‘Top MP’s relative’ in Athol Island project controversy
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A“relative of a high-ranking MP” is among the groups engaged in unregulated development on Athol Island for which no environmental permits or approvals have been issued,ithasbeenalleged.
Adrian White, Opposition MP for St Anne’s, made the accusation that politically-connected persons are involved in activities where “all the rules, regulations and boundaries” set down by The Bahamas’ environmental laws and standards havebeen“thrownoutthe window”.
Arguing that the land clearing and cutting on the island, which is a site of historical significance and sits at the heart of a Marine Protected Area (MPA), threaten “irreversible” consequences unless
immediately halted, he told Tribune Business that the unregulated developmentalsoposesathreatto the storm surge “barrier” thatAtholIslandoffersfor New Providence’s northeasternshoreline.
Mr White did not identify the “MP’s relative” he was referring to, and multipleothercontactsspoken to by this newspaper also declined to name him for fear of victimisation. However, the Department of Environmental Planning and Protection’s (DEPP) chief confirmed to Tribune Business that no environmental approvals have been given to any developer or project on AtholIsland.
GOVERNOR: NO PLANS FOR DEPOSITORY PRIVATISATION
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Central Bank’s governor yesterday said there are currently no plans to privatise the newly-created government securities depository (BGSD)ascalledforbythe IMF.
JohnRolle,respondingto the International Monetary Fund’s (IMF) report on the government debt securities market, told Tribune Business that while numerous consultants have suggested outsourcing the Bahamas Government Securities Depository (BGSD) to the private sector such a move would only occur “over a reasonable medium-term horizon”.
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AN Eleuthera resident yesterday said she was forcedtofleeherhomeand island,andtraveltoNassau to celebrate Independence, becauseshe“can’ttakeany more” of the island’s electricitywoes.
Mildred Young, a retired civil servant and teacher, told Tribune Business that she has already told relatives with young children nottovisitherthissummer because Eleuthera’s frequent and long-lasting power outages “don’t combinewellwithmosquitos”.
“I can’t take it. That’s why I am in Nassau,” the 69 year-old, a member of the Wemyss Bight Restoration Group, explained.
“Presently I am in New Providence because I cannot take what is going on in my village. Power,
Be proactive on the cyber security threat
remains a critical concern. The evolution of cyber threats has made it evident that no business, regardless of size or industry, is immune to attacks. The
landscape of cyber security is constantly shifting, prompting businesses to adopt advanced security measures to protect their data and maintain consumertrust.
Cyber attacks have become more sophisticated and frequent, with hackers exploiting any vulnerability for illegal gains. Ransomwareattacks,wherehackers encrypt a victim’s files and demandpaymenttorestore access, have seen a dramatic increase and have targeted businesses across the spectrum. Phishing scams, which involve fraudulent communications appearing to come from a reputable source in a bid to steal sensitive data, continue to evolve, leveraging morepersonalisedtactics.
One of the most significant trends in cyber security is the integration of Artificial Intelligence (AI). AI technologies are being employed to enhance security protocols, detect unusual patterns of behaviour and respond to threats in real time. Machine0learning algorithms can analyse vast quantities of data to identify potential threats more quickly than human teams, significantly reducing response times and preventing breaches beforetheycauseharm.
Businesses are increasingly focusing on cyber resilience - the ability to anticipate, withstand, recover from and adapt to adverseconditions,stresses, attacks or compromises on systems. It involves not just defending against attacks but preparing to operate during and after an attack. Cyber resilience plans include robust backup solutions, the ability to isolate affected systems quickly and strategies to maintain critical functions even when parts of the information technology (IT) environment are compromised.
The concept of Zero Trust architecture has gained traction, fundamentally shifting the approach to cyber security from “trust but verify” to “never trust, always verify”. This securitymodelassumesthat threats could be external or internal, and thus verifies each request as though it originates from an open network. Implementing Zero Trust requires comprehensivevisibilityintoall users, devices and network traffic, and strict enforcement of access controls, thereby minimising the attacksurface.
As more businesses migrate to the cloud, securing these environments has become a priority. Cloud security now includes advanced encryption methods, more stringent access controls and continuous monitoring for unusual access or external threats. Cloud providers and businesses are collaborating more than ever to ensure that data in the cloud is protected against potential breaches. With the increasing prevalence of data breaches, regulatory bodies around the world are imposing stricterdataprotectionregulations. Businesses must stay informed about these regulations, such as GDPR (General Data Protection
Regulation) in Europe and CCPA in California, to avoid hefty fines and legal issues. Compliance is not justalegalrequirementbut also a way to demonstrate tocustomersthatabusiness is serious about protecting theirdata.
Despiteadvancesintechnology, the human factor remains a significant vulnerability. Continuous employee training on the latest security practices and common cyber threats is crucial. Simulated phishing exercises, regular security audits and a culture that promotes security awareness are essential in minimising risks associated withhumanerror.
As the digital landscape continues to evolve, so, too, does the field of cyber security. Staying ahead of the latest trends is crucial for businesses that want to protect their assets and maintain customer trust. Investing in advanced technologies such as AI, adopting a Zero Trust architecture, enhancing cloud security, complying with legal regulations and focusingoncyberresilience are all strategic moves that businesses should consider to safeguard their digital futures. In the face of everevolving cyber threats, proactive cyber security is notjustanITconcernbuta businessimperative.
NB: About Keith Roye II Keith Roye II is the chief operations officer of Plato Alpha Design, a bespoke software development company that specialises in business efficiency and profitability. Throughout his career in software development, Mr Roye has served as chief software engineer for companies in The Bahamas and the US. His work has led or assisted companies in generating millions of dollars in passive revenue, while saving millions through custom software design.
INDEPENDENCE DAY SALES DON’T COMPARE TO THE 50TH
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
RETAILERS say sales of Independence Day merchandise remained strong butwerenotcomparableto lastyear’s50thanniversary.
Mrs Wallace, owner/ operator of Janaees Uniform Centre, said many customers flocked to her storeearlythisweekasJuly 10approachedbut,priorto that,saleswereslow.
