A MORE than decade-old, 90-slip marina project immediately adjacent to the Arawak Cay Fish Fry’s western end is being revived following a verdict that it will have “minimal impact” on the surrounding environment.
The proposed Wong’s Marina, which will be located almost immediately opposite the West Bay Street and Chippingham Road junction, almost beside Arawak Cay’s western-most entrance, will also feature a 120-space parking lot and two commercial buildings covering 21,000 square feet that will host retail and other amenities.
The project’s Environmental Baseline Study and Environmental Management Plan (EMP), which have been obtained by Tribune Business, do not name the marina project’s developer or principals but disclose that it was first submitted to the planning authorities and other government regulators as a “cultural and commercial complex” as far back as 2013.
“The proposed Wong’s Marina is a resubmission of an earlier proposal to government agencies considered previously in 2013 and 2014. A ‘proposed cultural and commercial complex’ was considered by the Port Department, Ministry of Transport, on December 4, 2013, and by the Ministry of Works and Urban Development on November 21, 2014,” the environmental studies disclosed.
“The Port Department considered drawings, which were given preliminary planning approval for a site plan dated April 4, 2013, by the Department of Physical Planning, which proposed the reclamation of approximately two acres of the Crown seabed between New Providence and Arawak Cay, opposite Chippingham Road, west of Arawak Cay Fish Fry.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government was yesterday urged “to not sell a dream” but remain “grounded” in a realistic pace of fiscal consolidation as The Bahamas’ national debt breached the $12bn mark.
he reiterated that The Bahamas needs “more governance, less politics” even with a general election now at most 18 months away. ‘Don’t
Gowon Bowe, Fidelity Bank (Bahamas) chief executive, in describing the $69.8m full-year deficit target for 2024-2025 as “aspirational” told Tribune Business that the Davis administration must stay real as “to what we can achieve in a realistic timeframe” with its projections and forecasts
Pointing out that a deficit “double” the full-year prediction would still represent progress towards the ultimate goal of a balanced Budget and fiscal surplus, where the Government’s revenue income finally exceeds total spending,
BNT: Bahamas Moorings scheme ‘unfathomable’ with regulation gap
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas National Trust (BNT) has branded the now-aborted plan to “privatise” boat moorings throughout the Exuma Cays as “unfathomable” given the absence of strong regulatory safeguards.
The national parks manager, in a statement to Tribune Business, voiced relief that the controversial Bahamas Moorings deal is not proceeding given that this nation lacks the necessary supervisory framework to “impose accountability” on private managers and operators
of moorings/anchorages throughout the archipelago.
And, backing the Prime Minister’s mid-year Budget announcement that the Government plans to consult widely, and transparently, with all relevant stakeholders over the creation of a “national strategic plan for the management of mooring fields” in the wake of the fiasco, the BNT said it was critical that such facilities benefit both the environment and communities/economies where they are located. It also hinted that it was aware of the Bahamas Moorings project prior to its public disclosure by Tribune Business and others, but said the “early and numerous concerns” voiced to government officials had only been “partially addressed”. And it called on the Government to use the mooring scheme for Moriah Harbour Cay National Park and Elizabeth Harbour as the model for its proposed national strategy.
Meanwhile Peter Maury, the Association of Bahamas Marinas (ABM) president, told this newspaper that the body and its members will “100 percent participate” in any public consultation on the development of a national moorings/anchorage strategy
Business Licence exemption end
By NEIL HARTNELL Tribune Business Editor
THE Government is eliminating the exemption from Business Licence fees that applied to companies subject to the new 15 percent corporate income tax, a Cabinet minister confirmed yesterday.
Michael Halkitis, minister of economic affairs, in a messaged reply to Tribune Business inquiries said that reforms to the Business Licence Act and Domestic Minimum Top-Up Tax (DMTT)
Act which were tabled in the House of Assembly alongside the mid-year Budget will “remove any
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Bahamas was yesterday urged to “reimagine our trade relationship with Canada” given the threat posed by an unpredictable US trade policy and Donald Trump’s continual threat to impose import tariffs. Dr Leo Rolle, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCE) chief executive, speaking as an 18-firm Canadian delegation arrived in this nation on a trade mission, said: “So we’ve actually been
working with Canada for a while now, the Government of the Bahamas, as well as a lot of our members. “What we found so interesting is that a lot of our members are using a lot of Canadian companies to get products and services, but a lot of them are also looking to become exporters to the Canadian market, of course, with that being a very large Bahamian diaspora. But what we’re hoping and thinking will come out of this Canada inbound mission is inked partnerships and inked deals.
THE MOORING field in Warderick Wells, headquarters of the Exuma Cays Land & Sea Park (ECLSP), managed by the BNT.
Photo:Courtesy of BNT
MICHAEL HALKITIS
GOWON BOWE
DR DUANE SANDS
ROYAL CARIBBEAN EXTENDS PI BEACH CLUB BIDDING DEADLINE
ROYAL Caribbean yesterday said it is extending the deadline for Bahamian businesses to submit bids for the provision of goods and services to its 17-acre Royal Beach Club on Paradise Island.
The cruise line, in a statement, did not provide a new date by which bidders must respond but said that, since issuing dozens of request for proposal (RFP) tenders
earlier this month, it has received a positive response from Bahamian entrepreneurs. Opportunities for Bahamian companies to participate range from facilities and pool maintenance to local ticket sales and landscaping.
“There is a lot of excitement on this project, and we are delighted by the response we’ve had since the requests for proposals
opened,” said Philip Simon, president of Royal Caribbean Bahamas. “These upcoming business awards ensure that we continue to deliver on the promise of a Bahamian attraction that benefits the Bahamian economy and helps create entrepreneurial and employment opportunities for Bahamians.”
Companies submitting proposals will join a
Bimini resort development unveils Bonito Beach Club
A BIMINI-based resort community yesterday announced the opening of a beach club complete with upscale dining experience as it continues with building out amenities.
