MP’s Old Bahama Bay closure fears refuted
‘Thwarted’ Treasure Cay buyer targeting new developer’s deal
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor
THE Old Bahama Bay resort is not closing but is instead poised to undergo a change in operational and management control, Tribune Business confirmed yesterday.
Michael Scott KC, attorney for Lubert Adler-Old Bahama Bay, the West End property’s owner, in response to this newspaper’s inquiries said his client is set to take back management and operational control from a group of the resort’s condo owners, headed by John MacDonald, which have operated the property as Island Ventures Resort & Club (IVRC).
“Our concern is, in the short-term, the relationship between Lubert Adler-Old Bahama Bay and IVRC, which has not worked out,” Mr Scott told this newspaper. “As you put it succinctly, it’s a change in management and operational control. That will be without any detriment or prejudice to the people that live and work there.” He confirmed the resort will remain open through the transition and there will be no job losses.
Mr Scott spoke out after Kwasi Thompson, the Opposition’s finance spokesman, raised concerns over developments at Old Bahama Bay during yesterday’s mid-year Budget debate. “By the way, what’s happening with the property in West End?” the east Grand Bahama MP had challenged. “We are hearing some very disturbing news about what is happening with the hotel property in West End. What’s happening?
“We are hearing news and hearing reports, which we hope are not true, about there is going to be a closure or some sort of issue happening with that hotel. What is happening with respect to that hotel?”
Kingsley Smith, the west Grand Bahama and Bimini MP, later blasted Mr Thompson for “spreading fear and hearsay” with his Old Bahama Bay concerns. Refuting suggestions
A “THWARTED” buyer of Abaco’s Treasure Cay development is seeking to obtain evidence from its new developer to aid his pursuit of multi-million dollar lawsuits against both the former owner and the Government.
Dr Mirko Kovats, a Lyford Cay homeowner with permanent resident status in The Bahamas, is seeking judicial assistance from the north Florida federal court to obtain documents from GreenPointe Holdings, a Jacksonville-based developer, which last September secured a Heads of Agreement with the Davis administration after purchasing the project from the Meister family.
The controversial Austrian financier, in legal filings on Monday that have been obtained by Tribune Business made clear he is especially interested to compare the terms GreenPointe and its principal, Edward Burr, obtained from both the Government and the Meisters to determine if they are more favourable than those offered
to himself and his company, LM Property Development. In particular, Dr Kovats said he wants to learn whether GreenPointe was required to
post the same performance bond that the Government demanded he lodge as a security guaranteeing his financial obligations were it to approve
PM, Opposition clash over ‘no bust Budget’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Prime Minister and Opposition’s finance spokesman yesterday clashed over assertions the Davis administration has never “bust” its deficit and other Budget targets and will not do so in 2024-2025.
Philip Davis KC, in leading-off the mid-year Budget
debate in the House of Assembly, argued that Opposition claims that it will not hit its full-year $69.8m deficit targetdespite exceeding this by more than five-fold at the mid-way point - were mere “conjecture” and “sophistry”. And he instead urged the Free National Movement (FNM) “to join the International Monetary Fund (IMF) and say what we did in three years was remarkable” - a
reference to the Washington D.C.- based Fund’s assessment that The Bahamas’ rate of economic and fiscal recovery from COVID-19 had beaten all predictions.
“Since this administration took office, the Government has not exceeded its Budget.
The suggestion we will do so this fiscal year is without evidence, conjecture and wishful
his now-rejected Treasure Cay purchase. He has previously alleged the initial $5m bond was first doubled to $10m, then raised further to $25m or 10 percent of the project’s $250m value.
And, to further support his Judicial Review challenge and startling $3bn damages claim against the Government, the Austrian financier is also urging the north Florida court to order GreenPointe Holdings to hand over all communications with the Davis administration involving Treasure Cay; the Heads of Agreement and all other signed contracts; plus all business and development plans for together with real estate valuations.
Dr Kovats, in a March 3, 2025, affidavit alleged that the Bahamian judicial system has “still not acted” on his Judicial Review claim that was launched against the Government almost two years ago on October 27, 2022. However, no explanation is given for why the case has not moved, and it is possible that the Supreme Court refused to grant permission for it to
New boating portal close following four-year wait
By NEIL HARTNELL Tribune Business Editor
THE Association of Bahamas Marinas (ABM) president yesterday asserted that the planned June 2025 roll-out of the Port Department’s new online portal, inclusive of fee payments, “is not a celebration”.
Peter Maury told Tribune Business it has taken the Government more than four years to replicate what the marina industry achieved with SeaZPass,
the online portal that facilitated cruising permits and yacht charter licences/ payments, after the Port Department’s target launch date was revealed. Since the SeaZPass portal was ordered to shut down by the Government in October 2021, visiting yachters and boaters have lacked an online solution for fulfilling these regulatory requirements. However, Jobeth ColebyDavis, minister of energy and transport, yesterday
SEE PAGE B10
By NEIL HARTNELL Tribune Business Editor
CABINET minis-
yesterday accused the Grand Bahama Port Authority (GBPA) of “holding up progress in its own city’ by delaying the International Bazaar deal over $1.5m in allegedly outstanding fees. Ginger Moxey, minister for Grand Bahama, countered assertions by Ian Rolle, the GBPA’s president, that the Government has yet to supply a business and/or financial plan for its much-touted AfricanCaribbean Marketplace
by alleging that Freeport’s quasi-governmental authority is “holding up” its purchase of the now-derelict Bazaar site. She asserted that the delay centres on $1.5m in past due maintenance fees purportedly owed by the Bazaar’s 13 owners to the GBPA. Mrs Moxey, arguing that a portion of this sum dates back almost 20 years to 2006, asserted that Freeport’s quasi-governmental authority had initially been prepared to write this off but then altered its stancea thinly-veiled reference to
PHILIP DAVIS KC
GETTING A GIG AIDED BY ADVANCING TECHNOLOGY
The way we work is undergoing a seismic shift. Traditional 9am to 5pm jobs are no longer the only path to professional success. Instead, a growing number of workers are turning to the so-called ‘gig’ economy and freelance market, empowered by technology that makes flexible, independent work more accessible and efficient than ever before.
From rideshare drivers and delivery couriers to graphic designers and software developers, technology is at the heart of this transformation. Digital platforms, mobile applications and artificial intelligence (AI) are revolutionising how people find work, complete tasks and receive payments. The gig economy is no longer just a side hustle - it is a thriving sector of the modern workforce.
One of the most significant technological drivers of the gig economy is the rise of digital platforms.
Websites and mobile apps such as Upwork, Fiverr and TaskRabbit connect freelancers with clients across the globe. These platforms provide an easy-to-use interface where freelancers can showcase their skills, bid for projects and receive secure payments. They eliminate traditional barriers such as geographical limitations and job market restrictions, allowing talented professionals to find work regardless of their location.
Similarly, local ondemand service apps such as Kraven, Gofadis and BahamaEats have transformed industries by creating job opportunities at the tap of a screen. These apps use algorithms to match gig workers with customers in real time, optimising efficiency and maximising earnings. The convenience and accessibility of these platforms makes it easier than ever for workers to set their own schedules and earn income on their own terms.
AI and automation are also playing a crucial role in reshaping the freelance market. Intelligent algorithms streamline the hiring process by analysing freelancer profiles and matching them with the most suitable projects. AIpowered chatbots assist in customer service tasks, allowing freelancers to focus on more complex and creative aspects of their work.
Additionally, automation tools such as invoicing software, project management platforms and time-tracking applications have made freelancing more efficient. Apps such as Trello, Asana and QuickBooks help gig workers stay organised, manage multiple clients and track payments seamlessly. These tools reduce administrative burdens, allowing freelancers to focus on their craft while maintaining a steady workflow.
One of the biggest appeals of the gig economy is the flexibility it offers. Technology has made it
possible for professionals to work from anywhere, whether it is a home office, coffee shop or even a beach half-way across the world. Video conferencing software such as Zoom, and collaboration tools including Slack and Google Drive, enable remote teamwork, making it easier for freelancers to engage with clients without the need for a physical office.
Moreover, the rise of Fintech (financial technology) solutions has simplified financial transactions for gig workers. Digital payment platforms such as PayPal, Venmo and Wise allow freelancers to receive payments quickly and securely, regardless of currency or location. Crypto currency and blockchain technology are also emerging as potential game changers in ensuring transparent and fast transactions for independent workers.
Despite its many advantages, the gig economy is not without challenges. Freelancers often face job
insecurity, inconsistent income and a lack of benefits such as health insurance and retirement plans. Additionally, the rise of automation raises concerns about the displacement of certain types of gig jobs in the future.
However, as technology continues to evolve, so too will the solutions to these challenges. Policymakers and businesses are exploring ways to provide gig workers with better protections, while technology companies are developing tools to enhance job stability and financial security.
Technology has undeniably fuelled the rise of the gig economy and freelance market, offering opportunities for individuals to take control of their careers and work on their own terms. With the continued advancement of digital platforms, AI and automation, the gig economy is poised for even greater expansion. As we move forward, the challenge will be to ensure that technology not only
Tourism targets European business at travel summit
THE Ministry of Tourism, Investments & Aviation has teamed with private sector partners in a bid to generate increased tourism business from the European market.