She added that this year had considerably fewer events leading up to Independence Day so there was less demand for apparelandothermerchandise,withinventoryleftstill availableforpurchase.
Mrs Wallace said: “At firstsalesstartedoutslowly, but you know people are last minute, so from Monday it’s been a completechange.
“Ifeelthatthe50thanniversary had more functions planned than the 51st, so while last year sometimes people would be shopping for multiple events, it’s not thesamethisyear.”
Last year was the first time that Janaees Uniform Centre carried Independence Day-related merchandise. The retailer reported being sold out of many items weeks prior to IndependenceDay.
Vendors selling t-shirts andothermerchandisealso
reported slower sales this year, with some still sellinggoodsuptoJuly10.
Speaking to Tribune Business, one vendor said while he had anticipated this year’s sales to be lower than the “unprecedented” numbers seen for the 50th anniversary, he did not think business would be so slow.
Hesaidthat,lastyear,his business would sell out of shirts every day leading up to Independence Day and had no merchandise left by July10.
He said: “I’ve been out here for years and I can tell you last year’s sales were unprecedented. That week before, I couldn’t stockupshirtsfastenough. I had a list with people to call when I get certain sizes and I was sold out of everything.
“This year, things been so slow. I mean, I make something, so I’m always thankful for that, and I knew it wasn’t going to be like last year this year, but I wasn’t expecting it to be this slow. Early in the week things started to pick up, but I still had things left over so I say let mecomeoutseeifanyone need anything to go out today and things been goodsofar.”
GB’S ECONOMIC OUTPUT BELOW COVID IN 2023
By NEIL HARTNELL
GRAND Bahama’s contribution to the country’s total economic output fell by $452m, or 22.6 percent, over the nine years to end-2023 to leave it as the sole island with a lower GDP than at COVID’s peak.
The Bahamas National Statistical Institute (BNSI), in unveiling data breaking down each island’s gross domestic product (GDP) contribution between 2015 and 2023, revealed that Grand Bahama’s economic output dropped from $1.998bn in 2015 to $1.546bn in 2023. The island’s annual GDP over that period peaked at $2.189bn in 2017, with 2023’s figure representing a declineof29.4percent.
And, according to the BNSI, Grand Bahama’s economic output hit a nine-year low of $1.53bn in 2022 before improving slightlyto$1.546bnin2023. Both figures were below the GDP generated by the island during the COVID19 pandemic’s peak, with output for 2020 and 2021 pegged at $1.771bn and $1.84bn,respectively.
The data shows Grand Bahama as the only
Bahamian island that has continued to stagnate economically, with all others having rebounded and increased economic output since the pandemic. Prime Minister Philip Davis KC previously alluded to this in his 2023-2024 Budget communication, and the Government is likely to seize on these latest figures to boost its case for change at the Grand Bahama Port Authority.
Thetwosidesarealready heading to arbitration over the Government’s claim that the Port Authority owes it a collective $357m for public spending in Freeport that exceeds tax revenue generated by the city between 2018-2022, with another $75m bill set tocomethisfiscalyear.
TheDavisadministration will likely argue that the BNSI data shows the Port Authority is failing to live up to its development obligationsundertheHawksbill CreekAgreement,andthat to reverse Grand Bahama’s declinefundamentalchange is needed in Freeport’s governance and business model.
“Grand Bahama’s GDP for 2023 increased marginally when compared to the previous year. The wholesale and retail trade, motor vehicle repairs, transport
and storage industry increased by $47m, while the arts, other services, household employment, and extraterritorial organisations grew by $12m,” the BNSIsaid.
“These increases abated the waning of a few Industries that previously bolstered the Grand Bahamian economy. In 2023, Grand Bahama represented 10.8 percent of the overall GDP of The Bahamas.” New Providence, meanwhile, produced “unmatched” economicexpansionin2023 as it led the overall economy’spost-COVIDreflation.
“The annual GDP trends for New Providence showed unmatched levels in 2023 when compared to any other year,” the BNSI report said. “Economic activity in the capital increased by 11 percent when compared to the previous year with industries connected to the tourism sector contributing the lion’s share of this increase.
“Accommodation and food services showed an increase of $436m, and arts, other services and household employment, extra-territorial organisations increased by $208m. In 2023, New Providence represented 77 percent of
theoveralleconomyofThe Bahamas.”Theisland’seconomic contribution jumped from $9.937bn in 2022 to $11.027bn, representing a nine-yearhigh.
Collectively, the Family Islands generated $1.765bn in total economic output in 2023. Abaco, which had to contend with Hurricane Dorian’s devastation as well as COVID, saw its GDP contribution increase by $20m year-over-year to $504m in 2023. The latter figure is still down on the $586m peak for the nine year-period that was generated in 2018 plus all years pre-Dorian.
“The GDP of Abaco for 2023 showed an increase of $20m over 2022. The economy of Abaco indicatedthatitisrecoveringin spiteofthetwindisastersof Hurricane Dorian and the COVID-19 pandemic,” the BNSIreportsaid.
“Although Abaco is still recovering from the damages to its infrastructure, the majority of the industries reported gains slightly above2022.Abacoremains the third largest economy in The Bahamas in 2023, representing 3.5 percent of the total GDP of TheBahamas.”
Eleuthera’s 2023 economicoutputhitanineyearhighof$374min2023,
PM URGES ‘ROBUST’ REGULATION FOR AI
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THEPrimeMinistersays
the inability to “fully leverage” technology is “the biggest missed opportunity” that The Bahamas and wider region face as he called for “robust” artificial intelligence (AI) regulation.
Philip Davis KC, in his address to the Caribbean’s 39th CANTO communicationsconferenceearlierthis week, warned that technology’s “true potential” to drive social and economic improvement will only be realised if Bahamians and their regional counterparts are properly equipped with the skills to use it effectively. Besides greater
technology literacy, he argued that The Bahamas and other Caribbean countries “should not fear a future with AI. Rather, we should fear a future where AI operates without global standardsandregulations”.
