By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
GOOD-paying jobs are beyond the reach of too many Bahamians with “more than 30 percent of students” sitting BJC mathematics and English exams “failing to achieve” the required standards and grades.
The Inter-American Development Bank (IDB), unveiling a $100,000 “technical” consultancy designed to better align “the relevance” of Bahamian education
By NEIL HARTNELL
THE Opposition’s finance spokesman yesterday challenged the Government to detail when Bahamians will see a return from its “much touted” blue carbon credits as it appears to be eyeing different securities.
Kwasi Thompson, exminister of state for finance under the Minnis administration, told Tribune Business the Government appears to have gone silent over an initiative that was billed as generating a new revenue stream for The Bahamas - worth hundreds of millions of dollars - by monetising the value of its seagrass meadows, mangrove forests and other natural assets that remove carbon dioxide from the atmosphere.
He spoke out after the Government’s recently-released debt management strategy, covering the upcoming three fiscal years through to 20272028, made no mention of
carbon credits but, instead, signalled it is exploring other sustainability-focused financing mechanisms to raise low-cost funding for climate change mitigation and environmental preservation. The Davis administration, fresh from November 2024’s debtfor-nature refinancing that replaced $300m worth of liabilities with lower-cost debt, disclosed that in the upcoming 2025-2026 fiscal year beginning on July 1 it will start work on developing a “framework” to
with the country’s skills needs, again highlighted how almost onethird of this country’s population is being left behind because they lack the basic abilities that are critical for a productive workforce that is able to compete globally in the digital era.
Emphasising that the challenges begin long before students reach Bahamas General Certificate of Secondary Education (BGCSE) level, the multilateral lender identified the failure of many young Bahamians to meet the necessary “competency level” in English
By NEIL HARTNELL
Editor
BAHAMIAN businesses have warned the US government that plans to levy up to $1m fees per port call on Chinese-made ships “will kill us” and “make no sense” for either this nation or American firms.
Peter Goudie, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) labour division head, in feedback submitted to the US Trade Representative’s Office prior to yesterday’s end to public consultation on the proposal, warned it will have a devastating inflationary impact for all
TUESDAY, MARCH 25,
and mathematics in the Bahamas Junior Certificate (BJC) exams.
“The Bahamas Junior Certificate examinations in grade nine show that, from 2016 to 2020, on average, more than 30 percent of the students sitting for the exams failed to achieve the expected competency level in English and math,” the IDB asserted, adding that its consultancy will help with the “digital transformation” of Bahamian education.
“At the same time, in 2020, the Bahamas introduced the virtual learning portal, an official LMS and repository of educational materials. This is an extremely promising resource given Internet penetration in the country reaches a fairly high 94.4 percent,” the IDB added.
this country’s residents in addition to inflicting immense damage on America exporters serving the Caribbean.
“The $1m service fee will increase costs substantially for goods delivered to the US which, in turn, will drive up costs for importers of goods from the US,” Mr Goudie told the US trade watchdog. “This will greatly impact most countries in the Caribbean, especially The Bahamas, which imports
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CUBAN governmentowned travel agency has failed in its latest bid to obtain summary judgment against the Bahamian government and CIBC Caribbean in a dispute over a 25 year-old cheque worth $90,000.
Senior justice Deborah Fraser, in a March 20, 2025, verdict, rejected demands by Havanaturs
(Bahamas) that the commercial bank pay the $90,000 sum to it despite the competing claim from the Attorney General and Bahamian treasurer. She found instead that there are “serious issues to be tried” in a full trial and that CIBC Caribbean has “an arguable defence” to the claims.
The dispute over who the quarter-century old cheque should be paid to erupted after Havanaturs (Bahamas), which
the vast majority of its imports from Florida.
“This will also force The Bahamas to find alternate suppliers in Canada, Mexico and Latin America, which will reduce business done by US suppliers. This will most certainly affect most Americans by driving up inflation, which makes no sense.”
And Cheryl Cambridge, principal of Cheryl Bahamas Taxis and Tours, was even more direct and to the point. “This tax will kill
has facilitated travel to Cuba for thousands of Bahamians and foreign nationals from its East Bay Street offices, alleged that a former manager “removed a blank cheque book” without authorisation and used it to obtain $100,000 for himself as “compensation for wrongful dismissal”. As a result, the travel agency is asserting that the $90,000 belongs to it. The judgment reveals that, at end-August 1999 when the events giving rise to the dispute occurred, Havanaturs (Bahamas) was flush with cash having more than $1.91m split between its two bank accounts.
service, Ethan Quant, founder of Lifestyles Digital Media Group, said every institution has its “pros and cons”. He added that the best way to overcome such challenges is to form relationships with those in the sector who can help move processes along more quickly and efficiently.
By ANNELIA NIXON
Business Reporter
CHANGING commercial banks is equivalent to “switching one devil for the next”, business owners argued yesterday, asserting that their fee and account opening experience is far different from industry surveys.
Speaking after Bahamians were told to change banks if they are dissatisfied with high fees and poor
“I do agree that you do have different institutions to choose from, and just like any other industry, if you aren’t happy, you do have, quote, unquote, that right to move,” Mr Quant said. “But I think part of the challenge is that the entire system is kind of lacking, and so it’s like you’re switching one devil for the next, because each institution has its own pros and cons.
“And so my thing is, because I bank with several, but what I’ve found beneficial for me is just
us,” she bluntly told the US Trade Representative’s Office of the proposed fee, which was yesterday subjected to the first of two days of intense scrutiny during public hearings in Washington D.C. Mr Goudie, speaking subsequently to Tribune Business, blasted the proposed levy on Chinese-made vessels as “ridiculous” and “unthinkable” given that it threatens to create an outcome where “we’re all losing”. US firms will suffer a drastic drop in Caribbean commerce and trade, endangering their survival and American jobs, while The Bahamas and Caribbean would be subjected to devastating price and cost of living pressures.
