BISX-listed fund targeting $15m deal near Sandyport
• Eyes end-March close on ‘failed development’
• Wants 15% storage return; readies for Bay St.
• Set to seek equity capital from investors in ‘25
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BISX-listed fund is planning to invest between $10m-$15m in transforming a “failed development” near Sandyport into a “short-term residential” complex in the latest phase of its expansion drive.
Michael Anderson, president of RF Bank Bank & Trust, the Bahamas Property Fund’s investment manager and administrator, told Tribune Business it is aiming to close its latest property acquisition by the end of March with ambitions to start construction activity during the 2025 second half.
Affirming that the Fund remains firmly in growth mode, as it bids to double in size to $100m
Tourism alarm for airlift over Silver Airways ‘cancellations’
By NEIL HARTNELL Tribune Business Editor
FAMILY Island tour-
ism and hotel operators yesterday voiced alarm that some visitors were abruptly stranded in The Bahamas over the weekend when a troubled airline was forced to cancel its Orlando services.
Kerry Fountain, the Bahama Out Island Promotion Board’s executive director, told Tribune Business that “of course we’re concerned” by the ongoing struggles of Silver Airways, which remains in Chapter 11 bankruptcy protection in the US, given that it has pledged to provide significant airlift capacity to multiple destinations in this nation through July 2025.
“If you look at the number of seats Silver Airways has pledged to deliver between December of last year to July this year, the number is between 85,000 and 90,000 seats,” said Mr Fountain, who confirmed he was aware of the weekend woes and was due to speak to the carrier yesterday. “That’s a lot of seats. And that’s just between December of last year and July of this year. Of course, if we were to lose those seats, it definitely creates a huge issue in terms of access; getting to the Family Islands from south Florida.” Mr Fountain was unable to confirm what percentage of the airlift from Florida to the Family Islands is generated by Silver Airways. However, among the destinations served from its Fort Lauderdale hub are Great Exuma,
in property assets, he explained that the expansion strategy is simultaneously focused on diversification so that it no longer relies so heavily on the downtown Nassau corporate office space that has traditionally been its core business.
With retail shopping malls also being eyed by the Fund, Mr Anderson told this newspaper it is hoping to complete construction of its $12m-$13m warehouse/storage facility near the Carmichael Road/Gladstone Road junction by either year-end or early 2026. A 15 percent internal rate of return (IRR) is being targeted from this investment, which is expected to start generating cash “from the beginning of next year”.
As for Beaumont House, the Bay Street property immediately to the west of Nassau’s Straw
Market, the RF Bank & Trust chief said the Fund aims to convert the upper floors into 48 one and two-bed Airbnb-style vacation rental apartments with hopes it will start generating “real cash flow” by the 2026 third quarter once all renovations and remodelling are finished.
Speaking after the Fund’s unaudited results for the 2024 full-year revealed a 36.6 percent year-overyear profits reduction, falling from $1.074m in 2023 to $681194, Mr Anderson said the financials were typical of a company in growth and/or expansion mode. And he warned that the results could change as the valuations of the Fund’s existing buildings and property holdings have yet to be completed.
“There are a number of different initiatives; some underway, some we are yet to close on. The Property Fund is a very active space at the moment, taking on additional debt, taking on new projects,” he told Tribune Business.
“We’re buying a piece of property out west just over the road from Sandyport. The final contract is being finalised. It’s subject
Egg-static: Consumers ‘crazy’ on Super Value’s price slash
By NEIL HARTNELL and ANNELIA NIXON Tribune Business Reporters
SUPER Value’s president yesterday said shoppers had gone “crazy” after it launched its own brand of eggs imported at a price almost two-thirds less than those imported from its regular US supplier.
Debra Symonette declined to reveal where the supermarket chain had sourced some 1.296m eggs, priced at $3.79 and rising to just over $4 with VST included, from but pledged that it will continue to seek out food products that will enable it to slash costs to consumers “even lower if possible”.
“Our supplies came in,” she confirmed. “We still
• Food store hails between two-thirds to 50% cut
• Brings in 1.296m eggs; next supply on March 18
• Rival AML Foods also sourcing cheaper supplies
didn’t reveal the exact place we got them from except it was outside the US. We’re selling them for $3.79 [a dozen]. It’s less than half of what we were selling them form and almost one-third of what we were selling them for.” At the weekend, the price of a dozen eggs in Super Value’s stores was between $9-$10. “It’s all
about pleasing the customer and getting the best possible price for them,” Ms Symonette added. “We’re happy to bring the prices way down, at least that particular price way down.
“We have some on the shelves now. People seem to have already gotten the word because people are in there now like crazy
Exuma moorings ‘model’ calls for regularising and standards
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A POTENTIAL “model” for the Government’s fledgling national moorings strategy yesterday warned it was vital such facilities are “regularised and standardised” given the importance of boating tourism.
Catherine Booker, secretary for the Elizabeth Harbour Community Partnership (EHCP), told Tribune Business in the wake of the now-aborted Bahamas Moorings deal that proper management and placement of such facilities is critical for preventing “over-crowding in our most beautiful spaces” due to the presence of multiple visiting vessels.
