05152024 BUSINESS

Sale mulled for ‘crown jewel’ of Great Exuma

Contractor chief: ‘Negotiate harder’ over $290m hospital

By NEIL HARTNELL Tribune

THE Government was yesterday urged to “negotiate harder” to ensure the $290m hospital’s lead contractor is Bahamian amid fears that reliance on Chinese financing “always puts locals at a disadvantage”.

Leonard Sands, the Bahamian Contractors Association’s (BCA) president, speaking ahead of last night’s first Town Hall meeting on the proposed 50-acre facility to be built at Perpall Tract, challenged whether the necessary financing could have been sourced elsewhere given that Chinese contractors and labour are always a condition attached to loans provided by Beijing.

Asserting that The Bahamas has “very capable, large contractors” able to take the lead on this project, he argued that this nation must become “more creative” in how it

funds major infrastructure projects so as to develop alternatives to the “concessional” low-rate financing offered by China.

“Officially, it really underscores two things,” Mr Sands told this newspaper of the Government’s decision to accept Chinese funding. “One, the fact we do not see any commitment by the Government of The Bahamas to invest more in local manpower and contracting because, as you know, when we get monies

Downtown businesses in 14-day sidewalk sign removal warning

By FAY SIMMONS

BUSINESSES in downtown Nassau have been given 14 days to remove all sidewalk signs because they obstruct pedestrian traffic and violate building codes. The Downtown Revitalisation Unit, in a notice issued on May 3, warned that the double-sided plastic advertisements many retail and restaurant outlets have placed on the sidewalks breach the Bahamas’ building codes and must be removed to ensure pedestrian safety. “It has come to our attention that some stakeholders have placed heavy-duty plastic A-frame doublesided sidewalk signs in front of their businesses, thereby blocking the sidewalk and impeding pedestrian traffic. As you may know, this goes against the regulations

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A SALE is being explored for a development described as “the crown jewel of Great Exuma” but which has “stagnated” over the past decade and failed to live up to its promise.

Multiple sources, none of whom wanted to speak publicly, have informed Tribune Business that February Point’s developer is in the initial stages of selecting a realtor to market the project and its remaining 89 acres amid concerns that the expiry of its Hotels Encouragement Act agreement could result in the Government demanding significant retroactive tax payments.

Hopes were high when Florida-based investor, John McGarvey, teamed with a group of existing homeowners to acquire February Point from the Hart family for $8.2m in 2014. The new owners, in their application for Bahamas Investment Authority approval, pledged to make

a $40m capital investment and “immediately create approximately 130 permanent construction jobs for Bahamians”.

Condominiums, town homes and fractional development was also promised, along with a “hilltop boutique fivestar branded hotel and beach club”, but this newspaper was told that none of this has materialised with the developer/ownership not selling a single new home or lot during their decade in charge.

Now, with the project’s last five-year Hotels Encouragement Act agreement having expired on March 31, 2024, there are fears that the Government may demand the retroactive payment of Customs/import tariffs and real property taxes by homeowners on the basis that the developer has failed to live up to its Heads of Agreement commitments.

“If the Government doesn’t renew that Hotels Encouragement Act, they’re going to retroactively say you didn’t live up to your agreement and demand the Customs

Aviation ‘didn’t cut off our nose to spite face’ in fire

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamian aviation industry worked feverishly to ensure “we didn’t cut off our nose to spite our face” amid yesterday’s temporary fire-enforced fight suspension at Lynden Pindling International Airport (LPIA).

Anthony Hamilton, president of the Bahamas Association of Air Transport Operators, told Tribune Business that airlines, the Nassau Airport Development Company (NAD), LPIA’s operator, and all relevant sector stakeholders were in constant communication over the nearby Coral Harbour forest fire throughout the day as they sought to balance “trade and commerce” with health and safety.

Speaking shortly after flights resumed at 1pm, one hour earlier than anticipated following the one-and-a-half hour suspension that began at 11.30am, he acknowledged

that the fire’s impact on The Bahamas’ main airlift and aviation cargo gateway “really could have been worse” but praised the industry for managing the fall-out well.

NAD had initially warned that the temporary flight suspension could last until 2pm, but Mr Hamilton later confirmed to this newspaper at around 4.30pm that “flights are still taking off” and “things are still functioning” with the immediate threat to aviation traffic appearing to have eased.

Robert Sands, the Bahamas Hotel and Tourism

duties owed by you as the developer and real property taxes,” one source, speaking on condition of anonymity, said. The now-expired Hotels Encouragement Act agreement provided for tax breaks and exemptions on $255.834m worth of imports.

February Point’s woes were detailed in a missive, which appears to have been a circular to the project’s homeowners dated January 6, 2023, that was leaked to the media.

Following multiple checks, Tribune Business sources confirmed the contents were “pretty accurate if over-exaggerated”, with the Hotels Encouragement Act agreement, its expiry, and whether the project has met its commitments among the issues.