Banyan Tree Bimini Resort and Residences, a 750-acre resort and residential development, said Bonito Beach Club debuted on Friday, February 14. Developed by Rockwell Island Development Group (RIDGE) in partnership with Banyan Group, the project said it has partnered witg Jonas and Alexandra Millán, founders of Bonito St Barth and the Juvia Group.
“We are thrilled to partner with Bonito St Barth to launch Bonito Beach Club at Banyan Tree
Bimini Resort & Residences, bringing a fresh and refined fusion of sophisticated cuisine and island charm to the Caribbean,” said Rafael Reyes, owner and developer of Rockwell Island Development Group (RIDGE).
“Positioned to become the social heartbeat of the community, Bonito Beach Club offers our homeowners and future members an exclusive Mediterraneanstyle beach experience that promises to elevate island celebrations.”
Located on a private beach on Rockwell Island, Bonito Beach Club will feature an open-air restaurant and bar, beachfront lounge areas with chaises and private cabanas, and VIP table service. The club will offer
BAHAMAS TO ‘REMAGINE’ TRADE WITH CANADA VIA ‘INKED DEALS’
FROM PAGE B1
“And so what was interesting was the collaboration didn’t just start here. And so we’ll see a lot of deals, or should see a lot of deals, coming out of this, as well as a lot of opportunities for export, a lot of opportunities for import, and a lot of honing of expertise. Canada has some expertise that
we’re looking to tap into. The Bahamas has some expertise that Canadians are going to tap into.”
Dr Rolle said The Bahamas is not looking to just trade with Canada but cut out the middleman and, as a result, “lower the cost of doing business while increasing the ease of doing business” by reducing import
yachting and tender services, weekend activities including fitness classes and a wellness series, padel and tennis courts, and a children’s recreational area.
“For years we have envisioned a Bonito Beach Club, and the moment we arrived at Banyan Tree Bimini Resort & Residences, we knew it was the perfect setting,” said Alexandra Millán. “The white sand beaches and breathtaking sunsets create a sense of being worlds away, yet its proximity to Miami ensures easy access for our guests.”
Banyan Tree Bimini Resort & Residences is located 48 nautical miles east of Miami, and is accessible by boat, private charter jet, helicopter
costs and creating a more efficient supply chain.
“So we’re working with the Trade Commission to rethink trade for a lot of other countries other than Canada, but Canada, of course, being one of them, given that we both border the US, more than two-thirds of the US border is consumed by The Bahamas and, of course, Canada,” he added.
“And so we’re also looking to do business with South America, with India, with the Chinese market, with UK, and even with Africa. What you’ll find interesting
growing line-up of Bahamian companies already working on the Royal Beach Club development. They include Island Site Development (ISD), Bahamas Environmental Group (BEG), Engineering and Technical Services (ETS), Wemco, JSS Environmental Consulting Services, and SEV Consulting Group. The Royal Beach Club development broke ground
in April 2024 on Paradise Island’s western end in the vicinity of Colonial Beach. Its opening is targeted for late 2025, and Royal Caribbean reiterated previous
pledges that the Government and private Bahamian investors will own up to 49 percent of the equity.
and seaplane. RIDGE recently unveiled a helipad on property, further enhancing accessibility to Rockwell Island, along with a seaplane terminal in collaboration with Tropic Ocean Airways. Some 54 waterfront residences are being made available to buyers via five
is as we’re starting with this inbound from Canada, we also have an outbound to India that is free of charge.
“We’re taking 75 businesses in the construction industry. And what that means is now they can access windows, doors, construction material cheaper. We’re working with shipping logistics to make sure that that’s eradicated or lowered as best we can. And so you’ll see us start to access those markets so that, of course, the tariffs that will be placed or maybe placed on the US market would not hinder,” Dr Rolle added.
“Because what we find is that the US exports a lot of imported materials, so they are manufactured somewhere else. They go to the US, they get the tariffs, they get the excess tax place on it and then it comes to The Bahamas.
“So why don’t we just eliminate that and go straight to the source, going straight to the Canadian market, going straight to the South American market, going straight to the Indian market or the African market where we can lower the cost of doing business while increasing the ease of doing business.”
Tourism and technology partnerships, the Innovate 242 initiative, joint ventures in agriculture and renewable energy, and film industry development are among the industries that The Bahamas is targeting on this trade mission.
The country is also focusing on key areas for innovation and entrepreneurship, including the Digital Assets and Registered Exchanges (DARE)
custom layouts designed by Oppenheim Architecture. Each residence will have a private dock and beach access. Sales and construction have begun with prices starting at $3.5m, and the first five complete residences will be delivered in early 2025.
Act, medical and regenerative medicine, and the cannabis industry. Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, said he wanted “send a clear message” that partnerships are the way to go.
“We all know the Canadian banks, but we’ve shared partnership in other areas of business - in education and technology exchange. We have a significant diaspora in Canada. Many of our students get their educational foundation in Canada, as I did, and therefore there is a strong, progressive, civilised partnership of mutual respect with Canada,” Mr Cooper said.
“And this initiative helped to advance that. I believe that relations will always be stronger where there are common interests, and specifically common interests in business and trade. And therefore this is important that we continue the collaboration, have more business-to-business opportunities.
“And that’s why I think this is significant for the advancement of that relationship, but also new industries for The Bahamas in technology and innovation, and advancing some of the things we’ve already started to do. We’re open for business in all of the industries that we support and promote,” Mr Cooper added.
“The Bahamas launched the Cannabis Act with a focus on medicinal cannabis. We’ve launched many other initiatives that I mentioned, the Intellectual Properties Act, the Longevity and Regenerative
The
golf course, and members’ only clubhouse.
Medicine Aact, and we continue to press forward with the DARE Act. We’ve been pioneers and innovators in many of these areas.
“Some of them we require some technical expertise. And I believe the best way to get that, fastest way to achieve it is through joint ventures. And therefore I wanted to send a clear message as the minister responsible for investments that we are open for business and we are open to partnerships and joint ventures with Bahamian entities.”
