THURSDAY, JULY 18, 2024
Holoweskos selling Island House to major landowner
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
NEW Providence’s largest private landowner is moving to acquire the Island House hotel from the Holowesko family, Tribune Business can reveal.
This newspaper can disclose that New Providence Development Company is “in the process” of closing its purchase of the boutique ten-acre property, located just outside Lyford Cay, and which first opened to guests almost a decade ago in April 2015.
Lauren Holowesko-Perez, the Island House’s general manager and a member of the family that owns it, declined to talk when contacted by Tribune Business yesterday. “I’m not going to comment because of the NDA (non-disclosure agreement),” she explained. Efforts to obtain comment from New Providence Development Company produced no response prior to press time. However, multiple sources familiar with developments but speaking under condition of anonymity because they were not authorised to talk publicly, all confirmed that the sale has been agreed and that
lots of due diligence and audits going on. These things take time and they wanted to make sure that was done.”
Athol Island: Minister ‘totally contradicts’ regulatory chief
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A CABINET minister
“completely contradicted” the Government’s top environmental regulator by yesterday disclosing that an Athol Island developer has obtained a lease and other necessary approvals.
both sides are working to complete the necessary due diligence and all required formalities so that the deal can complete.
“The process is continuing,” one contact said. “They haven’t formally sold it. It hasn’t closed yet. There’s
No details on the sale, including the likely purchase price, have been disclosed. However, this newspaper was told that New Providence Development Company and its majority shareholder, H. Hunter ‘Terry’ White, are seeking to exploit potential synergies between the Island House and their existing Old Fort Bay Club.
“From what I was told, they were looking to exploit synergies between
Governor: Reducing Gov’t bond issues to start in ‘24
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
EFFORTS to slash the Government’s more than 200 Bahamian dollar bond issues to a lesser number will start this year, the Central Bank’s governor has revealed, although no reduction target has been set.
John Rolle, responding to Tribune Business questions, said the “market efficient” number of bond issues is still being determined after the International Monetary Fund (IMF) argued they should be slashed by around 90 percent to reduce market “fragmentation”.
“Consolidating the more than 200 bonds in the market is scheduled to begin later in 2024 and will take a number of years to complete,” the Governor confirmed. “The framework to achieve this outcome required both the CSD (Bahamas government securities depository) and the Benchmark Issuance Policy to be in place and needs to be carefully implemented to avoid market dislocations.
“The market-efficient number of benchmark issues is still being determined, but the larger benchmark issues are expected improve the efficiency of the Government’s
Minister: ‘Give it a rest’ on $35m cruise water park
By NEIL HARTNELL and FAY SIMMONS Tribune Business Editor
A CABINET minister yesterday signalled her opposition to Nassau Cruise Port’s plans to develop a $35m water park attraction as she urged it to “give it a rest”.
Glenys Hanna Martin, speaking in her capacity as Englerston’s MP, indicated her concerns that the new amenity will further distract cruise passengers from venturing beyond Prince George Wharf when in Nassau and thus deprive Bahamian retailers, restaurants, tour operators and straw vendors of much-needed business. In an address that may not reflect Cabinet thinking or government policy, Mrs Hanna Martin told the House of Assembly that
Leon Lundy, minister of state in the Prime Minister’s Office, revealed to the House of Assembly that an unidentified developer - who he declined to name and identify - had obtained a lease from the Government “to do what they’re doing over there” along with the required certificate of environmental clearance (CEC) that was issued in February 2024.
The disclosures came after Adrian White, the Opposition MP for St Anne’s, again raised concerns over whether development at a site of historical significance, and located within a Marine Protected Area (MPA), had the necessary government permits and approvals. He
voiced particular alarm over what he described as a “200 yard” pier that has been constructed with pilings sunk into the seabed.
Mr White told Tribune Business that Mr Lundy’s revelations “conflict directly” with what this newspaper was told by Dr Rhianna Neely-Murphy, the Department of Environmental Planning and Protection’s (DEPP) last week. Asked if any environmental permits have been issued for development activities on Athol Island, she replied “no”.
GLENYS HANNA MARTIN
ADRIAN WHITE MP
THE ISLAND HOUSE HOTEL
How to become a top employee
To succeed in your career, make every attempt to be the best employee possible.
In this way you can stand out among colleagues and
increase work opportunities. For instance, good employees tend to get promotions, raises and positive feedback.
What is a good employee?
A good employee is someone management can trust to do a good job. They work towards the company’s goals and come to work prepared each day. They understand how to treat their supervisors and colleagues with respect, and help to promote a healthy company culture and encourage others to succeed. Generally, good employees are highly valued by both their employers and peers.
Adhere to company guidelines
After being hired, thoroughly read through your employee handbook, which is created to protect workers. By following your company’s policies, you set a good example such as acting professionally, staying on task and being honest with your time.
Work toward the company’s goals
Get to know what your company’s goals and objectives are. Think of ways to help your workplace succeed.
Treat everyone with respect
Always follow the golden rule, which is to treat others exactly how you want to be treated. Practice listening is a way to show your respect.
Use your best effort
Work hard consistently. This requires finding ways to prioritise work and
putting forth your best efforts. Take time to complete tasks or projects and become skilled at your job. Learn everything you can about your position, and join job-specific online forums or read industry publications to learn about your field of work. Attending workshops and educational seminars can also assist and shows your employer you value your position.
Focus on solutions
Rather than focusing on a problem, be an employee who offers solutions. Being proactive during challenging situations shows you are a hard-working individual. Focus on using your problem-solving, critical thinking and creative abilities to find solutions.
Be open to change
One major characteristic of a good employee is adaptability. When your workplace goes through changes, be someone who embraces them. Find ways to work with sudden changes and use them to your advantage.
Own your mistakes
Along with celebrating your achievements, it is important to admit your mistakes. Taking responsibility for your errors shows that you are an honest employee.
Find ways to motivate yourself
Creating a reward system, learning the power of positive thinking and maintaining a healthy work/ life balance are all ways that can help you feel more motivated.
Develop your skills
Good employees have a wide range of skills and qualities, such as communication, problem-solving, critical thinking, ambition and adaptability. Reflect on which of these you can improve. Look for the positive side of things. Being optimistic can make you a more enjoyable employee to work with. By focusing on the good and finding ways to overcome challenges, you can facilitate a more positive work culture and no doubt be marked as an exemplary employee. Until we meet again, live life for memories as opposed to regrets. Enjoy life and stay on top of your game.
• NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M. Bastian is a trained graphic designer/ brand marketing analyst, international award-winning author and certified life coach.
Advocate: Gov’t missed ‘perfect’ Cannabis Bill
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A MEDICAL marijuana advocate is arguing that the Government “missed” its chance to produce a nearperfect law as he gave the Cannabis Bill a 65 percent score.
Terry Miller, chairman of the non-profit Bahamas
Cannabis Research Institute (BACARI), told Tribune Business that - while he supported legalising medical cannabis - the Bill and associated reforms that were debated in the House of Assembly earlier this week could have been much better. He added: “I am a supporter in principle that medical cannabis should be legalised. They should not have missed. They had enough time to create the perfect Bill, and they created a Bill that’s probably a 65 out of 100 [when] they could’ve gotten a 95 out of 100.”
Mr Miller said the Cannabis Bill should have mandated greater Bahamian ownership of entities engaged in analytical testing, manufacturing and medical marijuana research.
The Bill sets a floor, or limit, where these ventures must be at least 30 percent
Bahamian owned, but he argued that this minimum threshold should have been doubled to 60 percent.
While the foreign joint venture partners should be allowed to negotiate a higher percentage of the profits generated by their investment, Mr Miller said:
“We recognise that in this industry we are going to need foreign guidance, foreign assistance, foreign investments, foreign expertise, but that should be done in such a way that the ownership is the principle guiding those partnerships.