EHCP, which was created more than a decade ago in 2012, has installed and oversees some 64 “eco-friendly” moorings in George Town, Exuma’s Elizabeth Harbour, with a further 37 placed by the Bahamas National Trust (BNT) due to the overlap with the Moriah Harbour Cay National Park. If done correctly, Ms Booker told this newspaper that fees charged to visiting boaters for use of these mooring fields can be a vital source of revenue for financing other harbour management
AN ENVIRONMENTALLY-friendly “eco” mooring system like those installed by the EHCP and BNT does not touch the seabed allowing seagrass to grow and sediment to remain undisturbed.
initiatives, ensuring these facilities’ upkeep and maintenance, and injecting a potential new earnings source into local communities.
“I think the Elizabeth Harbour Community Partnership model is one way to basically keep the positive economic and ecological benefits in a community,” she said. “I think there’s room for private
PAGE B5
everywhere. We’re putting them out as fast as we can.” The Super Value president said the 13-store chain has imported six containers of the lowerpriced eggs. With 600 cases per container, and 30 dozen eggs per case, that translates into a supply of 1.296m eggs.
“We’re going to get another supply in on the 18th,” Ms Symonette said.
“There’s definitely one coming on the 18th. Maybe we’ll try to get one sooner if sales go well. Hopefully this supply will last. This has been in the making for a little over a month. We’re going to continue to try and find any source we can that provides us with a good price so we can drop the price even lower if possible.”
Not to be outdone,
BISX-listed AML Foods, which is Super Value’s main competitor, said it is also on the verge of providing “similarly lower”
CABLE Bahamas is calling on industry regulators to show “fiscal restraint” after the latter’s proposed 2025 budget expanded year-over-year by a rate more than three times’ higher than it expected.
The BISX-listed communications provider, responding to the Utilities Regulation and Competition Authority’s (URCA) draft annual plan, signalled it had been taken aback by the overall 17 percent budget increase across the three sectors the latter regulates when it had at most anticipated a 5 percent hike compared to 2024. Asserting that URCA seemed not to recognise “the financial challenges” faced by its licensees, whose fees finance its annual operating budget, Cable Bahamas was joined by its main rival, the Bahamas Telecommunications Company (BTC), which voiced similar concerns in urging the regulator “to enhance operational efficiency and reduce unnecessary financial burdens on licensees”. And both carriers also questioned the need for URCA to expand beyond Nassau by
MICHAEL ANDERSON
KERRY FOUNTAIN
RBC UNVEILS FIRST CARIBBEAN SOLAR CARPORT IN THE BAHAMAS
ROYAL Bank of Canada (RBC) yesterday unveiled the completion of its first-ever solar carport in the Caribbean at its East Hill Street corporate office in The Bahamas.
The Canadian-owned bank, in a statement, said the project signals its commitment to sustainability, renewable energy and net-zero leadership with an open parking area transformed into a solar carport in six months. Designed to generate solar energy while providing shade for vehicles, the carport will help meet the energy needs of RBC’s Bahamas head office.
RBC said it partnered with Bahamian-owned Compass Solar Systems, which provided engineering, procurement and construction services for the project.
“This solar carport reflects our unwavering commitment to environmental stewardship,” said Chris Duggan, RBC’s head of Caribbean banking. “This initiative reinforces RBC’s dedication to advancing net- zero leadership in our operations while reducing the environmental impact of our activities. We look forward to exploring more green initiatives that support our vision of
a sustainable future across the Caribbean.”
The solar carport features a 104 kilowatt (kW) solar array
comprising 259 solar panels. This system is capable of producing up to 163,500 kWh (kilowatt hours) annually, offsetting RBC’s
SUPER VALUE EGGS ‘MET ALL REQUIRED PROTOCOLS’
By ANNELIA NIXON Tribune Business
A SENIOR official
yesterday reassured that cut-price eggs imported by Super Value are safe by disclosing that the product met “all the requisite protocols” relating to food health.
Neil Campbell, the Ministry of Agriculture and Marine Resources’ permanent secretary, said The Bahamas Agricultural Health and Food Safety Authority (BAHFSA) had addressed any safety concerns over the eggs that
have been imported from outside The Bahamas’ regular supply source, the US.
“We’re all trying to bring down the price of eggs to a considerable, an acceptable amount,” Mr Campbell said. “And today, we’re glad to say that the Super Value chain of stores, they would [have] reached out to the Ministry of Agriculture and Marine Resources, referenced the sources of eggs from some other areas who we’ve been trading with for a number of years, and we would have placed them in the hands of BAHFSA who is in charge all of those safety concerns, meeting all
the requisite protocols and everything else.
“And today we are pleased to say that through that initiative, we have now brought down the price of eggs to $3.79. Once you add VAT, it is now $4.78. So it’s another initiative brought on by the Ministry of Agriculture, where we would have heard the cries of the public, the nation, and received directives. Hence we’re here today, just to say that this is just one part of the overall success of Agriculture and Marine Resources.
