By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE first-ever survey on the ease of opening a Bahamian bank account will separate “myths from realities” with more than 99 percent of applications approved in often “less than a week”.
Gowon Bowe, Fidelity Bank (Bahamas), told Tribune Business that the inaugural half-yearly Bank Account Opening survey represents “a good first step towards building consumer confidence” while acknowledging that the findings showed the commercial banking industry has yet to achieve
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AIRLINES yesterday warned travellers to brace for flights to take up to three times’ longer than normal due to “unusual delays” caused by ongoing runway repairs at The Bahamas’ major airport.
Western Air, in an advisory to passengers, said a flight from Freeport to Nassau “that typically takes 35 minutes” is “now averaging up to one hour and 30 minutes” with Lynden Pindling International Airport (LPIA) reduced temporarily to just one functioning major runway while the other
perfection on an emotive issue for many Bahamians. But, while it has frequently been asserted that it is far easier and quicker for Bahamians to open a bank account in the US than in their homeland, especially since the 2000 passage of laws designed to escape the Financial Action Task Force’s (FATF) then-blacklist, he also pointed out that
remains closed for critical infrastructure and safety rehabilitation.
The carrier, which said it has even had “to divert flights” cases because it took too long to obtain clearance to land in Nassau, was backed by
“banks are easy targets for criticism”.
The Central Bank, in unveiling its survey on bank accounts opened by six institutions between January and end-June 2024, said that while the number and percentage of rejected applications was relatively low there was still room for “interventions” that could improve customer service and the
Anthony Hamilton, the Bahamas Association of Air Transport Operators president, who told Tribune Business this newspaper would be “amazed” by the impact of the increased air traffic congestion that has
ease of conducting banking in The Bahamas.
Of the 28,153 new deposit account applications submitted during the 2024 first half, the banking sector regulator revealed that more than 99 percent were processed and approved during this same six-month period with less than 1 percent denied or rejected.
And, once all necessary Know Your Customer (KYC) and due diligence documents were supplied
Off-duty police ‘unfair’ competition for security
By ANNELIA NIXON Tribune Business Reporter
OFF-duty police officers hired as private guards are creating unfair competition for security guards, according to one company president.
Gamal Newry, owner of Preventative Measures, said the use of off-duty police officers as security guards at private companies creates a challenge for security firms.
“Bear in mind many private entities now utilise off-duty police officers who carry firearms,
notwithstanding they are law enforcement officers, but they’re acting the role of a security officer, and they are armed,” Mr Newry said. “But of course, the police force, a law enforcement officer, is a different legal creature than a security officer. They have certain privileges, certain powers, certain expectations and privileges are afforded to them versus a security officer. But business establishments now do have that as an option via private engagement, through law enforcement, through the Royal Bahamas Police Force.
“When I say off-duty, that officer is off-duty, but the business establishment would have gone to the police commissioner and gotten approval for that officer to act on that property in a certain capacity. So that officer is not acting on their own. They have been approved by the Royal Bahamas Police Force, by the commissioner of police.”
Mr Newry’s comments followed security firms’ desire for security guards to be armed with firearms while on duty. Currently, there is no legislation in place that allows security officers to be armed with firearms.
“As far as I’m aware right now, there are no authorised deadly force options for security officers in country,” Mr Newry said. “I’m not aware of that. That is something that did come to the table during the event hosted by National Security back in October of last year. So it did come to the table, but as far as I’m aware,
no entities are using lethal force, and this is with the exception of cash and transit providers. Those armoured car services, they do use lethal force as an option to defend their cargo, their payloads. But for the average everyday security officer placed at a business establishment or in a bank, be it a hospital, be it a food store, they do not carry any type of firearms. We may see in some instances where officers carry handcuffs, carry batons. As far as I’m aware, there’s again no legislation or regulation mandating how those officers are to carry or utilise those particular tools.
“I haven’t been made privy to any type of federal movement in that regard. I know National Security has made efforts to improved quality and making sure companies meet the existing regulations, but to say if they have expanded that into firearms or use of force,
WEDNESDAY,
resulted from runway 14/32’s closure. He disclosed that flights are having to carry extra fuel to cover the extra time they are now circling New Providence waiting to be cleared for landing, or spending on the taxi-way waiting to take-off. This, Mr Hamilton said, means airlines are incurring extra costs while also losing customer “goodwill” due to the travel delays and inconvenience many are experiencing during The Bahamas’ peak winter tourism season.
However, none of this came as a surprise to the airlines. The Nassau Airport Development Company (NAD),
RUBIS (Bahamas) bid to overturn a $159,450 damages award after fuel leaks from one of its gas stations contaminated a Marathon resident’s home was yesterday cleared to proceed to a final appeal hearing.
The London-based Privy Council, the highest court in the Bahamian judicial system, rejected an earlier Court of Appeal verdict that the petroleum products supplier and wholesaler had no ability to “appeal as of right” following the latter’s ruling which cut the damages awarded to Lillian Antoniette Russell by 77 percent - from $692,825 to $159,450.
Had the Privy Council delivered an alternative verdict, Rubis (Bahamas) would not have been able to mount a final effort to overturn the Court of Appeal verdict. However, the London-based law lords have now cleared all obstacles to doing so and will hear the oil major’s substantive case as a result of yesterday’s ruling.
The Court of Appeal had rejected Rubis (Bahamas) final bid to challenge on the basis that legal precedent established it only had “an appeal as of right” if the case involved a claim for ‘liquidated damages’. These are damages that are fixed, such as a clause in a contract, which are payable if a party breaches its terms.
However, Ms Russell’s claim was for ‘unliquidated damages’ - meaning that the amount of compensation had not been pre-determined. Recalling the background to the dispute, the Privy Council verdict delivered yesterday noted that it stemmed from her claim “for damage to her property allegedly caused by fuel leaks from tanks at an adjacent petrol service station owned by Rubis”.
This would have been the company’s Robinson Road and Old Fire Trail
LPIA’s operator, warned on January 29, 2025, that the $10m runway upgrade would start on February 3 and was targeted for completion before the Easter weekend climax to the peak winter tourism season.
NAD yesterday acknowledged that “some extended wait times” for both incoming and outgoing aviation traffic were inevitable, given that the airport is down to just one major runway, but reiterated that the impact is only temporary while “safety and operational efficiency” are its key
Road gas station, and the Privy Council added: “At first instance [the Supreme Court], the claim succeeded in relation to leaks occurring in 1994 and 2012-2013, and damages of $692,825.14 were awarded.
“On appeal it was held that Rubis was only liable for the 2012-2013 leak and the damages were reduced to $159,450. Rubis seeks to appeal on liability, causation and quantum.... Ms Russell owns one property in a housing subdivision in Nassau, which is situated across from a petrol service station owned by Rubis since 2012, separated by a roadway.
“Rubis purchased the service station from Texaco Bahamas and then leased it to Fiorente Management and Investment. Ms Russell commenced these proceedings in March 2015. In her statement of claim she alleged that leaked petrochemical products had migrated from the service station to her property, and had contaminated the soil and water table there,” the Privy Council continued.
“In relation to the 1994 leak, the claim was brought against Rubis for negligence on the basis that Texaco had failed to remediate her property, and that Rubis assumed Texaco’s liabilities when it acquired Texaco’s assets. Claims were also made for trespass and nuisance.
