Gov’t bids to drop ‘birth month’ auto coverage mandate
By NEIL HARTNELL Tribune Business Editor
INSURERS have hailed the Government’s move to abandon the “counter productive” stipulation that all Bahamian and resident drivers must annually renew auto insurance coverage in their birth month.
The Davis administration, in legislation tabled in Parliament alongside the mid-year Budget last week, unveiled an amendment to the Road Traffic Act that eliminates the ‘birth month’ requirement and instead replaces it with language mandating that drivers and companies merely renew their auto insurance on an annual basis.
The Bill introduced last week now reads: “A policy of insurance shall be renewed annually by an insured person.” This compares to the clause six, section ten that was passed
into law by Parliament less than a year ago, which currently states: “A policy of insurance shall be renewable annually within the birth month of the insured person.”
The Road Traffic (Amendment) Bill 2025, the latest part of the Government’s legislative push to crack down on the numerous uninsured drivers causing havoc on Bahamian roads, effectively represents a government u-turn that has occurred in less than 12 months on the ‘birth month’ requirement.
“The Road Traffic (Amendment) Bill, 2025, seeks to make provision for the deletion of the requirement in subsection (6) of section 10 of the Road Traffic Act that a policy of insurance shall be renewable annually within the birth month of the insured person, and to substitute
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN broker/dealer has been placed in Supreme Courtsupervised liquidation amid fears it is almost $11m insolvent and unable to fully repay clients what they are owed.
Sir Ian Winder, the chief justice, via a February 25, 2025, signed Order agreed with the Securities Commission that LCG Capital Markets be wound-up amid concerns over multiple supervisory breaches that included “a significant regulatory capital deficiency”; repeatedly late audited financial statements; and “non-compliance with corporate governance obligations”.
Legal documents seen by Tribune Business also reveal that, during its first four years in The Bahamas, LCG Capital Markets incurred combined losses of more than $18m to yearend 2021. And its chief executive and sole director, Sean Munnings, submitted his resignation on September
13, 2024, some two months after the Securities Commission was warned it “was unable to continue” due to its Swiss parent’s troubles.
The Chief Justice, in his Order last week, named Bahamian accountants James B. Gomez and Noreen TaylorCampbell, both of Ecovis Bahamas, as LCG Capital Markets’ joint official liquidators. They will now be in the early stages of taking control of all the broker/dealer’s corporate
records, as well as its bank accounts and other assets, as they begin the task of recovering funds’ due to clients.
The Securities Commission, in its December 4, 2024, winding-up petition as well as an accompanying affidavit from Christina Rolle, its executive director, asserted that the Bahamas-based broker/dealer’s demise stemmed directly from the regulatory woes encountered by FlowBank, its Swiss-based parent. Regulators in that European nation initiated bankruptcy
By NEIL HARTNELL Tribune Business Editor
A SUPREME Court judge has ordered that a real estate firm, co-founded by the Bahamas’ ambassador to Morocco, be named as a defendant in a $112,000 construction contract dispute.
Justice Simone Fitzcharles, in a February 24, 2025, ruling stipulated that Darville Wong Realty Ltd, one of whose cofounders is also a former Bahamas Real Estate Association (BREA), be added alongside two other parties as defendants against Lashan Butler’s claim that the agreement to construct
her Killarney Shores subdivision home was breached.
The judge, who also ordered that Darville Construction and Property Management and Gregory Ndlovu also be joined to the action as defendants, described the relationship between the three and their alleged connections to Ms Butler’s property as akin to “a game played in shadow” in her written ruling.
William Wong, now The Bahamas’ emissary to Morocco and a former BREA president, denied that the real estate firm or himself had anything to do with construction of Ms Butler’s home or the ongoing litigation. “This ‘Game played
PAGE B5
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
SUPER Value’s president is voicing optimism that it will “shortly” be able to offer lower-priced eggs to hard-pressed Bahamian consumers after sourcing supplies from outside the bird flu-ravaged US. Debra Symonette, while declining to place a timeline on when this will occur or the extent of the savings shoppers can expect, did tell Tribune Business that the 13-store chain anticipates bringing “a big relief” to Bahamians once product from its new sources starts to arrive on-island and reaches the shelves.
Reiterating that $8-$9plus prices for a dozen eggs are not resulting from Super Value placing “an outrageous mark-up” on them, as this is a food subject to government price controls, she said there is presently no need to copy the tactics employed by some US supermarkets who are restricting the quantities consumers can purchase amid bird fly-driven supply shortages.
“We’re continuing to make the effort to source cheaper eggs, and hopefully we’ll be able to offer a lower price to the public shortly once we get everything sorted,” Ms
CHRISTINA ROLLE SIR IAN WINDER
UPHOLD SOCIAL CONTRACT AND REBUILD TRUST IN GOVERNANCE
By MATTHEW AUBRY
THE Organisation for Responsible Governance (ORG) notes that public trust in governance is declining globally, and The Bahamas is no exception.
The recent controversy surrounding the Bahamas Moorings development is a prime example of why stronger governance, independent oversight and structured public consultation are necessary. The lack of transparency, absence of public engagement and alleged breaches of environmental permitting processes led to widespread public outcry, speculation of conflict of interest and, ultimately, the shutdown of the project. However, rather than rebuilding public trust, this situation has further damaged confidence in whether The Bahamas is striking the right balance between economic development and integrity-driven governance.
At the core of any effective democracy is the social contract - the implicit agreement between the Government and the people in which citizens entrust leaders with power and resources in exchange for fair, transparent and
accountable governance. This two-way relationship fosters stability, economic prosperity and social wellbeing. When governments uphold their commitments to transparency, fairness and public participation, citizens in turn are more engaged, trust institutions and contribute to national development.
ORG encourages all Bahamians to reach out to their MP and the Government to call for the full funding, enactment and enforcement of the Freedom of Information Act (2015); Public Procurement Act (2022); Ombudsman Act (2024); Independent Commission of Investigations Act (2025); and the Protected Disclosures (Whistleblower)
Act (2025). These laws, designed to promote transparency, accountability and independent oversight, are essential to reducing corruption, preventing conflicts of interest and restoring public trust, but they can only be effective if they are properly funded and fully implemented.
Public consultation is a critical component of good governance because it ensures that government decisions reflect the needs, concerns and insights of the people they impact. As outlined by the OECD, consultation must go beyond mere notification, which is a one-way flow of information, and instead enable two-way communication where problems can be identified, proposals evaluated and meaningful feedback integrated into decision-making. The ultimate goal is a higher quality, more effective outcome that reflects public concerns and priorities.
For public consultation to be genuinely effective, it must:
1. Allow realistic timelines that consider accessibility, connectivity and the political, social and economic climate.
2. Start with clear, transparent information about the purpose, process and benefits of engagement.
3. Prioritise diverse stakeholders, especially those most impacted by the policy, law or project under discussion.
4. Ensure a well-defined feedback process, where participants understand how their input is used in final decisions.
5. Conclude with a public report, summarising the consultation process, feedback received and how it shaped the final outcome.
ORG has long advocated for a standardised and consistent consultation model, such as that recommended by the Commonwealth Parliamentary Association, to ensure that major legislation, public works and large-scale developments are informed by public input. Too often, consultation in The Bahamas is either inconsistently applied or rushed, leaving little time for the public to fully understand or meaningfully contribute to important decisions. A transparent and inclusive consultation process is essential for fostering civic engagement, ensuring government accountability and making policy decisions that reflect the interests of all Bahamians.
The stakes are high. Corruption is not just a political issue; it is a social and economic threat that
undermines democratic institutions, fiscal responsibility and the rule of law. It occurs when individuals in positions of power exploit their authority for personal gain, leading to mismanagement of resources, unfair advantages and lost opportunities for national development. No entity should be responsible for investigating itself, which was a point made clear by both the Government and the Opposition during last week’s debate on the Independent Commission of Investigations Act. If independent bodies are not truly free from political influence, The Bahamas will continue to struggle with both actual corruption and the damaging perception of it.