Mark Berman, the high commissioner of Canada to The Bahamas, pointed to agriculture as a key area for collaboration given the Government’s goal to decrease food imports by 25 percent.
“In the agriculture sector, Canada is currently assisting with the development and implementation of a one Health Diagnostic Laboratory in The Bahamas which will bolster and support Bahamian agricultural health, food safety and security as well as improve export market access for our Bahamian products, produce, food and agricultural crops,” he said.
“And this project will provide greater support and protection to the country’s agriculture and food sectors. And I just want to say that Canada is very mindful of the CARICOM policy of 25 by 25, reducing food imports into the region by 25 percent by 2025, and we are indeed dedicated to supporting this in any way that we can.”
50-key, five-star Banyan Tree hotel, also designed by Oppenheim, will have 24 beachfront villas and 26 overwater bungalows. The second phase of the project includes plans for a deep water super yacht marina, private 18-hole
BONITO BEACH CLUB RESIDENCES
ROYAL BEACH CLUB RENDERING
Bahamian to blast into orbit with all-woman space crew
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A BAHAMIAN aerospace engineer is among the first all-woman crew selected for a space mission, it was announced yesterday.
Aisha Bowe, a former NASA rocket scientist and chief executive of STEMBoard, who is now the Ministry of Tourism, Investments and Aviation’s space tourism consultant, will join an all-female crew onboard Blue Origin’s NS-31 mission this Spring.
Blue Origin said the sixperson crew for its 31st flight included Ms Bowe as well as Gayle King, co-host of CBS Mornings and editor-at-large of Oprah Daily; Amanda Nguyen, bioastronautics research scientist; Katy Perry, singer; Kerianne Flynn, film producer; and Lauren Sánchez, pilot, journalist and vice-chair of the Bezos Earth Fund.
The company said the mission will be the first allfemale flight crew since Soviet cosmonaut, Valentina Tereshkova’s, solo spaceflight in 1963.
“This mission will be the 11th human flight for the New Shepard programme and the 31st in its history. To date, the programme has flown 52 people above the Kármán line, the internationally recognised boundary of space. This is the first allfemale flight crew since Valentina Tereshkova’s solo
spaceflight in 1963,” said Blue Origin. Ms Bowe served as a consultant to the Ministry of Tourism, Investments and Aviation for the SpaceX partnership that recently facilitated the first-ever successful landing of a SpaceX Falcon 9 rocket booster outside of the US when it touched down on a drone ship in Exuma Sound.
Ms Bowe said space tourism will not only make The Bahamas more attractive for visitors interested in aerospace but can provide an economic boost through careers directly and indirectly related to the sector.
“What I think is particularly exciting about this is, if we were just to look at the established model, which is Cape Canaveral in Florida, over 1.5m visitors were welcomed last year. Those visitors are representative of about $3bn in revenue and, on average, they stayed for about two days and they were able to watch launches from places that I would argue were not as beautiful as The Bahamas,” said Ms Bowe.
“Those individuals are responsible for a revenue stream that created, both directly and indirectly, about 46,000 jobs, and they’re about $1.5bn in annual wages. If we start to just kind of think about the types of tourists that come to The Bahamas, we’re now adding the likelihood that people who went to go see the launches are going to be here to see the landings.”
GREEN TECHNOLOGY KEY TRADE MISSION FOCUS
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
GREEN technology was a key focus at the BahamasCanada Innovation Trade Mission yesterday as local firms discussed the potential for lower cost and cleaner energy with overseas counterparts.
“When two great nations get together, that’s The Bahamas and Canada, expect great things to happen” Wilfred Smith, president and chief executive of Green Fuel Enterprisesm said. “Now I can tell you the advancement in technology and the collaboration between The Bahamas and Canada will leapfrog small island developing states, less developed states, G-77 nations, in some instances ahead of our developed brothers and sisters. [With] the collaboration of some partners in Canada we can overcome those things and put the world in a position where it’s never been before.”
With the discussion revolved around integrating renewable energy and smart grid technologies, Bahamas Power & Light’s chief operating officer, Anthony Christie said while the utility has already installed 27 mega watt (MW) hours of battery energy storage it is still working on its control system.
“We’re also working toward improving our control system, our system control, our SCADA, which controls and integrates a lot of this new technology into our systems,” Mr Christie said. “We’re planning and preparing how we want to interconnect all of these different power stations.
“And, again, this involves new technology. In terms of smart grid technology, we’re adding advanced gearing integration, which allows us to see what the customer is using. And again, the goal is to reduce outages and ensure the system is reliable, and reduce the cost but keep the light running good.”
Justin Cunningham, Compass Power’s principal, said batteries help make electricity more affordable and reliable. “I think we need to divide that into
NATIONAL MOORINGS SCHEME MUST BENEFIT ENVIRONMENT, COMMUNITY
By FAY SIMMONS Tribune Business Editor jsimmons@tribunemedia.net
A FORMER Bahamas National Trust (BNT) executive director yesterday urged that any national strategic moorings plan must ensure some profits are used for marine conservation and to benefit local communities.
Speaking to Tribune Business, Eric Carey said moorings and anchorages are typically managed by local governments and municipal authorities so that the communities they represent reap the financial benefits. While the Government has the right to accept proposals from private entities, he added that local communities - especially in the Family Islands - must be allowed to bid on and operate them.
“The collective seabed, which is our heritage, is part of our community. If you’re going to place moorings, two people should benefit; The community and the environment,” said Mr Carey.
“So, funding from the moorings should be used to protect and manage the environment and support marine conservation. Then, secondly, local people feel that they should have an opportunity to put in a bid for moorings in their community.”
Mr Carey, speaking after Prime Minister Philip Davis KC said the Government
plans to consult widely on a national moorings management strategy in the wake of the aborted Bahamas Moorings deal, added that an environmental impact assessment (EIA) to identify sensitive marine areas that boaters frequently anchor in should be conducted to determine exactly where moorings are needed.