Latia Duncombe, the tourism
director-general, is leading The Bahamas’ delegation at the three-day International Tourism Exchange Berlin (ITB) 2025, the world’s largest travel trade show, which finishes tomorrow.
The ministry has been joined by partners including
the Nassau Paradise Island Promotion Board, Majestic Holidays and Warwick Paradise Island. They will be meeting with travel trade professionals, strengthening business relationships and exploring opportunities to expand The Bahamas’
presence in the European market.
“ITB Berlin is a key platform for The Bahamas to deepen relationships with our international partners and expand our reach within the European market,” said Chester Cooper, deputy
creates opportunities but also provides stability and security for the modern workforce.
prime minister and minister of tourism, investments and aviation.
“Our presence at this year’s event underscores our commitment to strengthening airlift,
FIDELITY TEAMS WITH MASTERCARD FOR SMALL BUSINESS CARD
FIDELITY Bank (Bahamas) has teamed with MasterCard to develop a credit card tailored specifically to meet the needs of local entrepreneurs and small businesses.
The BISX-listed bank, in a statement, said the Mastercard SME Business Credit Card will be launched tonight under the theme, “The future of payments starts here’. The event will be held at the Margaritaville Beach Resort, starting at 6pm, and will feature financial solutions, demonstrations, and insights for small and medium-sized enterprises (SMEs) looking to streamline their operations and expand their businesses.
“Fidelity understands the challenges faced by small business owners – managing cash flow, accessing credit and handling payments efficiently. This new Mastercard SME Business Credit Card, along with the advanced payment technologies of Fidelity, will empower SMEs to operate more efficiently and scale their businesses” said Gowon Bowe, chief executive, Fidelity Bank (Bahamas).
Attendees will be exposed to point-of-sale (POS) terminals, contactless payment solutions and digital invoicing tools. The invite-only event will give SMEs a first look at how these new tools can overhaul their business operations.
The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 3221986 and share your story.
STUDENTS ANGRY AT DELAYS IN PAYMENTS FROM GOVT
BY ANNELIA NIXON
UB students are prepared to “act as necessary” if they don’t see a change, following the Student Government Association’s (SGA) call for transparency and a more proactive approach to delayed payments.
President Chante Deal told Tribune Business students are demanding transparency as to why they do not receive accommodations grants and nurses and teacher’s stipends on time, which has led to “delays in the disbursement of these critical funds”.
“So the issue with the delayed payments to students have been a matter that has been going on for quite some time, for some years,” Ms Deal said. “I can speak directly to the time. I can speak directly to the timeline that I am familiar with. I would have entered the university in 2019 and from then until now, I can state that this has been an ongoing issue.
“Due to the delayed payments, the students do receive a lump sum. It depends on whether or not they will give half of the payments that is due to them for the entire semester, in the middle of the semester, or if they end up giving the entire lump sum or the entire portions due to them at the end of the semester. But over the years, it has been it has been provided to the students in lump sum, and as it relates to them getting it in the monthly basis that it is outlined to be given.
“So it is outlined in the contract and the details associated with the tertiary grant, when you sign up for the accommodations grant and the nursing and the teachers stipend that the payments were to be distributed in monthly intervals.
Ms Deal revealed that they had recently been informed that payments would be made this week for the months of January and February and a few minutes prior to the interview, they were told that persons under the accommodations grant would have received payments on March 3. However, her concern is not whether they will receive funds, it’s when.
“We would like to express the concerns of the students who request that instead of the payments being in a reactive manner, meaning that they are delayed and that they have to pretty much pay afterwards, and majority of the students having to reimburse themselves due to the delay, they are asking that to the payments be made proactively, that funds be proactively allocated and ready for disbursement once the time comes for them to receive the funds,” Ms Deal added.
Ms Deal said students have expressed their concerns with the relevant parties and are hoping they receive answers. However, if delayed funding continues to be an issue, they are ready to act.
“For the time being, we are seeking clarity. However, if need be, the students are more than ready to come together, and we are more than ready to act as necessary. We wish not to disclose exactly what that would mean, what that would entail. However, if need be, we are willing to advocate on our behalf and do what is necessary to ensure that the concerns are addressed and the matter is resolved.
Minister of Education Glenys Hanna Martin apologised to UB students who have been impacted by the delayed payments, vowing to “ensure that these funds are paid expeditiously”.
“We’re trying to inquire as to where the payments are emanating from to ensure
that they meet the target, which is these young people in university. On my behalf, I have to apologise to the students for being placed in this dilemma. We’re trying to get to the root of the deficit, or the deficiency, and I will do my utmost to ensure that these funds are paid expeditiously. And so we’re following up now with the Ministry of Finance to see how quickly these funds can be released, but we have to work out a methodology that could allow for more efficient payment so we don’t end up in this situation where students are being stressed out on the issuance of this...”
Ms Deal praised the UB administration for doing “a tremendous job” in handling students who are inconvenienced by the delays.
“Students would have either spoken directly to the Office of Financial Aid or to the administrative team responsible for ensuring that payments are made, or they would have expressed their concerns directly to student government, who would then express it to the administrative team, letting them know that students have been concerned,” Ms Deal said. “I can say that both the past and the present and current, the university has done a tremendous job in terms of communicating and being transparent with the students, letting them know and apologising for the delays, and letting them know that they would be working tirelessly to ensure that payments are made to the students in a timely manner. But outside of that, that’s pretty much the response that we’ve been getting in the past and currently.
“We are just seeking clarity to determine why there is a delay. It is from our understanding that the tertiary grant that comes through university is funded by the government. I cannot
say whether or not the late payment is because of the government or because of the university. However, we would like to see clarity as to why these delays are happening and what can be done to ensure that these delays no longer occur in the future.”
The memorandum put out by the SGA, pointed to the government’s “allegations surrounding travel expenses” questioning if the government has “allocated the funds needed to support the Tertiary Grant to other ministries”.
“The statement regarding the government’s travel, it pretty much just was to indicate that one of the precipitating factors that helps student government realise that a statement needed to be made or the issue needed to be addressed is due to the recent allocations that we have seen in the government and the funds and how they are being allocated. We simply just have a concern as to why students have delayed payments when there is evidently funds being allocated in the government, there is funds within the government to
help support other means and other areas. However, students are being at a disadvantage, and they are simply in terms of being supported financially by the university and by extension, the government.”
Senior and media journalism major Jessica Olnice said while she personally hasn’t come close to eviction while under the Accommodations Act, she is calling on those responsible to be transparent and get the funds in to students on time.
‘NEARLY TWO-THIRDS OF HOUSEHOLD BPL BILLS UNDER $125 IN JANUARY’
By FAY SIMMONS Tribune Business Reporter
MINISTER of Energy and Transport JoBeth
Coleby Davis said yesterday that 62 percent of residential consumers received bills under $125 in January.
During her contribution to the mid-year budget debate, Mrs Coleby-Davis said the tariff adjustment under the Equity Rate Adjustment (ERA) has led to residential consumers seeing a reduction in their electricity bills early this year.
She said reducing the base rate tariff to zero for the first 0 to 200 kWh created a more “equitable balance” in the tariff structure and
households no longer subsidise large commercial consumers.
“BPL has approximately 94,500 residential customers. According to the latest analysis provided by BPL, approximately 9,636 households received electricity bills between $5.00 to $19.99 in January 2025,” said Mrs Coleby-Davis.
“Going further, approximately, 41,014 households received bills between $20.00 to $99.99. Approximately, 8,283 households received 15 bills between $100.00 to $124.99. This means that approximately, 58,933 households or 62 percent of residential customers received bills under $125.00 during the month of January.”
She added that although energy consumption is usually lower during the winter
the ERA still had an impact on electricity bills.
“Now we know that energy consumption is traditionally less during the winter months and there are other variables to consider such as the fuel charge, however, we cannot deny or ignore the impact of the ERA. It is also worth mentioning that lower electricity bills also mean less funds paid in VAT – more money in the wallets of Bahamians,” said Mrs Coleby-Davis.
The Minister of Energy said BPL’s partnership with Island Grid is “progressing” as they iron out the governing and operational framework of the agreement and the transitional committee has made recommendations for consideration.
“I can also confirm that the partnership between Island
Grid and BPL is progressing and that work on advancing the governing and operating frameworks are continuing.
The Transitional Committee – which is comprised of HR representatives from BPL and both unions have made several recommendations that are being considered. I will be able to provide more details in short order,” said Mrs Coleby-Davis.
She also advised that the power purchase agreements (PPAs) between BPL and Independent power producers (IPPs) are in the “final stages of completion” and negotations for LNG generation are “near completion”.
“With respect to the utility scale renewable energy projects for New Providence and the Family Islands, I can advise that Power Purchase Agreements, better known as PPAs between BPL and
Minister: GBPA ‘holding up progress in own city’
its $357m dispute with the Government. Well-placed sources, speaking to Tribune Business on condition of anonymity, confirmed that while “some money is owed it’s certainly not as much” as the $1.5m cited by Mrs Moxey. They suggested that the debt could be settled as part of the Bazaar’s sale, with the purchase proceeds used to pay it off. And the Government’s planned purchase of the
Bazaar also does not appear to be close to closing. While many of its 13 owners have signed Letters of Intent (LOIs), no binding sales agreement is understood to have been agreed or inked by any of them. While most of the International Bazaar owners - who include the likes of the Bahamas Hotel, Catering and Allied Workers Union, John Bull and the Chee-A-Tow family - have voiced a willingness to sell if the price, terms and conditions are right but any deal
has progressed little beyond that.