A government that honours the social contract by ensuring transparency, accountability and citizen participation reaps significant economic and social benefits. Countries with strong governance frameworks tend to experience higher investor confidence, increased foreign direct investment, stronger social cohesion and improved public service delivery. The full and proper implementation of these governance reforms is not just a moral obligation, but an economic imperative.
ORG remains committed to supporting The Bahamas through the promotion of transparency, deterrence and enforcement. To that end, ORG has developed ‘A proposed integrated Anti-Corruption Strategy for The Bahamas’, which outlines key reforms needed to strengthen governance and promote integrity. The full framework is available on ORG’s website. However, this fight against corruption cannot be won by laws alone. It requires active civic engagement. We urge all Bahamians to contact their MPs, write to government officials, and let them know that these critical laws should be properly funded and fully implemented. Without this action, The Bahamas risks promoting a culture where corruption and patronage can continue unchecked, eroding trust in government, reducing local economic development and slowing national progress.
The responsibility to call for better governance belongs to all of us. Only through public engagement and civic participation can we ensure that these reforms move beyond paper and become active tools for a more just, transparent and prosperous nation.
Development Bank tie-up with Easy Car Sales stays
THE Bahamas Development Bank (BDB) has confirmed the continuation of its electric vehicle financing partnership with Easy Car Sales ahead of the dealership’s introduction of new models this month.
The state-owned development bank, in a statement, announced the two sides’ enduring tie-up as part of relaunching its Green Lending programme. The initiative, which offers 100 percent financing for electric vehicles (EV), has been ongoing since 2021.
The announcement also comes as Easy Car Sales prepares to introduce a new line of commercial and fleet electric vehicles to the Bahamian market this month as part of a drive to provide sustainable transportation solutions
for businesses across The Bahamas.
Nicholas Higgs, the BDB’s managing director, said: “Sustainability is central to the mission of the Bahamas Development Bank. With the $30m in capitalisation from the Africa Export-Import Bank, we are hoping to see a large uptake in EV vehicles.”
Dave Munroe, the BDB’s deputy managing director, added: “The availability of electric vehicles for commercial and fleet use is critical to supporting businesses in adopting sustainable practices.”
Sumayyah Cargill, the BDB’s strategic development and initiatives manager, said: “Our relationship with Easy Car Sales since 2021 has been rewarding. We are pleased
to continue our partnership with Easy Car Sales. This new line of electric vehicles provides an excellent opportunity for businesses to embrace sustainability while growing their fleets.”
“We have worked with the Bahamas Development Bank since 2021 to make EVs accessible to the business community through their Green Lending programme,” Pia Farmer, director of Easy Car Sales, said, “and we are delighted to continue our partnership to empower Bahamians to reduce their cost of vehicle ownership every day.”
Easy Car Sales is the only local authorised distributor and warranty provider for electric vehicle brands such as BYD, JAC Motors and Geely.
A BAHAMIAN realtor says several of its top agents have been inducted into the Christie’s International Real Estate 2025 Masters Circle.
HG Christie said its president and managing director, John Christie, plus Philip Hillier and Anya Mousis have been accepted into this designation. Established in 2019, the Masters Circle is awarded annually to a select group of top-performing agents within the global Christie’s International Real Estate network. HG Christie is its Bahamian affiliate.
“The 2025 Masters Circle represents the very best within our global network of affiliates,” said Thad
Wong, co-chief executive of Christie’s International Real Estate. “These agents consistently deliver exceptional service and results, setting new benchmarks in the luxury real estate industry. We are honoured to support their continued success.”
John Christie said: “Being part of the Master’s Circle this year is an incredible honour, especially following our milestone 100th anniversary celebrations. I’m particularly proud of Philip and Anya for their dedication and hard work. Their commitment to excellence not only elevates their own success but also strengthens our entire team.”
Both Christie, and Mr Hillier and Ms Mousis, have reached this designation for the last three years. “We are so honoured to receive this accolade,” said Mr Hillier. “It is a privilege to be a part of the Christies Master Circle with the other top producers around the world through the most prestigious real estate network out there.
“2024 was another exceptional year for Anya and I. We were pleased to sell some of the most beautiful properties in The Bahamas, and to promote this wonderful country.” Nominees to the Masters Circle are chosen based on their sales volumes, number of high-end transactions, and commitment to professionalism and excellence.
The 2025 Masters Circle class includes more than 453 agents who collectively represent more than $19bn in annual sales. Their expertise spans a variety of luxury real estate sectors, from waterfront and equestrian properties to ski homes, vineyards, urban estates, new developments and private islands.
MATT AUBRY
JOHN CHRISTIE PHILIP HILLIER ANYA MOUSIS
REGULATORS TARGET JULY 1 LAUNCH OF MEDICAL CANNABIS APPLICATIONS
By FAY SIMMONS Tribune Business Reporter
GOVERNMENT regulators are aiming to start accepting medical marijuana licence applications on July 1 provided further vital legal reforms are passed by Parliament in time.
Dr Lynwood Brown, chairman of the Bahamas Cannabis Licence Reserve, speaking at a University of The Bahamas seminar said the framework for processing applications should be completed by the planned July 1 launch date. However, he added that further legislative changes will have to be made to the Pharmacy Act but, once the medical cannabis
framework has been completed, the application process can begin. No applications have been received or processed to date.
“The framework will be completed when we go live July 1. We’ll try to go live July 1, short of weather or legislative difficulties, because there are some legislative changes will have to be made, particularly to the Pharmacy Act, but short of
that incumbency we should be going live July 1,” said Dr Brown.
“We can’t do any applications until you have all the process and procedures for the application to be in place, the criteria, etc. We cannot even give people the belief that they can apply now. It will be misleading and disingenuous to do so.”
Dr Marvin Smith, the Bahamas Pharmaceutical
Association’s (BPA) president, said some regulations relating to product information still have to be “fleshed out” as well as protocols for importing cannabis products into The Bahamas and, eventually, rules for exporting those products. He added that once standards have been set for cannabis imports, Bahamian dispensary owners can then build trade
Realtor triples 2024 business by closing on 100 transactions
By FAY SIMMONS Tribune Business Reporter
A BAHAMIAN realtor yesterday hailed a “phenomenal” 2024 in which it tripled its business by closing some 100 transactions at the market’s high-end.
Ryan Knowles, MAISON Bahamas founder and chief executive, said the firm shrugged off the slowdown in global real estate as it sold more than 30 percent of a new development which he did not identify. This came despite a reduction in traffic from the US due to the 2024 presidential election.
“With the backdrop of a somewhat slower real estate market in 2024, we had quite a phenomenal year with over 100 transactions completed. We successfully launched a new development here in Nassau and sold well over 30 percent of that project in the space of the year. We brought on numerous new agents, and kind of just grew from strength to strength,” said Mr Knowles.
“2024 was an awesome year. It was somewhat slower, I think, mostly because of the US election, and there was a bit of uncertainty in the global markets kind of waiting for that to play out.”
Mr Knowles said once the US election concluded there was
an increase in activity and properties are being closed on “fairly quickly” once they are priced correctly.
He projected that sales will remain strong throughout 2025 with the high-end real estate market continuing to grow. “We’ve seen since that election, and President Trump being elected, an increase in activity. We’ve definitely seen lot of traffic on our website, lots more viewings on the ground,” said Mr Knowles.
“Properties are trading hands fairly quickly once it comes on the market at a good price, and we’ve already seen 2025 start off very strongly. We’re expecting more of the same for the rest of this this year.”