“It is unclear that February Point actually is in good standing with the Government and can allow others to benefit from the tax relief afforded by the Hotels Encouragement Act,” it said. “Homeowners are at risk if compliance was not in effect, and they filed

Association’s (BHTA) president, told Tribune Business that the temporary halt to airlift in and out of New Providence had “little to no impact” on local resorts and other industry operators. He added, though, that “we can only pray there’s no occurrence of such an event in the future” given the unpredictability of climate change and the difficulty involved in preparing for future events as-yet unknown.

Mr Hamilton, also Southern Air’s director of administration, described yesterday’s aviation industry response as “a process” after NAD warned that “air traffic control (ATC) services at Lynden Pindling International Airport will be suspended from 11.30am to 2pm today due to low visibility resulting from the fire on Coral Harbour Road”.

“Smoke from the fire has also impacted air traffic control officers who manage the airspace for LPIA. During this period, there will be no inbound or outbound flights unless conditions improve,” the LPIA operator added. “Members of the public who are travelling today should anticipate flight delays over the course of the day” due to the back-up, and backlog, of aviation traffic caused by the temporary flight halt. Flights resumed one hour earlier than anticipated at 1pm, thereby helping to minimise the disruption, and Mr Hamilton said: “There are several meetings being held internally trying to make the best decisions because the smoke is impacting the atmosphere, which is challenged with

Pintard: Spending watchdog to target multiple concerns

By FAY SIMMONS Tribune Business

tribunemedia.net

THE Opposition’s leader yesterday said Parliament’s spending watchdog is seeking answers to a “range of issues” involving Bahamas Power & Light (BPL), sporting event cost overruns and a $250m IMF loan.

Michael Pintard, speaking ahead of yesterday’s Public Accounts Meeting (PAC), the only House of Assembly select committee that the Opposition controls, explained it will be investigating numerous Auditor General reports that raised concerns over how taxpayer funds are being managed and spent by the Government.

“The first issue we addressed was concerning the Consumer Protection Agency, and the concerns around whether or not they rented space

for an inordinate amount of money or inconsistent with what we believe would be the appropriate rates,” he added. “We’re in the process of drafting the final report relative to that.

“We are now seeking to address a range of issues, and we thought it best to look at all of the audited accounts as a pathway to address any concerns we have about how funds are being managed and whether or not the processes in different government ministries are

A BUSH fire along both sides of Coral Harbour Rd on May 13, 2024.

Photo:Dante Carrer/Tribune Staff

LEONARD SANDS

MICHAEL PINTARD

GOV’T AWARDS 43 SUSTAINABLE FOOD GRANTS

By FAY SIMMONS

FORTY-three fishermen and farmers have been presented with sustainable food grants by a variety of government agencies.

The Ministry of Agriculture and Marine Resources, in conjunction with the Small Business Development Centre (SBDC) and the Bahamas Agricultural and Industrial Cooperation (BAIC), awarded grants to recipients from multiple islands. Twelve were based in New Providence and Grand Bahama, respectively, and the other 19 from the Berry Islands, Andros, Eleuthera, Exuma, Long Island and Cat Island.

Jomo Campbell, minister of agriculture and marine resources, said this round

of applicants was the first time that the Family Islands submitted more proposals than New Providence. The number of fishing and agriculture applications were “neck and neck”.

He said: “Grand Bahama was the island that had the most applicants with 80, with New Providence coming in at a close second with 78 persons. This, I’m told, is the first time in history where another island has beaten out the capital.

“What’s also pleasing to me is that fishing and agriculture were neck and neck… with the amount of applicants looking to jump-start or rejuvenate their food production businesses.”

Mr Campbell said the Davis administration is committed to investing in food production and reducing food imports, and

encouraged the awardees to explore climate smart technology to increase their yields and to collaborate with other entrepreneurs in the sector.

He said: “We are continuing our commitment to invest in food production businesses in order to reduce our reliance on food imports, and create new economic opportunities for today, tomorrow and many more years to come.

“It is our sincere hope that you use this grant to explore limitless opportunities to increase food production in our country, especially with climate smart technology to increase your yields. We hope that some of you will consider collaborating, perhaps one with another. By pulling your resources together, you may establish meaningful partnerships

that can increase your yields as well as your revenues.”

Mr Campbell said that due to the amount of applications the programme received he will advocate to Cabinet to continue the initiative and assist other entrepreneurs in the sector.

He said: “Just for the fact that it was oversubscribed, I’ll definitely be going to my Cabinet colleagues and indicating that we have to replicate this programme again in the very near future, because we want to ensure that we accommodate as many persons as possible once they meet the criteria and all of the necessary requirements.

“It’s about helping others to help themselves and, from what we can see here today, these grants will definitely go a long way across a wide section of agriculture

and fisheries. So the future looks bright.”

Samantha Rolle, the SBDC’s executive director, said the awardees are expected to continue training to expand their business and will be given support where needed.

She said: “For those who have been approved, there are a number of expectations having to do with the training. We also provide training to help them either start up or to help with the expansion of their existing business.