“Whoever reaches out to the Ministry of Agriculture
and Marine Resources, we look at their proposals, we send it on to the various agencies like BAHFSA, and then we make a determination once we look at their safety measures in those particular countries as well.” BAHFSA declined to comment when Tribune Business sought comment. Michael Turner, owner of Jumper Brothers Bakery, also dismissed health and safety concerns over the cut-price eggs that Super Value is selling as its own brand. “I don’t think a company like them would jeopardise their reputation,” he said. “They’re the
electrical consumption by approximately 15 percent. The panels are engineered to withstand wind speeds of up to 200 miles per hour, which RBC said exceeds Bahamian regulatory requirements. Marc Jardine, who heads RBC Caribbean’s environmental, social and governance committee, said: “This initiative represents a sound financial investment and a pivotal step towards a more sustainable future. Our energy system has been designed to efficiently meet both current and future energy demands, showcasing the potential of integrating technology and environmental responsibility.”
main hub in The Bahamas. They have the clientele. So, I think they may genuinely be trying to get something cheaper for the people.
“I’m understanding that what happened [was] the middle man got cut out. So by the middle man getting cut out, it was able to affect cost. So I don’t suspect anything. My mind is very open with that. Some persons were saying that, but I dismiss that because I don’t think they would risk their reputation on eggs with a cheaper price and come to find out they’re inferior. No, I don’t think so. I wouldn’t do it.
“Some were saying something isn’t right. Then some were saying it’s coming from another country and it isn’t English because
the box doesn’t have an English name on it. It’s a strange packaging. It’s different. And then also the packaging has Super Value pressed on the top of it like a sticker.”
Mr Turner said he bought a case of Super Valuebranded eggs, which is 30 dozen eggs, for $124, adding that lately he has been paying $300. Noting that he tried to keep his pastry prices down while the price of eggs sky-rocketed, he now has the option to purchase eggs at a cheaper price he has to see if things will “balance”.
“That’s the problem right now,” Mr Turner said. “It went down. It fly back up. Went down. My pastry
$200M EXUMA PROJECT TO BE ‘TRANSFORMATIONAL’
By FAY SIMMONS Tribune Business Reporter
THE developer behind an $200m Exuma resort project yesterday renewed his pledged that the development will be “transformational” for the island’s economy.
Felipe MacLean, Yntegra Group’s chief executive, said Rosewood Exuma - set to be located on $Sampson Cay - will generate more than 400 jobs and benefit surrounding small businesses which will provide supplies and services for the development.
“This is a transformational project for Exuma.
This is something that is going to be very impactful to the community. We are bringing one of the top brands in the world for this development. It’s
a brand that is known for their environmental and sustainability principles. So we’re going to be very cognisant on that end,” said Mr MacLean.
“This is a project that has an initial financial commitment of $200m, and it’s going to generate 250 workers for the construction and 150 workers during operation. So you’re talking right there about 400 jobs for Exuma. This is a project that is going to have a big impact, also on the islands surrounding the projects for small businesses that are going to be servicing our project.”
Rosewood Exuma yesterday submitted an application to the Department of Physical Planning for permission to construct 10 units, staff accommodation and facilities, food and beverage dispatch and storage, service utilities, a clubhouse, padel courts,
wellness and fitness centre, lounge and coffee bar, specialty restaurants, arrival docks, a beach club, pools, main road and service road.
Mr MacLean said the resort is scheduled to open in June 2028, with a ground breaking and construction planned for May this year. Applications have already been submitted to the Department of Environmental Planning and Protection (DEPP) for certificate of environmental clearance (CEC) approval, and a Town Hall meeting to discuss the planning application is scheduled for later this month.
“We filed our EIA (environmental impact assessment), then we just filed our EMP (environmental management plan) and we expect to have, in the next 60 days, that EMP be reviewed and get back from DEPP. We have our Town Hall meeting
AG: Integrity Commission would be cost ‘duplication’
By FAY SIMMONS Tribune Business Reporter
THE Attorney General yesterday maintained there is no need for an Integrity Commission given that the Independent Commission of Investigations will conduct the same level of scrutiny and oversight.
Speaking in the Senate yesterday, Ryan Pinder KC explained that the established in the Independent Commission of Investigations Bill will investigate security forces and government officials. Creating an Integrity Commission, he argued, would duplicate costs and tasks.
“We have heard the leader of the Opposition and others speak about the need for an Integrity Commission, and what we are doing doesn’t go far enough. I would encourage those who are making these comments, including the Leader of the Opposition, to please read the legislation,” said Mr Pinder.
“In some Caribbean jurisdictions you will see an Independent Commission that investigates security forces, and an Integrity Commission that investigates the other government officials. We took the approach that we would implement the equivalent scope. However, we thought it more efficient and effective that one commission perform the functions rather than two.
“If you look at the content of the
Independent Commission of Investigations Bill, and the list of government officials that it covers, our Bill accomplishes the same thing as an Integrity Commission without duplicating the cost and effort of having two commissions. We believe the Bill is fit for purpose with one commission.”
Mr Pinder said the Independent Commission of Investigations Bill, Protected Disclosures Bill and Ombudsman Bill are the “most aggressive anti-corruption legislative agenda in my lifetime”.
“These two Bills are critical components of these commitments and to our anti-corruption strategy, and will work hand in hand with the Ombudsman Act, which we previously passed into law. The Ombudsman Act 2024 was enacted to provide for the establishment of an Office of the Ombudsman, which will ensure that every public officer acts in accordance with its mandate and in compliance with fundamental freedoms and human rights,” said Mr Pinder.
“Collectively this suite of legislation will combat corruption and wrongdoing in the public and private sectors, the most aggressive anti-corruption legislative agenda in my lifetime.”
