03222023 BUSINESS

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Oban revival dismissed despite $2.5bn plans

• PM’s spokesman says such talk ‘foolishness’

• But project’s new owners made ‘21 approach

• Website talks of approval ‘road map’ review

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TALK of reviving the $5.5bn Oban Energies oil refinery deal has been dismissed as “foolishness” by the Prime Minister’s spokesperson although an “introductory call” was held with the project’s new owners soon after the 2021 election.

Clint Watson initially told Tribune Business that “no one is aware of anything” after Lucayan Trans Fuels, the entity that acquired the rights to the Oban project in 2021, posted on its website that “a road map” for navigating the development through all the necessary

government permits and approvals had been “outlined and reviewed” with the Prime Minister’s Office’s delivery unit.

After speaking with the Prime Minister; Jerome Fitzgerald, Mr Davis’ senior policy adviser; Allison Collie, head of the Prime Minister’s Office’s delivery unit; Ginger Moxey, minister for Grand Bahama; and the Bahamas Investment Authority (BIA), he said none were aware of efforts to revive the Oban project or been in contact with investors seeking to achieve such an objective.

“No one is aware of anything with these people. They’re talking foolishness,” Mr Watson said. However, when Tribune Business double-checked to confirm if anyone in the

PI entrepreneur ready ‘at stroke of PM’s pen’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMIAN entrepreneur seeking to restore Paradise Island’s lighthouse yesterday revealed his financing needs have been “oversubscribed by more than 300 percent”, as he urged the Government: “Make good on our deal.”

Toby Smith, Paradise Island Lighthouse and Beach Club’s principal, told Tribune Business his proposed investment has been “upped” from $2m to $3m and stands “ready to go” at “a stroke of the pen” once Prime Minister Philip Davis KC signs-off on the approvals that remain outstanding.

Suggesting that “a massive door” has been opened for his plans to proceed, after Royal Caribbean reduced the Crown Land footprint for its rival Paradise Island project from seven to four acres, he added that having provided the Davis administration with proof of financing “the ball is in the Government’s court to do what is right for the Bahamian people”.

• Toby Smith says financing needs ‘oversubscribed 300%’

• Royal Caribbean scaling down opens up ‘massive door’

• ‘Fighting for all Bahamians’, and tells Gov’t to ‘hurry up’

And, drawing strength from the concerns voiced by Atlantis and Glenys Hanna Martin, minister of education, over Royal Caribbean’s proposed beach club, Mr Smith reiterated his belief that he is “fighting for all Bahamians” when it comes to their ability to “thrive” as entrepreneurs and own a piece

of the country’s economy alongside major foreign investors.

Promising that he will “never give up”, and remains determined to see a project first conceived 11 years ago through to fruition, he told this newspaper: “The Government have absolutely everything already on the table that

has been provided over a period of 11 years from Paradise Island Lighthouse and Beach Club, and with a stroke of the pen they could simply allow me to proceed for the benefit of all Bahamians and create meaningful jobs.

“It’s going to be approximately 80 construction jobs and 80 full-time jobs for Bahamians only. I’ve upped my investment from $2m to $3m, and I’ve provided to the Government everything that has been asked of me. I’ve had financing lined up since inception, and I’ve been oversubscribed by more than 300 percent.

“I’m ready to go just as soon as the Government issues all the necessary regulatory and procedural documents. I’m sure that the Prime Minister has a pen, and he simply has to sign the documents that are required. The Government is crying out for Bahamian-owned projects to contribute to the tourism product, and Paradise Island Lighthouse and Beach Club provides for a world class product for Bahamians to enjoy alongside our guests.”

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Commission seeks FTX $426m asset resolution

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE SECURITIES

Commission is anxious to resolve the ownership of $426m in FTX digital assets under its control due to the ongoing costs it is incurring to secure them, it has been revealed.

Brian Simms KC, the senior Lennox Paton attorney and partner, in a March 15, 2023, legal filings with the Supreme Court disclosed that he and his fellow joint provisional liquidators for

FTX Digital Markets, the Bahamian subsidiary, had spoken several times with the Bahamian regulator’s legal representatives on when they would move to

determine the ownership issue.

“The joint provisional liquidators have had several conversations with counsel for the Securities Commission of The Bahamas in relation to when the joint provisional liquidators would make an application to determine the ownership of the digital assets currently held by the Securities Commission of The Bahamas,” he stated in a draft affidavit included among the batch of documents tabled with the court.

“The Securities Commission has been concerned about the administrative costs of holding the digital assets and wishes to have the ownership issues resolved...... Another reason for the issue of this summons now is to address issues of concern to the Securities Commission, which the Securities Commission desire to be resolved.”

Mr Simms’ draft affidavit, which is subject to change, is due to be finalised and filed once he and his fellow FTX

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$200m GB airport deal can help solve Lucayan ‘eyesore’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A HAYWARD family member has voiced optimism that Grand Bahama International Airport’s $200m transformation will serve as a “catalyst” for the sale of a Grand Lucayan resort that has become “a bit of an eyesore”.

Rupert Hayward, grandson of former Grand Bahama Port Authority (GBPA) co-chair, Sir Jack

RUPERT HAYWARD

Hayward, told Tribune Business of the announcement: “This is welcome

news for everyone on the island, particularly for developments that are planned or already in the offing, especially the Weller Development, Pegasus and Six Senses hotel.

“This is critical infrastructure, which is really important. I hope it will be the catalyst to get the big hotel sold. That’s the really important piece here. The Grand Lucayan is a bit of an eyesore. The airport will hopefully be

the catalyst for the sale of the Grand Lucayan, and that is a really important part of Grand Bahama’s sustainability.”

Michael Scott KC, the Grand Lucayan’s former chairman, reiterated that it was almost impossible to find the correct buyer for the resort without an assurance that an airport capable of servicing the required airlift and guest flow was in place.

Davis administration had contact with persons purporting to represent Lucayan Trans Fuels, Mr Watson issued a statement in Mr Fitzgerald’s name disclosing that while there was an initial encounter soon after the September 2021 general election nothing had moved beyond that.

“Shortly after the election there was an introductory call with a group representing that they had bought out the group that had an interest in developing the Oban project,” Mr Fitzgerald’s statement said. “They were advised that they would have to go through the normal process and make application through the BIA. There is no evidence that they ever made an application or had any further interaction with this administration.”

Lucayan Trans Fuels was identified as the entity that had acquired the rights to the project in a recent Securities & Exchange Commission (SEC) lawsuit that charged Peter Krieger, Oban’s former non-executive chairman and chief promoter, with defrauding investors in the project of some $5.2m.

This newspaper tracked down Lucayan Trans Fuels’ website, which gives the strong impression that the project is very much active and that talks with the Government about how to progress it to fruition have been proceeding. “The Government of the Bahamas has provided Lucayan

SEE PAGE B4

Gov’t challenged: Disclose Royal Caribbean’s PI deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMIAN entrepreneur bidding to restore Paradise Island’s lighthouse yesterday challenged the Government to disclose full details of the revised Royal Caribbean deal that has “massive hurdles” to overcome

Toby Smith, whose Paradise Island Lighthouse and Beach Club project was shoved aside by the former Minnis administration to make way for the cruise giant’s competing Royal Beach Club interests, urged its successor to provide full transparency so that the Bahamian people can judge for themselves whether it has truly obtained better terms for their interests.

