THURSDAY, SEPTEMBER 19, 2024
Arawak port’s LNG tie-up
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
NASSAU’S main commercial shipping post is eyeing a further revenue boost that will help contain goods prices for Bahamian consumers after it produced a 22 percent profits increase for 2024.
Michael Maura, Arawak Port Development Company’s (APD) chairman, told Tribune Business that the 60 mega watt (MW) cruise ship ‘shore power’ project will introduce a “new type of cargo” to the port through the liquefied natural gas (LNG) that will arrive at its berths by ship. This LNG will then be transferred to the ‘shore power’ plant via
an underground pipeline running through APD’s property, providing the Nassau Container Port’s BISX-listed operator with another potential income stream via a throughput fee based on the volume of fuel sent through.
Mr Maura explained to this newspaper that the new revenue streams will further aid APD to cover its operating costs and, in so doing, mitigate against the need to increase tariffs and fees levied on the shipping and trucking industries. As a result, inflation and the price of imported goods will be contained, as he described the ‘shore power’ project as “a win” for both APD
Baha Mar eyes 500 jobs with Melia replacement
By FAY SIMMONS
BAHA Mar’s developer will invest $350m to construct a new resort where the former Melia hotel once stood via a project that will create 500 permanent jobs once open in 2029.
Graeme Davis, Baha Mar’s president, speaking as the Cable Beach mega resort and its owner, Chow Tai Fool Enterprises (CTFE), signed a Heads of Agreement for the development, said the project will create 400 construction jobs but the developer is in no rush to begin. The resort will feature 350 rooms and 50
condominium units when completed, and Mr Davis said: “It will be a luxury resort and residences, 350 rooms with 50 luxury residences, and we’re positioning [it] as another luxury choice here at Baha Mar. “We will position this property between our SLS and our ultra luxury Rosewood at Baha Mar.
So perfect positioning to continue to expand on the exceptional experiences that Baha Mar has to offer with all of the amenities of Baha Mar, including Baha Bay, our golf course, our casino, all of our 45 restaurants and bars.”
Mr Davis explained that construction will take
Commission ‘ramps up’ penalties for antifinancial crime breaches
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Securities Commission’s top executive yesterday said it has “ramped up” efforts to combat escalating “major breaches” of Bahamian anti-financial crime laws by its licensees that totalled 223 last year.
Christina Rolle, the regulator’s executive director, told Tribune Business it was “very concerned” by both the number and nature of Financial Transactions Reporting Act (FTRA) violations and is now levying financial penalties against violators to ensure they “change their behaviour”.
Emphasising that these sanctions are not designed “to drive licensees out of the jurisdiction or out of business”, she added that Bahamas-domiciled broker/ dealers, financial and corporate service providers, fund managers and administrators and digital assets firms must strike the correct balance between “getting
business in the door” and complying with global regulatory standards. Ms Rolle told this newspaper there is “a very high level of compliance” with this nation’s anti-money laundering and counterterror financing laws, with many of the breaches stemming from “minor issues” - such as failing to ensure a client’s passport is renewed for Know Your Customer (KYC) purposes - that can morph into major ones if not addressed.
GB Power customers facing ‘maximum’ 4% light bill rise
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A LONG-TIME Grand Bahama Power Company critic yesterday accused the utility of being “out of touch” with consumers as it unveiled a five-year, $76.6m capital investment plan.
Pastor Eddie Victor, head of the Coalition of Concerned Citizens (CCC), told Tribune Business that few businesses and residents have in assertions by GB Power’s top executive that 75 percent will experience either no increase or a decrease in electricity costs under the proposed new three-year tariff structure
as similar past pledges “didn’t actually pan out”. Speaking as the Grand Bahama Port Authority (GBPA), acting in its capacity as GB Power’s regulator, disclosed more details about revised electricity rates that will take effect from January 1, 2025, if approved, he added that there had been a breakdown in trust between the utility and its customers due to both past and current experience. Arguing that the recent daily outages showed “profits are taking priority over performance”, Pastor Victor told this newspaper that “the Power Company
$250m resort project to start by year-end
THE developers of Grand Bahama’s $250m Six Senses resort have announced that project construction will begin before year-end 2024 as they target a 2026 opening.
Weller Development Partners and Pegasus Capital Advisors, in a formal statement, also unveiled renderings and a master plan for the 50-acre resort community that features 70 resort villas and 28 branded residences. They added that the project will focus on
sustainability, resilience and wellness.
Designed by architecture firm, Gensler, the resort will feature a Six Senses spa, multiple restaurants, event spaces, beach club, destination dining and an oceanfront pool. It has been designed to blend with the native landscape and flora, and to take full advantage of uninterrupted ocean and canal views plus waterfront access.
“We are excited to reveal the Six Senses Grand Bahama resort designs and masterplan,” said Marc Weller, founding partner and president of Weller Development Partners.
“We have assembled a world class design team, with Olson Kundig working on the residences and Gensler on the resort.
“The architectural design and the overall master plan reflect the core values of our partnership with Six Senses, and shared focus on wellness, sustainable design and a connection with nature and the community.
“We believe Six Senses Grand Bahama has the potential to set a new benchmark for sustainable living and eco-tourism models in The Bahamas and the Caribbean, not only through its design but also through its operations and programming.”
Neil Jacobs, Six Senses chief executive, added:
“The Six Senses Grand Bahama master plan demonstrates our commitment to creating a vibrant, yearround community with the canals and waterway providing a unique version of the front porch.
“Integrating intentionally designed and efficientlybuilt structures within the majestic natural landscape establishes a framework for guests to connect or
disconnect, explore or escape, allow a sun-soaked lunch to tumble into dinner, and access a whole range of crafted experiences and wellness programming. Sustainability and resiliency measures reinforce the plan, ensuring its viability for years to come.”
“The Six Senses Grand Bahama resort achieves a complex balance of many critical elements,” said David Darlington, principal and regional hospitality leader at Gensler.
“Weaving sustainable, performance-driven, efficient architecture together with the natural environment allows us to deliver a new standard of luxury - one that both heightens the experience for the guest, while minimising the lasting impact on the environment.”
Sustainability and resiliency measures include targeting LEED Silver certification by using locally-sourced construction materials where possible; replacing invasive species with native flora; and energy conservation efforts such as passive shading, high-efficiency MEP systems and renewable energy use.
Resiliency efforts include significant beach restoration and replenishment; a reinforced dune system along the property’s seaside coastline; filling upland areas to increase site elevation; and building foundations that raise the Finished Floor Elevation (FFE) substantially above finished grade.
Weller and Pegasus said these measures, designed to minimise environmental impacts, will set the standard for future sustainable tourism models on Grand Bahama and across the Caribbean.
BUS DRIVERS WARN: ‘WE MAY BE NEXT PROTESTERS’
By ANNELIA NIXON anixon@tribunemedia.net
JITNEY drivers yesterday warned they may stage a protest of their own following the margin increase granted to petroleum retailers unless public transportation companies receive similar financial relief..
Harrison Moxey, the United Public Transportation Company’s (UPTC) president, told Tribune Business the industry has been seeking fare increases for years to help counter ever-increasing operating costs but has not received what it needs.
While the Government granted a recent rise, he added that it fell short of what was asked for, and argued that the Davis administration should now provide further incentives to bus owners and drivers to ease the burden that will be imposed once the new 16 cents per gallon margin increase for diesel takes effect.
Otherwise, Mr Moxey warned, they will “have to be the next protestors”. He added: “We need relief on some other end. We was requesting that the Government look at other measures to try to offset the cost to the public transportation industry.
“That is giving us some type of relief on licences when you have to licence the vehicles, or where the Government would give some incentive, some fuel incentive, for us to operate because it’s already hard operating under these inflated conditions, even with servicing and maintaining the vehicles.
“We have had, in some cases, a 100 percent to 150 percent increase on parts and things that we have to purchase. Insurance has also gone up. Everything has gone up. It only makes it that much harder for us to survive. And so we’ll be pushing for them to let us know what the position
Baha Mar sees ‘softening’ bookings over short-term
By FAY SIMMONS Tribune Business Reporter
BAHA Mar is experiencing a “softening” in bookings with figures “slightly below” last year’s record-breaking numbers heading into the slower fall season, its top executive revealed yesterday.
Graeme Davis, the Cable Beach mega resort’s president, explained that despite
the softer short-term outlook bookings are “robust” for 2025 and the property is currently focused on lowering rates to increase occupancy.
“We are seeing a bit of a softening. We’re at numbers that are at, or maybe slightly below, last year going into the fall,” said Mr Davis. “Booking pace for 2025 is robust, but not as robust as we would have expected. But we are very aggressive in driving value, providing lower rates. We
BAHAMAS ‘VULNERABLE’ ON SHORTAGE OF TAX EXPERTISE
By NEIL HARTNELL Tribune Business Editor
THE Attorney General yesterday warned that the failure to develop sufficient Bahamian professional expertise on tax matters has left this nation’s financial services industry “vulnerable’.