“A lot of that would be facilitated through our partners.. the Ministry of Agriculture and Marine Resources and BAIC, who would assist these entrepreneurs. Some of them are processors, some of them are within the agricultural space and the fishery space.

Freeport Business Expo attracts 400 attendees

THE Grand Bahama Port Authority (GBPA) says its Freeport Business Expo 2024 attracted more than 40 exhibitors and

400 attendees earlier this month. Held at the Grand Lucayan’s convention centre ballroom on May 2, the 2024 Expo attracted ten international participants among the 40 exhibitors, including representatives from the US, and thirty from Grand Bahama and New Providence.

More than 400 attendees, including qualified buyers, new and established entrepreneurs, and business owners benefited from the knowledge, experience, products and services displayed together with demonstrations by the Expo’s exhibitors.

“The GBPA is committed to creating a stronger, more sustainable and more connected Freeport economy,” said the GBPA’s president, Ian Rolle. “The 2024 Business Expo provided a platform for tourismrelated international, national and local vendors to educate attendees about their products and services, and help light a path to a bolder and brighter future for Freeport’s business owners and budding entrepreneurs.”

The displays included the ProGlider Boat; all-terrain

and utility terrain vehicles; new products from Nautical Ventures, Sub Sea Systems and Triton Submarine, and the Easy Car electric vehicles that were available for test drives throughout the show. Other exhibitors included LocketGo, AquaBanas, HiWater, BB.Q Chicken Bahamas and RIVA Motorsports.

“Our goal was to bring a fresh and innovative Expo experience to showcase the possibilities of some of the newest and best attractions abroad,” said Glendia Sweeting, the GBPA’s manager of quality assurance and special projects.

“We proudly welcomed more than 400 attendees, filled the entire Grand Lucayan convention centre ballroom with local and international service providers, and presented ten on-site educational

“Particularly those who are starting up, of course, would get that support from marine resources in terms of licensing, helping those who need to get the engines or the boats, the traps, whatever equipment and tools that are needed, they will be supported in that regard.”

Ms Rolle added the funding provided through the programme will help to provide employment opportunities for others interested in the sector.

She said: “Now, outside of that, it is a matter of multiplier effect. We’re hoping that while we provide the seed funding to these entrepreneurs, they will then be able to provide input into our economic fabric and also help to hire, so employment opportunities for those trying to get into the very same space.”

sessions. The many knowledgeable speakers and captivating presentations, along with a diverse trade show experience, inspired all who attended.”

Mr Rolle added: “The enthusiasm was evident as you walked the showroom floor, spoke to attendees and engaged with exhibitors. At GBPA, we are proud of the innovative work we do to help ensure a sustainable and successful future for Freeport’s businesses.

“We’ll continue to provide platforms that connect local, national and international service providers with Bahamian business leaders, and provide opportunities for them to meet potential business partners, gain insight on financial opportunities and help entrepreneurs bring their dreams to fruition.”

FIRE DAMAGES BPL’S WEST NEW PROVIDENCE NETWORK

By FAY SIMMONS

BAHAMAS Power & Light (BPL) yesterday said it had to shut down parts of its western New Providence infrastructure for several hours until the raging Coral Harbour Road fire was brought under control.

The state-owned utility, in a statement, said it was forced to conduct an emergency shutdown of several

primary feeders while several poles and lines were damaged by the blaze. Technicians are now working to repair them. “Supply has been restored to all areas after BPL’s T&D (transmission and distribution) network was impacted by the blaze. While there was some minor impact on Monday, on Tuesday conditions worsened and we lost several poles and lines were damaged. This caused customers, primarily in western and south-western New

Technology and science camp in return blast-off

A BAHAMIAN former NASA rocket scientist and Blue Origin astronaut has announced the return of Hack IT Bahamas from July 23-27 this year.

Aisha Bowe, also chief executive of LINGO Solutions, said the week-long Science, Technology, Engineering and Math (STEM) camp aimed to empower Bahamian youth. It is designed to inspire and develop the next generation of technology innovators and entrepreneurs through hands-on STEM education, mentorship and entrepreneurship.

Hack IT Bahamas 2024 will host students in grades nine to 12, giving them a chance to engage with leading industry specialists and participate in handson activities that combine technology and entrepreneurship. The camp is free of charge.

LINGO Solutions said participants will explore areas including space, coding, AI (artificial intelligence) and more. Students will also be encouraged to think like entrepreneurs by

developing a start-up solution (hack) to a real-world problem that improves life in The Bahamas.

Industry leaders will mentor students, sharing lessons learned, insights and providing guidance, and the camp will finish with a pitch competition where students will present their projects to local business leaders for a chance at mentorship, employment or even investment.

“Hack Bahamas is more than just a camp; it’s a movement to democratise access to technology education in The Bahamas,” said Ms Bowe. “We believe that every student, regardless of background, should have the opportunity to make an impact in the tech world. This camp is a step towards making that belief a reality.”

Registration for Hack Bahamas 2024 is open now. Interested students and their parents are encouraged to visit https://www. hackitcamp.com/ for more information and to apply.

