THURSDAY, MARCH 20,
Treasure Cay buyer in $60m equity raise
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE buyer for Abaco’s Treasure Cay resort is seeking to raise more than 92 percent of its target $65m equity capital from other investors while only committing $5m of its own funds, documents have revealed.
GreenPointe Holdings financing plans are disclosed in a private placement document, obtained by Tribune Business, that seeks to solicit the interest of potential investors even though the actual purchase of the 1,400acre property’s undeveloped
• Seeking 92% of equity from outside investors
• Project’s purchase from Meisters yet to close
• Seeking $121m total capital; $25m for sale
land from the Meister family has yet to close. While the developer signed a Heads of Agreement with the Davis administration for Treasure Cay’s redevelopment in September 2024, the
offering memorandum makes clear that - while the purchase is “under contract” - its closing is subject to Jacksonville-based GreenPointe obtaining the necessary permits and approvals to proceed with
the project. As a result, work will likely not begin until the 2025 third quarter.
GreenPointe is seeking to raise a total $121.406m to cover the costs associated with the first two years of redevelopment work, according to the offering document. The total $65m equity capital will account for some 53.5 percent of this total, with the balance generated from a combination of residential real estate and marina slip sales, plus operating revenue from Treasure Cay’s club.
Detailing how the $121.406m will be used, the GreenPointe offering
Gov’t targets $866m slash to Bahamas’ national debt
By NEIL HARTNELL Tribune Business Editor
THE Government is predicting it will slash its direct debt by $866m during the three fiscal years to end-June 2028 as a result of generating three consecutive annual fiscal surpluses.
The Government’s medium-term debt management strategy, which was yesterday tabled in the House of Assembly by the Prime Minister, forecast that it will produce this “overall debt repayment” for the fiscal years 2025-2026 through to 2027-2028 via successive annual Budget surpluses of close to half-a-billion dollars.
The report, which reveals the Government is seeking to finance 80
percent of its borrowing needs for those three years from domestic or Bahamian dollar lending sources, suggests the Davis administration remains firmly wedded to the fiscal targets set in the 2024-2025 Budget despite incurring a $394.8m half-year deficit which is more than five times’ or $325m higher than the full-year goal.
The Government is still forecasting that it will generate three consecutive fiscal surpluses, ranging between $448.2m and $467.9m, for the period covered by the report. Without these surpluses, and the Government’s revenue income exceeding total spending by a combined $1.374bn during that time, it will not be able to achieve the projected $866m reduction in The Bahamas’ national debt.
But, should these projections hold true, the Davis administration is predicting that its chosen debt management strategy will produce a net $603m reduction in the Government’s foreign currency debt and a further $263m decline in domestic Bahamian dollar liabilities through to the end of the 2027-2028 fiscal year. “A negative figure represents an overall debt repayment,” the strategy report confirmed; The Government, for the next three years, has elected to manage its debt through a strategy that focuses on developing the domestic Bahamian capital markets while also concentrating on managing refinancing, or rollover, risks.
document discloses that some $25m or 21 percent will be spent on “Treasure Cay acquisition”. This is the line item representing the largest use of the $121.406m proceeds, and appears to signal that other investors - as well as real estate and marina pre-sales - will finance the development’s purchase from the Meisterowned Treasure Cay Ltd. Gaynelle James, GreenPointe Holdings’ marketing director, referred this newspaper to Edward Burr, the developer’s chairman and principal, after it submitted questions on the private placement offering’s
structure and progress in obtaining all the necessary government planning, environmental and other approvals required.
Mr Burr, in a messaged reply yesterday evening, said he was in Colorado about to travel to Costa Rica and would try to call this newspaper today. However, neither denied the authenticity or accuracy of the offering document, nor its existence, with other sources familiar with Treasure Cay developments confirming that it is genuine and dated March 4, 2025.
OPENING BANK ACCOUNTS LIKENED TO ‘PULLING TEETH’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
BUSINESSMEN yesterday voiced scepticism that 99 percent of new bank account applications are approved - often “in less than a week” - as they described the process as akin to “pulling teeth”.
Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, branded the findings of the Central Bank’s first half-yearly bank account opening survey as “a play on words” with both himself and Paul Moss, the Dominion Management Services president, suggesting the true bureaucracy
and red tape occurs prior to the decision-making point in satisfying the banks’ document demands.
“Listen to what they say: ‘Once all the documents required are submitted they will approve’,” Sir Franklyn said. “The problem is they keep asking for more documents. That ain’t saying nothing. The point is it’s the process of getting to the point where they say they have all the documents.
“They need this, they need a utility bill, they need so many things. It sounds to me like that’s a play on words. You’re playing on words, this language. A company I’m involved with,
NO ‘CRY WOLF’ OVER US GROWTH SLASH
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A SENIOR tourism executive yesterday asserted he is “not prepared to cry wolf or suggest doomsday has dawned” yet after the Federal Reserve slashed US economic growth forecasts through 2027.
Robert Sands, Baha Mar’s senior vice-president for government and external affairs, told Tribune Business that hotel booking trends and business volumes “remain strong and robust” as the Bahamian tourism industry heads towards the climax of its peak winter season with the Easter holiday weekend towards the end of April. Suggesting that Easter’s
later 2025 arrival, compared to end-March last year, has given The Bahamas’ largest industry “more runway” to maximise the potential economic benefits, he added that it can only “monitor and wait and see” whether the economic uncertainty generated by Donald Trump’s trade and tariff policies will dampen consumer confidence and travel demand for The Bahamas.
Mr Sands spoke to this newspaper after the US central bank, the Federal Reserve, trimmed its growth forecasts for an American economy that provides as much as 90 percent of all tourists that visit The Bahamas.
DIR HOME VAT REFUNDS ‘A FARCE’
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Department of Inland Revenue’s (DIR) VAT refunds as part of its first home construction and renovation programme is a “farce”, according to one frustrated Bahamian. The citizen, speaking anonymously, said DIR would no longer even talk to them, and they had to hire a lawyer or consultant to process the application. The individual said it was “absurd” that he had to
“pay someone to get these government workers to do their job”. With a reduced VAT rate of 4 percent being applied to homes exceeding a value of $300,000, they stated that they paid the contractor’s construction VAT fees to the tune of $31, 850 - the full 10 percent VAT rate. Upon applying for the refund initiative, they were told by a representative at DIR that they would “withhold the 4 percent” and refund the remaining 6 percent.
Minnis: What is govt stake in Bahamas Moorings?
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
FORMER Prime Min-
ister Dr Hubert Minnis yesterday pushed for more information about the government’s stake in Bahamas Moorings Limited.
Speaking in Parliament yesterday, Dr Minnis tabled questions for Prime Minister Philip Davis about the equity the government and by extension the Bahamian people hold in the company.
Referencing a press release from the Office of the Prime Minister on February 23, which said Bahamas Moorings is a “a Bahamian-owned company in which the government holds equity”, Dr Minnis asked the government to reveal many shares are held.
“Can the Prime Minister
please let the Bahamian people know how many shares the Bahamian government hold in Bahamas
Moorings Limited? It’s critical that you answer this question, because any share that our government
holds are in trust for the Bahamian people,” said Dr Minnis.
“Please produce the evidence to show that the government of Bahamas actually holds shares in this company, or the Bahamian people will believe that your office was not being truthful with them.”