Ryan Pinder KC, addressing the Nassau Conference on ways to “future proof” the sector against emerging threats and challenges, voiced disappointment that many tax advisory posts will be filled by expatriate specialists due to The Bahamas’ failure to develop adequate local capacity.
Urging the industry to “get out on the road” and identify new markets and opportunities, he pointed to likely upcoming changes in UK tax laws that will impact foreign millionaires and billionaires as one such possibility to attract the high net worth clients that have formed the Bahamian
financial services industry’s core market.
Pointing to the everchanging international financial services regulatory landscape, Mr Pinder said Brazilian legislative reforms that eliminate tax advantages from holding investments in offshore funds have undermined the Investment Condominium or ICON product that gave this nation “ten years of prosperity” in that South American market.
“It is now time to innovate again,” Mr Pinder asserted. “We now must identify markets that are experiencing disruption. That allows for us to continue to innovate and fill a void to attract new business. I see an opportunity in a country that is familiar to The Bahamas for many years, the United Kingdom.”
This is the UK’s plan to scrap the tax concessions offered to around 68,000 so-called “non-domiciled” persons. These are persons
want to drive occupancy and volume to the island and to Baha Mar.”
Mr Davis said the Caribbean is experiencing lower bookings due to the upcoming US presidential election while consumers are feeling a “pinch” in the economy.
“We had high expectations throughout 2024 from 2023’s record setting numbers, but we’re finding that there is a softening in the market, particularly in luxury, particularly in the Caribbean,” said Mr Davis.
who, for UK tax, are treated as resident but have their permanent home in another country.
However, they now face having to pay millions of pounds in tax as a result of the UK government and opposition Labour party’s plans to scrap a tax break that enabled them avoid paying tax on their overseas income for 225 years. The change is due to take effect from April 6, 2025, and will have a major financial impact for the high net worth individuals that it catches.
Arguing that The Bahamas is well-positioned to capture a share of this market, especially following reforms to its permanent residency regime that allow persons to qualify by purchasing either a $1m property or “zero coupon” $1m bond from the Central Bank with a ten-year term, Mr Pinder said: “They will be looking at their resident status, their wealth structures and evaluating what changes are going to be required....
“We must determine what other product reforms may be needed, and how we can leverage our current toolbox. Like we
would be towards us, or we’ll have to be the next protesters.”
Mr Moxey said the industry requested a $2 fare, but this was not granted and it instead accepted the offered 25 cents, which he branded “totally insufficient for an industry”. This took the bus fare from $1.25 to $1.50 for some customers. Those who take extended routes, to Lyford Cay for example, went from paying $2.25 to $2.50. Primary school children and senior citizen prices remained the same at 50 cents and 75 cents respectively. Other students pay $1.25 to ride the bus. “We wanted the increase across the board
“We’re not just feeling it ourselves, nor is just the country, but as the Caribbean as a whole. I think with elections going on right now in the US, I think people are feeling the pinch of the economy.”
Mr Davis said the resort still has “solid” group and event bookings, and will be hosting the International Luxury Travel Market conference next week which will attract the top 1,000 travel agents from North America.
The resort will also host the Derek Jeter Golf Invitational this weekend and a culinary and arts festival next month. “We’re very focused. The group pace, as far as meetings and
did before, solutions and products must be developed jointly between The Bahamas Government, the Bahamian financial services industry and the London legal community.
“We as a country, and particularly the industry, must invest in travelling to London, meeting with practitioners and working to attract that business to The Bahamas. This is one opportunity where we can
where everybody pay the 25 cents, primary, seniors and everyone, but they did not do that,” Mr Moxey added. The 25 cent increase to bus fares was implemented earlier this year. However, Mr Moxey said another proposal was submitted to the Government, and he and others in the industry are awaiting a response on how it plans to grant them relief.
“I understand that they may have been in some talks trying to give us relief on fuel as part of one of the proposals that we would have pitched so that they can compensate; to try to offset the cost to us as operators in the industry, and
incentives go, we’re very optimistic for 2025. Our booking pace on the group side is very solid,” the Baha Mar president said.
“We want The Bahamas, and particularly Baha Mar, to be the epicentre of art in the Caribbean.” Mr Davis said the new $18m jazz club, located in the Baha Mar casino, will open in November and will attract more local and international performers.
The jazz club, which currently can hold 60 guests, will be able to accommodate over 380 guests when it reopens. “We’re very excited in November to open up our new jazz club,” said Mr Davis.
put our proven formula at work and open a new marketplace of clients and business,” the Attorney General continued.
“Yes, this could be a residence opportunity, but it is also a wealth plan restructuring opportunity for us. In fact, some trustees have indicated they are already seeing trust restructurings into The Bahamas because of anticipated changes to the UK non-domicile
that has not happened,” Mr Moxey said.
“We haven’t heard back from it, but before that could come here comes another increase on us. So we would like to see, and we’ll be following up to see, where we are at with that proposed relief for the transportation industry - public transportation in particular.”
While petroleum retailers are making progress on their goals, Mr Moxey said he believes the “same courtesy should be extended” to those in the public transportation industry.
“It will be 12,000 square feet on the casino floor. Our soft opening will be late November, and we’ll have a grand opening in January with a celebrated artist that will have his name on the jazz bar itself. Its capacity will be growing from 60 seats, where we are today, to 280 seats with capacity of over 380 standing and seating in our new jazz club.
“This is an $18m investment we’re making in our casino floor with this new jazz club, and we’re excited to have our local jazz musicians and artists that are playing today will continue to play with us, and we’ll also have celebrated artists around the world coming in play as well.”
regime. We must be alert, creative and aggressive, all in the spirit of innovation.” Mr Pinder said the aggressive pursuit of new clients and markets “seems to have waned in recent years, but we must recommit to investing ourselves in the effort to identify new opportunities”. He added:
“Some worked out, some did not, but I remember
NEW COST RIGHT STORE TO BE ‘MEMBERS ONLY CLUB’
AML Foods yesterday
confirmed that its new 55,000 square foot Cost Right Warehouse Club, next door to the newlyremodelled Solomon’s Old Trail store, is set to open this November.
The BISX-listed food retail and franchise group, in a statement, said Cost Right’s new location, which will replace its longstanding Town Centre Mall store, has involved a complete rebuild featuring new equipment,
shelving, flooring and a roof. In common with the adjacent 25,000 square foot Solomon’s Old Trail store, it will feature energy efficient refrigeration and air conditioning powered by solar energy.
“We’re expecting a big crowd when we open”, said Renea Bastian, AML Foods’ vice-president of marketing and communications. “In just a couple of months Cost Right members will experience a new, more spacious, modern
facility with lots of room to move, an even greater selection of brand name and private label products, and the lowest prices on island.”
The Cost Right store, which will be located on the East-West Highway in space formerly occupied by AML Foods’ Solomon’s SuperCentre format, will be a ‘members only club’ so customers will need to own a membership card in order to obtain discount deals.
Bahamian Brewery in Trinidad lager launch
A TRINIDAD & Tobago
lager held its formal Bahamas launch on Saturday, August 31, at Waterloo on East Bay Street.
STAG is being brewed locally by Grand Bahamaheadquartered Bahamian Brewery and Beverage
Company, and made available to consumers via its Jimmy’s Wines and Spirits retail network.
Carielle Monsegue, market development manager at CARIB Brewery in Trinidad & Tobago, said: “Since its inception in 1972,
STAG beer, brewed in Trinidad and Tobago, has been more than just a beverage - it’s a symbol of camaraderie, celebrating life’s victories.
“I commend the exceptional dedication of the Bahamian Brewery team
“Our new all-member pricing structure and expanded assortment will offer great savings, and the value in owning a membership card will be very obvious”, said Ms Bastian. “Along with all of the great brands that we currently offer we will be introducing a new exclusive ‘private label – member’s selection’, a brand that is popular throughout the Caribbean and Latin America, and is well known for great, quality products, vast
assortment and excellent savings. “In the coming weeks you will notice a winding down in the existing Town Centre Mall store as we transition to our new location. Customers can look out for the many discount stickers in store, as we sell through the existing inventory in preparation for the move. We want to apologise to our customers for the inconvenience and ask for your patience as we work to deliver a much
improved true club shopping experience.”
To help customers who are not currently members or need to renew their membership card, for a limited time until the new store opens the membership fee in Nassau is discounted to $25 for both new sign-ups as well as renewals. Cost Right Nassau is expected to open in its new location in November in time for the Christmas season.
in maintaining STAG’s high quality, and I have the utmost confidence it will quickly become a favourite in The Bahamas, just as it is in Trinidad and Tobago.” Wellington Seymour, Bahamian Brewery’s executive sales and marketing manager, said: “Despite the inclement weather and flooding in Nassau on Saturday, our guests were determined to be at the STAG launch. They told us we exceeded
their expectations as they enjoyed the evening to the fullest.
