PI and creates 300 jobs
By NEIL HARTNELL Tribune Business Editor
nhartnell@tribunemedia.net
HURRICANE Hole’s developer yesterday estimated its near-$200m investment to-date has likely created “around 300 jobs” while helping to renew Paradise Island’s attraction as a residential location.
Khaalis Rolle, Sterling Global Advisory’s president, told Tribune Business that the renamed Paradise Landing is generating “renewed appeal” for upscale homeowners by providing the retail and office options they desire following the
recent opening of the project’s supermarket.
Noting that the presence of Sawyer’s Fresh Market, the island’s first grocery store in many years, is already attracting and driving foot traffic from the hotels, residents and nearby workers, he voiced optimism that Sterling Global has thus far succeeded in its ambitions to create “a downtown Paradise Island” with more to come.
Mr Rolle, recalling that Sterling had pledged to invest $250m when it first started the former Hurricane Hole site’s redevelopment on Paradise Island’s southern shore,
Marinas set to join Parliament fuel protest on ‘viability threat’
By NEIL HARTNELL Tribune Business Editor
BAHAMIAN marinas
yesterday said they will join tomorrow’s Parliament protest by petroleum retailers as the fuel industry’s price-controlled model is threatening “the viability of our sector”.
Peter Maury, the Association of Bahamas Marinas (ABM) president, confirmed to Tribune Business the group “will be represented” on Bay Street as it revealed that government taxes and credit card fees consume “90 percent and sometimes more” of the revenues generated by selling diesel fuel to local and foreign boaters.
Disclosing that the fuel industry’s inflexible pricing structure has resulted in Bahamian marinas suffering similar problems to land-based gas stations, with the 34 cents per gallon diesel margin decimated and often eliminated by rising operating expenses, Mr Maury voiced concern that the authorities seem not to realise “you cannot run a business at a negative loss”.
The ABM, in a statement yesterday, said it sympathised with both the Bahamas Petroleum Retailers Association’s (BPRA) objectives and plight of its gas station operator members. And it gave its backing for the campaign “to achieve viable margins”.
“Our members attract thousands of boaters to The Bahamas annually who consume substantial quantities of petroleum products which our members supply. In doing so they are burdened by VAT on these sales in addition to taxes on fuel, taxes on bunkering and exchange fees on the credit card transactions that comprise 90 percent of sales,” the Association added.
“The cost of supplying this vitally important commodity is disproportionally high for businesses that bear considerable overheads in management and staff costs, utilities, real property taxes, rent and debt service, where applicable.
“It also makes the prospect of visiting The Bahamas increasingly
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
THE Prime Minister last night said the Government has agreed to grant petroleum retailers their long sought-after margin increases they say are essential to the survival of their companies.
DAVIS
told this newspaper that it “very shortly” plans to commence construction on the final phase which represents “the balance” of its residential units.
And, with Sawyer’s Fresh Market now open alongside a nearby 700 Wines and Spirits outlet, the former minister of state for investments said Sterling has created “a destination boaters will love” as they will find a “one-stop shop” for all their charter provisioning needs at what he described as “the most modern marina in The Bahamas”.
Bahamas ‘cornerstone’ for stem cell firm’s expansion
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A STEM cell provider yesterday branded The Bahamas “one of the cornerstones” for its global expansion plans as it unveiled ambitions to “double” its staff presence here within the next 12 months.
Dr Matthias Bernow, head of Swedish-headquartered Cellcolabs, speaking to Tribune Business while on a commercial visit to this nation said the country’s regulatory framework “sets them apart” from rival stem cell and medical tourism competitors because it does not impose “any undue hindrances” on the industry.
Praising The Bahamas for striking what he described as striking the correct balance between
regulation and fostering entrepreneurs, he confirmed that the stem cell therapy researcher and treatment provider has already established a physical presence in this nation via its subsidiary, Cellcolabs Clinical (Bahamas). Armed with its own Bahamian laboratory and staff, and a local physician partner in Dr Darius Bain at Live Well Bahamas, Cellcolabs produces Mesenchynal Stem Cells (MSCs) - said to be of “high quality” because
they are produced from the bone marrow of healthy donors - and transports these to The Bahamas for use in research and patient treatment.
Dr Bernow, confirming to this newspaper that Cellcolabs has the necessary permits and approvals to operate in The Bahamas, said it first began working with Dr Bain some one-and-a-half years ago in 2022 and treated its first patient last October. That number, he added, has grown to 100 over
the past 12 months and the company has submitted its first report to local regulators.
Describing The Bahamas as the company’s “second home”, given that it was the first territory outside Sweden where it expanded to and became licensed, Dr Bernow added that this nation’s operation is providing the “blueprint” for further global expansion ambitions as it moves into jurisdictions such as Abu Dhabi in the United Arab Emirates (UAE).
Disclosing that the company became interested in The Bahamas before it upgraded the stem cell and regenerative regulatory regime via the recentlypassed Longevity and Regenerative Therapies Bill, he said: “We’re happy to be here in The Bahamas
Citi: ‘No intent’ for job loss in JTC trust sale
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CITIGROUP yes-
terday said it does “not intend” for there to be any job losses at its Bahamian Citi Trust subsidiary from selling that unit’s worldwide operations to rival financial services provider, JTC.
business allows us to focus our resources on areas that will create impact for our global clients and drive growth for our wealth business.