Dr Minnis also questioned if the government used its position as a shareholder to appoint officers in Bahamas Moorings Limited to protect the interests of the Bahamian people.
He went on to press the Prime Minister on how Bahamas Moorings Limited was allowed to being work before receiving the necessary building and environmental approval.
“How is it possible that the government of the Bahamas permitted a
company in which it had admittedly had equity to commence preliminary activities under the lease agreement, prior to the group receiving all the required approvals, as you admitted in the same statement,” said Dr Minnis.
“Why was the government of Bahamas careless in its duty to the Bahamian by not being aware that a company that it had equity in had broken the law by commencing preliminary activities under the lease prior to the group receiving all the required approvals.”
The government cancelled a 21-year lease granted to Bahamas Moorings Company, which would have given it control over 49 mooring and anchorage sites across the Exuma Cays.
The deal, signed by Prime Minister Philip Davis in his capacity as minister responsible for Crown Land, was halted after public outcry over the lack of transparency and consultation. The government’s decision to lease seabed areas to a single private company, granting it the authority to charge mandatory fees, had drawn sharp criticism from marina operators, environmentalists, and local businesses.
Despite the lease’s cancellation, the government has not addressed key concerns surrounding how Bahamas Moorings Company was able to move forward without necessary approvals. The government has also remained silent on the involvement of OPM officials connected to the project.
WHY SMASHING ‘GLASS CEILING’ IS SO CRITICAL
THE term ‘glass ceiling’ refers to an invisible but all-too-real obstacle depicting the challenges and limitations faced by a specific group of employees. While the ‘glass ceiling’ may be intangible, it has become a formidable phrase in the realms of human resources and company development, representing the unspoken and - often unintended - biases that halt the progression of certain demographics within a firm.
In an age where equality is pitched as a cornerstone for corporate culture, understanding this concept is crucial. This unwritten but universally known barrier restricts career advancement for certain groups, particularly women and minorities. Its impact is very real, as it impacts diversity, workplace equity and career growth.
What is the Glass Ceiling?
The glass ceiling is a metaphorical expression used to describe the invisible barriers that prevent certain groups, most notably women and minorities, from rising beyond a certain level in a company regardless of their qualifications or achievements. Diversity and inclusion efforts have broadened the concept and included other groups, such as people of colour, individuals with disabilities and others in the community.
Primarily observed in the
BASTIAN By
context of career advancement, the glass ceiling constitutes an intangible, yet powerful, obstruction on the path to executive roles and the higher echelons of corporate leadership. What it means for employers
Employers who understand the ‘glass ceiling’s implications can take proactive steps to dismantle it by:
Talent Utilisation: By preventing qualified individuals from progressing, employers miss out on a diverse range of skills that could drive innovation and competition.
Legal and Ethical Concerns: Ignoring the glass ceiling can lead to legal repercussions concerning discrimination and
equal opportunity employment, not to mention the ethical duty to uphold fair practices.
Employee Motivation and Retention: If employees perceive insurmountable barriers in their career paths, they may become demotivated or search for opportunities elsewhere.
What it means for employees
For employees, the ‘glass ceiling’ represents a myriad of professional and personal concerns such as:
Career Limitation: Growth stunted, with no clear indication as to why, which can be confusing and demoralising.
Financial Disparity: Unable to secure promotions due to the glass ceiling, which often faces a consequent wage gap.
Job Satisfaction: Encountering such barriers leads to decreased job satisfaction, which erodes an individual’s confidence in their professional capabilities.
Addressing the glass ceiling
* Conduct unconscious bias training to make current and future leaders aware of their implicit biases.
* Promote mentorship and sponsorship programmes, focusing on high potential women and minorities.
* Establish transparent criteria for promotions, and ensure that recruitment
from within is genuinely accessible to all.
* Commit to diversity at all corporate levels and hold leaders accountable for fostering inclusivity.
Ultimately, breaking the glass ceiling is not a solo endeavour. It requires a coordinated effort throughout the corporate structure to cultivate an environment that allows an employee a fair opportunity to excel and contribute fairly to their fullest potential.
Moreover, the ‘glass ceiling’ is not only detrimental to individuals facing this invisible barrier, but it also impacts the overall health of a company. Therefore, employers have a responsibility to recognise these
barriers and actively work towards creating an inclusive and equitable workplace. Live life for memories and not regrets. Enjoy life and stay on top of your game.
feedback at
FORMER Prime Minister Dr Hubert Minnis yesterday. Photo: Dante Carrer/Tribune Staff
‘WHERE IS ENVIRONMENT ASSESSMENT FOR SPACE X BOOSTER LANDINGS?’
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
DEPUTY Leader of the Opposition Shanendon Cartwright yesterday questioned why the Davis administration has not released an Environmental Impact Assessment for Space X rocket booster landings.
Speaking in Parliament yesterday, Mr Cartwright questioned why Zane Lightbourne, Minister of State for the Environment, did not push for the Davis administration to demonstrate “accountability” by releasing an EIA on the Space X landings.
“He is partially responsible for the stewardship of the environment of the Commonwealth of The Bahamas, in his capacity but we have yet, for example, to hear about the EIA on the SpaceX programme,” said Mr Cartwright.
“And so as aggressive as that member over there, always talk about accountability and what needs to be said he is silent on the issue of the EIA. Why doesn’t he stand up in here and say
why the government didn’t get an EIA with the SpaceX program? But you won’t hear that from him with all due respect.”
Minister of National Security Wayne Munroe said the government was advised by Bahamian aerospace engineer and former NASA rocket scientist Aisha Bowe, who “explained at length” what should be done and determined the landings were safe.
“I am very impressed by Ms Aisha Bowe. She is a rocket scientist. She happens to be a young Bahamian rocket scientist. She was accompanied and she explained at length the steps that you take before she advised the government that it was safe for this to happen near her home town in Exuma,” said Mr Munroe.
“So you ain’t talking about no foreign white person, as one of my friends would say, you’re talking about a young black female Bahamian. And so, sometimes you just have to listen. And so rather than jump up and assume.”
Mr Cartwright said the concerns are not related to Ms Bowe’s involvement in
the process but the government’s choice to not follow “proper governmental process”.
“Just to be just to qualify and to be clear, what we are talking about is the proper government agency and the proper governmental process was not followed, as far as we are concerned. What we have said as well, is to rely not on the brilliant Bahamian, we’re not talking about her, but to rely on other concerned parties to tell us everything will be alright,” said Mr Cartwright.
Mr Munroe argued that all professionals involved in the evaluation were “young black Bahamians” and insinuated Mr Cartwright’s line of questioning demonstrates his lack of care for young Bahamian professionals.
“The persons who did the evaluation before and after also young black Bahamians, young black Bahamians who are educated, and they say they care about the youth, and they all of these are young black Bahamian professionals,” said Mr Munroe.
Mr Cartwright said
Bahamians are still finding debris after a Starship rocket exploded over Bahamian waters last week and are legitimately concerned about the environmental impact of the Space X deal.
“Nobody is talking about the involvement of Bahamians themselves. We’re talking about a process that was not followed and the Bahamian people, they could sit on the side and make themselves feel good, but the Bahamian people are concerned about the program,” said Mr Cartwright.