“In relation to the 2012-2013 leak, a claim in negligence was made on the basis that Rubis had failed adequately to inspect, maintain and repair the fuel equipment at the service station. Claims were also made for trespass, nuisance and liability.”
The Supreme Court found in an April 14, 2022, verdict that both leaks had occurred, caused damage and reduced the value of Ms Russell’s property. Finding that Rubis was liable for the leak, it awarded $692,825 to her consisting of $250,000 for “loss of
Bank processing speed hit by 28k new accounts
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
TWO-thirds of Bahamian commercial banks complained that the volume of new account applications impacted the speed and efficiency at which they processed these requests during the 2024 first-half.
The Central Bank, unveiling the first-every half-year survey on the ease of bank account opening for the six months to end-June
2024, reported that four of the six institutions surveyed - who accounted for almost 69 percent of all new account applications processed - said the sheer volume of requests had an “unfavourable” effect on their operations.
“Of the six banks surveyed, four (representing 68.7 percent of applications processed) reported that the volume of applications had unfavourably affected processing speed and efficiency, while two
institutions indicated experiencing no impact from business volumes. Concerning staffing resources, all but one of the banks (covering 83.6 percent of applications) noted no change,” the regulator said of the findings.
“Meanwhile, four respondents, which processed 58.2 percent of the applications, indicated that outsourcing arrangements did not apply to their operations, while two banks experienced no
reported change from such arrangements. “Information technology platforms had a disclosed favourable impact on the performance of two respondents (26.1 percent of applications volume), while variations in KYC (know your customer) documentation, anti-money laundering compliance standards, and other regulatory standards had little to no change on the majority
GOWON BOWE
GBPA RENEWS INITIATIVE TO DRIVE TECH SKILLS, CAREERS
THE Grand Bahama Port Authority (GBPA) has unveiled a paid remote internship initiative to build skills and careers for Bahamians in industries such as cyber security, artificial intelligence (AI) and data science.
Freeport’s quasi-governmental authority, in a statement, announced the launch of Tech Edge 2.0 in a bid to link eligible Bahamians living both locally and abroad with technologydriven industries including mobile app development.
GBPA executives said the move will also help to position Grand Bahama as a digital hub, while also providing Bahamians with experience in high-demand technology fields.
“Tech Edge 2.0 is more than an internship programme; it is a pipeline to professional success,” said Derek Newbold, chief investment officer for the GBPA and Invest Grand Bahama.
“With nearly 200 Bahamians already registered, including Bahamians residing in Canada, the US, the UK and across the islands of The Bahamas, this programme is bridging the gap between education and employment, equipping participants with job-ready skills and fostering a new generation of innovators ready to contribute to the advancement of technology and innovation in The Bahamas.”
There are currently ten internship placements available, with additional spaces being added as more companies join. The GBPA, through its Tech Edge 2.0 programme, has partnered with four international technology firms, including Prophaze (California, US), Cognetik Labs, Cybermindr and Digital5 Solutions, to provide paid remote internship training and employment opportunities. All are start-up and emerging companies in
Port unveils ‘cruisin’ green’ waste move
THE Nassau Cruise Port (NCP) yesterday unveiled its ‘Cruisin’ Green’ sustainable waste management initiative as part of celebrating Global Recycling Day. The Prince George Wharf operator, in a statement, said the move focuses on promoting sustainable practices and reducing waste throughout the port in accordance with its commitment to environmental sustainability and protecting marine ecosystems.
As part of the initiative, the Nassau Cruise Port said it will engage tenants, vendors, employees, cruise lines, cruise passengers and Bahamian visitors in creating a cleaner, greener environment through collecting and sorting cardboard, aluminum cans, glass and paper products.
“Cruisin’ Green’ is not just a recycling programme; it represents a significant part of our ongoing dedication to sustainability and
Bristol manager now top wine professional
cyber security, API security and AI-driven threat detection fields. They also cover software development, IT infrastructure and cloud computing.
Ian Rolle, the GBPA’s president, said: “These partnerships are unlocking global opportunities for Bahamians and proving that Grand Bahama is serious about technology. Further, it offers Bahamians direct access to the international job market
sets a benchmark within the cruise and maritime industry,” said Mike Maura, chief executive and director of Nassau Cruise Port.
“Our mission is to lead by example and inspire the industry to adopt similar green initiatives, By collaborating with our partners, tenants and community, we intend to create lasting changes that benefit the environment and future generations of Bahamians for many years.”
A BRISTOL Wines & Spirits brand manager has become The Bahamas’ latest Wine & Spirit Education Trust (WSET) level three certified wine professional.
The drinks distributor, in a statement, said Toure Saunders is one of the few
without having to leave home. This programme is about ensuring that our people are equipped with top-tier training to develop the requisite skills and career pathways to thrive in the digital economy.”
The Tech Edge 2.0 Internship Programme is open to Bahamians worldwide who hold a college degree or are currently pursuing one in a technology-related field. They must also have a strong interest
in cyber security, AI, mobile app development, data science or IT infrastructure, and be eager to gain real world experience and work remotely with cutting-edge technology companies. Applications for Tech Edge 2.0 will close on March 21, 2025. Interested candidates can apply online at www.techedgebahamas. com, where they will find step-by-step guidance on the application process.
to achieve this designation. “People think that working in this field is all about just drinking, but going through the WSET certification process was actually very hard,” he said.
“There were nights I had to stay up studying, sometimes after brand activations, and the wine tastings weren’t just about enjoyment but being able to identify the grape variety, appellation, underlying notes and so much more.
“In my cohort for level three, I was the only person to pass out of six people, so that should show the level of difficulty. I’m just proud that I can now sign off my e-mails with the WSET certification logo and share my knowledge with my company as well as the wider wine community.”
Mr Saunders has worked his way up through the ranks at Bristol over the past ten years, serving as the clerk in the wine room in the warehouse. From there, he moved up to being a truck driver for the west route, where he was able to assist clients with their wine and spirits orders.
Mr Saunders then moved up again to a road salesman and, finally, to his current position as a brand manager with responsibility for some of Bahamians’ favourite wine brands such as Deutsch Family Wines & Spirits, Premier Wine Group and Sutter Home.
This certification greatly aids him in his position as a brand manager with a large portfolio of wines, as he can identify types and styles of wine through sight, smell and taste, while also gaining the basic skills to describe wines accurately and make food and wine pairings from his level one qualification, which he achieved in 2022.
In 2023, Mr Saunders passed level two with distinction, gaining knowledge of the principal and regionally-important grape varieties of the world; the regions in which they are grown; and the styles of wine they produce.
In 2024, he passed level three with merit, and can now assess wines accurately and use that understanding to confidently explain wine
Jecholiah Braynen, the GBPA’s project co-ordinator for Tech Edge 2.0, described the initiative as a long-term investment in The Bahamas’ technology workforce and economic growth. “Through our partnership with Quess Corp, a multinational business service provider, based in India, GBPA is building the requisite skills within the Bahamian workforce and equipping them with job-ready skills and experience,” she said. “This programme creates opportunities to drive economic growth, establish new career opportunities and attract technology companies to The Bahamas by creating a sustainable ecosystem where Bahamians can thrive in the tech industry. This is just the beginning. As Tech Edge grows, so will the number of available opportunities.”
comprehensive training and community-driven initiatives, we are fostering a culture of environmental responsibility. Through collaboration with our partners, we aim to engage as many stakeholders as possible in this movement toward a cleaner, more sustainable future.”