“I think that if the Bahamian government has struck a new deal with Royal Caribbean that they want Bahamians to buy into, they should make public the entire agreement with all the details so Bahamians can decide for themselves if this is yet another ploy where just a few get to benefit,” he told Tribune Business

The Davis administration has given mixed signals on whether the agreement previously announced is a final, binding version that has received full Cabinet approval or just a preliminary deal that

has yet to receive final sign-off. Prime Minister Philip Davis KC was initially reported as saying he expected ground breaking for the Royal Beach Club to be broken“almost immediately”. However, after Atlantis, in particular, voiced alarm at this statement, both he and Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, clarified that Royal Caribbean’s Paradise Island ambitions now depend on successfully passing environmental scrutiny, and the Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP) satisfying all concerns, before the project can proceed.

Mario Bowleg, minister of youth, sports and culture, yesterday confirmed that the Davis Cabinet has not given full approval to the cruise giant’s Royal Beach Club. “There’s been no final decision made on that deal, so I don’t even know why it’s up for discussion right now,” he said. “It’s again a deal that is in the making and when the final decision is made those responsible for that will make the notation on what it will be.”

Mr Smith, meanwhile, yesterday argued that any go-ahead for Royal Caribbean’s beach club plans on

SEE PAGE B5

BRIAN SIMMS KC

CAPT. TOBY SMITH

GB PLATFORM SEEKS $10M FOR CLIMATE CHANGE BATTLE

A GRAND Bahamabased platform says it is working with international partners to raise $10m to finance up to 35 science and technology start-ups working to mitigate climate change’s impact.

The Blue Action Accelerator, in a statement, said its focus on sustainable investments aims to increase ocean health and build coastal resilience in vulnerable countries such as The Bahamas, while developing the ocean and environmental-based blue and green economies in this nation. The initiative is designed to align with the progressive climate action goals of jurisdictions such as The Bahamas, and build local solutions that also have global application.

“The Accelerator leverages international expertise and capital to build climate resilience, and create opportunities for growth of the blue and green economies for the benefit of all Bahamians,” said Rupert Hayward, founder of the Blue Action Lab in Grand Bahama.

“We want to support the development of technologies that will boost the environmental, social and governance (ESG) capabilities of individual companies

and whole jurisdictions like The Bahamas, which have shown a commitment to taking meaningful action to mitigate climate change.

Mr Hayward, grandson of late Grand Bahama Port Authority (GBPA) cochair, Sir Jack, added that the objective is to “help The Bahamas fulfill its aims, while crafting solutions that will protect all communities on the frontline of the fight against global warming, rising seas, dying coral reefs, increased coastal flooding and stronger hurricanes, to name but a few of the dangerous effects of climate change”.

The joint initiative, which also includes Founders Factory, a global company builder and early-stage investor, has already raised $3m from Builders Vision, Innovaciones Alumbra, and another ‘blue economy’ investment fund, and has begun operations. The plan is to provide investment, operational support and strategic capacity building for the development of climate mitigation and adaptation solutions which promote resilience in lowlying coastal communities worldwide.

The Accelerator said it offers entrepreneurs operational support, equipping

them with the expertise necessary to overcome current barriers to scaling ocean solutions, and helps them qualify for permits and access to natural testing grounds in collaboration with local and national governments around the world.

Early stage start-up founders joining the Blue Action Accelerator will each receive a $150,000 equity investment and six months of bespoke operational support. The Blue Action Accelerator added that it enjoys key partnerships on Grand Bahama and with Miami-Dade County, and these relationships will help facilitate access to natural testing grounds, routes to market and strategic partnerships in high-priority jurisdictions. It said its ultimate mission is to build a global network of environmental proving grounds for climate founders to test and validate their products, and share best practices and strategies worldwide.

Mr Hayward, who is a Blue Action Accelerator Board member, said: “The aim is to accelerate sustainable futures for low-lying coastal communities through the injection of early stage capital and the provision of support to

ESG (environmental, social and governance) blue and green companies.

“The Government of The Bahamas and the County of Miami-Dade (among other jurisdictions) have shown a commendable commitment to taking meaningful action to mitigate climate change. We want to invest in technologies that will help these jurisdictions and others like them fulfill their aims by creating local solutions that also have global applications.”

George Northcott, director of Blue Action Accelerator, said: “Climate change is inducing tippingpoint changes in the physics and chemistry of the global ocean, and this will see a decline in ocean health and serious risks to the billion people who live and work in low-lying coastal communities.

“We believe in the power of entrepreneurs to solve the climate crisis, and it is crucial that they have access to policymakers and government departments to impact change. We want to thank Grand Bahama and Miami-Dade County for their support for the programme and look forward to working with them.”

Peter Bryant, Builders Vision’s programme

UK COMMISSION PLEDGES LOCAL ALCOHOL EXPORT BOOST

THE British High Commission has pledged to boost Bahamian-produced alcohol exports to the UK using the trade agreement that London recently signed with the wider Caribbean region.

The Commission, in a statement, said it had engaged New Providencebase Steve Boon, president

of Wine and Spirits Guys, to help spearhead the initiative. It described Mr Boon as a member of the UK’s Spirits Guild, and “the youngest Bahamian” to have qualified as a wines and spirits lecturer with WSET (Wines and Spirits Education Trust) at the age of 21.

Mr Boon was said to have 40 years’ experience in the wines and spirits sector, both locally and internationally, and will use this to support Bahamian exporters wanting to access the UK market.

The High Commission and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) have also partnered to host an exporters’ webinar on March 29 to educate Bahamian producers of spirits on the UK’s import rules and tariffs.

director, said: “The partnership between Founders Factory and Blue Action Ventures will undoubtedly accelerate innovative business models focused on the blue economy.

“As their supporters, we earnestly believe the significant international experience of Founders Factory as a leader in helping launch new ventures, combined with Blue Action Ventures’ strong blue economy policy work and local relations in The Bahamas, will create a unique learning laboratory for new businesses to flourish, helping to solve some of the most pressing issues facing our oceans.”

Christy Walton, founder of Innovaciones Alumbra, added: “Blue Action Accelerator will bring the benefits of entrepreneurship and innovation immediately to local coastal and island communities, while offering tangible solutions with global relevance. This investment will generate multiple demonstrations of how the environment, the economy and communities can work together for global sustainability and local vitality.”

Grand Bahama native, C. Allen Johnson, said the initiative “has immense

potential to drive progress in climate tech, ocean tech, innovation, research, data collection and aggregation, and development of nascent technology”.

He added: “Our oceans are a critical resource and buffer against the impact of climate change, and it is essential that we work towards finding answers and solutions to the many issues threatening them. Given the Bahamas’ extensive coastline, coral reefs, sea grass and other marine ecosystems, it is an ideal location to establish a maritime and coastal discovery and learning laboratory ecosystem.