Most of the vessels that service the Bahamian and Caribbean market are Chinese-made, thus exposing them to the proposed US
The legal battle was triggered on January 7, 2000, when Dom’s International Importers initiated an action against the thenCIBC Bahamas accusing it of “breach of contract” for not honouring a manager’s cheque made payable to itself.
The cheque, for $90,000 and dated August 31, 1999, was made payable by the former Havanaturs (Bahamas) manager, Mr Garcia, and endorsed to Dom’s International Importers but CIBC (Bahamas) did not honour it when it was presented for payment on September 3, 1999.
developing the relationships with people in the institution so that they actually know who you are and you aren’t just an account number and a business name.
“And I find that developing and cultivating the relationships with individuals in the institution actually improves the overall customer service, because now they know who you are. And I’ve experienced that straight across the board. So, yeah, I do agree that you could move institutions, but if it can take you, you know, three, four weeks to open up a new account, that may not be as feasible but, you know, it’s kind of like a deal with the devil that you know, right?”
ROYAL Carib-
bean yesterday said the operations chief at its main Bahamian private island will move to Nassau and become general manager at its Paradise Island-based Royal Beach Club.
Troy Smith, a long-time Royal Caribbean employee who currently serves as director of island operations at Perfect Day at CocoCay, will head operations at the cruise line’s first-ever beach club experience. The Royal Beach Club is currently under construction and scheduled to be completed by December 2025.
TROY SMITH
“I’m delighted Troy is bringing his two decades of expertise, operating and creating incredible guest experiences at Perfect Day at CocoCay, to the management team at Royal Beach Club Paradise Island,” said Philip Simon, president of Royal Caribbean (Bahamas).
“As a Bahamian myself, it’s incredibly fulfilling to watch the Beach Club take shape guided by our growing Bahamian management team and propelled by local Bahamian businesses that are working hard to bring to life a project that will directly benefit our community.”
As general manager, Mr Smith will be responsible for overall operations, delivering top-class experiences to millions of guests each year, promoting operational excellence and safety, and overseeing a workforce of more than 500 staff members.
“I am truly honoured to take on the role of general manager at the Royal Beach Club Paradise Island.
As a Bahamian, it is incredibly rewarding to lead a project that celebrates our culture and provides opportunities for our local community,” said Mr Smith. “I look forward to working with our talented team to create an unforgettable experience for our guests, and to showcase the beauty and spirit of The Bahamas.”
Mr Smith is an experienced maritime and hospitality operations executive with a background in port logistics, island resort management and government relations. He has spent more than two decades in ship operations, procurement, security and guest experiences, and has overseen large-scale projects including the development and operation of Perfect Day at Coco Cay.
Mr Smith began his career at Royal Caribbean as assistant site manager at Coco Cay in 2007, moving on to become site manager and, most recently, director of island operations, where he leads seven divisions including inventory management, general operations, lifeguard services, shore excursions, entertainment and guest experience.
He manages relationships with government agencies, local vendors and third-party partners to ensure smooth operations and compliance. Mr Smith also played a key role in maintaining operational continuity during the construction of Perfect Day at Coco Cay, and oversees vendor management, procurement and budgetary controls to drive efficiency and cost-effectiveness.
THE Bahamas used the fiveday Palm Beach International Boat Show as a platform to attract more boating and yachting visitors to this destination.
The Ministry of Tourism, Investments and Aviation, in a statement, said it exploited the March 19-23 event to reinforce The Bahamas’ position as a sought-after yachting destination. Bahamian officials were able to network, highlight new developments in the boating industry and seek to attract more business to this nation.
The ministry’s yachting department, along with industry partners, hosted a series of meetings with investors and marine industry leaders during the five-day event.
“The Palm Beach International Boat Show offers The Bahamas a wonderful opportunity each year to showcase the extraordinary potential of
our islands to a global audience of yachting professionals, owners and enthusiasts,” said John H. W. Pinder, parliamentary secretary in the Ministry of Tourism, Investments and Aviation.
“This year we have successfully captured the attention and imagination of thousands of visitors, showcasing the natural beauty and world class infrastructure that makes The Bahamas the ideal destination for yacht owners, luxury infrastructure development and the global yachting community.”
Recognised as one of the premier events in the global boating calendar, the Palm Beach International Boat Show attracted more than 55,000 attendees. Private sector partners that participated in the show included the Association of Bahamas Marinas (ABM), Bahamasair, the
FROM PAGE B1
comply with international best practices and allow The Bahamas to issue so-called ‘green’ or sustainable/social bonds to investors.
Its debt management strategy explained that the proceeds from such ‘green’ bonds would be “directed to finance new or existing projects with environmental and/or social benefits” such as renewable energy,
social housing and ‘clean’ transportation. “Typically, these bonds are aligned with the green bond principles (GBP) from the 2020 International Capital Market Association (ICMA)—a
set of guidelines that foster a transparent and unified reporting on the benefits and expected impact, and the 2019 sustainability linked loans principles from the Loan Market Association (LMA),” the report added.
Also identified as a possible debt instrument for The Bahamas were “sustainability-linked bonds or loans”. The strategy report said these were “structured using key performance indicators (KPIs) that are linked to the achievement of climate or social goals”, and achieving the targets established by the KPIs could “result in a decrease (step down)... in the instrument’s coupon or interest rate”. Failure would lead to an increase.
Suggesting it has already decided to proceed with these securities’ development, the strategy report said: “As a first step in the development of new debt instruments to achieve sustainable development goals, like climate change mitigation and adaptation or biodiversity protection, the Government intends to build a framework that is aligned with international recognised best practices, similar to those provided by the ICMA and the LMA.
“The framework will explain the context and background of the policy intervention, and the functioning of the instruments in terms of execution, expected outcomes, monitoring and reporting. Typically, this framework requires the examination and analysis of a second party opinion (SPO) provider - a reputed organisation that validates compliance of the framework with international best practices.