Mr Knowles explained that his agency’s relationship with Forbes allows it to list high-end properties across the international platform’s viewers, expanding their reach and placing Bahamian properties at the forefront of international buyer minds.
“One of the unique attributes that we have at our firm is our relationship with Forbes, which allows us to market our properties internationally at a very high level and just get enormous reach for listings in The Bahamas,” said Mr Knowles.
“Most of our buyers at the luxury price point are coming from abroad, and so it’s very effective to be
able to reach them through means that they’re familiar with, such as Forbes magazine, forbes.com and everything that comes along with that, in addition to the broker network that Forbes has, which is quite powerful.”
MAISON is expected to open an additional office in New Providence this year, and Mr Knowles said he is “actively” exploring locations on the Family Islands to facilitate future growth.
“We’re going to be opening new offices; it’s a continuation of our growth. We started the firm in 2022, there were just two of us, now we’ve grown to be a total of around 20 licensed agents and apprentices as well as staff,” said Mr Knowles.
“We’re going to be opening a second office here in Nassau. We have signed a lease, and we’re getting the space ready so our clients and our agents can be on the lookout for that in the coming months. In addition to that, we are actively looking into offices in some of the Out Islands. It’s a natural next step for us, just because of the growth that we’ve been having.”
He added that the Bahamian real estate market is “on the radar” internationally, and added: “We have high expectations for The Bahamas real estate market. I travel quite a bit, and everywhere I travel,
people are asking about The Bahamas or they’re going to The Bahamas. They’re thinking about it. It’s on the radar. It’s on everyone’s lips, and certainly in the luxury real estate space,” he added.
“We’re excited to be at the forefront of this incredible growth. We are going to be expanding, and are open to bringing on new agents from other firms who may want to jump start their careers or continue their strong growth in their own careers. We put a real emphasis on training more
than would be standard in the industry. We really focus on training and continuing education for all of our advisors.”
Mr Knowles said his business model focuses on ensuring clients have a positive experience, which has resulted in a high percentage of repeat clients and many referrals to friends and family members.
“We look at the real estate process a little differently. We don’t look at it as a as a transactional relationship with the owner. We look at the long-term
relationships with international partners. “Some of the regulations need to be fleshed out. I think there needs to be some additional regulations as it deals with actual product information. Then we need to start putting together a proper protocol for import and export down the road,” Dr Smith explained.
relationship, and our job, as we see it, is to advise the client on what’s best for them,” said Mr Knowles.
“It’s really about catering to the client’s needs and putting their needs above our own. We found that that’s worked quite well for us, and a very high percentage of our clients come back to us to buy a second property or refer an associate or a family member because they trust us and they appreciate the approach that we take when it comes to their real estate journey.”
Gov’t bids to drop ‘birth month’ auto coverage mandate
person, and to substitute an alternative new requirement which provides that a policy of insurance shall be renewed annually by an insured person,” the Bill states.
This change comes as Tribune Business was informed that “at least one” Bahamian insurance underwriter has increased its minimum annual thirdparty auto premium to align it better with the high risks associated with driving on the streets of Nassau and New Providence.
Reiterating that the ‘birth month’ mandate would have created an “administrative nightmare” for insurers, given the volume of clients who would have been forced to switch the timing of annual auto coverage renewals, Mr Ferguson told this newspaper: “That’s something we pointed out to every authority; that it was essentially counter-productive.
“We could understand the reasoning behind it and the good intent, but it would have the opposite effect [to enforcing insurance coverage for all] because people would not be able to afford to renew insurance and pay for their car to be licensed in the same month. That part of the Act seemed to be a bit oblivious as to the unintended consequences that would happen. People have to make a choice
However, Bruce Ferguson, president of Professional Insurance Consultants (PIC), hailed the change contained in the Road Traffic (Amendment) Bill 2025 as “wonderful news” and in line with what the Bahamian insurance industry has recommended to the Government. He added that several clients have already been contacting, and visiting, brokers and agents such as himself to adjust their renewals to their birth month.
between what they spend money on.”
Mr Ferguson hinted that third-party auto insurance coverage costs are likely to increase due to the high level of claims and loss ratios some underwriters are experiencing due to the significant number of traffic accidents on New Providence and other islands’
“Particularly with some insurers putting their minimum premiums up because of the deterioration in their accounts,” he added. “We’ve seen at least one insurer increase there’s, and it’s not before time. In my personal view, you should not be able to get insurance for this island for $300 a year when the risk is much higher, so we accept that insurance premiums have to increase to try and match the risk of driving on Nassau’s roads.”
Praising the Government, and in particular Jobeth Coleby-Davis, minister of energy and transport, for reversing course so swiftly,
Mr Ferguson added: “We’re happy to hear our remonstrations have been heard for once. That will be greatly appreciated if that is the case.
“We totally accept that we need to reduce the amount of uninsured drivers on the road and approve of parts of the Bill that say you cannot insure a vehicle for less than six months. We also like the impounding of vehicles if there is no insurance.”
Mr Ferguson said the ‘birth month’ mandate, which was passed last year, has already prompted some to switch the date of auto policy renewals to come into compliance.
“A number of clients have been following it already, and persuaded into thinking this is officially the law,” he added. “We were told that this is a transition year, and that everyone had been given a year to comply.
“Clients were already changing. Yes, it was an administrative nightmare.
It does mess the renewal cycle up. It makes it more difficult to track them and remind clients when renewals are due. People should be able to choose, depending on their circumstances for whatever reason, when they want to renew.”
Reginald Munroe, RoyalStar Assurance’s executive manager for underwriting and reinsurance, also backed the proposed Road Traffic Act change although he needed to assess how the amendment would work alongside the stipulation that drivers cannot cancel an insurance policy within six months of its issuance.
“I reached out to the Bahamas Insurance Association (BIA) asking for clarification on the annual part,” he said. “The previous legislation amended it to being six months. I’m seeking clarification on that point now. When I spoke to the BIA this morning, they said the six-month requirement remained.
REGULATORS TARGET JULY 1 LAUNCH OF MEDICAL CANNABIS APPLICATIONS
“We need to know what our standards are because it allows Bahamians to then go and get from wherever in the world that
meets the standard.” Dr Smith maintained that the industry should be reserved exclusively for Bahamian ownership and participation only, and he argued there is enough
capital and expertise locally to make the industry flourish.
He added that while companies which were part of last week’s BahamasCanada trade mission have
indicated they would like to help build a local medical marijuana industry, there is no room for foreign ownership or involvement.
“We’ve been growing cannabis in the Caribbean long before Canada even knew what it was. We should be doing it the other way around. We do not need foreign help. We do not need foreign assistance. There’s enough money in this country. There’s enough expertise among Bahamians,” said Dr Smith.
“We have the people in this country to make this happen, and we have the money to make it. [They are needed] as customers, not as owners in this industry. I am never going to be a proponent for foreign involvement in something that should be Bahamian and only for Bahamians.”
Dr Smith said there is also a need for industry participants to undergo training before entering the industry so they are aware
of standards and procedures from the start.
“It’s a new product that we’re bringing to the market, so we need to have that. The other thing is, the quality standards that are going to be issued, people need to know what they should be looking to produce and what standards are going to be there before they decide to get into a business,” said Dr Smith. Under the new regulatory regime, initial licence fees range from $1,000 to $5,000, while annual licence fees go from $500 to $14,712 depending on the type. Cultivation, retail, transport and religious use licences are reserved for Bahamian citizens aged 21 years or older, or companies that are 100 per cent beneficially owned by one or more Bahamian citizens.
Analytical testing licences, manufacturing licences and research licences can be obtained by entities where one or more
“There was no mention of it being increased to 12 months. That begs the question as to how it works there with the requirement for how the policy is to be cancelled and when. If someone comes in, and takes out an annual policy, what prevents them from cancelling the policy later?”