The Prime Minister thus called for “robust global frameworks”togovernAI’s development and ensure it generates only positive benefits, adding: “We must tame this technological bull before it’s too late.” He comparedtechnology’sevolution to “driving a car on a bumpy road with limited visibility”,citingcybersecurity dangers; digital skills gaps; infrastructure weaknesses; and affordability as criticalrisks.
Asserting that advances in digital technologies are creating “unique
challenges” for small island developing states (SIDS) such as The Bahamas, Mr Davis said: “Just like you wouldn’t jump into a car without knowing how to drive, you can’t navigate the digital world without the basic knowledge. That’s why skills development is soimportant.
“As we look toward the future, it’s clear that technology is a powerful tool for progress and economic growth. However, the true potential of this tool can only be realised if our citizens are equipped with the knowledge and skills to use it effectively. The biggest missed opportunity we face is having advanced technology at our disposal but lacking the widespread literacytoleverageitfully.”
Mr Davis said the skills
representing an $8m or 2.1 percent rise on the prior year. Exuma’s contribution, though, fell from 2022’s nine-year high of $252m to $230min2023.“Whencompared to pre-pandemic, all industrial groups showed some level of a rebound, rivalled only by 2022. Exuma represents 13 percent of the total Family IslandGDPin2023,”BNSI said.
“In 2023, Bimini and the Berry Island’s GDP reported the highest level for the period 2015–2023.
This island group reported $212m in 2023, a GDP that surpassed that of 2019 by $6m. These islands represented 1.5 percent of the totaleconomyofTheBahamasin2023.
“The impact of tourism ontheseislandswasevident beginningin2020,although exponential growth was experienced during the period 2021 to 2023. The industrial grouping: Real estate, owner-occupied and actual rents led the increase [at] 28 percent, while the accommodation and food services, arts, other services, household employment, and extraterritorial organisations grew by 23 percent compared to 2022.”
Long Island’s 2023 GDP was some $5m down on
required go beyond knowing how to use a computer orsmartphone,addingthat The Bahamas and other Caribbean states “must prioritise education and training in digital skills” to help drive innovation and develop more inclusive economiesthatofferopportunitiesforall.
“By promoting technology literacy across the Caribbean, we can
the prior year, coming in at $61m, although the latter figurewassome$11mahead of 2019’s $50m. “The GDP for the island of Andros increasedby$16m(14.6percent) over 2022” to $129m, theBNSIreportsaid.
“CatIsland,SanSalvador and Rum Cay’s GDP rose by 16 percent in 2023 comparedto2022.Theseislands reported a total of $58m in 2023, which represented a total of 0.4 percent of the total economy of the Bahamas.....These islands experienced an overall increase in GDP of more than$7.9mwhencompared to2022.
“The 2023 GDP for Mayaguana, Acklins, Crooked Island and Inagua showed an increase of 24 percent over the previous year. For the period 2015 to 2023, the year 2023 reported the highest level of growth. The combined group of mining and quarrying, manufacturing, electricity and gas, water supply and sewerage, and construction was responsible for the majority of the increase, or $22m of the overallincreaseof$31m.”
Other Family Islands, including Harbour Island, Spanish Wells and Ragged Island, saw their combined GDP contribution remain at$36m.
SEE PAGE 12 PRIME Minister Philip Davis at the CANTO conference.
‘Top MP’s relative’ in Athol Island project controversy
FROM PAGE B1
Dr Rhianna NeelyMurphy, DEPP’s director, besides stating that no permits have been issued also answered “yes” when askedwhethertheenvironmental regulatory agency planstotakeactionagainst those involved on Athol Island. However, she gave no timelines for when this may occur while also providing no specifics on the actionsthattheDEPPmay take. Well-placed sources, speaking on condition of anonymity, told Tribune Business that there are as many as five to six groups eitheractivelyinvolvedinor eyeing Athol Island for - ‘swimming with the pigs’ type attractions or developing beach break-style destinations for cruise passengers and other tourists visitingTheBahamas.
But, while they pursue their plans, several Bahamian businessmen who have to sought to obtain permits/approvals for Athol Island projects through the front door by going through the established regulatory channels have been frustrated with their developments coming to a “standstill” and not movingforward.
Tribune Business revealed in 2022 how Al
Collie, developer of West Bay Street’s Club Luna, formerly the Zoo, was seeking to invest $2m in an Athol Island beach break destination that could create up to 100 Bahamian jobs.
Mike Darville, nephew of Sunshine Cruise operator, Chris Darville, and his company, Sand Dollar Tours, commissioned an Environmental Impact Assessment (EIA) for a $1m project involving a one-acre development that would feature a 1,900 square foot timber dock; an 800 square foot floating dock; 3,200 square foot deck;andasurveyor’strail.
And Tony Knowles, chief executive of Pirate’s Revenge, operator of the pirate-themed ship, the Blackbeard’s Revenge, confirmed he had submitted an application to create a “Treasure Island” destination for guests that would embrace ecotourism while preserving historicalruinsinthearea.
None of these three projects have progressed. Mr Darville and Mr Knowles both declined to comment whencontactedbyTribune Business, while Mr Collie voiced frustration thatdespite possessing what he described as a valid “Treasury conveyance” for the land he plans to useno environmental permits have been forthcoming for what he described as “my signature project before I die”.
Athol Island lies 0.75 miles east of Paradise Island, and was once eyed by former Atlantis owner, Kerzner International, as a potential golf course location. That proposal was subsequently dropped,
but Mr White reiterated concerns he first voiced in Parliament last week that others have seen no need to abide by environmental lawsandregulation.
“It’s as though Newfoundland has been discovered, and all the rules, regulations and boundaries set down over the last few decades have been thrown out the window,” the St Anne’s MP told Tribune Business.
“The efforts to protect bird and marine life in that area have been completely disregarded to provide excursion operators with a destination that will be beneficial to their bottom line.
“Their personal gain comes at the expense of the people. Athol Island has great historical significance. On more than one occasion it was used as a quarantine island. It’s a bird sanctuary, and it’s a Marine Protected Area. You can see clear co-ordinated markings on either side of the island. The island is in the middle. The Protected Area surrounds the island and includes the island.