Mrs Moxey hit out after Kwasi Thompson, the Opposition’s finance spokesman, picked up on Mr Rolle’s comments and challenged the Government over whether a business plan for the Afro-Caribbean products marketplace exists.
“Even more relevant is what’s happening with the touted Afro-Caribbean Marketplace,” the east Grand Bahama MP blasted. “The members from the Grand Bahama Port Authority,
Independent Power Producers (IPPs) are in the final stages of completion. I am advised that the first PPA is expected to be signed by the end of the month,” said Mrs Coleby-Davis.
“With respect to utilityscale LNG generation, I can advise that we are closer than ever before and the negotiations on the PPA are also near completion, with the agreement expected to be signed at the end of March, with first gas in August 2025.”
Giving an update on transport; Mrs Coleby- Davis said the Road Traffic Department has collected over $24m between July 2024 and January 2025 and announced that a local company was selected to upgrade the Marsh Harbour Port.
“Between July 2024 and January 2025, the
This is a $1.5m amount that the Bazaar owners owe that should have been written-off.
they asked the question: Is there a feasibility study, is there a financial plan, to determine the feasibility?
Officials at the GBPA say they don’t believe one exists. That’s what they say.”
Mrs Moxey, in reply, said: “I want to put on record that communication has been had with the Grand Bahama Port Authority, and they know for a fact that we would have given them what they needed in order to proceed.
“To clarify all of that, the Port Authority knows full well why it hasn’t closed yet and it’s the Port Authority’s fault. It has nothing to do with the Government. The Government is prepared and ready to close. It has been budgeted for, and it’s the Grand Bahama Port Authority not the Government of The Bahamas.”
After Mr Thompson repeated the question about whether a feasibility study has been conducted, Mrs Moxey again intervened to assert that this was included in a project package agreed last year between the Davis administration and Africa Export-Import Bank.
“In June of last year, the Government signed a project preparation facility for development of the AfroCaribbean Marketplace, “ she said. “The project preparation facility deals with the feasibility study, architectural renderings and all of that.
“Right now the issue is the acquisition of the land, which the Port Authority is holding up on because since 2006 the International Bazaar owners...... the land owners owe the Port Authority for some maintenance charges.
“This is about 20 years ago. It would have been written off. The Port Authority indicated it was prepared to write that off. It has nothing to do with the Government. It has to do with the Port Authority, which is holding in because of other matters,”
Mrs Moxey added, referring to the dispute between the GBPA and the Government over the latter’s $357m claim that is currently in arbitration.
“At the end of the day, because the Government is working on this $1.5m they say is owed.... But the Port Authority is supposed to be city managers and developers of the city. They are the ones who are holding up progress in their city. Because the Government of The Bahamas doesn’t need to be doing this in the city of Freeport,” she said.
“We are fixing the mess that no other government has fixed, and the Port Authority - who are the city managers - have not fixed.”
Mrs Moxey argued that the GBPA itself would benefit from a fully operational Afro-Caribbean Marketplace because it would earn fee income from the businesses operating in there.
“We are fixing the mess,” she added.
The International Bazaar, which has steadily deteriorated ever since the Royal Oasis resort that supplied a significant proportion of its customer base closed in 2004, suffered further blows as a result of two fires that further devastated what remained of many buildings.
Mrs Moxey said of the Government’s Afro-Caribbean Marketplace plans
Department has collected over $24m, which is higher than last year’s figure,” said Mrs Coleby-Davis.
“We understand the significance of the Marsh Harbour Port to the island – residents and businesses. I can advise that a Bahamian company was selected by our US counterparts to restore the transshipment port.
“The upgrades to the Port will include more lighting, provision of stormwater drainage, placement of an administrative and security building, CCTV, connections to backup generators, power connection to new buildings, paving, and a suitable perimeter fence. I expect to be able to provide a more concrete update before the end of April.”
in 2023: “Not only will the marketplace promote and distribute African and Caribbean products, but it will also offer a taste of Africa and the Caribbean, making it an appealing tourist attraction.
“In the marketplace, we envision seamless connectivity for trade between Africa and the Caribbean through the African Continental Free Trade Area (AfCFTA), with the Caribbean as the sixth region, and the added advantage of a 230-squaremile free-trade zone offering tax concessions on Grand Bahama.”
Using Grand Bahama’s proximity to the US, the marketplace would provide strategic opportunities for value-added manufacturing, transshipment, distribution and logistics.
“This vision, however, goes beyond mere trade,” Mrs Moxey said.
“It represents the culmination of a world-class experience, showcasing the rich cultures of Africa and the Caribbean. The African-Caribbean Marketplace will become the home of ‘All things African and Caribbean’. It will feature a ‘Bahamas Bazaar’ representing each inhabited island of The Bahamas.
“With its conceptual design, including an amphitheatre, featuring a performance arts theatre, African and Caribbean-flavoured concessions and unique architecture reflecting the authenticity of our cultures, we aim to create a space that resonates with the spirit of Africa and the Caribbean.”
CONSTRUCTION FIRMS GO GLOBAL IN HUNT FOR CHEAPER MATERIALS
By ANNELIA NIXON
Business
IN the wake of tariffs imposed by US President Donald Trump, construction companies in The Bahamas are hoping an upcoming trip to India will help to obtain affordable materials.
With tariffs looming between the US, Canada, China and Mexico, construction companies are seeking alternative ways of acquiring affordable building materials to prevent passing costs on to their customers. During a recent trade mission with Canada, the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) president, Dr Leo Rolle, said they are eyeing South America, India, China and the United Kingdom, adding they will be headed to India with some construction businesses from April 10-18.
Dr Rolle said: “At present, we are preparing for our inbound mission from London, the Caribbean Council, which will be in early April, and then an outbound mission to India, which is why the meeting today was so important, because it allowed for an opportunity for us to meet with, of course, the foreign minister, some of the other ministers, and then the delegation from India, which begins the bilateral trade and conversations before we take the delegation of 75 business owners in the construction and procurement industry to India on April 10 to the 18.
“So that’s going to be very, very exciting. We actually were able to ink a deal with the Indian government to pay for that because, of course, they want to access the Bahamian market more, especially for windows, doors, tiles, plumbing, all that stuff like that. It’ll help with the possible implementation of the tariffs, such that we can derive goods and services directly from India, which is at a much cheaper rate. And we’ve also been working a number
of shipping and logistics companies. We’ve already begun the initial conversation with them to help us in our thrust towards getting these goods and services here, and whether that be through contract shipping or destination shipping, we’re working directly with, to name a few, ShipX, CLX Logistics, Exclusive Warehousing. Those are some of our members who we are working closely in tandem with to figure out how we are going to work together to get the goods from India, once we take this delegation of 75. So we have quite a busy next few weeks.
“Like I said, there are 75 businesses that will be gone for a week. The Indian government has covered the trip in totality. I went to India last year, in June. The chamber is a part of the IOE, which is the International Organization of Employers. And last year, there was an opportunity to go for a skills and capacity building conference. I went to that and of course, got some contacts, lobbied with those contacts, those contacts put me in contact with the government. And of course, I was able to negotiate where they are covering the full cost hotel, travel, transport for our 75 delegates. They’re all in different sectors. There’s construction, tiles, textiles, paint. There is windows, doors, fiber, rebar, you name it, we have it. So that’s what they’re doing.”
Virley McKinney, project manager of Asphalt Maintenance Paving & Testing Co Ltd, a company registered with BCCEC said he tries to patronise local business including CBS, JBR and FYP, but some items he is forced to import and they normally come from the US. While he noted that the tariffs would result in him having to charge customers extra, he also said he tries to strike a balance.
“More than likely, the cost would be shared or defrayed to the customer,” Mr Mckinney said. “It’s just a matter of, like I say, striking some leverage or some balance, because as a business, you do expect
to insert some costs and some increase in some of your supply. But to mitigate that, because we’re in the business of asphalt, sometimes we have a few projects that are similar in nature and scope. And so what that allows us to do is, for example, instead of buying a five gallon bucket, we may be able to buy a more bulk supply. And usually, typically when you buy a bulk, you’re able to save that way. I mean just one strategy. And then, like, for example, some materials that we use you have the option of integrating water to stretch it or maximise it. And so you could incorporate these just to be more, I guess, effective and utilized. Lastly, because we hire our company, we high on innovation. So I can tell you one of the things we did to mitigate costs and these tariffs is we started manufacturing a coal mix, asphalt in a bag, for example. And with that, we use local rock that’s that’s mined in Freeport. And so the only raw material we have to import for that is the bitumen, which is like the binder, the cement, as you would in concrete.
Mr McKinney, whose company will accompany BCCEC to India, added that he is currently “comparing and contrasting” prices between the US and other countries. He said the trip to India should provide “some real insight”.