“There are legal methods that we can use whereby the Bahamian owns a minimum 60 percent and the foreign entity can receive up to 80 percent of the profits, which will reduce over time so they can get a return on their investment.” Mr Miller’s position largely mirrors that of the Free National Movement (FNM), which argued that Bahamians should have majority ownership in all medical marijuana ventures.
He added that the industry should be considered a natural resource that has the potential to benefit The Bahamas economically and create opportunities for local entrepreneurs.
“This industry should be looked at in this stage as a natural resource. We
should be forward thinking now. This industry has the potential for creating a huge number of jobs, new skills and new training for thousands and thousands of Bahamians,” Mr Miller said.
“We should be negotiating not ownership, but the profits. When I make an investment I don’t have to get full ownership; I need to make sure my investment makes money. If you can see that over ten years I made ten times my investment, that’s a fair investment even though I would not have ownership of this industry. I would have made my money many times over.”
Prime Minister Philip Davis KC, though, said the 30 percent minimum Bahamian ownership stipulation in certain segments was designed to ensure this jurisdiction remains competitive versus its rivals. He added that other Caribbean nations permit up to 70 percent foreign ownership, which is why these ownership thresholds were chosen, with The Bahamas also seeking to attract foreign direct investment (FDI).
Mr Miller, though, maintained that the industry should be “for the people” and encouraged more ownership by the Bahamian public. He said: “This product has been here for many years, and many persons have been persecuted as a result, and we are now deregulating it so that it is almost a completely new industry.
“It has been a black market industry for a long time, but as a legal industry, it’s new. This one should have been for the people; not for just the people who have money but the average Bahamian who wants that ownership in this industry.”
Mr Miller added that BACARI was not invited to present its views on the Cannabis Bill to the Government but it “pushed” its viewpoint by sending in letters.
He said: “We had to push our input in because no one ever came to us and asked for our input. With all the workshops and town meetings that we held out of our pockets, with no support from government, no government agents has come to us and said what are your ideas. So we had to write documents and push our views.”
‘DIRE SITUATION IN ELEUTHERA - BUT ‘SOME RELIEF’ ON THE WAY
By FAY SIMMONS
Business
ELEUTHERA residents
are in a “dire situation” over utility woes, Minister of Works and Family Island Affairs Clay Sweeting said yesterday.
Mr Sweeting, who is also the MP for Central and South Eleuthera, said his constituents have “silently suffered” through frequent power outages and water disruptions for months.
He said: “For months, Eleutherans from Harbour Island to Bannerman Town silently suffered through a series of power outages, power surges and correlating the effects of prolonged disruption in the water supply and disruption in the delivery of communications.
“The situation on Eleuthera is dire. The lack of the services is now a public health crisis and also a serious safety issue.
My constituents are suffering from heat exhaustion and mental exhaustion.
My constituents have been
disenfranchised daily, and this is an unacceptable situation.”
Mr Sweeting said he spoke with both the CEO of BPL Shevonn Cambridge and the Minister of State in the Office of the Prime Minister Leon Lundy, who has responsibility for the Water and Sewerage Corporation, on the outages and received an update on the situation. He said Eleuthera should start to experience “some relief” to their electricity woes starting next week with the engine on Harbour Island set to be repaired yesterday and the Transmission Line project in North Eleuthera expected to be completed within the next two weeks.
He said: “We anticipate that the parts for the engine in Harbour Island will be installed and the unit will be operable by late Wednesday, and this will lessen the load of the Hatchet Bay power station, which will improve the supply to the entire island of Eleuthera.
“In North Eleuthera, BPL is nearing the completion of this phase of the
Transmission Line project and while this work has been done, there have been periods of supply interruption in North Eleuthera for about three to four hours daily. This should soon subside within the next two weeks.”
He added that BPL will bring an additional six megawatts of rental generation online in August, which will improve capacity to North and Central Eleuthera and parts from a unit in New Providence will be shipped out this week to improve
the generation capacity at the Hatchet Bay plant. This installation should be completed next week.
He said: “Finally, an additional 2.5MW of generation will be installed at Rock Sound Power Station by late August to increase capacity on the island of Eleuthera for customers. Efforts are ongoing to carry out tree trimming exercises in line clearing, and this is an ongoing process. Protection equipment has also been installed on the distribution system to ensure
a more reliable service to the public. This programme should be completed within the next four or five days.”
Mr Sweeting said he is “confident” that the electricity and water issues in Eleuthera will be rectified and “more confident” that BPL and Water and Sewerage is “willing to do what needs to be done”. He said: “I feel confident that we’re getting there and that in the next few weeks, you’ll see a difference in Eleuthera in regards to power generation issues, water issues. It doesn’t alleviate the fact that today, yesterday, the week before that water and power has been something that the people need.
“I’ve said it many times, it’s not a luxury, it’s a necessity for businesses, entrepreneurs, for old persons, for persons with babies, for schools. But I feel confident that we’re going to rectify it. And what I even feel more confident about is that they’re willing to do what needs to be done.”
Speaking to Tribune Business, Kristel Anderson, who with her husband operates Eleuthera Tours, voiced her frustration with the frequent power outages. She said in the process of preparing meals for a tour the electricity was off for over almost three hours, then went back off a mere 12 minutes after it was reconnected.
The frequent outages have resulted in wasted food products as ingredients were ‘sitting there on the stove swimming in lukewarm water’ for hours ‘getting soggy and not cooking’.
Additionally, her discomfort was heightened due to the soaring summer temperatures
BPL released a statement yesterday, informing residents of Bannerman Town, Wemyss Bight, Green Castle, Waterford and Deep Creek that due to an “unexpected system failure” in South Eleuthera they were forced to schedule an emergency power outage from 5pm to 6.30pm.
Cooper: IP legislation will transform orange economy
By FAY SIMMONS Tribune Business
DEPUTY Prime Min-
ister Chester Cooper said the compendium of intellectual property related bills debated in Parliament yesterday will be “transformative” for Bahamians - especially those in the “orange economy”.
Mr Cooper said the bills including the Patent Bill, Copyright Bill, Trademark Bill, Registrar of Records Bill and Registrar of Companies Bill will offer more protection to the work produced by creatives and allow them to collect royalties when individuals use their intellectual property.
He said: “In simple terms, the work of creatives like musicians, authors, visual artists, photographers, filmmakers, playwrights, content creators as well as research and technology etc will be better protected.
“We will also now have two digitally equipped
standalone companies and records registrars that will better meet the needs of the general public.
“For the first time ever, writers, producers, musicians, artists, and others who put their creative input into projects will be able to receive royalties from those who make use of their intellectual property.”
He explained the protection will also extend to individuals in the technological field, allowing fintech companies to protect their designs and technology.
He said: “The Bahamas will be a natural fit for technology companies, including fintech companies with proprietary technologies.
“Junkanooers will be able to protect their iconic patterns and designs. Manufacturers creating products with specific formulas made from local crops like cascarilla bark and cerasee will be able to protect those products. The same goes for local jam, jelly, and hot sauce creators, local salt
production techniques, and iconic local brands.”
Mr Cooper said the bills will make it accessible for creatives to protect their work locally, avoiding them having to seek copyrights abroad.
He said: “We absolutely must make it easy for innovators and creatives to protect their ideas and creations here at home. These individuals are the ones with the ideas that will grow our economy and diversify it for resilience and 21stcentury success.”
“Instead of being an inconvenience, our systems should be a source of empowerment. At the very least, we must ensure that the length of time it takes to receive IP protections in The Bahamas is comparable to the world’s best jurisdictions.”
He said a standalone Intellectual Property Office will be established to improve the “efficiency and effectiveness” of the administration of intellectual property rights and the establishment of the
office will bring the country in line with international standards.