“The Government contemplates commencing this work during fiscal year 2025-2026.” It argued that there was a sound rationale for the Government to do so given the ever-present threat posed to The Bahamas by climate change and hurricanes that are increasing in severity and frequency, along with sea level rise.
“Beyond the traditional borrowing instruments, the Government acknowledges the availability of alternative financing instruments being used to address public policy concerns in confronting the effects of climate change, and for blue economy and biodiversity protection and climate change mitigation and
adaptation,” the debt strategy report added.
“Addressing these concerns will require substantial financing, and will need to be accompanied by a sound debt management strategy to support effective access to national and international debt markets.
“As observed from international experience, and increased interest among investors, two main sets of new sovereign debt instruments have emerged to improve market access and financial conditions for sustainable financing through offering opportunities for broadening the investor base, improving financing conditions (in tenor and cost), and increasing the transparency and accountability of sovereign debt markets.”
Mr Thompson, though, asserted that the Davis administration “failed to update us on their carbon credit programme in the mid-year Budget” while describing the debt management strategy as “as a smokescreen” that was full of “contradictions”.
“The Government has again failed to update the public on their much-touted carbon credits programme, and how much funds they have put out in reference to this and when we can expect to get any return,” Mr Thompson blasted.
“It is consistent with the behaviour of this government. They consistently do business in the dark and we must trust and believe them. The Bahamian people do not trust and believe them. They have failed to disclose what is happening with the carbon credits, and they have failed to disclose when and if we will receive a return from it.
“We are calling on them to come clean and provide us with an update, provide us with a status report on what’s happening with the carbon credits programme. I’m not going to guess, I’m not going to speculate. It’s the Government’s obligation to be open and transparent.”
Mr Thompson asserted that one of the “contradictions” in the debt management strategy is that 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 of around half-abillion dollars each, yet is also forecasting economic growth will be “subdued”
Bahama Out Island Promotion Board, Bay Street Marina, Bimini Big Game Club & Marina, Bluff House Beach Resort & Marina, the Grand Bahama Island Promotion Board, Norman’s Cay Marina, Palm Cay Marina and Romora Bay Resort & Marina.
Mr Pinder added:
“The Palm Beach International Boat Show not only allows us to demonstrate the allure of The Bahamas but also provides a focused opportunity to strengthen our reputation as the regional leader in yachting.
“Throughout the event, we have had a series of highly productive meetings, reinforcing long-term partnerships and cultivating new relationships to help propel The Bahamas’ yachting and boating sectors to even greater heights, ultimately benefiting our broader economy.”
and average just 1.6 percent during this period.
Fiscal performance, and especially tax revenues, are heavily linked to economic growth. “You cannot say one thing and write another, and that is what apparently seems to be happening here,” Mr Thompson argued. “The Government has said the country is booming economically, but their own report forecasts sluggish, anemic growth from 2.6 percent [this year] to 1 percent next, and then only 1.5 percent for the next two years.
“I fail to see how they will realise half-a-billion dollar surpluses with anemic growth.” And, to pave the way for these surpluses, the Government is forecasting it will still hit a $69.8m full-year deficit for the current 2024-2025 fiscal year despite overshooting this by $325m at the half-way mark with a $394.8m deficit to end-December.
“We are in an economic hole. They have yet to explain how we will dig our way out of that hole. Even before we start to think about surpluses, they must explain how they will meet this year’s deficit target,” Mr Thompson argued.
“This administration cannot claim accelerated growth with your mouth and predict economic stagnation with your pen.” He also accused the Government of “doing business in the dark” and “governance in the dark” as a result of what he described as undisclosed “off the books loans” for public-private partnerships (PPPs), such as the Eleuthera and Exuma roadworks performed by Bahamas Striping, where the interest rate and other terms, such as the duration of the facility.
“The Government admits to over $200m in so-called PPPs - secret arrangements where private vendors borrow on the Government’s behalf to fund roads and infrastructure,” Mr Thompson added.
“These are loans by another name, but instead of showing these multiyear debts transparently in our national accounts and formal reports, the Davis administration has instead entered into cloaked, longterm repayment deals, with unknown interest rates and no parliamentary disclosure.
“The Bahamian people are thus being kept in the dark about the true size and cost of the nation’s debt and borrowing. The truth is that this government refusesflat out refuses - to provide a full accounting.”
By FAY SIMMONS Tribune Business
A LONG Island business owner, who has applied to stage a peaceful protest over the condition of the island’s economy, yesterday said conditions at the Deadman’s Cay airport are “holding the island back”.
Chuck Fox, owner of 4K’s Adventure Tours, said Long Island has been “on a slow decline” for the past 15 years and the airport is limiting the number of visitors that can access it.
Speaking to Tribune Business, Mr Fox said his taxi and tour business has been “drastically” impacted due to low visitor arrivals which the long-hoped for Deadman’s Cay airport redevelopment is intended to change by providing greater airlift access to Long Island.
“The airport itself is holding the island back big time. No matter what people think, tourism is the biggest industry in The Bahamas, and it drives the economy on the island,” said Mr Fox.
“If we had a proper airport, we would be able to get more flights coming in; direct flights from the US and elsewhere. It would be a huge boost for the island and improve the economy. That’s really holding the island back right now. And of course, me being in taxi and tours, it’s impacting me drastically right now.”
Mounting concerns over the economy pushed Mr Fox to request permission to hold a peaceful protest so residents and business owners could voice their frustrations. He said he drafted a letter and met with local police officers but has yet to receive approval.
“I was trying to organise a peaceful march so that Long Islanders could actually come out and voice their opinions and push for change. I drafted a letter to the chief superintendent here, and I had a meeting with them, and they told me that they sent it to Nassau,” said Mr Fox.