“I’m in a process now of comparing and contrasting prices on certain materials as it relates to importation from the US versus these other countries, because of the currency difference and the price and change,” Mr McKinney said. “And then you got to consider
the logistics and shipping. And so I think this trip the Chamber of Commerce have planned for India would give me some real insight, and allow me the opportunity to give me some exposure to see what’s going on, which would solidify this whole thing of getting it from a foreign country versus the US. Now, one thing I would say is, one of the benefits with the US is close proximity, speed. And then, typically, whatever is imported, it’s usually at an acceptable standard. So usually [there] don’t be no issue in terms of complying with our local standards. Sometimes we have an issue, you know, something like from China might, might be equivalent, but it isn’t. It don’t function the same.
KONE USA agents for The Bahamas Basden Elevators have already received word from KONE that “they will have to do some pricing restructure”. Vice president of Basden Elevators Arnaldo Basden added that “they are not sure how much it will affect us at this time, but they have already advised us that pricing will go up”. He said he is looking into importing from other countries including India, as a business registered with BCCEC.
Construction companies not associated with BCCEC are also looking into importation from other countries, including Screws & Fasteners World. Owner Patricia Cleare said she will have to pass the cost on to the customer.
“A lot of stuff, for instance, like lumber, building supplies, a lot of that come from Canada through
the United States and then come down to us,” Ms Cleare said. “So with a 25 percent tariff, that means all these building supplies are going to go up. Case and point, I just purchased five bundles of plywood. And I had to lock that in before this 25 percent tariff started. So I was able to get the plywood at a very good price. But the other lumber that I need, that’s going to go up on us. So that is my take on this tariff, which is a stupid, crazy thing to do.
“A lot of my inventory come from the US. When it comes to tools and stuff like that, some come from different countries. I get some some stuff from Panama. But the challenge that we are having is everything has to go through the US. And if I decide to order anything from China, which might come through the US, that poses a problem, because this tariff is going to affect that. When it comes to the US, it is still going to affect me, even though I order it from China. Once it come through the US, they would slap that 25 percent tariff on whatever I order.
“As a matter of fact, certain things I decide, let me try and get stuff direct from Africa and direct from Panama, because we found out now that there’s a boat
that comes direct from Panama to Jamaica, goes to Trinidad and Tobago, Jamaica, and then comes right directly to Nassau, which is a good break for us. So that’s where I’m leaning at now. I have some stuff coming in. I have two sets of stuff coming through that avenue... it’s supposed to stop at Haiti too. But because of all the unrest in Haiti, it can’t. They wouldn’t go there. And then they come directly to The Bahamas. So it cuts out going through Miami, which is the tariff issue. And it would cost me much more if I bought in those stuff to Miami and then shipped to to Nassau.
“Africa is another place that I’m looking at. I have an order coming in from Africa now, and the amount of money that I paid for the items, as well as getting it through to directly here seems to be a very good price. So these are some things that I’m looking at. I’m not certain if we have a direct ship link from Canada to The Bahamas. I think years ago, we had one but I’m not certain now if we do. Hopefully, if that comes through, then we could weigh the balance where it’s going to be more expensive or or less expensive.”
DONALD TRUMP
PM, Opposition clash over ‘no bust Budget’
thinking on their part,” Mr Davis said in a blast at the Opposition. We fully intend to meet our deficit target for this fiscal year.
“When we came to office the deficit was 13.5 percent of GDP (gross domestic product). The deficit was 13.5 percent of GDP. Last year we brought it down to 1.3 percent of GDP. So when you want to talk about the deficit, look at the history. Look at what we’ve been able to do in three years.”
Mr Davis’ verdict was somewhat harsh, and possibly unfair, given that the Minnis administration was left with little choice but to run a $1bn-plus annual
deficit at COVID-19’s peak. Pandemic-related lockdowns caused the bottom to fall out of the Bahamian economy overnight, which forced the Government to step into the gap left by the private sector. The economy’s reopening, and subsequent reflation, inevitably helped narrow the COVID era gap between government spending and revenue to present deficit levels, with expanding GDP also helping to keep ratios in check.
The Prime Minister, though, argued that the Opposition has failed to give the Government due credit for what it has achieved with the economy’s revival post-COVID.
“Join the IMF and say what we did was remarkable,” he teased. “Join the IMF and say what we did was remarkable. I just want to repeat what I said before since you took offence. We have not exceeded our Budget, so any suggestion we will do so this year, to borrow a word from my learned friend [Fred Mitchell] is sophistry. Sophistry.”
Mr Davis did not explain what he meant by “not exceeding Budget”, and whether he was referring to the deficit - which measures by how much government spending exceeds revenue - or recurrent or total expenditure.
However, Kwasi Thompson, the Opposition’s
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finance spokesman, challenged the Prime Minister’s assertion by pointing to the $55m gap between the 2023-2024 deficit target and the actual outcome as disclosed in Ministry of Finance documents.
“The Prime Minister indicated you did not bust your Budget while you were in office; that you met your deficit in every year,” he said. “I wonder if you can explain your 12-month report on Budget performance for 2023-2024, which indicated you had a Budget deficit where you had a target of $131.1m, and then your actual deficit was $186.7m.
“Your [target] Budget deficit was $131m, but your actual deficit was $186.7m, so you didn’t make the deficit during that year, 2023-2024. So, if you can, explain that.” Mr Thompson’s contention that the Government had “bust” its 2023-2024 deficit target, and thus the Prime Minister’s position was inaccurate, drew no response from the Prime Minister.
Against the backdrop of a $394.8m half-year deficit, which will require the Government to generate a $325m Budget surplus (revenues exceeding expenditure) for the six months to end-June 2025 if it is to precisely hit its full-year target, Mr Davis yesterday sought to explain the $192m year-over-year recurrent expenditure increase at the mid-point.
Asserting that this was planned, he said: “We designed this fiscal year’s Budget to accommodate increased investment in several areas and, indeed, these expenditure items have risen during the initial half of the fiscal year according to plan.
“There has been some confusion – I hope sincere, rather than calculated –about those investments being executed precisely as intended. I can assure you the details were clearly presented in the Budget
Communication in May, just as I can assure you that recurrent spending as a percent of Budget in the first half of the current fiscal year falls well within historical norms.”
Outlining some of the spending increases, Mr Davis said there was a $4.4m year-over-year jump in mailboat subsidies to $6.9m. He justified this based on the vital role operators play in transporting freight to the Family Islands, and the fact they have not had an increase for ten years despite ongoing cost and inflationary pressures.
Garbage collection and network support together accounted for a near-$10m year-over-year spending increase, with the Prime Minister adding: “These services are indispensable, and although maintaining and enhancing them is indeed a significant cost, I can’t believe anyone would choose the hazards of insufficient investment in this area.”
“In addition, we have also engaged major commitments for landfill maintenance and information technology, both of which play vital roles in our operations.
This particular category of expenditure saw an increase of nearly $7m. All of these commitments, which are characterised as consultancy services, totalled $44m for the first half of the fiscal year.
“Just as families and businesses have been facing rising costs, so, too, has the Government. Our rental costs increased by $20.7m in the first half of the fiscal year compared to the prior period. The increase in this area is driven by a lack of suitable accommodations for our ministries and Departments,” Mr Davis continued.
“The Registrar General’s Department, Freedom of Information Secretariat, and Department of Public Prosecution all moved
into new accommodations within this fiscal year. The Immigration Department will consolidate its operations and move into new accommodations before the end of the fiscal period.” The Public Service Commission and Department of Labour are also scheduled to move.
While combined subsidies to the Water & Sewerage Corporation and Public Hospitals Authority (PHA) also increased by $16.6m year-over-year for the 2024-2025 first-half, Mr Davis added: “The rise in interest costs were also a factor that contributed to the increase in recurrent spending, which rose $34.3m year-over-year.
“This interest increase was largely due to paying accrued interest on facilities that were replaced by cheaper facilities. The growth in these interest payments has exerted upward pressure on overall recurrent spending. However, a part of our debt strategy has been utilising more concessional funding that would bring down our cost of borrowing. We anticipate that our cost of borrowing will smooth out in the second half of this fiscal year.
“The last major spending category that I want to address is compensation of government employees, which grew by $16.9m. The nominal growth value of wages and salaries has been relatively flat, growing only 0.4 percent year-over-year,” he added.
“Over the last three years, wages and salaries have been at an average of 11.5 percent of the recurrent budget, and 2.5 percent of GDP each year. So, the increase in compensation of government employees has not been driven by wages and salaries but other compensation benefits along with an increase in NIB contributions.”
Tourism targets European business at travel summit
increasing visitor arrivals and showcasing the unique cultural experiences that set The Bahamas apart.”
“ITB remains one of the most important stages for us to showcase The Bahamas to the world,” said Mrs Duncombe. “This year, our participation is focused on forging meaningful partnerships, driving new business, and ensuring The Bahamas remains a top-of-mind
destination for European travellers.”
ITB Berlin is attended by more than10,000 exhibitors representing destinations, tour operators, booking systems, transport providers and hotels. The Bahamian delegation is participating in a series of meetings with major global tour operators, luxury travel specialists, and European air carriers to explore potential airlift opportunities and
MP’s Old Bahama Bay closure fears refuted
that the hotel will close or that jobs will be lost, he called on his east Grand Bahama counterpart to make sure his facts are correct before speaking, and said more will be revealed in the coming weeks.