“That doesn’t mean necessarily it shouldn’t happen, but they’re legitimately concerned. They’re still finding debris to this day. They’re still finding debris in different parts of the Bahamas, so people are concerned.”
SpaceX described the failure as a “rapid unscheduled disassembly,” noting that the 400ft rocket lifted off from Texas but SpaceX lost contact before the craft disintegrated less than ten minutes later. Meanwhile, the US Federal Aviation Administration (FAA) has launched an investigation,
requiring SpaceX to determine the cause of the failure before another test flight can take place. Mr Lightbourne said the Environmental Baseline Assessment (EBS) that was conducted has the “rigors” of an EIA and all necessary information was provided.
“The environmental baseline assessment study is a study that was done that is has the rigors of the environmental impact and all of the necessary, all of the necessary information is provided in that study,” said Mr Lightbourne.
“If the good member would like to rightfully receive information that he can advise persons who approach him about this, rather than spewing some misinformation in the public that can cause panic, I would ask the good member to meet with the doctor (Dr Rhianna Neely, director of DEPP).”
The EBS, submitted in March by local consulting firm BRON on behalf of SpaceX, was made public alongside the company’s Environmental Management Plan (EMP), which outlines mitigation
strategies for the 19 upcoming booster landings in Exuma Sound. The EMP states that the landings will have no lasting impact on marine life, air quality, or water pollution. The designated landing area is a deep-water zone with sandy seabeds, meaning booster returns will not disrupt marine ecosystems. A marine traffic survey found low vessel activity, reducing the risk of interference with boats. In a worst-case scenario, where a booster breaks apart, up to 300 gallons of propellant could spill, but SpaceX deemed this a negligible hazard, as most of the fuel would burn off or dissolve. The EMP also dismissed air pollution concerns, stating that Falcon 9’s kerosene-based fuel produces fewer harmful emissions than solid rocket motors. Regarding noise, the EMP predicted that a brief sonic boom — comparable to thunder — could be heard in some parts of The Bahamas. The 100-110 decibel landing burn would remain within safe exposure limits.
URCA OPERATION COSTS OF $11.1M REVEALED
By ANNELIA NIXON Tribune Business Reporter
URCA unveiled yesterday its $11.1m operational costs, with an expected capital expenditure of $2.1m. Noting the budget was adjusted to factor in legal costs and the decision not to expand a physical presence in Grand Bahama,
finance manager DeVaugn Moss added that 57 percent “of the overall budget allocation is being attributed to the ECS (Electronic Communications Sector) sector”. He said: “For the current budget year 2025 the total cost necessary to operate the authority is $11.1m with an anticipated capital expenditure of $2.1m. The operational costs has increased 17 percent over budget year 2024 compared to an increase of 19 percent in budget year 2023. It is important to note that budget year 2025 includes the first full year of operations for the natural gas sector, whose operational costs were subsumed within the electricity sector.” He said 57 percent of
the budget allocation goes to ECS, adding: “In 2024 because of the amendment to the Electricity Act and the Natural Gas Act coming into play, six percent of the electricity sector’s costs were reallocated to the natural gas sector. In 2025 a more substantial portion of the budget is now being allocated to the natural gas sector. It would be 15 percent this year.”
The electricity sector allocation is 28 percent.
Mr Moss said the budget allows for ECS staff-related costs and events in 2025. He said professional services expenditure will see an increase compared to last year’s budget and that the staff costs in the electricity sector will see a decrease.
Mr Moss said: “Overall staff costs for the ECS has continued to rise, driven by annual increases in the base pay and associated staff
benefits.”
He added: “While overall staff costs have increased, non-executive compensation continues to decline following the settlement of legal action brought by former non-executive directors in previous years.
“Professional services expenditure is anticipated to increase by 53 percent over the previous year’s budget allocation because of carryover regulatory projects continuing into 2025 including scheduled market assessment surveys.”
He said electricity sector staff costs are anticipated to decrease by 18 percent as staffing resources are being shared with the natural gas sector.
Mr Moss did note that legal costs are expected to increase “significantly” because of “anticipated litigation” involving Grand Bahama Power Company
and the Grand Bahama Port Authority. Mr Moss added:
“Because we rely on assumptions, the information we use may sometimes be less accurate than we’d like. When this happens, we make adjustments to address any discrepancies and minimise any negative impacts. A key part of this process is handling residual budget allocations. If any initiatives from the previous years, operational or regulatory, were not fully executed, we look at the financial resources initially assigned to those initiatives and the amount not utilised at the end of the year. We then label the difference as a residual budget allocation or a carryover, and reduce the current year’s requested budget by the corresponding amount. This ensures that we avoid unnecessary duplication of resources.”
BAHAMIAN ENTERPRISE SHOWS OFF THE NATION’S TRUE FLAVOURS
The New Duff, in a statement, said it featured in the
A FULLYOWNED Bahamian food and beverage company says it showcased this nation’s true flavours at the recent Nassau Paradise Island Wine & Food Festival.
Jerk Jam, which was hosted by Food Network personalities, Kardea Brown and JJ Johnson. It ranked among the top three ‘most voted for’ booths at the Jerk Jam event with its fried fish bao buns and spicy mango chimichurri sauce.
Chef Kendrick Delaney Jr, the New Duff’s chief executive, said “We are thrilled to be recognised at such a prestigious event among so many amazing culinary talents. This festival not only celebrates food but also brings our community together, and we’re proud to represent the rich culinary heritage of The Bahamas.”
The New Duff’s participation underscored its drive to promote local ingredients and traditional Bahamian recipes, while also focusing on innovative culinary experiences that appeal to both locals and visitors. The New Duff team also participated in the Cake and Ice Cream social event where they showcased a triple rum raisin duff.
GOV’T TARGETS $866M SLASH TO BAHAMAS’ NATIONAL DEBT
from page one
To do so, it will seek to issue “longer-term domestic instruments” such as bonds, and move away from shorter-term Treasury Bills, in a bid to extend and spread out when these mature and become due for repayment to investors so that the Government does not face multiple debt refinancings at the same time. And, on the foreign currency side, it will continue to seek “semi-concessional”, lower interest rate multilateral financing.
According to the Government’s projections, the selected strategy will leave it - by end-June 2028with the lowest proportion of debt maturing within one year out of all three options assessed. The average time-to-maturity for
debt issues would also be the greatest of the three, while foreign currency debt as a percentage of The Bahamas’ external reserves would be the lowest at 23.5 percent.
“The optimum debt strategy selected through this process seeks to predominantly utilise domestic sources of financing to mitigate foreign currency risk and promote the development of the domestic capital market,” the Government’s debt strategy report said.
“The strategy also prioritises utilising more fixed interest rate instruments, extending maturities and implementing liability management operations to manage refinancing risk, lengthen the average time to maturity of the portfolio and control interest rate risk, while balancing cost.
“The financing mix that
minimises costs and risks of the debt stock suggests gross external and domestic borrowings in the ratio of 20 percent and 80 percent, respectively.” But, in a nod to global stock market turbulence and economic uncertainty caused by Donald Trump’s trade and tariff policies, the Government acknowledged that there may be “deviations from this strategy”.
The Opposition and other fiscal observers are also likely to challenge the Government’s fiscal projections as being too ambitious and optimistic - especially given the 2024-2025 halfyear deficit. It will need to achieve its $69.8m full-year deficit target, and meet the projected three consecutive annual surpluses, if it is to hit the forecast $866m net repayment that will cut the
national debt by the same amount.