He said a clear distinction should be made between sensitive areas that contain corals or seagrass, and areas that are primarily sand seabeds, as they are at low risk for damage from anchors.
“Where you have corals, seagrass, and there is significant usage by boaters involving dropping anchors, then perhaps those areas may be good candidates for putting in moorings,” said Mr Carey.
“From what I saw of what was proposed they had basically selected every single anchorage between Allens and Musha Cays, a
BUSINESS LICENCE EXEMPTION END FOR CORPORATE TAX PAYERS
FROM PAGE B1
New Providence as our largest grade,” he said. “And then looking at smaller micro grids and smaller islands, and lower grid and lower consumption rates. I think at a high level the easiest way, batteries as we all know, don’t produce any electricity.
“The easiest way to say it is it facilitates the use of alternative, more cost effective forms of energy than what we’re used to traditionally. So they’re a facilitator in the process. They’re not a producer in any way. So looking into New Providence, specifically, I think one of the biggest things that I would say are a benefit to our grid is the ability for batteries to act as spinning reserve.
“And so my friend, Anthony [Christie] has to keep less generators running, burning less fuel, and then that fairly gets calculated into the cost that we as a consumer pay on a day-today basis. So the ability for batteries to act as a spinning reserve, keeping less units online is probably, mathematically calculated, the number one benefit to the end user here in The Bahamas,” Mr Cunningham said.
“There’s ancillary benefits. We’ve all seen our lights dip before. We’ve all seen them go up for a little bit, come back on. Frequency support, voltage support, just enabling both distributed energy from a home perspective for solar panels on our roofs, solar being the primary renewable energy around here... So having not only the residential aspect of it, but going into … utility facilitation of cheaper, cleaner, more affordable energy, is really sort of another benefit that’s being provided.
“Moving on to the Out Islands, and kind of probably one of the more exciting things to talk about in this space, is the ability for microgrid applications to potentially run without burning traditional fossil fuels for at least short periods of time during the day, if not extended periods. And so the ability for batteries to have grid forming assets that really facilitate diesel production; renewable penetration is probably the most exciting space in the Out Islands as well.”
misconception” that companies caught by corporate income tax do not have to pay Business Licence fees in “the upcoming year”.
“This is to remove any misconception, expressed in some circles, that businesses in scope for the DMTT do not have to pay Business Licence during the upcoming year,” Mr Halkitis said. “Any Business Licence [fee] aid will be treated as a credit toward the DMTT due.”
The Business Licence (Amendment) Bill 2025, in its ‘objects and reasons’ section, specifically states that it is designed to “remove the exemption from the payment of Business Licence tax for businesses that are subject to the payment of tax under the Domestic Minimum Top-Up Tax Act 2024”.
This has to be read in conjunction with the Domestic Minimum Top-Up Tax (Amendment) Bill 2025, which explains that companies caught by the 15 percent corporate income tax - those part of multinational groups with annual turnover in excess of $750m euros - will receive a credit against this tax payment equivalent to the amount of Business Licence fee they pay.
“These subsections provide that a person who pays Business Licence tax shall also receive a credit for the tax paid against the tax for which he is liable to pay under the Domestic Minimum Top-Up Tax Act 2024,” the Bill states. In other words, the DMTT corporate income tax payment will be netted off against the Business Licence fee paid, or the net tax burden payment will be DMTT minus Business Licence.
One financial source, speaking on condition of anonymity, said the reforms and the Government’s strategy “make sense” as it effectively provides an insurance policy that
stretch of nearly 100 miles. They didn’t do a distinction between what is sensitive habitat and what is just sand.
“If boaters are anchoring in sand, there is less concern for environmental damage. The first thing is we have to do is distinguish what are sensitive areas and then make a determination as to where we would need to put those moorings and how many.”
Mr Carey said an economic assessment should also be done to determine whether small boaters will be able to absorb any fee increases as their spending maintains the economies of many Family Island communities.
“The Government also needs to do an assessment of the economic carrying capacity of the industry. Understandably, large yachts and charter vessels can absorb a heavier fee. They will pass that on to their charter guests with very little issue. Once you spread that amongst the guests, it’s probably going to be minimal,”said Mr Carey.
“But you need to carefully assess whether the smaller boaters will make an economic decision to pay or try and find somewhere else to cruise, which then has an impact on the communities where these boaters go.”
Mr Davis, in his mid-year Budget address, said “many Bahamians” were in favour
committed to dedicating the lion’s share of revenue from this Act toward two key priorities: Reducing our national debt and easing the cost of living for ordinary Bahamians.”
ensures the Public Treasury receives some revenue even if a DMTT company makes a loss.
“This is the way you make sure you get the bigger of the two,” they added. “If for some reason the Business Licence fee is larger than profits, or they are operating at a loss, the Government still gets its money. It’s an insurance policy. I understand the policy rationale. It’s an about face to ensure you don’t disadvantage your tax revenue and get the greater of the two.”
Prime Minister Philip Davis KC, in last May’s 2024-2025 Budget, said “no business would be subject to both taxes” - meaning the corporate income tax and Business Licence fee. Thus the reforms tabled in Parliament, which were not mentioned in his mid-year Budget address, represent a change in the Government’s policy.
“The Government recently presented the Domestic Minimum Top-Up Tax Bill – a critical step in aligning The Bahamas with the global standards established by the Organisation for Economic Co-Operation and Development through their global anti-base erosion rules,” was all Mr Davis said. “These rules are designed to ensure a global minimum level of income tax for large multinational enterprises.
“As a matter of policy, this administration is
However, he did confirm that the Government plans to introduce new business incentive legislation before the 2025-2026 Budget in late May. “During this fiscal year, before any tax becomes payable under the Domestic Minimum Top-up Tax, we intend to table the Business Development Incentives Programme Bill,” the Prime Minister said.