Still, Mr Munroe approved of removing the ‘birth month’ mandate.
“We welcome that change because it actually has no bearing on coverage. It’s a moot point,” he explained. “It’s more than welcome. We have no issue with that, and I think the industry as a whole welcomes that. It eliminates the confusion and will be easier to administer.
“It was creating confusion in terms of what agents do when clients come in to renew. The best part of this legislation is the power to impound uninsured vehicles. Once that is done, and word gets around on social media, all those issues will go away and people will start taking out insurance.”
Bahamian citizens beneficially own at least 30 per cent of the company.
The initial fees for cultivation, religious and transport licences are $1,000. For manufacturing, retail and research licences, the initial fee is $3,000. For an analytical testing licence, the initial fee is $5,000. For cultivation purposes, the non-refundable annual licence fee is $2,944 for nurseries, $9,800 for microcultivation and $12,600 for standard cultivation. The non-refundable annual fees for manufacturing, analytical testing, research, transport and retail licences are $14,712; $7,356; $7356; $9,800; and $14,712, respectively. The transport licence fee of $14,712 applies for up to three vehicles. For each additional vehicle, the fee is $7,400.
There are administrative fees for security vetting, electronic database and tracking software services, and inspection fees. The costs range from $2,400 to $200.
‘Game played in shadow’: Realtors lose on strike-out
has nothing to do with the partnership, Darville Wong Realty. I have nothing to do with no construction company, nothing at all,” he said when contacted by Tribune Business
Chris Darville, Mr Wong’s business partner and co-founder of Darville Wong Realty Ltd, also initially denied knowledge of the legal battle and what it concerned. However, he later indicated he was aware of Ms Butler and her property, but seemed to lay all responsibility with Mr Ndlovu.
“I never went to court. It was all Gary [Gregory] and his attorney. I don’t know what this case is all about to tell you the truth. I have no idea what this case is all about,” Mr Darville said first. He then added: “I advanced the money to this lady because she couldn’t finish the property. She left the house sitting there, rotting down. It’s not our problem. Gary [Gregory] said the lawyer told him it was finished.”
However, Justice Fitzcharles also rejected Darville Wong Realty’s bid to strike out the claim as she paved the way for a trial on the substantive merits for the decade-old construction dispute. Darville Wong Realty and its attorney, Rouschard Martin, had argued that Ms Butler launched her claim against the wrong party because it was not involved in “any contractual dealings” with her.
Asserting that Ms Butler had admitted in her legal filings that all dealings were with another entity, Darville Construction and Property Management, they also claimed that the case was “frivolous, vexatious and
an abuse of the process of the court”. An entity called Darville Wong Realty was named as the initial defendant in the action.
Ms Butler, though, held to her argument that the all parties “at all times held themselves out to the claimant as ‘Darville Wong Realty’”. And, arguing that her claim should not be struck out, she also asked the Supreme Court’s permission to change the defendants to Darville Wong Realty Ltd; Darville Construction and Property Management; and Gregory Ndlovu - something the judge has how agreed to.
“The claimant, Lashan Butler, seeks from the defendant damages in the sum of $112,000 and other reliefs for breach of a contract dated February 26, 2015, to construct a single family dwelling home on Lot number seven Killarney Shores subdivision on the island of New Providence,” justice Fitzcharles wrote in her verdict.
“The claimant alleges that Darville Wong Realty, doing business as Darville Construction and Property Management Ltd, entered into a contract with her to construct a dwelling house.. The contract price was
$172,000, which was to be paid in stages by a mortgage loan taken out by the claimant.
“The work was estimated to be completed within 180 days from April 16, 2015, resulting in an estimated completion date of September 12, 2015.” That, though, was not achieved and construction dragged on for more than two years.
“The claimant pleaded that, throughout the course of the work under the construction agreement, the defendant was gravely behind its agreed timelines and the claimant faced the possibility that the loan provider would withdraw the loan facility,” justice Fitzcharles added. “The construction work proceeded well beyond the 180-day estimated timeline into 2017.
“The claimant then alleges that, in or about early July 2017, she was told by a representative of the defendant, Gregory Ndlovu, that they were unable to complete the work. As a result of the claimant’s retention of an appraiser to assess the progress of the work and cost to complete, she pleaded that on July 17, 2017, she learned the defendant
negligently and in breach of contract carried out defective work and failed to complete works after having been paid for it.”
Ms Butler alleged that “overall only 85 percent of the work was completed in the contract”, and she begged Darville Wong Realty “to no avail” to fulfill its contractual obligations. Claiming that “she suffered a loss of materials and was left with the defendant’s defective work”, Ms Butler also claimed she was contacted in writing by Mr Ndlovu on November 1, 2017. Purporting to write on behalf of Darville Construction & Property Management, he said neither the company nor its partners would “be affiliated” with the project any longer. Ms Butler is suing over her alleged loss from “repudiation” of the construction contract, but on December 21, 2021, Darville Wong Realty filed a defence alleging she was responsible for the delays with the project.
And it also counterclaimed for $34,400 allegedly owed for work on the project, while seeking a further “$17,200 and $6,800 for “loss of opportunity” and “loss of retention fee” respectively. Darville Wong Realty also denied it did business as Darville Construction & Property Management, as the construction agreement was “accepted and executed” under the name of Darville Wong Realty. And it denied Mr Ndlovu was its agent.
Ms Butler, in her evidence, said correspondence from the contractor use “the logo” of Darville Wong Realty, while stage payments made by the mortgage lender, FINCO, “were made out to Darville Wong Realty”. Justice Fitzcharles, in her verdict, said it was clear that the construction contract was entered into by persons “using a single trade name, Darville Wong Realty”.
And she pointed out that Darville Wong Realty, having appeared and entered a defence and
counter-claim, was now precluded by the former Supreme Court rules - in force when the action was started in 2021 - from seeking to strike the claim out. She described the firm’s relationship to Ms Butler, and with the other entities involved, as resembling “a game played in shadow”. Justice Fitzcharles also noted that Darville Wong Realty in its court filings admitted that Ms Butler had paid for four stages of the construction agreement, worth a combined 65 percent of the full $172,000 payment. “Some person or entity using the trade name Darville Wong Realty entered into the construction contract with Lashan Butler,” the judge added, asserting they both carried out work and received FINCO payments.
Finding that the claim deserves to go to a full trial, and should not be struck out, justice Fitzcharles found that “joining those who have participated in the construction agreement is preferable and outweighs dismissing the claimant’s case or refusing to add appropriate or necessary parties”.
Bahamian broker faces $11m insolvency fears
proceedings against FlowBank on June 13, 2024, and secured the appointment of liquidators, “due to insufficient capital and concerns of over-indebtedness”. This, in turn, triggered massive problems for LCG Capital Markets, initially incorporated as London Capital Group Bahamas, due to its heavy reliance on the Swiss parent for back office support and client origination.
The Bahamian broker/ dealer, which specialised in arranging deals, foreign exchange (forex) trading and contracts for difference (CFDs), the latter of which involves buyers paying the difference between an asset’s current price and the value at the time the contract was initiated, took just one month it would be unable to exist without its parent’s support.
“LCG is wholly owned by Swiss-based bank FlowBank,” Ms Rolle said, “which has provided crucial services to LCG via outsourcing agreements, including client funds
reconciliations, Know Your Customer and antimoney laundering services, information technology services, customer support and finance and accounting services.....
“LCG advised the Commission, via letter dated July 12, 2024, from its attorneys, Graham, Thompson & Company, that it was unable to continue without the financial and operational support from FlowBank and sought the Commission’s intervention with initiating a supervisory liquidation of the company.” FlowBank’s Swiss liquidators had already confirmed they “cannot give access to any funds” to the Bahamian broker/dealer.