“The development of blue, green and ocean technologies in Grand Bahama could have a profound impact on the health of our oceans and their affiliated economies. It is imperative that we collectively work towards the success of this initiative, as it could bring global attention to Grand Bahama and The Bahamas as a whole. Let us come together to build back better and stronger, and demonstrate our commitment to preserving our planet’s vital resources.”

A BAHAMAS Trade Commission dinner at the Residence featuring a John Watlings rum tasting menu by Chef Nikoya Lightbourne, and English Sparkling wine from Camel Valley as served at the residence.

The British High Commissioner, Thomas Hartley, said: “I am very pleased to have secured Steve’s services. The Bahamas’ Trade Commissioner, Philip Galanis, asked for the UK’s help in opening up UK markets to Bahamian exports, and Steve’s unrivalled experience and network is a significant first step in bringing the two markets closer together.

“I’ve reserved a special bottle of John Watlings rum I was gifted, and will only open it when we celebrate seeing it for sale in British shops. I’m also

looking forward to promoting London gin, Scottish whisky and world-leading English sparkling wines at The Bahamas Food and Wine Festival this autumn, as well as a few others surprises this year.”

Mr Boon said: “I am absolutely thrilled at the opportunity to be working with the British High Commission promoting Bahamian alcohol brands to the UK market. With such a diverse range of quality products, I don´t think it will be long before Tom is opening his bottle of John Watlings rum.“

THE BAHAMAS Development Bank (BDB) and the Bahamas Agricultural and Industrial Corporation (BAIC) signed a Memorandum of Understanding to provide funding to Bahamian farmers yesterday. Pictured L to R: BAIC general manager, Troy Sampson; Bahamas Development Bank chairman; Senator Quinton Lightbourne; BAIC’s executive chairman, Leroy Major; BDB managing director, Nicholas Higgs; and BDB deputy managing director, Donald Munroe.

Deal to boost farmer finance

TWO Bahamian government agencies yesterday signed an agreement designed to unlock increased financing for farmers and agricultural entrepreneurs. The Bahamas Development Bank (BDB) and the Bahamas Agricultural and Industrial Corporation (BAIC) signed

a Memorandum of Understanding (MoU) intended to forge greater ties at the former’s head office on Robinson Road and Key West Street.

Nicholas Higgs, the BDB’s managing director, said the MOU will allow Bahamians to access the necessary funding for their agricultural projects. Leroy Major, BAIC’s executive chairman, said: “This is a groundbreaking moment because, generally, BAIC has the land but lacked the funding.

Mark Ford/BIS

“The Bahamas Development Bank has the lending ability so this partnership is the perfect marriage. The result is that Bahamians will benefit because BAIC is a one-stop shop where Bahamians can come for assistance with their business plans, and then we can send them over to the bank to apply for the funding for their projects.”

Senator Quinton Lightbourne, the Bahamas Development Bank’s chairman, said: “The signing of this MoU will bring to fruition the ability for us to foster and diversify our economy, especially in agriculture. It is, therefore, transformative and the BDB is poised to foster that diversity.”

Photo:

BRITISH High Commissioner Tom Hartley and Steve Boon.

DPM PLEDGES COMPLETE TOURISM BILL CONSULTATION

THE DEPUTY Prime Minister yesterday pledged there will be full consultation over the Tourism Development Corporation (TDC) Bill after it was withdrawn from House of Assembly debate following an outcry by the private sector.

Chester Cooper, also minister for tourism, investments and aviation, confirmed ahead of the weekly Cabinet meeting that the legislation was pulled back because there was a request for further consultation by multiple tourism industry stakeholders.

Speaking specifically to the concerns of the newly-created Bahamas Vacation Rental Association (BVRA), Mr Cooper added: “This letter comes from a young man who has represented that he is the president of the BVRA. I can confirm that he did have a meeting with the TDC. He indicated to us that he wanted to make some further contributions and that he didn’t have the time to do so. He asked for more time, and therefore we granted that time.

“So it’s a non-issue. We’re open to consultation. We support the private homeowners renting their homes through Airbnb or VRBO, or whichever platform they choose to use. This is our fastest way of increasing our room inventory. So we’re encouraging it. It’s an

DOWNTOWN NASSAU TOURISM INCUBATORS EXPAND TO TWO

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE DEPUTY Prime Minister yesterday said there will now be two tourism incubation centres in downtown Nassau because his ministry was unable to find a single location able to handle the demand from Bahamian entrepreneurs.

Chester Cooper, also minister for tourism, investments and aviation, speaking ahead of the weekly Cabinet meeting said there will now be two such centres established, including “one building for authentically Bahamian goods. And there will be at least one other building that will help to support tour operators”.

“So, at the moment, we’re looking at two buildings and this is going to grow,” Mr Cooper added.

“We anticipate that the vendors who become a part of this programme will enjoy a six-month rent free opportunity. We hope that they grow so rapidly that they outgrow the space. They move on, and new people come.

“So we’re going to monitor this as the case might be.

If we find that the demand is so overwhelming for spaces for authentically Bahamianmade products and services, we are going to expand our reach in terms of access to additional buildings.

“But, right now, phase one will be two buildings - one for authentically Bahamian goods and services, and another space that supports tour developers and promoters that are going to create these types of authentic experiences that we’re trying to drive.”

The proposed incubation centres are seen as a potential catalyst for sparking innovation and entrepreneurial ventures by Bahamians in the tourism industry, as well as a way of linking Bahamian craft manufacturers with tourists who visit the downtown Nassau area.

Mr Cooper said: “We hope that the new [cruise] port that’s going to open at the end of May can be a catalyst to drive some of this development. We’re opening some incubation centres; we’re going to make sure that the store fronts are nice. So we’re going to do everything we can with immediacy to ensure that there’s some action.

“There’s some things that can be done quickly. We’ll do those things. Some things, that’s going to take a while. We’re going to ensure that during our administration we set this on a path for restoration, and that’s what we propose and that’s what we will do.”

Downtown Nassau’s entire redevelopment will require all stakeholders working together to cooperate. “I think there has to be public consultation in relation to the master plan development for Bay Street,” Mr Cooper said.

opportunity for Bahami-

ans to invest in the tourism industry and therefore we look forward to speaking with them further.”

Pledging his support for the vacation home rental business, Mr Cooper said the Bill is intended as a way of “empowering Bahamians to revolutionise the product”, and that it will create linkages between tourism and other sectors of the Bahamian economy that have been much talked about for decades.

Mr Cooper added: “I don’t want to focus too much narrowly on a letter sent to us by an individual. I’ll focus on a broader approach to ensuring that all of the stakeholders are aware of the full details of the Bill. That they understand that this

Bill is designed to uplift entrepreneurs. “We have some exciting projects in the pipeline. We believe that tourism linkages will come through innovation and incubation. And we’re going to have the discussion with this gentleman and anyone else who wishes to have a discussion in relation to this Bill before it comes back to Parliament, and that’s our commitment to doing.”

Tribune Business, though, reported that vacation rentals were not the only tourism industry segment not consulted on the Bill. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told this newspaper he had not seen the proposed legislation despite it being tabled in the House

of Assembly several weeks ago.

“I’ve not seen a copy of it,” he said. “I will certainly see if I can get a copy, see what it’s all about and get back to you.”