Nassau Cruise Port said the initiative also highlights the growth of its partnerships with the New Providence Ecology Park (NPEP), the Department of Environmental Planning and Protection (DEPP), and the Department of Environmental Health Services (DEHS).
style and quality. Now that his pin and certification has arrived, Mr Saunders is an advanced professional in the wine industry.
“I believe that Touré’s successful completion with merit of WSET level three is a testament to Bristol’s commitment to the wine industry, the importance of the development of local talent and that wine is here to stay,” said Kyle Stubbs, wine division manager and sommelier at Bristol. “Kudos to Touré on six months of hard work, dedication and tasting lots of wine. Cheers to the newest Bahamian certified wine professional.”
The WSET is the world’s leading provider of drinks qualifications, with certifications in wines, spirits, beer and sake. WSET qualifications are designed for those who are just starting out in their careers, as well as established professionals and the many enthusiasts who have a passion for wines, spirits, sake and beer. Bristol Wines & Spirits said it hosts WSET training and qualification sessions annually for those interested in becoming qualified. Though it is suggested for Bristol Brand managers to participate in WSET qualifications, many wine-related brand managers and procurement officers have at least a level one WSET wine qualification or a level one WSET sake qualification.
DEREK NEWBOLD
IAN ROLLE
TOURE SAUNDERS BRISTOL BRAND MANAGER
‘Opportunity for Freeport’ in fines from US ports
By FAY SIMMONS
USING Freeport Container Port’s strategic location to receive cargo from global suppliers seeking to avoid any additional fees at US Ports would provide an opportunity to finally help the island reach its shipping potential, according to Dillon Knowles, Grand Bahama’s Chamber of Commerce president.
Speaking to Tribune Business, Mr Knowles said while there will be some short term impact to the Bahamas and the wider Caribbean if the US proposed up to $1m Chinese-made vessel port fee is passed it provides an opportunity for Freeport to take on a role that it was “designed” to fill.
“Obviously, there are some short-term challenges that The Bahamas and the other jurisdictions in the region would face in terms of trying to resolve how to overcome this fee in an immediate sense. But on a longer term, Freeport was designed exactly for this,” said Mr Knowles. “We’ve always had a plan to develop a business centre where goods could come in from the East, break in Freeport, duty free and tax free, and then be shipped to destinations in the Americas directly, whether that is the US, North Canada, South Central or the Caribbean. This would fall right in line with that concept that has never really taken off for a number of reasons. I see it as an opportunity and we just need to figure out how to make it happen.”
Mr Knowles said the proposed US fees and tariffs may result in stronger regional trade as we will have to find solutions to combat rising costs.
He noted that while the US has been our preferred trading partner due to lower costs and easier shipping routes than purchasing directly from international suppliers if the cost of shipping results in having to explore new trading partners it must be done swiftly to avoid a further increase to the cost of living.
“I assume that this is going to be a challenge for everybody. Not just the Bahamas, but a lot of the Caribbean as well. Everybody’s struggling at the moment, and any additional cost is just going to exacerbate the problem. And we’ll have to find we’ll have to find ways. I think this may push the Caribbean to be
Treasure Cay developer names Caribbean chief
TREASURE Cay’s pur-
chaser has named Steve Griggs as development manager of its Caribbean division, which will oversee daily operations and its regional growth and expansion plans.
“We are pleased to welcome Steve to the GreenPointe family,” said Grady Miars, president and chief operating officer for GreenPointe Holdings.
“His proven leadership and deep industry knowledge makes him an exceptional addition to our organisation. We are confident in his ability to guide our efforts as GreenPointe embarks on the transformative redevelopment of Treasure Cay in Abaco, Bahamas.”
Mr Griggs will oversees all stages of development for GreenPointe’s expansion in the Caribbean, ranging from
planning phases through to completion of residential and commercial ventures. He has more than 20 years’ experience in acquisitions, entitlements, community design, land development and construction at GreenPointe.
Mr Griggs’ professional background spans small and large scale projects, including single family, high rises, apartments, commercial, hotels and marinas with a collective project value exceeding $350m. He earned a bachelor’s degree from the University of Indianapolis and holds numerous professional certifications in the business, real estate and development industries.
Rubis gets final appeal on $159k gas leak damages
amenity value”; $439,375 for the “cost of remedial work” and $3,450 for testing and appraisal costs. This, though, was reduced to $159,450 by the Court of Appeal which dismissed the claim in relation to the 1994 leak but upheld Ms Russell’s damages claim for the 2012-2013 incident. It awarded $25,000 “for loss of amenity”; $131,000 for reduction in value of her property; and special damages worth $3,450. Rubis (Bahamas) then launched its final appeal.
The Privy Council, in analysing section 23 of The Bahamas’ Court of Appeal Act, which deals with a party’s right to appeal, described some of the wording as “unique” to this nation.
Aidan Casey KC, representing Rubis (Bahamas), argued that the “correct approach” to the [$4,000] value threshold in the same section 23 was “not to look at the claim originally made, but rather to consider the value of the appeal to the appellant. In the present case, the value of the appeal to Rubis is $159,450, being the damages awarded by the Court of Appeal. That far exceeds the value threshold of $4,000”. The Privy Council, in agreement, ruled that Rubis (Bahamas) does have a right to appeal the Court of Appeal verdict under section 23. “The Court of Appeal was wrong to focus on the claim originally made rather than the judgment being appealed. That judgment is for a
precise, quantified sum,” it determined.
“The fact that the claim originally made was for unliquidated damages is irrelevant. That claim is now merged in a judgment for a liquidated amount. There is no difficulty in identifying or valuing the amount at stake for Rubis on the appeal. It is the judgment sum of $159,450.
“That is sufficient to dispose of the preliminary issue.... This is an appeal against a judgment for $159,450. For the purpose of the appeal that is ‘the amount sought to be recovered’. The value threshold under section 23 of the Court of Appeal Act of $4,000 is therefore satisfied. The applicant has an appeal as of right and the full appeal will follow on a date to be fixed.”
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a little closer in terms of its trade,” said Mr Knowles.
“The reason why we generally all purchase from the US is because their purchasing volumes, ensure that they get lower prices than we could get directly from the producers. Also, the logistics between the Bahamas and the US has always been very reasonable compared to logistics of getting directly from the original producers.
“But if the logistics is going to tip the scale and make it more economical for us to go elsewhere, then that’s something that we’re going to have to turn on a dime and make happen, because we can’t afford this increase in cost and cost of living that’s going to be driven by these tariffs.”
This week, Myles Culmer, managing director of advisory services for BDO Bahamas, told Tribune
Business via a brief e-mail that the container port’s strategic location allows it receive cargo from global suppliers that could then be shipped on to other Bahamian islands and the wider region. And this, in turn, would enable freight carriers with Chinese-made vessel fleets to avoid the proposed port fee by keeping them out of the US.
Speaking after it emerged that the US Trade Representative’s Office is proposing fees that would massively increase shipping costs from US ports by “thousands of dollars” per container, given that most of the carriers serving The Bahamas and Caribbean have fleets dominated by Chinese-made vessels, he added that if implemented this could help Freeport finally fulfill its potential as the “gateway to the Americas’.