Philip Davis KC, speaking on the first episode of the Rundown on ZNS last night, said his administration will give dealers a 25 cent increase in their gasoline margins and 15 cents per gallon of diesel. This will take the margins to 79 cents per gallon of gasoline, as opposed to the current 54 cents, and 49 cents for diesel, representing 46.2 percent and 44 percent rises respectively.
The global financial institution, in a statement responding to Tribune Business inquiries, said “the majority of employees” at the Bahamian operation will transfer to JTC once the acquisition is completed and all necessary regulatory approvals obtained. No further information, such as the likely timeline for closing the deal and how many staff will be impacted, was provided.
“I’m happy to say that we have resolved those issues and it’s been a long haul,” said Mr Davis. “Part of the
Ida Liu, head of Citi Private Bank, in explaining the decision to sell, said: “The decision to sell our personal trust administration and fiduciary
“We will continue to provide clients with leading investment management, wealth planning, lending and banking services, while JTC will provide the highest quality trustee and fiduciary services. We are confident our clients and colleagues will benefit from JTC’s singular focus on trust
NIGEL LE QUESNE
HURRICANE HOLE DEVELOPMENT
Empower Bahamians with personal finance education
CHILDREN
through-
out The Bahamas are now back in the classroom. However, they are missing one key component to give them a well-rounded education - personal finance education. Basic personal financial education is an essential life skill that has become increasingly important in today’s complex economic environment.
The most recent data provided by the Central Bank of The Bahamas indicates that while most Bahamians understand basic computation, only about one-third understand complex concepts such as the compounding effect of interest rate; the impact of inflation on purchasing power; or the knowledge of financial instruments such as stocks and shares, mutual funds and bonds.
CFAL INSIGHTS
In The Bahamas, where the average bank account has less than $1,000 in savings, the cost of living remains at its highest levels in recent history. High consumer debt is the norm, and less than 30 percent of businesses offer pensions to their employees. Equipping citizens with the knowledge to manage their finances is critical and it must start early. While many schools currently offer finance-related elective courses, or embed some finance instruction in other subjects and offer clubs to high school
students, we believe learning about personal finance should be a requirement supported by legislation. This ensures that all students have a foundation in financial literacy that not only benefits them individually but also strengthens the national economy.
Following our neighbours to the north
Recognising the immense benefits of financial education to students, the state of California passed a Bill that adds the completion of a separate stand-alone, one-semester course in personal finance for students in grades nine to 12 as part of their graduation requirements.
California joined 25 other US states that have pledged to incorporate personal finance education into school curricula over the next several years as a
GBPA teams with US embassy over franchise expo delegation
THE US embassy says it partnered with the Grand Bahama Port Authority (GBPA) to take more than 30 Bahamian entrepreneurs to the International Franchise Expo (IFE) in Fort Lauderdale.
The Nassau-based embassy, in a statement, said this was the second trip it arranged this year to introduce Bahamians to global franchising opportunities in a bid to stimulate economic growth in this nation.
The Bahamian delegation, featuring entrepreneurs from both Grand Bahama and Nassau, participated in a series of seminars, sessions with potential partners, and held discussions with franchise brand representatives at the Expo which was held from September 5-7.
The US embassy said the Expo gave attendees an opportunity to learn about franchising opportunities across various industries.
The GBPA presented on the franchising potential and investment opportunities available in The Bahamas.
“This partnership with the US Embassy Nassau and the US Department of Commerce unlocked doors to global brands, providing
Bahamian entrepreneurs with unprecedented opportunities,” said Derek Newbold, the GBPA’s chief investment officer. “We’re eager to witness the positive impact this exposure will have on the growth of small businesses in The Bahamas.”
In June, a group of 16 Bahamian entrepreneurs attended the Franchise Expo in New York, where they met with more than 100 franchise brands. Building on that trip, the Fort Lauderdale expo gave more opportunities for Bahamian entrepreneurs to connect with global brands, attend franchise development workshops and explore future partnerships.
Bianca Bethel Sawyer, the US Embassy’s commercial
specialist, said: “We are committed to providing Bahamian entrepreneurs with the tools and connections to thrive in the global marketplace. This second delegation is evidence of our continued investment in Bahamian businesses, and we look forward to seeing these partnerships flourish.”
The US embassy said its collaboration with the GBPA is a key part of its mission to promote trade and investment between the US and The Bahamas. This initiative is designed not only to strengthen bilateral relations but also empower Bahamian entrepreneurs to diversify and expand their companies on an international scale.
part of a movement called Mission 2030, started by Next Gen Personal Finance (NGPF), a US non-profit advocating for guaranteed personal finance. While many Bahamians deride The Bahamas’ tendency to copy what Americans do, this is one concept we should emulate.
Supporting a new generation of financially literate citizens
One of the key reasons for including personal financial education in schools is that it empowers young people to make informed financial decisions from an early age. Many adults in The Bahamas struggle with financial concepts such as managing credit, budgeting, saving and investing.