“Every time I e-mail or call them, they said that they are waiting to hear from Nassau and nothing ever came out of it. I was told that you have to get permission from the police to have a protest. So, we were trying to do it the right way.”
Mr Fox said although the economy of Long Island has been “on a slow decline” for the past 15 years, this year’s bookings are significantly lower when compared to 2024. He said his company has only secured three tours since November 2024, a sharp decline from the 20
tours booked during the same time period last year.
“I’ve been doing tours for about three years now, and it’s always been slow because the economy has been slowly dying on the island. But this year was the worst ever. We’ve seen about a third of the business we got last year, and it was slow last year,” said Mr Fox.
“Lately, if lucky, I get two taxi rides in one week. By this time last year, we had done about 20 some tours. I’ve booked three tours since November. So, this year has been horrible so far.” Mr Fox said business has also been slow for many other Long Islanders, leading many to close their enterprises and prompting some to leave the island entirely.
He explained that he returned to Long Island in 2020 and decided to become a tour guide so that he can share the island with visitors, but if the economy does not improve he will also be forced to relocate.
“There’s so much people who want to visit this island it’s unreal, and they can’t get here. Long Island is the most one of the most beautiful islands in this Bahamas, and we have so much to offer. I became a tour guide because I love my island, and I love to show people my island,” said Mr Fox
“It’s a sad situation here. Business is extremely slow, and the island has been basically flat lining. People are closing their businesses and, to be honest with you, if something doesn’t give I would have to, actually, sadly, have to move off the island again.”
Mr Fox pointed out that New Providence and neighbouring islands, such as Exuma, have a “booming” tourism industry due in part to accessibility, but Long Island is “getting scraps” because of the protracted repairs to the airport.
“I was in Nassau yesterday. I went downtown, and I know the majority were probably cruise ship passengers, but I could hardly walk downtown because it was so many tourists. They are always talking about these record numbers and Long Island, we are getting the scraps on the side of the table. That’s what we get, and we deserve more. Exuma is right there and they’ve been booming for years and years and years now,” said Mr Fox.
“We really, as an island in The Bahamas, we get treated like dogs, and they are just slowly killing us. It’s like they have a choke hold on us, and they won’t let us go. And no matter what government comes in, it looks like the same thing.”
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At the Long Island Business Outlook conference last year, deputy prime minister, Chester Cooper, said he “fully expects to cut the ribbon” for the opening of Long Island’s new international airport before the Davis administration’s term in office ends in 2026.
Acknowledging that such projects can take up to two years to complete, he added
that the Government will seek to speed the project up by adopting what he described as the alreadysuccessful airport design for Great Harbour Cay in the Berry Island and implementing it for Long Island. He said Long Island was “a priority” in this initiative alongside Grand Bahama, completion of Exuma International Airport, North
Eleuthera, Black Point in Exuma and Cat Island. “You can be assured we will be working relentlessly to ensure the gateway to your island gets underway in the shortest possible timeframe,” Mr Cooper added. “I’m confident these intentions are admirably ambitious, and signal a new era for Long Island reflecting our commitment to
progress, sustainable development and enhancing the island’s charm.” Long Island has long demanded an upgraded airport, fit to receive international commercial flights, and associated infrastructure for years amid a widely-held belief that tourism and wider commerce were slowly being strangled by a lack of aviation access.
fee if implemented in its current form. Apart from supply chain disruption, the fall-out is predicted to increase shipping costs to The Bahamas and wider region by 50-60 percent, sending import prices skyrocketing and also posing a threat to Bahamian companies and jobs.
“I just think it’s ridiculous,” Mr Goudie said. “I’m a member of the Chamber, and we got that notice through the Chamber and I did respond because we were asked to respond if we thought we could have some input which, of course, was negative.
Donald Trump’s tariffs and
the Chinese-made ship fees.
Mr Goudie warned that, if the US follows through by implementing the proposed fee, Bahamian companies will have to diversify their supply chain by sourcing products from other markets outside the US to escape the punitive Chinese-made ship fee.
on to tourists and other visitors to this nation. Pointing out that taxi fares would also likely have to rise, she added that it will also make the already-high cost of living worse.
Asserting that with every challenge comes opportunity, he told Tribune Business: “Let me tell you something. My view on matters like that is The Bahamas is in a wonderful position where, whatever happens, we have the capacity to navigate around it. Events that happen aren’t necessarily bad news for us.
region. The CARICOM Private Sector Organisation (CPSO), in its submission to the US Trade Representative’s Office, described the consequences as “unthinkable” for both businesses and consumers given that US goods account for 43 percent of the region’s imports - a share likely even larger in The Bahamas.
subject to a fee of $1m each time it calls at a US port, and that non-Chinese-built vessels would be subject to a fee of between $500,000 and $1m each time they call at a US port if the operator of that vessel has Chinesebuilt vessels in its fleet,” the CSO said.
“That’s what we need to do if they keep all this tariff stuff up,” he added. “It’s just going to cost all of us, including Americans, more money. It’s a no brainer. I objected to it because, for The Bahamas and the Caribbean, it’s going to increase our costs and I’m sure it’s not going to improve the US ship building industry. That’s all I can tell you.”
As an example, she cited the complementary Bahama Mama drink that her firm provides free to all passengers upon arrival in The Bahamas. Pointing out that this used to cost $7.50 per gallon of juice to make, Ms Cambridge added that this has now jumped to $12.60 per gallon. Given that the company makes no money from serving the drink, she added that further cost pressures will drive an increase in fares.
The Group’s objectives when managing capital are to maintain a strong capital base to support the development of its business, provide returns for its shareholders and benefits for other stakeholders and comply with the capital requirements mandated by the Central Bank of The Bahamas (the "Central Bank").
“When these things happen, the fact of the matter is there’s also probably good news in it. Look for the silver lining; stop looking for the bad in it. There’s always a silver lining.” Sir Franklyn cited the increasing number of Canadians bypassing vacations and property purchases in the US as one such opportunity for the Bahamian real estate and tourism industries to exploit.