Andoni Lisgaris, president of the Bahamas Excursion Operators Association, said he, too, had “not had a chance to review the Bill, but several of my members said they were not consulted”.

Theofanis Cochinamogulos, the Bahamas Vacation Rental Association’s interim president, in a March 19, 2023, letter that was addressed to House of Assembly speaker, Patricia Deveaux, along with Obie Wilchcombe, leader of government business, said the Bill had no support from his members because there had been no consultation with the industry.

“Unfortunately, the Bill scheduled for debate tomorrow, Monday, March 20, 2023, lacks the support of the hundreds of vacation rental hosts as there was no consultation with us,” he wrote. “We crave your indulgence, and that of the leader of government business, along with the leader of opposition business, and ask that you suspend debate until the recommendations of our membership can be considered.

“There are sections in this Bill that will result in rooms being pulled off the market at a time when there is a shortage of rooms for tourist visiting our country. We would be obliged to meet as early as this week with the relevant parties to collaborate and co-create a Bill that all stakeholders can lend support to.”

“There have been some studies, etc.

“The property is owned privately by multiple individuals. All of them need to come into a room to help to determine some uniformity. The Government is encouraging residential, commercial condos, restaurants - any business that adds value to downtown Nassau - to create it into a place where we can be very proud.”

The demolition of derelict buildings is also moving apace, and Mr Cooper said the Government has devised a formula where owners either pay for the remediation of their properties or, in the event the Government has to demolish them, a “lien” will be imposed on the subject land should the owner wish to sell the site post-demolition.

“We’re committed to the restoration of Bay Street,” the deputy prime minister said. “We’re going to do what we have to do to ensure that the buildings that are not historical buildings, the buildings where the owners and the stakeholders show no interest in restoration, we are going to have those demolished.

“We anticipate that the cost of these demolitions is going to become part of a lien against these properties, so that in the event they are sold, the Government will collect in much the same way it collects taxes that have not been paid and are in arrears.”

‘Big mistake’ to rush 15% minimum tax

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A BAHAMIAN financial services provider yesterday warned it would be “a big mistake” for this nation to rush into implementing the 15 percent global minimum corporate tax rate without first ensuring such a move benefits its economy.

Paul Moss, Dominion Management Services’ president, told Tribune Business that it would be “foolishness” for The Bahamas to race ahead of competitors and implement an initiative being driven by the G-7 countries and Organisation for Economic Co-Operation and Development (OECD) prematurely.

“I think it’s a big mistake for The Bahamas just to jump into a global tax like that because, clearly, we have yet to establish our own income tax in this country, our own corporate tax in this country, and when we do so we need to do so for the benefit of The Bahamas and not for the benefit of anybody else,” Mr Moss said. “If we say that 15 percent is what it is, then we step out of the competitive market just like that.”

Michael Halkitis, minister for economic affairs, told

a panel discussion at the recent RF Bank & Trust economic outlook conference that The Bahamas could gain $140m from implementing the 15 percent minimum tax on the local subsidiaries of multinational corporations with an annual turnover of 750m euros or above.

Mr Moss, though, urged the Government to look at what he described as the bigger picture. “If he said that with 15 percent we’re going to raise revenue, from where?” he added of Mr Halkitis. “He has to look at this holistically because, in The Bahamas, we are afraid to say that if we tax people they’re going to run from this country. That’s not the case.

“But if you say that you’re going to implement between a 3 percent to 5 percent corporate rate tax, I can tell you, apart from people living

in the country, you will find people running to the country because they want to be transparent but they want to pay low rates of taxes.

“No one is going to come to The Bahamas because, what is the reason or what is the advantage of coming to The Bahamas to pay 15 percent when they can pay 15 percent in the US and in other jurisdictions around the world.”

Mr Moss said The Bahamas can gain a competitive advantage from implementing a low-rate corporate income tax rather than simply following all other countries in adopting the minimum 15 percent.

However, it is unclear whether The Bahamas would be able to do this and risk being seen as an outlier, with many suspecting the G-7/OECD initiative is the first step in an initiative to

force all countries to adopt the same form of taxation at the same rate.

“I’m an advocate for it,”

Mr Moss said of corporate income tax. “I think that The Bahamas has allowed this to slip away from ourselves for far too long. There many people in this country, many companies in this country, who would rather understand how they could exist without paying taxes. If we say to them that they can have a voluntary rate and just give us one percent, let us try to see what we can get.”

Calling successive administrations fearful of making the necessary taxation reforms, Mr Moss added that he “does not agree” that companies will come to The Bahamas simply because we have the benefits of “sun, sand and sea”.

DOWNTOWN NASSAU

Mr Smith would not be drawn on whether he plans to reapply for government approval of his project, as Mr Davis has called for, or if he will appeal last month’s Supreme Court ruling by chief justice Sir Ian Winder that he does not possess a valid and binding Crown Land lease for the collective five acres he has been seeking on western Paradise Island in the vicinity of Colonial Beach.

While he signed, and executed, a lease for two Crown Land parcels of three and two acres, respectively, on January 7, 2020, the thenMinnis administration held off from counter-signing.

This was seemingly done to facilitate Royal Caribbean’s proposed beach club, which also wanted that two-acre parcel, after the Government realised it had effectively dealt the same Crown Land to two different investors.

The Bahamian entrepreneur was seemingly shoved aside to make room for the foreign investor, and Mr Smith’s Crown Land lease remains one of the outstanding issues, especially following Sir Ian’s ruling last month. However, with Royal Caribbean now reducing its Crown Land footprint, the cruise giant is seemingly no longer competing for the same two-acre parcel also sought by Paradise Island Lighthouse and Beach Club.

“It swings open a massive door,” Mr Smith said yesterday of the cruise giant scaling back. “It’s cleared

the path to allow me to proceed, while the Government can undo the fiasco it has created in collusion with Royal Caribbean. The ball is on the Government’s side of the court to do what is right by the Bahamian people and stop impeding us.

“While they make massive announcements of foreign projects, and while their time is absorbed by the likes of Royal Caribbean, when is it going to be time for Bahamians to thrive with viable projects that provide Bahamian ownership and opportunities that are restricted solely by government bureaucracy?”

Paradise Island’s lighthouse, which is among the first buildings that cruise passengers see as they approach Nassau harbour, has fallen into disrepair and become something of an eyesore. Mr Smith reiterated that his ambition remains to transform it into “a shining example of how historical Bahamian buildings should be dignified and maintained”.

“This project came about as a result of wishing to restore our oldest lighthouse in the country, the West Indies, which is the first impression and, frankly, a clear illustration of tough times in The Bahamas,” he told Tribune Business. “In

order to restore the lighthouse free of charge to the Bahamian people, while still remaining their patrimonial property, we have to raise revenues which is how the concept of the beach club came about.

“The beach club will be able to facilitate up to 500 people per day, weather permitting, where Bahamians and our guests can enjoy Bahamian hospitality and be all-inclusive. We shall provide modern amenities, including modern technology to reduce our carbon footprint, employing renewable energy production, and be an example of how an environmentally

sensitive operation can be run.