Tribune Business understands that Lubert Adler-Old Bahama Bay, which was set up by LubertAdler, the US investment house that financed the former Ginn project, has given IVRC seven weeks’ notice that it is terminating the lease agreement - which allowed the latter to manage the resort, marina, restaurants and other amenities - on March 28.
The developer/owner will then take back management and operational control, while retaining all staff. In doing so, Lubert Adler-Old Bahama Bay believes that by taking direct control with a more ‘hands-on’ management approach it will be able to extract greater revenues and operational efficiencies for the benefit of all condo owners and guests.
Mr Thompson, meanwhile, in his mid-year Budget debate speech, challenged the seeming lack of progress in redeveloping Grand Bahama International Airport. “The Davis administration’s handling of Grand Bahama’s redevelopment is nothing short of a disgrace, marked by broken
customised travel packages for this nation.
This year, The Bahamas’ presence at ITB will culminate in Bahamas Night, an event marking the 50th anniversary of this nation’s people-to-people programme. This long-standing initiative has generated meaningful exchanges between Bahamians and visitors, creating deeper cultural ties
promises, secrecy and a complete disregard for the people who call this island home,” he blasted.
“There seems to be a sudden shift from a publicprivate partnership (PPP) for the Grand Bahama International Airport to an all-encompassing mystery deal lumped together with the long- stalled Grand Lucayan sale. What happened to the $200m that was supposedly secured?
Can we please get an update as to what’s happening with Grand Bahama International Airport?”
The Opposition’s finance spokesman then sought to raise the alarm over the late 20204 decline in The Bahamas’ high-spending stopover visitors as this nation became solely reliant on cruise passengers to drive arrivals growth.
“The Government’s deafening silence on the alarming decline in
and enhancing the visitor experience.
“The people-to-people programme is an example of Bahamian hospitality,
stopover tourism cannot be just an oversight,” Mr Thompson argued. “The Central Bank’s most recent quarterly economic review (December 2024) lays bare a grim reality: While total foreign arrivals increased by 15.9 percent, this socalled ‘growth’ is propped up almost entirely by a surge in cruise visitors - a lower-spending segment.
“Meanwhile, the true backbone of our tourism industry - the high-value
fostering authentic connections with our people that leave a lasting impact on our visitors,’’ said Mrs Duncombe. “Celebrating
stopover tourists - plummeted by 3.9 percent to just 400,000 passengers in the fourth quarter of 2024. Even more damning, air arrivals to New Providence fell by 5 percent, and the Family Islands saw a 1.8 percent drop.
“Where is the urgency?
While this administration pats itself on the back for rising cruise numbers, they seem to ignore the catastrophic impact of losing high-spending visitors who
its 50th anniversary at ITB highlights the essence of The Bahamas. Beyond our breathtaking landscapes, it’s the people and the culture that truly set us apart.” Bahamas Night will welcome trade and media partners to an experience showcasing the spirit of The Bahamas. Attendees will enjoy an evening filled with Bahamian hospitality, featuring cultural performances, music and a visual presentation highlighting the waters of The Bahamas.
drive hotel occupancy, fuel the restaurant industry, and keep Bahamian businesses alive.
“This government cannot continue to hide behind inflated cruise figures while air arrivals - a direct indicator of economic strength - wither before our eyes. The report itself cites ‘accommodations capacity constraints’ as a limiting factor so where is the strategy to restore growth?”
NEW BOATING PORTAL CLOSE FOLLOWING FOUR-YEAR WAIT
confirmed that the longtouted alternative from DigieSoft Technologies had been demonstrated to the ministry in recent days.
“Earlier this week, a full demonstration of the platform was held at the ministry. I am advised that a full roll-out of the system and a public education campaign will take place by June 2025,” she said. “The online solution allows customers to create their own profile on the website, and builds on previous efforts made to bring all administrative operations of the Port Department into the 21st century.
The payment system will allow users to make their fee payment directly online
to the Treasury Department through Digi-pay. The system can also print financial reports for the Ministry of Finance. This engagement will assist with enforcement efforts, compliance, consistent collection of revenue, the public’s ease of accessibility to the Department and overall convenience.”
Besides facilitating payment of all Port Department-related fees, fines and penalties, Mrs ColebyDavis indicated that the new portal will offer more services than SeaZPass. It will allow persons to request tug boat services; register and manage dock spaces; complete online vessel registration and
renewal; and schedule vessel inspections.
Mr Maury, though, said neither the ABM nor its members have been involved with the new portal’s development. “I just don’t have high expectations,” he said. “It only took them four years. It’s needed because the system is a mess, but it was not needed before until the blew it up. They’re trying to take credit for fixing it, but they’re fixing what they broke...
“The portal is going to do what we were doing. It took them four years to do it. We did it in a matter of months. We put it together, put it out and were collecting revenue. It took the Government longer to write the agreement than us to put the portal together. We haven’t seen the new one. We haven’t been invited or anything. I don’t know how it’s going to work or who it’s
going to involve. I haven’t even seen it.”
Mrs Coleby-Davis, meanwhile, said the Royal Bahamas Police Force issued some 1,600 tickets for drivers with uninsured vehicles during the first eight months of 2024 as she sought to justify legal reforms that eliminate the requirement for drivers to take out auto insurance in their ‘birth month’.
“Madam Speaker, also included in this mid-year Budget statement is the Road Traffic (Amendment) Bill 2025. This amendment seeks to remove the ‘birth month’ requirement for auto insurance coverage. The adjustment is necessary to avoid additional charges that consumers might face from insurance companies,” she said.
“To be clear, the Government is keen to avoid placing financial hardship on Bahamians while we fight to stop uninsured
vehicles from being on our streets. According to the Royal Bahamas Police Force, a considerable number of road traffic accidents involve uninsured vehicles.
“Not only that, Madam Speaker, during the first 8 months of 2024, I am advised that over 1,600 tickets were issued for uninsured vehicles on the streets of New Providence alone.”
Elsewhere, Mrs ColebyDavis said efforts are being initiated to overhaul Marsh Harbour’s main commercial shipping port that has been left devastated ever since Hurricane Dorian struck.
“We understand the significance of the Marsh Harbour Port to the island – residents and businesses.
I can advise that a Bahamian company was selected by our US counterparts to
restore the transshipment port,” she added.
“The upgrades to the port will include more lighting, provision of storm water drainage, placement of an administrative and security building, CCTV, connections to backup generators, power connection to new buildings, paving and a suitable perimeter fence.”
Mrs Coleby-Davis promised to provide a further update on Abaco’s port in April. However, Abacobased sources yesterday asserted that “nothing is happening” and “there are no boots on the ground” working at the Marsh Harbour port. There was also speculation that the project might be a casualty of Donald Trump’s federal spending cuts as the funding is understood to be coming from the US government.
Businesses scramble to contain fallout from Trump’s tariffs on Canada, China and Mexico
By PAUL WISEMAN AP Economics Writer
A MINNESOTA farmer worries about the price of fertilizer. A San Diego entrepreneur deals with an unexpected cost increase of remodeling a restaurant. A Midwestern sheet metal fabricator bemoans the prospect of higher aluminum prices. Businesses knew that Trump's import taxes -- tariffs -- on America's biggest trading partners were scheduled to take effect Tuesday. But many of them assumed they'd get a reprieve. After all, the unpredictable president had delayed the tariffs on Canada and Mexico for 30 days right before they were originally supposed to kick in on Feb. 4. No such luck this time.
At midnight Tuesday, the United States imposed 25% tariffs on goods from Canada and Mexico, starting a trade war with its closest neighbors and allies. Trump also doubled his 10% levies on Chinese imports in a series of moves that took U.S. tariffs to the highest level since the 1940s. Canadian energy was shown some mercy, getting taxed at a lower 10%.
The three countries promptly announced retaliatory tariffs of their own.
Commerce Secretary Howard Lutnick said later on Tuesday that the U.S. would likely meet Canada and Mexico "in the middle," with an announcement coming as soon as Wednesday. Lutnick told Fox Business News the tariffs would not be paused, but that Trump would reach a compromise.
The longer the tariffs stick, the more damage they can do, forcing companies to decide between eating higher costs and passing them along to inflation-weary consumers. If the tariffs and the retaliation last a year, economist Kathy Bostjancic of Nationwide estimates, U.S. economic growth will be more than 1 percentage point lower and inflation 0.6 percentage points higher than they would have been otherwise. Manuel Sotelo, who runs a Mexican truck fleet that carries goods across the southern U.S. border, didn't expect that Trump would roll the dice on $2.2 trillion worth of American trade with Mexico, Canada and China.
"I really did think last afternoon or last night Trump would have reversed course,'' Sotelo, who has a Trump bobblehead behind his desk, said Tuesday.
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NOTICE
IN THE ESTATE OF KENTH RODGER SYMONETTE a.k.a. KENTH SYMONETTE, late of No. 38 Waterfall Drive in the City of Freeport of the Island of Grand Bahama, one of the Islands of the Commonwealth of The Bahamas, deceased.
NOTICE is hereby given that all persons having any claims against the above Estate are required on or before the 24th day of March A.D., 2025 to send their names, addresses and particulars of their debts or claims to the undersigned and, if so required, by notice in writing from the undersigned, to come in and prove such debts or claims or, in default thereof, they will be excluded from the beneft of any distribution AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned AND NOTICE is hereby given that at the expiration of the date hereinbefore mentioned, the assets of the Estate of the said KENTH RODGER SYMONETTE a.k.a. KENTH SYMONETTE, deceased, will be distributed among the persons entitled thereto having regard only to the claims of which the Administratrix of the Estate shall then have had notice.