Back office support and the provision of “any further financial services” was also being cut-off, and Ms Rolle added: “The Commission has been made aware that LCG is projected to be insolvent in the amount of $10.827m, noting that adjustments made by FlowBank leave the company with insufficient funds to pay its clients.”
Then Mr Munnings, during a September 27, 2024, meeting at the Securities Commission’s offices to discuss the broker/dealer’s financial and operational issues, advised: “LCG is financially reliant on FlowBank and therefore unable to meet its debts and operational demands without this support.
“FlowBank has assisted LCG financially in the form of subordinated loans, but this approach was changed to providing assistance to LCG in the form of bank overdrafts. This only added to LCG’s debt issues because the overdrafts also accrue interest.”
Mr Munnings, according to Ms Rolle, also revealed that FlowBank’s Swiss liquidators had warned they would “not fulfill” an agreement which would have provided the Bahamian broker/dealer with $4.9m or about 31 percent of its total revenues.
And, as FlowBank was shut down, “LCG clients were no longer able to freely trade or make withdrawals. This resulted in LCG
being unable to provide information to their clients concerning their CFD trading and withdrawals”.
Ms Rolle, noting that LCG Capital Markets’ audited financial statements showed it had incurred total losses, or an accumulated deficit, of $18.206m to endDecember 2021 - just over four years since it was incorporated in November 2017 - said: “Several regulatory matters relative to LCG’s operations have also given rise to concerns about their governance issues.”
Both the Bahamian broker/dealer’s audited financials for 2022 and 2023 remained outstanding when the Securities Commission petitioned to place it in Supreme Court-supervised liquidation. The regulator added: “LCG has faced a significant regulatory capital deficiency since the 2019 third quarter, which has worsened due to unhedged client positions and capital shortfalls.
“Despite repeated requests from the Commission for a detailed capital management plan and financial support from FlowBank, LCG failed to address its insufficient capitalisation... LCG’s financial insolvency and lack of funds for voluntary liquidation are in direct contravention of regulatory capital requirements, necessitating regulatory intervention.”
And Ms Rolle, in her accompanying affidavit, disclosed: “LCG’s regulatory challenges are compounded
by governance issues and non-compliance with corporate obligations.” She said LCG’s ‘annual information update’ forms for 2022 and 2023 both listed Mr Munnings, its chief executive, as also being the company’s sole director.
The Securities Commission, on January 22, 2024, requested an updated directors’ register and asked when at least one additional person would be appointed to the Board. Mr Munnings, on March 20, 2024, named the extra person that LCG planned to appoint as a director but, more than eight months’ later, had failed to submit a formal application seeking regulatory approval for this. And, while FlowBank’s Swiss liquidators had pledged to help LCG “facilitate the migration of their clients to another designated service provider and, most importantly, to proceed with the splitting of all data pertaining to LCG versus FlowBank”, the deadlines by when this was supposed to happen have now passed without any further word.
The Securities Commission suspended LCG’s registration with immediate effect for 30 days on October 31, 2024, an action that was backed - along with Supreme Court-supervised liquidation - by the broker/dealer itself just one day later. Having “ceased to operate”, LCG was unable to voluntarily windup because it lacked the
necessary two Board direc-
tors to give this effect.
“Given the mentioned regulatory issues coupled with the ongoing supervisory winding-up of Flow Bank, LCG’s circumstances are anticipated to only worsen,” the Securities Commission asserted in its petition. “LCG, being insolvent in the amount of $10.827m, is unable to meet its debts and operational demands, and adjustments made by FlowBank leave the company with insufficient funds to pay its clients.
“Parent company FlowBank, on whom LCG relies financially, is being woundup and without this financial support LCG cannot continue operating.” As a result, the Securities Commission argued it was in the interest of LCG’s clients, investors and creditors that the company be wound-up.
Mr Munnings, in a November 1, 2024, letter to Ms Rolle, agreed: “Further to the Securities Commission of The Bahamas letter of October 31, 2024, I confirm receipt and agreement with the registration suspension and regulatory wind-up of the company.
“I will inform former LCG staff and registered officers that they are expected to facilitate the windingup action to the best of their ability and assist the appointed joint provisional liquidators, James Gomez and Noreen Campbell, both of Ecovis Bahamas, with their requests.” There is nothing to suggest that Mr Munnings, or any LCG staff members, have done anything wrong.
FROM ALASKA TO MAINE, COMMUNITIES THAT BORDER
CANADA WORRY US TARIFFS COME AT A PERSONAL COST
By DEE-ANN DURBIN and SALLY HO AP Business Writers
At the U.S. Embassy in Ottawa, a quote from former President Ronald Reagan is engraved on one wall.
"Let the 5,000-mile border between Canada and the United States stand as a symbol for the future," Reagan said upon signing a 1988 free trade pact with America's northern neighbor. "Let it forever be not a point of division but a meeting place between our great and true friends."
But a point of division is here. On Tuesday, President Donald Trump plans to impose a 25% tariff on most imported Canadian goods and a 10% tariff on Canadian oil and gas. Mexico is also facing a 25% tariff.
Canada has said it will retaliate with a 25% import tax on a multitude of American products, including wine, cigarettes and shotguns.
The tariffs have touched off a range of emotions along the world's longest international border, where residents and industries are closely intertwined. Ranchers in Canada rely on American companies for farm equipment, and export cattle and hogs to U.S. meat processors. U.S. consumers enjoy thousands of gallons
of Canadian maple syrup each year. Canadian dogs and cats dine on U.S.-made pet food.
The trade dispute will have far-reaching spillover effects, from price increases and paperwork backlogs to longer wait times at the U.S.-Canada border for both people and products, said Laurie Trautman, director of the Border Policy Research Institute at Western Washington University.
"These industries on both sides are built up out of a cross-border relationship, and disruptions will play out on both sides," Trautman said. Even the threat of tariffs may have already caused irreparable harm, she said.
Canadian Prime Minister Justin Trudeau has urged Canadians to buy Canadian products and vacation at home.
The Associated Press wanted to know what residents and businesses were thinking along the border that Reagan vowed would remain unburdened by an "invisible barrier of economic suspicion and fear."
Here's what they said:
Skagway, Alaska-Whitehorse, Yukon
People flocked from the boomtown of Skagway, Alaska, to Canada's Yukon in search of riches during
the Klondike gold rush of the late 1890s, following routes that Indigenous tribes long used for trade.
Today, Skagway trades on its past, drawing more than 1 million cruise ship passengers a year to a historic downtown that features Klondike-themed museums. But the municipality with a population of about 1,100 still holds deep ties to the Yukon.
Skagway residents frequently travel to Whitehorse, the territory's capital, for a wider selection of groceries and shopping, dental care, veterinary services and swimming lessons. The Alaskan city's port, meanwhile, still supports Yukon mining and is a critical hub for fuel and other essentials both communities need.
"It's a special connection," Orion Hanson, a contractor and Skagway Assembly member, said of Whitehorse, which sits 110 miles (177 kilometers) north and has 30,000 people. "It's really our most accessible neighbor."
Hanson is concerned about what tariffs might mean for the price of building supplies, such as lumber, concrete and steel. The cost of living in small, remote places already is high. People in Whitehorse and Skagway worry about the potential impact on
TRUMP ADMINISTRATION TO SLASH FUNDING FOR ENFORCEMENT OF FAIR HOUSING LAWS
By JESSE BEDAYN Associated Press
PRESIDENT Donald Trump's administration has begun terminating grants to organizations that enforce the Fair Housing Act by taking complaints, investigating and litigating housing discrimination cases for Americans across the country, according to documents and information obtained by The Associated Press on Friday. The grants are disbursed by the U.S. Department of Housing and Urban
Development to private nonprofits, which act as the frontline enforcement of the federal anti-discrimination law passed in 1968. They educate communities on their rights, test whether a landlord is racially discriminating, investigate complaints, resolve disputes and can help with legal counsel.