Mr Pinder added that a key component of the Protected Disclosure regime is strong protections for employees who disclose wrongdoing. The legislation also provides safeguards against retaliation including disciplinary action, dismissal and harassment.
“A person who makes a disclosure is protected from civil, criminal or disciplinary proceedings related to the disclosure. Further, the identity of employees making protected disclosures are required to be kept confidential,” said Mr Pinder.
“Employees who come forth and disclose wrongdoing are protected from
scheduled for March 13,” said Mr MacLean.
“The project remains the same low density. We are basically having the same 33 keys for the hotel that we initially said, and we’re still also preserving 50 percent of the site basically green. We are looking forward to having a ground breaking hopefully in May. The hotel is scheduled to open in June 2028, so we are on track for that.
“We’re looking forward to start this very soon. The project is on time, right now. We’re following all the guidelines of the Bahamian government and the agencies, and we cannot wait to start this construction in the month of May.”
Mr MacLean added that Yntegra Group has already began working with surrounding businesses and boat captains who are “excited” for the project to begin.
occupational detriment due to their disclosure. Occupational detriment may include disciplinary action, dismissal, harassment, refusal of transfer or promotion.
“Protection against the commencement of proceedings by employers who claim breach of contract for disclosing wrongdoing are also extended to employees under the Bill, ensuring provisions in contracts of employment which purport to prevent any disclosure are unable to prevent protected disclosures of wrongdoing from occurring.”
SUPER VALUE EGGS ‘MET
price didn’t change. But what it did, it eat into me, because I’d try and see if it’s going to balance. So what’s going to have to happen, I have to go up because they keep going up and down. Like one day I went to the store, I paid $300 total. The next day I went back there. I paid over $300 - $320 something - per case.
“The next day I went back there, I was paying over $300, $320, and it keep going up and down. And I’m talking about every week, every couple of days. So in my case, I try to keep the cost down, because I know how to do that, but a lot of persons don’t know. But it’s been really, really hard to survive, because here it is, you’re trying to make a profit but the extra money you have, you have
“We’ve been working very closely with the small business owners. We have been working very closely, also with the captains of Black Point. We’re going to need a lot of captains for our boats in the project,” said Mr MacLean.
“We were two weeks ago interviewing close to 100 people between Black Point, Staniel Cay and Farmers Cay, so all of them, I can tell you, are very excited about this project and are just waiting to get this going. From our end, as developers, we’re ready to start and we cannot wait to for that to happen in the next couple of months.
“This is going to be transformational for Exuma, something that Exuma needs, jobs that the Exumians need, and we cannot wait to start this project”
Mr MacLean said Rosewood Sampson Cay has already begun to integrate
into the local community, donating supplies to the clinic, constructing a park for the local school and sponsoring the regatta team to ensure the needs of residents are met.
“We’re donating to the clinic in Black Point, we are donating also to the school. Finally, the school in Black Point is going to have a park for their kids. The clinic is going to be supplied, we’re supplying them with the material that they need urgently and, of course, we’re doing all of that because we spend a lot of time with them and we understand their needs. We’ve been sponsoring also the regatta team, so we’re very proud with that,” said Mr MacLean.
to purchasing more expensive eggs.
to take it and put it on eggs...
“Eggs used to be like $100 a case… but I’ve never seen eggs in my life at this proportion. Like I actually saw eggs for $400 one day. Some people overpricing now, and they don’t even understand food costs. So therefore that price going up. They’re going up.”
Mr Turner, however, is “concerned” about egg demand and supply. With the public stocking up on the Super Value-branded eggs and another shipment not due until March 18, he said demand outweighs supply, which could result in businesses such as his own having to resort back
“Then also what’s happening is that the eggs were going so fast, until the guy said to me ‘we had two pallets in here’. They were down to half of a pallet left. That means within a couple of hours, a whole pallet of eggs were gone,” Mr Turner said. “I won’t be afraid. I’m concerned. There’s a difference. If there’s a great
demand, and supply is limited, then prices rise. Even the farmers, when you go to them, they want to save you the eggs for the same price you buy in the food store. So therefore you can’t win. I got a purchase from a farmer. He sold it for the same price it was in the shop. I was desperate so I had to buy it. So it’s a real fight out there.”
RYAN PINDER
BISX-listed fund targeting $15m deal near Sandyport
to due diligence. The intent is to redevelop it as more for the short-term rental market. It’s actually a failed development. There are a few houses on it not worth anything.
“It should close by the end of March. We’re very close. We need to tidy up a few loose ends. I think it’s between $10m-$15m we’re looking to spend there. Once we complete the acquisition we intend to move fairly fast. I expect in the second half of this year we will be actually developing that property.”
Mr Anderson did not give further details on the Fund’s Sandyport project, but added that its southern New Providence storage facility, known as Bahamas U-Store Ltd, has already gone vertical with the first building “up already” near the Carmichael Road and Gladstone Road junction.
“I think we’re currently about $4m into it, and that
includes the price of land,” he added. “We’re looking to put $12m-$13m into it. We had a raw piece of land that we had to rehabilitate and fill in the holes. We recently started building and the walls have just started to go up now. It should be completed towards the end of this year, maybe even next year. “We’re looking for returns north of 15 percent IRR. We expect that project to produce a fairly significant demand for warehouse space, particularly in that area where a lot of development is taking place. My sense is that it will start to generate cash from the beginning of next year.”