The Intellectual Property Office will be fully digital allowing individuals that apply for protection to have “real-time international protection”.
He said: “Under the current manual-based system, there are unavoidable delays in filing and with detecting infringements on IPs. Going fully digital and integrating our system will make these delays a thing of the past, and those who file for IP protections in The Bahamas will have real-time international protection.”
Mr Cooper explained the establishment of the Intellectual Property Office attract both local and international entities allowing the office to become a “self-sufficient revenue generator” instead of an expense to the government.
He said: “We believe this legislation represents a turning point in which a newly independent IP Office, supported by an
updated, effective framework and modern, efficient systems, will see the vast majority of locals filing for protections here at home. It will also attract those from other countries who see the protections offered by The Bahamas’ framework as superior to what is offered in their own countries, as well as those who want to
ensure that their IPs are protected in The Bahamas.
“Eventually, we anticipate that the IP Office will no longer be an expense for the government. Instead, it will become a self-sufficient revenue generator due to the fees collected from the influx of activity.”
CLAY SWEETING
CEMETERY APPEAL DELAY ‘REALLY TOUGH TO SWALLOW’
By FAY SIMMONS Tribune
A FIVE-year planning approval battle over a proposed 13-acre Bernard Road cemetery remains unresolved over the wait for the Attorney General’s Office to supply critical information.
The Subdivision and Development Appeals Board was scheduled to hold its final hearing on the appeal by James Bain, the proposed cemetery’s developer, on Monday but this has now been delayed until September after the Attorney General’s Office failed to provide details on
the Government’s plans to compulsorily purchase the property via the Acquisition of Land Act. The cemetery’s development has been heavily opposed by nearby residents and Fred Mitchell, minister of foreign affairs, PLP chairman and Fox Hill MP. Mr Mitchell’s intervention, which was sent to the Appeals Board’s nowformer secretary, Carol Martinborough, surfaced at the earlier pre-hearing for the appeal against the Town Planning Committee’s 2018 rejection of Mr Bain’s application to build the cemetery on vacant land he owns near Bernard Road’s Budget convenience store.
Mr Mitchell wrote to the Subdivision and Development Appeals Board on February 19, 2024, urging that the appeal be dismissed “and the status quo maintained” on the basis that permitting the project would devalue nearby properties and disturb his constituents’ way of life. His correspondence noted that the Government is also “in the early stages” of using its compulsory powers under the Acquisition of Land Act to purchase either the entire property or “pieces and parcels” of it. This revelation prompted Khalil Parker KC, attorney for the developer, to suggest that as the matter is a land dispute a representative
of the Attorney General’s Office should appear for the appeal hearing. At Monday’s appeal, Perry McHardy, representing the Attorney General’s Office, indicated that an application to acquire the property under the Acquisition of Land Act has not yet been filed as it is still awaiting a final response from the Office of the Prime Minister, which is responsible for compulsory land acquisitions.
Dawson Malone, the Subdivision and Development Appeal Board’s chairman, while acknowledging the busy schedule of the Attorney General’s office expressed the “disappointment” of the Board that documents providing
the Government’s input on the matter had not been received after almost six months.
He added that the input of the Attorney General’s Office is “critical” in resolving a matter that has dragged on for more than five years with all parties deserving “closure”.
Mr Malone said: “The Office of the Attorney General is critical in determining issues that have arisen based on the communique. We have not been provided any documentation, and the attorney from the Attorney General’s Office has appear today and indicated that the documents are forthcoming.
“This matter has to close.
Everyone’s lives need
closure one way or the other. Please, I ask that you convey the disappointment of the Board to your chambers because we understand there’s a lot going on but we need to be considerate of everybody else involved as well.”
Mr Malone said it was “really difficult to swallow” the fact that the Attorney General’s Office has not presented any feedback to the Board as they are mandated to conclude all appeal proceedings within four months. The proceedings were adjourned until September.
‘Substantial improvements’ pledge by Lundy for Eleuthera residents
By FAY SIMMONS Tribune Business Reporter
LEON Lundy, Minister of State in the Office of the Prime Minister who has responsibility for the Water and Sewerage Corporation, said the corporation is making an “extensive investment” in Eleuthera’s water infrastructure which will result in residents seeing “substantial improvements” in their water supply over the coming months.
He said: “Extensive investment in Eleuthera’s water infrastructure is now in progress, over $27m and climbing. But these works are now only nearing completion and we expect that residents will see substantial improvements in the reliability of their water supply across the island in the coming months as these investments are completed and commissioned.”
is working to alleviate the water woes of residents.
He said WSC has arranged for water to be barged in from New Providence to Central Eleuthera and a new 500,000 imperial gallon tank was filled to “maintain normal supply” to residents of Central Eleuthera.
During Parliament yesterday, Mr Lundy explained that Aqua Design Bahamas, the company contracted to provide the utility in Eleuthera, is currently facing a “major challenge” at the Central Eleuthera Naval Base desalination plant and the corporation
He said: “Our team in Eleuthera has commenced the free tankering of water from our Rock Sound, Tarpum Bay and North Eleuthera systems into Central Eleuthera, focusing on customers at higher elevations, those at the end of our system, public facilities particularly any schools
open for summer schools, clinics etc. Also senior citizens and those with mobility challenges.
“We’re actively working with Aqua Design to provide any and all assistance required to repair the damage part and or to airfreight in a new part and or external technical assistance required.”
He added that WSC will transport a 600,000 imperial gallon per day desalination from Freeport to Central Eleuthera allowing its existing tank to be taken offline for “much needed” repair and maintenance.
He said: “Water and Sewerage assisted Aqua Design with the urgent clearance of a 600,000 imperial gallon per day desalination unit in Freeport that is now being shipped by barge directly to Central Eleuthera. It is expected that this unit will set up and commission in the coming days and this will permit Aqua Design to take the existing 500,000 imperial gallon per day desalination plant offline to carry out much needed extensive repair and maintenance work.
“The pipe work for the new 1m imperial gallon glass coated steel storage tank at the Naval Base is now in progress and it is anticipated that these works will be completed in approximately one month.
Once completed, the new tank will be filled and commissioned and this along with the new 500,000 imperial gallon tank will provide storage for 1.5 m imperial gallons.”
Mr Lundy said the management and board at Water and Sewerage is working to award a contract for a new pumping system and is evaluating the future of their contracts with Aqua Design with the Attorney General’s Office.
He said: “Water and Sewage management is working with our board for the urgent contract awarding for our new pumping station with the new premium high efficiency pumps a new full capacity standby generator to eliminate another possible weak point in our Central Eleuthera system.
“Water and Sewage continues to work closely with the Office of the Attorney General regarding the future of the Water and Sewerage contractual relationship with Aqua Design.”
Water and Sewerage also released a statement advising residents of Eleuthera of the issues experienced at the Naval Base Desalination Plant.
The statement said although most residents are not currently experiencing issues with their water
supple that may change over the coming days.
“The Water and Sewerage Corporation (WSC) wishes to update our valued customers within the Central Eleuthera zone, which includes settlements from Gregory Town in the north to Savannah Sound in the south that the Naval Base Desalination Plant is experiencing some production challenges and the corporation is actively working with the contractor to effect the required repairs as quickly as possible.
“In the interim, WSC is presently utilising water in storage and we have resumed the barging operation to supplement on-island water production. WSC is also commencing the free tankering of water to customers at high elevations, those at the ends of our system, public facilities, senior citizens and those with mobility challenges.
“While most residents are not yet experiencing any negative impacts, this may change over the next few days depending on the time required to restore full desalinated water production capacity at the Naval Base Plant. WSC will take all possible steps to minimise the inconveniences to our valued customers in Central Eleuthera.”