“The proposal by the US Trade Representative to impose fees on Chinesebuilt ships, Chinese vessel operators and ship operators seeking to complete ship/vessel construction at Chinese shipyards, has raised enormous concerns for the CARICOM regional private sector on account of the far-reaching devastating implications for the cost of food imports [and] intermediate imports critical to the industrial sector, such as milling, brewing, animal feed consumer products etc,” the CPSO said.
“The CSO members collectively have 69 vessel calls at US ports in the typical week. This means that the aggregate fees payable by the CSO members could be as high as $69m per week, or $3.588bn per year. That figure is more than five times’ the total gross revenue of the CSO members.. during 2024. It is self-evident that this enormous cost cannot be absorbed by the CSO members.
“Charging up to $1m a ship on something coming into the US is really going to increase the cost of goods, which will increase the cost of goods to us. We’re all losing. I just think it’s unthinkable. The thing is, when they charge $1m a ship, Americans have to pay. Therefore, the cost of goods has to increase, and our cost of goods will increase as we import from the US.”
monitored by the Group’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank. The required information is filed with the Central Bank on a quarterly basis.
Ms Cambridge, meanwhile, warned that the US proposal would inevitably raise costs and prices locally that will be passed
However, Sir Franklyn Wilson, the FOCOL Holdings and Arawak Homes chairman, yesterday urged Bahamians to “look for the silver lining” rather than always focus on the negative elements associated with changes such as
The Central Bank requires the Group to maintain minimum capital equivalent to US $1,000,000.
The total equity shown on the consolidated statement of financial position represents regulatory capital. The Group has complied with all of the externally imposed capital requirements to which it is subject.
While tourism executives, including Graeme Davis, Baha Mar’s president, recently disclosed that the anticipated Canadian tourism influx has yet to occur, Sir Franklyn recalled: “I met this morning [yesterday] with a very senior Canadian banker, and he started the meeting with how the [US] tariffs are affecting The Bahamas.
“I answered that I didn’t know, but to the extent that Canadians have decided to buy places in Florida, Arizona or wherever, yet still want a warm weather destination, what’s wrong with The Bahamas? It’s an opportunity. We must stop looking at these things as if bad news is pre-ordained. Some aspects could be positive for us.
“The fact of the matter is there are possibilities. Let’s look for the possibilities. I am not into doom and gloom. Let’s look for the positives. In every one of these things, by and large, there is some goods news.”
The Bahamas’ position on the proposed Chinesemade ship fees was echoed yesterday by the wider
“Further, the implications for the private sector, the citizenry of CARICOM and for member states could be devastating, raising the cost of imports to astronomical levels, crippling economic activity and devastating vulnerable groupings in our region. Indeed, the social and economic ramifications of and such measures by the United States is unthinkable. The implications for the cruise line sector will also be significant.”
The Caribbean Shipowners Association (CSO), whose members include Tropical Shipping, warned that implementing the proposed fee as suggested “would impose unsustainable economic burdens” on the industry, Caribbean economies and their residents.
“The proposal would have a near crippling effect on the CSO members. Although certain aspects of the proposal are somewhat ambiguous and open to various interpretations, the CSO understands the proposal to be that a Chinese-built vessel would be
NOTICE is hereby given that FEDLEN FRANÇOIS of Pineyard Road, 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 18th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“Accordingly, if the proposal is implemented as drafted, the CSO members are faced with the choice of going out of business, passing the increased cost on to their customers, and/or radically changing the way they do business. None of these options are good for the customers of the CSO members, the US consumer, US labour or the US economy.”
Breaking down the impact of these fees, the CSO added: “If a vessel with a capacity of 1,000 TEUs [twenty-foot equivalent units] is required to pay a fee of $1m, that equates to a cost of $1,000 per TEU that the CSO member would need to pass on to the customer. For smaller vessels, the cost per TEU would be much higher - $2,000 per TEU for containers moving on a 500 TEU vessel.
“To put this into perspective, during calendar year 2024 the average gross revenue per TEU of the CSO members across all cargo, inbound and outbound, was approximately $2,650 per TEU. An additional charge of $1,000 per TEU would be equivalent to an almost 38 percent increase in cost for the average customer.
“The customers of the CSO members are not in a position to absorb an increase of 38 percent in the cost of the same the transportation they receive today. They would need to pass that cost on to their customers or cease exporting,” the CSO continued.
“A significant portion of the export cargo carried by the CSO members is destined for hotels, resorts and cruise ship providers serving the Caribbean. If the cost of transporting US exports goes up, the cost of hotel/resort stays, meals and Caribbean cruises will go up, negatively impacting the millions of US citizens who take cruises or vacations in the Caribbean.”
“The purpose of this technical co-operation is to support the Ministry of Education and Technical and Vocational Training (MOETVT) diagnose and reinforce the digital skills of their teachers to make a better use of its installed capacity, with a focus on the strengthening of foundational skills.
“This technical consultancy will develop and implement a pilot programme for digital literacy and educational technology training for educators in The Bahamas, enhancing their capacity to integrate digital tools into their teaching practices and improve student learning outcomes.”
However, the brief IDB paper exposes the extent to which The Bahamas has made little progress over the past two decades in both reforming its education system and improving student skills and grades such that they graduate from high school with the necessary qualities that employers are looking for.
The report suggests that, at grade nine, close to one in every three students struggles to meet basic English and mathematics standards - the critical so-called ‘soft skills’ and customer service qualities that Bahamian employers need. In effect, the BJC results indicate that onethird of students are not
attaining the functional numeracy and literacy levels needed to make them productive members of society.
Peter Goudie, head of the Bahamas Chamber of Commerce and Employment Confederation’s (BCCEC) labour division, told Tribune Business of the IDB report’s findings: “That’s something we bring up in most meetings with the minister [of education] and where we can. We also do it through the National Tripartite Council.