PROVIDENCE LAW
Attorneys for the Administratrix 16 Village Road North New Providence, Bahamas
Wall Street rebounds after Trump pulls back on some of his tariffs
By STAN CHOE and DAMIAN J. TROISE AP Business Writers
U.S. stocks climbed Wednesday after President Donald Trump pulled back on some of his tariffs temporarily. The move revived hope on Wall Street that Trump may avoid a worstcase trade war that grinds down economies and sends inflation higher.
The S&P 500 rose 1.1% to bounce back from a selloff that had erased all of its "Trump bump " since Election Day. The Dow Jones Industrial Average climbed 485 points, or 1.1%, and the Nasdaq composite gained 1.5%.
The market turned sharply higher after Trump said he's granting a onemonth exemption for U.S. automakers on his stiff new tariffs for Mexican and Canadian imports. Trump made the move after talking with Ford, General Motors and Stellantis, which owns Chrysler.
All of the Big Three automakers could have been hurt by such tariffs because of how much production happens across the countries. Trump's announcement sent relief
through Wall Street, and Ford's and General Motors' stock both jumped more than 5% to help lead a widespread rally across the market.
The worry has been that such tariffs would not only hurt profits for companies but also jack up prices for cars and other bills for U.S. households already struggling with still-high inflation.
The hope is that Trump is using the threat of tariffs as a tool for negotiation and that he may ultimately institute less painful moves for the economy and global trade if he can win what he wants.
Of course, Trump did not roll back all of the tariffs he announced on the United States' largest trading partners, including on China.
His latest move may also simply add more uncertainty to a market that's already reeling from it. It was just on Monday that Trump had said there was "no room" left for negotiations that could lower the tariffs on Mexico and Canada, which took effect Tuesday and caused the U.S. stock market to tumble.
"The economic impact and consumer impact is still
ahead of us," said Sameer Samana, head of global equities and real assets at Wells Fargo Investment Institute. "It comes back to what no one really knows, and that is how long these tariffs stay in place."
Even if tariffs ultimately end up being less harsh than feared, just the threat of them has already had a negative effect on U.S. households and businesses.
Confidence among U.S. consumers has soured due to expectations of higher inflation because of tariffs. Businesses, meanwhile, are struggling to keep up with all the changes coming from Washington, and U.S. manufacturers said their growth is approaching stall-speed amid worries about tariffs.
A couple reports on Wednesday gave a mixed read on the U.S. economy. One suggested U.S. employers pulled back sharply on their hiring last month. The report from ADP could be a warning signal ahead of the more comprehensive jobs report that's coming Friday from the U.S. Labor Department.
A separate report said growth for U.S. finance, real estate and other
businesses in the ser-
vices sector is better than economists expected. But businesses also said in the survey they're confronting "chaos" and uncertainty because of tariffs, according to the Institute for Supply Management. Altogether, a recent stream of weaker-thanexpected reports on the U.S. economy has raised the possibility of a worst-case scenario known as "stagflation." It's something that doesn't happen often, where the economy is stagnating and inflation is high, and
policy makers at the Federal Reserve don't have a good tool to fix it.
The U.S. economy closed last year running at a solid pace. If it were to weaken sharply, the Fed could cut its main interest rate in hopes of making borrowing easier and goosing the economy. But rate cuts put upward pressure on inflation. If prices for eggs and other everyday items were rising because of tariffs, that could box in the Fed.
For his part, Trump said in an address before Congress Tuesday night that
he's going ahead with tariffs, with more on track to go into effect on April 2.
"Tariffs are about making America rich again and making America great again," he said. "And it's happening and it will happen rather quickly. There will be a little disturbance, but we're OK with that."
On Wall Street, BrownForman jumped 10.1% after the company behind Jack Daniel's whiskey reported stronger profit for the latest quarter than analysts expected.
‘Thwarted’ Treasure Cay buyer targeting new developer’s deal
proceed as Judicial Reviews are supposed to be heard quickly.
Asserting that he had previously reached an agreement with Treasure Cay Ltd, the Meister family company that owned the Abaco-based development, to acquire all but one of its shares, he alleged: “While the Government of the Bahamas has thwarted my attempts to purchase the Treasure Cay property, and its court has still not acted on my application for a Judicial Review, I subsequently initiated a lawsuit against the Meister family.
“That lawsuit remains ongoing. Since doing so, GreenPointe Holdings, with its principal address in Jacksonville, and its registered agent in Tallahassee, has apparently purchased the Treasure Cay property and intends to develop it.
GreenPointe has apparently entered into an agreement to acquire the Treasure Cay Property with the Meister family.....
“Indeed, the Prime Minister of The Bahamas, Brave Davis, was directly involved in the negotiations, apparently. Although the Bahamian government and the Meister family thwarted my efforts to buy the Treasure Cay property, GreenPointe has been able to reach a Heads of Agreement - essentially a pre-investment agreement with the Bahamian Government - to develop the Treasure Cay property,” Dr Kovats added.
“GreenPointe is now working on developing the Treasure Cay property. Insofar as the Government of The Bahamas has blocked our attempts to purchase the Treasure Cay property because I am a foreigner, I am surprised that GreenPointe was able to purchase the property.
“In addition, I had a contract with the Meister family to buy the property, but they reneged on that deal. Therefore, discovery from GreenPointe will further my lawsuits against both the Government and the Meister family.”
Tribune Business previously reported that the Austrian financier had initiated legal action against the Meisters and their company, Family Adventure Holdings, demanding they uphold the February 2021 sales contract with him or, in the alternative, return his $2.233m deposit equivalent to 10 percent of the purchase price.
Dr Kovats, meanwhile, outlining the rationale for his judicial assistance request, asserted: “Documents regarding a performance bond or similar guarantee will be used to compare my situation to GreenPointe’s. The Heads of Agreement will be used to see the terms and conditions that GreenPointe obtained from the Government.
“The documents regarding the purchase of the property will be used to compare the deal GreenPointe received to what I contracted for with the Meister family, which is important to my breach of contract claim.” And he argued that full disclosure “will shed light on why the Government and the Meisters blocked” his deal to acquire Treasure Cay. The Austrian financier has made his move within six months of last September’s $177m Heads of Agreement signing, through which Mr Burr and GreenPointe Holdings pledged to develop Treasure Cay into a mixed-use resort and residential community, starting with infrastructure restoration that includes the marina harbour.
Tribune Business has recently received mixed progress reports from various
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I ANTOINETTE MOIMEME of Podoleo Street, New Providence, The Bahamas, the mother of mother of LORIDA EDWINE POMZIN intend to change my child’s name to LORIDA EDWINE ICLAIR. If there are any objections to this change of name by deed poll, you may write such objection to the Chief Passport Offcer, P. O. Box N 3746, Nassau, The Bahamas or at deedpoll@bahamas.gov. bs no later than thirty (30) days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that JEAN ER I SR of #67 Avacado Street, Pinewood Gardens, Nassau, 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 6th 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 LUC ENN A M N R of Davis Street, Nassau, 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 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Treasure Cay homeowners and Abaco residents, with some voicing impatience and concern over the seeming lack of on-site activity by the developer. Some have even questioned whether the acquisition from the Meisters has closed, but others assert that GreenPointe is merely waiting for the necessary environmental, construction and other permits.
Mr Burr, GreenPointe’s chairman and chief executive, has not returned Tribune Business’s call seeking comment and a potential interview despite a message and contact number being left with his executive assistant. However, a January 23, 2025, update issued by the developer to Treasure Cay residents affirmed the project is a “primary focus” and that it was working to obtain the required government approvals.
Promising that it is “dedicated to rejuvenating this beloved destination”, and that “a bright future awaits”, GreenPointe Holdings said it was working with Bahamian consultancy, BRON, to develop the necessary environmental studies and apply for the relevant permits. It is also working with other consultants on project design and the marina.
“GreenPointe has engaged BRON, a Bahamabased environmental consultancy, to secure the necessary environmental approvals. These approvals will ensure the redevelopment meets all regulatory standards while safeguarding the natural beauty of Treasure Cay,” GreenePointe said.
“Additionally, the Department of Environmental
Planning and Protection (DEPP) will soon visit Treasure Cay to work with GreenPointe to ensure a balance between responsible development and environmental preservation.
“GreenPointe is collaborating with Cummins & Cederberg, marina design experts, to restore Treasure Cay’s iconic marina. The renovation will involve replacing bulkheads and enhancing navigational channels to ensure safe and efficient water access. Upon completion, the marina will once again serve as a vibrant hub for boating and marine activities in North Abaco, benefiting the local economy and lifestyle,” it added.
“OBMI, the design team working on the project, is making significant progress on phase one of the redevelopment. While specific details remain forthcoming, GreenPointe has confirmed that the plans are moving ahead smoothly. Phase one will focus on creating a balanced mix of residential, commercial and recreational spaces, laying the groundwork for Treasure Cay’s future growth.”