“We will also bring about the appearance of yesteryear at the lighthouse, built in 1817, and make this a shining example of how historical Bahamian buildings should be dignified and maintained for future generations of Bahamians.” Mr Smith also promised that there would be no exclusive water transportation to his project, thus allowing the small ferry operators, self-driven and self-owned boats to visit western Paradise Island.

“This is not costing the Government a penny for the restoration of the lighthouse,” he affirmed, “and many say they wish to assist us financially in this. However, I believe that any business venture should be built on a solid foundation, and that foundation is a lease.”

While a Cabinet conclusion issued under the Minnis administration approved Mr Smith’s Paradise Island project, and instructed the relevant government agencies to ensure all necessary permits and conditions were in place, Mr Davis last week publicly stated that the Bahamian entrepreneur must reapply if his ambitions are to move forward.

“They told me to reapply, and they are tightlipped,” Mr Smith said. “The Prime Minister has every opportunity to simply make good on our agreement that was founded on a Cabinet conclusion and let Bahamians thrive and this Bahamian

Oban revival dismissed despite $2.5bn plans

FROM PAGE B1

with terms, concessions and the legal structure necessary for them to be fully supportive of the project,” was one of the statements on the site.

Rick Duszynski, Lucayan Trans Fuels’ president, in an e-mailed response to Tribune Business inquiries, sought to distance the project from its Oban past and what may have occurred under prior ownership and management. “In reply to your inquiry regarding Oban, other than acquiring its assets in 2021, Lucayan has no association with Oban or any of its former officers. All information about Lucayan’s development project can be found on our website,” he wrote.

Mr Duszynski, though, did not respond to this newspaper’s questions on the current status of the project, whether any negotiations with the Government are ongoing or have taken place in the recent past,

and which ministries, agencies and ministers/officials he and the group may have met with. His reference to the website implies that, from Lucayan Trans Fuels’ viewpoint, what is detailed is accurate and up-to-date. Downstream Advisors, a Dallas-based entity that had performed consulting work and economic impact assessments of the project for Oban, is identified as Lucayan Trans Fuels’ managing/operating partner. The company is said to have invested in the proposed oil refinery and storage terminal and, besides Mr Duszynski, another Downstream executive, Steve Graybill, is named as its chairman and chief executive.

The website largely glosses over Oban’s history, omitting any mention of Mr Krieger’s personal woes and how development stalled so soon after the early 2018 Heads of Agreement signing following

media scrutiny of the project’s principals. Instead, it blames the COVID-19 pandemic for any delays.

“Much of the necessary groundwork regarding project siting, environmental implications, Bahamian government requirements and concessions, land rights and front-end engineering was accomplished over the past several years - and with significant investment of resources - by the project’s initial developer, Oban Energies,” Lucayan Trans Fuels says.

“However, the two-year business hiatus forced upon the world economy by the COVID pandemic upended both plans and progress for the original developers, which allowed Lucayan to acquire the project’s assets in 2021 and reignite its forward momentum.”

Lucayan Trans Fuels is described as a Delawarebased entity that was incorporated in 2021 specifically to acquire and deliver

what is now described as the Grand Bahama Petroleum Processing and Logistics Project. However, the concept appears not to have changed significantly from that which was pushed by Oban.

With global fuel and energy demand having recovered post-COVID, the website asserts: “A low complexity, Bahamianbased refinery processing WTI (West Texas Intermediate) exported from the US Gulf Coast on foreign flag VLCCs (very large crude carriers), delivering diesel and jet fuel to the US east coast and/or European markets, and supplying petrochemical feedstock to the Far East, will be a much needed, and significantly profitable, addition to the global energy trade.

“The LTF project is a planned $2.5bn multi-phase petroleum processing and storage development project located 35 miles east of Freeport on the island of Grand Bahama. Its first phase will include the construction of a 250,000 barrel per day atmospheric distillation unit, product treating facilities, utilities and two deep-water loading and unloading platforms sized

to accommodate VLCC sized vessels.

“The subsequent two phases of the project will include a second 250,000 barrels per day distillation train and a 20m barrel crude oil terminal. The facility will be a low complexity refinery designed to process imported West Texas Intermediate crude oil into high value transportation fuels and chemical feedstocks.”

Lucayan Trans Fuels’ website identified The Bahamas-based Mosko Group as the project’s general contractor, which is the same role it would have had under Oban. However, it also makes clear that progress hinges on securing a so-called “sponsor”, or entity that will own and/ or operate the site. This appears not to have been accomplished yet, which is why the project has not progressed to seeking the necessary approvals.

“Preliminary expert reports have been reviewed with the appropriate Bahamian agencies, and discussions with respect to property leases, tax concessions and Bahamian labour have been held with high-level government officials. The pursuit of final

AccuRad Imaging Consultants is a diagnostic imaging reporting/teleradiology company operating in the Bahamas. AccuRad provides diagnostic imaging reporting services to facilities and doctor’s offices throughout the Bahamas. The imaging modalities reported include, but are not limited to, x-ray, mammography, CT, ultrasound and MRI. AccuRad is seeking a fellowship trained radiologist to join the practice. Fellowship training in oncology imaging and neuroradiology is preferred. On-site work is not required. The candidate is expected to be able to provide coverage on weekends and/or stat holidays. Occasionally, there may be overnight coverage requirements. Competency in reporting all above mentioned modalities is a must. Only candidates who have completed a full radiology residency program and attained board certification by examination will be considered. Fellowship/subspecialty training must have been acquired at an accredited institution in the US, Canada or UK. All applicants must be eligible for specialist licensure in the Bahamas.

thrive. I wish to publicly thank all Bahamians for standing up for what is right, and if they do this to me they can do it to anybody. I’m not the only one they’ve done it to.

“I’m very committed. This has now become not only a full-time job for me, dealing with government bureaucrats and fending off Royal Caribbean, but I’m going to see it through to fruition despite how the Government have demonstrated through their actions that they are not pro-Bahamian unless it’s one of their inner circle.

“For countless Bahamians this is the struggle we have to endure every single day. What do we have to celebrate with 50 years of independence if it’s the Government that’s imposing and we have to fight. I’m not giving up, so the Government would be well advised to do what is right.... Yet they still keep me on this merry go-round and expect me to respect this cycle,” he continued.

“I’m fighting for all Bahamians and standing up for all Bahamians. Standing together we can bring about change so be vocal, stand up, challenge the politicians. This is our country, our destiny, and so the selfish agendas should be put away. Hurry up and get my documents together. I’m ready with a whole team of Bahamians to bring about a great story that people can read, listen to and watch instead of these huge promises that act to the detriment of brand Bahamas.”

approvals and terms are awaiting the identification of an owner/operator to sign on as the project’s primary sponsor before moving through the official process,” Lucayan Trans Fuels said.

“With a geographically advantageous location 50 miles off the east coast of Florida, undeveloped coastal land with deep water access, and a sizable workforce, the island of Grand Bahama presents a full complement of the resources and capabilities required to support investment in the project. In addition, the Government of the Bahamas has provided Lucayan with terms, concessions and the legal structure necessary for them to be fully supportive of the project.

“Also, the filing of preliminary reports regarding the environmental impact and safety of the site have been through the initial review process, and a road map for navigating the project through all final legislative and agency approvals has been outlined and reviewed with the Prime Minister’s Delivery Unit office, responsible for business development within the Commonwealth of The Bahamas.”