And, even before the recent Trump-instigated turmoil and chaos, the Government was acknowledging that economic growth over the three years covered by the strategy report will be “subdued”. Given that The Bahamas’ consumption-based tax revenues are so closely linked to growth, this could impact the Davis administration’s ambitions to generate $4bn and more in annual revenues in the upcoming three fiscal years.
“Over the three-year medium-term debt strategy timeframe, the economic outlook envisages a continuation of the subdued growth trajectory, with real GDP poised to average an estimated 1.6 percent consistent with the projected long-run potential,” the report said.
“Enhanced tax administration, combined with targeted tax policy measures and prudent expenditure controls, are forecasted to reduce the overall deficit-to-GDP ratio to the medium-term statutory target of 0.5 percent in fiscal year 2024-2025 and secure surpluses averaging an estimated 2.3 percent of GDP over the medium-term debt strategy horizon.”
The Government is projecting that its chosen debt management strategy, together with successive fiscal surpluses, will see The Bahamas’ debt-to-GDP ratio progressively decrease towards its long-run 50 percent target so that it hits 61.5 percent at end-June
2028. This compares to 81.5 percent at end-December 2024.
This improvement is forecast despite the strategy report conceding that The Bahamas’ economic growth “is expected to taper” to 1.7 percent in 2025, and then “further to its long-run potential of 1.5 percent in 2029 - averaging 1.33 percent for the three years to 2027”. Inflation, though, was forecast to ease to 2.2 percent in 2025 and to 2 percent in 2029 - projections likely made before the Trump tariffs surfaced.
Also sticking to its target 25 percent revenue-to-GDP ratio by the upcoming 20252026 fiscal year, the report reiterated the Government’s faith that this can be attained through enhanced tax administration, compliance and enforcement as well as broadening the tax base. It again pointed to the expected annual $140m “in new revenue” from the newly-implemented 15 percent corporate income tax on large multinationals.
“Baseline fiscal assumptions also incorporate the Government’s objective to reduce recurrent expenditure to roughly 20 percent of GDP by fiscal year 20252026 through targeted spending initiatives,” the report added.
“Altogether, these objectives are anticipated to secure an overall fiscal deficit of no more than 0.5 percent of GDP in fiscal 2024-2025, consolidating into overall surpluses and primary balances over the medium-term averaging 2.8 percent of GDP and 6.2 percent of GDP,
respectively.” The Government is predicting it will generate $1bn-plus primary surpluses, which do not include debt servicing costs, for all three years.
“Refinancing risk is the most prominent risk in The Bahamas’ debt portfolio given the heavy reliance on short-term domestic financing instruments,” the Government’s debt strategy report added. “Efforts are ongoing to maintain the redemption profile of government securities as smooth as possible over the long-term.”
Turning to the distribution of bond maturities and redemptions between 2025 and 2033, it said:
“Although the maturity profile for domestic bonds is relatively evenly spaced, there is an increase in refinancing risk associated with external bond maturities in the coming years, which the Government intends to mitigate through buy backs and switch auctions.”
The Government said The Bahamas’ membership of the Development Bank of Latin America and the Caribbean (CAF) will give it access “to a new funding envelope of at least $200m annually” to support climate change, digital economy and infrastructure-related policy initiatives.
It is also assessing the possibility of using “sustainable, green or social bonds” and “sustainability-linked bonds” as new instruments to help raise debt for financing climate change adaptation and mitigation efforts, plus biodiversity protection.
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Ferguson: We’ll do what we must for workers
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Trade Union Congress (TUC) president asserted that he and his affiliates will “do what we have to do in the interest of the workers” after a temporary injunction was ordered to remain.
Obie Ferguson was speaking months after TUC affiliates exercised their “constitutional rights” to take two casual days, sending the healthcare sector especially into turmoil - which ended with a temporary injunction filed against the Bahamas Air Traffic Controllers Union, Bahamas Doctors Union, Consultant Physician Staff Association and Bahamas Nurses Union, ordering employees back to work.
While TUC chairman,
Fred Munnings said the time off was due to frustration stemming from unresolved union issues, the injunction, issued in January, remains in effect, despite president Obie Ferguson’s attempt to fight it. Revealing a list of union grievances still outstanding yesterday as well as pointing out the desire for a liveable wage increase and issues named in the memorandum of understanding, he said the TUC is “committed to ensuring that those things are done”. Mr Ferguson said, however, that those issues may continue through Labour Day.
“I just want it to be known that the Commonwealth of The Bahamas Trade Union Congress is committed to the implementation of liveable wage - liveable wage at $350 as opposed to $260,” Mr
Ferguson said. “We are committed to the implementation of the issues stipulated in the Memorandum of Understanding dated August 25 2021 on the letter addressed to the minister on the 10th of March, 2025. We are committed to the signing of the Lucayan beach industrial agreement and ensure that the payment of two double increments, due and away. That’s a signing bonus of $6,000 to be paid to every worker at Lucayan hotel in Freeport.”
He said: “The point I’m making to you [is] these are things that must be done. These are things that we are committed to. And then when you look at the issue with the doctors, the issue with air traffic, the issues with the nurses are stipulated in that communication. We are committed
to ensuring that those things are done. That’s going to be an issue running through Labour Day and if it’s not resolved, it’s going to go beyond Labour Day.”
Mr Ferguson said the TUC has a quarterly meeting with Labour and Public Service minister, Pia Glover Rolle, scheduled for March 28. However, Mr Ferguson isn’t sure what can be accomplished at the meeting.
He said: “What I can say, we will do what we have to do in the interest of the workers of The Bahamas. That’s our commitment. We are willing to discuss matters.”
The Bahamas Customs Immigration and Allied Workers Union president, Deron Brooks, said the idea of quarterly meetings is commendable but he is looking for results.
“The meeting is for all the unions,” Mr Brooks said. “We’re not at all certain what we’ll accomplish by going to that meeting, because these issues have been on the table for a while now. The body has decided that it’ll but we’re not at all certain that anything is going to come out of that meeting. For every union, the issues are different. But if you go to a meeting with a person that does not have the delegated authority, then the only thing they could tell you is they have to refer to the substantive minister and get back to you. I understand that, but if going into this meeting, you know what our issues were, then we really are looking for answers or resolutions.
“So if we can’t get that, then what sense does it
DIR HOME VAT REFUNDS ‘A FARCE’
from page one
In an email dated June 24, 2024, as seen in an image shown to Tribune Business, a DIR employee said:
“Your first home is valued more than $300,000.00. We appreciate that you would have paid your contractor VAT at the rate of 10 percent (10%) for construction materials and services rendered. Thus, in light of the above, we will withhold 4 percent (4%) of the VAT paid on construction and refund you the remaining 6 percent (6%).
“We will review the documents you sent to us last week and revert to you by the end of the week if not before.”
However, approaching a year later, the citizen said they still have not received the rebate and is still awaiting the status of their application.
They said: “Per the rebate programme, once I submit all of the required information, the government is supposed to keep four percent, which is $12,740 and give me back six percent which is $19,110.
That is how the rebate programme is supposed to work per all of the publicly available information, ie VAT Act, First Time Home Owner VAT rebate guidance document etc… To date, the government has not refunded me anything. They owe me $19,110.” They added: “The contractor could not charge me four percent. By law, he has to invoice at ten percent. So it comes down to a broken system on their end. They are not functioning properly if they cannot process a simple refund, even once given all the information they need.”