“We have too many young people who are not able to give us the skills to be able to hire them and train them to the levels we need. The Ministry of Education has to address this. It’s been this issue if ‘D-’ average at BGCSEs, and that’s only those that write the exam. When you have a ‘D-’ average and not everybody writing the exam, you have a problem.”
Many students exit high school with just a leaving or attendance certificate, while others either drop out or leave early. Mr Goudie said one consequence is that Bahamian employers, unable to find the talent, skills and work ethic they require locally, are forced to turn to work permits and expatriate labour more than they wish even though this comes at greater cost to their business.
“It’s very frustrating as a business person when you can’t find the right help,” he
Changing banks ‘switching from one devil for the next’
On the topic of opening accounts, he disagreed with a Central Bank survey which stated 99 percent of new bank account applications are approved - often “in less than a week”. Mr Quant, who said he does mostly online banking, said: “Primarily to my business, I do a lot of online banking, banking transfers, and for the most part, the banks that I work with are pretty decent.
“I mean everything works, but it is a pain at least setting up an account. That process isn’t a week. Just the time it takes to actually get the account open was a pain. But once you get it open and get everything set up... but like I said, primarily I do online banking and mobile banking for my business.
“I think what happened, they sent the information.
You fill out all of the forms, account opening forms, send all documentation but there was really no follow through, and so I had to follow up. And, it’s kind of just, oh, well, it’s at this department, that department, to the bank.
“Both of the institutions that I opened it up at really just took long because it was sitting on so many people’s
desks. But it just took a ridiculous amount of time, in my opinion, to open up an account,” Mr Quant added.
“From I initiated it with one institution, it took me about four months. And the other institution took me about six months. Part of it was because I just got so tired of following up. And then I eventually had to do what you do in The Bahamas, which is call somebody you know who had to actually end up pushing it up through for me. So I had to call somebody that I knew who was high up in the system. And they were able to kind of walk it through for me.”
Fred Mitchell, the PLP’s chairman, yesterday blasted that “the private sector leaves so much to be desired”. He said: “Well, what was the big chuckle of the week was a headline that suggested that what the public was complaining about with the service by banks was not quite so, because 99 percent of the account applications in the bank were approved. That’s what it said at first blush.
“When you read the details, it said approval within six months. Problem is we don’t need the account within six months. We need it on the day we walk
NOTICE is hereby given that LUXENE JEAN BAPTISTE of Chips End Close, New Providence, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
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 17th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
explained. “Then you get nailed in the press because of the number of work permits. However, we only need work permits because we cannot find people with the right skills. We don’t apply for work permits out of spite. Work permits are expensive; we don’t want the expense of work permits if we don’t have too.
“I don’t know why there’s such a gap. I will make one comment, but please be careful with this one; social promotion does not help people achieve more or higher grades.... If they cannot pass grade one, why let them move forward to grade two, which they will not pass, and grade three, which they will not pass.”
Asked about the impact for the Bahamian economy’s competitiveness, of which workforce productivity is a key component, Mr Goudie replied: “There’s two things. Number one, we have got people who are not well-educated, and that is not good for anybody.
“If they don’t have the proper education and proper skills, then they cannot get jobs, and if you cannot get good jobs you are not going to make a lot of money. There’s a direct correlation with all of this. We have got to something about our grade average. We have got to do something about our education standards.”
Conceding that productivity levels are generally “terrible”, Mr Goudie said:
into the bank. Last week, I walked into a bank to pick up a credit card that they said would be waiting in the branch where I bank. I sat for 15 minutes while they looked for it, couldn’t find it.
“Twenty years ago they simply mailed the darn card to me, and I called the telephone number and they pinned the card. I don’t know why I have to come into a bank to do this,” he added. “Anyway, I left the bank, waited in my car. Thirty minutes later they told me they found the card, and the card was at a branch that I’ve never dealt with in my life. When I got to that branch, I found out, oops, bank’s closed at 2pm and not 3pm.
“Oh, well. Ultimately, some lovely lady got the card for me a few days later when I was able to walk again into a bank. But I got to tell you, I felt like I was about to go to the dentist for a root canal as I walked into the bank door. My point today is people
“That’s exactly why we’re going to be setting up a Productivity Council and National Apprenticeship Programme. Part of the Productivity Council will be customer care, and the Apprenticeship Programme will hopefully address some of it. It won’t make it perfect but it will address some of it.
“We’re going to start with the maritime industry because there’s so many jobs in the maritime industry that can be filled. That will then go out to other industries, but it’s clearly obvious that we need to get the Apprenticeship Programme up and running. Yet we need to address the results with BJCs and BGCSEs.”
The IDB briefing indicates that little has changed since the private sector first voiced its fears about the quality of Bahamian high school graduates entering the workforce with its 2005-2006 report: Bahamian youth - the untapped resource.
In more recent years, just 13 percent of students obtained five BGCSE grades of ‘C’ or higher in the 2022 summer exams. Some 633 students gained five BGCSE grades that were ‘C’ or higher out of 4,906 total students who sat the exams that summer. That, though, was hailed by Ministry of Education officials as a 15 percent increase over the prior
complain about the quality and efficiency, or the lack thereof of public services, but Sacre bleu, the private sector leaves so much to be desired, and who and when will bell the cat. It’s an endemic issue. We got to solve this…”
While Mr Quant said he does not “pay attention to bank fees” and just looks “at it as a cost of doing business”, Andrea Carey, owner of AC Enterprises and co-owner of Pops Body Shop based in Tarpum Bay, Eleuthera, said banking fees are “ridiculous”. She pointed to the limited banking options on the island as an added challenge.