Confirming that Bay Street’s Beaumont House will be “at least a 12-15 month project”, Mr Anderson said: “That acquisition closed a few months ago. We’re busy working on the next phase; when it will get going and the type of development. My sense is that it will not be until the
third quarter of next year before we see any real cash flow there. That’s another investment property.
“It’s still the same idea. I think it’s close to 48 kind of apartments, one to twobedroom types that are chiefly residential, Airbnb. We expect there to be a restaurant on the second floor and other facilities that you’d typically need for condo-type developments like that. We’re looking at architectural renderings now to make a final decision.
“It might be the first kind of residential apartments downtown when it’s completed. It will be interesting to see what the demand is. We expect that to be another $9m-$10m, between the $10m and $15m space, by the time it is completed.”
Besides short-term and vacation rentals, Mr Anderson confirmed to Tribune Business that the Fund “is still looking to go into retail shopping malls” if it locates
the right property priced suitably with deal terms to match. He added that this, as well as the Beaumont House, warehouse and now-Sandyport deals, were part of a joint growth and diversification strategy to reduce the Fund’s reliance on corporate office space.
“My sense is that we’ll be more equally diversified across short-term rentals, warehouse developments and commercial space, and office,” the RF Bank & Trust chief said. “Most of the properties we are picking up are in the same range [of investment]. It’s about diversification. It makes it less risky to have tenants in different locations and different business lines....
“We’re looking into these different areas. We do have some identified properties. Everything takes time. We’ve been at this for a long time, getting this Fund to $100m. It’s a tough task. We don’t want to do it unless we find the right properties. We’re trying to be selective
TOURISM ALARM FOR AIRLIFT OVER SILVER AIRWAYS ‘CANCELLATIONS’
North Eleuthera, Governor’s Harbour, Marsh Harbour, Freeport, Bimini and Nassau. Silver Airways also provides airlift connectivity to The Bahamas from other Florida destinations such as Tampa, Orlando, Pensacola, Tallahassee and Key West, all of which link to this nation via Fort Lauderdale. Silver Airways, in a statement responding to Tribune Business inquiries, yesterday blamed the weekend’s “last minute” Orlando cancellations on being forced to ground all planes servicing that routs by the leasing firm which supplied the aircraft. It added that the cancellations have now
mushroomed into a “wind down” and closure of its Orlando business, although all other routes will remain operational.
One traveller posted that they were left stranded in Exuma on Saturday, March 1, as a result of the disruption caused by the weekend Orlando flight cancellations.
“Flight to Fort Lauderdale keeps getting delayed but what’s worse is that I have a Jet Blue flight from Fort Lauderdale to Boston tomorrow (originally for tonight) that I keep having to cancel and reschedule,” they said on Reddit. Silver Airways, in its statement to this newspaper, said: “Silver regrets and apologises for the lastminute cancellations of
flights from Orlando International Airport. To date, Silver’s restructuring has been going exceedingly well but unfortunately Dutch aircraft leasing company, TrueNoord, abruptly reversed its previously stated position and immediately required Silver to pay millions of dollars to retain the airplanes we have been flying for years. “In addition to this lastminute financial demand, TrueNoord ordered the immediate grounding of the aircraft, giving us no chance to operate the flights our customers were relying on. We are working with our customers to rebook itineraries and minimise inconvenience for travellers. We are continuing
with locations and the type. Is it commercial, is it the right business type, the right type of tenant? We’re happy with the fact it’s moving forward.”
Mr Anderson revealed the Fund will likely seek to raise additional equity capital from Bahamian investors in 2025, saying: “At some stage this year we’d anticipate raising additional equity for the Fund.”
This came as he explained that the negative $1.971m cash balance shown for the Fund at year-end 2024 was a timing issue related to when it drew down against its $5m RBC credit facility to finance ongoing projects.
Confirming that the Fund’s cash balances were replenished by the loan drawdown, Mr Anderson said it was also making use of its $20m preference share facility to refinance the RBC credit line. When the latter starts to get near its $5m limit, the Fund will issue preference shares to pay this down, effectively
another airline from Fort Lauderdale,” he said.
to operate our schedules from our Fort Lauderdale, Tampa and San Juan gateways.”
Silver Airways filed for Chapter 11 bankruptcy protection on December 30 last year. TrueNoord, according to documents filed with the south Florida bankruptcy court, has leased two ATR-42s and one ATR-72 to the carrier, which provides connectivity to one of The Bahamas’ key visitor source markets and helps thus nation exploit its US proximity.
Emanuel “Manny” Alexiou, the Bahama Out Island Promotion Board’s chairman, told Tribune Business yesterday that this nation should make contingency plans by approaching other airlines to see if they would be willing to provide the same connectivity through Fort Lauderdale that Silver Airways offers.
“I’m encouraging them, the Ministry of Tourism, Investments and Aviation etc, to try and find other airlines from Fort Lauderdale and see if we can encourage some of the other airlines, whether it be Western Air or Bahamasair or another carrier, I hope they find
“It’s a very important hub for us. Silver Airways has all the connections from Tampa and Orlando. None of the other carriers are going to take on everything Silver is doing. Fort Lauderdale is a hub from north to south, not as busy as Miami, but it is a hub and, for Silver Airways, a hub for other Florida connections.