If students are taught these essential skills in the classroom, they will be better prepared to navigate
financial challenges as they enter adulthood. This early education can help reduce financial mistakes such as taking on excessive debt or falling prey to bad investments and fraud.
Encouraging entrepreneurial thinking
Furthermore, personal finance education promotes entrepreneurship, which is crucial in a country with a growing demand for job creation to complement the flourishing tourism sector. Understanding concepts such as cash flow management, loans and investment strategies can inspire young Bahamians to start and sustain their own businesses. This entrepreneurial spirit can diversify the economy and create more opportunities for innovation and employment.
Promoting equality and inclusion
Including personal finance courses in the curriculum can reduce economic inequality. It levels the playing field by ensuring that all students, regardless of their socio-economic background, have access to the tools they need to build financial stability. This can have a long-term impact on reducing the poverty rate in The Bahamas by creating a more financially secure and resilient population. Incorporating personal finance courses into the educational system is not just about teaching students how to manage money; it’s about empowering the next generation of Bahamians to build a more prosperous future for themselves and the nation.
Bahamian realtor’s team attend global conference
A BAHAMIAN real-
tor sent more than 23 staff members to a global conference held by its franchise brand.
Realtors from Bahamas Sotheby’s International Realty attended the annual Sotheby’s General Networking Event, which this year was held in Nashville, Tennessee. It attracted 2,500 real estate professionals from 39 countries, including the brand’s
brokers and advisors, fostering a robust exchange of ideas, strategies and market insights.
The event coincided with the launch of Sotheby’s International Realty’s latest marketing campaign, ‘1 of 1’, which underscores the brand’s core philosophy that every property - and each one of its agents - is unique.
“Our new campaign, ‘1 of 1’, truly captures what we stand for,” said George Damianos, Bahamas Sotheby’s International Realty’s chief executive. “Each property we represent is distinct, just as each client has individual needs.
“Our agents are not just skilled professionals, but intuitive experts who deliver tailored experiences. It’s a virtuous circle: Exceptional agents representing exceptional homes for exceptional clients.”
THE BAHAMIAN delegation at the franchising Expo in Fort Lauderdale, September 2024.
MINISTER: CLIMATE CHANGE THREAT NOW ‘URGENT REALITY’
By ANNELIA NIXON
A CABINET minister has reiterated that climate change, and the unsustainable use of natural resources, are “urgent realities” that demand collective global action.
Zane Lightbourne, minister of state for the environment, told the Inter-American Development Bank’s third annual network for developing evaluation capacities conference: “The challenges we face, climate change, biodiversity loss, plastic pollution and the unsustainable use of natural resources, are not merely abstract concepts.
“They are urgent realities that demand our immediate and collective action.
The time for deliberation has passed, as stated earlier. We must now act decisively to protect our planet, for ourselves, and for our generations yet unborn. As stewards of our environment, we must recognise that our health, our economies and our very existence are intertwined with the health of our planet.
“It is essential that we prioritise sustainable practices that not only safeguard our natural resources, but also these approaches may enhance the quality of life for all. This entails a holistic approach that integrates sustainability in every facet of governance, industry and community life.”
Mr Lightbourne said that, in April, Parliament “passed amendments to sharpen the teeth of the”
Department of Environmental Planning and Protection (DEPP). He added that offenders will now receive fines ranging from $1,000 to $25,000. These penalties were introduced to protect against those who threaten the environment.
“We are hiring new officers,” Mr Lightbourne said. “So if you think that you can offend The Bahamas or the environment of The Bahamas without repercussions, think again.” Pointing to the transition to renewable energy and promoting sustainable practices in agriculture, he added: “We are leading by example, diversifying and transitioning our energy systems to renewable sources, enhancing energy efficiency and
$200m project ‘renews’ PI and creates 300 jobs
With the supermarket further boosting Paradise Landing’s amenities following its September 5 opening and a clinic set to open onsite within the next 45 days, Mr Rolle told Tribune Business: “When we started this journey we wanted to create a downtown Paradise Island, and this [the supermarket opening] is giving a renewed appeal to the development.
“We think it’s going to add so much value to Paradise Island. We’re seeing the traffic, particularly the foot traffic, coming from the hotels and especially the residents and people that work over here have supported the supermarket. We are very excited about what is taking place here.”
Mr Rolle said Paradise Landing’s next additions will be restaurant openings. The $10m Chicago-themed Carnivale Bahamas eatery said in July it was anticipating a September 2024 construction completion with 75 percent of the work already done.
“There’s the restaurant, Carnivale, and they are
making significant progress on construction,” he added. “We’re looking out the window and seeing more of the landscaping going in, and when the landscaping is going in you know they’re close to completion. They’ve just got a little ways to go.”
Noting that Paradise Landing was the first new mixed-use real estate, resort and marina development to occur on Paradise Island for years, Mr Rolle said the project had renewed and revitalised the destination as a whole.
“Revitalising the destination has been a priority of ours,” he added, “and I think we’ve done it successfully over the last few years with the opening of the marina, opening of 700 Wines and Spirits, with a doctor’s office and clinic as well as a wellness centre. The wellness centre is open already and the clinic we think will be open in another 45 days.