“I am so frustrated. I have a checking account that I used to have, overdraft account,” Ms Carey said. “The charges these people charge... They charge you for not using it. Then the prices for small business people, I don’t know what they’re trying to prove. Honestly. The charges are for everything. Even just to
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, LYNN TEREZ NIXON, of Westridge Subdivision, P.O.Box SP-61792, Nassau, The Bahamas, intend to change my name to LYNN TEREZ DAVIS 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.
NOTICE is hereby given that SHIRLEY SEVERE of Honeycomb Street, Hay Street 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 18th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
year when just 550 met this benchmark. A highly-educated, skilled and agile workforce is critical to The Bahamas’ economic prospects in the service-oriented export industries in which it competes as an international business and financial centre, focused on tourism and financial services. Yet every year there have been concerns over how many of the estimated annual 5,000 high school leavers, especially those entering the workforce, will find gainful employment.
Some 392 students, or just 7.99 percent of those that took the BGCSEs in 2022, earned a ‘C’ or higher in maths, English and a science, further serving to highlight concerns about the literacy and numeracy levels of high school graduates. Another 952, or 19.4 percent, gained a minimum ‘D’ grade in at least five subjects.
The private sector’s Coalition for Education Reform in that 2005-2006 report, drawn up by economist Ralph Massey, revealed that the average mean math and English BGCSE grades for 2004 were ‘E’ and ‘D-’ respectively.
Highlighting real-life examples of functional literacy, or the lack of it, among Bahamian job seekers, the report said: “A recent high school graduate in a beginning class at the Bahamas Technical & Vocational Institute answered ‘22’ to
go to the bank to check your account.
“They then don’t have no bank on Eleuthera other than Bank of The Bahamas (BOB). You don’t have no RBC or Scotiabank, and you go to try to check your account, they charge you for that. Everything there’s a charge. I said to myself the other day, imagine that. Every action, every transaction you do, they charge $5, $10, $15. Imagine 1,000 people. And it’s the small man. If you don’t have enough money on the account, they charge you. It’s ridiculous.
“So you have BOB in Rock Sound and CIBC in Governor’s Harbour. Then, on Spanish Wells, they have Commonwealth Bank. I bank with all of them. That’s the thing about it. I bank
the question ‘What does 2 times 2 equal?’ The next question ‘What does 7 times 7 equal?’ was answered ‘14’.
“A Bahamian executive makes it a practice to interview all job candidates in his departments; and during each interview he always leaves the office and asks the candidate to write a brief paragraph that includes his name and a description of his education and/or work experience. Invariably the applicant cannot write a paragraph with clear sentences, correctly arranged and with minimal spelling errors.”
Turning to the economic implications, the Coalition’s report added: “The Bahamian businessman cannot help but agree with the BGCSE report that the overall level of academic achievement of high school graduates is ‘totally unacceptable’.
“He cannot help but worry about a world that is becoming ever more ‘knowledge driven’. Improvements in productivity can come with the adoption of new technologies that require increased worker and managerial skills, and survival may be possible only by exploiting new service industries requiring greater job skills. In discussing the BGCSE reports and the untapped resource, one can only conclude that something significant must be done with the Bahamian educational system.”
with all. I bank with every last one including Scotia. So I bank with BOB, I bank with CIBC, I bank with Commonwealth Bank and I bank with RBC and Scotia. Scotia is not on the island,” Ms Carey added.
“Peter as bad as Paul. The reason I bank with all of them is because I’ve been with them, like RBC and Scotiabank. I retired two years ago, and I just joined BOB since it came to Eleuthera when Scotiabank moved from there.
“But all the rest of those banks, I’ve been banking with them since I came to Eleuthera over 30 years. So my thing is, I have been with these companies forever, but the prices have now escalated. These prices just started to evolve. It never used to be like that.”
NOTICE is hereby given that AMMAR MCKOY of Seymour Close, Cowpen 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 25th 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 LUBIN LOUIS of Pinedale, Wulff 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 18th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The Canadian-owned bank, in its legal reply, requested that the travel agency replace it as defendant. Floyd Watkins, the late former Delaporte MP and Havanturs (Bahamas) then-attorney, alleged in a November 2000 affidavit that Mr Garcia “claimed $100,000 as compensation for wrongful dismissal against Havanaturs and retained a blank check.
“A year after his dismissal, Nelson Garcia used the blank cheque to purchase the manager’s cheque to compensate himself. Mr Watkins further averred that Havanaturs’ bank account was suspended and ceased to be operational from November 1998 to August 1999,” senior justice Fraser recorded in a previous verdict.
However, following a further flurry of legal filings, the cheque dispute “became dormant” for 17 years after 2003. It was revived on July 30, 2020, when Havanaturs (Bahamas) filed its “intention to proceed” even
though Dom’s International Importers - not itself - was the named plaintiff in the matter. Following failed bids to obtain summary judgment, and have the case struck out for want of prosecution, the Cuban governmentowned travel agent sought to be “joined” as a plaintiff against CIBC (Bahamas) and replace Dom’s International Importers in this role. It also demanded that the bank pay it $90,000, and argued that the case should be decided solely on the evidence it had presented. CIBC Bahamas, in its evidence said it had “no interest” in the $90,000. It was allegedly told by Havanturs (Bahamas) in August 1999 not to honour the cheque because it was not authorised by the company, a position that was reiterated by the late Mr Watkins, who “undertook to indemnify CIBC against any claims, losses or damages for which it might suffer as a result of not honouring the said cheque”.
Dom’s International Importers principal was
identified as Don Brown, and CIBC pledged that it “does not collude in any manner” with either party and was willing to hand the $90,000 over to the rightful party as determined by the Supreme Court. Senior justice Deborah Fraser, in a verdict last year, determined that the Government - through the Treasurer and the Attorney General - should replace Dom’s International Importers as plaintiff on the basis that the company was struck off the Companies Register and ceased to exist as of August 23, 2019. The legal justification for her ruling was based on section 273 of the Companies (Amendment) Act 2019, which mandates that assets and property belonging to a dissolved company “vest in the Treasurer for the benefit of The Bahamas”. With Dom’s International Importers now struck off, its claim to the disputed $90,000 sum now passes to the Government as a potential asset should it win the legal battle.