Of an estimated 34,000 fair housing complaints lodged in the U.S. in 2023, these private nonprofits processed 75%, according to a report from the National Fair Housing
Alliance. The rest were fielded by state and local governments, with HUD and the U.S. Department of Justice working on less than 6% combined. It is the highest number of complaints since the first report in the 1990s, and over half were lodged for discrimination based on a disability.
Now, of the 162 active grants going to the private nonprofits to do that work, nearly half are slated for cancellation, said Nikitra Bailey, executive vice president at the National Fair
community relations as well as prices.
Norman Holler, who lives in Whitehorse, said the months the tariffs have loomed created "an uncomfortable feeling and resentment." If the threat becomes reality, Holler said he would probably still visit Alaska border towns but not other parts of the United States.
""Is it rational? I don't know, but it satisfies an emotional need not to go," he said.
- Becky Bohrer in Juneau, Alaska
Point Roberts, Washington-Delta, British Columbia
At the border of Washington state and British Columbia, the tension over tariffs is evident in a waterfront community that is hoping for Canadian mercy.
Point Roberts is a 5-square-mile (13-square kilometer) U.S. exclave whose only land connection
Housing Alliance. Bailey added that some organizations rely entirely on the grants and may have to shutter, others will have to lay off staff and limit services.
"It's doing it at a time when Americans want to see an end to the barrage of rising housing costs and a lack of housing supply," Bailey said. "They need increased support and intervention from our federal government, not a withdrawal from basic civil rights."
In a statement, a spokesperson for HUD said: "The Department is responsible for ensuring our grantees and contractors are in compliance with the President's Executive Orders.
lies in Canada, which supplies the unincorporated nub of American soil its water and electricity. It's a geographic oddity that requires a 20-mile drive around Canada to reach mainland Washington state.
Local real estate agent Wayne Lyle, who like many of his neighbors has dual U.S.-Canadian citizenship, said some of Point Roberts' roughly 1,000 residents are signing a petition pleading with British Columbia's premier for an exemption to whatever retaliatory tariffs Canada may institute.
"We're basically connected to Canada. We're about as Canadian as an American city can be," Lyle said. "We're unique enough that maybe we can get a break."
Lyle, who serves as the president of the Point Roberts Chamber of Commerce, said it's too early to identify measurable effects, but he fears Canadians won't visit the popular summer getaway destination out of spite.
If we determine they are not in compliance, then we are required to take action.
The Department will continue to serve the American people, including those are facing housing discrimination or eviction."
The "program really exists because the fair housing laws don't enforce themselves," said Maureen St. Cyr, executive director of Massachusetts Fair Housing Center, a group that's grant is being terminated. "People need lawyers to make those rights a reality."
St. Cyr listed several scenarios the nonprofit has helped with: a family being denied housing because they have children, a veteran with a disability
"We don't want Canada to think we're the bad guys," Lyle said. "Please don't take it out on us."
- Sally Ho in Seattle Billings, Montana-Alberta
The 545-mile (877-kilometer) stretch of land that separates Montana from Canada includes some of the sleepiest checkpoints on the binational border. Several of the state's border posts had fewer than 50 crossings a day on average last year.
But unseen, in underground pipelines that cut through vast fields of barley, flows about $5 billion annually worth of Canadian crude oil and natural gas, most of it from Alberta. The lines traverse a continental pivot point -- Montana is the only state with rivers that drain into the Pacific Ocean, Gulf of Mexico and Canada's Hudson Bay – and deliver to refineries around Billings.
needing a ramp and a domestic abuse survivor being evicted because of the actions of the abuser.
"We are doing a lot of work with pretty minimal money," St. Cyr said.
The grants intended for fair housing enforcement, part of HUD's Fair Housing Initiatives Program, are largely worth $425,000, an amount which is typically issued annually to organizations.
In a termination letter, a copy of which was obtained by the AP, HUD said that the cancellations were at the direction of Trump and the Department of Government Efficiency, called DOGE, run partly by billionaire Elon Musk.
WASHINGTON State Park workers put up a new Canadian flag in front of an American flag about to be replaced during scheduled maintenance atop the Peace Arch in Peace Arch Historical State Park Monday, Nov. 8, 2021, in Blaine, Wash.
Photo:Elaine Thompson/AP
Super Value making ‘good progress’ on cheaper eggs
Symonette told this newspaper. “Once we get them in, we’ll be glad to make the announcement. We’re confident it will be fairly soon.
“For consumers it will be a big relief, and for us as well because we’re really trying to offer the best possible price. The majority of the increase is the bird fly. It’s having a tremendous affect on the prices right now, here and in the US.
We’ve been importing from the US.”
Ms Symonette, though, said Super Value does not believe it will have to follow the lead of US supermarket counterparts and impose limitations/restrictions on the quantity of eggs individual shoppers can buy as a result of supply shortages.
“Fortunately, we haven’t had any issues with supply,” she told this newspaper.
“Our main concern is the price. It’s only the US where they have actually limited the number of eggs customers can get. Right
now we don’t foresee that. So far we are OK with that aspect. I hope it remains that way.
“We haven’t had to do anything like that yet, but because of the outrageous price we are really trying to see where we can get eggs at lower prices. As long as the prices continue to rise there we will have to follow suit because we are going to have to pay those prices in order to get supply in. We have to watch those prices. You cannot continue to take a hit that puts you out of business.
“A dozen are $9-something with VAT. It’s pretty high and people are not used to paying those types of prices for eggs, so they are really upset right now. Every day people ask what’s going on, why are these prices so high, when are they coming down, so we are really doing our best to find another source that is not affected by this bird flu.”
Emphasising that high egg prices have not been
caused by Bahamian retailers, wholesalers or farmers, Ms Symonette said the food distribution industry’s mark-ups are restricted by price controls. “The Government does have a restriction on the mark-ups put on eggs,” she added.
“It’s a 10 percent mark-up.
“When consumers see high prices it’s not that we have put an outrageous mark-up or anything. We put what the Government allows us to put. It’s just that the base price, the cost is soaring. They’re really trying to contain the bird flu and that’s why they’ve had to kill off so much of the birds. I think this all started in 2021, and now it’s come around again and this time they’ve probably had to kill more then 34m birds.
“But we’re making good progress. I feel confident we’re going to be able to offer lower prices to consumers in the near future. I wouldn’t want to put a timeline on that, but we’re doing our best to search for that.”
Ms Symonette’s comments
IN ADDRESS TO CONGRESS, ARGENTINE PRESIDENT MILEI PROMISES IMF DEAL AND LAUDS ECONOMIC WINS
By ISABEL DEBRE Associated Press
ARGENTINA'S libertarian president Javier Milei signaled late Saturday that a new deal with the International Monetary Fund was imminent, as he used his annual address to congress to project an optimistic picture of his economic overhaul following a divisive first year in office and recent swirl of controversies.
In a speech that played to the sentiments of his rightwing base but included little in the way of new policy, Milei promised the crisisstricken nation that, in the coming days, he would "ask congress to support the government in this new agreement with the International Monetary Fund" even as it seemed
Argentina had yet to close the deal.
Revisiting the economic themes of his 2023 presidential campaign ahead of crucial midterm elections in October, Milei declared: "We went from talking about hyperinflation to talking about long-term stability."
He cited his standard refrain about the government's success in dragging down the monthly inflation rate from a peak of 26% in December 2023, when he entered office, to just over 2% in January, and in helping the country claw its way out of a painful recession.
"We have gone from being a global laughing stock ... to being an unexpected protagonist," Milei said.
Tech billionaire Elon Musk, who waved a chainsaw gifted by Milei at
NOTICE is hereby given that YLVETA CLEARE of Sandilands Village, Fox Hill, New Providence, The 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 3rd day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
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.
came after government officials last week asserted that the ‘Golden Yolk’ project to drive domestic egg production remains alive despite few tangible signs of progress.