“We’re in the home stretch for the commercial, retail, office and the amenities. We still have the last phase, which will be the balance of the residential,
starting very shortly.
Honestly, this has been a tremendous asset and addition to Paradise Island. For a long time people were moving away from Paradise Island simply because it did not have all the retail and commercial office options.
“Now that we are providing that, we are seeing a lot of interest in Paradise Island because of it. I have to get an update on the numbers, but I’m sure it’s more than a couple of hundred jobs. We are comfortable we are probably around 300 jobs across the whole campus, the whole facility,” Mr Rolle continued.
“When we initially started we said we’d be around a $250m investment. We are very close to possibly $200m. It’s been lots of hard work, and we’re beginning to see the impact not only on Paradise Island but tourism in general and the marina business.
“Although the marina business has generally taken a hit, we’ve been fortunate that our product offers the most modern amenities in marinas in The Bahamas.” Mr Rolle asserted that Paradise Landing’s marina is the
PM confirms gas margins increase
issue is, yes, my concern was what impact it’s going to have on the Bahamian people and we have satisfied ourselves now that there could be movement, and today, we settled the issues that they had with them.”
Mr Davis explained the increase will not be “major” for consumers as gas prices have declined over the past year and are expected to fall for the remainder of 2024.
“The resolve is that there will be an increase in their margin, both for gasoline and diesel, added to their margin and it would not have, as I said, the deleterious effect on the Bahamian public, as it would have done if we had done it much earlier,” he explained.
“It’s like 25 cents on gasoline and 15 cents on diesel. It is manageable when we look at, first of all, how gas prices have declined over
the last year and continue to decline, and expect that gas prices will continue to decline through to at least December of this year.”
Mr Davis said although he was “sympathetic” to the plight of gas retailers and offered some relief 18 months ago, he did not want the margin increase to raise overall fuel prices and negatively impact the public.
“This has been ongoing and the retailers are well aware of the challenges that we’re having and that they were having,” said Mr Davis
“I was sympathetic to them. About a year and a half ago we did make an initiative to assist them, which we did, but... we promised to get back to them on this matter, and we finally got a resolve and the time is now right for us to do what we’re doing, because they will not have the kind of negative impact on the Bahamian
people that it would have had if we done it sooner.”
Gas retailers have not received a margin increase since the then-Ingraham administration granted one 13 years ago in 2011.
Unlike virtually all other industries, which are able to increase prices to cover rising operating expenses, the Bahamian petroleum industry operates on pricecontrolled fixed margins that require government
only such facility in Nassau to provide “in-slip fuelling”, adding that visiting boaters can access all supplies that they need.
“This is a destination boaters can love because they can get their provisions. We have 700 Wines and Spirits where they can get their alcohol. If it’s a big yacht being used for charter business, we are a one-stop shop. You can pull into your mooring and get everything you need as a charter operator.
“I can’t give you an exact figure for the economic impact, but I would say it’s tremendous given the services we provide, particularly the services to yachts, residents and the office spaces for tenants. We did everything we said we were going to do and did it on time.”
The 8,000 square foot Sawyer’s Fresh Market store will be providing dockside provisioning or pre-ordering for visiting boaters, and plans to launch a delivery service for Paradise Island residents in the near future. The $7.5m store was billed as creating 75 full-time jobs when construction launched
approval before they can be changed.
Dealers say that, especially following the post-COVID cost of living crisis, ever-rising expenses have effectively wiped out the 54 cent and 34-cent margins per gallon of gasoline and diesel sold, driving them into losses and placing some in a position where they are threatening to close their operations.
The Government, though, had been reluctant to raise the margins for fear it will increase fuel bills for motorists.
promoting sustainable transportation options.
“By investing in green technologies, we can stimulate economic growth while simultaneously reducing our carbon footprint. We are transforming the landscape of our government-owned parking lots, schools, houses and clinics for the creation of micro grids. Furthermore, we are protecting our forests and hillsides against illegal mining and resource extraction, protecting our oceans from plastic pollutions, and building resilience in our biodiversity.”
The event also emphasised the importance of monitoring and evaluation for effective resource management and development strategies.
Marina said in its blog posting.
more than two years ago in August 2022.
“It’s a full grocery store, boasting everything from high-quality produce, gourmet treats and premium meats from our butchers’ department to a bountiful deli with plenty of grab-andgo options. Organic and popular brands will be featured, and shoppers can expect a surprising assortment of products and options,” Hurricane Hole
“An e-commerce site [is] set to open early next year. In the meantime, a new method of pre-ordering or requesting the inventory for dockside provisioning is available through the Hurricane Hole Superyacht Marina website. Delivery on Paradise Island will also be available in the near future.
“The highly-anticipated opening marks the first time that the Sawyer’s Fresh Market brand has expanded outside of Freeport, where it’s long been a premier staple of the community.”
ZANE LIGHTBOURNE
Citi: ‘No intent’ for job loss in JTC trust sale
FROM PAGE B1
administration and we are pleased our clients will continue to work with the world-class trust administration team they’ve relied on at Citi Private Bank.
“We look forward to working together as we transition this part of our business.” Separately, in an e-mailed response to this newspaper’s questions, Citigroup said: “Re Citi staff, we do not intend for a reduction in headcount as a result of the transaction. The majority of employees will move to JTC.”