Mr Culmer, who once served as a receiver for the Grand Bahama Port Authority (GBPA), told this newspaper: “Freeport should step up and fill the void with the Container Port and really become the gateway to the Americas. All ships can call on Freeport from Europe etc and escape the tariffs on US-bound cargo... This can be an opportunity for the resurgence of Freeport.” His comments came as Bahamian businesses and consumers braced for further supply chain disruption and inflation/cost of living pressures as a result of the US proposal, although it is encountering strong headwinds and resistance from US exporters, shipping companies and port operators due to the major financial damage it also threatens to inflict on their financial well-being.
‘More Bahamian experiences’ needed to make most of visitors
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A STEADY stream of cruise passengers has seen numbers exceed those before the pandemic, according to a Bay Street businessman.
Byron Coley, owner of Tiki Bikini Hut, told Tribune Business cruise passengers are spending with local businesses while in port but there is a need to diversify tourism offerings to capitalise on the volume of visitors that visit our shores daily.
“There’s been more cruise passengers and more foot traffic since the season began. From about December 14 until now it’s been better than its has been since pre-COVID,” said Mr Coley.
“I think the people are spending but we have to diversify our product. I think people want to spend, but there’s only so many jewellery stores and souvenir stores that they want to see. We need to diversify the product, so we adopt many more options. We are limiting our opportunities
2024/CLE/QUI/01080
because we’re not expand in our horizons.”
Mr Coley said locals are “underestimating” the potential impact of cruise passenger spending which can be further increased by providing more activities and products to engage them while visiting.
He said cruise passengers are willing to spend with local businesses but we must make offerings available and advertised to cruise passengers.
“We keep underestimating these persons but they probably come from places that have the most disposable income in the world and if you have it for them to spend, they will spend it on you. We have all of these tourists coming and they are not coming off the boat saying I am not going to spend,” said Mr Coley.
“When you are abroad, and go into the malls to buy one thing and come up with 20 things its simply because there are so many things to choose from. There’s subliminal messaging and such good sales and marketing at the end of the trip you have 100 things. I don’t think that we are sufficiently pushing our product and we should have a whole range
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of things available for our guests.”
He said visitors are calling for more “authentic Bahamian” experiences that immerse them into the art, entertainment and culture of our islands instead of activities at mega resorts.
“They want more of the authentic Bahamian experiences. They want more of the Junkanoo they always hear about and see advertised. They want more art, culture, entertainment and food. That’s the Bahamas that they want.
“They don’t want to see big construction buildings and mega resorts, they want to be on the ground. They want to see how we live and eat what we eat. They want our culture, and they’re not getting enough of that.”
THE MATTER of the Petition of Philippa Adena Knowles (as Personal Representative of the Estate of Yvonne Valencia Moxey a.k.a. Yvonne Valencia Lightbourne) AND IN THE MATTER OF ALL THAT piece, parcel or lots of land comprising Lot nos. 14 and 15 in Block No. 22 in the subdivision known and referred to as Nassau Village on the island of New Providence, one of the islands in the Commonwealth of The Bahamas and which said piece, parcel or lots of land are shown on the plan attached1 hereto and thereon colored Pink (“the Property”).
NOTICE OF QUIETING APPLICATION
TAKE NOTICE THAT Philippa Adena Knowles (as Personal Representative of the Estate of Yvonne Valencia Moxey a.k.a. Yvonne Valencia Lightbourne) of #6 Sea Fan Drive, Sea Breeze in the Eastern District of the island of New Providence claims to be the owner of the fee simple estate in possession of the tract of land hereinbefore described free from encumbrances.
AND the Petitioner has made application to the Supreme Court of the Commonwealth of the Bahamas under Section 3 of The Quieting Titles Act, 1959 to have his title to the said tract of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act.
NOTICE IS HEREBY GIVEN that any person(s) having Dower or a Right to Dower or an Adverse Claim or a claim not recognized in the Petition which was filed in the Registry of the Supreme Court on 25th November, 2024, shall, on or before Monday, 21st Attached to the Plan filed on 25 November, 2024
April, 2025, file in the Supreme Court and serve on the Petitioner’s attorneys at the address below, a statement of his claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a statement of his claim on or before Monday, 21st April, 2025
DATED this 14th day of March, 2025
STEVE GRIGGS
LPIA’s ‘unusual delays’ as flights three times’ longer
priorities in relation to the project.
And senior resort and tourism officials told Tribune Business they have received no visitor complaints, or seen any negative impact to their business, from LPIA-related flight delays. Robert Sands, Baha Mar’s senior vice-president of government and external affairs, said some increased wait times were not surprising given that LPIA “has the largest number of landings and take-offs in the Caribbean” to manage.
Western Air, though, in a ‘passenger advisory’ detailing the impacts from temporarily losing runway 14/32, said the delays were placing “added strain” on flight crews and making it challenging to offer scheduled flights. It added that it has had to “reaccommodate” passengers on at least two flights.
“The closure of Runway 14/32 at Lynden Pindling International Airport (LPIA) has resulted in unusual delays within our operations,” the statement read. “With only one runway in use for the past few weeks, the congestion and extended ground time it takes to take-off and land, combined with a full flight schedule and standard crew duty time limitations, has resulted in delays and reaccommodations on select flights, including today’s flight 716 and 718.
“We will continue to do our best to maintain our entire schedule. However these extended wait times have impacted our ability to offer our usual on-time experience. For reference, a flight that typically takes 35 minutes from Freeport to Nassau is now averaging up
to one hour and 30 minutes and, in some cases, we have had to divert flights due to prolonged wait times for clearance to land.
“These delays also place added strain on our flight crews, whose available duty hours are regulated to ensure safety and compliance. More duty time spent on the ground waiting limits the flights they’re able to complete,” Western Air added.
“Ticketed passengers should continue to check in as usual, as most flights are operating as planned. However, delays may occur on select days and timeframes, depending on traffic volume on the single active runway at LPIA. We recognise these delays are an inconvenience and we deeply appreciate your patience and understanding. Your time is very valuable to us.
“We understand that runway 14/32 is expected to re-open by the end of the month, and we will continue to provide updates as we receive them.” Mr Hamilton, meanwhile, echoed Western Air’s concerns over flight delays and the increased aviation traffic congestion at LPIA due to runway 14/32’s temporary loss.
“If you took a trip you’d be amazed because flights are coming in and almost having to go back to their destination because of the runway situation,” he told Tribune Business. “It’s a real bad situation.... Some operators, in particular, are carrying extra fuel because they don’t know how much time they will be circling so that is an extra cost that they are bearing.
“They are almost in Nassau and have to be diverted back to where they came from almost. It’s
happening, particularly for the domestic carriers. It’s a particularly distressing situation that the airlines face. They air traffic controllers are doing a yeoman’s job with it. They are constantly in contact, and we are advised of some of the challenges they are having so that we are better prepared to address it.
“But the fact we are incurring expenses by having to carry and bring extra fuel, and the delays, it’s having a tangible impact. Then you have the intangible impact because goodwill towards your business becomes a challenge. It’s a real experience.”
Asked to compare this temporary disruption to similar past incidents, Mr Hamilton replied: “I don’t know if I’m in a position to say it’s the worst, but at this stage of our development we should not be experiencing this. We should have a solution and be having a better experience.”