Providence, to lose electricity supply,” said BPL. “Our teams worked to re-route service from other parts of the network and restore supply. We have crews who are replacing the damaged poles and, at the same time, will remain vigilant and ready to respond should conditions change. The areas impacted include: Adelaide, South Ocean, Coral Harbour, Sandyport, Delaporte, Westridge and portions of West Bay Street.”

BPL said the rerouting of customers “may result in periods of supply interruption to ensure we do not overload our circuits. Our teams are closely monitoring this until normal operations resume”.

Fire officials closed Coral Harbour Road on Monday due to low visibility and reopened it yesterday afternoon. At the scene on Monday, chief superintendent of police, Chrislyn Skippings, said the fire posed no threat to nearby residents, adding

that forest fires of that magnitude occur every three to four years. Fire Services chief superintendent, Kendrick Morris, said last night that firefighters were still actively “combating” the fire but most has been extinguished. He called for motorists to exercise extreme caution as the area is still filled with smoke, causing 60 to 70 percent visibility. He added: “We still have two units on the scene combating the fire. Most of the fire has been extinguished.

However, there is still heavy smoke. Drivers using that road need to exercise extreme caution due to the smoke. There is visibility - there’s about 60 to 70 percent visibility - but the area is still filled with smoke.”

The Ministry of Education and Technical Vocation Training also closed Gambier Primary School at 12.30pm yesterday due to the concentration of smoke in the surrounding area.

The Disability Affairs Division of the Department of Social Services has been RELOCATED from 4th Terrance Centerville to

Alexander House / Department of Social Services, Robinson Road and Montel Heights with effect from 29th April, 2024.

Phone contact 397- 2503/ 397-2525

The Honourable Myles K. LaRoda, M.P. Minister of Social Services, Information and Broadcasting

Today the Community Affairs Division within the Ministry of Social Services, Information and Broadcasting and partners, celebrate the International Day of Families under the 2024 theme for Global Family Day “Embracing Diversity, Strengthening Families” and the United Nations 2024 theme: “Families and Climate Change.”

The year twenty-twenty four marks the 30th Anniversary of the International Year of the Family. We agree with the United Nations warning that “Without drastic action, adaptation to and mitigation of the impacts of climate change will become increasingly diffcult and costly.” We also believe that healthy, wholesome, self-suffcient families are crucial to our nation’s social and economic growth and development, and climate action.

Activities have been planned with our partners and stakeholders to recognize this day. Among them is the launch of the programme titled “The Heartbeat,” which is the frst of a series of shows produced by the Ministry of Social Services, Information and Broadcasting. Renowned journalist, Clint Watson, will host the show that will provide a platform for victims of abuse to share their stories and for experts from the public, private, and civil society sectors to offer their insights and guidance. The Heartbeat will be launched from SuperClubs Breezes on ZNS TV 13 from 8:00pm to 10pm this evening, 15th May, in front of a live studio audience. Survivors and experts will talk about what went wrong with our families and what we can do to strengthen our families and communities. The Honourable Wayne Munroe and I will give the fnal word on how we move forward to build stronger families and communities. Our aim is to empower and restore hope.

As we mark International Day of Families, let us reaffrm our commitment to the values that have always been the bedrock of our society: love, compassion, respect for one another and National Pride. By working together to restore, reinforce, and advance family life, we can build a stronger, more resilient nation that provides opportunities for all of its citizens to reach their full potential.

THE FIRST-place winners of HACK IT camp’s 2022 competition pose with their $1,000 cheque.

PUBLIC and private school students interested in STEM studies will have the chance at a week of innovation, exploration and inspiration with the return of Hack IT Camp Bahamas.

Photo:Courtesy of Hack IT

International Day of Families Message

Sale mulled for ‘crown jewel’ of Great Exuma

and took relief for the years that coverage had possibly lapsed.

“We have been told by home owners that recently sold their home that they had to pay back taxes to clear their title for sale...... We have uncovered that the issue that persists is that February Point has not done enough development through the years since the original approval, and now has fallen into oversight by the Government.

“The [Department of] Inland Revenue has taken exception and will not recognise that February Point complies under the Hotels Encouragement Act. This causes all kinds of issues for new buyers and existing homeowners trying to sell and have been taking relief of taxes under the Hotels Encouragement Act.”

Mr McGarvey did not respond to Tribune Business requests seeking comment. When this newspaper called his Florida offices, and informed the lay who answered of its identity and the nature of its inquiries, she replied:

“He’s not available but I’ll let him know you called.” She immediately put the phone down without taking this newspaper’s number so that Mr McGarvey could return the call, and appeared to be protecting and shielding him. An e-mail sent to Mr McGarvey’s personal work address, which did not rebound, was not replied to. Representatives for the minority homeowner investor group also failed to respond to this newspaper’s inquiries.

However, one source close to February Point homeowners, speaking on condition of anonymity, said of the leaked circular: “February Point is not falling apart, it’s not going to hell, but for the vast majority of individuals it’s not doing what it should be doing.