A JTC spokesperson, meanwhile, told Tribune Business: “As far as The Bahamas is concerned, the Citi Trust operation there is very much part of this
acquisition, with the team there bringing additional expertise to JTC’s private client services division and playing an important role in delivering JTC’s growth strategy in The Bahamas, across the region and as part of the global business.
“JTC will also be seeking the necessary regulatory approvals etc in due course.” JTC, which first established its own physical office in The Bahamas, described the proposed purchase as “highly complementary” to its “existing footprint”. If the deal goes through, it will acquire a business that has a presence in The Bahamas and six other jurisdictions - New York, Delaware, South Dakota, Jersey, Singapore and Switzerland.
“It bolsters several of JTC’s key growth jurisdictions, and it will cement JTC’s position as the leading independent provider of global trust services,” JTC said in a statement. “Citi Trust provides a full suite of tailored trust solutions, operating from seven high quality trust jurisdictions.
“The total assets under administration serviced by Citi Trust is in excess of $70bn across over 2,000 ultra high net worth client relationships with an average tenure of 12-plus years. The acquisition brings with it an experienced senior management team with over 150 years of collective trust experience, supported by a skilled global employee base.”
Nigel Le Quesne, JTC’s chief executive, said: “Citi Trust is one of the most established and wellrespected providers of trust services globally and we are delighted to have been chosen as the future custodian of its employees and clients. The acquisition is extremely complementary to JTC’s existing footprint. “It is a transformational transaction for the group and our private client services division, increases our presence in key growth markets in the US, Europe and Asia, and brings further resilient annuity driven revenue to the group. We look forward to welcoming their highly experienced team to JTC, so that together we can capture the future growth opportunities that
the global trust and administration market offers.”
JTC’s existing Bahamas office is based at Sterling Commons on Paradise Island, which is the former Hurricane Hole location that now features the Paradise Landing project. The group, which is headquartered in Jersey, says on its website: “The Bahamas has grown into an internationally-renowned financial jurisdiction, with areas of expertise covering fiduciary services, family office support and international trusts.
“It is tax neutral and has a strong position based on its modern infrastructure, expert workforce, robust financial legislation and its proximity to other key markets such as Cayman
MARINAS SET TO JOIN PARLIAMENT FUEL PROTEST ON ‘VIABILITY THREAT’
expensive for boaters already beset by spiralling insurance costs. When all of this is accounted for, the fuel service business structure is proving to be unsustainable and a threat to the viability of our sector,” the ABM continued.
“We urge the Government to consider relaxing the tax imposed on petroleum products, a move that will have a stimulative effect on the economy in general and on our sector in particular.” Mr Maury, when contacted by Tribune Business yesterday, said marinas have something in common with petroleum dealers as both are retailers of gasoline products to the consuming public.
Confirming that Family Island marinas, where fuel prices are higher than in Nassau because of the extra shipping costs, have been receiving “complaints” from boaters about the cost, the ABM chief asserted: “We pay taxes on the fuel, we pay taxes on the delivery, we have to pay the taxes on the bunkering and pay credit card fees.
“For fuel, we have a lot of US-based or foreignbased boats, so we pay the exchange conversion fees.” Asked to confirm whether these taxes and costs wipe out 90 percent of marinas’ fuel sale margins, Mr Maury replied: “Pretty much. It’s actually more than that in some cases.
“It’s not that we’re treated worse than the [petroleum] retailers. We’re all just getting killed. They’re putting too many taxes on it. The marinas don’t have a convenience store. The convenience store can offset some of it. The gas stations offset some of it with other items, but we just take a straight loss.”
Mr Maury said marinas are “supposed to get a discounted rate” from the banks on credit and debit card fuel sales, but he argued that this is “not low enough” in the face of high diesel prices and market volatility.
And, like the land-based gas stations, they find themselves having to pay more upfront to acquire their fuel supplies from wholesalers - incurring higher bank fees in the process - yet end up earning the same
as before because of the fixed margins unless volumes increase. And, with boating numbers having been impacted by other tax increases, volumes have not been growing.
“With the increase in electricity costs and everything else, it’s just becoming not feasible,” the ABM chief said of fuel sales.
“Fuel docks are supposed to get a discounted merchant rate on those sales but it’s not low enough because fuel has gone up.
“It’s not a percentage margin we get; it’s 34 cents. It’s fine if we’re selling fuel at $2 per gallon, but when you’re selling it at $5 or $6, your merchant card expenses, which are a percentage, eat right into that margin. And fuel docks, in most cases, you don’t get any kind of extended credit terms. A lot of docks have to pay right away.”
Mr Maury also explained that marinas are plunged into a worsening loss if the price controls governing fuel prices are suddenly lowered by the Government - thus leaving fuel docks with inventories acquired at higher prices
that now have to be disposed of at a reduced cost.
“Fuel just went down 35 cents,” he said. “If you bought the day before, and you never know when the price is going to change, if you’re caught with expensive fuel in your tank that you bought at a higher price it eats away at your margins when you have to sell at the now-lower price. From whatever’s left you have to pay credit card fees, fuel attendants and everything else.
