and unlock new investment opportunities.” The Winterbotham Trust Company served as the BISX sponsor member that brought the fund to the exchange. The Winterbotham Trust Company has been appointed to serve as the administrator of this fund.

KEITH DAVIES

Chief Justice ‘impropriety’ over Crown Land’s theft

“could not improve” on submissions from Lawrence Dawson - who was one of two rival claimants to the property along with the Government - on what had been going on.

Mr Dawson, in ﬁlings with the Supreme Court, alleged that Ms Dodge had merely inherited and taken over a scheme “to appropriate public lands” that was initiated by Sunset Harbour Resorts and its then-principal, Peter Dempsey. The latter owns the Sunset Harbour Development, a residential project, and marina that lies immediately to the east of the subject Crown Lands.

Mr Dawson, who owns three parcels of land in Sunset Harbour, asserted that Sunset Harbour Resorts on May 18, 2009, obtained “a conﬁrmatory conveyance” from the development’s previous owners showing the Crown Land was now included in their transaction despite the deal having closed exactly nine years earlier in May 2000.

A “manipulated survey” plan was then used to conceal the Government and Bahamian people’s interest in the Crown Land and road reservation. This plan was then used by Sunset Harbour Resorts to obtain approval for the transaction from the Investments Board and apply for a building permit from local government and Town Planning Committee.

Mr Dawson said Ms Dodge merely picked up the “manipulated survey” plan used by Sunset Harbour Resorts and used it to obtain Investments Board approval for her purchase of the same Crown Land from the latter entity on June 25, 2018. He added that Sunset Harbour Resorts’ bid to obtain a building permit was designed to prevent the Government from seeking to reclaim ownership via the legal principle of “estoppel”.

Sir Ian, backing Mr Dawson’s analysis, also rejected Ms Dodge’s assertion that the Government was “estopped” - meaning it could not go back and reclaim the land in dispute - because of both the Investments Board permit being granted and her paying real property tax on both parcels since 2018. And, as a result, he dismissed her Quieting Titles application. Setting out the background to the case, the Chief Justice said Ms Dodge asserted she deserved to be granted a title certificate on the basis of a possessory interest in the two parcels dating back to 2009 and Sunset Harbour Resorts’ ‘confirmatory conveyance’. She also claimed she only needed to prove title to the properties for 12 years. However, the Government filed an adverse claim asserting that it was the beneficial owner of the two properties as they were both Crown Land and part of a road reservation known as Dunmore Street. And Mr Dawson, too, claimed a

possessory title on the basis “of rights of occupation and use” over a 16-year period. He said he repaired the jetty and undertook maintenance on both properties.

Sir Ian, noting that all Crown grants identiﬁed the two land parcels as a road reservation for Dunmore Street, noted that Sunset Harbour Resorts acquired the Sunset Harbour Development from the estate of Siegfried Broemel on May 18, 2000. And, more than six years later, on October 2, 2006, Mr Dempsey applied for a Crown Land lease of both properties on Sunset Harbour Resorts’ behalf.

Mr Dempsey further pushed his claim for a lease on September 24, 2007, when he told the permanent secretary in the Prime Minister’s Ofﬁce that “the area concerned is still being polluted by human excrement and is a health hazard. We wish to take it under control through a lease so we can eliminate the problem and beautify the area”.

Audley Greaves, the official in the Prime Minister’s Office then dealing with Crown Land issues, wrote back on November 23, 2007, saying the issue was being assessed. And, to support his application, Mr Dempsey produced affidavits to confirm “the existence of the wall and bath house” on the properties for more than 50 years. Yet, while the Government was still considering the Crown Land lease application, Mr Dempsey and Sunset Harbour Resorts

obtained a “conﬁrmatory conveyance” from the Broemels seeking “to clarify and conﬁrm the intention” to include the two parcels in their original 2000 deal. Mr Dempsey sought “to establish a claim to adverse possession” of the properties the existence of amenities such as a path, dock house and cesspit.

Mr Dempsey was ﬁnally granted an a renewable annual lease over the Crown Land parcels on June 18, 2009, paying $2,500 per annum. Ms Dodge acquired the two parcels from Sunset Harbour Resorts on June 25, 2018, and asserted she willingly “assumed the risks” given that she was inheriting a possessory title by obtaining the Investments Board permit and paying real property tax.

However, Sir Ian noted: “While the plan submitted to the Bahamas Investment Authority (BIA) had a description of the parcels as being part of a Crown Reserve, the areas where the properties were shaded had blotted out the words ‘Road Reservation (Crown Land)’.”

The Chief Justice, ﬁnding “it is not seriously disputed” that the two parcels formed the road reservation, added that Ms Dodge - as a result of both properties being Crown Land - “must show a continuous uninterrupted possession of 60 years” for her adverse possession claim to be upheld.

This, he said, she could not do as it would mean her possession needed to date

back to February 20, 1962 - a date when Sunset Harbour Development had not even been born. And Sir Ian noted that Ms Dodge’s predecessor, Mr Dempsey, who she purported to acquire the properties from had admitted they were owned by the Government by his 2007 application for a Crown Land lease.