“The atmosphere was jubilant, reminiscent of the energy one often experiences at a pre-Christmas party. STAG beer is incredibly flavourful; if you are looking for a full-bodied, refreshing beer for any occasion, any season, then STAG is the one. At Bahamian Brewery, we are committed to excellence in quality, taste and customer
MAILLIS AND MAILLIS
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satisfaction, and this event delivered on all fronts.”
Oranique Hamilton, Bahamian Brewery’s marketing manager, added:
“We are thrilled to welcome STAG to our catalogue. It’s such an iconic brand, originating in Trinidad as the ‘People’s Beer’. Since then, STAG has evolved into a strong, impactful and contemporary brand. We are excited to bring that impact to The Bahamas and to celebrate this milestone for Bahamian Brewery.”
ESTATE OF SHARON GAYE ALBURY
TAKE NOTICE that anyone having a claim against the Estate of SHARON GAYE ALBURY late formerly of the Township of Marsh Harbour in the Island of Abaco and late of the Eastern District of the Island of New Providence, Bahamas, who died on the 5th day of September, 2021, may submit such claim in writing to the law frm 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 October, A.D., 2024.
BRIDGE AUTHORITY EXPANSION MAY COVER EVERY BRIDGE IN COUNTRY
By FAY SIMMONS Tribune Business
A NEW amendment bill passed in Parliament yesterday will provide the framework for every bridge in the country to be constructed, managed and maintained by the Bridge Authority.
Clay Sweeting, Minister of Works and Family Island Affairs, said the Bridge Authority currently manages the two bridges in New Providence and its ability to ensure all bridges in the country are managed effectively is “critical” as the government continues to invest in infrastructure development. The Bridge Authority Amendment Bill seeks to tackle that issue.
“This bill represents a significant step toward ensuring that The Bahamas is equipped with a comprehensive and sustainable framework for the management, construction and maintenance of bridges across our nation,” said Mr Sweeting.
“Over the years, the Bridge Authority has proven its value, and now, with this amendment, the Bridge Authority will have the capacity to expand its mandate, to own, manage and operate and maintain any bridge throughout The Bahamas. With the government’s approval, this responsibility can be extended to any bridge deemed essential, ensuring that we do not merely construct but also maintain our assets with the highest standards.
Pitch contest offers cash help for winners
By ANNELIA NIXON anixon@tribunemedia.net
THE Tourism Development Corporation held a press conference yesterday for phase II of the 50/50 Venture Pitch Competition for small and micro-sized businesses which will award participants from Abaco and Bimini with monetary funds to aid in their start-up businesses.
Monetary prizes include $10,000 for the first place winner, $8,000 for the second place winner, $6,000 for the third place winner. All participants will be offered two weeks of training. Deputy Prime Minister and for Minister of Tourism and Aviation Chester Cooper said the competition has a few goals.
“Firstly, to empower and motivate Bahamians through a tailored training program designed to develop and strengthen entrepreneurial skills. Secondly, to provide funding opportunities to aid in the development and commercialization of new and innovative business concepts and thirdly, promote and increase entrepreneurial opportunities within the tourism landscape, specifically in the tours and excursions sector and fourthly, if I may, to demonstrate the power of the Tourism Development Corporation and the Tourism Development Fund.”
“This incredibly important and useful training is for all participants as the two week training curriculum will be conducted by the University of the Bahamas and will cover introduction to business, finance, marketing, the use of technology, including AI, to construct business plans, visual presentations and social media management. Upon completion of this intense training, a select number of participants will be given the opportunity to pitch their innovative concepts in front of a panel of judges chosen from amongst business professionals on their respective islands in hopes of securing three grant funding awards.”
Entry will open on September 30 and those interested will then be able to apply online. The pitch competition as well as the announcement of the competition winners will be held in both Bimini and Abaco in November. Mr Cooper said the competition would also be a great opportunity for endorsement.
“Having won a pitch of your peers, having been scrutinised by business professionals and entrepreneurs themselves, you would be able to consider winning this pitch competition an endorsement which would get you certainly in the doors at an accelerated pace with some of our other counterparts who provide
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In Voluntary Liquidation
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“This is critical, given the history of public funds being expanded on infrastructure development, that we must implement the necessary follow up on maintenance.”
Mr Sweeting noted that the Bridge Authority’s expansion will not impose a toll fee on bridges across the country and only the Sir Sydney Potier bridge will continue to have a toll.
“Let me be very clear, this bill does not and will not impose an automatic toll fee on bridges across the country, and that’s with the exception of the Sir Sydney Potier Bridge that currently has a toll attached to it,” said Mr Sweeting.
“There have been concerns raised, but I want to assure the public that this amendment is not about adding financial burdens,
funding and entrepreneurial support, including the Bahamas Development Bank, the Small Business Development Centre and the Bahamas Entrepreneurial Venture Fund. And of course, commercial banks will no doubt look favourably once they would have seen that the TDC itself has endorsed the winner and is able to provide technical support in terms of getting customers, in terms of structuring the business and in terms of encouraging sustainability long term. So this is a gateway for further funding, further support and further success in business.”
Kingsley Smith, MP for West Grand Bahama and Bimini, gave an update on tourism in Bimini, stating that “the tourist product has grown exponentially”.
“If any one of you would have visited Bimini in recent times, you would have seen that the tourist product has grown exponentially. We have Carnival cruise line, Celebrity X virgin that make a call at Bimini almost on a daily basis, bringing some 3,000 plus visitors every time they land on Bimini and so what we are hearing from those cruise lines are that we need more for the tourists to do and so again, with this initiative I encourage those from Bimini when I spoke to them at my
but also assuring that we have the proper framework in place to manage the nation’s produce effectively. It is about ensuring that taxpayer dollars spent on infrastructure are protected, that our bridges remain safe and functional for generations to come.”
Mr Sweeting also announced that the Glass Window Bridge will be reconstructed by loan financing and should be completed by 2027.
“I’m particularly pleased that this bill will make provisions for a proper framework to reconstruct and maintain the worldfamous glass window bridge,” said Mr Sweeting.
“The glass window bridge is not just a critical artery for Eleuthera, but it’s a simple symbol of Bahamian ingenuity and resilience. We
must ensure that this iconic bridge is not only rebuilt, but managing the care and attention it deserves
“Cabinet recently approved the use of UCAF credit support to finance the construction of the glass window bridge. This approach benefits the government by accelerating the project delivery and securing financing at competitive rates. The Ministry of Finance has confirmed that the loan will be secured through the bridge authority, and it is anticipated that the loan agreement will be finalized in early 2025 with funds drawn down allowing construction to begin. This suggests a completion date for the bridge for early 2027.” He added that the Ministry of Works is actively engaged repairing
numerous bridges throughout the country and designs have been submitted for repairs to the Stafford Creek and Fresh Creek bridges which can only facilitate single lane traffic and the ferry bridge in Exuma.
“The Ministry of Works is already engaged in projects to address bridges across the country,” said Mr Sweeting.
“We recognise the unique challenges that our Family Islands face, and the fact that too often investments in infrastructure have not been met with consistent maintenance, leading to deterioration and inefficiency. This bill is designed to address some of those challenges.”
Import price boost through Arawak port’s LNG tie-up
and the wider Bahamian economy.
“I think this plant offers opportunities for our electricity industry as well as our economy,” Mr Maura told Tribune Business. “The other macroeconomic element that, in some ways, is not seen as obviously is that this plant will run off of LNG.
“That LNG will arrive at Nassau Container Port. That ship will connect to a pipeline run underground to the power plant which will be approximately 700 to 800m feet away from the berths. From a Nassau Container Port perspective, we would have spoken of APD’s desire - and I’m still chairman - of wanting to work on how to attract new cargo.
“That’s significant, because at APD we rely on cargo revenues to cover our costs of business. By introducing a new cargo type it adds a new layer of revenue, but the benefits that come with that are not solely to APD,” Mr Maura continued.
“It’s a bridge to getting a bill for the LNG that’s moving through the pipeline across APD to the power plant just outside Nassau Container Port. From that APD will earn additional
revenue, which helps to cover the cost, and that will mitigate against tariff increases. This is a win for Nassau Container Port and a win for the local economy as far as the cost of goods is concerned.”
Mr Maura provided no details on the amount of additional LNG-related revenues that APD may earn annually, or when these will kick-in or the ‘shore power’ plant be constructed. He previously confirmed that both APD and Nassau Cruise Port, the latter of which he is chief executive for, are both part of the Island Power Producers consortium selected as the preferred ‘shore power’ bidder by the Government.
His comments came as APD revealed profits for the year to end-June 2024 increased by almost $2.2m year-over-year, surging from $9.687m in 2023 to $11.848m. The outcome, though, was almost entirely due to a $2.3m year-over-year decline in depreciation of the container port operator’s property, plant and equipment values, which reduced from $5.361m in the prior to $3.057m.