“A lot of people look at the price of fuel, but it ain’t the retailers - the marina fuel docks and the gas stations - making the money. The marinas are the same as the gas stations. That’s all we are - a gas station. With the increased prices and sometimes the other issues we are faced with, it just eats into it.
“For us, it certainly makes it difficult to do business,” Mr Maury added. “We either go to self-service or get better credit card fees. You cannot run a business at a negative loss. Nobody is taking this into account. The economic model is faulty. When they change price controls they
and the BVI.... With JTC also having offices in both Cayman and the BVI, our team of experts is well-established in the Caribbean market.
“Our comprehensive suite of services provided from The Bahamas includes local private trust company formation and administration; international business company formation and administration; assistance in establishing foundations and executive entities; as well as directorship, nominee shareholder and secretarial services; along with a variety of other professional services to global corporate and private clients.”
aren’t thinking about the impact on us.”
Echoing the ABM’s call for the Government to reduce fuel-related taxation to ease the burden on all, a move that the Davis administration has consistently ruled out, the ABM president said these woes - combined with ever-escalating operating costs and reduced visiting boater numbers - could force some marinas to “scale back” and reduce staff or working hours.
“Add the loss of income, revenue from the boaters that aren’t coming here because of other taxes put on our industry and it’s unsustainable. People are going to shut down or scale back,” Mr Maury warned Tribune Business. “For me, I’m going to make sure the marina survives and do the physical work myself.
“They’re taxing everyone to death. What do we do? Nobody seems to be listening to the businesses. The Government, for some reason, has a position where they think we’re all making stuff up. We’ve said before to come to the marinas but no one has. I’ve sat in meetings with government ministers where we’ve said to come sit with us.”
PUBLIC NOTICE
The Public is hereby advised that I, LAKEISHA SHANETTE MOSS P.O. Box N-877, Western District, Nassau, Bahamas, intend to change my name to LAKEISHA SHANETTE MOSS-COOPER If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-792, Nassau, Bahamas no later than Thirty (30) days after the date of the publication of this notice. INTENT TO CHANGE NAME BY DEED POLL
NOTICE
NOTICE is hereby given that SERENA NELSON of Shrimp Road, Carmichael, New Providence, Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Bahamas ‘cornerstone’ for stem cell firm’s expansion
where you have a very good regulatory framework for stem cells.
“The entrepreneurial and regulatory framework, it’s very sturdy. It’s a lot like the European framework and the US framework, but The Bahamas has many things that sets them apart. That makes it interesting for companies like ourselves as you allow patient-funded clinical trials.
“That’s a way for us to accelerate the research which we would not be able to fund otherwise. It’s a way for patients to make sure they get the treatment and a way for us all to accelerate the research and learn more.”
Dr Bernow said Cellcolabs was formed in Sweden in 2021 after physicians discovered stem cells could be used to treat seriously
ill COVID patients during the pandemic. Focused on what he described as the “highest quality” stem cells, the company initially was unable to harvest or manufacture enough to the standard desired.
Having overcome this problem, Dr Bernow said its “mission is to democratise access to stem cells” worldwide including for Bahamians who may benefit from such treatments. Its clinical trials and research, according to Cellcolabs’ website, are focused in particular on preventing cardiovascular (heart) disease; musculoskeletal injuries, especially those suffered by athletes; aging frailties; and osteoarthritis.
“It’s one of the cornerstones,” the Cellcolabs chief told Tribune Business of The Bahamas. “We have the production in Sweden, a presence in new markets
and, to me, The Bahamas is a second home. This is the first market where we were licensed, and now we are in Abu Dhabi in the UAE.
“This is where we first set foot, got started and the blueprint for many of the operations. This will be very big over time. I just look at The Bahamas as really our second home.” Dr Bernow said this nation’s regulatory framework had proven attractive to Cellcolabs even before the latest Bill was passed into law by Parliament to further upgrade and enhance the supervisory regime.
“We knew about that,” he explained of the new Act, “but actually even before that you had a very good framework and progressive country. It was interesting to us even before that. I think it gives The Bahamas a practical advantage over many other countries.
“Japan was one of the first regimes, but The Bahamas has taken a slightly different track which is even smarter to some extent. Other countries have contacted us to ask how is your Bahamas operation going, or are there people in The Bahamas operation that we can speak to? You are progressive in a smart and responsible way....
“You have a good, responsible framework without putting any undue hindrances in the way. It’s like the European and US, but a bit smarter, which makes all the difference in terms of making it accessible and valuable but regulated by the National Ethical Stem Cell Committee. It’s really smart what you have done.”
That committee has been renamed as the National Longevity and Regenerative Therapy Ethics
Boeing says it's considering temporary layoffs to save cash during the strike by machinists
By DAVID KOENIG and LINDSEY WASSON Associated Press
BOEING plans to freeze hiring and reduce travel and is considering temporary layoffs to save cash during a factory workers' strike that began last week, the company told employees Monday.
The company said the moves, which include reduced spending on suppliers, were necessary because "our business is in a difficult period."
Chief Financial Officer
Brian West detailed 10 immediate cutbacks in a memo to employees. They include a freeze on hiring across all levels, pausing pay increases for managers and executives who get promoted, and stopping all travel that isn't critical.