ESTATE OF HELEN CONSTANTAKIS
TAKE NOTICE that anyone having a claim against the Estate of HELEN CONSTANTAKIS late of Seaview Drive in the Western District of the Island of New Providence, Bahamas, who died on the 26th day of January, 2023, 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 31st July, A.D., 2024
ELEUTHERA EXPOSED TO DIGITAL PAYMENTS RISE
THE Eleuthera Chamber of Commerce has teamed with the Central Bank and commercial banks to expose the island’s businesses and residents to newly-emerging digital payments solutions tomorrow.
The Chamber, in a statement, confirmed it is hosting the Eleuthera Digital Currency Expo at the Cancer Society of Eleuthera in Palmetto Point in conjunction with the Central Bank, the Clearing Banks Association and other payment solution providers.
The event is part of the Pay Fast, Live Digital campaign, and is designed to inform and educate Eleuthera residents and business owners on the
digital payment solutions available to them following the decision by many banks to end their physical branch presence on the island. Attendees will have the opportunity to speak directly with stakeholders on services, tools and other information needed to support digital payment options. John Rolle, the Central Bank’s governor, heads the list of speakers, which includes representatives from Bank of The Bahamas, Fidelity Bank (Bahamas), RBC Royal Bank, Sand Dollar, SunCash, Kanoo Pays and Mobile Assist. The Eleuthera Digital Currency Expo will feature booths from various stakeholders with live
demonstrations, presentations and question and answer periods where attendees can gain a better understanding of payment solutions modernisation.
The expo also provides the opportunity for banks to hear from Eleuthera residents amid concerns over the decreasing number financial institutions with brick-andmortar locations across the Family Islands. Among the topics expected to be discussed are alternative digital payment solutions, the decline in cheque payments, and how utility companies can support the use of digital payments.
Participating campaign stakeholders will include Scotiabank, the Sand Dollar
Unit at the Central Bank of The Bahamas, Cash N’ Go, MoneyMaxx, the Teachers and Salaried Workers Cooperative Credit Union and Public Workers Co-operative Credit Union.
The Pay Fast, Live Digital campaign is a two-year initiative designed to increase the Bahamian public’s comfort with digital payments. It includes credit cards, digital wallets, money transfers, cash apps, online banking and peer-to-peer payments. The aim is to create a widespread understanding of how individuals can pay and receive payments digitally.
The Eleuthera Digital Currency Expo begins at 5.30 pm and registration is free.
CAPITAL ONE OFFERS $265B BENEFIT PLAN TO APPEASE REGULATORS FOR ITS PLANNED PURCHASE OF DISCOVER
By KEN SWEET
AP Business Writer
CAPITAL One said Wednesday it plans to offer $265 billion in lending, investing and philanthropy projects as part of its pending $35 billion merger with Discover Financial. The plan is designed to appease federal bank regulators, who have been initially skeptical of approving the merger, which would create the world's largest credit card company if it goes through.
The five-year, $265 billion community benefit plan consists of several initiatives by Capital One, including a plan to lend $200 billion to low- and middleincome consumers, $44 billion in community development work and hundreds of millions of dollars to nonprofits, small businesses and minority-owned financial institutions.
Announced back in February, Capital One said it plans to buy and merge with Discover Financial Services, which will create the seventh-largest bank in the country as well as the largest credit card company. Capital One would also acquire Discover's payment network, a rare asset.
The Biden Administration has not weighed in on the Capital One-Discover merger specifically yet, but some of the major bank regulators and Democratic politicians have made public comments that large bank mergers — those over $100 billion like this deal — should be given extra scrutiny. Other non-bank mergers have also received increased scrutiny from the
Federal Trade Commission and Department of Justice. Further several community and consumer groups have expressed concern or alarm about the size of the merged company, feeling it might reduce competition, and how much exposure a combined Capital One-Discover has to the credit card market.
Notably, Capital One is including credit card lending as part of its plan. The McLean, Virginia-based company plans to offer $125 billion in credit card loans to low- and middle-income consumers as well as $75 billion in auto lending. Historically banks would offer lending programs to small businesses and mortgages,
but Capital One doesn't have a mortgage lending department to do so.
Consumer groups are expected to put heavy pressure on the Biden Administration to make sure the deal is good for consumers as well as shareholders.
"The reason Capital One isn't making any mortgage commitments here has some dark irony: They quit mortgage seven years ago, breaking promises they made the last time they bluffed regulators to get a merger through," said Jesse Van Tol, CEO of the National Community Reinvestment Coalition, a group that often works with banks to develop these community lending programs.
JOHN ROLLE
Athol Island: Minister ‘totally contradicts’ regulatory chief
The DEPP chief also answered “yes” when asked whether the environmental regulatory agency plans to take action against those involved on Athol Island. However, she gave no timelines for when this may occur while also providing no specifics on the actions that the DEPP may take.
Ms Neely-Murphy could not be reached for further comment before press time yesterday.
Mr White yesterday voiced suspicions that the environmental approval and lease revelations are “an attempt to clear the activity that has already transpired”. Railing against Mr Lundy’s refusal to identify the developers involved, he added that further approvals - building and construction permits, and a go-ahead to clear the land - are “needed to get to the level of development that project is already at”.
The St Anne’s MP also questioned whether any Environmental Impact Assessment (EIA) or other studies had been conducted before the approvals were
granted, and challenged why no public consultation appeared to have occurred as required by the EIA guidelines.
Tribune Business was previously sent photos, some of which it has published today, showing the offshore pier and overwater building designed to facilitate the movement of visitors from ship to shore at Athol Island.
The person who sent the photos said: “Here’s another view of Athol Island from the old boneyard; the little area that baby fish, conch and sponges grow up. When you are not subject to any regulation you can build what you like and how you want to.”
Mr White, who previously asserted that a “relative of a high-ranking MP” was involved with development activities on Athol Island, said yesterday: “There is a four-acre section of Athol Island, which is part of a Marine Protected Area, which has been cleared back and what is more significant now is there’s a pier - not even a dock or floating dock
- which, to my eyes, stands some 200 yards long.”
Pointing out that the pilings supporting this pier had “gone into the seabed”, Mr White noted Mr Lundy’s presence in the House of Assembly as the minister directly overseeing the Department of Lands and Surveys, which is responsible for drawing up Crown Land grants and leases.
“Can he tell us who has this Crown Land lease for this four-acre parcel that has a 200 foot entry-by-pier dock with pilings dug into the seabed,” the St Anne’s MP challenged Mr Lundy. He added that the buildings erected on the pier “look like some shanty shack” of the kind the Government’s Task Force is demolishing, and voiced concern over water pollution if they were used as bathrooms.
“You’re not supposed to have erected structures on docks in the Family Islands without permission,” said Mr White, a former Town Planning Committee chairman. “The public needs to know before we break for summer who has this lease, were the proper environmental approvals given?”
This prompted Mr Lundy’s intervention.”Someone did get a a lease, and they do have environmental approvals to do clearing over there. It’s on record. He could check the records. I wouldn’t give the person’s name in the House. There is someone who has the lease and they do have the environmental clearance to do what they’re doing over there,” the south and central Andros MP said.
Mr White said this was “not to the knowledge of the director of DEPP”.
Addressing Mr Lundy again, he added: “He can identify the person given that it’s a Crown Land lease. This isn’t private information. This isn’t a confidential settlement given to numerous police officers and public officials. Give us the name of the person or entity that has the Crown Land lease.”
The St Anne’s MP argued that the Government was taking the Bahamian people for “donkeys” and “conchs”, and said: “It’s an absolute absurdity and complete blemish on this administration if, in fact, they have given approval
for development going on on Athol Island.” He added that coppice and native trees have already been cleared.