Pointing out that the runway repairs are taking place in the middle of the peak winter tourism season, and coinciding with Spring Break, he added: “The bigger the traffic, the greater the impact is going to be. The quicker this is finished, the better for all of us. We’re dealing with seasons, and operators use this season’s time to maximise their revenues and, equally, to give best quality service.
“A lot of us think passengers booked yesterday. Some of them booked a year out. We don’t have the ability to make ‘on a dime’ adjustments; the schedule is already set. If we don’t execute the flight, we have some responsibility with respect to accommodation and are still out-of-pocket.”
Mr Hamilton said the delays were also causing problems for Family Island connectivity through Nassau, and the ability of passengers to catch same-day flights to other destinations or link with international carriers leaving the capital. He said carriers were also being forced to transport passengers by ground from Family Island airports that lack lights for night flying to those that do.
NAD, in response, said: “Major upgrades continue on Runway 14/32 at Lynden Pindling International Airport (LPIA). The project, which began on February 3, 2025, is a critical part of the airport’s long-term infrastructure improvements aimed at enhancing safety and operational efficiency.
“As previously advised, travellers may experience delays during peak operational periods. While every effort is being made to minimise disruptions, we acknowledge that a project of this scope and scale can result in some extended wait times.
“The public is also reminded that various factors, including weather, contribute to airport delays. LPIA is also unique because of the mix of large commercial and small private aircraft utilising our airport infrastructure which can further impact wait times,” NAD added.
“This work is critical to fully supporting and enhancing LPIA’s current operations and future growth as an airport. Nassau Airport Development Company (NAD) continues to work closely with all stakeholders to manage operations as efficiently as possible during this period. Further updates
BANK PROCESSING SPEED HIT BY 28K NEW ACCOUNTS
of survey respondents” the Central Bank continued.
“When asked what strategies had been deployed to increase the speed of account processing during the review period as compared to a year ago, most of the banks reported that they had since placed more emphasis on automating the account opening process, tracking key performance indicators (KPIs), publishing their KYC documentation requirements, and monitoring account application status and customer queries electronically.”
The Central Bank added, though, that just two of the six banks surveyed “indicated that they had relaxed their KYC documentation requirements to help make the process more efficient. The others noted no change in either policy”.
Unveiling account opening data for the 2024 first half, the Central Bank said: “During the first half
of 2024, commercial banks reported that a total of 28,153 deposit applications were received, including those that were deemed to be incomplete.
“Of this total, approximately 99.1 percent were processed during the review period. The vast majority were classified as resident applications (27,347), with the remaining 806 submitted by non-residents. By account type, most requests were for savings accounts (72.6 percent), followed by demand deposits (15.1 percent) and fixed placements (9.4 percent).
“By type of depositor, resident private individuals submitted the majority (94 percent) of applications at 25,699. Businesses represented the second largest share of such applications, 1,502, or 5.5 percent. A negligible number of such applications were received from the public sector and private financial institutions,” the Central Bank added.
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“Over the six-month period, 99.2 percent of total resident applications were processed, with private individuals experiencing a processing rate of 99.2 percent and firms a rate of 98.1 percent. On outcomes, 98.7 percent of total resident applications were approved and 0.4 percent were denied. A remaining 0.2 percent of applications were still pending review at the end of December 2024, and 0.7 percent of requests were still considered incomplete.
“All financial institutions disclosed that once all supporting documentation were received, decisions were made on applications in less than a week.
The final decision-making authority on most applications rested at the branch level, although three banks concluded a portion (5 percent to 20 percent) of their requests at an enterprise level outside of the jurisdiction.”
Detailing other factors that impacted the
processing of new account applications, the Central Bank said of the survey findings: “Queuing also affected applications. Three out of the six banks surveyed, receiving 46.7 percent of applications, required an appointment regardless of the entity, account type and residency class. The other banks did not schedule appointments.
“Nevertheless, banks successfully concluded the vast majority of the applications received during the survey period, though business requests were more delayed than those for individuals. In addition, non-resident transactions took more time than for residents, and foreign currency applications were processed slower than local currency accounts.
“In particular, financial institutions finalised nearly 100 percent of the account applications received, with a residual number (0.8 percent) of resident requests still unprocessed at the end of the period, compared to
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will be provided next week.”
Mr Sands, too, agreed that airport safety was the paramount concern rather than any temporary disruption. “I’ve been in regular communication with NAD, and I’ve been informed there’s no delay with regard to the project or the work,” the Baha Mar executive told Tribune Business.
“It’s been proceeding very well. I understand the work is on schedule and may be completed on time and even ahead of schedule. We have not received any issues on that particular point [delays]. We have not been advised, nor have we received, any complaints regarding this particular issue. Airport safety is critical, and any repairs necessary should be done expeditiously because safety is of paramount importance.
“LPIA has the largest number of take-offs and landings in the Caribbean, which may impact the distancing between aircraft for landing and take-off and, in some instances, result in extended time periods but this has nothing specifically to so with the work going on on the ground in terms of effecting essential repairs.” BHM (Bahamas Hot Mix) is the contractor spearheading the runway upgrades.
Hinsey McKenzie, the Bahamas Air Traffic Controllers Union president, said the loss of one runway has caused his members to work harder. He added that early morning and late night flights escape the midday traffic and congestion at LPIA which has seen an increase in traffic typical for this time of year because of winter tourism.
4.5 percent of non-resident applications,” the Central Bank continued.
“By account type, 1.2 percent of the resident applications for demand deposits remained unprocessed during the six-month period compared to just 0.9 percent of comparable savings requests. All fixed accounts applications were, however, processed.
“It’s impacting controllers because it’s making us work harder. We have to put a space in for them to clear the runway and all of that,” Mr McKenzie said.
“So it’s making the controller work much harder, believe you me. It’s been extremely busy because there’s only one runway. There isn’t much turn off. The infrastructure is not there for taxi-ways. So we’re having to wait longer.
“Some days are busy. Like today is pretty much not that busy, which means I could work with them on traffic. But when you see it get busy, like you’ll have 16 waiting for departure, and the distance in between aircraft landing takes up a lot of time. We have to put in almost ten miles in between.
“Where, if we had turnoffs, we only had to leave like five miles. We have to increase the distance so we get one off one end. So we’ll get one departure to one arrival. But most airlines has been given this information before they had the closure to let them know they can expect delays due to the one runway situation,” Mr McKenzie said.
“It’s no way of working around it. Remember, this is our Spring Break season, so we have a lot of extra traffic coming into Nassau. Hopefully, by the end of this month, when we expect another runway to be open, we should be able to go back to normal.
“I suggest that you go early, then to go later in the day, because later in the day is where we have most of our traffic back ups. Late at night is much easier because you won’t have that much traffic congestion.”
“By currency, some 0.8 percent of the local currency account applications were still awaiting decisions. However, a more significant 5.2 percent of foreign currency facility requests were still undecided, as such applications typically required more supporting documents compared to Bahamian dollar accounts.”