Journalists were taken to view D & T Farms on Gladstone Road, described as a public-private partnership (PPP) initiative, which currently houses 2,000 egglaying chickens providing over 70 dozen eggs on a daily basis. The farm also houses a piggery.
A site that currently houses 10,000 chicks which arrived in The Bahamas recently was also viewed. Government officials said they will be part of the ‘Golden Yoke’ programme that is being overseen by Justin Taylor, a poultry scientist and expert in the field of chicken farming. At the same site, there are currently 1,000 layers already providing eggs for general consumption.
Troy Sampson, BAIC general manager, said it is anticipated that around
the Conservative Political Action Conference last week in Washington, has cited the Argentine president's approach as inspiration for his own rampage through American federal bureaucracy.
"The eyes of the world are now on Argentina after a long time," he said. "As is the case of Elon."
On trade policy, Milei announced Argentina would leave the Mercosur bloc of South American nations if needed to clinch a free trade agreement with the United States.
It marked Milei's latest effort to align his nation with U.S. President Donald Trump's administration at the expense of Argentina's previous allies and regional partnerships.
"To take advantage of this historic opportunity, we must be willing to make things more flexible or
20,000 eggs will be available for local consumption once the initiative gets underway.
Jomo Campbell, minister of agriculture and marine resources, said he does not want the Golden Yolk initiative to be seen as a “golden joke”, adding that it is “real”.
“The birds are real, the infrastructure is real, the land is real, the people are real and the benefits, the most important part for the Bahamian people, is as real as [it] could ever be,” he argued. The minister added that vendors selected for the programme will sell their eggs to the Bahamas Agriculture and Marine Science Institute (BAMSI) or Bahamas Agricultural and Industrial Corporation (BAIC).
even, if necessary, to leave Mercosur," he said.
Dangling an IMF deal
In his speech, Milei gave no further details about the supposed new financing deal with the Washingtonbased lender — a program his government has sought for months in order to help lift Argentina's strict capital and currency controls in hopes of reaping the
benefits his free-market reforms, which, in 2024, delivered Argentina's first fiscal surplus in 14 years.
Milei said his government would use a cash infusion from the IMF to replenish the central bank's diminished hard currency reserves, helping prevent a possible run on the peso as Argentina attempts to lift its complex web of capital
“So now we have several different locations, islands and cays that are going to be totally self-sufficient with eggs,” Mr Campbell said. “So unlike some of our brothers and sister countries that are one land mass, when they’re impacted by a disease like bird flu, it wipes out everything.
“Fortunately for us in The Bahamas, if we have an outbreak in Andros, we’re able to alleviate that with our other islands that are separated by bodies of water. So we want to show people not just the natural sun, sand and sea beauty of it, but the fact that we have an advantage in an industry to ensure that what we provide to the general public is safe and sound and will be consistent. And that’s the key for us.”
Then will then resell these eggs to the public at a lower price. Explaining the advantage of being an archipelago building an egg production industry, Mr Campbell added that if one island experiences a problem with its chicks, the other islands can make up for it.
controls before the year's end.
"This new agreement will give us the tools to pave the way toward a freer and more efficient exchange rate system for all our citizens, to attract greater investments that will translate into lower inflation, greater growth and employment levels," Milei told congress.
Foreign companies consider the notorious currency controls, which set an official exchange rate and restrict access to dollars in Argentina, to be the greatest impediment to investing in Argentina.
The IMF, encouraged by Milei's progress but wary about the sustainability of his austerity, has been weighing whether to lend more money to troubled Argentina, its largest debtor with a history of defaults that still owes over $40 billon for its most recent program that ended in December.
The fund did not immediately respond to a request for comment.
ARGENTINA’s President Javier Milei delivers the annual State of the Nation address, which marks the start of the legislative year, in Buenos Aires, Argentina, Saturday, March 1, 2025. Photo:Rodrigo Abd/AP
Wall Street rallies, and Dow jumps 600 to make a dreary February not so bad
By STAN CHOE AP Business Writer
U.S. stocks rallied on Friday to close out their dreary February on a brighter note.
The S&P 500 jumped 1.6% to trim its loss for the month, enough to make it the worst only since December instead of since April. It had dropped in five of the prior six days after weakerthan-expected reports on the economy and worries about President Donald Trump's tariffs knocked the index off its all-time high set last week.
The Dow Jones Industrial Average rose 601 points, or 1.4%, and the Nasdaq composite climbed 1.6%.
Much of the recent damage had focused on the market's biggest winners of recent years, whose momentum had seemed nearly impossible to stop at times. Stocks that flew in the frenzy around artificial-intelligence technology slumped sharply, for example. Bitcoin, meanwhile,
dropped more than 20% from its record. Many of those beatendown areas of the market jumped Friday to recover some of their losses. Nvidia, which has become one of the market's most influential stocks, rose 4% following its 8.5% tumble Thursday and was the strongest force lifting the S&P 500. Bitcoin bounced back above $84,000 after falling below $79,000 during the morning.
Stocks rose following an economic report released in the morning that included both some encouraging and discouraging trends Inflation across the country decelerated a bit and behaved pretty much exactly as economists expected, according to the measure that the Federal Reserve prefers to use. That's good news for the entire market because it could give the Federal Reserve leeway to continue cutting its main interest rate at some point later this year. That, in turn, could help goose the economy. The
Fed has been keeping rates on hold so far this year after cutting them sharply late last year, in large part because of concerns about potentially stubborn inflation.
But Friday's report also said that U.S. households pulled back on their spending during January. That's dangerous because their strong spending has been a major reason the U.S. economy has avoided a recession despite high interest rates.
GUYANA’S PRESIDENT DENOUNCES VENEZUELAN INCURSION IN OFFSHORE OIL FIELD OPERATED BY EXXONMOBIL
GEORGETOWN, Guyana
Associated Press
GUYANA'S President
Irfaan Ali on Saturday denounced an incursion by an armed Venezuelan naval vessel in disputed waters that are home to a mammoth offshore oil deposit being developed by ExxonMobil.
In a televised address, Ali said Guyana was hurriedly notifying all of
its international allies, including the Trump administration, and had summoned Venezuela's ambassador in the capital, Georgetown, to lodge a formal protest. "This incursion is a matter of grave concern," he said. "Guyana's maritime boundaries are recognized under international law. This is a serious development concerning our nation's
maritime territory. We will not tolerate threats to territorial integrity."
Venezuelan Vice President Delcy Rodríguez disputed Ali's claims and called ExxonMobil's oil installations "illegal."
"He's telling bald-faced lies," she said in a statement, referring to Guyana's president.
The Trump administration, which this week took swift action to tighten
U.S. consumers had already given big hints they're under pressure and worried. Inflation is still high, even if it's not as bad as its peak from 2022, and a widespread worry is that tariffs announced by Trump could push prices for the cost of living even higher.
Wall Street hopes that all the talk about tariffs are merely a tool Trump is using to negotiate with other countries and that he'll ultimately pull back on them, which would mean
sanctions on Venezuelan President Nicolás Maduro 's government, echoed Ali's concerns. "Further provocation will result in consequences for the Maduro regime," the U.S. State Department said on X.
Feud over land and maritime borders Ali said the Venezuelan vessel passed close to several huge vessels used to store oil being produced by three oilfields operated by Exxon and partners Hess Corp and CNOOC of China in the Stabroek Block containing an estimated 11 billion barrels of
flag is displayed on the outside of the New York Stock Exchange in New York, Wednesday, Feb. 26, 2025.
less pain for the global economy than initially feared.
But recent reports have nevertheless shown all the talk has already pushed U.S. consumers to brace for much higher inflation in the future. At some point, such worries could drive their behavior, which could drag on the economy even without tariffs.