“This legislation will provide broad incentives to reduce the cost of doing business in The Bahamas. These incentives will not be limited to businesses
of implementing and effectively managing moorings and broad consultation will be done with stakeholders to develop a national strategic plan to manage moorings.
“As this matter has been discussed over the last few days, many Bahamians spoke in favour of improving participation in and oversight of the process governing moorings. That makes a lot of sense – our waters belong to all of us, and our marine policies can only benefit from broader and deeper public consultation. It is important to me that we have policies which Bahamians can contribute to and trust, which is why we have committed to moving forward with developing a new national strategic plan for the management of moorings,” said Mr Davis.
“Arrangements involving moorings have traditionally been handled ad hoc, and one at a time, within the existing legal and regulatory framework, but as science and technology and the climate are all in flux, we can benefit from updating and more clearly defining and implementing our country’s policies. We intend to move forward quickly to seek advice and input from citizens, local government officials, boaters, fishermen, marine owners, marine conservation experts, and others.”
subject to the Domestic Minimum Top-up Tax but will apply to all qualifying businesses.
“Our public consultation highlighted the need to align these incentives with attracting investment and fostering development in key sectors such as tourism; finance; technology, and energy.
“We are also considering incentives related to employment, capital expenditures, training, research and development and local content spending, research and development costs, the creative industry and extraterritorial turnover. These initiatives are critical for positioning The Bahamas as a competitive destination for business while ensuring sustainable economic growth.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, SHERLYCIA MARTHA McKENZIE, of Dignity Gardens, Nassau, The Bahamas, intend to change my name to SHERLYCIA MARTHA McKENZIE-FAWKES. If there are any objections to this change of 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 publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, JERMAINE BROWN, of P.O. Box N7266, Nassau, The Bahamas, intend to change my name to JERMAINE FRANCIS If there are any objections to this change of 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 publication of this notice.
ERIC CAREY
‘Don’t sell a dream’: Be real as debt hits $12bn
Mr Bowe, speaking as the Central Bank’s latest quarterly review revealed the country’s national debt rose by $304.2m year-over-year to hit $12.083bn at year-end 2024, told this newspaper: “Let me be the first one to say the deficit of $70m is aspirational but, even if it turns out to be double that, compared to where we were for many years we’re moving in the right direction.
“We have to not sell a dream as opposed to keeping grounded as to what we can achieve in a realistic timeframe. The politics plays into it.” Mr Bowe’s effectively delivered the message that, while the deficit is coming down - albeit not as fast as the Government wants or is projecting - it must also set realistic expectations and level with the Bahamian people as to its fiscal position and what more is needed to stabilise it. While political parties typically make promises which they then seek to sell to the electorate, the Fidelity chief, who was also a member of the first-ever Fiscal Responsibility Council (FRC), pointed out that general elections “happen every five years. Governance is in between.
“I don’t need to be promising to the people; I need to be communicating,” he added. “I would much rather know the deficit is
not on target now, there’s a revision [to the projections] and, going forward, this how the Government is going to be managing its projections....
“When everything else at this time is showing the trajectory at a different rate, it’s when you say: ‘This is where we were too optimistic, this is what we’re doing to bring it in as close as possible, but we are revising our estimates’. There is no need to be politicking at this point in time. We have a year before an election is due. Most important is to be the Government at this point in time, not a political party.”
Prime Minister Philip Davis KC, in his mid-year Budget address, sought to reassure Bahamians that the full-year deficit target would be met despite a more than five-fold overshoot at the half-way mark that has left it at $394.8m. He touted record first-half revenues of $1.44bn, as well as slowing expenditure, as the trends giving the Government confidence that the $325m deficit ‘gap’ will be clawed back in the second half.
However, Dr Duane Sands, the Opposition’s chairman, told Tribune Business that the $394.8m deficit showed that the Government has squandered the fiscal benefits of “record” revenues through a much greater increase in its spending - especially on
fixed-costs such as civil service salaries and rents.
“The disturbing part about the Budget is that, in the face of historic receipts, we still have this massive deficit to-date and, ultimately, the Prime Minister assures us that all is well and we are going to make this up on the back end,” Dr Sands said. “The fact there’s $122m in unpaid bills recorded, even though we use a cash accounting basis, the mid-year Budget deficit is actually in excess of $500m.
“What we have is historic tax revenue, and yet the deficit continues unabated, the national debt continues to rise.” Dr Sands also argued that the Government lacks the fiscal space and headroom to properly cope with any unexpected external shocks, such as a major hurricane - which The Bahamas has not seen for more than five yearsstriking this nation.
And, with Donald Trump now promising to follow through with 25 percent tariffs on all US imports from Mexico and Canada, as well as increase these taxes on Chinese goods and threatening to do the same with the European Union (EU), he warned that the threat of a new inflationary surge and cost of living crisis remains very real for The Bahamas, as well as the dangers of a global recession.
“We have not recalibrated to take into account
this possibility,” he warned. “This administration ought to take heed.” The Government and Opposition, meanwhile, sparred over the reallocation of some $1.7m from other Budget line items to finance travel by the Prime Minister and his officials during the 20242025 first-half.
Kwasi Thompson, the Opposition’s finance spokesman, said in a statement: “Initially allocated $569,721 for the entire year, this budget has been obliterated within just six months, ballooning to an astounding $2.25m - almost a 400 percent overspend. The Prime Minister’s Office, which should be setting an example of restraint, is instead leading the charge in financial recklessness.
“But the problem extends far beyond just the Office of the Prime Minister. The entire government’s travel and subsistence budget was set at $12.4m for the fiscal year. Yet, within six months, they have already burned through $10m, an astonishing 80.5 percent of the full-year allocation.
“At this rate, taxpayers can expect a complete wipeout of the budget with months still left in the fiscal year. Given all the pressing priorities of the country, the Government must explain why they are increasing the travel and subsistence budget by $3.6m.”