Havanturs (Bahamas), in its latest bid for summary judgment, argued that CIBC Caribbean “has no real prospect of successfully defending the claim” and that the allegation of fraud against Mr Garcia extends to the bank. The travel agency also alleged that CIBC Caribbean “has been holding the $90,000 on trust for it within the framework of a constructive trust”.
However, senior justice Fraser said of CIBC Caribbean’s position: “The defendant is of the position that if the third claimant [Havanaturs] is awarded $90,000, the latter would be unjustly enriched. The defendant also denies the claim that it is a trustee under a constructive trust. The defendant asserts that there’s no breach of trust because there is no evidence that the $90,000 was removed from the third claimant’s account.
“The defendant also asserts that it has a complete defence on the ground of statutory limitation if the court finds that a trust did arise. The defendant asserts
that the third claimant cannot invoke Section 33 of the Limitation Act because the latter did not specifically plead fraud.”
And she found that CIBC Caribbean “has a real prospect of defending the claim” because Havanturs (Bahamas) bank statements “do not provide evidence of a debit or withdrawal of $90,000” at the relevant time. They only show its account balance went from $92,335 on August 26, 1999, to $1.1m five days later. “Thus, the issue of whether the $90,000 was withdrawn from one of the third claimant’s accounts is still a live issue,” senior justice Fraser found. “Furthermore, the defendant’s counsel in her oral submissions asserted that upon review of the March 23, 2023, affidavit of Jeremy Gibbs (a CIBC executive), not even Mr Gibbs can locate a statement of the third Claimant’s accounts that could reflect a removal of monies had occurred. “This is an issue of fact. If determined in a trial, it could provide the
defendant with a successful defence against the claims brought by the third claimant. If it is found in trial that no monies were deducted from either of the third claimant’s accounts, the defendant now has a strong defence that it is not holding the third claimant’s funds in abeyance.
“More so, this finding of fact would substantiate the defendant’s counterclaim that the third claimant is attempting to use these proceedings to ‘double dip’.” The judge also noted that Havanturs had failed to plead fraud, and said a full trial is needed to determine who is the rightful beneficiary and owner of the $90,000.
“The third claimant is not assisting the court in dealing with the current matter expeditiously and fairly by compelling all other parties to decipher the affidavit(s) and come to a consensus on what the claimant’s case actually is. Such a situation is wholly unfair to the defendant,” she added.
DAMIAN J. TROISE and ALEX VEIGA AP Business Writers
STOCKS closed broadly higher Monday amid hopes on Wall Street that the Trump administration may take a more targeted approach as it tees up a new round of tariffs on imported goods next week.
The S&P 500 jumped 1.8%. The index was coming off its first winning week after a four-week losing streak.
The Dow Jones Industrial Average rose 1.4%, and the
Nasdaq composite closed 2.3% higher.
"The market was primed to respond well if the administration pulled back on some of the tariff threats or even provided off ramps for the tensions, and that's kind of what we're seeing here," said Ross Mayfield, investment strategist at Baird. Despite the gains, the benchmark S&P 500 has lost 1.9% so far this year out of concerns that a trade war could hinder economic growth and increase inflationary pressures.
Wall Street remains focused on how tariffs could eventually impact inflation, consumer spending and economic growth. Stocks have been riding waves of hope and worry as tariffs are announced, then either implemented or pulled. A new round of tariffs scheduled to be implemented on April 2 could also be softened or postponed rather than take effect. Trump has been somewhat closely guarded about his plans for tariffs, saying Monday that even though he wants to charge "reciprocal" rates — import taxes to match the rates charged by other countries -- that "we might be even nicer than that."
"The exact breadth and scale of the tariffs remain to be seen, and a cycle of tit-for-tat escalation is also possible in the weeks following the announcement, potentially triggering further bouts of market volatility," said Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management.
Gains on Monday were broad, with 84% of stocks within the S&P 500 ending higher. Nearly every sector within the index rose.
Technology stocks helped lead the way. The sector has been the driving force behind much of the broader markets movement,
whether up or down. The stocks are among the most valuable on Wall Street and tend to have an outsized impact on the broader market's direction. Nvidia rose 3.2% and Apple added 1.1%. Tesla climbed 11.9% for the biggest gain among S&P 500 stocks. The electric vehicle maker is still down about 31% for the year. It has been struggling on worries that customers are turned off by CEO Elon Musk's leading efforts to slash spending by the U.S. government. Genetics testing company 23andme lost more than half its value after it announced over the weekend that it had initiated voluntary bankruptcy proceedings. AZEK Co. jumped 17.3% after the building materials company announced it was being bought by Australia's James Hardie Industries in a cash-and-stock deal valued around $8.75 billion. It's the second large deal in the sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt. All told, the S&P 500 rose 100.01 points to 5,767.57. The Dow gained 597.97 points to 42,583,32. The Nasdaq rose 404.54 points to 18,188.59. In the bond market, Treasury yields rose. The yield on the 10-year Treasury rose to 4.34% from 4.25% late Friday. Markets in Europe mostly closed lower, while indexes in Asia were mixed. Chinese Premier Li Qiang struck a conciliatory tone during a meeting with business leaders and U.S. Senator Steve Daines, a strong supporter of President Donald Trump, who is the first member of Congress to visit Beijing since Trump took office in January.
(In Voluntary Liquidation)
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, 2000, PKK HOLDINGS LTD. is in Dissolution. Te date of commencement of dissolution is the 21st day of March, 2025.
Aegis Corporate Services Limited Building Six, Caves Village West Bay Street, P.O. Box SP-63771 Nassau, Bahamas Liquidator