FROM PAGE B1 NOTICE is hereby given that
NOTICE is hereby given that JOVENEL FRANCOIS of Jumbey Drive , 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 19th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that MARIE KETTELY SCHNEIDINE ATTILUS of Sandilands Village, Fox Hill 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 19th 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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Windsor Lane off East Street, New Providence, 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 12th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
ANTOINE
of Marsh Harbour, Abaco, The Bahamas, New Providence, 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
NOTICE
NOTICE is hereby given that JEAN EVENS VALCIN of Prince Charles Drive, New Providence, 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 19th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
‘Myth from reality’: 99% of account requests approved
by individual and business applicants, all banks made decisions on whether to approve the requests “in less than a weeK” (see other article on Page 1B).
Mr Bowe, revealing that the survey was produced via a three-way collaboration between the Central Bank, Prime Minister’s Office and banking industry, told this newspaper: “There are myths and there are realities.
“The objective of the analysis intended to be done every half-year is to demystify the myths and focus on the realities. We need to decipher and focus on those areas that need potential change…. I would venture that 90 percent of all accounts in The Bahamas operated by commercial banks are low or moderate risk.”
He added that, by establishing comparatives and benchmarks, standards for the time taken to open bank accounts can be established and the industry held accountable for meeting them.
As an example, the Fidelity Bank (Bahamas) chief executive said that if it is determined a low-risk account should be processed and opened within 24 hours, any institution that fails to comply with this benchmark could then be forced to explain why it is failing to meet these requirements.
“One of the things that the Central Bank identified is why is it so difficult to verify the identity of individuals in The Bahamas,”
Mr Bowe said, “meaning if I bring in a driver’s licence you should be able to search a database for my National Insurance Board (NIB) number and passport.”
Noting that account opening applicants are typically asked for two forms of government identification, he questioned why there is no database that links the likes of driver’s licences, passports and NIB numbers so that banks can conduct confidential KYC searches to verify a new client’s identity without compromising confidentiality of their data. And, noting that approvals for foreign currency accounts lagged those for
Bahamian dollar facilities, Mr Bowe added: “There’s still a misunderstanding of liberalization that’s taken place over the years. There’s a belief that nonresidents cannot operate an account in The Bahamas.”
Citing the example of foreign second home owners, who may only spend several months per year in The Bahamas but need a functioning local bank account to cover expenses incurred in this nation, he added: “It may need to be an external account operated by foreign currency - a Bahamian dollar account funded by foreign currency.
“The reason why that is set up is you may have local expenses but, so as not to disrupt the foreign exchange regime, this is is why it’s permitted to be funded by foreign currency.” This, Mr Bowe explained, would help avoid a scenario where the foreign reserves were drained by Bahamian dollars going into such an account being converted to foreign currency outgoings on the other side. “There’s been liberalization on that front,” he added.
Mr Bowe said the survey also detected situations where bank policy regarding account openings was not being passed “down the chain” of command. “Meaning the executives and what they knew and believed to be policy of the organization was not getting down to front-line staff,” he explained.
The Fidelity chief also challenged whether it was still necessary to treat sectors such as car and vacation home rentals as ‘high risk’ businesses for bank account opening and monitoring purposes, as the development of electronic payments means they are no longer so heavily reliant on cash due to the evolution of wire transfers, credit and debit cards, and the likes of PayPal.
“The results are fairly consistent with what we know to be the reality for low and moderate risk accounts,” Mr Bowe said of the Central Bank survey’s findings. “The reality for high risk accounts is that there’s more work to be done…..
“I see this as a good first step towards building
Off-duty police ‘unfair’ competition for security
FROM PAGE B1
I can’t speak to that. I’m not entrenched in which National Security is prioritising.”
He added: “The security officer cannot arm himself with a weapon if the company does not allow that to happen or if legislation does not exist for him to do that. And see we have to be careful when we have this discussion, right? There are different tiers or layers of security, right? So the security officer is expected to be alert. He’s expected to be aware of what’s going on. There should be certain protocols for access control. There should be
other things available to the officer. Now, if a threat exists to the point where the officer has to defend himself, then certainly self defense is an option. Let’s say access to a weapon to defend themselves, that’s not something that is in place because the direct employer being the guard service provider, and certainly the client has not the vision for that officer to have some sort of self defense tool. So it’s an unfortunate circumstance, but again, we have to balance. Is the risk real, or is it a perceived risk that is out there.”
Noting that security guards aren’t allowed the
same privileges as a police officer, Mr Newry added that it’s not “a balanced playing field from the business perspective”.
“It does impact security officers, private businesses, because a security company is a business,” Mr Newry said. “It’s a small business in many instances, and they don’t have that option available to them. And this is why I said I agree, once the proper protocols are in place, because if you’re going to hire a police officer and put them on your property armed, but you cannot hire a security officer, the only reason being that legislation doesn’t allow it, I don’t think that’s a that’s a
Google to buy cybersecurity firm Wiz for $32 billion in the
biggest deal in company’s history
By MICHAEL LIEDTKE and WYATTE GRANTHAM-PHILIPS AP Business Writers
GOOGLE has struck a deal to buy cybersecurity firm Wiz for $32 billion in what would be the tech giant's biggest-ever acquisition at the same time it's facing a potential breakup of its internet empire.
The proposed takeover announced Tuesday is part of Google's aggressive expansion into cloud computing during an artificial intelligence boom. The frenzy is driving demand for data centers that provide the computing power for AI technology and intensifying the competition in that space among Google and two other tech powerhouses, Microsoft and Amazon.
If the all-cash transaction is approved by regulators, Wiz will join Google Cloud — an increasingly important part of its business separate from the search and advertising operations that account for most of the $350 billion annual revenue at Google's parent company, Alphabet.
With the advent of AI, however, the cloud division has become a rising star at Google. Annual revenue in the division was $26.3 billion in 2022, and soared
64% to $43.2 billion last year.
Wiz, a five-year-old startup founded by four longtime friends who met in the Israeli army when they were still teenagers, is on track for an estimated $1 billion in revenue this year. After getting its start in Israel in 2020, Wiz now oversees an operation that makes security tools protecting the information stored in data centers from its current headquarters in New York.
"Wiz and Google Cloud are both fueled by the belief that cloud security needs to be easier, more accessible, more intelligent, and democratized, so more organizations can adopt and use cloud and AI securely," Wiz CEO Assaf Rappaport wrote in a blog post. In a Tuesday conference call, Google CEO Sundar Pichai predicted Cloud division's addition of Wiz will result in even better security at a lower cost than can be provided now. That prediction may have been aimed as much at regulators likely to scrutinize how the deal will affect competition and pricing, as much as at prospective customers.
Google had been courting Wiz for some time before finally settling on a price that's much richer than a reported $23 billion
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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 12th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
bid that was rejected last July. At that time, Wiz signaled it would instead pivot back to a previouslyplanned initial public offering. But recent volatility in the stock market has chilled the IPO market, and now Rappaport said Wiz expects to "innovate even faster" by becoming a part of Google.
balanced playing field from the business perspective. If I’m a security services provider, I should be able to compete with any entity that’s delivering security services, not an automatic elimination, because there’s no option for my offices to clarify arms. So I think that it does impact and has been impacting security officers for quite some time, security businesses for quite some time. Police officers are hired and they’re being paid, and our security company does not have that option of having armed security officers as a part of a service to a potential client.”
consumer confidence, not customer or depositor confidence, because there’s now an accountability framework that is prescribed and made public, and people have information on what to expect on a factual basis and are not using one-off experiences to castigate an entire process.”