"We are also considering the difficult step of temporary furloughs for many employees, managers and executives in the coming weeks," West said.
Boeing's business is in a difficult spot, he said, adding: "This strike jeopardizes our recovery in a significant way."
About 33,000 workers represented by the International Association of Machinists and Aerospace
Workers began a strike early Friday. The walkout came after workers rejected an offer of a 25% increase in pay over four years. The union originally sought a pay hike of at least 40%. Representatives of the company and the union are scheduled to meet Tuesday with federal mediators. The union has started to survey its members to learn what they want most in a new contract. Striking workers are picketing at several locations around Washington state, Oregon and California. Outside Boeing's huge factory in Everett, Washington, Nancie Browning, a materials-management specialist at Boeing for more than 17 years, said last week's offer was worse than the one that prompted a two-month strike in 2008. She said that without annual bonuses that workers have come to depend on, the proposed pay increase was more like 9%, not 25%.
"We just want a piece of the pie like everybody else," she said. "Why should we work all this overtime and bust our backs while these guys (Boeing executives) are sitting sitting up in their suites just raking in the cash?"
Legal Notice NOTICE
A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Bruno Alves Oliveira, whose address is Rua A 25, Quinta B Vista, CEP: 14031792, Ribeirão Preto, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 14th day of October 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 beneft of any distribution made before such claim is proved.
Dated this 13th day of September A.D. 2024. BRUNO
Review Committee under the new Act. Nevertheless, Dr Bernow said Cellcolabs Clinical (Bahamas) already has a physical presence in The Bahamas and is is responsible for the clinical trials, receiving, freezing and storing them in its laboratory once received from Sweden.
“We have our own staff here on the ground,” he said. “We’re growing all the time. We’re expanding. We have five staff and are looking to expand quite a bit over the next 12 months, so we will take on a lot of staff. We’ll add quite a few over the next year. We’ll probably double the amount in the next 12 months.
“We started working with Dr Bain one-and-ahalf years ago, and treated the first patient in October last year. We have already treated more than 100 patients and submitted our
first safety report to the Committee.... We hope to employ people, and build the community here and grow employment. We hope to lower prices and make it available for everyone in need.”
Voicing hope that The Bahamas’ business becomes “substantial”, he added: “I really, really hope it becomes big and I think there is truly the potential for it. I have no clear number for you, but we are in the millions of dollars here in terms of the investment to get it into place.”
Cellcolabs is currently renting its laboratory space from Doctors Hospital, Dr Bernow said, and sharing its work with Dr Bain and Live Well Bahamas with plans to develop its own buildings and infrastructure moving forward.
The bonuses have emerged as a flash point for union members. Workers say they range from $3,000 to $5,000 a year.
Boeing says it is hard to calculate bonuses in a way that is fair to 33,000 people who perform different jobs. So instead, the company proposes to ditch the payouts and replace them with automatic contributions of $4,160 per year to each employee's 401(k) retirement account.
Workers are bitter that in contract extensions over the past 16 years, Boeing ended its traditional pension plan and lowered health care benefits.
"We want our pension back," said Jacob Bustad, a machinist with Boeing for 14 years who was also on the picket line in Everett. "We just keep losing and we never gain, while the people at the top just get more and more money. Boeing has done really good for me and my family, but these last years have been hard."
Boeing has lost more than $25 billion since the start of 2019, and burned through $4.3 billion in the second quarter of 2024 alone as it stood poised to post another moneylosing year. The strike
will delay deliveries of new planes, which are an important source of cash for the company. Stephanie Pope, the head of Boeing's commercial-airplanes division, cited the company's $60 billion in total debt in urging blue-collar workers to accept the contract offer last week. She called it the best offer Boeing had ever made — and endorsed by the union's local president and negotiators.
But workers rejected the recommendation of their own leaders, which had not happenedsince 1995.
Additional cost-cutting moves spelled out in the chief financial officer's memo included eliminating first- and business-class service for anyone on travel that is deemed critical, and stopping spending on outside consultants.
West also said Boeing plans to make "significant reductions in supplier expenditures" and will stop most supplier purchase orders related to the 737, 767 and 777 airplane models.
After the strike started, Moody's put Boeing on review for a possible credit downgrade, and Fitch said a strike longer than two weeks would make a downgrade more likely.
NOTICE
Rocko Ltd.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 209772 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 16th day of September A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Tom Motmans, whose address is R Mal Deodoro 1390 CS 4, CEP: 04738-001, Sao Paulo, SP, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 17th day of October 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 beneft of any distribution made before such claim is proved.
Dated this 16th day of September A.D. 2024.
TOM MOTMANS LIQUIDATOR
Pursuant to the provision of Section 138(8) of the International Business Companies Act, 2000 (Chapter 309) NOTICE is hereby given that the above-named company has been dissolved and struck off the Register of om anies ertifcate of issolution has been issued by the Registrar General. he date of com letion of the issolution is 29th August 2024.
Brittany Investment Company Limited Liquidator
BOEING wing mechanic lead Lee Lara, who has worked for the company for 16 years, yells in response to honks from passing drivers as workers wave picket signs while striking after union members voted to reject a contract offer, Sunday, Sept. 15, 2024, near the company’s factory in Everett, Wash.