“Boats are coming in. Sand is being thrown on to the island, there is clear cutting on the island. I’ve heard more than once that one of the companies to have taken the largest parcel and be doing the clear cutting is a relative of a high-ranking MP,” Mr Whitealleged.
“It’s another clear example of development in The Bahamas based on the wrong policy, which is act first and ask later. These projects have not been given a public hearing, or the public asked whether
they are for or against it.”
One contact, though, said “the word going around” is that the “MP’s relative” and his group have obtained a Crown Land leaseforfouracres.
Several sources questioned to Tribune Business why, in addition to the DEPP, the Antiquities, Monuments and Museums Corporation (AMMC) has not taken a greater interestinAtholIslandgivenits historical significance and presence of ruins dating backtothe18thcentury.
“Theconcernsofconstituents in St Anne’s is that this is an historical island with natural Bahamian ecosystems that is now, after generations and decades, being encroached on to an extent that makes it irreversible unless stopped now,” Mr White told this newspaper. “The damage that I’ve seen will take at least ten years to be restored back to its natural habitat.”
As for the protection Athol Island offers New Providence against storm surges and hurricanes, the MP added: “New Providence is the capital of The Bahamas because of the anchorage within the chain of cays of the islands of The Bahamas, and the deep, safe anchorage this harbour provides. It’s been proventobeasafeweather location from storms and hurricanes.
“Now we’re seeing one of these for New Providence being cut down to a level... that when large waves come through they have a better opportunity to roll over Athol Island than before. It’s demolishingaprotectivebarrierand acting upon on ill thoughtout development plan; one that should never have been permitted and one
that should be stopped withoutdelay.”
Voicing fears that pollution and waste will also be createdbyanyunregulated development, Mr White added: “It’s a ‘stop me if you can’ policy, and we all know how that ended up with the gingerbread men. The fox took them out and, if needed, the people will bring a stop to this breach of our environmental regulations and assault on our New Providence environment.”
Bruce Raine, an Eastern Road resident, told Tribune Business it was wrong to deny one group their Athol Island proposal but allowanother’ssimilarproject to proceed. “It’s just got to stop,” he argued of development activities.
“Two years ago we told Mikey Darville he couldn’t do what he wanted to do and he seemingly complied withthat.
“The others seemingly roll in and just do it. It is awful. It really is awful. I think the Government has to act on it immediately and call a halt to any further development of the island. They really must do something. If DEPP has not given approval to cut that fill away they must send someone up there to bring an end to that immediately. It’s not right to deprive one guy and allow another to do a similar thing.”
Mr Raine also voiced concern about the loss of storm surge protection.
“That is the key barrier island for Fort Montague andEasternRoad,”hetold this newspaper. “That’s the only thing between us and the ocean. You get that coming into Eastern Road andwe’rereallyallintrouble.It’scrazy.Itreallyisoff the chain. Nothing should
be developed on that island. It’s in the middle of aMarineProtectedArea.”
Mr Collie, meanwhile, voicedannoyanceandfrustration that his project’s Athol Island progress had come to a standstill. “I think I was the first person to get some land,” he told Tribune Business. “I have a conveyance from the Treasury. I don’t know whattheotherfolkshave.
“I was going to spend millions of dollars to developmyownspot.They [environmental regulators] were just holding back. I haven’t been able to do anything. Something has to happen.” Mr Collie said the conveyance of land on Athol Island was approved under the Minnis administration, and the paperwork completed by the Davis administration.
“After that, it was full stop. The environmentalists came in and stopped everything,” he added. “I was going to put in all the music, all the Junkanoo bands. That was going to be my signature project before I died. That was going to be my last big deal before I died. Right now, it’s at a standstill. I’m very frustrated. I don’t know what’s happening. I feel that they’re killing the spirit of Bahamian entrepreneurs who are trying to dosomething.”
Mr Collie, also leases Spruce Cay, better known as Pearl Island, from the Government. That is also abeachbreak/getawaydestination for visitors, and he yesterday said he and his business partner, Hermann Krasler, take around 100150visitorstoAtholIsland everyday.
However, the absence of bathrooms and shade makes what can be offered verylimited.
GOVERNMENT FINES CITIGROUP $136M FOR FAILING TO FIX LONGSTANDING INTERNAL ISSUES
By KEN SWEET AP Business Writer
NEW YORK (AP) — A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues. It’s a major blow to Jane Fraser, the bank’sCEO,whohasstaked her career on making Citi leanerandlesscomplex.
The fines come from the Federal Reserve and the OfficeoftheComptrollerof the Currency, which said in separate releases that Citigroup had failed to meet its obligations stemming from a2020consentorderrelated to the bank’s risk and control issues. While the regulatorssaidthebankhad made progress, there were still significant problems at the bank that required the OCC and Fed to assess additionalpenalties.
“Citibank must see through its transformation and fully address in a timely manner its longstanding deficiencies,” said Acting Comptroller of the Currency Michael J. Hsu, in a statement.
The $135.6 million fine is on top of the $400 million fine that Citi paid back in 2020 when the original consent order was signed. Citi
will pay $61 million to the Fed and $75 million to the OCC as part of this round ofpenalties.
In a statement, Fraser acknowledged the bank hasn’t made progress quicklyenoughandthatitis possible for Citi make itself lessrisky.
“We’ve always said that progress wouldn’t be linear, and we have no doubt that we will be successful in getting our firm where it needs to be in terms of our transformation,”shesaid.
Citigroup was the go-to example of “too big to fail” after the 2008 financial crisis. Its near collapse and governmentrescuerequired Citi executives to slim down its massive balance sheet, sell off businesses it no longer needed and exit financial markets that it couldn’t have a dominant positionin.
Citi ballooned in size and complexity in the 1990s and early 2000s through a series of acquisitions and mergers in an effort at the time to make Citigroup a financial conglomerate that catered to every customer. But many of those acquired businesses had software and internal controls that do not cooperate with other parts ofCitigroup.SowhileCitiis less complicated than it was in 2008, it’s still a bank that regulators harbor serious
concerns about to this day because the lack of internal communication could lead toproblems.