Dion Bethell, APD’s president and chief financial officer, told Tribune Business in messaged replies to its
questions that the reduced depreciation - which is effectively an accounting or ‘paper’ treatment - stemmed from an “accelerated” writedown of the value of two older cranes that were still operating during the company’s 2023 financial year.
Without the boost from reduced depreciation, APD’s operating income was essentially flat year-over-year - even declining slightly by 2 percent or just over $350,000 - from $18.678m in 2023 to $18.312m for the 12 months to end-June 30, 2024.
Total revenue stood at $35.676m, as opposed to the $35.839m earned in the prior year, while total expenses rose slightly to $17.364m as compared to $17.161m recorded for 2023. However, Mr Bethell confirmed to this newspaper that total comprehensive income for the 2024 financial year had beaten the company’s own $10.37m target by 14.3 percent.
The $35.676m revenue top-line was also ahead of the $33.7m forecast by 5.9 percent, he added, representing a near-12 percent swing from what was predicted to be a 6 percent fall-off. And earnings before interest, depreciation, taxation and amortisation (EBITDA), or operating
income, beat APD’s budget by 9.9 percent. “Vehicle volumes were up, which contributed to the landing fees and security fees surpassing the prior year by $600,000 or 4 percent, and $125,000 and 4.4 percent, respectively,” Mr Bethell said. He added that terminal handling income increased by 9.4 percent year-overyear, rising from $4.871m to $5.327m, while other income more than tripled to grow by 250 percent or $173,000.
The APD president said the latter increase was due to an enhanced valuation being placed on the company’s holdings in the Bahamas Investment Fund (BIF), the vehicle that holds the 49 percent collective Bahamian ownership interest in the Nassau Cruise Port.
As for the Nassau Container Port’s main business streams, Mr Bethell said twenty-foot equivalent unit (TEU) container volumes were slightly higher by 0.3 percent at 70,735 when compared to the prior 2023 year. However, they were down 1.8 percent against forecast. Vehicle imports, which totalled 19,750, were some 26 percent higher than the prior year and exceeded APD’s projections by 9.7 percent. However, bulk or aggregate imports - which stood at
COMMISSION ‘RAMPS UP’ PENALTIES FOR ANTI-FINANCIAL CRIME BREACHES
FROM PAGE B1
Speaking after the Securities Commission, in its just-released 2023 annual report, revealed it has “consistently” detected “in excess of 200 anti-money laundering regulatory breaches by licensees in both 2022 and 2023, she said: “We’re very concerned by it, and in terms of actions we have begun penalising licensees for their anti-money laundering and counter-terror financing breaches this year.
“They are major breaches. They are breaches of the Financial Transactions Reporting Act, and we are very concerned by the level of these breaches. We have
certainly ramped up our efforts this year to counter these breaches by imposing penalties.
“These penalties are not designed to push licensees out of the jurisdiction or to put them out of business. The penalties are really designed to change the behaviour and ensure licensees are taking these issues very seriously.”
Asked by Tribune Business whether most of the breaches are being caused by deficiencies in licensee processes and procedures, Ms Rolle replied: “I wouldn’t characterise it in that way at all. I would characterise it that, for the most part, the jurisdiction has a very high
level of compliance and our licensees, for the most part, have robust policies and procedures in place.
“I think there are minor issues that can flip - not getting a passport renewed, not doing a risk assessment on a client. This things can slip, particularly for smaller licensees that are more focused on getting business in the door. We as a jurisdiction have to make sure that when we are trying to get business we are also adhering to global standards.”
Asked whether the fines were having the desired effect, Ms Rolle said it was “too early to tell” given that the Securities Commission has just started
NOTICE TO PROSPECTIVE VENDORS
The U.S. Embassy anticipates signifcant contracting opportunities over the next 12 months. All vendors that wish to do business with The U.S. Embassy, Nassau, are required to register their business in SAM – System for Award Management – prior to receiving a contract award. There is no cost to register with or use SAM. The registration process can take up to six weeks and should be completed before bidding on any solicitations or opportunities.
Interested vendors should register at https://sam.gov/. Click on “Get Started” to initiate setting up a user account and then registering your business with SAM.
Instructions will be there under “Register Your Entity”
Assistance with the registration process is found at https://www.fsd.gov
For additional information please contact NassauProcurementStaff@state.gov
340,987 tons - finished the 12 months to end-June 204 some 9 percent and 12.8 percent down on the prior year and forecasts, respectively.
Explaining the drop in APD’s container storage fees, which almost halved to $1.871m compared to the prior year’s $3.595m, Mr Bethell said: “Prior year storage fee income was unusual and was not expected to reoccur in the current year.
“The carriers did a better job in the current year in managing their container inventory, which led to the reduction in storage fees in the current year. Despite the storage revenue in the current year being positive [compared] to budget by $354,000, we have no control over this number and it can fluctuate from year to year.
“The company continues to pay attention to and manage its overall cost. We’ve embraced technology and streamlined processes to help with efficiencies and project costs, implemented energy saving measures to help control the electricity cost, and promote a culture of cost consciousness across the company.”
Asked about the boost that APD has received from its investments in the Nassau Cruise Port and government bonds, Mr Bethell
imposing penalties this year. She added that the regulator would be in a better position to judge at year-end 2025, and declined to comment on the number of licensees penalised to-date or the collective amount of these sanctions.
However, the Securities Commission’s executive director added that it will likely publish a report in early 2025 “aggregating” all the penalties levied and their number, although the identities of those found guilty will not be included.
Asked how confident she and the regulator are that the penalties will help reduce anti-financial crime law breaches, Ms Rolle replied: “Penalties are a strong incentive to improve behaviour, so we’re hopeful.”
The Securities Commission, in its 2023 annual report, said the consistently high level of anti-money laundering breaches by its licensees and their “failure to demonstrate improvement year-over-year” had led to it taking a much harder line.
During 39 “routine” examinations of licensees last year it uncovered some 223 antifinancial crime breaches along with 135 “other” violations. A collective $125,600 worth of fines were imposed on Securities Industries Act licensees, while another $134,150 was levied on fund administrators, managers and funds licensed under the Investment Funds Act.
“During the year, the Commission focused on gaining a deeper understanding of the nature of anti-money laundering, counter-terror financing and counter-proliferation financing deficiencies observed in on-site examinations statistics,” Ms Rolle wrote in the annual report.
“Year-over-year trends indicate rising and persistent breaches among our constituents. As a result, the Commission is conducting a thorough a review of registrant and licensee anti-money laundering, counter-terror financing and counter-proliferation financing procedures and practices, and will commence enforcement of financial penalties for cited breaches.
“We will continue to carefully monitor these failures and will require appropriate remediation. The Commission has moved to ensure it is able to act swiftly through proposed changes to the Securities Industries Act legislation.” That Act has been passed by Parliament and is now in effect.
Detailing the extent of the breaches, the Securities Commission revealed: “During 2023, the Commission observed 358 breaches in the conduct of 39 routine examinations of registrants and licensees by the Examinations Department. Of the breaches, 223 were anti-money laundering, counter-terror financing and counter-proliferation financing, and 135 were related to other matters.”
The most frequent anti-money laundering,
confirmed: “We’ve seen an uplift in other income due to the unrealised gains from our investment in the Bahamas Investment Fund (cruise port) and continue to see a reduction in overall finance cost with the interest income on the bonds.”
As for wider issues impacting APD and its operations, he added that the BISX-listed port operator was unaware of any further progress on repairing Nassau harbour’s deteriorating breakwaters since its meeting with the Government in October 2023.
“It’s always concerning and extremely urgent to be addressed as disruptions to port operations continue due to the deterioration of the breakwater. [There have been] no further updates since the meeting held in October 2023 where the Government shared their findings and proposed plans,” Mr Bethell said. As for the pandemicrelated inflationary pressures, he added: “It seems as if the worst of the post-COVID supply chain disruptions has passed, but the economy still faces other challenges including climate, energy price pressure and global conflicts.”
counter-terror financing and counter-proliferation financing breaches appeared to relate to Know Your Customer (KYC) verification of clients, where some 32 infractions were reported. Another 23 were labelled as disclosures to the Financial Intelligence Unit (FIU) relating to “terrorist property”.
“During the period from fiscal year 2021 to fiscal year 2023, the Commission has completed an average of 34 on-site examinations - 31 in 2021, 32 in 2022 and 39 in 2023 - and has consistently noted and identified in excess of 200 anti-money laundering related breaches, with 221 in 2022 and 223 in 2023,” the regulator said.
“Given the consistency in elevated anti-money laundering-related breach statistics from year-to-year, and licensees’ failure to demonstrate improvement year-over-year, the Commission deems it necessary to enforce its powers under the respective legislation to impose proportionate financial penalties on licensees with a view to dissuading organisations from repeating anti-money laundering offences”.