The Government’s travel Budget, though,
is relatively small within the context of a $3bn-plus Budget. And Latrae Rahming, communications director in the Prime Minister’s Office, argued that the travel budget for Mr Davis and his officials is “not inconsistent” with the sums spent under former leaders including Hubert Ingraham, Perry Christie and Dr Hubert Minnis.
“The Prime Minister’s travel account has been consistent with everyone who has had that office,” Mr Rahming said, while acknowledging that it was frequently under-budgeted in the annual Budget, resulting in the reallocations from other line items to finance it.
“Historically, the Prime Minister’s travel budget has been between $1.2m or $1.7m,” he added. “The amount is not abnormal, the increase is not abnormal. Every year it happens. In the Budget process, the Prime Minister’s travel budget is under-budgeted and it’s just levelling it out in the mid-year Budget.”
However, Mr Thompson argued: “A particularly pressing concern is the Government’s mysterious spending on COP29 in Azerbaijan. How much did this single trip cost the Bahamian people? There are allocations of $330,000, alongside over $800,000 within the ‘budget reserve appropriation’, which is
BNT: BAHAMAS MOORINGS SCHEME ‘UNFATHOMABLE’ WITH REGULATION GAP
given the potential impact for the industry and its boating/yachting clients.
He disclosed that he had applied for a Crown Land seabed lease and other approvals to establish a mooring field off New Providence some four to five years ago and was “turned down flat”. The ABM chief also revealed that discussions were held with the Minnis administration in 2019 about marinas taking over, managing and developing moorings off the islands where they were based but the idea was never advanced,.
Mr Maury also affirmed he and the ABM “absolutely” agree with Prime Minister Philip Davis KC that it is “non-negotiable” visiting boaters, including foreign yacht charters, must pay fees and taxes that help finance conservation of The Bahamas’ marine environment and its protection by the security forces in return for exploiting these nation’s waters for economic benefit.
However, apart from achieving fee and taxation levels that are acceptable to all concerned, the ABM president reiterated that boaters need “a vehicle to make the payment” to the Government. Mr Maury also cited the bureaucratic and cumbersome entry process for boaters to clear into The Bahamas, and the ongoing failure to replace the industry’s now-shuttered SeaZPass online portal with a government-funded replacement.
The BNT, in its statement, said The Bahamas must both establish and enforce a stronger regulatory regime before any deals similar to Bahamas Moorings - which had been granted a nowrescinded 21-year lease over 4,165 seabed acres, comprising 49 mooring sites spread throughout the Exuma Cays - are considered by the Government.
Stating it is “relieved” that both parties “mutually agreed” to cancel the
lease, the BNT disclosed: “In addition to the lack of transparency and public consultation regarding the proposed deal, the BNT had voiced early and numerous concerns to government officials which remained partially unaddressed at the time of the project’s public disclosure.....
“Moorings require substantial routine maintenance and oversight. A privatised network could have significant liability and environmental implications in the absence of national regulations to ensure this. As it stands, The Bahamas lacks the regulatory framework to impose accountability for such an undertaking.
“The idea of establishing a mooring network without sufficient regulatory standards in place is unfathomable, and can directly impact the safety of the very areas the moorings are meant to help sustain. The fragile nature of our marine environment demands this gap be addressed as the first step before any proposed mooring network is established.”
Mr Davis, following the Government’s back tracking on the Bahamas Moorings deal, it was not abandoning the general principle of establishing a more robust moorings regulatory regime.
“As this matter has been discussed over the last few days, many Bahamians spoke in favour of improving participation in and oversight of the process governing moorings,” the Prime Minister said.
“That makes a lot of sense. Our waters belong to all of us, and our marine policies can only benefit from broader and deeper public consultation. It is important to me that we have policies which Bahamians can contribute to and trust, which is why we have committed to moving forward with developing a new national strategic plan for the management of moorings.
“Arrangements involving moorings have traditionally
been handled ad hoc, and one at a time, within the existing legal and regulatory framework, but as science and technology and the climate are all in flux, we can benefit from updating and more clearly defining and implementing our country’s policies,” he added.
“We intend to move forward quickly to seek advice and input from citizens, local government officials, boaters, fishermen, marina owners, marine conservation experts and others. We have an important opportunity to update our country’s policies, with an openness to new solutions, although of course we will start from the non-negotiable premise that The Bahamas is a sovereign nation, and that if you enter our jurisdiction, you will compensate Bahamians for doing so.”
The BNT, in its statement, acknowledged the environmental and local economy benefits that mooring fields can deliver as it urged the Government to adopt an already-existing model.
“Mooring programmes can be a great way to support local communities, local government and protected areas,” it said.
“In 2023, the BNT and the Elizabeth Harbour Conservation Partnership (EHCP) implemented a joint mooring programme for Moriah Harbour Cay National Park (MHCNP) and Elizabeth Harbour in Great Exuma.
Proper approvals and stakeholder engagement were a key part of this project in its early phases, and continue to be an important part of park management decision-making.
“In fact, the mooring programmes in MHCNP and Elizabeth Harbour are sustainable models that use environmentally-friendly moorings to ensure the protection of critical habitats, such as seagrass and coral reefs. By working together and with relevant government agencies, partnership between the BNT and the EHCP will in the long term support the operations of pump out services to eliminate the vexing issues of waste management in these high boat traffic areas,” the BNT added.
“It is not known if a privatised mooring programme would have the capacity to do this or be compelled to support such services. It is critical that any mooring programme that may be implemented in the future gives due care and consideration to such impacts, and takes extensive measures to duplicate our sustainable efforts.”
Calling on the Government and wider Bahamas to learn the lessons from the aborted Bahamas Moorings deal, the BNT said it “understands the environmental benefits of strategically placed, sustainably implemented, and properly maintained moorings, and we support their installation where necessary, practical and regulated, especially where local communities’ benefit.
“BNT hopes that, ultimately, the questions raised by the now-abandoned moorings deal including the necessity of the endeavour, the design of the mooring system, and the potential negative impact on
to hear from people who are
sustainable revenue streams for national park operations and on local economies will result in the implementation of national regulations and oversight of privatised mooring programmes.”