Banking regulators rejected Citi’s “living will” in June. That document was supposed to show how Citigroup could be wound down safely and orderly in caseoffailure.
Fraser staked her tenure as CEO on fixing the bank’s internal controls, saying the effort would require thousands of employees, billions of dollars and several years ofwork.Someofherefforts to slim down Citi have been successful, like selling parts of Citi’s consumer banking business, most notably the planned spin off of Citi’s Banamex operations in Mexico. But investors still price Citigroup shares at a discount to its Wall Street peers including JPMorgan, Goldman Sachs and Morgan Stanley due in part to the ongoing costs that Citi faces in fixing its internalcontrolproblems.
ESTATE OF LORNA LOUISE SMITH
TAKE NOTICE that anyone having a claim against the Estate of LORNA LOUISE SMITH late of the Settlement of Spanish Wells in the Island of St. George’s Cay, Bahamas, who died on the 20th day of September, 2022, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, Tel: (242) 322-4292/3, Fax: (242) 323-2334
ON OR BEFORE the 8th August, A.D., 2024.
Power woes drive Eleuthera
citizen’s
FROM PAGE B1
water, cable, Internet, etc caused me not to come home for Independence. “I called my cousins them, andIsaidIcan’tcomeup.I cannot take it. I’m a senior citizen, 70 years-old, trying to live in comfort. It’s terrible. I have family members who are supposed to come from abroad for August, and I have to tell them not to come. They have a three year-old and eight month-old baby. No power and mosquitos don’t go together. The mosquitos arebad.”
Tribune Business has for weeks monitored Eleuthera’s BPL Hotline, a What’s App chat group created to inform the stateowned energy monopoly’s staff on the island of the location of power outages so they can take immediate action to resolve the problem.
The group’s posts show that multiple communities in Eleuthera lose electricity supply, sometimes several times per day, for extended periods of time. Besides disrupting commerce, and causing businesses monetary loss and inconvenience, this has for weeks and months disrupted the quality of life for residents and vacation rentalvisitorsinoneofThe Bahamas’ fastest-growing islandeconomies.
Independence flight
The consensus among Eleuthera residents is that BPL’s on-island staff are high performers let down because they are under-manned and lack the necessary spare parts inventory and resources. The island’s power and other utility woes are being blamed on Nassau’s tendency to “overlook” and “neglect” the Family Islands, and the failure of infrastructure to keep pace with economic and populationgrowth.
“We are truly so tired of these outages. Right now, Eleutheraisoneofthemost economically advancing islands but our infrastructureisdeplorable.Thebills have increased drastically and people are appalled at the more than 100 percent increase,” one resident, Libronia, said in a What’s Apppost.
Addressing BPL’s Eleuthera staff, she said: “I am so sorry that you have to be faced with the outdated equipment causing outages and surges which, in my opinion, are causing our outrageous high billings. I pray that for you, your team and the residents of our beautiful island, we have both normalcy and relief some time soon from burning out and destroying our appliances. Thisistakingatoll.”
Ms Young, meanwhile, told this newspaper that
she has written to MPs, Cabinet ministers and BPL chiefs for years to alert them to the plight of Eleuthera residents as a result of the power outages without getting an acknowledgementorreply.
Asked about the frequency with which electricity supply goes it, she added: “Every day. That’s why I said I cannot take this. I cannot. It’s terrible. Every night and every day it goes off. It’s the worst it’s ever been. I don’t think it’s ever got this bad. I’m a senior citizen. Next year I will be 70. I cannot go throughthis.”
Kristel Anderson, who with her husband operates Eleuthera Tours, told Tribune Business that Internet and phone services had been “down for two days” although the former had been restored on Tuesday priortoIndependenceDay.
Explaining that loss of phone service creates “a safety issue”, if her husband or guests have an emergency on the boat whenatsea,sheaddedthat Eleuthera’s utilities infrastructure was now “much worse” than when she first startedvisitingtheislandin 2003 and had significantly deteriorated over the past fourtofiveyears.
“BTC and the Internet have been down for two days, and I cannot even call him to confirm if the
guests have arrived,” Mrs Anderson said of her husband, explaining that she is presentlyintheUS.“Every time you try to make a call it’s ‘no network found’ or you can’t get through, which is no good if he’s at sea and they have an emergency and he cannot call anybody.”
As to the overall state of utilities on Eleuthera, she said: “There’s nothing you can do to fight it. You have to learn to live with it, which is rather sad. I’ve been living in Deep Creek for 16 years, and coming here for 21 years. The infrastructure is much worse than when I started coming here. The last four to five years the infrastructurehasgottensignificantly worse.
“Obviously, quality of life, sleeping, is terrible. You cannot sleep right. We’ve learned to live aroundit.
“When I prepare food for the tour business, peas and rice and the like, I’ve learnedtocooktwodaysin advance.Icannotwaituntil the night before because I cannot depend on the current.”
Mrs Anderson said loss of BPL power immediately takes the Internet off-line because the regulator in GreenCastle,whichisused to push the signal further out, also goes down. The loss of Internet service
and computers also creates “inconvenience” for persons seeking to book tours online, although she added that this has not cost the companyanybusiness.
“One thing always seems to affect another thing somehow,” Mrs Anderson added.
“I want to make a t-shirt that says ‘Pick your struggle’ and says water, phone, Internet, electricity. Eleuthera, pick your struggle.”
She revealed that their home almost burnt down twoyearsagofromapower surge, although the fire was extinguished in time, and said it took a four-year fighttoobtain$800incompensation from BPL for the loss of $1,600 worth of electrical appliances due to surges and dips in the voltage.
“I’m bringing back some solarfansandstufflikethat to make sure I don’t have tosleepinmycar.I’vedone that before,” Mrs Anderson said. “I’m anticipating having to sleep without powerthissummer.”
Annette Young, a Whale Pointresident,toldTribune Business: “It’s just pathetic what’s happening here. It’s justbecomeawful...