Stating that the Heads of Agreement that Oban signed with the Minnis administration will provide a foundation for a new deal with the Government, Lucayan Trans Fuels said:

“Construction of the project on Grand Bahama will take place over the course of 42 months requiring 2,511 total man-years of Bahamian labour throughout the three phases of its development.

“The Project also includes the construction of a minimum of 200 off-site houses (funded by the Project, but managed by agencies of the Government of The Bahamas) and an ongoing programme to train local employees. The Project will be obligated to hire 80 percent Bahamians during construction and operation of the facilities, but with the ability to make exceptions for skilled work positions where it is not possible to find Bahamians with the necessary qualifications.

“Considering the number of workers needed for all three phases, approximately 480 Bahamians will be hired during construction, with about 200 Bahamians eventually required to fill permanent operating jobs.” A 15-year tax exemption, with two further 15-year extensions, was also discussed by the website.

COLONIAL Beach and the Hog Island Lighthouse on the western end of Paradise Island are at the centre of Royal Caribbean’s development plans.

JOB

OPPORTUNITY

Commission seeks FTX $426m asset resolution

Digital Markets’ provisional liquidators, PricewaterhouseCoopers (PwC) accountants Kevin Cambridge and Peter Greaves, apply to the Supreme Court for directions to resolve the Bahamian regulator’s concerns. The Securities Commission in mid-January 2022 was shown to have custody of $426m, out of $1.612bn, in total digital/crypto assets secured to-date for creditors of FTX’s international arm. The sum held by the Bahamian regulator represents the assets it transferred to its control, in a secure digital wallet, in early November just days

after FTX Digital Markets was placed into provisional liquidation by the Supreme Court.

It obtained an emergency court Order approving the transfer amid fears that the collapsed crypto exchange was being hacked, and the assets lost or stolen, thereby depriving their rightful owners. However, exactly who are FTX Digital Markets’ clients were is among the key questions that the chief justice, Sir Ian Winder, will be asked to determine. This will involve analysing multiple “terms of service”, which governed the relationship between FTX’s international platform and its customers, and determining which one applies and on what date.

This is critical to working out when, and if, clients were migrated to FTX Digital Markets and became its customers prior to the crypto exchange’s early November 2022 collapse, or if they are clients of FTX Trading and any of the other entities in Chapter 11 protection in the US.

Another vital issue that Sir Ian will be asked to decide is whether FTX Digital Markets was holding assets, either digital, fiat or both, on trust for investors/clients in a fiduciary or escrow capacity. If it was, then assets treated in such a manner will belong to the client, but if they were not then such properties belong to the liquidation estate.

Gov’t challenged: Disclose

FROM PAGE B1

western Paradise Island, in the vicinity of Colonial Beach, remain “a big if”. Pointing out that the 13 acres of residential land acquired by the cruise line will have to be re-zoned as commercial, he also noted that opinion polls showed a majority of Bahamians were opposed to the project.

“This is a massive hurdle,” he argued. “If the Bahamian people are at all consulted on this, there’s clear opposition from Bahamians and major players such as Atlantis and environmental groups. That’s a hurdle Royal Caribbean must first overcome along with the fiasco over the lease of Crown Land.”

FROM PAGE B1

“You could never do anything with that hotel,” he told this newspaper. “I learned that the hard way. That should be as obvious as anything. Unless and until you give people expected to put hundreds of millions of dollars into that property some assurance they will generate the revenue streams” a sale will not happen. Mr Scott added that a revived airport was the “sine qua non for any resurgence if any investment and growth in Grand Bahama and Freeport”. Not everyone, though, agrees that a $200m investment in Grand Bahama’s airport is necessary. Kirk

Asked whether his project could co-exist with Royal Caribbean’s, given that the latter has reduced its Crown Land footprint and is seemingly no longer seeking the same two-acre parcel he wants, Mr Smith replied: “As a good corporate citizen Paradise Lighthouse and Beach Club is prepared to have a great working relationship with anybody.

“But the fiasco over the lease and the environmental concerns aren’t a good recipe for them to be good near neighbours. If I see a turnaround in their approach, rather than ‘Royal imposition’, then I will assess the situation with them.” Mr Smith also argued that, as a Bahamian-owned and operated

Antoni, the Cafferata & Co attorney, told last week’s Grand Bahama Business Outlook that a $25m injection may suffice given the urgency of the need to improve airlift and the airport experience.

“Do we need a $200m airport to get the flow of people coming to Freeport?” he asked, lamenting the numerous past promises of politicians who fail to deliver. “How is Mr Weller going to bring in investors if they come off a plans and have to pick up their luggage off a forklift or pallet?

“The domestic terminal is still a disgrace. Just speak with Sunwing passengers who are the only ones using the terminal. We need

Mr Simms, in his draft affidavit, alleged that by 2022 some nine million customers worldwide had accounts with both FTX’s international and US platforms. “Possibly more than 7.5m” of these were customers of the international platform, and who were targeted for “migration” to FTX Digital Markets, the Bahamian subsidiary overseen by the Supreme Court and joint provisional liquidators. The Lennox Paton senior partner added that it “may take another month” to analyse the data and records on FTX Digital Markets that had been released to-date by John Ray, the crypto exchange’s US chief, who controls the

entities presently in Chapter 11. And he warned that the ownership issues that the Supreme Court must determine will likely be appealed all the way to the highest court in the Bahamian judicial system given the multi-billion dollar sums involved.

“The issues are complex and might well be subject to appeal from the honorable court to, eventually, the Privy Council,” Mr Simms said in his draft affidavit. “Until directions have been given by this honorable court, there will be no clarity as to the rights of users or of the assets to which FTX Digital Markets is entitled.

“The issues are complicated and are likely to

Royal Caribbean’s PI deal

project, the profits and economic impact it generates will stay within the country’s economy whereas Royal Caribbean’s will largely be exported overseas.

“As a Bahamian project using Bahamian wholesalers, Bahamian suppliers and Bahamian vendors, our monies will circulate many times through the Bahamian economy whereas with Royal Caribbean, as they have demonstrated through their actions for the past 50 years, they are immediately exported out of the country to the tune of millions of dollars that The Bahamas doesn’t so much as get a look at” he argued.

Royal Caribbean, though, will likely counter that its revised deal with the Government will keep more

action now, people, not in two or three years’ time when an election is called.” Chester Cooper, deputy prime minister, and also minister of tourism, investments and aviation, in unveiling the airport deal said its proponents ultimately aim to transform the facility into an international “air cargo hub” for the Caribbean and Latin America. He also disclosed that the mixed Bahamian and UK joint venture consortium that won the bid plans to “consistently generate 1,200 construction jobs” over the project’s five-year build-out. Signalling that the group’s ambitions extend beyond re-establishing a tourism gateway, and the

proceeds circulating in The Bahamas through greater local entrepreneurial and ownership participation. Chester Cooper, deputy prime minister who also has responsibility for tourism, investments and aviation, in unveiling the deal said the Davis administration felt it had resolved all “previous objections” to the cruise giant’s plans through this. Stating that specific activities at the Royal Beach Club, including water sports, entertainment and food and beverage, will be reserved for local businesses and entrepreneurs, he pledged that Bahamians will also be able to invest in the project and collectively take a 49 percent equity ownership stake. This would leave Royal

return of US pre-clearance, he said their plans to establish an air freight hub for the region were designed to create an extra 500 jobs over a 10-year period.