Mr Lundy said he would table the approvals granted by the Government in the House of Assembly, but he failed to do so before it broke for its summer recess until September 18. Athol Island lies 0.75 miles east of Paradise Island, off New Providence’s north-east shoreline, and Mr White said Mr Lundy’s comments were a “complete contradiction” of the position given by Dr Neely-Murphy.
The St Anne’s MP, explaining the House of Assembly inter-play between Mr Lundy and Vaughn Miller, minister of the environment and natural resources, after he issued his challenge, said: “I watched it go down. He [Mr Lundy] looked to the left to the minister of the environment. The minister of the environment looked to the right; there was a nod.
“Lundy was able to stand up and make the response that he would table the approval letter issued in February before the end of my contribution. I sat down, no approval was tabled, and Lundy refused to identify who the Crown lease had been given to.”
Mr White said Mr Lundy’s intervention “does raise more questions than answers”, including whether DEPP was involved in the approval process. “It conflicts directly with the person who has proper authority at DEPP,” he added. “Given that it’s a Marine Protected Area, it should have come with an EIA that can be reviewed....
“From my experience, this is an attempt to clear the activity that has already transpired and approval from the Ministry of the Environment is not
sufficient coverage. It’s not the only approval needed to get to the level of development that project’s at already.” Building and construction permits, Mr White added, as well as Department of Physical Planning approvals to clear the land are also needed.
Athol Island is a site of historical significance given its prior use as a quarantine station and the presence of ruins dating back to the 18th century. Mr White said the size and nature of the pier that has been constructed indicate it is “clearly going to be a high traffic zone for pedestrian traffic and vessel traffic to that destination.
“It’s really now a lowimpact development that’s being parked in a Marine Protected Area,” he added. “There are going to be large vessels coming in with tens, hundreds of guests a week, and that area of the Park has been known for its bonefishing. It definitely has marine life similar to the Bonefish National Park.
“It’s egregious what has been allowed to happen in a Marine Protected Area without approval, without public comment. If I didn’t bring it up, every effort would be made to have people forget about it during the six-week break that I anticipate we’re going into.”
Calling for development at Athol Island “to be stopped”, Mr White urged that the pilings, pier and building be removed and taken down. It should only proceed, he added, after the necessary EIA, environmental studies and public consultation is undertaken, and said: “We have to safeguard our environment for future generations.”
PUBLIC NOTICE
Please be advised that I, Anna Williamson, is no longer employed at Bahamas Insurance Brokers & Agents Limited (BIBAL) since the 31st of January 2024. As such, since my departure, I have not conducted any business or collected any funds on their behalf without written consent from the company.
GOVERNOR: REDUCING GOV’T BOND ISSUES TO START IN ‘24
liquidity management operations. Through benchmark series, the Government is already able to raise funds on multiple reopening of the issues.
“In the past, each of such transactions would have involved a new security. However, the consolidation strategy - once it is activated - will also include early buy back of some bonds prior to maturity, with the quantum of retired bonds replaced with fewer new instruments.”
Mr Rolle added that “all recommendations” in the IMF report, which sought to outline reforms for achieving a more modern and efficient Bahamian government domestic debt market, “will be either wholly or partially implemented commensurate with the speed with which the issuer and the market are able to achieve”.
He said: “The report was largely favourable and broadly mirrored recommendations and ongoing reforms under the Commonwealth Secretariat and United Nations Development Programme (UNDP) technical assistance arrangements.
“In terms of a definite timeline to advance many of the reforms, one would be difficult to pin down, as much of it depends on how actively the market absorbs the reforms. We are moving ahead with the recommendations in consultation with the Government and the market stakeholders at a pace agreeable to all.”
The Central Bank governor said both the Commonwealth Secretariat
and UNDP have been providing help to develop The Bahamas’ domestic debt market since 2016. This resulted in both the creation of a separate depository specifically for the clearing and settlement of government securities transactions and the listing of bond issues on the Bahamas International Securities Exchange (BISX).
“Deployment of the CSD 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 assistance programmes. That said, the Benchmark Issuance Policy and other policy reforms were under development for quite some time, and many benefited from input from the IMF during the process,”
Mr Rolle added.
The recently-released IMF report argued that the Government should “consolidate” its 240 bond issues into just 20-30 “benchmark” lines via a series of measures including exchanging outstanding debt securities for new ones.
“The large number of government securities outstanding creates an illiquid and fragmented market. Given the lack of a benchmark bond policy, it is not reasonable to expect that one or more financial institutions would assume the role of a market maker for all government securities,” the IMF said in an assessment completed in January 2024 but not released until now.
“Efforts should be taken to consolidate the outstanding 240 BRS (Bahamas
Registered Stock) lines into fewer 20-30 benchmark lines by using liability management operations. The consolidation of the outstanding debt could help stimulate secondary market trades in other bonds as well.”
The Fund repeated this call consolidation, stating: “The lack of a benchmark building policy is hindering market development efforts. Currently, there is no policy to build benchmark lines that would concentrate issuance on a smaller number of bonds that could be deemed ‘the’ benchmark in key tenors.
“Despite some re-openings, most BRS lines are small in size. The domestic market will remain fragmented until there are fewer BRS lines outstanding. The increased size of benchmark BRS lines could also attract wider investor participation, owing to increased perceptions of liquidity in the benchmark, and make it easier to find interested buyers or sellers in the secondary market.”
The Central Bank, which together with the Ministry of Finance would likely be sent an advance copy of the IMF’s findings, and discuss the Fund’s conclusions with it before the official release, already appears to have acted on the consolidation recommendation and be following much of what was suggested.
For it unveiled a document entitled ‘The
Bahamas benchmark bond issuance policy’ on November 17, 2023, in which it set out its strategy for “aggregating bond issuances in a relatively limited number of popular, standardised maturities” on the Government’s behalf in a bid to boost investor confidence through greater transparency and develop a deeper, more liquid government securities market.
“With approximately 240 Bahamas Registered Stock (BRS) securities, comprising 149 fixed-rate and 90 floating-rate bonds, often issued with non-standardised features and varying original maturities, the bond market in The Bahamas faces significant market fragmentation,” the Central Bank said.
“The primary aim of the policy is to eliminate market fragmentation by adopting bond standardisation, concentrated issuance
of bonds from benchmark maturities, bond reopening and the implementation of liability management operations, such as bond buybacks and exchanges.”
The Central Bank set the “benchmark” issue targets at $85m for Bahamian dollar bonds with maturities between three to five years; $105m for paper due to mature between seven to ten years; and $170m for 20 and 30-year maturities.
This appears to follow the IMF’s advice very closely, with the Fund’s just-released report stating: “Introduction of a benchmark issuance policy, accompanied by Liability Management Operations (LMOs) aimed at consolidating smaller securities into larger and therefore more liquid bond lines - one long-term line maturing in any given year instead of a multiple number of smaller issues - could form
a strong base to support primary market demand and secondary market development.....
“Buybacks and exchange/ switch auctions could consolidate the large number of outstanding bonds into a smaller number of larger benchmark securities and help manage future rollover risk inherent to the issuance of benchmark size securities. LMOs are quite common in the practice of public debt managers, but some market consultation and education would be useful before actual deployment.”
Outstanding Bahamian dollar bond issues, worth a collective $4.17bn at year-end 2022, are the instrument accounting for the greatest share of the Government’s total debt at 38 percent or just over one-third.
Minister: ‘Give it a rest’ on $35m cruise water park
tourists visited a nation to enjoy its culture and unique, authentic experiences rather than a port or dock.
“The cruise port is a dock. It’s a docking facility. The port is Nassau. The port is Nassau,” she urged.
“I wish to say no more. The port is Nassau. In Nassau we have our straw vendors, our taxi drivers, our entrepreneurs. We have this huge rich cultural dynamic, this expression of who we are in the port of Nassau.