Mass_HNW_NRG_Grey_GreyLine_Inset_OuterMask_CMYK
The government first announced the programme during the 2022-2023 Budget in the House of Assembly, promising a refund of up to $40,000 to Bahamians constructing or renovating their first home. The refund would stem from VAT paid on construction services or materials bought “once the occupancy certificate is provided within 18 months of the commencement of construction”. The individual received their certificate of occupancy
November 16, 2023. A series of cheques were released to the contractor beginning October 19, 2022, with the final cheque and retention being released March 28, 2024. They said they called DIR on October 25, 2023, to inquire about the programme only to be met with an “interrogation” which they felt “sought to disqualify” them from the programme. However, they were successful in being moved on to the next step. They said they reached out to a DIR employee multiple times between late October and midDecember 2023, to discuss what submissions would be needed for the application. They noted that a revised form was released to them on December 21, 2023, and they submitted a completed form to DIR on March 26, 2024. They said during that timeline, they had a lot of communication with employees of DIR with some being “useless” and “brusque”. They added that on December 6 they received a call from DIR informing them that their
Jarol Investments Limited is seeking to fll the following position: Assistant Compliance Manager (Freeport)
application would be reviewed on December 9 and they would hear back on December 10 with an update. However, they said they have not gotten any calls back and their emails are no longer being answered.
“And by that point, nobody was emailing me,” they added. “Nobody was responding to anything. Nobody said anything. So I started begging people I knew who might have had
contacts in the government. And I said, ‘could you just get an answer for me as to what’s going on?’”
In December, the individual received a call and was reportedly told the application was “at the top of the pile”. However, they said no further call arrived.
They said they received a tax assessment on March 7, 2025 “after numerous requests dating as far back as January 8, 2024 by my lawyer”. They said they
really make going to the meeting? They can’t say they didn’t know what your issues are. It’s been put in writing and said in the press. They’ve been advised of what our issues are. There’s nothing that can’t be resolved.”
He added: “It’s a good initiative. I won’t knock it. I don’t know that many administrations have taken that approach. I don’t know if many successive administrations have taken that approach, but I can’t say that it’s a bad initiative. At least by them doing it, at least it gives the appearance that they want to prevent anything from becoming an issue.
“We don’t need to meet just fix it. We don’t need a meeting for you to do the right thing. Every day is the right time to do the right thing.”
paid a private consultant to get the assessment despite a DIR employee, visiting their home two weeks after the submission of their application in March 2024 “to take measurements etc”. They said they were “at a point of frustration and desperation”, and called it “really humiliating to have to beg for this rebate”, saying they thought DIR staff had treated them with “extreme contempt”.
NOTICE TO SHAREHOLDERS
The Annual General Meeting of Finance Corporation of Bahamas Limited (FINCO) will be held on Thursday 10th April, 2025 at 6:30 p.m. in the Compass Rose Ballroom, Margaritaville Beach Resort, 2 Bay Street, Nassau, N. P., The Bahamas.
Parking vouchers will be provided to the first 65 Shareholders.
Corporate Secretary
TREASURE CAY BUYER IN $60M EQUITY RAISE
from page one
Indeed, the penultimate page details that “outside investors” - likely including existing Treasure Cay homeowners - are being targeted for $60m of the $65m in equity capital, with GreenPointe Holdings set to contribute the $5m balance.
Investors must inject a minimum $500,000 and, if they invest $1m-plus, they will get “added benefits” such as preferential treatment in real estate offerings and “lifetime membership at the Treasure Cay Club” without having to pay dues or initiation fees. A schedule setting out how investors are to be repaid is also detailed with talk “of a return equal to 18 percent per annum”.
Besides the $65m in equity ownership capital, GreenPointe is projecting that it will raise the balance of its financing needs for the first 24 months’ build-out from $41.954m generated by “net residential revenue” and a further $4.272m in marina slip sales income. The Treasure Cay Club’s operating revenue will provide the final $9.71m.
Apart from funding the $25m “acquisition”, GreenPointe’s offering document says it plans to split the proceeds between an $18.943m spend on “master infrastructure”; $12.59m on “residential infrastructure”; just over $20m on marina construction; $14.131m on a golf and racquet club; and $12.851m on the marina village and beach club’s first phase; with the balance committed to “soft costs” and a reserve “contingency”.
Prior to obtaining the private offering document, Tribune Business had been receiving mixed views on GreenPointe’s purchase and plans. While some have asserted that the developer is merely waiting for the necessary government
approvals and permits to proceed, others familiar with Treasure Cay have voiced concerns that the development plans may have been scaled back and that little visible progress has been made.
The fact the developer appears to be looking to outside investors, including existing Treasure Cay homeowners, to provide the bulk of the equity capital and finance the project’s purchase from the Meister family is understood to have added to the unease for some - especially since GreenPointe has yet to close the acquisition.
“GreenPointe Holdings is under contract to acquire full ownership of Treasure Cay Ltd, the Bahamian entity that currently holds the majority of real estate in Treasure Cay,” the GreenPointe offering document states. “As part of the purchase process, GreenPointe Holdings has submitted and received conditional approval from the Bahamian government to proceed with the acquisition.
“Additionally, GreenPointe Holdings and the Bahamian government have reached agreement on the Heads of Agreement, the major governing document required to purchase and develop real property in The Bahamas. Since reaching agreement on the Heads of Agreement, we have been working with the various agencies in The Bahamas to finalise remaining terms with such agencies to commence development..
“While the timeline is subject to regulatory approvals, GreenPointe Holdings anticipates securing the necessary permits to complete the acquisition and begin development in the 2025 third quarter.”
GreenPointe Holdings’ glossy presentation described Treasure Cay as featuring 1,200 residences and a 150-slip marina prior
to Hurricane Dorian’s arrival in September 2019.
Pledging to “revive Treasure Cay by boosting tourism and enhancing local lifestyles”, the developer showed renderings that incorporate an industrial park as well as 305 home sites, 470 condos and multi-family residences and “two potential hotels”. The promised amenities featured a golf club, beach club, wellness retreat and spa, and restaurants.
GreenPointe, according to the timelines detailed in the offering document, is planning to start with infrastructure, amenities and the initial residential real estate later this year before progressing to other real estate components with a construction/development completion timeline of 2033. However, while “resort residences” were mentioned, there was no explicit reference to any hotel.
One Treasure Cay source, who was aware of GreenPointe’s financing plans, said on condition of anonymity: “My understanding from both sides is that the deal is not off but there are some financial concerns.. We have not heard or seen anything; any movement, which should be noted and of concern.
“When Mr Burr came to Treasure Cay last April he gathered 30 community leaders for a private presentation of his intentions. It was a very extensive briefing with renderings, drawings and timelines. It was a very substantive briefing but I will tell you that none of that seems to be the same today. I don’t think it’s progressed. The components are not the same or aligned with what was presented a year ago.
“The deal is still a number of months away, which is concerning. It has changed a lot and you’ll find there’s a private offering being made to raise capital. It all looked good on paper. A year ago
I was extremely optimistic. I’m not that way now for good reason.”