“It’s the finest you’ll find in George Town. You walk in here and look at Elizabeth Harbour and look at the location of February Point and there’s no reason in the world why this can’t be a thriving community but it’s stagnant.”

They confirmed that the circular’s assertion that no new home has been built in February Point for the past ten years since the present developer group took over is “fairly accurate”.

The source added: “The reason for that is February Point does not enjoy the best reputation for being a harmonious residential community. There was no transparency for a very long time.

“People are not happy, and that’s why there are no sales. They’ve not sold one lot; absolutely nothing since they took over from the Harts. It doesn’t inspire confidence in the future.”

This was echoed by another contact familiar with February Point, who asserted that all property sales occurring within the development since 2014 have involved pre-existing homes.

“No sales from the developer to a single person,” they added. “No new home has been built and not a single lot has been sold from the inventory of the developer. It has to change ownership, and even that is difficult because they

cannot agree on a price in the first place.”

While Mr McGarvey has received the lion’s share of blame for February Point’s ills, Tribune Business sources suggested that he is conveniently - and unfairly - being made a scapegoat because the homeowner investor group that partnered with him to acquire the development are frequently at odds with him.

February Point’s immediate Bahamas-based holding company, FP Associated, is owned 100 percent by a Delaware incorporated entity, FP Management Company. The latter is majority-owned by Mr McGarvey, who holds around 55 percent of the equity, while the homeowner group controls the remaining 45 percent.

This newspaper understands that February Point is effectively paralysed because the two sides “cannot agree on anything” and therefore the project has no direction, strategy or vision guiding its build-out. While many homeowners blame Mr McGarvey because he has majority ownership, others are

WALL STREET ENDS HIGHER, SENDING NASDAQ TO A RECORD HIGH

By DAMIAN J. TROISE AP Business Writer

STOCKS rose on Wall

Street Tuesday, pushing the Nasdaq composite to another record and leaving the S&P 500 sitting just shy of its own all-time high.

The late gains closed out a mostly wobbly day of trading as investors reviewed a mixed report on inflation and await an even more important inflation update on Wednesday. Stocks have been generally gaining ground in May following a dismal April. The S&P 500 index rose 25.26 points, or 0.5%, to 5,246.68. It is sitting about 0.1% below its record high set in late March. The Dow Jones Industrial Average rose 126.60 points, or 0.3%, to 39,558.11. The Nasdaq composite, which is heavily influenced by technology stocks, jumped 122.94 points, or 0.8%, to 16,511.18, setting a record high. The tech sector has been a driving force for much of the broader market's gains this year.

LEGAL NOTICE

NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that JJPS Investments Ltd. has been dissolved and has been struck from the Register with effect from 3rd May, 2024.

Ian Atkins and Juliana Glinton LIQUIDATORS

c/o EFG Bank & Trust (Bahamas) Ltd

Goodman’s Bay Corporate Centre, 3rd Floor, West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

Several "meme" stocks, including GameStop and AMC Entertainment, raced higher in a reprise of the social-media driven frenzy of three years ago. GameStop jumped 60.1%

and AMC rose 32%. Both stocks gave back much of their gains from earlier in the day.

An update on inflation showed that prices remain stubbornly high at the wholesale level, before many price changes are passed along to consumers. The latest producer price index showed that inflation rose sharply in April. The report also included a revision lower for the March reading. The report is the first of two big inflation updates this week that are

NOTICE

NOTICE is hereby given that ODALYS GUZMAÑ MARTINEZ of Silver Gates, Silverado Close, 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 15th day of May2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

SALESPERSON WANTED for established technology company based in Nassau.

Must haves include: drive, ambition, excellent presentation, oral and written communication skills, and technology awareness. Direct selling experience a plus, career path guaranteed. Must have your own vehicle. Base salary plus commission, health and pension plans, etc.

Reply to: with your resume and cover letter to resourcesit2@gmail.com with your resume and cover letter.

The 44th Annual General Meeting of the Public Workers’ Co-operative Credit Union Limited (PWCCUL) will be held on Friday, May 31st, 2024, with registration starting at 4:00 p.m. and the meeting at 6:00p.m.

arguing that the minority group has also not lived up to its side of the bargain. “February Point is still the crown jewel of Great Exuma,” one source said. “It is the gem of Great Exuma. If that doesn’t move soon people will get worried. It sends the wrong message to external investors.” The development is also unlikely to escape scrutiny given that Chester Cooper, deputy prime minister and minister of tourism, investments and aviation, also happens to be the local MP.

The leaked February Point circular also alleged that the project’s marina is continuing to deteriorate, with parts of the dock allegedly “unsafe” and presenting an “eye sore” that deters potential fresh investment and real estate buyers.

One source, confirming these assertions were “reasonably accurate”, said damage from a prior hurricane - thought to be Matthew - had yet to be rectified. “I’m tied up at a dock slip that survived,” they added. “One dock is completely destroyed, and

being closely watched by Wall Street.