The Chief Justice then reproduced Mr Dawson’s submission, which said: “[Dodge] was aware that the land which adjoined the Sunset Harbour Development was Crown Land comprising an existing public roadway known as Dunmore Street and her participation... in the scheme of her predecessor to appropriate public lands.

“This contention includes the conduct of [Sunset] with regard to the concealment of the Crown’s interest and the public rights when applying for the approval of the Investment Board in respect of the acquisition of the property pursuant to the conﬁrmatory conveyance and the subsequent misrepresentations or omissions to the ofﬁce of the administrator/Town Planning Committee when applying for a building permit....”

Asserting that there was “continuing illegality from the obstruction of the public road known as Dunmore Street”, Mr Dawson said Sunset Harbour Resorts used the “conﬁrmatory conveyance” and “manipulated” survey plan to seek Investments Board approval for its acquisition of the two Crown Land

BAHAMASAIR PASSENGERS HIT BY LONG FRIDAY DELAYS

“Only to ﬁnd out, thanks to certain group chats I’m in, that all of their turbo prop ﬂeet decided to break down - with one broken in Exuma at the time of this e-mail and a next in Nassau.

Now we’re being advised that a plane will come to Freeport, ﬁrst arriving at 12 midnight, and then will depart with us out of Marsh Harbour at 4am.

“I am no expert but I strongly think that these turbo props are being overworked. Especially considering the engine problems I’ve seen being reported in the news regarding them. Secondly, why isn’t Bahamasair transparent? The Bahamian public would rather transparency rather than everyone being hushed lipped about the situation that the airline is facing,” the traveller added.

“And my point is if Bahamasair knows they can’t maintain all of the routes why would they try so hard

to maintain every route? This is unbelievable and I’m quite fed up with it, especially after being inconvenienced for them before with these delays....

“Why won’t they charter out Western Air to carry their passengers instead of keeping them held up for hours on end? It’s disappointing coming from a national ﬂag carrier. It’s time for this airline to be revamped. But that’s all I have to say.”

Tracey Cooper, Bahamasair’s managing director, could not be reached for comment before press time last night. However, wellplaced sources, speaking on condition of anonymity because they were not authorised to speak publicly, conﬁrmed that the traveller’s account was basically correct and that two ATRs broke down to leave just one in service.

“Friday evening, there were two ATRs that had a mechanical issue, one in Exuma and the other in

Abaco,” a source explained, revealing that Bahamasair had to use its jets to ferry mechanics to Exuma and Abaco as well as return stranded passengers to New Providence. They conﬁrmed that passengers in Abaco had to be ferried back to New Providence at around 3.30am on Saturday morning.

Of the two impacted planes, the source said: “One had a generator that was down. They took a generator down there and repaired it, and the one in Abaco had a compressor issue going on in one engine, so they had to ﬁx the line with that. The jet had to bring those passengers out of Exuma and Rock Sound back to Nassau. Then go to Freeport and ﬂy to Marsh Harbour to bring those passengers back.

“The difference with airlines like American is that they have spare planes. For Bahamasair, there are no space planes. There was just working ATR on Friday.

parcels on June 5, 2102. In doing so, it concealed the road reservation’s existence from the Government agency.

This occurred after the Crown Land lease offer of 2009, but Mr Dawson said there was no evidence that Sunset Harbour Resorts ever accepted it. The latter did apply for a building permit for the Crown Land in January 2015, which Mr Dawson claimed was “clearly misleading” because the developer said it had obtained permission from an unnamed owner/ lessor for the project.

Sir Ian, in rejecting Ms Dodge’s petition, concluded: “The claim is tainted by the impropriety of being part of a scheme to wrongfully acquire Crown Land over which there is a public road known as Dunmore Street...

“I am satisﬁed that Dodge and her predecessor in title, Sunset, engaged in a systematic scheme in an effort to try to simply take the properties which they knew was the Crown’s property for a road reservation.

“In that process, Dodge was not candid with the Government as to what was being acquired when these applications were being made as at no point did she indicate that she was purporting to purchase Crown Land interest. Such conduct ought to disentitle any claim for proprietary estoppel and the same is rejected.”

It happens rarely. It was unfortunate.”

At the recent Routes Americas conference, Mr Cooper said Bahamasair has recently acquired a 70-seat, ATR 72 aircraft to expand domestic service thus joining the two ATR 72s the airline currently has. He added that Bahamasair is working with its Canadian engine manufacturer, Whitney Pratt, to resolve “engine issues” with the ATRs that are currently out of service.

our manufacturer. We’re still working through those, and we intend that for hopefully by the second quarter, we should be able to have these matters resolved.”

“Bahamasair can rightfully say now that last week we acquired another ATR and it is to meet the expanding needs for the domestic market,” Mr Cooper said. “We still do have the engine issues with

Mr Cooper had previously reported that two aircraft were grounded since August due to delays from the airline’s engine manufacturer, which has faced supply chain issues affecting pre-airwork on Bahamasair’s ﬁve-plane ATR ﬂeet.

Marinas president brands mooring monopoly ‘insane’

research reveals that Philip A. Kemp II is a former City Markets chief ﬁnancial ofﬁcer, having been part of both the ill-fated TransIsland Traders purchase and its predecessor, BK Foods.