“If Silver goes, I don’t know who else picks up the slack? Not for us necessarily, but within the US. They’re trying to up the seats but it’s about reliability, not cancelling if you don’t get sufficient people on the flight. Leaving people stranded leaves a bad taste in the mouth,” Mr Alexiou continued.
“There must be carriers other than Silver that do the Fort Lauderdale thing. Delta goes into Fort Lauderdale. It would be a nice hop over point. I wish them [Silver] luck, of course, but at the moment it’s a bit of a problem.”
Silver Airways said its decision to file for Chapter 11 bankruptcy was designed to enable it to “secure additional capital and undertake a financial restructuring”. It added that it voluntarily entered the Chapter 11 process, and said it was
making it a revolving credit facility that is constantly being topped up.
As for the Fund’s traditional flagship property, Mr Anderson said the Bahamas Financial Centre is presently enjoying around 90 percent occupancy levels with both the Government, via the Registrar General’s Department and other agencies, plus the Central Bank renting space and making it less reliant on its historical international financial services clientele.
“We get a bit more diversification in that revenue stream,” the RF Bank & Trust chief explained. “I think the Financial Centre is well-positioned at the moment.” He added that the Fund was positioned as one of the few operators with the financing capable of acquiring high-value corporate properties on a consistent basis.
expected to emerge from this during the 2025 first quarter which ends in 28 days on March 31.
“We want to share an important step Silver Airways has taken to ensure a sustainable future for our company. Today, we voluntarily filed for Chapter 11 protection in the United States Bankruptcy Court for the Southern District of Florida,” said the Silver Airways announcement.
“This decision will allow us to secure additional capital and undertake a financial restructuring that will strengthen our position as a competitive airline, ultimately benefiting you— our valued customers. We anticipate completing this process by the first quarter of 2025, emerging stronger and ready to continue serving you with the same dedication we’ve upheld for over 13 years.
“All tickets remain valid, and we will continue operating as usual. You can book flights with Silver through our website or any other channel. United and JetBlue customers, including loyalty programme members, will experience no disruptions to their bookings or services. Tickets purchased through any other airline or agency will be honoured.”
Egg-static: Consumers ‘crazy’ on Super Value’s price slash
egg prices for consumers by sourcing from suppliers outside the bird flu-ravaged US.
“Reduced prices are great news for consumers,” said Gavin Watchorn, AML Foods chief executive and president.
“AML Foods have also found alternative suppliers outside of the US, which will result in similarly lower prices for our customers on all islands that we operate on, not just New Providence.
“We are awaiting approval of permits to import, submitted a few weeks back. My team has told me we should expect approval shortly We have a wider distribution across many islands. It is important that all consumers on all islands benefit from the reduced prices.”
Super Value unveiled its own brand of cut-price eggs in partnership with the Ministry of Agriculture and Marine Resources. The ministry’s permanent secretary, Neil Campbell, said the relevant government agencies and regulators were
involved in addressing any safety concerns regarding the eggs.
“We’re all trying to bring down the price of eggs to a considerable, an acceptable amount,” Mr Campbell said. “And today, we’re glad to say that the Super Value chain of stores, they would [have] reached out to the Ministry of Agriculture and Marine Resources, referenced the sources of eggs from some other areas who we’ve been trading with for a number of years, and we would have placed them in the hands of BAHFSA (The Bahamas Agricultural Health and Food Safety Authority) who is in charge all of those safety concerns, meeting all the requisite protocols and everything else.
“And today we are pleased to say that through that initiative, we now brought down the price of the eggs to $3.79. Once you add VAT it is now $4.78. So it’s another initiative brought on by the Ministry of Agriculture, where we would have heard the cries
of the public, the nation, and received directives. Hence we’re here today just to say that this is just one part of the overall success of Agriculture and Marine Resources.
“Once you receive a permit, it’s for you to bring in those particular items,” Mr Campbell added. “I think the intention with Super Value is to source eggs locally. So once everything is in full throttle, we assume that they’ll buy or purchase eggs locally first, and wherever the demand increases, I think they will source it from the places in which they are now sourcing them from.
“Whoever reaches out to the Ministry of Agriculture and Marine Resources, we look at their proposals, we send it on to the various agencies like BAHFSA, and then we make a determination once we look at their safety measures in those particular countries as well.
“On Saturday, I went to the farmers market on Gladstone Road. I went at at 11.30am and all of the eggs were gone. Every single egg
“I think it’s a very valid model from both an economic and environmental perspective,” Ms Booker said of moorings facilities.
them to a company granted a monopoly.
moorings but there should be standards for what those moorings look like so no issues arise.
“The moorings are stable, don’t create environmental damage, are managed properly, maintained and, if it’s possible, some of the revenue generated goes back into the community. There are a lot of municipalities in Florida that have their own mooring facilities. It could be something that’s managed by government. It’s a good idea to create partnerships where there’s a group with the capacity and authority to manage.”