Mr Cooper confirmed previous exclusive Tribune Business revelations that Bahamas Hot Mix (BHM); its chairman, Anthony Myers; and CFAL president, Anthony Ferguson, were all members of the Bahamian investor group that will spearhead what was billed as a complete overhaul of Grand Bahama International Airport. They are joined in Aerodrome Ltd by two fellow Bahamians - Anthony Farrington, an engineer; and Greg Stuart, a businessman.

Caribbean owning the majority interest.

As for the four acres of Crown Land being leased to the cruise giant, Mr Cooper said the Government planned to also convert this asset into an ownership stake in the development that would be held by the country’s sovereign wealth fund, now known as the National Investment Fund. No details were provided on the size of the Government’s equity stake, though, and how much of the 49 percent Bahamian ownership this will account for. It is also unclear what exactly that ownership will have an interest in. Mr Smith, meanwhile, said he was “encouraged” by the concerns and reservations over the Royal Caribbean

BHM’s involvement in the project is through its UK-based international arm, BHM Construction International. The group has teamed with UK-based Manchester Airport Group as its operating partner, with financing for the project being provided by UK Export Finance, a British government body that provides credit guarantees and helps to arrange funding for that nation’s exporters.

Mr Cooper added that the Government has signed the agreement with Aerodrome Ltd, and its partners, in February 2023 for the airport’s redevelopment via a public-private partnership (PPP) that will see the consortium design, build, finance, upgrade and maintain a new main

take some time to unravel. Given the sums involved, as indicated above, there are also likely to be one or more appeals from the directions of this honorable court. For these reasons the joint provisional liquidators have made this application without having information that is currently in the control of the Chapter 11 debtors.”

Mr Simms promised to update “the factual position” as Mr Ray and his team released more information to the Bahamian joint provisional liquidators, and FTX Digital Markets’ position became clearer.

project that have been expressed by Atlantis and Glenys Hanna Martin, minister of education. Of the latter, he added: “She’s a nationalist, she supports Bahamians and is not swayed by the colour of the shirt. She represents all Bahamians. Good for her, good for her.” As for the Crown Land being leased to the cruise giant, Mr Cooper said the Government planned to also convert this asset into an ownership stake in the development that would be held by the country’s sovereign wealth fund, now known as the National Investment Fund. It is unclear how much Crown Land will be leased to Royal Caribbean as the Government’s statement did not specify the quantity.

aviation gateway for Grand Bahama. The consortium’s role, Mr Cooper said, will be to “generate [aviation and passenger] traffic, and to grow revenues and further enhance Grand Bahama International Airport”. He added: “Their mission is to transform Grand Bahama International Airport into a carbon neutral, climate resilient, commercially viable world-class airport.

“Subject to final design, this is expected to be an investment of $200m in that range, and this investment will begin its preliminary work this quarter, this month; March. The airport will consist of two phases which are expected to generate 1,200 construction jobs consistently over the next five years.

NOTICE

CLEMATIS GARDEN

UNITED S.A.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CLEMATIS GARDEN

UNITED S.A. is in dissolution as of March 16, 2023

International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

NOTICE

Tropic of Capricorn Ltd.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Tropic of Capricorn Ltd. is in dissolution as of March 20, 2023

International Liquidator Services Ltd. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

XVEST XCHANGE LIMITED (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International Business Companies Act, 2000, as amended, XVEST XCHANGE LIMITED is in dissolution.

The dissolution of the said Company commenced on 20 March 2023 when the Articles of Dissolution were submitted to and registered with the Registrar General in Nassau, The Bahamas.

The Sole Liquidator of the said Company is L. Michael Dean of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

L. Michael Dean Sole Liquidator

$200m GB airport deal can help solve Lucayan ‘eyesore’

US REGULATORS DELAY DECISION ON NUCLEAR FUEL STORAGE LICENSE

By SUSAN MONTOYA BRYAN

Associated Press

U.S. regulators say they need more time to wrap up a final safety report and make a decision on whether to license a multibilliondollar complex meant to temporarily store tons of spent fuel from commercial nuclear power plants around the nation.

The Nuclear Regulatory Commission issued a new schedule Monday, citing unforeseen staffing constraints. The agency was initially expected to issue a decision by the end of March. It will now be the end of May.

The announcement comes just days after New Mexico approved legislation aimed at stopping the project. It’s expected that supporters of the storage facility will take the fight to

court, but New Mexico Gov. Michelle Lujan Grisham on Tuesday asked the NRC to suspend its consideration of the license application.

New Jersey-based Holtec International already has spent an estimated $80 million in its pursuit of a 40-year license to build and operate the complex in southeastern New Mexico. Company officials said Tuesday that the delay in licensing would have only a minimal impact on the original timeline.

“With a project of this complexity, we understand the need for the regulating and licensing authority to have all the time and resources necessary to issue a licensing decision,”

Holtec spokesman Patrick O’Brien said in an email.

Holtec, elected officials from southeastern New Mexico and other supporters have been pushing hard

to offer what they call a temporary solution to the nation’s problem of spent nuclear fuel, which has been piling up at commercial reactors for years.

Since the federal government has failed to build a permanent repository, it reimburses utilities to house the fuel in either steel-lined concrete pools of water or in steel and concrete containers known as casks at sites in nearly three dozen states. That cost is expected to stretch into the tens of billions of dollars over the next decade.

The legislation signed by Lujan Grisham last week requires that the state provide consent for bringing in such radioactive material. Consent from the Democratic governor would be unlikely, as she has argued that without a permanent repository, New Mexico

stands to be the nation’s de facto dumping ground.

She reiterated her opposition in the letter to NRC Chairman Christopher Hanson.

“Thank you for respecting the state of New Mexico’s laws and the voices of our citizens, tribes and pueblos who overwhelming(ly) supported this legislation,” she wrote.

Similar battles have been waged in Nevada, Utah and Texas over the decades as the U.S. has struggled to find a home for spent fuel and other radioactive waste. The proposed Yucca Mountain project in Nevada was mothballed and a temporary storage site planned on a Native American reservation in Utah was sidelined despite being licensed by the NRC in 2006.

That project would have been located on land

AN ILLUSTRATION depicts a planned interim storage facility for spent nuclear fuel in southeastern New Mexico as officials announce plans to pursue a project by Holtec International during a news conference in Albuquerque, N.M., on April 29, 2015. U.S. regulators say they need more time to wrap up a final safety report and make a decision on whether to license a multibilliondollar project meant to temporarily store tons of spent fuel from commercial nuclear power plants around the nation. The Nuclear Regulatory Commission issued a new schedule Monday, citing unforeseen staffing constraints.

belonging to the Skull Valley Band of Goshute.

Utah’s governor at the time — Republican Mike Leavitt — was among those fighting the effort. He and others were successful in getting Congress to amend a defense spending bill,

essentially landlocking the site by creating the Cedar Mountain Wilderness and blocking a rail spur that would have delivered casks. But it was only six weeks later that the NRC issued a license for the project.