And Raymond Christian Knowles, better known by his middle name, is a boat captain with the ‘Pieces of 8’ tour boat and charter operator, where he is described as “a 30-year veteran on the open waters” who has worked as a commercial ﬁsherman.

The signing of the lease was witnessed on Bahamas Moorings Company’s behalf by Sandra Marie Hylton Kemp. This newspaper’s research shows Mrs Kemp is both Philip A. Kemp II’s wife and deputy communications director in the Prime Minister’s Ofﬁce. The lease states she is “of Bahamas Moorings”, and that she “subscribed my name to complete the due execution of the lease” for the company.

Several observers, speaking on condition of anonymity, have questioned her involvement given that she is acting as witness on behalf of a private company to a deal with her employer, the Government of The Bahamas. They pointed out that ‘general orders’, which govern the civil service, require ofﬁcials to disclose any private dealings that may conﬂict with their public duties and, potentially, divest them.

And Tribune Business can also reveal that the address for serving Bahamas Moorings Company, No.3 Bayside Executive Park in western New Providence, is the same as that for two entities playing a key role in the Government’s energy reforms - Bahamas Grid Company, which now controls New Providence’s energy grid, and Island Power Producers, the company that will supply energy to cruise ships docked in Nassau.

The address is the home of Levant Advisors, incorrectly spelt as Lavent in the lease document, which appears to be a newly-formed boutique ﬁnancial services ﬁrm. Its website lists Levant’s principals as Anthony Ferguson, the company’s founder who is also CFAL chief, and Antoine Bastian, the Genesis Fund Services head.

Both men are heavily involved with the Ofﬁce of the Prime Minister as they are leading the Government’s efforts to monetise The Bahamas’ seagrass meadows, mangroves and other so-called ‘carbon sinks’ via the creation of ‘blue carbon credits’ - an initiative much-touted by the Government.

Tribune Business was also informed that another person involved with Bahamas Moorings Company is Captain Joseph Ierna, a former administrator of the Exuma Cays Land and Sea Park on behalf of the BNT. He was tight-lipped when contacted by this newspaper, although he conﬁrmed that his number was the one listed on Bahamas Moorings’ fee sheet and did not deny his involvement with the company.

Likely aware of the “cease and desist” order halting the company’s buoy and mooring roll-out, he said: “What you should do is refer to the Exuma

administrator or the Palm Beach Boat Show when an announcement will be made. Please refer to the Exuma administrator. Bye, bye.” Mr Ierna then terminated the call.

Christopher Adderley, the administrator for the Exuma cays, in his Friday letter to Mr Kemp wrote: “It has come to our attention that mooring buoys have been installed in the Exuma cays without the necessary approvals from the relevant authorities.

“As such, you are hereby ordered to cease and desist all mooring installations and related activities immediately until ofﬁcial approval has been obtained from the Department of Environmental Planning and Protection (DEPP), the Exuma Cays District Council and any other relevant agencies. Failure to comply may result in further action being taken in accordance with the relevant laws and regulations.”

The February 21, 2025, letter was copied to Berne Wright, Port Department controller; Dr Rhianna Neely-Murphy, DEPP director; and Donald Rolle, acting director of the Department of Local Government. Tribune Business had been informed that, prior to issuance of this letter, Bahamas Moorings Company has been installing buoys, moorings and anchorage facilities on its leased sites “like crazy”.

The deal with the Davis administration, which covers all anchorage and mooring sites between Allen’s and Musha Cays, including Norman’s Cay, Pig Beach, Black Point, Little and Big Farmer’s Cay, Children’s Bay Cay and Lee Stocking Island, gives Bahamas Moorings Company “the right to install and operate mooring services in the Exumas or elsewhere in The Bahamas”. This signals the scope may go beyond Exuma.

The company is said to “currently operate a mooring services for marine vessels” business and be licensed to operate in The Bahamas. It has committed to installing 250 moorings at 49 locations in the Exumas via an investment worth $2.5m.

In return for leasing a total 4.615 acres from the Government for 21 years, with effect from February

1, 2025, it has agreed to pay an annual rent equal to 3 percent of gross revenue collected from boaters plus 10 percent VAT. Bahamas Moorings Company, which says its fees are VAT inclusive, has also issued social media messages saying boaters can use its moorings free of charge until its ofﬁcial launch.

This, as Mr Ierna conﬁrmed, will take place at the Palm Beach International Boat show from March 19-23, 2025. For mooring at its round buoys, Bahamas Moorings Company is proposing to charge fees ranging from $25 to $135 per day depending on vessel length, plus fees of between $170 and $250 per day for “super yachts” mooring at its ‘taper buoys again depending on length.

Anchorage fees range from 55 cents per foot per day to $1.10 per foot per day, again depending on boat length. Bahamas Moorings Company is arguing that its mooring/anchorage plan will bring order to the present chaos on Bahamian waters by giving boats and yachts designated points where they can tie up, thus preventing damage to the seabed, coral reefs and other ecosystems from anchors dragging.

“Moorings are an effective management tool for mitigating anchor damage to sensitive habitats, greatly reducing damage to coral and seagrass ecosystems,” it said, “allowing more efﬁcient use of anchoring space while offering safety, comfort and well-being to the anchored community.