However, Bill McLean, head of the 120-strong Beach Villas Owners Association, the largest homeowners group on Treasure Cay, told Tribune Business that Mr Burr and GreenPointe were wise to not close the purchase with the Meisters until they were convinced all the necessary permits have been obtained.
“We’ve also heard GreenPointe will close when it has all the permits in hand,” he explained. “If I was a developer I would feel the same way. Especially in The Bahamas, one would be wise not to close until you have all the permits in hand. My sense right now is that it’s the issue of the permits. I have every reason to believe that is the case.
“What I’m hoping is that the Government should have every good reason to move this thing along because the loss of employment in North Abaco has been critical, and it has gone on way too long. It seems to me that the Government is in a position to move these approvals along because this really does mean hundreds of jobs for North Abaco, not just in construction, but hotels, the marina and restaurants.”
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.
“We’ve engaged a team of expert consultants to guide the planning and permitting phases, paving the way to break ground later this year.”
JOB VACANCY CHIEF FINANCIAL OFFICER
The Chief Financial Offcer (CFO) with the responsibility for managing the fnancial of an international investment management and home offce with experience in the EU and capital markets and U.S. systems of fnancial supervision. All interested person email resume to: accsmanagemnent@gmail.com
PROCLAMATION
WHEREAS, World Down Syndrome Day is celebrated globally and observed annually by the United Nations General Assembly on 21st March;
AND WHEREAS, the theme for this year’s World Down Syndrome Day is ‘Improve Our Support Systems’;
AND WHEREAS, Down Syndrome also known as Trisomy 21, is a genetic disorder in which a person has an extra copy of the 21st chromosome which determines how the body forms and functions. It occurs naturally, and there is no known cure;
AND WHEREAS, with improved support systems, people with Down Syndrome have tremendous potential to live full and fulfilling lives as contributing members of the community;
AND WHEREAS, The Bahamas Down Syndrome Association, a non-profit organization, was formed by persons with Down Syndrome, their parents, and advocates;
AND WHEREAS, The Bahamas Down Syndrome Association is dedicated to improving the lives of all people with Down Syndrome ensuring they are empowered to achieve their maximum potential, in an inclusive and equitable society;
AND WHEREAS, the public is invited to join people around the world on Friday, 2lst March, 2025, by wearing brightly colored or mismatched socks to celebrate and spread awareness of Down Syndrome;
NOW, THEREFORE, I, Philip E. Davis, Prime Minister of the Commonwealth of The Bahamas, do hereby proclaim Friday, 2lst March, 2025, as ‘WORLD DOWN SYNDROME DAY.’
IN WITNESS WHEREOF, I have Hereunto set my Hand and Seal this 12th day of March, 2025.
PHILIP E. DAVIS
FEDERAL RESERVE SEES TARIFFS
RAISING INFLATION THIS YEAR, KEEPS KEY RATE UNCHANGED
By CHRISTOPHER RUGABER AP Economics Writer
THE Federal Reserve kept its benchmark interest rate unchanged Wednesday and signaled that it still expects to cut rates twice this year even as it sees inflation staying stubbornly elevated.
The Fed also now expects the economy to grow more slowly this year and next than it did three months ago, according to a set of quarterly economic projections also released Wednesday. It forecasts growth falling to just 1.7% in 2025, down from 2.8% last year, and 1.8% in 2026. Policymakers also expect inflation will pick up slightly, to 2.7% by the end of this year from its current level of 2.5%. Both are above the central bank’s 2% target.
Even though the Fed maintained its forecast for two cuts, economists noted that under the surface there were signs that the central bank could stay on hold for some time. That is likely to keep borrowing costs for mortgages, auto loans, and credit cards unchanged in the coming months.
Eight of the 19 Fed officials said they see only one or zero rate reductions this year, up from just four in December.
“It will be harder for them to cut rates this year with inflation moving sideways,” said Michael Gapen, an economist at Morgan Stanley.
further progress may be delayed.”
But he added that the Fed still expects inflation to get back to nearly 2% by the end of next year. Tariffs could just create a one-time increase in prices, he said, rather than an ongoing boost to inflation. And in some cases, the Fed can simply “look through” a temporary price rise, rather than respond by raising rates, Powell added.
Those comments appeared to please investors, and the S&P 500 stock index rose 1% Wednesday afternoon.
Luke Tilley, chief economist at Wilmington Trust, said Powell appeared less alarmed about the impact of tariffs compared to the Fed’s previous meeting in January.
“They’re talking about tariffs in a totally different way,” he said.
Powell acknowledged that the Fed initially thought inflation coming out of the pandemic would be temporary, which led it to delay raising rates to combat higher prices. But he added that in this case, it could be a “different situation”.
“But...we really can’t know that,” he added, noting that uncertainty is enveloping the economy. “We’re going to have to see how things actually work out.”
Fed policymakers also expect the unemployment rate to tick higher, to 4.4%, by the end of this year, from 4.1% now.
Fed Chair Jerome Powell, at a news conference, said that President Donald Trump’s tariffs have started to push up inflation and would likely stall the progress the central bank has seen in reducing inflation since its peak in 2022.
“I think we were getting closer and closer” to price stability, Powell said. “I wouldn’t say we were at that. ... I do think with the arrival of the tariff inflation,
2024/CLE/QUI/01080
The economic projections underscore the tight spot the Fed may find itself in this year: Higher inflation typically would lead the Fed to keep its key rate elevated, or even raise rates.
On the other hand, slower growth and higher unemployment would often cause the Fed to cut rates to spur more borrowing and spending and lift the economy. It is the second meeting in a row that the Fed
Page 1 of 3
has kept its interest rate at about 4.3% as the central bank has moved to the sidelines as it evaluates the impact of the Trump administration’s policies on the economy. Economists forecast that tariffs will likely push up inflation, at least temporarily. But other policies, such as deregulation, could lower costs and cool inflation.
Powell acknowledged that many surveys of businesses and consumers have shown rising concern about the economic outlook. Yet he noted that the unemployment rate remains low and the economy is still expanding.
“We do understand that sentiment has fallen off pretty sharply but economic activity has not yet,” Powell said. “The economy seems to be healthy.” Powell underscored that uncertainty around the economy’s outlook is “unusually elevated” and said that the Fed is prepared to be patient and see how the economy evolves before making further moves.
“We’re not going to be in any hurry to move,” he said. “We’re well positioned to wait for further clarity and not in any hurry.”
The Fed also said it would slow the rate at which it is reducing its Treasury holdings, which grew massively during and after the pandemic. Previously it had allowed $25 billion of Treasurys to mature each month without reinvesting the proceeds. Now it will allow only $5 billion to mature each month.
In effect, the Fed will be reinvesting more of the expiring bonds into new securities, which should keep interest rates on long-term Treasurys lower than they would have been otherwise. Powell characterised the change as a technical one and not related to its interest-rate policies. Yields fell slightly in Treasury markets.
2025-03-14
COMMONWEALTH OF THE BAHAMAS 2024/CLE/qui/1080 IN THE SUPREME COURT Common Law and Equity Division IN THE MATTER OF THE QUIETING TITLES ACT, 1959, CHAPTER 393 OF THE STATUTE LAWS OF THE COMMONWEALTH OF THE BAHAMAS AND IN 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 will operate as a bar to such claim.