The Securities Commission added that most of these were “predominantly related to on-going obligations (filing requirements), ongoing (client) monitoring, client verification & KYC, client risk ratings and risk assessments, employee training and policies and procedures”.
EY BAHAMAS UNVEILS SCHOLARSHIP WINNER
EY Bahamas has named Shekinah Rolle as the recipient of its 2024 Jamaine McFall Memorial Scholarship. The scholarship will be used to fund her attendance at Howard University, Washington, D.C., where she will be pursuing an undergraduate degree in accounting.
Ms Rolle said: “I am deeply grateful to EY Bahamas for awarding me this scholarship. The generous support not only eases my financial burden of my college education, but it also motivates me even more to continue to strive for excellence in my academic and professional pursuits.
“I am also thankful to my family (filled with accountants) for encouraging me to apply. I am committed
to making the most of this opportunity.”
Michele Thompson, EY’s regional managing partner for The Bahamas, Bermuda, British Virgin Islands and Cayman Islands, said: “For our young people, education is key to unlocking potential. The EY scholarship programme supports emerging talents like Shekinah on their journey to future success. By investing in the next generation of leaders, we can help to shape the future with confidence.”
Tiffany Norris-Pilcher, EY Bahamas country managing partner and regional real estate, hospitality and construction sector leader, added: “Shekinah is an outstanding student and we are pleased to award her
the EY Bahamas Jamaine McFall Scholarship.
“Her leadership qualities and determination to excel academically and professionally are very evident. Supporting the development of Bahamian talent serves to strengthen our community and we are proud to play our part.”
The scholarship is valued at $30,000 annually and provides students, who have shown academic excellence, the opportunity to gain higher education and build successful careers in the professional services industry. The scholarship also includes an eight-week summer internship to gain practical experience and an offer for full-time employment at EY upon successful completion of the university programme.
Baha Mar eyes 500 jobs with Melia replacement
about three years and will begin in 2026. “We’re in the middle of working through all the programming,” he explained. “That will take us well into 2025. Then we’ll start working on RFPs (requests for proposal) for construction,” said Mr Davis
“We’re expecting to have over 400 local Bahamian construction jobs, and then eventually 500 in full-time employment at the new project, in addition to the over 5,000 we have today at Baha Mar.
“By the time we get through the architectural documents, we get through the RFPs on contractors, we’re expecting to have a shovels in the ground in early 2026. That’s not too far away. It will take three years to have it completely finished, and we’re
expecting to cut a ribbon and have our first guest in 2029.”
Mr Davis said in addition to the 350 rooms and 50 condo units, the resort will feature four new restaurants, a conference centre, ballroom, indoor and outdoor event spaces, penthouse units and villas. “We believe strongly that the future demand is bright for The Bahamas; the future is very bright for the luxury experience, particularly a luxury choice here at Baha Mar,” said Mr Davis. “This will complement what we are offering so far with an additional four main restaurants with a celebrity chef restaurant experience on the beach. We’ll have entertainment lounges, we’ll have beautiful poolside experiences, as well as tremendous conference facilities, with a ballroom of 10,000 square feet, 25,000 square feet of
indoor and outdoor event space, with our residences on top of the hotel.
“We’ll have two-floor penthouse units on the top of the residence, and we’ll have additional villas set and nestled along the shoreline.” Prime Minister Philip Davis KC said the development will add “crucial” room inventory to facilitate more stopover visitors.
“With Baha Mar’s expansion, we are adding crucial room inventory to cater to more guests, bringing more ‘heads in beds’, and ensuring that we continue to attract a higher volume of stopover visitors,” said Mr Davis.
“But, as we add these rooms, we must also work in parallel to increase airlift to The Bahamas. Ensuring more direct flights, with greater frequency, from key international markets is essential to sustaining this growth.”
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GB Power customers facing ‘maximum’ 4% light bill rise
needs to stand down and the Port Authority needs to stand up” to Grand Bahama’s electricity monopoly over its request for a 6.32 percent base rate hike covering the period from 2025 through to year-end 2027.
And, if GB Power is unable to “create the necessary municipal partnership with the residents and businesses of Freeport”, he argued that its 100 percent owner, Canadian utility giant Emera, “needs to get out of The Bahamas and let another company come in” in its stead.
The GBPA yesterday published further details of GB Power’s three-year tariff proposal which is more complex than previously disclosed. Besides the 6.32 percent base rate increase, which has been the focus of political and public protest, the utility is also seeking to “transfer the charge associated with the PharmaChem shutdown” to this tariff.
What this means, and the implications for consumers, is not explained but PharmaChem - which went into Supreme Court-supervised liquidation earlier this year was GB Power’s largest customer accounting for 5 percent of total load demand.
The documents released by the GBPA affirm that the storm recovery charges related to Hurricanes
GRAND BAHAMA POWER COMPANY (GBPC) HEADQUARTERS
Matthew and Dorian, which added around one cent per kilowatt hour (KWh) to customer bills, will fall away in 2024 and 2026, respectively. However, GB Power is now seeking what it terms an “additional regulatory asset recovery” via its fuel charge “to catch up on amortisations that were suspended after Hurricane Matthew” to ease the financial burden on longsuffering businesses and residents.
This will add 0.5 cents to per KWh to consumer bills in 2025, it was revealed yesterday, and one cent n 2026 and 2027. As a result, even with the benefits of hedging that has locked in the price that GB Power will pay for much of its fuel, the utility is predicting that the fuel charge consumers will pay will increase from 12.44 cents per KWh in 2025 to
NOTICE is hereby given that EVENS JOSEPH of Ragged Island Street, 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 19th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
13.83 cents in 2026 and then to 14.39 cents in 2027.
As to what this means for consumers, the data released yesterday projects that - despite the 6.32 percent base rate increaseresidential consumers who use less than 600 KWh per month will see a modest $1 reduction in their all-in total monthly electricity costs in 2025 when compared to current rates.
However, residential consumers using above 600 KWh per month are forecast to see a slight increase in their monthly bill of $1. And commercial customers using from 1,000 KWh per month to 50,000 KWh per month will see their all-in cost jump by between $3.10 to $67.97, or 0.79 percent to 0.37 percent, based on GB Power’s submission.
While estimates for commercial customers will vary based on their
specific demand, GB Power’s estimates showed that all classes of customers - from the smallest residential user to the large industrials - will see their total monthly energy costs rise in 2026. The extent of the increase will range from $2.64 to $803.91 (largest users), representing a rise of between 4.05 percent and 4.52 percent in percentage terms.
GB Power, using current rates and fuel charges as the base for its calculations, then forecast that the all-in electricity cost for 2027 will drop compared to 2026 although prices will still be slightly higher than those seen next year.
The GBPA, in a statement announcing the start of the 45-day public consultation on GB Power’s rate proposal, said: “In its filing, Grand Bahama Power proposed investments of
$8.4m over the next three years focused on enhancing system reliability and efficiency.
“These include the significant upgrades to transmission and distribution infrastructure slated at a cost of $3m to support growth in a critical area, as well as battery storage investments of $4.5m to aid in the capture and efficient use of energy generated from solar systems.
“Further, in outlining the all-in rate impact on various customer classes, GB Power’s filing states that residential, general service large, and large industrial customers’ all-in costs will remain relatively unchanged in the first year, with less than a 1 percent change from current all-in costs,” the GBPA added.
“While there will be varying adjustments each year, the all-in cost is projected to reach its maximum increase of 4 percent in 2026 before levelling off with a 2.5 percent change in 2027 from current rates.” In the material release yesterday, GB Power said it is targeting an increase in average base rate revenue from $269.9m in 2023 to $277.5m over the next three-year period - a rise of $7.6m.
It is forecasting that a 10 percent increase in electricity sales over the three-year period through end-2027, calculated in mega watt (mWh) hours, will help it to achieve this base rate increase. Sales are forecast
Pitch contest offers cash help for winners
FROM PAGE B5
last town meeting is to find innovative, creative ideas, something that is new to bring to Bimini for a greater experience by the tourists.”
Mr Cooper also talked about expansions and more opportunities for business funding.
“We’re building a new incubation centre which is going to be five times the size of this location right here on East Bay street.
We are eagerly planning and we’ll launch soon the incubation center at the Royal Palm Hotel in Grand Bahama and then the third phase of the development of incubation centres will move to Exuma and yes, thereafter we are going to build these incubation centres throughout the commonwealth of The Bahamas. So this is only the beginning for TDC and whilst we launched the 50/50 pitch program for
to jump from 286,431 mWh in 2023 to 315,177 mWh driven by increases in all GB Power’s major customer categories - residential, commercial and general service/industrial.
Among the key investments that the tariff increase will finance are a $3m expansion of GB Power’s sub-station three next year, which the utility touted will “ensure system reliability in a critical area that is experiencing growth”.