“We’ve just been neglected for years and years. We might be an Out Island,butwe’reoneofthe highest revenue generators forthecountry.
“We’ve been overlooked and suddenly it’s catch up time. We’re behind the 8-ball on everything. The amount of people saying they’re leaving because there’s no power, no water, no anything... They’re checking in and out. They check out and they leave, and it’s not good for tourismandtheentirecountry.”
Ms Young said BPL’s present woes on Eleuthera began six to 12 months ago. Unsure if the energy provider cannot cope with the increased demand, she added that she once had to wait 30 hours for power to be restored to her house after a fuse on a nearby polebecamedisconnected.
“I’m facing having to re-wire my kitchen with ground wire because it’s been zapped,” Ms Young said.
“I know a lot of people who have lost dishwashers, TVs and air conditioning units plus small appliances. They cannot seem to control the amount of electricity going through the wire. It doesn’t matter about party. This is going backyears.”
She added that the Government and BPL have no choice but to provide the necessary funding required toaddressEleuthera’selectricity network deficiencies and ensure that the power provider’s staff are properlyequippedandsupplied.
S&P 500 TOPS 5,600 AS WALL STREET’S RECORD-BREAKING RALLY KEEPS ROLLING
By STAN CHOE AP Business Writer
NEW YORK (AP) — Wall Street’s blistering rally stretchedintoaseventhday Wednesday and vaulted the U.S. stock market to more all-timehighs.
The S&P 500 jumped 1% and topped the 5,600 level for the first time. The Nasdaq composite also rallied to a seventh straight gain and added 1.2% to its all-time high set a day before. The Dow Jones Industrial Average, meanwhile, swung 429 points higher, or 1.1%. Big technology companies led the way, as has become the norm on Wall Street, and Taiwan Semiconductor’s U.S.-listedsharesrose3.5% after it said its revenue climbednearly33%inJune fromayearearlier.
Taiwan Semiconductor, or TSMC, makes the chips for Nvidia and others that have been driving the business world’s rush into artificial-intelligence technology. The promise of big profits in the future from AI has sent Nvidia in particular to breathtaking heights over the last year, and Nvidia rose another 2.7% Wednesday to bring its gain for the year so far to 172.5%. It was again the strongest single force pushingtheS&P500upward.
Advanced Micro Devices was another major force behind the stock market’s leap, and it jumped 3.9% after announcing a $665 million deal to buy Silo AI, aEuropeanAIlab. The frenzy around AI has been a major reason the U.S. stock market has climbedtorecordsdespitea
NOTICE
NOTICE is hereby given that ALLY DANIELS also known as ALLY AUGUSTIN of Palm BeachStreetoffRobinsonRoad, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas and that any person who knows any reason whyregistration/naturalization should not be granted, should sendawrittenandsignedstatementofthefactswithin twenty-eight days from the 11th day of July, 2024 to theMinisterresponsiblefornationalityandCitizenship, P.O.BoxN-7147,Nassau,Bahamas.
NOTICE
NOTICE is hereby given that TIANNA WILLIAMS of P.O.Box GT2665, #2 Sunway Drive, Carmichael 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 11th day of July, 2024 to the Minister responsible for nationality and Citizenship, P.O. BoxN-7147,Nassau,NewProvidence,TheBahamas.
NOTICE
In the Estate of YVONNE CYNTHIAMCKENZIE late of the Settlement of Rolleville of the Island of GreatExuma,oneoftheIslandsoftheCommonwealth of The Bahamas, deceased.
Notice is hereby given that all persons having any claim or demand against the above estate are required to send their names, addresses and particulars of the same certified in writing to the undersigned on or before the 11th day of July, A.D., 2024, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Administratrix shall have had Notice.
And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.
Dated the 11th day of July, A.D., 2024
SOUTH-WEST LEGAL SERVICES
Chambers
Counsel & Attorneys-at-Law
No. 46 Carmichael Road Nassau, The Bahamas
slowdown in the economy’s growth and a tightening squeeze on lower-income households. So have hopes that inflation is slowing enough for the Federal Reserve to deliver muchsought cuts to interest rates laterthisyear.
Fed Chair Jerome Powell returned to Capitol Hill to give testimony about interest rates, where he echoed manyofhiscommentsfrom a day before. He said he was “not sending any signals” about when cuts to rates could arrive, but he pointed out the downsides ofbeingtoolateonthem.
“We’re looking at both sides” of the risks involved in moving its main interest rate, which has been sitting at its highest level in more than two decades, Powell said. Cutting rates too early could allow inflation to reaccelerate, while waiting
too long could allow the economy’s slowdown to gatherintoarecession.
Much of Wall Street is expecting the Fed to begin cuttingitsmaininterestrate in September, but traders have a long history of being premature in their calls. Powell gave a nod to recent reports that have shown improvement in inflation following a discouraging start of the year, but he said again the Fed doesn’t have enough confidence that inflation is sustainablyheadingtowarditsgoal of 2%. “More good data would strengthen our confidence” and clear the way foracut,Powellsaid.
The yield on the 10-year Treasury edged down to 4.28% from 4.30% late Tuesday and from 4.70% since April. The move since the spring is a significant one for the bond market
and offers support for stock prices. The two-year Treasury yield,whichmovesmoreon expectationsforFedaction, heldsteadyat4.62%,where itwaslateTuesday. A report coming on Thursday could cause sharper swings in the bond and stock markets. That’s when the U.S. government will release the latest monthly update on inflation. Economists expect it to show U.S. consumers paid prices for food, airline tickets and everything else that were 3.1% higher in June than a year earlier. That would be a touch slower than May’s 3.3% inflationrate.
Later this week will also bring the unofficial start to the latest earnings reportingseason.DeltaAirLines, JPMorganChaseandothers will report how much profit
theymadeduringthespring from April through June, andthehopeonWallStreet isforS&P500companiesto deliverthestrongestgrowth inmorethantwoyears.