2024/CLE/QUI/01080
A copy of the Plan was filed in the Supreme Court on 25th November, 202 and may be inspected at the Registry of the Supreme Court situate at the Ground Floor of the British American Building, Marlborough Street (Annex), Nassau, The Bahamas or at the office of the Petitioner’s attorney below.
FEDERAL Reserve Chair Jerome Powell speaks during a news conference after the Federal Open Market Committee meeting yesterday at the Federal Reserve in Washington.
Photo: Jacquelyn Martin/AP
Opening bank accounts likened to ‘pulling teeth’
we employed a new senior executive, and just to get permission for him to sign the account took for ever and ever.
“Just to add a signatory to the bank account, it went on and on. It’s crazy. They [the Central Bank findings] may be right but, to me, it sounds like a play on words.” He was backed by Mr Moss, who said the commercial bank survey findings do not match his own experiences when it comes to opening bank accounts for corporate and individual clients.
“It’s the lead-up to all the documents they need,” the Dominion Management Services chief said. “It may take a week or more to get to that. There’s now, from my own experience, no clarity or rhyme or reason for why those document requirements change. It’s so bad for us.
“We do not even recommend the commercial banks to foreign clients to open accounts here. It doesn’t make any sense for us to do it here. We just can’t seem to get it open, get it open on time. It’s just not going to happen. Sometimes the client doesn’t have the patience. Sometimes we tell them it will take six weeks, and when it comes around and there’s absolutely no development, they get discouraged and we have to pull the application.
“Banking in The Bahamas is not a strong suit for this jurisdiction. It’s not. It’s not a strong suit,” Mr Moss told Tribune Business. “We have some private banks in the
country but even those take a long time to establish accounts. Here, the commercial banks are not banks in that sense because whenever you open an account it takes a long time.
“Our clients, if they have a bank outside the jurisdiction, we recommend that and that’s what we’ve been doing. We do it outside the jurisdiction. Banking here has faded away and I can’t even say the year. It has been gone, but gone for a long time.
“It seems to be a position of the banks, the commercial banks, that they don’t want to open an account for foreign persons and sometimes make the requirements so steep that it doesn’t make sense. The private banks do the same unless they come from a jurisdiction where they have a branch or something like that. Then they can get some play,” he added.
“I don’t advise them to get an account in The Bahamas. Even with local companies it’s like pulling teeth; pulling teeth. There’s a lot of work to be done, no question about it.” Sir Franklyn, meanwhile, compared the ease of opening an account in this nation to its close northern neighbours.
“The fact of the matter is, in Canada, I was in Toronto the other day and they were advertising how you can open an account so fast. Big billboards. They’re advertising that in Toronto,” he added. Both men spoke out after the Central Bank survey found the number and percentage of rejected new bank account applications
was relatively low during the six months to end-July 2024.
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 by individual and business applicants, all banks made decisions on whether to approve the requests “in less than a week”.
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.
“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.”
Wall Street rallies as pressure eases from the bond market after Fed decision
By STAN CHOE AP Business Writer
US STOCKS
climbed on Wednesday after the Federal Reserve said the economy still looks healthy enough to keep interest rates where they are. Wall Street also got a boost from easing yields in the bond market.
The S&P 500 jumped
1.1%. The Dow Jones Industrial Average added 383 points, or 0.9%, and the Nasdaq composite rose 1.4%.
The rally followed weeks of sharp and scary swings for the US stock market. Uncertainty is high about how much pain President Donald Trump will allow the economy to endure in order to remake the system. He’s said he wants manufacturing jobs back in the
United States and far fewer people working for the federal government.
Trump’s barrage of announcements on tariffs and other policies have created so much uncertainty that economists worry US businesses and households may freeze and pull back on their spending.
Fed Chair Jerome Powell acknowledged the rising pessimism among US consumers and companies shown by recent surveys, but he also pointed to data showing the economy is solid at the moment, such as a relatively low unemployment rate. He said it’s possible to have periods where “people say downbeat things about the economy and then go out and buy a new car”.
“Given where we are, we think our policy is in a
good place to react to what comes, and we think that the right thing to do is to wait here for greater clarity about what the economy’s doing,” Powell said.
The Fed has been holding interest rates steady this year, after cutting them sharply through the end of last year. While lower rates can help give the economy a boost, they can also push inflation upward.
Fed officials indicated they’re still penciling in two cuts to the federal funds rate by the end of this year, just as they were forecasting at the end of last year. But they are also seeing weaker growth for the US economy and higher inflation than they were before. More than anything, the message from the Fed seemed to be how much uncertainty is clouding everything.
“What would you write down?” Powell said when asked about the continued forecasts for two cuts to
NOTICE
NOTICE is hereby given that MARKEE SAINTIL of Sandiland Village Road, 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 20th 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 GILBERT OBSAINT of Marsh Harbour, Abaco, 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 13th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
rates this year. “It’s really hard to know how this is going to work out.” Powell, though, pushed back against fears about what’s called “ stagflation”, where the economy stagnates but inflation remains high. The Fed doesn’t have good tools to fix such a toxic combination. The last time the US economy suffered through it was in the 1970s, and Powell said, “I wouldn’t say we’re in a situation that’s remotely comparable to that.”
Stocks also got a boost from lower Treasury yields in the bond market. When Treasurys are paying investors less in interest, they can encourage investors to pay higher prices for stocks.
The yield on the 10-year Treasury dropped to 4.24% from 4.31% just before the Fed announced its decision. The Fed said it will also begin paring the monthly reductions of its trove of Treasurys beginning in April. Such a move can help keep longer-term yields lower than they would otherwise be.
Powell repeated several times that the move was more technical than a hint about coming changes in policy. “It isn’t sending a signal in any hidden way,” he said.
Yields for shorter-term Treasurys also fell as traders built up expectations for the Fed to deliver as many as three cuts to rates by the end of this year. They’re betting on a 55% chance of that, up from 44% a day earlier, according to data from CME Group.
On Wall Street, Nvidia helped support the market after rising 1.8% to cut its loss for the year so far to 12.5%. It hosted an event Tuesday where it largely
“did a nice job laying out the roadmap” and fighting back against speculation the artificial-intelligence industry is seeing a slowdown in demand for computing power, according to UBS analysts led by Timothy Arcuri.
Tesla rose 4.7%, following two straight losses of roughly 5%. It’s still down 41.6% for 2025 so far. It’s been struggling on worries that customers are turned off by CEO Elon Musk’s leading efforts to slash spending by the U.S. government.
On the losing side of Wall Street was General Mills, which fell 2.1% despite reporting a stronger profit for the latest quarter than analysts expected.
The cereal and snack maker’s revenue fell short of analysts’ targets, in part because of a slowdown in sales for snacks. General Mills also cut forecasts for revenue and profit over its full fiscal year, partly because it expects “macroeconomic uncertainty” to continue to affect its customers.
All told, the S&P 500 rose 60.63 points to 5,675.29. The Dow Jones Industrial Average gained 383.32 to 41,964.63, and the Nasdaq composite jumped 246.67 to 17,750.79.
In stock markets abroad, Japan’s Nikkei 225 slipped 0.2% after the Bank of Japan held steady on its own interest rates, as was widely expected. Japan also reported a trade surplus for February, with exports rising more than 11% as manufacturers rushed to beat rising tariffs imposed by Trump.
Other indexes were mixed across Europe and Asia.