“I heard some talk about some water theme park. Please, please, give it a rest. Give it a rest. Let our people come through your dock. Make your dock nice; I have no problem with that. Come into Nassau, come into Nassau. I hope they heard me on that.
“That’s the cultural reality of who we are. It is out there. This is why you come to a destination. We’re a nation, not a destination. I want to whisper that to them on this microphone: Give it a rest.” Mrs Hanna Martin declined to expand on her concerns when contacted by Tribune Business, but they represent the first signs of policymaker level unease over Nassau Cruise Port’s expansion plans. Similar concerns were also voiced yesterday by vendors at the Straw Market over the possibility that the water park
will draw cruise passengers away from leaving the port’s confines. Rebecca Small, president of the Straw Business Persons Society, said the plans are a major worry especially as Nassau Cruise Port recently said its promotion of the Straw Market has “hit a standstill” due to it not receiving a supply list of crafts people and artisans to market.
She said: “It’s a concern for straw vendors, especially as they recently said they are not advertising the Straw Market simply because the Straw Market Authority hasn’t reached out to them with a list of vendors, which to me doesn’t make sense. “And now they are building this big nice water park to further keep the tourists away from the downtown area. What need would they have to come over if they get the full experience there, and then, of course, we know what the current crime situation in New Providence is right now. “
Ms Small said a vendor approached her yesterday and voiced frustrations at how hard it is to “make a dollar”, and she lamented that only a fifth are making a profit while the others are “scrapping”.
“A vendor came to me today and said it’s hard to make a dollar in this market now,” she added. “If they kept us on rotation everyone could have lived
but now it’s hard for us to live. It’s 500 vendors and only 100 of them make a profit and the rest of us are scrapping.
“It’s difficult for many vendors at this present time, so you only could imagine when they have the water park that will keep the tourists. What are they coming into Nassau for? They will stay right there in the port. Of course it’s a concern. The tourists would not need to really go on the beach and into Nassau because everything would be right there.”
Ms Small added that many “foreigners” are selling souvenirs in downtown Nassau that are not “authentically Bahamian”, but straw vendors are expected to exclusively sell crafted items when straw is not a product that is easily accessible year-round.
She said: “Even down on Bay Street, all of those foreigners selling souvenirs, but they want to tell us to only sell straw, knowing straw is not a product that is sold year-round. Straw is not like that, it’s seasonal.”
Nassau Cruise Port is aiming to create a further 350 full-time jobs through its water park attraction that is targeted for completion within the next 18 months. Mike Maura, its chief executive, told Tribune Business previously that the expansion is part of a drive to provide more “family-oriented”
THE URISEMAE FARRINGTON FOUNDATION’S REVIEW
As we enjoy the close of a school year and the beginning of another, we are poised to reflect on the past to make the necessary corrections for the future. The day of report is always a time of expectations and/ or mixed emotions. First of all, to the parents that continuously push their kids expeditiously, we salute you. Secondly, to those parents that value the success of their children through education and think it not robbery to go the extra mile to ensure that assignments are completed while ensuring that their children retain the scheduled study patterns needed for academic success we say “job well done”. Additionally, to the parents that frequently visit teachers and guidance counselors as a mains of keeping a precise measurement of their child/children’s progress, we pause to salute you. You are the prime examples of parents that will leave schools and graduation ceremonies with absolute satisfaction, because you dear to take the time out to enforce what was beingtaught at school. Your greatest reward will be the great contributionsyour child/ children will make within the society and the world at large. Thirdly, to those parents that always want to blame others for their child/children failures, you are the unfortunate that is allowing wealth to pass through your hands under the umbrella of busyness and negligence. I believe as parents, we must understand that the buck begins and ends with us. The Bible says that we must train up a child in the way he should go and when he is old he will not depart from it. Therefore, our added responsibility is to also find out what is the plan of God for our child/ children’s lives and be steadfast in the navigation. Training always begins at home and then it is taken abroad. Children are investments. If nothing is deposited, such as good values, morals and standards, in years to come my beloved parents, there will be nothing to withdraw but disappointments, shame, anger and pain. Fourthly, your child/ children are a reflection of you. If you are rebellious towards authority, neighbors and other people’s properties etc...., then your child/children will mimic that exact behavior. They will become rebellious at school towards teachers, in the community towards neighbors and whoever they come into contact with including authorities. But when the pot boils over on the stove, only those in the home will smell the smoke while standing in total shock and amazement. Dear parent/s what seems cute in the homes is a total disrespect to others. Always remember, what you tolerate you cannot change. Moreover, in the corporate world certain attitudes and behaviors is not allowed nor accepted. Such actions will deny your child access to an elevated and/or executive platforms. Remember, attitude determines altitude. As parents we must check our agenda, our motives and our mind sets to see if it is equivalent to the atmosphere in which we want to see our children have for their domicile. What we allow is what we produce; The dress code; young men with sagged pants (waist dropped); exposed underwear, super tight pants (exposing or revealing private parts) and young men wearing wigs. Young ladies; naked and revealing clothing, (exposing upper and lower cuts) allowing your young daughters and or sons to abuse substances including: alcohol while at home or while out with peers and clubbing. In fact, staying out all hours of the night and have absolutely no time for church. Well, how do you expect for him or her to excel? And why are you surprised when he or she gets pregnant, has to drop out of school and you are stuck with the price tag of having to care for a school drop out and their babies. Some parents have unrecognizably helped the enemy to carry out his assignments by not beingwatchful, not bringing corrections and directions, not molding, bending, caring nor shaping them into being what they were called to be. As parents you will give an account. Therefore, you must know the friends that your children befriend. Children, you must know the type of people you are calling friends. Some individuals come into your life with an agenda from hell to ensure that you are distracted from becoming what God had predestined for your life. While others are here with the mandate of heaven, for total success in all of their endeavors. So let us choose wisely.
amenities as well constantly refresh and evolve its product offering to maintain the facility as “best in class in the Caribbean”.
He reassured that the sheer volume of passenger arrivals makes it impossible for all to stay at the port.
“We are the largest tourism gateway in The Bahamas given the volume of people arriving at Nassau Cruise Port,” Mr Maura said.
“Our facility is not large enough to coral 30,000 people that arrive on those ships daily. We are very much in the business of facilitating the safe distribution of visitors throughout New Providence and downtown Nassau as well.”
Confirming that the pool-based water park will be constructed behind the amphitheatre towards the western side of Nassau Cruise Port’s existing property, he added that although no construction start date has been confirmed the approval process is “well underway”. It will also feature associated food and beverage offerings.
“We’re looking at an additional investment; a pool water park investment,” Mr Maura revealed to this newspaper, “that is going to provide an experience in the downtown area at Nassau Cruise Port so people have something to do that is more recreational and family-oriented.
“A lot of the experiences these visitors can
participate in are adultoriented. Through this investment, which is a pool experience, we intend to focus on families. You take the Disney cruise ships, where the vast majority of folks are families travelling with children. We want them to have experiences that everyone can participate in and enjoy.”
Asked how much Nassau Cruise Port plans to invest in the new attraction, which follows swiftly behind its $330m redevelopment that was officially opened last year, Mr Maura replied: “The total is around $35m. We’d like to see it completed in the next yearand-a-half. We have cleared the site but have not started construction.
“It will be right behind the amphitheatre; the green space behind the amphitheatre. It will be in the shape of a finger circle. Once the project is completed, it will create 350 jobs. That’s a significant increase in the number of jobs that will be happening at Nassau Cruise Port. It will be a best-inclass experience.”
With a building permit number already obtained for the water park, Mr Maura added that it was critical for the Nassau Cruise Port and wider Bahamian tourism industry to constantly refresh and reinvigorate its product offering so as to differentiate this nation from Caribbean and global
competitors and give visitors something new on which to spend their money.