"Inflation pressures in the U.S economy are still substantial and the momentum that built up over the last few years is still rolling along," said Bill Adams, chief economist for Comerica Bank. "At the margin the Fed will see the April PPI report as another reason to slow-roll interest rate cuts."

Bond yields edged lower. The yield on the 10-year Treasury slipped to 4.45% from 4.49% late Monday. The yield on the two-year Treasury, which more closely tracks expectations for actions by the Federal

there’s a couple of slips on the dock I’m tied up at that are unsafe and unusable. To a certain extent that’s accurate...

“The common areas need work. The roads are fine, security still works. The tennis courts need work. Anything that’s related to the common use for the benefit of owners has not been maintained the way they should be. The club, which is privately owned by McGarvey, and the pool area are in pretty good shape.

“If you weren’t familiar with this development and came here, of the big-ticket items the marina is in bad shape, the security as you enter looks OK, but there’s no life. There’s no feeling of improvement. There’s a feeling that there’s no future with this development,” they added.

“The homes, though, are first class. It is special. It occupies a very special point on Elizabeth Harbour, and the architectural features of the homes are very substantial, very impressive. All of the privately-owned homes are in exceptional, firstclass shape.”

Reserve, fell to 4.82% from 4.86%.

The bigger test for markets comes Wednesday, when the U.S. releases its monthly update on consumer prices, or inflation faced by households. Economists expect the consumer price index to ease to 3.4% in April on a year-over-year basis. The rate of inflation has been ticking higher in 2024, raising concerns that the Fed could have a hard time taming inflation to the central bank's goal of 2%. Investors have been curtailing their expectations for the speed and frequency of interest rate cuts this year as inflation remains hotter than expected.

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 HHI CORPORATION LIMITED (IN VOLUNTARY LIQUIDATION)

NOTICE IS HEREBY GIVEN that in accordance with section 138(4) of the International BusinessCompanies Act, 2000, as amended, HHI CORPORATION LIMITED is in dissolution.

The dissolution of the said Company commenced on May 13th, 2024, 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 Kim D Thompson of Equity Trust House, Caves Village, West Bay Street, P O Box N 10697, Nassau, Bahamas.

Kim D Thompson Sole Liquidator

members to the: i) Board of Directors (3); ii) Supervisory Committee (2); iii) Credit Committee (2); and iv) Nomination Committee (3) All members in good standing are encouraged to attend and participate. REFRESHMENTS WILL BE SERVED. PUBLIC WORKERS’

Contractor chief: ‘Negotiate harder’ over $290m hospital

from the Chinese state in this fashion it comes with a labour component and that always puts Bahamian contractors at a disadvantage.

“While we need a new hospital, we’re delighted it is on the drawing board and it’s proposed, we still wonder if we could have found financing from somewhere else or negotiated harder to ensure the primary contractor is Bahamian.”

Dr Michael Darville, minister of health and wellness, confirmed to Tribune Business earlier this week that a “Chinese contractor will be the lead contractor” and acknowledged that Chinese labour always follows where Beijing’s capital goes - as it has done on Baha Mar, The Pointe, British Colonial, and Thomas A Robinson national stadium and a host of other developments locally and internationally.

However, he pledged that the Government will seek to ensure Bahamians “get the best end of the stick” and that local workers outnumber their foreign counterparts on the project. “What happens with Chinese concessional loans and the China ExportImport Bank is that there’s a Chinese contractor directly tied in,” he told Tribune Business.

“In our negotiating process, I can assure you the

Bahamian people will get the best end of the stick with more Bahamian manpower numbers on the project than Chinese. The [loan] details have not been finalised. It’s not completed yet. The terms of the labour component will be completely transparent to the Bahamian people like the Gateway [airport road] project.

“We’re going to negotiate in the interests of Bahamian workers to ensure we have more Bahamian workers on the project that Chinese workers. You’re right. Typically these concessional loans from China come with a labour component, and we’re going to do our best to ensure Bahamians benefit financially from this project.”

While The Bahamas has received major resorts and hotels, plus several thousand permanent jobs, in return for these investments, the stipulation that they are built primarily by Chinese contractors and labour deprives their Bahamian counterparts of critical earnings and experience. Much of the construction spend also leaks out of The Bahamas as the Chinese seek to maximise use of their own materials.

Mr Sands, in a nod to these concerns, told this newspaper: “We need a new hospital, good. We’ve identified the site, good. We’re happy for that, but we think

we have contractors locally who are very capable contractors, large contractors very capable of taking on this project.

“The funding challenge.... $300m is a small amount. We could get half of it from local banks, and half of it from US institutions or the likes of the Inter-American Development Bank (IDB). I don’t know why we have to get it from the Chinese state. It comes with Chinese labour. We have to be more creative because we put the Bahamian in a less advantageous position when dealing with Chinese financing. It is what it is.”