“Anchorage and mooring fees are mandatory for all vessels operating within a Bahamas Moorings anchorage and mooring ﬁelds.... All fees are utilised for the maintenance and dayto-day operations of the Bahamas Moorings anchorage and mooring ﬁelds.” Others, though, were not so convinced.

Mr Maury, the ABM president, told Tribune Business: “We’re all talking about it. I think it’s insane to be honest with you, but that’s my personal opinion. It doesn’t even make sense. It’s a monopoly. They’ve totally wiped out any opportunity for any Bahamian. It’s out of the Ofﬁce of The Prime MInister. It’s just ridiculous.

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.

NOTICE is hereby given that BRANDON AKEEM ST. LOUIS of Dundas Town, Abaco, 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 24th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

“They have not consulted us at all. They did it all behind secrecy and without our knowledge. It just makes life harder for everybody. They’re mandating that the boats have to go to the moorings. They did it all behind the scenes. A lot of the yachts have heard about it already and it’s not been well received in the industry; from marinas to yachters and boaters. Everybody has a lot of questions.”

Mr Maury said the ABM had previously suggested that marinas take responsibility for anchorage and moorings on their respective islands, but it appeared as if the Government and Bahamas Moorings had taken this idea “for themselves”.

He added: “We’ve already heard from not just the smaller boats that visit the marinas, but the larger vessels that like to anchor out. They’ll be mandated to anchor at these moorings.

“ Mr Carey, meanwhile, warned that the Bahamas Moorings plans “cannot be a licence to print money”, though in principle he has “no issue” with a privatepublic partnership (PPP) involving moorings as they “do have a beneﬁt to the environment”.

The ex-BNT executive director, though, pointed out that most mooring facilities were operated by states, counties or city authorities, and said: “A very careful assessment needs to be done of the carrying capacity of what boaters are willing to pay before boaters abandon The Bahamas because of what they can’t afford. It can’t be a licence to print money and boaters say we’ll abandon The Bahamas.

“I’ve spoken to people at Black Point, Staniel

Cay who have restaurants. They say that if those boats abandon us because they’re forced out, they’ll be severely impacted. The Palm Beach Boat Show is very signiﬁcant to boating in The Bahamas. They’d better not introduce something that becomes a side show to The Bahamas.

I don’t think Bahamian operators want this to be a distraction to getting boats here.”

Mr Carey, who said he only became aware of the Bahamas Moorings proposal after leaving the BNT, said: “In principle I have no issue with private enterprise enjoying a seabed lease if they go through the proper protocols, if there is transparency, environmental protocols followed and go through public consultation, especially in this case when it impacts local communities...

“This is every safe anchorage in the Exumas which has been ceded, leased and given up by the Government of The Bahamas to a private entity.” Mr Carey suggested that some of these anchorages should be given to local communities to manage, and added: “There are a lot of questions that people are asking that the Government will have to provide answers to before they are comfortable.’

Boaters have already warned online about a dozen moorings that have been installed in deep water on the approach to Staniel Cay and Samson Cay, one writing: “We came in at 1am a few days ago and passed closed to one, never saw it. Yesterday, at Big Majors, we saw a small work boat with a diver and a small crane working all day in the anchorage close to shore. Didn’t see any mooring.”

AP sues 3 Trump administration ofﬁcials, citing freedom of speech

By DAVID BAUDER AP Media Writer

THE Associated Press sued three Trump administration ofﬁcials Friday over access to presidential events, citing freedom of speech in asking a federal judge to stop the blocking of its journalists. "We'll see them in court," the White House press secretary said in response.

The lawsuit was ﬁled Friday afternoon in U.S. District Court in Washington, D.C., 10 days after the White House began restricting access to the news agency. It was assigned to U.S. District Judge Trevor McFadden, a Trump nominee.

The AP says its case is about an unconstitutional effort by the White House to control speech — in this case not changing its style from the Gulf of Mexico to the "Gulf of America," as President Donald Trump did last month with an executive order.

"The press and all people in the United States have the right to choose their own words and not be retaliated against by the government," the AP said in its lawsuit, which names White House chief of staff

Susan Wiles, deputy chief of staff Taylor Budowich and press secretary Karoline Leavitt.

"This targeted attack on the AP's editorial independence and ability to gather and report the news strikes at the very core of the First Amendment," the news agency said. "This court should remedy it immediately." The Constitution's First Amendment guarantees freedom of the press, speech and religion and bars the government from obstructing any of them.

Leavitt said that she learned about the lawsuit Friday while driving from the White House to an appearance at the Conservative Political Action Conference.

"I wanted to get the White House counsel on the phone before taking this stage to see what I can and cannot say but, look, we feel we are in the right in this position," she said. "We're going to ensure that truth and accuracy is present at that White House every single day."

Trump directly cited AP's editorial decision In stopping the AP from attending press events at the White House and

Mar-a-Lago, or ﬂying on Air Force One in the agency's customary spot, the Trump team directly cited the AP's decision not to fully follow the president's renaming.

"We're going to keep them out until such time as they agree that it's the Gulf of America," Trump said Tuesday.

This week, about 40 news organizations signed onto a letter organized by the White House Correspondents Association, urging the White House to reverse its policy against the AP. They included outlets like Fox News Channel and Newsmax, where many of the on-air commentators are Trump supporters.