“We have to get our approvals,” the Nassau Cruise Port chief confirmed. “The process is well underway. We have the permit number for the project. It’s going through the final approval process.
“With Nassau Cruise Port and tourism in general, tourism is dynamic. The world doesn’t stand still. Offerings don’t stand still. The authenticity and differentiation of destinations will continue to evolve, and so must Nassau. So Nassau Cruise Port will continue to look at our product as part of the downtown destination, and we will continue to tweak and evolve to maintain best-in-class in the region.”
The cruise port’s planned water park will likely be competing for passenger traffic with the similar water-based attractions at Atlantis and Baha Mar, as well as those available to visitors on board their vessels.
Nassau Cruise Port’s expansion comes amid Royal Caribbean’s western Paradise Island site clearance in preparation for its Royal Beach Club project, which is expected to accommodate up to 2,700 persons daily.
Holoweskos selling Island House to major landowner
FROM PAGE B1
the two properties and their offerings,” one source said. “Food offerings and events.” They pointed to the Island House’s restaurant offerings including Shima, which features Asian cuisine, as well as the Yellowbell bar that allowed the resort to expand its lunch and drinks menu.
“Terry White was buying it. I don’t know how far the deal has got,” a contact added of the Island House.
“Everybody around there knows about it,” another source said of the sale.
“This goes back a couple of months.
“They’re not going to make any major changes. Lauren Holowesko-Perez is going to stay on as general manager. Things have been pretty much the same there so far. They don’t see anything coming up. It was never a major money maker for Mark [Holowesko]. The rates are always high. The average room rate is around $500 per night. It’s more expensive than places like Atlantis and Baha Mar.” Media reports from the Island House’s official opening, which occurred under the last Christie administration, said the Holowesko family had invested some $40m into developing the
resort into a high-end, five star property and becoming one of the relatively few Bahamian owners in the hotel industry. The ten-acre site was purchased by Mark Holowesko, the prominent Bahamian financial adviser and investment manager, in around 2005 and was initially earmarked for office space. It lay unused until the Mahogany House restaurant, now known as Mogano by Chef Giorgio Locatelli, opened in 2011. Its success encouraged Mr Holowesko and his daughter, Ms HoloweskoPerez, to develop the resort at the same property. “We
HOW NASA AND SPACEX WILL BRING DOWN THE SPACE STATION WHEN IT'S RETIRED
By MARCIA DUNN AP Aerospace Writer
SPACEX will use a powerful, souped-up capsule to shove the International Space Station out of orbit once time is up for the sprawling lab.
NASA and Elon Musk's company on Wednesday outlined the plan to burn the space station up on reentry and plunge what's left into the ocean, ideally at the beginning of 2031 when it hits the 32-year mark. The space agency rejected other options, like taking the station apart and bringing everything home or handing the keys to someone else.
NASA gave SpaceX a $843 million contract to bring down the station — the biggest structure ever built off the planet.
Here's a rundown on the work and challenges ahead:
Why get rid of the space station?
The space station is already is showing signs of age. Russia and the U.S. launched the first pieces in late 1998, and astronauts moved in two years later. Europe and Japan added their own segments, and Canada provided robotic
arms. By the time NASA's shuttles retired in 2011, the station had grown to the size of a football field, with a mass of nearly 1 million pounds (430,000 kilograms). NASA figures the station will last until at least 2030. The goal is for private companies to launch their own space stations by then, with NASA serving as one of many customers. That strategy — already in place for station cargo and crew deliveries — will free NASA up to focus on moon and Mars travel. NASA could decide to extend the station's life, too, if no commercial outposts are up there yet. The aim is to have an overlap so scientific research is not interrupted. Why not bring it back to Earth?
NASA considered dismantling the space station and hauling the pieces back to Earth, or letting private companies salvage the parts for their own planned outposts. But the station was never intended to be taken apart in orbit, according to NASA, and any such effort would be expensive and also risky to the astronauts who would handle the disassembly. Besides, there's no spacecraft as
Legal Notice
big as NASA's old shuttles to bring everything down. Another option would be to boost the empty station to a higher, more stable orbit. But that, too, was dismissed given the logistical issues and the increased risk of space junk.
How will it be brought down?
Visiting spacecraft periodically boost the space station so it remains in an orbit approximately 260 miles (420 kilometers) high. Otherwise, it would keep getting lower and lower until it plunged, uncontrolled, from orbit. NASA wants to ensure a safe reentry over a remote section of the South Pacific or possibly the Indian Ocean, so that means launching a spacecraft that will dock to the station and steer it toward a watery grave. NASA expects some denser pieces to survive, ranging in size from a microwave oven to a sedan, in a narrow debris field 1,200 miles (2,000 kilometers) long. NASA and its partners considered using three Russian supply ships for the job, but a more robust craft was needed. The call went out to industry and, in June, SpaceX
wanted a laid-back, comfortable space for people from every walk of life. That is what was missing from this end of the island,” Ms Holowesko-Perez told Bahamas Investor in 2015. “Mahogany House was a great tester..... “We do have beautiful hotels here but we are trying to create something different by bringing island and city together and creating something that is unique. We really had the local community in mind when we designed this project. We want people to come and utilise the space. There has been a lot of attention to detail with the
hotel; these are the little touches we hope people will appreciate. “We never imagined that this would be a long stay hotel. We have a lot of corporate clients, people who have to stopover in Nassau. We are close to the airport so it is a great base for them.” When it opened, the Island House was said to have 128 staff.
The resort, on its present website, states: “The Island House stands out among Bahamian resorts, having been designed with both visitors and the local community in mind, and as a symbiotic extension of the surrounding environment.
“The property features 30 rooms and suites, six rental apartments, private beach access, two restaurants, a cafe, market, art house cinema, lap pool, movement studio, squash courts, TERN art gallery and a Bamford Spa.
“Merging the height of contemporary luxury with the understated elegance of authentic island life, The Island House offers today’s sophisticated traveller an experience that is warm and intimate in spirit, polished and discerning in character.”
won the contract for a deorbit vehicle.
What will the deorbit spacecraft look like?
SpaceX plans to use an ordinary Dragon capsule — the kind that carries supplies and astronauts to the space station — but with a much bigger trunk housing a record 46 engines and more than 35,000 pounds (16,000 kilograms) of fuel. SpaceX's Sarah Walker said the challenge will be creating a spacecraft powerful enough to guide the space station while resisting the tugs and forces from increased atmospheric drag during final descent. This spacecraft will require an especially powerful rocket just to get to orbit, according to NASA. The capsule would be launched 1 1/2 years before the station's planned demise.
THIS photo provided by NASA, taken from the SpaceX Crew Dragon Endeavour, shows the International Space Station on Nov. 8, 2021. NASA and SpaceX discussed plans on Wednesday, July 17, 2024, to shove the International Space Station out of orbit and steer it toward a watery grave in the next decade.
Photo:NASA/AP
UNITED AIRLINES Q2 PROFIT RISES TO $1.32 BILLION AS TRAVEL DEMAND
By DAVID KOENIG AP Airlines Writer
UNITED Airlines on Wednesday reported that its second-quarter profit rose 23% to $1.32 billion, as record crowds at U.S. airports helped the carrier overcome sharply rising costs for fuel and labor.
However, United warned that third-quarter results will fall short of Wall Street expectations because of a glut of U.S. flights that has airlines cutting prices to fill seats.
Delta Air Lines gave a similarly dim forecast last week. The airlines said, however, that across the industry carriers are trimming their schedules for mid-August and beyond, which should boost their pricing power.
Since the start of the second quarter on April 1, the number of travelers screened at U.S. airports has increased more than 6% over the same period last year, according to figures from the Transportation Security Administration. The nine busiest days in TSA's history have occurred during that span, although two were after the second quarter ended June 30.