PUBLIC NOTICE
The Public is hereby advised that I, SHERLYCIA MARTHA McKENZIE, of Victoria Street, Inagua, The Bahamas, intend to change my name to SHERLYCIA MARTHA McKENZIE-FAWKES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice. INTENT TO CHANGE NAME BY DEED POLL
No ‘cry wolf’ over US growth slash
from page one
Besides reducing US gross domestic product (GDP) for 2025 from 2.1 percent down to 1.7 percent, the Federal Reserve also lowered its GDP growth projections for 2026 and 2027 to 1.8 percent.
“I think we have to continue to monitor and wait and see what all this means,” Mr Sands said of the Federal Reserve revisions. “It would be very premature to give an indication or voice some concerns. The things we are doing, we continue to monitor on a daily basis booking
trends, business volumes and developments in major markets.” With no “headwinds” felt just yet, despite the Federal Reserve warning of “elevated uncertainty”, the senior Baha Mar executive reiterated: “At this point in time it remains a monitor and wait and see type of situation. Business at this time remains strong, remains robust, and we pray it continues for the foreseeable future.’
“We’re at the height of our busy season, so the numbers are very strong. In fact, with Easter being later, it may give us a little longer runway in terms of business
DELAWARE’S STATUS
By MARC LEVY Associated Press
DELAWARE is trying to protect its status as the corporate capital of the world with fast-tracked legislation amid fallout from a judge’s rejection of billionaire Elon Musk’s landmark Tesla compensation package, although critics say the bill will tilt the playing field against investors, including pensioners and middle-class savers.
After three-plus hours of hearing testimony Wednesday, a Delaware House committee voted to advance the bill, which Democratic Gov. Matt Meyer says will ensure the state remains the “premier home for US and global businesses” to incorporate.
Backers say it’ll modernise the law, clear up gray areas and maintain balance between corporate officers and shareholders in a state where the courts, for a century, have settled all sorts of business disputes as the legal home of more than two million corporate entities, including two-thirds of Fortune 500 companies.
Critics — including institutional investors, pension funds and asset managers — say it’ll lower corporate governance standards, curb shareholder rights and, as a result, make it harder to hold corporate officers accountable for decisions that violate their fiduciary
duty.
levels. I’m not prepared at this point in time to cry wold or suggest doomsday has dawned. At this point in time, I can say we do not see any negative impact in the short-term.”
Rupert Pinder, assistant professor of economics at the University of The Bahamas (UoB), told Tribune Business that the revised forecasts were consistent with the long-standing saying that “when the US sneezes the rest of the world catches a cold”. Given the size of the US economy and its impact on global trade, as well as The Bahamas’ proximity and reliance on its largest
global trading partner, he added that it was inevitable this nation will be impacted in some way by any slowdown.
“Very few countries will not be impacted as a result of the fall-out,” Mr Pinder warned. “Certainly, we can expect there will be some impact. In all likelihood there’s set to be some adverse impact. These are forecasts, these are projections. While everyone is hopeful we won’t see a negative impact certainly there is a likelihood of that.
“To the extent to which there is a retraction in overall consumer spending,
we will have to see how those numbers impact consumer confidence.... It’s not so much the levels of the tariffs but the increased uncertainty. One of the things is that uncertainty impacts consumer spending and overall investment. What we are seeing now with respect to lower GDP forecasts is a dampening effect as a result of inflationary pressures.”
“Uncertainty around the economic outlook has increased,” the US Federal Reserve said yesterday. It now expects US inflation to increase by an average rate of 2.7 percent this year compared to a previous
estimate of 2.5 percent.
Jerome Powell, the US Federal Reserve chairman, said uncertainty is “remarkably high””. He added: “I don’t know anyone who has a lot of confidence in their forecast.” Some of the US central bank’s increase in inflation expectations was “clearly” due to tariffs. Still, it kept US interest rates on hold for now. “Surveys of households and businesses point to heightened uncertainty about the economic outlook,” Mr Powell said. “It remains [to be] seen how these developments affect future spending and investment.”
AS CORPORATE CAPITAL MAY BE ON THE LINE IN SHAREHOLDER LAWSUIT FIGHT
The bill passed the state Senate unanimously last week and could get a full House vote this month.
What happened in Elon Musk’s case?
A Delaware judge last year invalidated Musk’s compensation package from Tesla that was potentially worth more than $55 billion after shareholders’ lawyers had sued over the package that Tesla’s board of directors awarded Musk in 2018.
Chancellor Kathaleen St Jude McCormick ruled that it had been developed by directors who weren’t independent of Musk and approved by shareholders who had been given misleading and incomplete disclosures in a proxy statement.
The ruling bumped Musk out of the top spot on Forbes’ list of wealthiest people, although he has since climbed back up.
Musk and Tesla are appealing in the state Supreme Court. But Musk unloaded on Delaware, saying “Never incorporate your company in the state of Delaware” and instead recommended competitors Nevada or Texas as destinations.
Now, lawmakers are being warned by corporate lawyers that their clients are considering heading to the exits — making a “Dexit,” as it’s been dubbed — and
NOTICE
NOTICE is hereby given that PAVEL NEDELCHEV BOEV of #5 Harbourside II, Paradise Island, 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 20th 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 NADIN PLAMENOVA KANEVA of Little Whale Cay, The Berry Islands, 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 20th 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 NICHOLAS PETER COLLINGWOOD MAUGHAN of Little Whale Cay, The Berry Islands, 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 20th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
that startups are being advised to incorporate elsewhere.
What did Musk and others do?
Musk took his own advice, moving Tesla’s corporate listing to Texas after a shareholder vote and his companies SpaceX to Texas and Neuralink to Nevada.
Backers of the bill say corporate unrest had been simmering the past couple years over various Delaware Supreme Court decisions in corporate conflict-of-interest cases and that Musk inflamed the discontent.
The fallout seemed to accelerate in recent weeks when the Wall Street Journal reported that Meta Platforms — the parent company of social media platforms Facebook, Instagram and WhatsApp — was considering moving its incorporation to Texas. Meta didn’t confirm the report.
DropBox, the online filesharing platform, moved its corporate listing to Nevada, and Bill Ackman, founder of Pershing Square Capital Management, a major hedge fund, said he’d leave Delaware, too.
On February 1, Musk took to his social media
NOTICE
NOTICE is hereby given that LOUBERT NESTOR of Mackey 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 20th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
platform X to crow about it, saying, “Companies are flooding out of Delaware, because the activist chief judge of the Delaware court has no respect for shareholder rights.”
That said, critics of the bill say there’s no evidence that corporations are fleeing Delaware in any numbers and that Delaware lawmakers are simply bending to pressure from billionaires.
Opponents include The California Public Employees’ Retirement System, or CalPERS, and New York City’s comptroller’s office, which is a trustee of city pension funds.
What does the bill do?
It changes several things.
One, it gives corporations more protections in conflict-of-interest cases — such as a pay package for a CEO or intercompany agreements — in state courts when fighting shareholder lawsuits.
Two, it limits the kind of documents that a company must produce in court cases and makes it harder for stockholders to get access to internal documents or communication that could prove time-consuming and expensive for a company to produce — not to mention, damaging to its case.
NOTICE
NOTICE is hereby given that GERMA LOUIS of P.O. Box CB 11855 Edward Avenue, 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 20th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