"We can understand President Trump's frustration because the media has often been unfair to him, but Newsmax still supports AP's right, as a private organization, to use the language it wants to use in its reporting," Newsmax said in a statement. "We fear a future administration may not like something Newsmax writes and seek to ban us."

While AP journalists have still been allowed on White House grounds, they have been kept out of the

Frustrated by Trump's threats, some Canadians canceling trips to the United States

By JIM MORRIS Associated Press

MAKING the trip from Vancouver to Seattle to watch baseball's Toronto Blue Jays play the Mariners has been a tradition for Peter Mulholland and his wife, but not this year.

Mulholland was already frustrated over U.S. President Donald Trump's threats of crippling tariffs on imported goods from Canada and talk about the country becoming the 51st state. The ﬁnal straw came when Trump referred to Ukraine President Volodymyr Zelenskyy as a dictator.

"We were starting to get leery," said the 69-year-old, semiretired Vancouver resident. "The tariffs he's trying to do is going to hurt both countries, that'll become evident eventually, but it's going to hurt us more."

Mulholland is one of a growing number of Canadian who are choosing not to vacation in the U.S. this year.

McKenzie McMillan, a travel consultant with the Vancouver-based Travel Group, said some of his clients have canceled trips that were already booked. February is usually a busy month for the retail travel agency which specializes in both corporate and premium leisure travel as Canadians make plans for spring break vacations.

"We've seen a complete drop off in any new requests or new interest in U.S. travel," said McMillan. "I've had no requests for travel to the United States for about two weeks."

The Canadian dollar is currently worth about 30 cents less than its American counterpart, but McMillan said politics is the major

"pool" of journalists that cover events in smaller spaces and report back to its readers and other reporters. The AP has been part of White House pools for more than a century.

The lawsuit said the AP had made "several unsuccessful efforts" to persuade the administration that its conduct was unlawful. Julie Pace, AP's senior vice president and executive editor, traveled to Florida this week to meet with Wiles.

The AP Stylebook is a sticking point In an email to AP, Wiles said the news organization was targeted because its inﬂuential stylebook is used as a standard by many journalists, scholars and students across the country, the lawsuit said. She said the administration was hopeful the name change would be reﬂected in the AP Stylebook "where American audiences are concerned."

The Stylebook is used by international audiences, as well as those within the United States. The AP has said that its guidance was offered to promote clarity, and that even though Gulf of Mexico will continue to be used, journalists should

also note Trump's action to change the name.

A Trump executive order to change the name of the United States' largest mountain back to Mount McKinley from Denali is being recognized by the AP Stylebook. Trump has the authority to do so because the mountain is completely within the country he oversees, AP has said.

Wiles also wrote to the AP that its stylebook's inﬂuence "has been misused, and at times weaponized, to push a divisive and partisan agenda," according to the lawsuit.

In an Axios story last week, Budowich noted other AP Stylebook entries that have rankled some conservatives. They include the decision to capitalize Black but not white in

racial references, guidance on gender-afﬁrming medical care and direction not to use the term " illegal immigrants."

In a radio interview with Fox News' Brian Kilmeade on Friday, Trump referred to the Associated Press as "radical left lunatics." He said that "Associated Press is a third-rate outﬁt with a ﬁrst-rate name."

He said "just about everybody" accepted the Gulf of America name change but "AP wants to be cute." There has been a mixed response from other news organizations: The New York Times and Washington Post are continuing to use Gulf of Mexico, while Fox News has switched to Trump's choice. Google Maps is using Gulf of America for users in the United States.

reason why Canadians are balking at traveling to the U.S.

"The majority of the reason why we're seeing people avoid the U.S. right now has to do with the tariffs and the 51st state comments," he said. "Talk of the 51st state seems to be where people are making a much more ﬁrm decision about not going to the U.S."

The U.S. Travel Association said Canada is the top source of international visitors to the U.S. In 2024 there were 20.4 million visits from Canada generating $20.5 billion in spending and supporting 140,000 American jobs.

The association says a 10% reduction in Canadian travel could mean 2 million fewer visits, $2.1 billion in lost spending and 14,000 job losses.

The top ﬁve most visited states by Canadians are

Florida, California, Nevada, New York and Texas.

Air Canada, the country's largest airline, said it currently is not seeing a reduction in travel to the U.S. but is monitoring the situation.

"We are anticipating that there could be a slowdown," Mark Galardo, Air Canada's executive vice president for revenue and network

planning, said on a company quarterly earnings call last week.

WestJet, Canada's second biggest airlines, said in the ﬁrst few weeks of this year it has noticed an approximate 25% drop in demand for ﬂights to the U.S. compared to last year.

"We believe this change is at least partially linked to the differences in currency exchange rates; however, we are actively reviewing and working with the Government of Canada on the potential impacts of tariffs, and we will continue to ﬂy where there is demand," the airline said in an email.

McMillan said the cruise industry may also feel an impact as Canadians may decide not to take trips that leave out of Los Angeles, Houston or Miami. He has seen a shift to Canadians booking trips to Mexico, Europe, Iceland and Asia.

Mulholland said he and his wife haven't decided where they will holiday this year.