Mr Maury, meanwhile, recalled how his moorings proposal was rejected in contrast to Bahamas Moorings. “I had applied for Crown Land and a mooring field because the boats were breaking loose in the marina all the time, and I was flat turned down,” he revealed. “It was in Nassau about four to five years ago. I sat with the Port director and everyone else.”
And, disclosing a bigger industry-wide moorings push when the ABM was discussing the SeaZPass portal and collecting boating-related fees on the Government’s behalf, Mr Maury said: “One of the things we talked about was, for each island, every individual marina or marina group on that particular island would have some oversight of mooring fields and navigation aids because we can do it at far greater speed than the Government.
“That was in 2019. I guess they hijacked the idea. It goes into the Prime Minister’s Office and everyone gets their hands on it.” Mr Maury reiterated that a portion of the cruising permit and yacht charter fees
supposed to be designated for unforeseen expenses.
“Yet these funds have been curiously labelled as ‘climate change expenses’. What exactly constitutes a ‘climate change expense’ for attending an international summit? The Government must come clean and explain: Did the Prime Minister and his entourage spend over $1.1m just on this one trip?” Meanwhile, Michael Pintard, the Opposition’s leader, voiced concern that the reconstituted Fiscal Responsibility Council (FRC) was just being made public despite its members having been appointed from last October.
“According to the FRC chairperson, the Council was constituted last October. Given its massive and expensive PR machinery, why was the Davis administration unable - or unwilling - to issue a statement announcing the formation of the new FRC over the last four months?” the FNM leader asked.
“Through no fault of its own, the Council begins its work with some eight or more reports long overdue. Nonetheless, we expect and will demand that the Government provide the financial and human resources necessary to address the backlog and ensure the Council is up to date. We will agitate as necessary to make certain this happens.”
collected via SeaZPass were supposed to be reinvested in navigational aids, mooring facilities and other marine infrastructure to support the industry, but this never happened.
“We proposed in the discussions at the time a kind of a mooring system to get to the different Family Islands where we provided safe routes that were lighted and everything else,” he added. “All the money we collected at no cost to the Government, we got nothing back.” As for the Prime Minister’s stance that foreign boaters must contribute to the upkeep of Bahamian waters and the marine environment, Mr Maury added: ‘We have no problem with that. The boats have been paying. It’s the vehicle and way they pay that’s faulty. We can show it to you, prove it to you. The problem is there’s no vehicle to make the payment” online in an efficient, swift and user-friendly manner.
The ABM president reiterated that the Government had yet to provide a replacement for SeaZPass some three years after the private sector was told to shut the portal down. This was despite issuing a contract to DigieSoft Technologies and allocating the required $3.55m financing in the 2024-2025 Budget.
WONG’S
MARINA
LOCATION
WONG’S MARINA RENDERING
Decade-old Arawak Cay marina project is revived
“Conditions were set by the Ministry of Urban development’s civil engineering division requiring a full set of civil engineering drawings, submission of a traffic management plan and notification prior to commencement of works.
The Port Department Docks Committee deferred consideration of the reclamation but concluded that only 40 feet of the reclamation would be considered, and proposed restrictions on the channel entrance.”
The studies, prepared by Philip Weech and Jamil Jibrilu of Engineering and Technical Services (ETS), added: “The owner did not proceed with the proposed development and is considering a resubmission of a proposal for ‘Wong’s Marina’, which eliminated the reclamation component but added a marina, fueling dock and boat slips on the Crown seabed on its northern boundary.
“Also proposed is the construction of two commercial shops buildings with an aggregated footprint of 21,000 square feet; 120 car parking lots; a 90-slip marina and a dry storage area on the land north of the West Bay Street and Chippingham intersection.” The project is
now seeking the necessary certificate of environmental clearance (CEC) for the proposed marina, walkway docks, fuelling facilities and buildings.
This is not the first time Arawak Cay and the surrounding area have been targeted for marina facilities. Baha Mar, in its original Heads of Agreement under first developer, Sarkis Izmirlian, had an option to put such an asset there but never did so. And the location would still be attractive for resort developers such as GoldWynn which have no space for a marina at their property locations.
And Tribune Business in 2023 reported on Bahamas Marine Construction’s plans to dredge more than 40,000 cubic yards of fill to make way for a 48-slip marina, to be called Ship Ahoy, located at the rear of a former US embassy property opposite Arawak Cay. That site sits just to the west of the proposed Wong’s Marina location.
That dredging would have created the necessary depth and channel to service the Ship Ahoy marina, which took its name from the West Bay Street property - located immediately west of the Sand Trap restaurant and bar - that previously housed US
embassy staff and marines stationed at the diplomatic facility. However, it appears that project never succeeded.
Speculation was swirling yesterday that Wong’s Marina is the revived Ship Ahoy project, with the same principals involved. That could not be confirmed, though, as Jimmy Mosko, Bahamas Marine Construction and Island Site Development’s (ISD) principal, could not be reached and did not return a message seeking comment. The location and timelines associated with both projects are also markedly different and do not align.
The Wong’s Marina environmental studies asserted that the revised project “significantly modifies” the original design. “The proposal will significantly reduce the size of the reclaimed seabed, stabilise the shoreline and reclaim only the area required to safely moor vessels during low tide,” they added.
“In addition, the removal of invasive species and enhancement of the site opposite Chippingham Road along West Bay Street would improve the aesthetics of the area adjacent to Arawak Cay Fish Fry.... The commercial property is privately owned directly in front of the
marine environment, separated by a sea wall, with the owner intending to create marine access with marina development on the fouracre vacant land.
“Dredging will be required to reach the desired depth at low tide of five feet below mean sea level (bmsl). Environmental impacts will result from dredging and the removal of discarded items such as trolleys, boat parts and loose sediments washed into the sea along West Bay Street.