What was termed “major maintenance” at GB Power’s generation plants, worth $2.8m in 2025 and $2.6m in 2027, is required “to ensure plant reliability and availability”, while a collective $9m investment in battery energy storage systems (BESS) is needed to support the utility’s solar power drive.
“These investments increase the availability of solar power to days and times when power is required, and the solar projects are not able to produce due to weather and/or time of day issues,” it was stated.
GB Power plans to make some $13.5m worth of capital investments in 2025, followed by $16.3m in 2026 and $22.9m in 2027. That totals $52.7m across the three years covered by the present tariff proposal, with a further $11.9m and $12m planned for 2028 and 2029, respectively.
Abaco and Bimini today, this is really just the beginning of many, many things that you will see over the course of the next few months. So please follow the Tourism Development Corporation closely and watch for the many initiatives that we will be bringing to the Bahamian people.
“This is open to the public.There’s no limit in terms of the number of persons applying and I will
emphasise that this is only just one programme of the Tourism Development Corporation. So there will be other opportunities to apply for grants, for training, for mentorship, youth development programmes for high school and college, and many, many other initiatives that I hope that we will be able to bring to life over the course of the next few weeks and months.” He added that this particular programme, however, will run until they have reached all Bahamian islands and that it will be conducted in phases.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ALEXIS ARLENE SIMMONS of #27 Andros Crescent, Yamacraw Beach Estates, New Providence, Bahamas, intend to change my child’s name from TYSON SIMEON SIMMONS to TYSON SIMEON LARBI If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O. Box N-742, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that we, PAIGE ULONDA FORBES of #27 Hollywood Subdivision, Cowpen, New Providence, Bahamas Parent of PARIS JORDYN DELANCEY A minor intend to change our child’s name to PARIS FORBES If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Offcer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that SUZETTE ROSE FALCONERARCHER of Ponicanna Drive, Bamboo Blvd. South Beach Est., 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 19th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE is hereby given that ANETTE MCINTOSH of Nassau Village, 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 12th day of September, 2024 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
BAHAMAS ‘VULNERABLE’ ON SHORTAGE OF TAX EXPERTISE
when we decided to go the industry went with a substantial presence and collectively worked on potential products and opportunities.
“Industry must get out on the road, travel and help identify opportunities in new jurisdictions..... Collective commitment to new market investigation and analysis is a fundamental component to future proofing our financial services industry.”
Noting the tax-driven changes caused by initiatives such as the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Sharing (BEPS) drive, Mr Pinder added: “Although we have been working our way through these reforms for the last few years, we have not seen our industry professionals develop the necessary expertise in taxation that is required to ensure that it is future proofed.
“We see the evidence of this with the frequent advertisements for tax professionals by accounting firms, law firms, financial services institutions,and, frankly, even government. Most of these posts will be filled by non-Bahamians which is not conducive to developing domestic expertise.
“I encourage the industry to invest in yourselves and your expertise in taxation. In this environment not being competent in taxation leaves the financial services industry of The Bahamas vulnerable.” Mr Pinder also warned the private sector to stay abreast of reforms proposed by the Financial Action Task Force (FATF) surrounding trusts and their beneficial ownership which could trend towards a trust register.
“The Government does not have an intention on the creation of a trust register, but recommendation 25 guidance by the FATF is telling where they would like the industry to go. I have requested external legal opinion on the scope of the requirements, especially as it pertains to our trust industry, and any recommended legislative amendments that will be required,” he added.
“We will have further consultation on this in the near future. However, you and your institutions should become knowledgeable and monitor these revisions and guidance in real time. I understand some of our regional competitors are discussing internally the implementation and even a trust register.”
Looking forward, the Attorney General added:
“One thing about our industry: If there is anything that is constant it is change. We are vulnerable to external legislative changes, regulatory changes, changes imposed on us, and it leaves us vulnerable and living in a state of anxiety. We have succeeded through this over the years.
“Yes, it takes a lot of work, it takes co-operation and foresight. It requires policy commitment, transformative innovation. Our charge is to keep at it, to think outside the box, share ideas, embrace innovation and progressiveness.
“I have the confidence in the collective ‘us’ that it can be done, so coming out of this conference I think the commitment should be to have all hands on deck, discover the innovation we need, and let’s collectively just get it done by making the investment in the industry, both personal investment and institutional investment, supported by government and regulatory leadership.”
Musk’s X skirts Brazil ban and returns to some users with change to server access
By ELÉONORE HUGHES and BARBARA ORTUTAY Associated Press
SOME Brazilian users reconnected with X on Wednesday despite the Supreme Court's recent nationwide ban, the result of the social network apparently changing the way its servers are accessed. The reunion may be short-lived, however.
Justice Alexandre de Moraes ordered X blocked nationwide on Aug. 30 after months of tension with billionaire Elon Musk surrounding orders to take down accounts and the limits of free speech in Brazil. He also established fines on anyone using virtual private networks (VPN) to access the platform.
That rendered X effectively inaccessible in the country until Wednesday, with AP journalists among those who had access.
Experts examining X's IP addresses said there are indications that the company has begun routing users through the servers of Cloudflare, a content delivery network, en route to its own.
"The service that Elon Musk's social network has started using works like a 'digital shield' that protects the company's servers," Pedro Diogenes, Latin America's technical director for CLM, a distributor that focuses on cybersecurity. It acts as a proxy between users and X's servers,
filtering traffic and preventing the original Internet Protocol (IP) address from being recognized, Diogenes told The Associated Press. Brazil's telecommunications regulator Anatel said in a statement that it is looking into the situation and will report its findings to the Supreme Court, and that there has been no change to de Moraes' ruling. A panel of fellow justices later upheld his decision, though it hasn't yet gone before the court's full bench and his VPN fine in particular has faced blowback, including from the nation's bar association.
The Supreme Court declined to comment on possible actions it could take when contacted by the AP, and Cloudflare didn't immediately respond to a request for comment. Musk, who often uses his platform to disparage de Moraes, hadn't commented on X by late afternoon.
Former president Jair Bolsonaro celebrated the return of the social network. He has sided with Musk in the feud with de Moraes and sought to portray the ban as censorship from an overzealous judge.
"I congratulate you all for the pressure that makes the wheels turn in defence of democracy in Brazil," Bolsonaro posted Wednesday on X.
Some Brazilian X users trumpeted the platform's return — with several addressing de Moraes
NOTICE STRELA HOLDING INVESTMENTS LTD.
Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration number 201374 B (In Voluntary Liquidation)
Notice is hereby given that the above-named Company is in dissolution, commencing on the 18th day of September A.D. 2024.
Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mrs. Gilda Maria Santos Macedo, whose address is R. Maestro Elias Lobo 764 Jardim Paulista, São Paulo, São Paulo, Brazil. Any Persons having a Claim against the above-named Company are required on or before the 19th 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 18th day of September A.D. 2024.
GILDA MARIA SANTOS MACEDO LIQUIDATOR
directly, vowing that they weren't using a VPN. There have been no reports of fines being levied against people using VPNs.
But X is a mainstream social media platform –even if it may be home to some extremist content – and it is not yet clear whether Brazil's ban would be enough for San Francisco, California-based Cloudflare to abandon it.
Cloudflare has a reputation for cooperating with governments, however, and so may comply with an order from the Supreme Court to cease serving as X's proxy, David Nemer, who specializes in the anthropology of technology at the University of Virginia, told the AP.
Cloudflare, a security company that prides itself on providing services to websites regardless of their content, has a history of protecting sites other companies won't touch. But only to a point. In 2017, for instance, it dropped the neo-Nazi website Daily Stormer as a customer following a deadly clash at a white-nationalist rally in Charlottesville, Virginia. And in 2022, it dropped the notorious stalking and harassment site Kiwi Farms citing an "immediate threat to human life."
Most of Wall Street edges lower after Fed delivers a big cut to rates
By STAN CHOE AP Business Writer
U.S. stock indexes edged lower Wednesday after the Federal Reserve kicked off its efforts to prevent a recession with a biggerthan-usual cut to interest rates.
The S&P 500 slipped 0.3% to pull 0.9% below its all-time high set in July.
The Dow Jones Industrial Average dipped 103 points, or 0.2%, though it remains close to its record set on Monday. The Nasdaq composite lost 0.3%.
The momentous move by the Fed helps financial markets in two big ways. It eases the brakes off the economy, which has been slowing under the weight of higher rates, and it gives a boost to prices for all kinds of investments. Besides stocks, gold and bond prices had already rallied in recent months on expectations that cuts to rates were coming.
Because the move was so well telegraphed, and because markets had already climbed so much in anticipation of it, Wall Street's reactions were relatively muted despite the Fed's 180-degree turn on rate policy. It marked the first cut to the federal funds rate in over four years, and it closed the door on a stretch where the Fed kept rates at a two-decade high to slow the economy enough to stifle the worst inflation in generations. Now that inflation has eased significantly from its peak two summers ago and appears to be heading toward 2%, the Fed says it it can turn more of its attention toward protecting the slowing job market and overall economy.