US home sales surged in February as mortgage rates dipped

By ALEX VEIGA AP Business Writer

SALES of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates. The nation’s median price also edged lower, its first annual drop since 2012.

Existing home sales jumped 14.5% last month from January to a seasonally adjusted annual rate of 4.58 million, the National Association of Realtors said Tuesday. That’s the strongest sales pace since September and it’s higher than the 4.2 million economists were expecting, according to FactSet.

The surge in sales — the biggest on records going back to 1999 — ended a 12-month slide that knocked the nation’s housing market into its deepest

slump in nearly a decade and left sales in January at the slowest pace in more than a dozen years.

Still, sales sank 22.6% last month from February last year, a sign many would-be homebuyers remain priced out of the market following years of price increases and sharply higher mortgage rates than a year ago.

The average long-term rate on a 30-year mortgage reached a two-decade high of 7.08% in the fall. Rates eased in December and January, and slipped to just above 6% in early February.

“Conscious of changing mortgage rates, homebuyers are taking advantage of any rate declines,” said Lawrence Yun, the NAR’s chief economist. “Moreover, we’re seeing stronger sales gains in areas where home prices are decreasing

and the local economies are adding jobs.”

The national median home price slipped 0.2% from February last year to $363,000, marking the first annual decline in 13 years, the NAR said.

Yun has forecast that U.S. home prices will fall 2% this year, but acknowledged they could just as easily end up falling or rising 5%, depending on what happens with mortgage rates.

“Home sales I think have already bottomed out; little unclear on the prices,” he said.

The slight dip in prices is a good sign for buyers as the spring homebuying season ramps up, though affordability remains a formidable hurdle after years of soaring home values. The median U.S. home price is still up roughly 45% since February 2019, according to FactSet.

First-time buyers accounted for 27% of the homes sold in last month, down from 31% in January. “Anything under 30% is not good news,” Yun said.

Elevated mortgage rates, which can add hundreds of a dollars a month in costs for homebuyers, on top of already high home prices, have kept many would-be buyers on the sidelines.

The average rate on a 30-year home loan slipped to 6.60% last week, according to mortgage buyer Freddie Mac. A year ago, the rate averaged 4.16%.

Stronger-than-expected reports on the economy this year have fueled expectations that the Federal Reserve may have to keep pushing up its key borrowing rate to tame inflation as soon as Wednesday, when the central bank is due to wrap up its latest policy meeting.

www.bisxbahamas.com

Investor expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates can influence mortgage rates. Many economists expect at least three more increases before the end of the year, though some have dialed those expectations back due to the recently developing banking crisis.

While there are more homes on the market than last year, the supply remains near historic lows, which is helping prop up home prices. The inventory of homes for sale was unchanged from January but rose 15.3% from February last year. Some 980,000 homes were on the market by the end of the month.

NOTICE

NOTICE is hereby given that

CHEILAIR SAINTILIEN of Bahama Coral Island, Abaco, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that

FREDERIC LOUIS of Carmichael Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ISMANETTE DEMOSTHERNE of Brougham Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 15th day of March, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Photo:Susan Montoya Bryan/AP

A REAL estate sign is posted outside of a recently sold home, Tuesday, Feb. 21, 2023, in Valrico, Fla. On Tuesday.

Photo:Phelan M. Ebenhack/AP

Stocks rise for first 2-day rally since banking crisis began

By STAN CHOE AND ALEX VEIGA AP Business Writers

STOCKS rallied Tuesday, led by the banks most beaten down by the industry’s crisis, and some of Wall Street’s fear washed out on hopes the U.S. government will offer more help if needed.

The S&P 500 jumped 1.3% to lock in its first backto-back gain since Silicon Valley Bank’s rapid failure began two weeks ago. The Dow Jones Industrial Average rose 316 points, or 1%, while the Nasdaq composite jumped 1.6%.

Markets around the world have pinballed sharply this month on worries the banking system may be cracking under the pressure of the fastest set of hikes to interest rates in decades. This week’s rally now runs into a huge test:

On Wednesday afternoon, the Federal Reserve will announce what’s largely expected to be its latest increase to rates.

Tuesday’s strength for stocks came after Treasury Secretary Janet Yellen told a bankers’ group more government assistance “could be warranted” if risks arise that could bring down the system. That could mean making sure customers at a weakened bank get all their money, even those with more than the $250,000 limit insured by the Federal Deposit Insurance Corp. “Janet Yellen coming out and saying should other deposits need to be protected, they’re willing and able to do that, I think that’s a very strong statement,” said Mary Ann Bartels, chief investment strategist at Sanctuary Wealth. “And so markets have been able to calm down.”

Earlier this month, the U.S. government said it would make all depositors at Silicon Valley Bank and Signature Bank whole. They were the second- and third-largest U.S. bank failures in history.

Those banks had struggled as depositors rushed to pull their money out en

masse. Such runs can topple a bank, and investors have since been hunting for the next one that could fall.

Much focus has been on First Republic Bank, which shares some similar traits with Silicon Valley Bank, and its stock had lost 90% for the month through Monday. It jumped 29.5% Tuesday.

Other smaller and midsized banks also rallied, including a 9.1% climb for Comerica and a 9.3% jump for KeyCorp. Hopes for the banking industry began to turn over the weekend after regulators pushed together two huge Swiss banks. Shares of both banks rose Tuesday in Switzerland, including a 12.1% jump for acquirer

UBS. Credit Suisse, meanwhile, rose 7.3% after tumbling a day earlier.

Credit Suisse had longstanding problems that were relatively unique, but all banks on both sides of the Atlantic have the shared challenge of navigating a world with much higher interest rates than a year earlier.

Central banks have jacked up rates at a blistering pace in hopes of getting high inflation under control. But such moves act like huge hammers with little nuance. They try to bring down inflation by slowing the entire economy.

That raises the risk of a recession later on. Higher rates also hurt prices for stocks and other investments. That’s one of the factors that hurt Silicon Valley Bank, which saw the value of its bond investments drop with the rise in rates.

Earlier this month, much of Wall Street was bracing for the Fed to reaccelerate its hikes and raise by 0.50 percentage points

THE WEATHER REPORT

on Wednesday. A string of reports on the economy had come in hotter than expected, including data on the job market, retail sales and inflation itself.

But all the turmoil in the banking industry has traders betting the Fed will stick with an increase of 0.25 points.

Traders are even beginning to bet that the Fed may cut interest rates later this year. Rate cuts can act like steroids for markets, and they would also give the economy and banks more room to breathe. On the downside, they could give inflation more fuel.

It was just a few weeks ago that Wall Street had washed out a prior set of hopes for a rate cut. The resurgence of such expectations could be setting the market up for more disappointment in the future if they don’t happen.

“We’ve been down this road before where the market expects rate cuts and the Fed dials them back,” Bartels said.

PEOPLE pass the front of the New York Stock Exchange in New York, Tuesday, March 21, 2023. Stocks are rising on Wall Street, including the banks most beaten down by the industry’s crisis.

Photo:Peter Morgan/AP