The Central Bank, detailing the rationale for the survey, said: “Based on past surveys, the average consumer’s primary point of access to financial services is through a deposit account, and more specifically, a savings or checking facility. While the demand for deposit accounts is high, there are lags on the supply side, which have been highlighted in previous surveys of users of the financial system.
“In particular, the Central Bank’s 2022 survey of experiences faced by businesses identifies these as including the average amount of time taken to complete the account opening process, insufficient up-front clarity on customer due diligence documentation requirements, and queuing before
While Mr Newry said he would support the use of firearms by security guards, he said he would only do so if the proper legislation and training is put in place adding that he “always try to look at things from a risk assessment”.
He added: “Once you have legislation, regulation, you train, insurance is also a factor. Are insurance companies prepared to take on that risk? When we look at what’s happening with law enforcement, with police officers and their actions in the use of firearms coming under every scrutiny by the Coroner’s Court, and in some instances, the officer is found to be wanting, is a security company, is the client and insurer prepared to take on that risk as well?
Wedbush analysts called Google's move to buy Wiz "a shot across the bow" at other tech giants, particularly Microsoft and Amazon, who have already made big bets on cyber security as the fight to dominate cloud computing intensifies. Google had fallen behind its competition in the cloud space, Wedbush said, but the acquisition of Wiz could alter the parameters.
initial applications could be submitted.”
And, detailing the objectives, the regulator added:
“It is expected to identify operational and regulatory factors that can be targeted to increase the transparency and efficiency of the experience. From a financial inclusion perspective, such insights could also improve the ease of access to transactional services.
“While the survey’s reported average incidence of unsatisfied applications was low, interventions to reduce such experiences by the public could still have meaningful, positive impact on customer services and the ease of banking in The Bahamas.
“Additionally, there is scope within some financial institutions to improve the monitoring of customer services by aligning the institutions’ estimate of the full duration of application processing timelines with the estimates tracked by the public. In particular, some banks do not yet monitor the delays at the onset of applications during which due diligence documentation might be incomplete.”
Because there’s multiple factors involved, where the police force has an appetite for that, because they’re government entity, doesn’t mean that they that it should be happening. But they can take that risk on. Does a small business provider want to take on the litigation involved in defending an officer’s actions and the risk of that officer’s action being found to be criminal and charges being coming up. So that’s a lot of things to look at. And so if there’s an entity out there or security provider who sees that it is necessary that they have armed officers, and they want to push that, that, I support it, but I don’t see my entity being one of those persons on the forefront.”
The bid Tuesday easily eclipses the current largest acquisition in Google's 26-year history — a $12.5 billion takeover of Motorola Mobility in 2012 that didn't pay off the way that the Mountain View, California, company had hoped. The $32 billion purchase of Wiz would also go down as the biggest-ever cybersecurity acquisition and rank among the 20 most expensive takeovers of a software company in history, according to Mergermarket, a financial intelligence service. As often happens with high-priced acquisitions, investors reacted coolly to Tuesday's news. Alphabet's shares declined 2% to close at $160.67. Some of Google's other acquisitions have turned into gold mines, most notably its $1.76 billion purchase of online video pioneer YouTube in 2006 and its $3.1 billion takeover of advertising technology platform DoubleClick in 2008. A $5.4 billion purchase of another security firm, Mandiant, in 2022 also helped fuel the recent growth of Google's Cloud division, which posted an operating profit of $6.1 billion last year.
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NOTICE is hereby given that BRANDON CHOW of #18 Albany Street, New Providence, 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 12th 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 AUSTIN CHOW of #18 Albany Street, New Providence, 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 12th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
SUNDAR PICHAI, CEO of Google and Alphabet, takes part in a discussion at the Asia-Pacific Economic Cooperation (APEC) CEO Summit Nov. 16, 2023, in San Francisco.
Photo:Eric Risberg/AP
Nvidia CEO Jensen Huang unveils new Rubin AI chips at GTC 2025
By SARAH PARVINI AP Technology Writer
NVIDIA founder Jensen Huang kicked off the company's artificial intelligence developer conference on Tuesday by telling a crowd of thousands that AI is going through "an inflection point."
At GTC 2025 — dubbed the "Super Bowl of AI" — Huang focused his keynote on the company's advancements in AI and his predictions for how the industry will move over the next few years. Demand for GPUs from the top four cloud service providers is surging, he said, adding that he expects Nvidia's data center infrastructure revenue to hit $1 trillion by 2028.
Huang's highly anticipated announcement revealed more details around Nvidia's next-generation graphics architectures: Blackwell Ultra and Vera Rubin -- named for the famous astronomer. Blackwell Ultra is slated for the second half of 2025, while its successor, the Rubin AI chip, is expected to launch in late 2026. Rubin Ultra will take the stage in 2027. In a talk that lasted at over two hours, Huang outlined the "extraordinary progress" that AI has made. In 10 years, he said, AI graduated from perception and "computer vision"
BUILT by Newport furniture company, employee Nathan Martin machines parts for hardwood furniture after the business’s owner, Dave Laforce, who sources material from Canada, attended a roundtable event with U.S. Sen. Peter Welch of Vermont and Marie-Claude Bibeau, a Canadian member of parliament, to discuss the Trump administration’s tariffs, Tuesday, March 18, 2025 in Newport, Vt.
to generative AI, and now to agentic AI — or AI that has the ability to reason. "AI understands the context, understands what we're asking. Understands the meaning of our request," he said. "It now generates answers. Fundamentally changed how computing is done."
The next wave of AI, he said, is already happening: robotics. Robotics fueled by socalled "physical AI" can understand concepts like friction and inertia, cause and effect, and object permanence, he said.
"Each one of these phases, each one of these waves, opens up new market opportunities for all of us," Huang said.
The key to that physical AI, and many of Huang's other announcements, was the concept of using synthetic data generation — AI or computer-created data — for model training. AI needs digital experiences to learn from, he said, and it learns at speeds that make using humans in the training loops obsolete.
"There's only so much data and so much human demonstration we can perform," he said. "This is the
big breakthrough in the last couple of years: reinforcement learning."
Nvidia's tech, he said, can help with that type of learning for AI as it attacks or tries to engage in solving a problem, step by step.
To that end, Huang announced Isaac GR00T N1, an open-source foundation model designed to assist in developing humanoid robots. Isaac GR00T N1 would be paired with an updated Cosmos AI model to help develop simulated training data for robots.
Benjamin Lee, a professor of electrical and systems engineering at the
CEO Jensen Huang talks during the keynote address of Nvidia GTC Tuesday, March 18, 2025, in San Jose, Calif.
University of Pennsylvania, said that the challenge in training robotics lies in data collection because training in the real world is timeconsuming and expensive.
A simulated environment has long been a standard for reinforcement learning, Lee said, so researchers can test the effectiveness of their models.
"I think it's really exciting. Providing a platform, and an open-source one, will allow more people to learn on reinforcement learning," Lee said. "More researchers could start playing with this synthetic data — not just big players in the industry but also academic researchers."
Huang introduced the Cosmos series of AI models, which can generate cost-efficient photo-realistic video that can then be used to train robots and other automated services, at CES earlier this year.
The open-source model, which works with the Nvidia's Omniverse — a physics simulation tool — to create more realistic video, promises to be much cheaper than traditional forms of gathering training, such as having cars record road experiences or having people teach robots repetitive tasks.