Pledging that a groundbreaking for the project will occur this year, GreenPointe said that besides redeveloping Treasure Cay’s golf course it is also working with “Caribbean Civil Group, Water and Sewerage Corporation and Bahamas Power & Light (BPL) to finalise critical infrastructure upgrades, including utilities and services”.
“2025 is off to a strong start, and we’re thrilled with the progress in revitalising Treasure Cay,” Steve Griggs, development manager at GreenPointe, said.
NOTICE
NOTICE is hereby given that GUERRY CHARLES of Poinciana Avenue #08, 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 6th 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 JEAN ER I R of #67 Avacado Street, Pinewood Gardens, Nassau, 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 6th 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 U KNER I R of Carmichael 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 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“We’ve engaged a team of expert consultants to guide the planning and permitting phases, paving the way to break ground later this year.”
However, GreenPointe will now have to deal with Dr Kovats’ evidence demands. The Austrian, recalling how the Government via the Bahamas Investment Authority (BIA) rejected his Treasure Cay purchase, alleged: “Among other things, the Government has demanded a $25m performance bond for the purchase of private property, even though no such requirement exists for the purchase of private property.
“Dr Kovats has made personal guarantees regarding his development. For unknown reasons, Government officials have also issued correspondence to third-parties saying Dr Kovats will never receive approval to buy the Treasure Cay property. Shockingly, the deputy prime minister of The Bahamas himself [Chester Cooper] contacted the Meister family directly regarding Dr Kovats’ request for a letter of no objection.
“In an effort to moot the Government’s intransigence, Dr Kovats asked the Meister family to assign the rights to a Bahamian citizen, per applicants’ agreement to purchase the Treasure Cay property interests. After the Meister family refused without explanation, LM Property Development filed a lawsuit against the Meister family for breach of contract.”
Tribune Business also previously reported how Dr Kovats is also embroiled in
separate litigation over his ambitions to acquire the South Ocean resort property in New Providence, as well as a large investment property in southern Long Island close to the cruise port proposed for that island.
Amid previous assertions that he has a tendency to sit on property in The Bahamas and do nothing to develop it, the financier has also attracted controversy back home throughout his business and investing career, despite building his publicly-listed industrial group, A-Tec Industries, into a conglomerate that once featured over 70 companies and more than 10,000 employees, with turnover pegged at more than one billion euros.
Numerous companies he was involved with early in his business career became insolvent, and Dr Kovats has faced numerous civil lawsuits, being criminally indicted twice. He was sentenced to six months’ probation in 2000 by the Vienna High Court over the bankruptcy of a nightclub he had invested in. Dr Kovats was also charged over another nightclub insolvency in 2007, although he was never convicted.
Tribune Business’s own research also found that Dr Kovats and a fellow executive were fined by Austrian regulators in 2012 for providing misleading information to the capital markets, thus harming investors. Following a two-year period of turbulence that began in 2011, A-Tec moved to restart business activities in 2013, after undergoing a reorganisation.
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NOTICE is hereby given that IMMA U A UIRA of Aldo Street, Off Mini Street, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of February, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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NOTICE is hereby given that LUDER PETIT-FRERE of Prince Charles, Pine Barren 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 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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NOTICE is hereby given that SITHA SI IEN of General Delivery Marsh Harbour, Abaco 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 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
Box SS 6582 Mango Drive, High Vista, Nassau, 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 6th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
TRUDEAU NOT WILLING TO LIFT CANADA’S RETALIATORY
TARIFFS IF TRUMP LEAVES SOME TARIFFS ON CANADA
By ROB GILLIES Associated Press
CANADIAN Prime
Minister Justin Trudeau is unwilling to lift Canada's retaliatory tariffs on the United States if President Donald Trump leaves any U.S. tariffs on Canada, a senior government official told The Associated Press on Wednesday.
The official confirmed Trudeau's stance on the condition of anonymity because the person was not authorized to speak publicly on the matter. The official said Trump and Trudeau spoke by phone around midday.
Other Canadian officials publicly echoed Trudeau's position.
"We're not interested in meeting in the middle and having some reduced tariff. Canada wants the tariffs removed," Canadian Finance Minister Dominic LeBlanc told the Canadian Broadcasting Corporation.
Ontario Premier Doug Ford, the leader of Canada's most populous province, agreed.
"Zero tariffs or nothing. This attack was not started
By BARBARA ORTUTAY AP Technology Writer
BEFORE Reddit there was Digg, which popularized up- and down-votes on online posts. Now the founders of both platforms — social media veterans Kevin Rose and Alexis Ohanian — are relaunching the early Reddit rival with a focus on "humanity and connection" they hope will be boosted by the use of artificial intelligence.
Rose founded Digg, which launched in 2004 and let people up- and downvote ("Digg" or "bury") content from users and from sources around the web. At its peak, it had 40 million monthly users — a high number for the time considering that Facebook only hit 100 million in 2008.
by our country. This was started by President Trump. He decided to declare an economic war against our country and our province, and we're going to hold strong," Ford said.
Trump launched a new trade war Tuesday by imposing tariffs against Washington's three biggest trading partners, drawing immediate retaliation from Mexico, Canada and China and sending financial markets into a tailspin. Trump put 25% taxes, or tariffs, on Mexican and Canadian imports, though he limited the levy to 10% on Canadian energy.
A day after the new tariffs took effect, Trump said he would grant a onemonth exemption for U.S. automakers. The announcement came after Trump spoke Wednesday with leaders of Ford, General Motors and Stellantis, the parent company of Chrysler and Jeep.
U.S. Commerce Secretary Howard Lutnick said exceptions might be considered — a statement that reflected a softening of the American position after the import taxes hurt the
Digg was divvied up and sold in 2012, with many of its assets and patents acquired by LinkedIn. Reddit, which launched in 2005 and was co-founded by Ohanian, took a similar approach to let users vote on what they thought was the best and worst content on the site.
But much has changed since 2012 — not just when it comes to advances in artificial intelligence but also how people treat each other online.
"The social space online is definitely harsher, it feels like, than it's ever been before," said Justin Mezzell, who will serve as the new company's CEO. "It feels really difficult to connect. I think the platforms have gotten more disconnected. You know, if ever
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Normal working hours will resume on Monday March 10, 2025.
stock market and worried consumers. Ford took note of the anxiety, saying the American people "woke up two days ago when the market was crashing." Americans "are voicing their opinion. The CEOs, the market tanked. That's what really caught his (Trump's) attention."
Canadian Foreign Minister Mélanie Joly said they are not interested in going "through this psychodrama every 30 days so."
"There's too much unpredictability and chaos coming of the White House right now," Joly said. "He wants to weaken us and once he has weakened us possibly try to annex Canada. He has said this in the past."
Some Canadian provinces banned the sale of American booze, including Manitoba, whose leader, Wab Kinew, mocked Trump by signing a "beautiful" order that officially removes all U.S. liquor from stores in his province.
In an interview Wednesday with Bloomberg Television, Lutnick said: "There are going to be
there was a true town hall of the internet, it feels like it has been deconstructed in a pretty big way."
Digg's new leaders say they want to use artificial intelligence to "handle the grunt work" of running a social media site while allowing humans to focus on building meaningful online communities. The question, Mezzell said, is how to get people to "show up and have conversations, to learn from each other, to share something they're passionate about and do it earnestly?" Especially when some of today's social media algorithms "exist really just optimize for outrage."
Rose said Digg will take a more nuanced approach to content moderation than banning or not banning
tariffs. Let's be clear." But he also said the president was considering offering relief to some sections of the market until April 2.
On April 2, Trump plans to announce what he calls "reciprocal" tariffs to match the tariffs, taxes and subsidies from other countries. That could dramatically increase the tariff rates charged globally while maintaining the risk of broader tariffs. If the tariffs are not removed, Ford told the AP, the American and Canadian auto industries will last approximately 10 days before they start shutting down assembly lines in the U.S. and Ontario.
"People are going to lose their jobs," Ford said.
Lutnick said he would talk Wednesday with
content, which is a process that can be easy to get around.
"There is a world where, you know, you show up in (a) meditation (group) and you're swinging four-letter words all over the place, and you hit submit," he said. And "we come back and we say, hey, you can post this, of course, but only 2% of the audience is going to see it, because the way that the moderator set the tone."
"That is unique. That is different. That's not like a hard-defining rule," Rose added "It's more like just sensing the voice and how it fits within the entire ecosystem and the model that's behind the scenes for that community."
Sarah Gilbert, research manager of the Citizens and
Trump about the possible options regarding Canada and Mexico, saying that both countries are working to address the U.S. president's concerns about drug trafficking. Lutnick said he expected Trump to announce a decision Wednesday afternoon.
Nelson Wiseman, professor emeritus at the University of Toronto, noted that Trudeau called the tariffs "very dumb" at a news conference Tuesday and said Trudeau's tough talk resonated well with Canadians.
"Canada had a choice: to go along with Lutnick's proposal or to reject it. The government opted for the latter, but that may be a negotiating ploy. It is playing well with Canadians.
Technology Lab at Cornell University and an expert on content moderation, said much of the moderation that social media platforms like Reddit do is already automated and moderators typically have a lot of control over the automation tools they use.