“A net zero plan is proposed such that debris removed from the sea floor will be removed and carted to the public dump and dredged sediment will be retained in a sheet pile reclaimed section along the coastline, to prevent siltation and contain excavated fill.”
Pointing out that “derelict and moored vessels”, some of which are inhabited, line Arawak Cay’s north side, the environmental analysis added that the area is dominated by marine activities including “water ski operations, boat repairs and sunken vessels in various stages of abandonment and repairs”.
“Very few marine resources of significant value were observed in the survey area. It is not
anticipated that any ecologically-important ecosystems such as mangroves or coral reefs will be impacted within the proposed project area,” the ETS report said.
“The site experiences constant human use and has already been severely altered. This project proposes to build on the already impacted area and will seek to improve and restore the site during the process of development.... The creation of the marina will have minimal impact to an already heavily-altered human environment.
“The construction of the marina will require
dredging of the sea floor to provide for a uniform depth of five feet below sea level, with the excavated fill used to stabilise the shoreline adjacent to the seawall on its northern boundary by placing the fill behind steel pilings to contain the fill and reduce turbidity during construction,” the reports added.
“The options analysis undertaken indicates the proposed marina will have a lower environmental impact when compared to the initial proposal considered, and for which planning permission was obtained in 2014.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, RAQUEL RAMONA STRACHAN , of Dignity Gardens, Nassau, The Bahamas, intend to change my name to RACHAEL BAHT ISRAEL If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, he Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ASHLEY FRANCOIS of Marshall Road, New Providence, The Bamas Mother of AMANDA LOUISSAINT A minor intend to change our child’s name to AMANDA FRANCOIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
Wall Street falls sharply as Nvidia tumbles 8.5% and AI mania falters
By STAN CHOE AP Business Writer
U.S. stock indexes fell sharply Thursday as Wall Street's frenzy around artificial-intelligence technology faltered some more.
The S&P 500 sank 1.6% for its fifth drop in six days after setting an all-time high last week. Concerns about the U.S. economy's future have been behind much of the drop, including worries about how tariffs pushed by President Donald Trump could worsen inflation, and Wall Street's main measure of health has lost all but 1.4% of its rally since Election Day.
The Dow Jones Industrial Average dropped 193 points, or 0.4%, and the Nasdaq composite tumbled 2.8%.
Weighing most heavily on the market was superstar stock Nvidia, one of Wall Street's most influential companies that's been leading the market for years. After initially rising at the open of trading following a
better-than-expected profit report, Nvidia quickly slid to a loss of 8.5%.
Better-than-expected earnings reports have become routine for Nvidia, whose chips are powering the surge into artificial-intelligence technology, but this was the company's first since DeepSeek shook the entire AI industry.
After the Chinese upstart said it developed a large language model that can compete with the world's best without using the most expensive chips, Wall Street had to question all the spending it assumed would go into Nvidia's chips and the ecosystem that's built around the AI boom, such as electricity to power large data centers.
Nvidia's performance for the latest quarter, along with its forecasts for upcoming results, were "good enough to keep the debate moving in a positive direction," according to analysts at UBS led by Timothy Arcuri.
But it apparently wasn't enough to send Nvidia's stock higher, particularly given criticism that its price had already leaped too high, too quickly. After more than tripling two years ago, Nvidia's stock more than doubled last year as its sales exploded.
The market also soured on Salesforce, which fell 4% despite topping analysts' profit expectations for the latest quarter. Several analysts called the performance solid, and the company continued to tout its AI offerings, but it gave a forecast for upcoming revenue that fell short of expectations.
One AI-related company bucking the trend was Snowflake. The AI data cloud company rose 4.5% after delivering stronger profit and revenue for the latest quarter than analysts expected.
It joined a range of stocks on the more staid end of Wall Street, ones that didn't grab as many headlines as
AI stocks in recent years. Despite the sharp loss for the overall S&P 500, close to 2 out of every 5 stocks in the index climbed.
A 1.7% rise for Berkshire Hathaway, the company run by famed investor Warren Buffett, was one of the strongest upward forces on the index. The owner of Geico, BNSF railroad and other businesses has built a hoard of unused cash recently. That could indicate Buffett, who's famous for buying stocks when prices are low, may not see much worth purchasing in a market that critics say looks too expensive.
Some investors have been waiting for other stocks to pick up the market's leadership baton from Nvidia and the handful of big stocks that dominated for years.
Nvidia alone accounted for a little more than 22% of the entire total return for the S&P 500 index last year.
All told, the S&P 500 fell 94.49 points to 5,861.57 Thursday. The Dow Jones
Industrial Average dropped 193.62 to 43,239.50, and the Nasdaq composite tumbled 530.84 to 18,544.42.
In the bond market, Treasury yields swung following Trump's latest announcement on tariffs. He said "the proposed TARIFFS scheduled to go into effect on MARCH FOURTH will, indeed, go into effect, as scheduled" for imports from Canada and Mexico. He also said he would add an additional 10% tariff on Chinese products on that date.
Such moves could push up prices for U.S. households when inflation has already proven to be stubborn. Wall Street has been hoping the threats are merely leverage that Trump will use to negotiate with other countries before ultimately inflicting less pain on the economy than feared.
But even if that proves to be the case, all the talk on tariffs has already gotten U.S. households to feel more nervous about the
economy. That's dangerous because their strong spending has been a main reason the U.S. economy has avoided a recession.
Such uncertainty also pressures the Federal Reserve, which has few if any tools to help an economy where growth is slowing and inflation is rising at the same time.
Jeff Schmid, president of the Federal Reserve Bank of Kansas City, said in a speech Thursday that he has "become more cautious" in his hopes that inflation will continue to ease. He also said that discussions with people in his district suggest "elevated uncertainty might weigh on growth" for the economy.
For now, at least, the U.S. economy appears to be in solid shape. The government on Thursday left alone its estimate for the U.S. economy's performance during the last three months of 2024, though it raised its estimate for a measure of inflation during the quarter.