However, Delta reported last week that its secondquarter profit fell 29%, and it gave a weaker-thanexpected forecast for its third-quarter profit.
United said Wednesday that it expects to earn $2.75 to $3.25 per share in the third quarter, which is below the average $3.38 forecast among analysts in a FactSet survey. Alaska Airlines also gave a weaker third-quarter outlook, citing a "moderating domestic revenue environment."
Both Delta and United indicated that demand for premium travel – sitting in the front cabin – is strong. United said revenue from premium passengers grew 8.5% from a year earlier.
Pricing is weaker, however, for cheaper seats in the main cabin because airlines collectively have
added so many flights. Delta executives called out budget airlines such as Spirit and Frontier for expanding too rapidly. It's not just the little guys, however. TD Cowen analyst Thomas Fitzgerald said he is concerned that "aggressive discounting" this summer by American Airlines is hurting revenue trends.
United contributed to the oversupply too. Its passenger-carrying capacity in the second quarter was 8.3% higher than in the same period last year. The airline said it will cut its planned U.S. capacity in the fourth quarter by about 3% from the company's previous plan.
American, Southwest and, just this week, Spirit have all cut their forecasts of second-quarter revenue in recent weeks, each citing a different reason.
Chicago-based United said its second-quarter profit worked out to $4.14 per share, excluding onetime gains and losses. Analysts expected $3.93 per share, according to a FactSet survey.
Revenue rose 6% to $14.99 billion, slightly below the analysts' forecast of $15.04 billion.
United said its fuel bill rose 11% and labor costs increased 10.5% compared with a year earlier. Landing fees and other rents jumped 13.2%, although they make up a much smaller chunk of United's spending.
Shares of United Airlines Holdings fell immediately after release of the weak third-quarter outlook, but they were around breakeven after about an hour of extended.
United executives are scheduled to discuss the results with analysts and reporters on Thursday.
Alaska Air Group, the parent of Alaska Airlines, said it earned $220 million on $2.9 billion in revenue during the second quarter, beating analysts' profit forecast.
The Seattle-based company, which also owns regional carrier Horizon Air, said that it expects to earn between $1.40 and $1.60 per share in the third quarter because of a slowing U.S. market and the cost of a tentative new contract for flight attendants. Analysts had expected $2.06 per share.
Blade collapse, New York launch and New Jersey research show uneven progress of offshore wind
By WAYNE PARRY Associated Press
THREE events Wednesday highlighted the uneven progress of the offshore wind industry in the Northeast, including the start of a major project in New York, research aimed at preventing environmental damage in New Jersey, and a temporary shutdown of a wind farm in Massachusetts after a broken turbine blade washed ashore on a famous beach.
The federal government ordered a wind farm operator off the coast of Nantucket in Massachusetts to suspend operations while cleanup continues after a wind turbine blade fell into the water, broke apart, and
washed up on beaches at the popular vacation spot.
Vineyard Wind said Wednesday that it has removed 17 cubic yards of debris, enough to fill more than six truckloads, along with several larger pieces that washed ashore. The debris was mostly non-toxic fiberglass fragments ranging in size from small pieces to larger sections, typically green or white.
Vineyard Wind, a joint venture between Avangrid and Copenhagen Infrastructure Partners, bolstered its beach patrols to 35 people looking for and removing debris.
"We're making progress in the debris recovery efforts and mobilizing even more resources on the island to hasten the cleanup as
NOTICE
NOTICE is hereby given that AMBROSE AGHAHOWA OBASEKI of #5 Miller Close off Market , Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of July, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The 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. Box N-7147, Nassau, New Providence, The Bahamas.
quickly as possible," the company's CEO Klaus Moeller said in a statement. "The public can have confidence that we will be here as long as it takes to get the job done."
Also on Wednesday, a groundbreaking ceremony was held to start construction of New York's largest offshore wind project, Sunrise Wind, a 924-megawatt project by the Danish wind developer Orsted. Once completed, the project will provide enough clean energy to power approximately 600,000 New York homes. It will be located approximately 30 miles (50 kilometers) east of Montauk, New York.
"We look forward to building New York's largest offshore wind project,
helping the state meet its clean energy targets while strengthening the local offshore wind workforce and supply chain," said David Hardy, executive vice president and CEO Americas for Orsted.
Orsted was far along in the approval process to build two offshore wind farms in New Jersey when it scrapped both projects last October, saying they were no longer financially feasible.
And New Jersey officials on Wednesday said they would make nearly $5 million available for scientific research projects to document current environmental conditions in areas where wind farms are planned, as well as to predict and prevent potential harm to the environment or wildlife.
Shawn LaTourette, New Jersey's environmental protection commissioner, said his state "is committed to advancing science that will ensure that offshore wind, a necessary component of our work to address the impact of climate change, is developed responsibly and in a manner that minimizes impacts to our precious coastal environment."
The state is seeking proposals for surveying wildlife and habitats before wind farm construction starts; making technical innovations in data collection and analysis; studying fishery sustainability and socio-economic impacts of offshore wind; identifying and reducing the impact of offshore wind noise on marine life, and studies of bird and bat
abundance, among other things. Concerns about potential damage to the environment, marine life and birds have been among the reasons cited by opponents of offshore wind for trying to halt the nascent industry in the U.S. On Wednesday, one of the most vocal groups, Protect Our Coast-NJ used the Nantucket accident to renew its call to end the offshore wind industry, calling the incident "simply unacceptable."
Jason Ryan, a spokesman for the American Clean Power Association, said the wind industry is committed to safe and reliable operations, adding it follows "rigorous and regulated standards and strict environmental protocols."
AGING BRIDGES IN 16 STATES WILL BE IMPROVED OR REPLACED WITH THE HELP OF $5B IN FEDERAL FUNDING
By DAVID A. LIEB Associated Press
DOZENS of aging bridges in 16 states will be replaced or improved with the help of $5 billion in federal grants announced Wednesday by President Joe Biden's administration, the latest beneficiaries of a massive infrastructure law.
The projects range from coast to coast, with the largest providing an additional $1.4 billion to help replace two vertical lift bridges over the Columbia River that carry Interstate 5 traffic between Portland, Oregon, and Vancouver, Washington. The bridges, which also received $600 million in December, are "the worst trucking bottleneck" in the region, Transportation Secretary Pete Buttigieg said.
The new bridges will be seismically resilient and multimodal, with room for vehicles, pedestrians, bicycles and transit.
Oregon Gov. Tina Kotek described the federal funding as "fantastic news" that will aid the economy while also advancing "goals of reducing carbon emissions and curbing the effects of climate change."
Other projects receiving $500 million or more include the Sagamore Bridge in Cape Cod, Massachusetts; an Interstate 10 bridge project in Mobile, Alabama; and the Interstate 83 South bridge in
Harrisburg, Pennsylvania, which Buttigieg highlighted Wednesday with a visit.
"These bridges affect whole regions and ultimately impact the entire U.S. economy," Buttigieg said. "Their condition means they need major urgent investment to help keep people safe and to keep our supply chains running smoothly."
The grants come from a $1.2 trillion infrastructure law signed by Biden in 2021 that directed $40 billion to bridges over five years — the largest dedicated bridge investment in decades.
Biden has been touting the infrastructure law while campaigning for reelection against former President Donald Trump. But even Wednesday's large grants will make only a dent in what the American Road & Transportation Builders Association estimates to be $319 billion of needed bridge repairs across the U.S.
About 42,400 bridges are in poor condition nationwide, yet they carry about 167 million vehicles each day, according to the federal government. Four-fifths of those bridges have problems with the substructures that hold them up or the superstructures that support their load. And more than 15,800 of the poor bridges also were listed in poor shape a decade ago, according to an Associated Press analysis.