Smart Global Holdings, a technology company with computing, memory and LED businesses, rose 26.3% after it reported stronger profit and revenue for the latest quarter than analystsexpected. On the losing end of Wall Street was LegalZoom, which fell 25.4%. It said its CEO, Dan Wernikoff, is leaving the company and resigning from its board. The company also cut its forecast for revenue over thefullyear. Alltold,theS&P500rose 56.93 points to 5,663.91. The Nasdaq composite rallied218.16to18,647.45,and the Dow gained 429.39 to 39,721.36.
LEGAL NOTICE
International Business Companies Act (No. 45 of 2000)
LZA Business Investment Ltd. (the “Company”)
Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of LZA Business Investment Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was the 27th day of June, 2024.
Gustavo Dos Santos Vaz Liquidator
NOTICE
La Martineta Investimentos Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 208526 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 9th day of July A.D. 2024. Articles of Dissolution have been duly registered by the Registrar.TheLiquidatorisMR.LEOCADIODEALMEIDA ANTUNES FILHO, whose address is Rua General Urquiza 124/601, Leblon, Rio De Janeiro, RJ, CEP: 22431-040, Brazil. Any Persons having a Claim against the abovenamed Company are required on or before the 7th day of August A.D. 2024 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.
Dated this 9th day of July A.D. 2024.
LEOCADIO DE ALMEIDAANTUNES FILHO LIQUIDATOR
NOTICE
NOTICE is hereby given that JOHNNY PETIT BRUCE of Key West Street, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizenofTheBahamas,andthatany person who knows any reason why registration/naturalizationshouldnot be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of July, 2024 to the Minister responsible for nationality and Citizenship,P.O.BoxN-7147,Nassau,NewProvidence,The Bahamas.
NOTICE
NOTICE is hereby given that NATASHA MESADIEU of Cowpen Road, Faith Avenue, 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/ naturalizationshouldnotbegranted,shouldsendawritten andsignedstatementofthefactswithintwenty-eightdays fromthe 4th dayofJuly,2024 totheMinisterresponsible for nationality and Citizenship, P.O. Box N-7147, Nassau, NewProvidence,TheBahamas.
NOTICE
NOTICE is hereby given that NATACHA MYTIL of Fox Hill Road, Nassau, The Bahamas applyingtothe 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/ naturalizationshouldnotbegranted, should send a written and signed statement of the facts withintwenty-eightdaysfromthe 3rd day of July, 2024 to theMinisterresponsiblefornationalityandCitizenship,P.O. BoxN-7147,Nassau,NewProvidence,TheBahamas.
NOTICE
NOTICE is hereby given that DENO GEFFRARD of St. Vincent Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as acitizenofTheBahamasand that any person who knows any reason whyregistration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eightdaysfromthe 4th dayof July,2024 tothe Minister responsible for nationality and Citizenship, P.O.BoxN-7147,Nassau,Bahamas.
GOVERNOR: NO PLANS FOR DEPOSITORY PRIVATISATION
TheFund’srecommendations, in a report released earlier this week, urged the Government and the Central Bank to “consider privatising the BGSD to allow the private sector to takeresponsibilityforakey component of the capital marketsinfrastructure”.
The BGSD acts as a clearing house for the settlement of trades involving government securities, typically Bahamas Registered Stock (BRS) bonds and Treasury Bills, but Mr Rolle signalled that the Central Bank reacted as coolly to the IMF proposal as it has previous ones. He added that any private sector operator would need to have “very mature and transparent governance structures”.
“As to privatization of the BGSD, this point has been raised in many of the past consultancies that the CentralBankhasreceived,” he said in replies to this newspaper’s questions.
“Whathasbeenmadeclear, though,isthattheidealprivate arrangements would need to have very mature andtransparentgovernance structures. Spinning off the CSD is not currently under consideration
“That is a transformation process that The Bahamas would need to embrace over a reasonable mediumterm horizon.” The IMF, though, while noting that
the Government securities depository is still in its infancy,voicedconcernthat this nation now two separateclearingandsettlement mechanisms due to the existence of the Bahamas International Securities Exchange’s (BISX) very ownsuchplatform.
“Currently,TheBahamas hastwoCSDs(clearingand settlement depositories) - one for government securities owned by the Central Bank that has only recently adopted automated processes, and another CSD (the Bahamas Central Securities Depository or BCSD) operated by BISX for corporate securities and equities,” the IMF report said.
“While the current BGSD system is in its infancy and is cautiously welcomed by market participants,thefutureefficacy ofthemarketinfrastructure maybenegativelyimpacted by the existence of two CSDsystems.
“Institutions seeking to execute cross-market trades - selling corporate bonds to purchase governmentsecurities- mightface delays and potential operational and settlement risk as the two systems are not connected electronically. Capital markets liquidity will be separated into different market segments. This fragmentation of marketsectorsisinimicalto the development of liquid capitalmarkets.”
As a result, the IMF called on The Bahamas to “consider establishing a bridge between the BGSD and BCSD for efficient cross-market settlement”.
Mr Rolle, though, said the need to establish a separate government securities depository, the BGSD, arose from technical assistance that The Bahamashasreceivedsince 2016 from the Commonwealth Secretariat and UN Development Programme (UNDP).
“Two major early outcomes of that technical assistance were the need to establish a centralised securitiesdepository(CSD) specifically for government securities and the listing of Government securities on BISX,”MrRollesaid.
“DeploymentoftheCSD was required to automate parts of the primary and secondary bond market operations, as well as efficiently operationalise other policy outcomes generated under the technical assistanceprogrammes.”
And, despite the IMF noticing that Bahamian capital markets operators seem opposed to paying any fee for services provided to them, the Central Bank governor said the implementation of charges to recover the cost of operating the BGSD have only been pushed back by one year-from2024to2025.
“Fees to recover operational costs for the CSD
(BGSD) are planned for 2025,” Mr Rolle affirmed. This came after the IMF, in its report, said: “Currently, the BGSD does not charge custody or registry fees. Market participants welcome this, as they appear aversetopayingfeesofany nature at any stage of the investmentprocess.
“However, the Central Bank is contemplating the introduction of platform fees from 2024 onwards to cover running costs on a cost-recovery basis.” The IMF report added that the BGSD can also establish a settlement guarantee fund to guarantee the clearing and settlement of trades in government securities, but thisisnotoperationalyet.