"We probably will do a road trip of some sort and just explore parts of British Columbia that we haven't been to before," he said.

PRESIDENT Donald Trump speaks to reporters in the Oval Ofﬁce of the White House, Feb. 13, 2025, in Washington.

Photo:Ben Curtis/AP

LOCAL youth skate with a large Canadian ﬂag on the Rideau Canal to launch celebrations for the 60th Anniversary of the National Flag of Canada Day, Friday, Feb. 14, 2025 in Ottawa.

Photo:Adrian Wyld/AP

Warren Buffett offers Donald Trump some advice while celebrating Berkshire Hathaway’s success

By JOSH FUNK AP Business Writer

IN HIS annual letter

to shareholders Saturday, Warren Buffett celebrated the successes of Berkshire Hathaway's companies last year and in the 60 years since he took over a struggling New England textile company and began converting it into a massive conglomerate while offering some advice to President Donald Trump.

Buffett opened the letter by acknowledging that he has occasionally made mistakes over the years without offering many speciﬁc examples, but he assured shareholders that the man he has chosen to one day succeed him as CEO, Greg Abel, isn't one of them. He wrote that Abel will be ready to act whenever he spots signiﬁcant investment opportunities, and he will continue writing an annual report like Buffett's to update shareholders.

Buffett's letters are always popular among investors because of the insights he offers and his remarkable track record.

Buffett hardly reﬂected on his long tenure as CEO in the letter — unlike 10 years ago when he and his longtime investing partner Charlie Munger, who died in 2023, issued separate reﬂections on the company after 50 years of their leadership. But Berkshire will offer a special 60th anniversary book at the annual meeting with stories and lessons from the company's history.

Buffett cited the fact that Berkshire paid zero income tax in the decade before he took over in 1965 as a sure sign the investment was a mistake, but over time the amount Berkshire pays to the IRS has grown along with the conglomerate to hit $26.8 billion last year — "far more in corporate income tax than the U.S. government had ever received from any company — even the American tech titans that

commanded market values in the trillions."

Buffett has hardly mentioned politics and current events in his recent letters — preferring to stay away from anything controversial that might hurt Berkshire's companies — but Saturday he urged the government to be responsible with the money he sends it.

"Thank you, Uncle Sam. Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024. Spend it wisely. Take care of the many who, for no fault of their own, get the short straws in life. They deserve better. And never forget that we need you to maintain a stable currency and that result requires both wisdom and vigilance on your part," Buffett wrote, reinforcing some of the Democratic ideals he has long supported. CFRA Research analyst Cathy Seifert said, "I thought honestly in a very subtle way that was a powerful message."

Investing power

Abel will have plenty of resources to work with when he eventually takes over given that Berkshire now holds $334.2 billion cash after selling off much of its Apple and Bank of America stock in the past year and continuing to generate money from all its subsidiaries that include Geico insurance, BNSF railroad, a collection of major utilities and an assortment of major manufacturers and well-known retail businesses that include brands like Dairy Queen and See's Candy. That's almost double the $167.6 billion cash Berkshire held a year ago. Buffett did ﬁnd a few things to use some of that cash on last year by spending $3.9 billion to acquire the rest of its utility business from the estate of a former partner and another $2.6 billion to buy the rest of the Pilot truck stop chain it didn't already own. Buffett

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, VASHTI TRUVANDER SASKIA COLEBROOKE of Hope Gardens, Nassau Village, New Providence, Bahamas, mother of KEIARI DEANGELA YOLANDA COLEBROOKE, intend to change my child’s name to KEIARI DEANGELA YOLANDA CURTIS If there are any objections to challenge the name by deed poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE GIGA INVESTMENTS LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 207235 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 20th day of February A.D. 2025.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Rodrigo Silva Toledo, whose address is Praça Jose Henrique Hastenreiter, 20/901, Centro, Minas Gerais, Minas Gerais, Brazil, CEP: 36880006, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 22nd day of March A.D. 2025 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the beneﬁt of any distribution made before such claim is proved.

said he also increased Berkshire's investment in ﬁve major Japanese conglomerates, and he'll likely invest more in them because those companies agreed to let Berkshire increase its ownership beyond 10%.

Berkshire has now spent $13.8 billion over the past six years on those Japanese investments that are now worth $23.5 billion.

But while Buffett has struggled to ﬁnd major acquisitions in recent years he afﬁrmed that he has no plans to offer a dividend because he believes reinvesting the money will generate better returns.

Investor Bill Smead of Smead Capital Management said Buffett's actions show he's actually "bearish as hell but won't admit it." He said Buffett doesn't want to scare people, but shareholders can look to his past writings and his actions to see that he likely thinks the stock market is terribly expensive. And some of the best investment opportunities he's found in recent years have been outside the United States.

But Macrae Sykes, portfolio manager at Gabelli Funds, said Berkshire's cash pile should also be viewed as a key asset because it ensures "the competitive ability of Berkshire to respond with alacrity and at signiﬁcant scale when motivated. Although infrequent, when the conglomerate does deploy it has historically led to measurable future returns."

Softening results?

Buffett said Berkshire did better than he expected last year even though 53% of the 189 companies it owns reported lower earnings in 2024. That's because Berkshire collected more interest on all of its shortterm investments and its insurance units reported much higher proﬁts.