Dr Darville earlier this week noted the “political” sensitivities of accepting financing from a Chinesegovernment owned bank, namely the China ExportImport Bank, but said The Bahamas had reached out to the US equivalent - the Export-Import Bank of the US - and other governmentowned development banks and multilateral institutions but there was little to no “appetite” by others to take the hospital project.

He pointed out that multiple other Caribbean nations, such as Barbados, Trinidad and Guyana, were already exploiting low-cost Chinese loans to finance major healthcare and other infrastructure projects throughout the region so

AVIATION ‘DIDN’T CUT OFF OUR NOSE TO SPITE

it, and the flight situation, which is challenged as well.

“The industry, the authorities, the various agencies are collaborating to make sure we get the best decisions out of this.

We’re trying to mitigate the impact to commerce and trade; in essence, the impact for the economy. We’re trying to manage it to make the best decisions so that we do not cut off our nose to spite our face.”

Confirming this meant balancing health and safety with economic factors, and ensuring aviation traffic was not halted unnecessarily, Mr Hamilton said the authorities provided regular updates to the airlines and other LPIA stakeholders.

“I think the authorities are doing a pretty good job,” Mr Hamilton said.

“There’s a customer service and management situation right now in real time.” This involved the disruption and delays to scheduled commercial flights, and the resulting inconvenience. He added that NAD had indicated LPIA would remain open later into yesterday evening “so flights can come in” and planes end the day in required position.

“Like anything else you pre-plan for these types

of thing,” Mr Hamilton said. “In this instance it’s kind of an ad-hoc situation because nobody anticipated a fire, but you plan ahead for disruption and airlines’ contingency plans kicked in when this thing occurred.

“I don’t see the impact as being long-lasting. It’s unfortunate that proximity lends itself to fall-out as far as the airport is concerned. It was not so much the fire; it was the smoke factor that provided major disruption.

“You had smoke impacting the environment such that when you stepped outside the terminal and moved outside the office you could feel where the smoke penetrated. Fortunately, it was not too deep. It could have been worse. It really could have been worse.”

Mr Sands, the BHTA president, told Tribune Business of yesterday’s temporary airlift suspension:

“It’s a a most unfortunate incident, and certainly the Government in terms of the fire itself worked as quickly as possible to have it extinguished.

“The suspension was very temporary from 11.30am to 1pm. We are not aware of any impact on business levels as a result of that short period. From that perspective, we’ve been in

constant communication with the authorities, who were on top of the matter and responded extremely well. The major issue with this was the health and safety of the workers in the [air traffic control] tower and everything is back to normal.

“The actions put in place reduced the suspension timeframe for air arrivals and departures. I’m not aware if any impact on any of our members’ business levels. It’s a combination of various agencies being on top of the matter and, to some extent, the changing of the winds helped us,” Mr Sands added. “It’s a combination of events that ensured there was little to no impact on business levels to The Bahamas.”

Asked whether the Coral Harbour forest fire should serve as a wake-up call, and if it could have caused a much more damaging impact, Mr Sands replied: “I don’t want to be an alarmist. I think we have to look at the actual course of events and actions taken that resulted in minimal to no disruption to business levels.

“I don’t want to begin to anticipate or suggest what may have happened because it didn’t. We can

The Bahamas’ decision has not been taken in isolation.

“This doesn’t happen by chance,” Dr Darville said of the loan. “I went throughout the Caribbean. I went to Guyana, I went to Trinidad. The Chinese are building and funding many healthcare facilities throughout the Caribbean.

“I’ve spoken to my counterparts in the Caribbean. It’s very interesting. The entire region is using Chinese financing for major infrastructure works. Barbados is, Trinidad is, Guyana is. Everybody is dealing with Chinese financing. We looked at the political implications. We reached out to the US Export-Import Bank, we reached out to others.

The majority didn’t have the appetite in the early stages.” The Government’s squeezed fiscal position will doubtless have been another factor driving the Davis administration towards “concessional financing” from China given that the annual debt servicing burden will likely be much lower than other funding options.

The China Export-Import Bank, which financed Baha Mar’s multi-billion resort, has agreed to fund the hospital via a 20-year loan with interest at just 2 percent.

Contractors, though, are not the only group of Bahamian professionals voicing concern over the hospital plan. Tribune Business last

FACE’ IN FIRE

only pray there’s no occurrence of such an event in the future. We live in a world where climate change is a reality, and we are not aware of what some of the occurrences may be.

“We can be as prepared as possible to address these situations. Until we are confronted with them, we are not able to do anything more than that. From that perspective you begin to contemplate what may have happened, but the fact of the matter is it did not happen. I think that’s

night obtained a 12-question strong survey that the Medical Association of The Bahamas (MAB) has sent out to its members to obtain “physician views and concerns” on the “proposed New Providence hospital”. Among the questions posed are those that seek to obtain doctors’ views on constructing a new hospital when there is “urgent need for improvement at the current public hospital”, namely the Princess Margaret, and whether the new $290m facility cab “address the challenges and shortcomings of the current public hospital” that they have experienced.