"The time to support the labor market is when it's strong and not when you begin to see the layoffs," Fed Chair Jerome Powell said. "That's the situation we're in."
The only question is how much the Fed will ultimately cut rates by to do so, which can prove to be a tricky balance. Lowering rates would help the economy by making it easier for U.S. businesses and households to borrow. But it could also offer more fuel for inflation.
The Fed released forecasts Wednesday that said its median official expects to cut the federal funds rate by another half of a percentage point through the end of the year. That could mean a traditional-sized cut of a quarter of a percentage point at each of its two remaining meetings scheduled for 2024.
After that, the median Fed official is projecting another full percentage point of cuts during 2025.
Some critics say the Federal Reserve may have already kept interest rates too high for too long, doing damage to the economy.
"When the Fed is behind the curve, it sometimes
takes a big move to catch up to where they should have been all along," said Brian Jacobsen, chief economist at Annex Wealth Management. "We don't think we're behind," Powell said in a press conference following the Fed's announcement. "We think this is timely. But I think you can take this as a sign of our commitment not to get behind," pointing to Wednesday's hefty cut of half a percentage point. Powell called it a "good strong start to this."
Other critics, meanwhile, say the Fed will need to be careful about cutting rates too much because of the possibility that inflation will remain stubbornly higher than it's been in recent decades. Powell repeated several times that the Fed does not feel "a rush to get this done" and will make its decisions on interest rates at each successive meeting, depending on what incoming data say. "We'll move as fast or as slow as we think is appropriate in real time," he said.
For now, he said, "the U.S. economy is in a good place, and our decision today is designed to keep it there."
Like stock prices, Treasury yields wavered up and down repeatedly immediately after the Fed announced its cut and published its projections.
The 10-year Treasury yield eventually rose to 3.70% from 3.65% late Tuesday. The two-year yield, which more closely follows expectations for Fed action, edged up to 3.62% from 3.60% late Tuesday.
Te public is hereby advised that Tradewinds Bahamas Holdings Ltd. is proposing to carry out a project on High Cay (of San Salvador). Te public is invited to participate in a public consultation meeting to be held on the 25th of September 2024 by the project proponent to hear and discuss matters relating to the proposed project. Te consultation meeting will be held at 6:30 p.m. at Idell Jones Hall, St. Augustine Church, Cockburn Town, San Salvador.
A general description of the project is as follows:
Te High Cay project involves the construction an eco-friendly resort, consisting of a main house, three (3) villas and associated amenities.
Te project Environmental Impact Assessment (EIA) is available to view using the link
https://www.dropbox.com/scl/fo/11stf5mmfzeqt928dnkj2/AGDnSrg TTIBFmFYuelZMBmY?rlkey=u394swtym9q8f9d7358uygo38&st=82 4sgja5&dl=0
Te general public and interested parties are invited to submit written comments to the Department of Environmental Planning and Protection at cec@depp.gov.bs and to the Developer’s Environmentalist of Record at info@sevconsulting.com with respect to the proposed project.
Tupperware lifts the lid on its financial problems with bankruptcy filing
By HALELUYA HADERO AND WYATTE GRANTHAM-PHILIPS AP Business Writer
THE company behind Tupperware, the plastic kitchenware that revolutionized food storage after World War II and became inextricably linked to the parties where women seeking a measure of financial independence and fun in midcentury America sold the colorful products, has filed for bankruptcy.
Tupperware Brands, the Orlando, Florida-based consumer goods company that produces the iconic line of containers, said it was seeking Chapter 11 bankruptcy protection after struggling to revitalize its core business and failing to
secure a tenable takeover offer.
Despite enjoying the same cultural ubiquity as Kleenex, Teflon and other brands whose trademarked names are eponymous with entire product categories, Tupperware has suffered from waning sales, rising competition and the limitations of the directto-consumer marketing model that once defined its success.
The company said Tuesday in its bankruptcy filing that consumers shifting away from direct sales, which make up the vast majority of its sales more than a quarter-century after the first Tupperware parties, has hit the storied business hard.
The company also cited growing public health and
environmental concerns about plastic, internal inefficiencies that made it challenging to operate globally, and the "challenging microeconomic environment" of the last several years for its financial straits.
Tupperware said it planned to continue operating during the bankruptcy proceedings and would seek court approval for a sale "in order to protect" the brand.
Tupperware's roots date to 1946. As the company tells it, chemist Earl Tupper found inspiration while creating molds at a plastics factory. He set out on a mission to create an airtight lid seal - similar to the one on a paint can - for a plastic container to help families save money on food waste.
The brand experienced explosive growth in the
mid-20th century, particularly with the rise of direct sales through Tupperware parties. First held in 1948, the parties were promoted as a way for women to earn supplemental income by selling their friends and neighbors the lidded bowls for holding leftovers.
The system worked so well that Tupperware eventually removed its products from stores. It also led Tupper to appoint Brownie Wise, who came up with the house party idea, as a company executive, a position that was rare for a woman at the time.
In the decades that followed, the brand expanded to include canisters, beakers, cake dishes and all manner of implements, and became a staple in kitchens across America and eventually, abroad as well. A newspaper reporter who went undercover to work as a footman in Buckingham Palace captured pictures of the royal Tupperware on the breakfast table of Queen Elizabeth II.
The story behind the company also showed up on TV screens and on stage, with depictions in PBS' 2004 film "Tupperware!" and the play "Sealed for Freshness."
"For more than 70 years, Tupperware Brands has centered on a core purpose - to inspire women to cultivate the confidence they need to enrich their lives, nourish their families, and fuel communities around the world," Tricia Stitzel, the company's first female CEO, wrote as recently as 2018. "And we continue to make decisions, from our
innovative products to our strategic growth strategy, which reflect this purpose."
In the 2000s, Tupperware also diversified beyond its containers by acquiring beauty and personal care companies, most of them direct-selling brands like Avroy Shlain, Fuller Cosmetics, NaturCare, Nutrimetics and Nuvo.
Financial analysts, however, criticized Tupperware in recent years for sticking with the direct sales model and failing to evolve with the times, most notably the large number of women who work outside the home.
"The reality is that the decline at Tupperware is not new," Neil Saunders, managing director of GlobalData, said in Wednesday commentary.
"It is very difficult to see how the brand can get back to its glory days."
The company's sales improved some during the early days of the COVID-19 pandemic, when Americans were cooking and eating more at home. But overall sales have been in steady decline over the years due to rising competition from Rubbermaid, OXO and even takeout food containers that consumers recycle.
Vintage Tupperware also remains in demand as a collectible.
Saunders explained that many consumers have migrated to less expensive home storage brands they can find at Target and Walmart. Amazon, the king of online retailers, also has its own line.
Historically, Tupperware marketed its products as higher-quality durable items. But consumers who are looking for durability are interested in more sustainable materials, such as glass and stainless steel, said Jennifer Christ, manager of consumer and commercial research for the Freedonia Group, a market research company.
"There's less brand loyalty than there used to be," Christ said.
In the past few years, Tupperware tried a few things to expand its reach and attract new customers. It started selling its products on Amazon as well as in stores at Target and Macy's. In 2019, the brand also launched a line made with sustainable materials and expanded it two years later.
But financial troubles continued to pile up.
Last year, the company sought additional financing as it warned investors about its ability to stay in business and its risk of being delisted from the New York Stock Exchange.
The company received an additional non-compliance notice from the NYSE for failing to file its annual results with the Securities and Exchange Commission earlier this year.
Overall, sales for food storage supplies are up 18% compared to before the pandemic, according to figures from market research firm Circana. But despite that growth - and the ongoing popularity of food storage videos on social media - the troubles for Tupperware remained.
Federal Reserve signals end to inflation
with a sizable half-point rate cut
By CHRISTOPHER RUGABER AP Economics Writer
THE Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates that helped tame inflation but also made borrowing painfully expensive for American consumers.
The rate cut, the Fed's first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing. Coming just weeks before the presidential election, the Fed's move also has the potential to scramble the economic landscape just as Americans prepare to vote.
The central bank's action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%, where it had stood for 14 months as it struggled to curb the worst inflation streak in four decades.
Inflation has tumbled from a peak of 9.1% in mid-2022 to a three-year low of 2.5% in August, not far above the Fed's 2% target.
The Fed's policymakers also signaled that they expect to cut their key rate by an additional half-point in their final two meetings this year, in November and December. And they envision four more rate cuts in 2025 and two in 2026. In a statement and in a news conference with Chair Jerome Powell, the Fed came closer than it has before to declaring victory over inflation.