The Government and Bahamas Moorings last week “mutually agreed” to terminate a deal where the latter had signed a 21-year lease to rent 3,645 acres of seabed from the Crown covering 49 mooring/anchorage sites in the Exuma Cays. This, in effect, would have privatised all the best mooring sites in the island chain by handing
The deal was scuttled after the parties likely realised it would not stand up to private scrutiny. The Prime Minister’s Office’s deputy director of communications witnessed the lease on behalf of a company, Bahamas Moorings, in which her husband was a principal and doing a deal with her employer. And many of the key figures involved with Bahamas Moorings have long-standing links to a key government adviser. The Government subsequently moved quickly to unveil its national moorings strategy in a bid to likely distract attention from the Bahamas Moorings fiasco. As part of this, it is initially seeking to develop an inventory of existing moorings facilities; who owns and operates them; whether they are foreign or Bahamian; and if they have the necessary government approvals to do so and are compliant with all relevant taxes.
NOTICE
NOTICE is hereby given that SCOTT CAMPBELL CLAYTON of #18 Kingfisher Island, Sandyport Nassau Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that ESTHER ESTAVIA MAJOR of Wellington Avenue, off Saint Vincent Street Nassau Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“The BNT has been using moorings to generate revenue streams for many years now successfully, and the EHCP has only recently entered into this space but been able to get up and running having done its homework ahead of time and learning lessons from previous attempts.
“That’s helped us to make sure we’re doing things properly, managing the moorings and keeping them maintained. Moorings are a great tool for managing the capacity of an area, making sure there isn’t overcrowding in an area from a user-tourist perspective, but if they are done properly and include an eco and environmentally-friendly system, they can protect habitats.”
Ms Booker said the EHCP and BNT have installed environmentallyfriendly “eco” mooring systems that do not employ anchors and chain links, which devastate seagrass meadows, coral reefs and other habitats when they drag on the seabed. The
was gone. I think when you look at the various bakeries, the various Mom and Pop stores, various households… just coming here, just now we were walking, a lady, grocery bag on top of her car, said to us, ‘Thank you for being here and making it easier for the common folk like us, to make it more reasonable for us to survive.’ So I think this is a great success for The Bahamas overall. And we welcome all applications, all proposals of anyone who have something reasonable to put forward for us to look at.”
Despite being internationally sourced, Ms Symonette said the eggs’ branding reminds customers it was Super Value who brought them cheaper egg prices. C were seen stocking shopping carts with the Super Value-branded eggs.
“As you’re aware, the price of eggs has been soaring for months now, and we’ve been making an effort, every effort that we can, to bring these prices down,” Ms Symonette added. “And the bird flu
sediment stirred up by such systems also reduces the amount of light in the water and negatively impacts its quality.
Instead, moorings are anchored by a pin that is drilled into the seabed causing minimal environmental impact. “I think the importance to yachting and cruising tourism i n The Bahamas is critical,” Ms Booker said of correctly-situated and managed moorings. “That’s a very important segment of tourism.
“It’s really important that The Bahamas moves to regularise and standardise what a mooring operation looks like. Whether that’s the type of system that’s privatised, it’s making sure whatever company comes forth has the experience and has done the proper planning. All that plays a role in ensuring the integrity in our tourism product that we bring into the country.
“Not everywhere needs to have moorings, but I think there are a lot of areas in The Bahamas, particularly places that receive a lot of boating traffic and which are highly concentrated, where it’s important to use moorings to create a
NOTICE
NOTICE is hereby given that PETER GEORGE WILLIAM P.O. Box CR56100 of Roosevelt Road, off Mackey Street Nassau Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that CAMESHA NATASHA WILBURGH of Hunts Close, Fire Trail Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
Brighton drive, Freeport Grand Bahama 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 4th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
is what has caused all this. It’s been soaring across the US and, as a result, they’ve had to kill millions of chickens. And, as a result of the deaths of all these birds, less eggs are being laid.
“And, with the supply going down so significantly, the prices have continued to soar. So in our effort, we have managed to collaborate with the Government of The Bahamas, in particular the Ministry of Agriculture and the minister, Jomo Campbell, and we have sourced eggs outside of the US. As a result of this, we’re going to be able to offer the public a significant reduction in the price of eggs.
“And when I say significant, it’s going to be less than half of the price that we’re offering now. So the price recently was nine, $9.99, or so. So, it’s going to be $3.79 now. So, it’s great news that we want to give our customers, and we hope that they’re going to be happy, and we’re going to continue to make an effort to drop the price even lower. So we’re going to look wherever we can and
new level of service. People like being on moorings, and it’s making sure there is not over-crowding of our most beautiful spaces.”
EHCP, in a statement, said that - “after only” the first year following the installation of its moorings in October 2023 - it was “able to use excess revenue to organise and sponsor fees for ten local aspiring captains to complete a basic vessel safety and chart-plotting training required for obtaining a captain’s licence in Exuma”.
“Fast forward to early 2025, and the due diligence and hard work of the EHCP and BNT have resulted in the successful implementation of reliable, eco-friendly mooring fields that are engineered to specifications, that do not cause damage to the seabed habitats where they are installed, and financially support efforts to take care of natural resources and enhance sustainable tourism,” the EHCP said.
“The EHCP is working towards a moorings programme model that creates a revenue stream for operations, but intends for excess revenues beyond operational and maintenance expenses to go to
do whatever we can to get the price as low as possible,” Ms Symonette added.
“We’re hoping that the volumes will remain. We’ve only brought in six containers thus far, and we don’t expect another container until around the 18th, so hopefully the supply will last to service everyone between that time.