Photo:Lindsey Wasson/AP
Dow sets a record as Wall Street gears up for a cut to interest rates
By STAN CHOE AP Business Writer
THE Dow Jones Industrial Average set a record after a quiet Monday of trading, as Wall Street geared up for the most anticipated meeting of the Federal Reserve in years.
The Dow rose 228 points, or 0.6%, to surpass its prior all-time high set a few weeks ago. The S&P 500 index, which is much more comprehensive and widely followed on Wall Street, ticked up by 0.1% to climb within 0.6% of its own record set in July.
The Nasdaq composite slipped 0.5% as big technology stocks and other market superstars gave back a bit of their big gains from recent years. Most stocks rose on Wall Street, and Oracle's gain of 5.1% helped lead the market. The software company continued a strong run that began last week with a better-than-expected profit report. Alcoa also jumped
6.1% after saying it would sell its ownership stake in a Saudi Arabian joint venture to Saudi Arabian Mining Co. for $950 million in stock and $150 million in cash. But drops for some influential Big Tech stocks kept indexes in check, including declines of 2.8% for
Apple and 1.9% for Nvidia. They're among the market's most influential stocks because they're among the largest by market value.
Stock indexes have been taking a jagged, scary ride toward their records. After worries about the U.S. economy and other hiccups
in global markets briefly sent the S&P 500 nearly 10% below its all-time high last month, the S&P 500 is just one middling day away from its record on excitement about coming cuts to interest rates.
Treasury yields eased in the bond market ahead
UAW FIGHT WITH STELLANTIS ESCALATES AS UNION FILES UNFAIR LABOR CHARGES OVER FACTORY COMMITMENTS
THE United Auto Workers' rift with Stellantis widened Monday as the union filed federal labor charges over factory commitments in Illinois and alleged that the company plans to move some SUV production out of the country.
The union said it filed charges with the National Labor Relations Board accusing the company of illegally refusing to release
information about plans to reopen a vehicle assembly plant in Belvidere, Illinois, as well as build a parts distribution center and electric vehicle battery plant there.
The UAW has threatened to strike. Several UAW local unions also filed grievances alleging the company wants to move production of the Dodge Durango large SUV from the Detroit plant where it is made to another factory outside of the U.S. The company committed to
the Belvidere additions as well as Durango production in the union's new contract, reached last fall after a sixweek strike, the UAW said. In a statement, union President Shawn Fain said the contract gives the UAW the right to strike over contractual commitments to build vehicles in the U.S. "Now Stellantis wants to go back on the deal," he said. "We intend to enforce our contract and to make Stellantis keep the promise."
Stellantis denied that it's violating the contract and said that like all automakers, it is managing how and when it brings new vehicles into the market in order to be competitive. "We will communicate our plans to the UAW at the appropriate time," the company said in a statement.
Many union members fear that if the automaker breaks its commitment to restart the Belvidere factory, it won't keep other promises made in the new
of Wednesday's meeting for the Federal Reserve, where it's expected to cut its main interest rate for the first time in more than four years.
The only question is by how much relief for the economy the Fed will deliver. Traders are shifting more bets toward a largerthan-usual move of half a percentage point, according to data from CME Group.
They're anticipating a 63% chance the Fed will go beyond the traditional cut of a quarter of a percentage point. That's up from 50% on Friday and just 30% a week ago.
The difference between a half-point cut and a quarter may sound academic, but it can have far-ranging effects.
Lowering rates relieves pressure on the economy, but it can also give inflation more fuel.
United Auto Workers contract, which runs through April of 2028. They worry, in particular, that the automaker could move production to factories in lower-cost Mexico.
The Federal Reserve has been keeping its main interest rate at a two-decade high in hopes of slowing the economy enough to stifle high inflation. With inflation having eased substantially from its peak two summers ago, the Fed has said it can turn more focus to bolstering the slowing job market and economy. Some critics say it may be moving too late, increasing the risk of a possible recession.
A Fed cut of half a percentage point would likely be the best case for the stock market in the very short term, according to Michael Wilson and other strategists at Morgan Stanley. But that's only if the Fed can convince investors it's not getting forced into a bigger-than-usual cut because of worries about a recession, among other factors.
Stellantis has said it still intends to reopen Belvidere and also build a battery plant and parts warehouse there, but needs to delay them because of unfavorable market conditions. It did not give dates for the changes. At stake are over 2,700 jobs. The company agreed to reopen Belvidere Assembly in 2027, with plans to build up to 100,000 electric and gas-powered midsize pickups annually. It also agreed to open the parts hub this year and the battery factory in 2028. In all, the company pledged $18.9 billion of U.S. investments during the contract, which runs until April 2028. It also agreed to build gas and electric versions of the next generation of Durango at Detroit's Jefferson North Assembly Plant starting in 2026. The letter said Stellantis and the UAW agree that investment and jobs in North America are "contingent upon plant performance, changes in market conditions, and consumer demand continuing to generate sustainable and profitable (sales) volumes."
THE AMERICAN flag hangs from the front of the New York Stock Exchange on Sept. 10, 2024, in New York. Photo:Peter Morgan/AP
Associated Press