The bottom-line proﬁt numbers Berkshire reports can make it hard to see how its companies are really doing because the numbers include the paper value of all the company's investments, which can vary widely quarter to quarter. So Buffett has

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 18th day March A.D., 2025. In default thereof they will be excluded from the beneft of any distribution made by the Liquidator.

Dated the 24th day of February, A.D., 2025.

D.A. Bates Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

long recommended focusing on the operating proﬁts. In the fourth quarter, Berkshire earned $19.69 billion proﬁt, or $13,695 per Class A share. That's a little over half the $37.57 billion, or $26,043 per Class A share, it reported a year ago. But the operating earnings tell a much different story. By that measure, operating profits were up substantially at $14.5 billion, or $10,102.07 per Class A share, from the previous year's $8.5 billion, or $5,878.21 per A share. The four analysts surveyed by FactSet Research predicted operating earnings of $6,932 per share.

"There may not be a better company to look at for a diversiﬁed look into the strength of the broader manufacturing, retail, consumer economy than Berkshire. And these results kind of look soft to me, and it makes me concerned about how strong the economy might really be right now," Shanahan said.

And Berkshire's earnings might decline throughout 2025 if that weakness persists, he said. The company also said it expects to record at least a $1.3 billion loss in the ﬁrst quarter on insurance claims related to the devastating California wildﬁres.

Edward Jones analyst Jim Shanahan said the weakness in Berkshire's operating companies is worrisome.

N O T I C E

Dated the 24th day of February, 2025. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company N O T I C

EXXONMOBIL BLOCK A INVESTMENTS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(A) EXXONMOBIL BLOCK A INVESTMENTS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 20th day of February 2025 when its Articles of Dissolution were submitted to and registered by the Registrar General.

THE SQUISHMALLOWS booth sells toys modeled after Warren Buffett, pictured, and Charlie Munger in the exhibit hall for the Berkshire Hathaway annual meeting, Saturday, May 6, 2023, in Omaha, Neb.

Photo:Rebecca S. Gratz/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 work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Feb. 19, 2025.

Photo: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.

MARINE FORECAST

No passengers, no planes, no beneﬁts. Pakistan’s newest airport is a bit of a mystery

By RIAZAT BUTT Associated Press

WITH no passengers and no planes, Pakistan's newest and most expensive airport is a bit of a mystery. Entirely ﬁnanced by China to the tune of $240 million, it's anyone's guess when New Gwadar International Airport will open for business.

Located in the coastal city of Gwadar and completed in October 2024, the airport is a stark contrast to the impoverished, restive southwestern Balochistan province around it.

For the past decade, China has poured money into Balochistan and Gwadar as part of a multibillion dollar project that connects its western Xinjiang province with the Arabian Sea, called the China-Pakistan Economic Corridor or CPEC.

Authorities have hailed it as transformational but there's scant evidence of change in Gwadar. The city isn't connected to the national grid — electricity comes from neighboring Iran or solar panels — and there isn't enough clean water.

An airport with a 400,000 passenger capacity isn't a priority for the city's 90,000 people.

"This airport is not for Pakistan or Gwadar," said Azeem Khalid, an international relations expert who specializes in

Pakistan-China ties. "It is for China, so they can have secure access for their citizens to Gwadar and Balochistan."

Caught between militants and the military CPEC has catalyzed a decadeslong insurgency in resource-rich and strategically located Balochistan.

Separatists, aggrieved by what they say is state exploitation at the expense of locals, are ﬁghting for independence — targeting both Pakistani troops and Chinese workers in the province and elsewhere. Members of Pakistan's ethnic Baloch minority say they face discrimination by the government and are denied opportunities

available elsewhere in the country, charges the government denies.

Pakistan, keen to protect China's investments, has stepped up its military footprint in Gwadar to combat dissent. The city is a jumble of checkpoints, barbed wire, troops, barricades, and watchtowers.

Roads close at any given time, several days a week, to permit the safe passage of Chinese workers and Pakistani VIPs. Intelligence ofﬁcers monitor journalists visiting Gwadar. The city's ﬁsh market is deemed too sensitive for coverage.

Many local residents are frazzled.

"Nobody used to ask where we are going, what

we are doing, and what is your name," said 76-yearold Gwadar native Khuda Bakhsh Hashim. "We used to enjoy all-night picnics in the mountains or rural areas."

"We are asked to prove our identity, who we are, where we have come from," he added. "We are residents. Those who ask should identify themselves as to who they are."

Hashim recalled memories, warm like the winter sunshine, of when Gwadar was part of Oman, not Pakistan, and was a stop for passenger ships heading to Mumbai. People didn't go to bed hungry and men found work easily, he said. There was always

Warren Buffett offers lessons on

in

his

A VIEW of newly developing area, bottom, and downtown area seen from a hilltop in the coastal city of Gwadar, in the southwest Pakistani province of Balochistan, Jan. 14, 2025.

something to eat and no shortage of drinking water.

But Gwadar's water has dried up because of drought and unchecked exploitation. So has the work.

The government says CPEC has created some 2,000 local jobs but it's not clear whom they mean by "local" — Baloch residents or Pakistanis from elsewhere in the country. Authorities did not elaborate.