“Just as we’ve done with eggs, we’re going to continue to look wherever we can to find cheaper prices so that we can offer the lower prices to our customers. Whenever we get the lower prices, we pass them on to our customers. So that’s what we’re doing. We’re looking diligently.
“The Super Value label speaks for the company. You know, when you see the label, you remember us, and it’s us that brought you this good price. So that’s important to us. We want you to remember that we love our customers, and we do whatever we can to make them happy.”
improving harbour safety, improving harbour amenities, and tackling the issue of waste management in the harbour. These goals are stated in the organisation’s mission and steps toward these goals are detailed in a strategic plan...
“The organisation continues to engage with a local pump-out boat entrepreneur and the Water and Sewerage Corporation to advance planning for a wastewater treatment facility that could handle boat sewage. The EHCP plans to release an annual report soon to include financial information and provide guidance for others who are considering a non-profit model.”
NOTICE
NOTICE is hereby given that JESSICA JENOURE of Gunhill Road, Off Bernard Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that FERNAND LUCIEN of Malcolm Road, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of February, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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
Cable, BTC urge ‘fiscal restraint’ from URCA
establishing a separate office for the northern Bahamas in Grand Bahama, with BTC arguing that abandoning or delaying this move could generate “potential cost savings” for both the regulator and its licensees.
“The 2025 draft electronic communications sector budget has increased by a notable 22 percent compared to the previous year, justified by the phrase ‘continued efforts to promote the policy objectives of the electronic communications sector’. This explanation, however, lacks clarity,” Cable Bahamas argued.
“To reiterate our position on this draft budget, the Cable Bahamas group remains concerned with URCA’s approach, which seems not to fully consider the financial challenges faced by licensees. We would have anticipated no increases in the budget or, at most, a modest 5 percent increase.
“Instead, we observe an overall 17 percent increase across the combined three sectors [electricity and natural gas] and a 22 percent increase for the electronic communications sector. This raises concerns about fiscal restraint and the justification for such increases,” the BISX-listed provider added.
“We urge URCA to recognise that fiscal responsibility is crucial, and that any amendments to this draft budget should reflect prudent financial management. Licensees need assurance that their licence fees are being utilised efficiently and effectively.
“They expect high standards of work and accountability from URCA. In the absence of amendments demonstrating fiscal restraint, licensees may question the value they receive and demand greater transparency and quality in URCA’s deliverables.” BTC, delivering similar criticisms, arguing that “there are opportunities to enhance URCA’s efficiency and ensure that
the financial burden on licensees remains justifiable”. It said: “While BTC understands the necessity of funding regulatory oversight and initiatives to meet policy objectives, BTC considers there are alternatives on how URCA can find efficiencies within its budget, especially considering that the proposed budget represents a 22 percent increase in operational expenditure from the previous year.
“The 43 percent increase in conferences, training and travel is an area where URCA may achieve savings. While BTC agrees that staff participation in international forums is beneficial for staying abreast of global regulatory trends, there may be ways to reduce travel-related expenses....
“Also, while it is commendable that URCA has allocated more resources to consumer education, BTC believes the 126 percent increase may be excessive given the available technological channels for outreach. A more costeffective approach could involve leveraging digital
platforms such as social media, webinars and online educational tools, which would reach a broader audience at a fraction of the cost of traditional in-person outreach in the Family Islands.”
URCA, in its response to these concerns, said it “understands the financial concerns of licensees and is committed to ensuring efficient resource allocation.
The increase in budget 2025 reflects the importance of continued exposure of professional staff in the regulatory sphere and the prioritising of various corporate and consumer relations (CCR) initiatives embarked upon locally and internationally.
“Notwithstanding the preceding, URCA is willing to review budget areas, explore cost saving alternatives, and engage in further dialogue to address industry concerns,” URCA added, moving in particular to address complaints over the more than doubling, or 126 percent increase, in the consumer education and public relations budget.
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.
“In 2025, URCA has allocated an additional $90,000 to corporate and consumer relations initiatives. This increase is necessary to enhance consumer protection efforts and public awareness campaigns, ensuring that consumers are adequately informed about their rights and responsibilities,” it argued.
“In 2024, URCA reallocated $62,000 from the consumer education budget to support its strategic planning retreat in Grand Bahama. Additionally, $8,000 was redirected to subsidise the completion of critical sector projects. This resulted in a lower allocation to consumer education in 2024, affecting year-onyear comparisons.
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.
“Given the reallocation in 2024, URCA must now address outstanding consumer education initiatives while simultaneously advancing new projects planned for 2025. The increased budget ensures that these obligations are met effectively.”
Summing up, URCA added: “URCA remains committed to fiscal prudence and maximising efficiency in its expenditure. We will continue to explore cost-effective digital alternatives where feasible, as suggested by stakeholders, while ensuring that consumer education objectives are met in alignment with our regulatory mandate.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, SHIRLEY ELIZABETH LOWE , of #84 B Tambirand Street , Freeport, Grand Bahamas, intend to change my name to SHIRLEY ELIZABETH SWANN If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that WILDA JEAN of Soldier Road, Red Land Acres, 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 4th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE NEW York Stock Exchange is seen in New York, Wednesday, Feb. 26, 2025. Photo:Seth Wenig/AP