“BGSD may also establish and maintain an Investor Protection Fund (IPF) for the protection of the client’s interests in the event that clients suffer pecuniary losses arising from negligence of BGSD or by its members/participantswhilecarryingoutthe instructions of the client,” theFundadded.
It noted potential resistance to change, and the concern that the proposed debt market reforms could raise the Government’s financing costs in the shortterm, but argued that this would be more than offset by medium and long-term gains.
“The authorities are concerned about the possibility that measures to develop
the domestic debt market may result in temporarily higher funding costs, but this should be offset with medium and longer term gains,”theIMFargued.
“This is a necessary investment in the process and will likely be offset in the medium to long-term byadeeperandmoreliquid government securities marketwithlowerfinancing costsandlargervolumes.A fundamental shift will need to take place in the mindset of the authorities from a price-maker, tap-sales approach to government bonds towards a market clearing, price-taker, auctionbasedapproach.
“It will also be important for the authorities to ensure the fees for trading securities, especially for future trades on BISX, are
not a barrier to developing secondary market liquidity. The recommendations in the report should be implemented sequentially. The initial phase should focus on eliminating the most critical bottlenecks, as well as the ‘quick win’ reforms to catalyse market development,”itadded. “Theserecommendations are largely concentrated on the primary market and investor relations building blocks. Progress in other areas,suchasthesecondary market, should be tackled afterwards. A challenge to developingthelocalmarket in The Bahamas includes difficulties in attracting qualified staff and lack of coordination across various stakeholders, including the Ministry of Finance, CentralBankandBISX.”
PM urges ‘robust’ regulation for AI
ensure that our people are not left behind in this digitalage,”thePrimeMinister said, noting that this nation and its neighbours face multiple challenges in keeping pace with the speedandbreadthofdigital evolution.
“We’re speeding down the technological highway with limited insurance. Limited infrastructure, digital skills gaps, device affordability and cyber security threats are challenges we all face. It’s like driving a car on a bumpy road with limited visibility. We need to work together to improve the road conditions and equip ourselves with the skills to navigatesafely,”headded.
“As we stand on the brink of a future defined by artificial intelligence (AI), it’s essential to recognise both its potential and its risks. We should not fear a future with AI. Rather, we should fear
a future where AI operates without global standards and regulations. The unchecked growth of AI could lead to significant challenges, including ethical dilemmas, privacy violations and unintended consequences.
“It’scrucialthatweestablish robust global standards and regulatory frameworks to govern the development and deployment of AI. By doing so, we can ensure that AI serves humanity in asafe,ethicalandbeneficial manner. We must tame this technological bull before it’s too late, guiding its power to enhance our lives while mitigating its risks,” MrDaviscontinued.
“Moreover, we can leverage technology itself to detect and prevent abuses that come with rapid advancements. Using AI and other digital tools, we can create systems that monitor, report and address issues such as data breaches, misuse of personal information and biased algorithms.
Bydoingthis,wecanfoster a more secure and trustworthy technological environment.”
Calling for countries to work together “to shape a future where AI and other technologies are aligned with our values and societal goals, ensuring a safer and more equitable world for all”, Mr Davis said: “The question isn’t where to go; it’s how fast we can gettheretogether.
“We cannot afford to be passengers in the digital revolution, clinging to the past. We must be thearchitectsofourfuture, embracing innovation with open arms.... The digital divide must not become a chasm. We need to equip everyonewiththeskillsand resources to participate in thisnewworld.”
Touting The Bahamas’ central bank digital currency (CBDC), the Sand Dollar,forhelpingtofoster greater financial inclusion,MrDavissaid100,000 residents presently use the Government’s MyGateway
platform for licence renewals, permit applications, public records requests and otheronlineservices.
He pledged that The Bahamas’ National Vision 2030 will “include a more comprehensive digital transformation road map, ensuring the best services reach all Bahamians, regardless of location or economic status”, with this nation also seeking to “help bridge that gap” over the world’s need for 2.5m extra cyber security jobs. A regional Digital Skills Centreisalsoplannedatthe UniversityofTheBahamas.
“In our quest for progress, we must resist the temptation to focus solely on the revenue and balance sheets. While financial health is important, under-investment in technology to keep capital up should not come at the expenseofsocialprogress,” MrDavissaid.
“Instead, let us channel our innovations toward making a meaningful impactonourcommunities, prioritising human development over corporate profits. By focusing on the social impact of technology, we can build a future where progress is measured not just in economic terms but in the well-being and empowerment of our people.
“This is the true essence of a sustainable digital transformation – one that places humanity at itscore.”
PRIME Minister Philip Davis at the CANTO conference.
PUBLIC NOTICE
MINISTRY OF WORKS & FAMILY ISLAND AFFAIRS DEPARTMENT OF PHYSICAL PLANNING
The public is hereby notified that an application for Preliminary Support of Application (SPA/5/2024) on behalf of Mr. E. Andrew Edwards is presently being reviewed by the Town Planning Committee.
The applicant is seeking to rezone a portion of Lot #25, located on the southern side of Beach Drive (African Liberation Way) of Adelaide Beach Subdivision, for duplex residential development The eastern portion of Lot #25, measures 4,919 sq. ft. The applicant intends to construct a dormer style duplex residential building on the subject lot
A public hearing will be held on Monday August 12th , 2024 at 6:00 p.m. in the Public Hearing Room of the Department of Physical Planning for all interested parties to discuss and address planning issues related to the proposed rezoning.
Interested persons and organizations are invited to review the information on file, at the Department of Physical Planning office located on John F. Kennedy Drive in the Aventura Plaza, and provide written comments or questions prior to the hearing Comments should be directed to the Director of Physical Planning. Submissions can be made via P.O Box N-1611, Nassau, The Bahamas or email the Department of Physical Planning at deptphysicalplanning@bahamas.gov.bs.
Signed Charles B. Zonicle, Director Department of Physical Planning
@departmentofphysicalplanning