BREWERIES AND MAPLE SYRUP PRODUCER AMONG VERMONT BUSINESSES HIT BY TRUMP'S TARIFFS ON CANADA
By AMANDA SWINHART and HOLLY RAMER Associated Press
BUSINESS owners from both sides of the U.S.Canada border gathered
U.S. car maker General Motors plans to integrate Nvidia technology in its new fleet of self-driving cars, Huang said. The two two companies will work together to build custom AI systems using both Omniverse and Cosmos to train AI manufacturing models.
The Nvidia head also unveiled the company's Halos system, an AI solution built around automotive — especially autonomous driving — safety.
"We're the first company in the world, I believe, to have every line of code safety assessed," Huang said.
At the end of his talk, Huang an open-source physics engine for robotics simulation called Newton, which is being developed with Google DeepMind and Disney Research.
A small, boxy robot named Blue joined him on stage, popping up from a hatch in the floor. It beeped at Huang and followed his commands, standing beside him as he wrapped up his thoughts.
"The age of generalist robotics is here," Huang said.
on the aluminum used to make beer cans will ultimately drive up the cost of beer.
"That 25% increase on the tariff will simply just get passed along to us," he said.
Tuesday in Vermont to share how the Trump administration's sweeping tariffs have affected their industries.
President Donald Trump's tariffs on Canadian steel and aluminum and repeated comments that Canada should become the 51st state have infuriated Canadians, and many are boycotting American goods in response.
"What's going on in Canada is without precedent. The threat is over and above tariffs right now," said Marie-Claude Bibeau, a Canadian member of parliament representing Compton-Stanstead.
"And I'm even a bit a bit emotional when I say that because it's a threat against our sovereignty."
The 18 participants in the roundtable discussion included breweries, a maple syrup producer, a furniture company, an electrical company and a ski resort.
Donna Young of Judd's Wayeeses Farms in Morgan said most of the equipment she uses to produce maple products comes from Canada.
"All the tariffs and the changing political atmosphere, it's just made it extremely disruptive," she said. "The weather is always a big stress factor when you're sugaring. We don't need this extra stress on top of it."
Bob Montgomery, of Hill Farmstead Brewery in Greensboro, said the tariff
Sen. Peter Welch, a Vermont Democrat, said he is disturbed by Trump's actions, which he said have affected what has long been a stable and valuable relationship.
"There's no place for this," said Welch, who hosted the meeting. "We are neighbors. We're allies. We're friends. And I want to keep it that way."
Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion Canadian (US$2.7 billion) worth of goods and services cross the border each day. In Vermont, trade with Canada accounted for more than a third of the state's exports and two-thirds of its imports last year. According to Welch, one in four of the state's businesses rely on trade with Canada, and they cannot afford to absorb a 25% hike on imports.
"Everybody knows, except apparently President Trump, that the people who pay the tariffs are the people who buy the products," Welch said in a Senate floor speech last week."This is really, really stupid. This is going to hurt Vermont."
Bibeau urged the American participants to pressure Trump to reverse course.
"This is not the right thing to do, not for your economy and not for ours either," she said. "And I think we have to keep working together and to make the demonstration that it's harming our two countries and our people."
Photo:Nic Coury/AP
Photo:Amanda Swinhart/ AP
Back down goes Wall Street as Big Tech resumes its slide
By STAN CHOE AP Business Writer
WALL Street swung back down on Tuesday, and its former superstars once again led the way.
The S&P 500 dropped 1.1% for its latest swerve in a scary ride, where it tumbled by 10% from its record and then rallied for two straight days. The Dow Jones Industrial Average fell 260 points, or 0.6%, and the Nasdaq composite sank 1.7%.
Tesla was one of the heaviest weights on the market after falling 5.3%. The electric-vehicle maker's stock has been struggling on worries that it will lose sales because of anger at its CEO, Elon Musk, who has been leading efforts to cut spending by the U.S. government. EV rivals, meanwhile, continue to chip away at its business. China's BYD on Monday announced an ultra-fast
charging system that it says is nearly as quick as a gasoline fill-up. Alphabet sank 2.2% after the owner of Google said it would buy cybersecurity firm Wiz for $32 billion. It would be the company's most expensive purchase in its 26-year history, and it could boost the tech giant's in-house cloud computing amid burgeoning artificialintelligence growth.
The drop for Big Tech continues a trend that's taken hold in the market's recent sell-off: Stocks whose momentum had earlier seemed unstoppable have since dropped sharply following criticism they had simply grown too expensive.
Chief among them have been stocks that zoomed higher in the frenzy around AI technology. Nvidia fell 3.3% as it hosted an event known as "AI Woodstock." Super Micro Computer, which makes servers, lost
9.6%. Palantir Technologies, which offers an AI platform for customers, sank 4%.
They've been among the biggest losers as Wall Street retrenches amid uncertainty about what President Donald Trump's trade war will do to the economy. Trump's rat -a- tat announcements on tariffs and other policies have created worries that U.S. households and businesses could hold pull on their spending, which would hurt the economy.
It all makes things more complicated for the Federal Reserve, which is beginning its latest meeting on interest-rate policy and will make its announcement on Wednesday.
The Fed could lower its main interest rate, which would make it easier for U.S. businesses and households to borrow. That in turn could boost the economy. But lower interest
Photo/Seth Wenig
rates can also push inflation upward, and U.S. consumers have already begun bracing for higher inflation because of tariffs.
Virtually everyone on Wall Street expects the Fed to hold its main interest rate steady on Wednesday, as it waits for clues about how conditions play out. The job market, for the moment at least, appears relatively stable after the economy closed last year running at a solid rate.
More attention will be on the forecasts the Fed will publish after the meeting, showing where officials expect interest rates, inflation and the economy to head in upcoming years. For now, traders on Wall Street are largely expecting
the Fed to deliver two or three cuts to rates by the end of 2025.
One of the reasons the U.S. stock market's selloff in recent weeks has "so far been orderly," with the epicenter remaining within tech, may be because of faith that the Fed can protect Wall Street, according to strategists at Barclays. If conditions were to deteriorate quickly, the Fed could cut rates to support the economy. Such faith "crucially could be put to test this week" if the Fed appears to be more concerned about inflation than a weakening economy, at least relative to the market's expectations, according to the Barclays
strategists led by Venu Krishna.
All told, the S&P 500 fell 60.46 points to 5,614.66 Tuesday. The Dow Jones Industrial Average dropped 260.32 to 41,581.31, and the Nasdaq composite fell 304.55 to 17,504.12. In stock markets abroad, indexes rose across much of Europe and Asia. They've been largely doing better than the U.S. stock market this year, flipping a yearslong trend and forcing questions about whether the end has arrived for what was called "U.S. exceptionalism."
Japan's Nikkei 225 rose 1.2%. Investors expect the Bank of Japan to keep its benchmark interest rate unchanged at a monetary policy board meeting due to wrap up Wednesday. Trading on Indonesia's stock exchange was suspended temporarily as the benchmark JSX tumbled as much as 6%. But it later pared the loss to 3.8%. Investors have been sending shares of state-owned banks lower after the government launched a sovereign wealth fund, called Danantara, that so far has not proven popular. Worries over U.S. tariffs and other risks have also shaken confidence in the economy of the world's fourth-most populous nation, said Budi Frensidy, a professor at the University of Indonesia.