All the uncertainty around not only tariffs but also deregulation and other potential moves could mean "if the market doesn't see Trump moving towards more market-friendly policies, the level of trust could continue eroding," Bank of America economists wrote in a BofA Global Research report. Of course, much of January's drop in spending by U.S. households could have been the simple result of painfully cold weather around the country and other anomalies. But it also
oil. He said several aircraft and marine vessels had been deployed to support the large number of drill ships, seismic vessels and support ships operating in the bloc.
Saturday's development came two weeks after armed men, suspected Venezuelan pirates operating in the border Cuyuni River, exchanged gunfire with a Guyanese military patrol, injuring six soldiers, two of them seriously.
Since ExxonMobil made its major oil discovery in Guyana in 2015, Venezuela has revived a century-old territorial dispute with
followed several signals of slowing growth for the U.S. economy, which closed 2024 running at a solid pace.
Most stocks within the S&P 500 rose on Friday, led by AES after the energy company reported profit for the latest quarter that blew past analysts' expectations. CEO Andrés Gluski also said it's seeing strong demand from AI data centers and new U.S. manufacturing plants, and AES stock jumped 11.7%.
Signet Jewelers rose 5.2% after an investment firm, Select Equity Group, amassed a nearly 10% ownership stake in the retailer and said it's pushing the board to sell the company or find another way to boost its stock price. They helped offset a 4.7% drop for Dell, which reported stronger profit for the latest quarter than analysts expected but fell short on its revenue.
Guyana and taken steps to annex the remote Essequibo region that comprises about two thirds of Guyana's land mass.
The two neighboring states have feuded over land and maritime borders for decades as Venezuela claims that an 1890s boundaries commission cheated it out of the oil rich region. The area was administered by Britain for more than a century, and it has been under Guyanese control since 1966, when the nation gained its independence from the United Kingdom.
AN AMERICAN
Photo:Seth Wenig/AP
Private lunar lander Blue Ghost aces moon touchdown with a special delivery for NASA
By MARCIA DUNN AP Aerospace Writer
A PRIVATE lunar lander carrying a drill, vacuum and other experiments for NASA touched down on the moon Sunday, the latest in a string of companies looking to kickstart business on Earth's celestial neighbor ahead of astronaut missions.
Firefly Aerospace's Blue Ghost lander descended from lunar orbit on autopilot, aiming for the slopes of an ancient volcanic dome in an impact basin on the moon's northeastern edge of the near side.
Confirmation of successful touchdown came from the company's Mission Control outside Austin, Texas, following the action some 225,000 miles (360,000 kilometers) away.
"You all stuck the landing. We're on the moon," Firefly's Will Coogan, chief engineer for the lander, reported.
An upright and stable landing makes Firefly — a startup founded a decade ago — the first private outfit to put a spacecraft on the moon without crashing or falling over. Even countries have faltered, with only five claiming success: Russia, the U.S., China, India and Japan.
A half hour after landing, Blue Ghost started to send back pictures from the surface, the first one a selfie somewhat obscured by the sun's glare. The second shot included the home planet, a blue dot glimmering in the blackness of space. Two other companies' landers are hot on Blue Ghost's heels, with the next one expected to join it on the moon later this week. Blue Ghost — named after a rare U.S. species of fireflies — had its size and shape going for it. The squat four-legged lander
stands 6-foot-6 (2 meters) tall and 11 feet (3.5 meters) wide, providing extra stability, according to the company.
Launched in mid-January from Florida, the lander carried 10 experiments to the moon for NASA. The space agency paid $101 million for the delivery, plus $44 million for the science and tech on board. It's the third mission under NASA's commercial lunar delivery program, intended to ignite a lunar economy of competing private businesses while scouting
Iran’s parliament fires minister of finance over plummeting rial, mismanagement
TEHRAN, Iran Associated Press
IRAN'S parliament on Sunday impeached the country's finance minister and voted to remove him from office amid growing concerns over the crashing rial and accusations of mismanagement.
Parliament Speaker Mohammad Bagher Qalibaf announced that 182 out of 273 lawmakers voted to dismiss Abdolnasser Hemmati, just six months after President Masoud Pezeshkian's government took office.
Pezeshkian, who defended Hemmati, emphasized that the government is locked in a tough battle with the West. He called for greater unity and cooperation from Parliament to face these challenges. The decision comes amid rising tensions over Iran's nuclear program and worsening relations with the West. Iran's economy has been severely affected by international sanctions,
around before astronauts show up later this decade.
Firefly's Ray Allensworth said the lander skipped over hazards including boulders to land safely. Allensworth said the team continued to analyze the data to figure out the lander's exact position, but all indications suggest it landed within the 328-foot (100-meter) target zone in Mare Crisium.
The demos should get two weeks of run time, before lunar daytime ends and the lander shuts down.
It carried a vacuum to suck up moon dirt for
especially after the U.S. withdrew from the 2015 nuclear deal. In 2015, the rial was worth 32,000 to the dollar, but by the time Pezeshkian took office in July, it had plummeted to 584,000 to the dollar. Recently, it dropped even further, with exchange shops in Tehran trading 930,000 rials for each dollar.
During the impeachment proceedings, Mohammad Qasim Osmani, a lawmaker supporting Hemmati, argued that rising inflation and exchange rates were
PRIVATE lunar lander Blue Ghost’s shadow is seen on the moon’s surface after touching down on the moon with a special delivery for NASA, Sunday, March 2, 2025.
analysis and a drill to measure temperature as deep as 10 feet (3 meters) below the surface. Also on board: a device for eliminating abrasive lunar dust — a scourge for NASA's long-ago Apollo moonwalkers, who got it caked all over their spacesuits and equipment.
On its way to the moon, Blue Ghost beamed back exquisite pictures of the home planet. The lander continued to stun once in orbit around the moon, with detailed shots of the moon's gray pockmarked surface.
At the same time, an onboard receiver tracked and acquired signals from the U.S. GPS and European Galileo constellations, an encouraging step forward in navigation for future explorers.
The landing set the stage for a fresh crush of visitors angling for a piece of lunar business. Another lander — a tall and skinny 15-footer (4 meters tall) built and operated by Houston-based Intuitive Machines — is due to land on the moon Thursday. It's aiming for the bottom of the moon, just 100 miles (160 kilometers) from the south pole. That's
not the fault of the current government or Parliament. He pointed to the budget deficit left by the previous administration, which he said contributed to the economic instability. Osmani also cited recent geopolitical events as factors that undermined public confidence, causing many people to convert their savings into foreign currency, which in turn further devalued the rial.
Hemmati acknowledged the tough economic climate during his five months
Photo:NASA/AP
closer to the pole than the company got last year with its first lander, which broke a leg and tipped over.
Despite the tumble, Intuitive Machines' lander put the U.S. back on the moon for the first time since NASA astronauts closed out the Apollo program in 1972.
A third lander from the Japanese company ispace is still three months from landing. It shared a rocket ride with Blue Ghost from Cape Canaveral on Jan. 15, taking a longer, windier route. Like Intuitive Machines, ispace is also attempting to land on the moon for the second time. Its first lander crashed in 2023.
The moon is littered with wreckage not only from ispace, but dozens of other failed attempts over the decades.
NASA wants to keep up a pace of two private lunar landers a year, realizing some missions will fail, said the space agency's top science officer Nicky Fox.
"It really does open up a whole new way for us to get more science to space and to the moon," Fox said.
in office, including a 10% reduction in inflation. However, he acknowledged that inflation remained high, standing at 35%. He assured lawmakers that his team was working hard to address the issue, but warned that the process would take time. This latest development is another chapter in Iran's ongoing political and economic struggles as the country continues to navigate a complex relationship with the international community.