"The challenge is that a lot of AI isn't contextdependent, and models built for moderation tend to focus on toxicity, which is only a small portion of what mods deal with," she
They are very angry with Trump," Wiseman said. Peter Navarro, a senior trade adviser to Trump who said he watched Trudeau's news conference, told CNN on Wednesday that it would be useful if the prime minister "toned stuff down."
But Daniel Béland, a political science professor at McGill University in Montreal, said Trudeau's comments were likely intended to project strength.
"Trump thrives on intimidation, and any sign of weakness on the part of Canada might help pave the way for more economic bullying. So that's probably why the prime minister is showing resolve, at least in public," Béland said.
said. "The other problem is that these models can be discriminatory and overly censorious of historically marginalized people. So, any AI-assisted moderation tools would need to be able to account for community specific rules and context, as well as keep a human in the loop."
The new Digg will launch in the coming weeks as a website and mobile app.
PRIME Minister Justin Trudeau holds a news conference on imposed U.S. tariffs as Foreign Affairs Minister Melanie Joly, Finance Minister Dominic LeBlanc and Public Safety Minister David McGuinty look on in Ottawa on Tuesday, March 4, 2025.
Photo:Adrian Wyld/AP
Israel’s cutoff of supplies to Gaza sends prices soaring as aid stockpiles dwindle
By JULIA FRANKEL and SAMY MAGDY Associated Press
ISRAEL'S cutoff of food, fuel, medicine and other supplies to Gaza's 2 million people has sent prices soaring and humanitarian groups into overdrive trying to distribute dwindling stocks to the most vulnerable.
The aid freeze has imperiled the progress aid workers say they have made to stave off famine over the past six weeks during Phase 1 of the ceasefire deal Israel and Hamas agreed to in January.
After more than 16 months of war, Gaza's population is entirely dependent on trucked-in food and other aid. Most are displaced from their homes, and many need shelter. Fuel is needed to keep hospitals, water pumps, bakeries and telecommunications — as well as trucks delivering the aid — operating.
Israel says the siege aims at pressuring Hamas to accept its ceasefire proposal. Israel has delayed moving to the second phase
of the deal it reached with Hamas, during which the flow of aid was supposed to continue. Israeli Prime Minister Benjamin Netanyahu said Tuesday that he is prepared to increase the pressure and would not rule out cutting off all electricity to Gaza if Hamas doesn't budge.
Rights groups have called the cutoff a "starvation policy."
Four days in, how is the cutoff affecting Gaza?
Food, fuel and shelter supplies are threatened
The World Food Program, the U.N.'s main food agency, says it has no major stockpile of food in Gaza because it focused on distributing all incoming food to hungry people during Phase 1 of the deal. In a statement to AP, it said existing stocks are enough to keep bakeries and kitchens running for under two weeks.
WFP said it may be forced to reduce ration sizes to serve as many people as possible. It said its fuel reserves, necessary to run bakeries and
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transport food, will last for a few weeks if not replenished soon.
There's also no major stockpile of tents in Gaza, said Shaina Low, communications adviser for the Norwegian Refugee Council. The shelter materials that came in during the ceasefire's first phase were "nowhere near enough to address all of the needs," she said.
"If it was enough, we wouldn't have had infants dying from exposure because of lack of shelter materials and warm clothes and proper medical equipment to treat them," she said.
At least seven infants in Gaza died from hypothermia during Phase 1.
Urgently checking reserves
"We're trying to figure out, what do we have? What
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would be the best use of our supply?" said Jonathan Crickx, chief of communication for UNICEF. "We never sat on supplies, so it's not like there's a huge amount left to distribute."
He predicted a "catastrophic result" if the aid freeze continues.
During the ceasefire's first phase, humanitarian agencies rushed in supplies, with about 600 trucks entering per day on average. Aid workers set up more food kitchens, health centers and water distribution points. With more fuel coming in, they could double the amount of water drawn from wells, according to the U.N. humanitarian agency.
Around 100,000 tents also arrived as hundreds of thousands of Palestinians tried to return to their homes, only to find them destroyed or too damaged to live in.
But the progress relied on the flow of aid continuing.
Oxfam has 26 trucks with thousands of food packages and hygiene kits and 12 trucks of water tanks waiting outside Gaza, said Bushra Khalidi, Oxfam's policy lead in the West Bank.
"This is not just about hundreds of trucks of food, it's about the total collapse of systems that sustain life," she said.
The International Organization for Migration has 22,500 tents in its warehouses in Jordan after trucks brought back their undelivered cargo once entry was barred, said Karl Baker, the agency's regional crisis coordinator.
The International Rescue Committee has 6.7 tons of medicines and medical supplies waiting to enter Gaza and its delivery is "highly uncertain," said Bob Kitchen, vice president of its emergencies and humanitarian action department.
Medical Aid for Palestinians said it has trucks stuck at Gaza's border carrying
medicine, mattresses and assistive devices for people with disabilities. The organization has some medicine and materials in reserve, said spokesperson Tess Pope, but "we don't have stock that we can use during a long closure of Gaza."
Prices up sharply
Prices of vegetables and flour are now climbing in Gaza after easing during the ceasefire.
Sayed Mohamed al-Dairi walked through a bustling market in Gaza City just after the aid cutoff was announced. Already, sellers were increasing the prices of dwindling wares.
"The traders are massacring us, the traders are not merciful to us," he said.
"In the morning, the price of sugar was 5 shekels. Ask him now, the price has become 10 shekels."
In the central Gaza city of Deir Al-Balah, one cigarette priced at 5 shekels ($1.37) before the cutoff now stands at 20 shekels ($5.49). One kilo of chicken (2.2 pounds) that was 21 shekels ($5.76) is now 50 shekels ($13.72). Cooking gas has soared from 90 shekels ($24.70) for 12 kilos (26.4 pounds) to 1,480 shekels ($406.24). Following the Oct. 7, 2023, Hamas attack on Israel, Israel cut off all aid to Gaza for two weeks — a measure central to South Africa's case accusing Israel of genocide in Gaza at the International Court of Justice. That took place as Israel launched the most intense phase of its aerial bombardment of Gaza, one of the most aggressive campaigns in modern history. Palestinians fear a repeat of that period.
"We are afraid that Netanyahu or Trump will launch a war more severe than the previous war," said Abeer Obeid, a Palestinian woman from northern Gaza. "For the extension of the truce, they must find any other solution."
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of LEWES INVESTMENT FUND LTD. has been completed, a Certifcate of Dissolution has been issued and the Company has therefore been struck of the Register. Te date of completion of the Dissolution was the 20th day of February, 2025.
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TRUCKS line up at the Egyptian side of the Rafah border crossing between Egypt and the Gaza Strip after Israel blocked the entry of aid trucks into Gaza, Sunday, March 2, 2025.
Photo:Mohamed Arafat/AP
Major retailers temper expectations for 2025 as Americans slow their spending
By MICHELLE CHAPMAN AP Business Writer
A PULLBACK by American shoppers has led to more caution from national retailers about their sales potential in 2025, Abercrombie & Fitch on Wednesday becoming the latest.
U.S. consumer confidence plunged last month, the biggest monthly decline in more than four years, according to the Conference Board. Respondents to the board's survey expressed concern over inflation with a significant increase in mentions of trade and tariffs, the board said.
The imposition of new tariffs this week by President Donald Trump against America's three biggest trading partners drew immediate retaliation from Mexico, Canada and China, sending financial markets into a tailspin. Tariffs threaten to rekindle inflation, which in recent weeks appears to have begun to tick higher and has created more uncertainty for families and businesses.
Trump imposed 25% taxes, or tariffs, on Mexican and Canadian imports, though he limited the levy to 10% on Canadian energy. Trump also doubled the tariff he slapped last month on Chinese products to 20%.
On Wednesday when reporting its most recent quarterly performance, Abercrombie & Fitch said it expects sales growth of between 3% and 5% in 2025, worse than Wall Street had been expecting and far below the sales growth of 16% that the retailer achieved last year. Shares slid more than 14% Wednesday and they're down almost 46% this year.
The retail landscape is becoming more challenging, Neil Saunders,
managing director of GlobalData, wrote Wednesday. Yet he also noted that Abercrombie had a very good 2024, making it more difficult to match in 2025. "It is reasonable to expect some moderation in the growth rate – as is reflected in the company outlook," Saunders said.
Abercrombie & Fitch, however, joins a growing list of retailers that see a slowdown ahead, and not all of those companies had a banner year in 2024. Sales and profits slipped for Target last year and the retailer said this week that there will be " meaningful pressure " on its profits to start 2025 because of tariffs on Mexico, Canada and China, in addition to other costs. Even before the trade war heated up this week, Target reported falling profits and sales in the crucial period leading up to the year-end holidays, with more customers pausing before breaking out the wallet.
Target CEO Brian Cornell said Tuesday that Americans could see prices for food begin to rise in just a few days, particularly produce from Mexico such as avocados. Mexico President Claudia Sheinbaum said Tuesday the country will respond to the 25% tariffs imposed by the United States with retaliatory tariffs on U.S. goods, with details to come.
While Cornell declined to talk specifically about potential price hikes shoppers might see on Target shelves, he warned that there will be price increases for some products.
Target shares are down almost 15% this year and specialty retailers that have seen stock gains are in the minority. Shares of Gap are down 15% this year and shares of American Eagle, Guess and Zumiez are all down about 29%.