Doctors are also asked to forecast if the new hospital will cause “changes in work dynamics, patient load and resources”, and whether they and other physicians should have a role in “shaping the policies, practices and procedures of the new hospital”. Other questions involve whether building a new hospital is “fiscally sound”, whether an alternative location would be better, and if a new hospital is needed now.

Issues of “physician burnout”, workload and “resource shortages” also feature among the questions. Well-placed Tribune Business sources, speaking on condition of anonymity, confirmed that the MAB has invited doctors and

key,” the BHTA president continued.

“I think that everybody’s relieved, but we must not take for granted the efforts of the agencies that worked together to achieve the desired result. We must not under-estimate ‘safety first’ before economic benefits. That was the consideration that took place today. It was a safety precaution.”

NAD confirmed the resumption of flights from 1pm yesterday, stating:

“Please be advised that air traffic control (ATC) services at Lynden Pindling International Airport have resumed at 1pm today following an interruption

members to a virtual meeting to discuss the proposed hospital plan.

Dr Duane Sands, former minister of health and current FNM chairman, yesterday said of the new hospital: “I am not convinced this is much more than a PR exercise.” He added: “I know the MAB has a significant number of questions about the planned redevelopment and are requesting an audience with the minister.

“Some of the issues raised about the duplication of services and fragmentation of resources are at the top of that list.” One doctor, speaking on condition of anonymity, said: “There are definitely concerns with the funding of it, and also it’s location. Location and funding are certainly a part of it, and lack of consultation as usual.

“The Government is not engaging healthcare professionals, and is making arbitrary decisions about where physicians work and what they’ll do and how they’ll do it. Most of the physicians have created their practices around the hospital. Logistically, with moving the hospital it will obviously create quite a bit of movement for physicians moving back and forth as it relates to travel distance and the congestion we currently have on the streets of Nassau.”

to services as a result of the fire on Coral Harbour Road.

“At this time inbound and outbound flight operations are taking place, and it is anticipated operations will continue as long as conditions permit. Members of the public who are travelling today should anticipate flight delays. Persons are encouraged to contact their airlines directly for flight updates.”

Mr Hamilton, speaking to Tribune Business at 4pm, said: “Things are still moving. Things are still in operation. Planes are still taking off. Things are still functioning.”

outlined in The Bahamas Building Controls rules and regulations,” said the Downtown Revitalisation Unit’s letter.

“Per The Bahamas Building Code’s Chapter 28. 2801.3, the public way regulations stipulate that any land designated for public passage should be unobstructed from the ground to the sky, with a width of more than ten feet, to facilitate the free movement of the general public.

“Therefore, the sidewalk areas must remain free from any obstructions that could hinder pedestrian traffic. Business owners will have 14 days to remove these signs before a Tourism Unit police officer takes official action.”

Senator Randy Rolle, the Ministry of Tourism’s global relations consultant, who has been tasked with spearheading Bay Street’s and wider downtown Nassau’s revival, told Tribune Business the signs were placed during the COVID-19 pandemic to attract customers as foot traffic was slow.

He explained that as the number of tourists passing through downtown has significantly increased, the signs now obstruct pedestrians and create a safety hazard.

Mr Rolle said: “Before the pandemic, there were none of those signs. People started to get creative because, during the pandemic, it was less traffic and so it was allowed. Now that traffic has increased on Bay Street, and there are thousands of tourists all the time on the walkways, it’s becoming very difficult.

“It allows them to be more creative, but in an environment where you want there to be fair competition you want people to be able to pass through and come inside your store, giving you an opportunity to sell your product. You want to create an inviting environment that would increase direct traffic.”

Mr Rolle said businesses were “very compliant” with the request, and major

retailers such as John Bull had agreed the effort would improve the appeal of the area and ensure the safety of pedestrians.

He added: “They were very compliant, and they totally understand. We may have had one or two out of concern of how are we going to attract clients.

“But the big stores, the John Bulls, the major players down there, they thought it was good and it would help with cleaning up downtown and, again, because of the traffic of so many tourists walking downtown, it allows them to get back and not have to walk in the streets that may compromise their safety.”

Mr Rolle added that there has been a “great” response from local artisans to the Downtown Mural Project, which is now in its final stages.

He said: “The mural project is in the final stages now. There is a meeting on a Thursday with the committee and the deputy prime minister [Chester Cooper] to look over the final lists and, based on that, the committee is going to give its recommendations and then it will be up to the deputy prime minister to advance the process

“We’ve had some great responses. It’s very exciting. There’s some real talent in The Bahamas and I think that The Bahamas is going to be extremely pleased with what comes out of it. The persons who are a part of it, it’s a cross-section of individuals and so I’m very excited about that.”

Many visitors, including the up to 30,000 passengers that pass through the Nassau Cruise Port daily, stroll down Bay Street but many complain about downtown’s condition, cleanliness and the lack of activities. The Downtown Revitalisation project is aiming to give Bay Street a facelift through the installation of pedestrian zones, a business incubation centre, green spaces, a cultural village and other initiatives.