"We know it is time to recalibrate our (interest rate) policy to something that's more appropriate given the progress on inflation," Powell said. "We're not saying, 'mission accomplished' ... but I have to say, though, we're encouraged by the progress that we have made."
"The U.S. economy is in a good place," he added, "and our decision today is designed to keep it there."
Though the central bank now believes inflation is largely defeated, many Americans remain upset with still-high prices for groceries, gas, rent and other necessities. Former President Donald Trump blames the Biden-Harris
administration for sparking an inflationary surge. Vice President Kamala Harris, in turn, has charged that Trump's promise to slap tariffs on all imports would raise prices for consumers even further.
Rate cuts by the Fed should, over time, lead to lower borrowing costs for mortgages, auto loans and credit cards, boosting Americans' finances and supporting more spending and growth. Homeowners will be able to refinance mortgages at lower rates, saving on monthly payments, and even shift credit
card debt to lower-cost personal loans or home equity lines. Businesses may also borrow and invest more. Average mortgage rates have already dropped to an 18-month low of 6.2%, according to Freddie Mac, spurring a jump in demand for refinancings.
"It's a step in the right direction," Laura Rosner-Warburton, senior economist of MarcoPolicy Perspectives, said of Wednesday's Fed move.
The additional rate cuts it indicated it will make, she said, will "prevent risks from building and the
FEDERAL Reserve Board Chairman
speaks during a news conference at the Federal Reserve in Washington, Wednesday, Sept. 18, 2024.
unemployment rate from rising. They are trying to keep the economy in good shape."
In an updated set of projections, the policymakers collectively envision a faster drop in inflation than they did three months ago but also higher unemployment. They foresee their preferred inflation gauge falling to 2.3% by year's end, from its current 2.5%, and to 2.1% by the end of 2025. And they now expect the unemployment rate to rise further this year, to 4.4%, from 4.2% now, and to remain there by the end of 2025. That's above their previous forecasts of 4% for the end of this year and 4.2% for 2025.
Powell was pressed at his news conference about whether the Fed's decision to cut its key rate by an unusually large half-point is an acknowledgement that it waited too long to begin reducing borrowing rates.
"We don't think we're behind," he replied. "We think this is timely. But I
think you can take this as a sign of our commitment not to get behind. We're not seeing rising (unemployment) claims, not seeing rising layoffs, not hearing from companies that that's something that's going to happen."
He added: "There is thinking that the time to support the labor market is when it's strong and not when you begin to see the layoffs. We don't think we need to see further loosening in labor market conditions to get inflation down to 2%."
The Fed's next policy meeting is Nov. 6-7 — immediately after the presidential election. By cutting rates this week, soon before the election, the Fed is risking attacks from Trump, who has argued that lowering rates now amounts to political interference. Yet Politico has reported that even some key Senate Republicans who were interviewed expressed support for a Fed rate cut this week.
TEAMSTERS UNION DECLINES TO ENDORSE TRUMP OR HARRIS FOR PRESIDENT
By JOSH BOAK and TOM KRISHER Associated Press
THE International Brotherhood of Teamsters declined Wednesday to endorse Kamala Harris or Donald Trump for president, saying neither candidate had sufficient support from the 1.3 million-member union.
"Unfortunately, neither major candidate was able to make serious commitments to our union to ensure the interests of working people are always put before Big Business," Teamsters President Sean M. O'Brien said in a statement. "We sought commitments from both Trump and Harris not to interfere in critical union campaigns or core Teamsters industries — and to honor our members' right to strike — but were unable to secure those pledges."
The Teamsters' rebuff reflected a labor union torn over issues of political identity and policy, one that mirrors a broader national divide. Vice
President Harris has unmistakably backed organized labor, while former President Trump has appealed to many white blue-collar workers even as he has openly scorned unions at times. By not endorsing anyone, the Teamsters are essentially ceding some influence in November's election as both candidates claimed to have support from its members.
Harris campaign spokesperson Lauren Hitt noted in an emailed statement that more than three dozen retired Teamsters spoke last month in Chicago at the Democratic National Convention, having endorsed Harris. Their pensions were saved through the 2021 passage of the Butch Lewis Act that President Joe Biden and Harris championed.
"While Donald Trump says striking workers should be fired, Vice President Harris has literally walked the picket line and stood strong with organized labor for her entire career," Hitt said. "The Vice President's strong union record is why Teamsters locals across the country have already endorsed her — alongside the overwhelming majority of organized labor."
The Teamsters said Wednesday that internal polling of members showed Trump with an advantage over Harris, a fact that the Republican's campaign immediately seized upon by sending out an email that said the "rank-and-file of the Teamsters Union supports Donald Trump for President."
Trump called the Teamsters' decision not to endorse "a great honor."
"It's a great honor," he said. "They're not going to endorse the Democrats. That's a big thing."
Harris met Monday with a panel of Teamsters, having long courted organized labor and made support for the middle class her central policy goal. Trump also met with a panel of Teamsters in January and even invited O'Brien to speak at the Republican National Convention, where the union leader railed against corporate greed.
In an interview Wednesday on Fox News, O'Brien said lack of an endorsement tells candidates that they have to back the Teamsters in the future. "This should be an eye opener for 2028," he said. "If people want the support of the most powerful union in North America, whether you're a Democrat or Republican, start doing some things to support our members," he said.
The Teamsters' choice to not endorse came just weeks ahead of the Nov. 5 election, far later than endorsements by other large unions such as the AFL-CIO, the American Federation of Teachers and the United Auto Workers that have chosen to devote resources to getting out the vote for Harris.
With O'Brien facing a backlash from some Teamsters' members after speaking at the Republican National Convention, it's no surprise that the union decided not to make an endorsement, said Art Wheaton, director of labor studies at Cornell University.
Trump's praise of Tesla CEO Elon Musk for firing workers who supposedly went on strike really made a Trump endorsement very unlikely, Wheaton said. "The members were not in total agreement," he said.
Marick Masters, a business professor emeritus at Wayne State University in Detroit who follows labor issues, said the Teamsters lack of an endorsement suggests a realignment within the union's membership.
For many workers, issues such as gun control, abortion and border security override Trump's expressions of hostility to unions, Masters said.
The Teamsters detailed their objections to the candidates in a statement, starting with their objection to a contract implemented by Congress in 2022 on members working in the railroad sector.
The union wanted both candidates to commit to
HACKERS DEMAND $6 MILLION FOR FILES STOLEN FROM SEATTLE AIRPORT OPERATOR IN CYBERATTACK
HACKERS are demanding $6 million in bitcoin from the operator of the Seattle-Tacoma International Airport for documents they stole during a cyberattack last month and posted on the dark web this week, an airport official said Wednesday.
The Port of Seattle, which owns and runs the airport, has decided not to pay, the official said.
The airport previously linked the attack to a ransomware gang called Rhysida, and now the FBI is conducting a criminal investigation, said Lance Lyttle, the port's managing director of aviation.
Lyttle told a U.S. Senate committee that the airport appears to have stopped the attack, but the hackers were able to encrypt some data.
"On Monday, they posted on their dark website a copy of eight files stolen from Port systems and are
not deploying the Railway Labor Act to resolve contract disputes and avoid a shutdown of national infrastructure, but Harris and Trump both wanted to keep that option open even though the Teamsters said it would reduce its bargaining power.
Harris has pledged to sign the PRO Act, which would strengthen union protections and is something the Teamsters support. Trump, in his roundtable with the Teamsters, did not promise to veto a proposal to make it harder nationwide to unionize.
Other unions have shown trepidation about endorsing either presidential candidate. The United Electrical, Radio & Machine Workers of America on Friday ultimately endorsed Harris
with a caveat that "the manner in which party leaders engineered Biden's replacement at the top of the ticket with Vice President Kamala Harris was thoroughly undemocratic," union leadership said in a statement. But the Teamsters lack of endorsement also suggests an indifference to
the Biden-Harris administration, which signed into law a measure that saved the pensions of millions of union retirees, including many in the Teamsters.
seeking 100 bitcoin to buy the data," Lyttle said. Lyttle did not describe the documents. He said the airport will contact any individuals whose personal information might have been stolen.
Port officials have said paying the ransomware would not be a good use of taxpayer money.
The airport is still recovering from the attack, which began Aug. 24. The attack was launched at a busy time, a week before the Labor Day holiday weekend. Flights were able to operate, but the attack snarled ticketing, check-in kiosks and baggage handling. Passengers on smaller airlines had to use paper boarding passes. The mayor of Columbus, Ohio, said last month that Rhysida was behind a data breach of city systems. The mayor downplayed the value of the stolen data and said the city never got a ransom demand.
and Teamsters union leader who spent the last years of his life fighting to prevent massive cuts to the Teamsters' Central States Pension Fund.
As part of its 2021 pandemic aid, the administration included the Butch Lewis Act to save the underfunded pensions of more than 1 million union workers and retirees' underfunded pensions. The act was named after a retired Ohio