People in Gwadar see few beneﬁts from China's presence

Gwadar is humble but charming, the food excellent and the locals chatty and welcoming with strangers. It gets busy during public holidays, especially the beaches.

Still, there is a perception that it's dangerous or difﬁcult to visit — only one commercial route operates out of Gwadar's domestic airport, three times a week to Karachi, Pakistan's largest city, located at the other end of Pakistan's Arabian Sea coastline.

There are no direct ﬂights to Balochistan's provincial capital of Quetta, hundreds of miles inland, or the national capital of Islamabad, even further north. A scenic coastal highway has few facilities.

investing

annual Berkshire Hathaway letter

By JOSH FUNK AP Business Writer

BILLIONAIRE

Warren

Buffett is viewed as one of the world's greatest investors, so his annual letters to Berkshire Hathaway shareholders are always read closely for lessons.

Buffett no longer ventures much into politics or current events in his letters, so he won't offend anyone who might take it out on his many companies that include well-known ones like Geico insurance, Dairy Queen and Helzberg jewelry.

But Buffett's latest letter released Saturday does offer insights into investing and some lessons from his

Since the Baloch insurgency ﬁrst erupted ﬁve decades ago, thousands have gone missing in the province — anyone who speaks up against exploitation or oppression can be detained, suspected of connections with armed groups, the locals say.

People are on edge; activists claim there are forced disappearances and torture, which the government denies.

Hashim wants CPEC to succeed so that locals, especially young people, ﬁnd jobs, hope and purpose. But that hasn't happened.

"When someone has something to eat, then why would he choose to go on the wrong path," he said. "It is not a good thing to upset people."

Militant violence declined in Balochistan after a 2014 government counterinsurgency and plateaued toward the end of that decade, according to Pakistan Institute for Conﬂict and Security Studies. Attacks picked up after 2021 and have climbed steadily since. Militant groups, especially the outlawed Baloch Liberation Army, were emboldened by the Pakistani Taliban ending a ceaseﬁre with the government in November 2022.

equities throughout my life. In effect, I have depended on the success of American businesses and I will continue to do so."

six decades at the helm of Berkshire. Here's a sample:

On what the U.S. government should do:

On the future of Berkshire's well-read annual report:

"At 94, it won't be long before Greg Abel replaces me as CEO and will be writing the annual letters.

Greg shares the Berkshire creed that a "report" is what a Berkshire CEO annually owes to owners. And he also understands that if you start fooling your shareholders, you will soon believe your own baloney and be fooling yourself as well."

On making mistakes over the years:

"Of course, I expect to make my share of mistakes about the businesses Berkshire buys and sometimes err in evaluating the sort of person with whom I'm dealing.

"But I've also had many pleasant surprises in both the potential of the business as well as the ability and ﬁdelity of the manager. And our experience is that a single winning decision can make a breathtaking difference over time. (Think GEICO as a business decision, Ajit Jain as a managerial decision and my luck in ﬁnding Charlie Munger as a one-of-a-kind partner, personal advisor and steadfast friend.)

"Mistakes fade away; winners can forever blossom."

On what Buffett relies on to proﬁt:

"Businesses, as well as individuals with desired talents, however, will usually ﬁnd a way to cope with monetary instability as long as their goods or services are desired by the country's citizenry. So, too, with personal skills. Lacking such assets as athletic excellence, a wonderful voice, medical or legal skills or, for that matter, any special talents, I have had to rely on

On Berkshire's investments in acquiring entire companies vs. investing in stocks:

"Understandably, really outstanding businesses are very seldom offered in their entirety, but small fractions of these gems can be purchased Monday through Friday on Wall Street and, very occasionally, they sell at bargain prices.

"We are impartial in our choice of equity vehicles, investing in either variety based upon where we can best deploy your (and my family's) savings. Often, nothing looks compelling; very infrequently we ﬁnd ourselves knee-deep in opportunities. Greg has vividly shown his ability to act at such times."

On America's prosperity:

"Our country's progress over its mere 235 years of existence could not have been imagined by even the most optimistic colonists in 1789, when the Constitution was adopted and the country's energies were unleashed.

"True, our country in its infancy sometimes borrowed abroad to supplement our own savings. But, concurrently, we needed many Americans to consistently save and then needed those savers or other Americans to wisely deploy the capital thus made available. If America had consumed all that it produced, the country would have been spinning its wheels.

"The American process has not always been pretty – our country has forever had many scoundrels and promoters who seek to take advantage of those who mistakenly trust them with their savings. But even with such malfeasance – which remains in full force today –and also much deployment of capital that eventually ﬂoundered because of brutal competition or disruptive innovation, the savings of Americans has delivered a quantity and quality of output beyond the dreams of any colonist.

"From a base of only four million people – and despite a brutal internal war early on, pitting one American against another — America changed the world in the blink of a celestial eye."

Photo:Anjum Naveed/AP

SHAREHOLDER Tina Schmidt of Cozad, Neb., wears a shirt with Warren Buffett's portrait in the style of an Andy Warhol painting at the Berkshire Hathaway annual meeting on May 4, 2024, in Omaha, Neb.

Photo:Rebecca S. Gratz/AP